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Category: GlobeNewswire

  • MIL-OSI: Hyperscale Data Subsidiary Reaches Agreement in Principle with Key Utility to Expand Michigan Data Center to 300 Megawatts, which Would Allow the Company to Advance its AI Infrastructure Growth

    Source: GlobeNewswire (MIL-OSI)

    LAS VEGAS, Feb. 19, 2025 (GLOBE NEWSWIRE) — Hyperscale Data, Inc. (NYSE American: GPUS), a diversified holding company (“Hyperscale Data” or the “Company”), today announced that its indirect, wholly owned subsidiary Alliance Cloud Services, LLC (“ACS”) has reached an agreement in principle with the local utility expected to energize ACS’ Michigan data center (the “Data Center”), enabling ACS to increase its power capacity from approximately 30 megawatts (“MW”) to 300 MW. The completion of the power upgrade is anticipated to take 44 months from execution of a formal Letter of Authorization (the “LOA”) between ACS and the utility, which is currently being negotiated.

    The expansion of the Data Center to 300 MW will be a critical long-term milestone, which would enable ACS to increase its expansion efforts and further support the rapidly growing demand for high-performance computing (“HPC”) services powering artificial intelligence (“AI”) infrastructure. Hyperscale Data is simultaneously proceeding with the transition of the Data Center’s existing power capacity of 30MW from that of self-mining of Bitcoin to HPC services. As a part of negotiating the LOA, Hyperscale Data anticipates discussing potential approaches that could provide incremental power while the full buildout project is underway. Hyperscale Data is currently in the process of deploying the network, electrical and cooling systems for its first HPC environment. As Hyperscale Data moves forward in the coming months with both its short-term transition to HPC services and its power upgrade expansion process it will provide ongoing updates to its stockholders and the public as developments warrant.

    Milton “Todd” Ault III, Executive Chairman of Hyperscale Data, commented, “We are pleased to have finally reached an agreement in principle with the local utility and look forward to executing a definitive agreement with it. This would be a game-changer for our business and the future of our AI infrastructure. Scaling our Data Center to 300 MW would significantly enhance our ability to meet surging demand from AI and high-performance computing customers. It also marks a major step forward in our transformation into a pure-play data center operator. We are committed to building a world-class facility that powers the next generation of technology, and this anticipated expansion is a significant step forward to meeting that objective.”

    The completion of the power upgrade is subject to a number of risks and uncertainties, one or more which could result in the project being terminated, including, but not limited to: failure to agree upon terms and execute a definitive agreement; the inability of ACS or the Company to raise sufficient funds to pay for the power upgrades; failure to obtain regulatory consents and approvals; the inability to obtain sufficient easements, rights-of-way and land rights necessary to the work to be performed, and other presently unforeseen events or conditions.

    Additional information regarding the material terms of the LOA will be included in a Current Report on Form 8-K to be filed with the United States Securities and Exchange Commission (“SEC”).

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

    For more information on Hyperscale Data and its subsidiaries, Hyperscale Data recommends that stockholders, investors and any other interested parties read Hyperscale Data’s public filings and press releases available under the Investor Relations section at hyperscaledata.com or available at www.sec.gov.

    About Hyperscale Data, Inc.

    Hyperscale Data is transitioning from a diversified holding company pursuing growth by acquiring undervalued businesses and disruptive technologies with a global impact to becoming solely an owner and operator of data centers to support high performance computing services. Through its wholly and majority-owned subsidiaries and strategic investments, Hyperscale Data owns and operates a data center at which it mines digital assets and offers colocation and hosting services for the emerging artificial intelligence ecosystems and other industries. It also provides, through its wholly owned subsidiary, Ault Capital Group, Inc., mission-critical products that support a diverse range of industries, including an artificial intelligence software platform, social gaming platform, equipment rental services, defense/aerospace, industrial, automotive, medical/biopharma and hotel operations. In addition, Hyperscale Data is actively engaged in private credit and structured finance through a licensed lending subsidiary. Hyperscale Data’s headquarters are located at 11411 Southern Highlands Parkway, Suite 240, Las Vegas, NV 89141.

    Forward-Looking Statements

    This press 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 generally include statements that are predictive in nature and depend upon or refer to future events or conditions, and include words such as “believes,” “plans,” “anticipates,” “projects,” “estimates,” “expects,” “intends,” “strategy,” “future,” “opportunity,” “may,” “will,” “should,” “could,” “potential,” or similar expressions. Statements that are not historical facts are forward-looking statements. Forward-looking statements are based on current beliefs and assumptions that are subject to risks and uncertainties.

    Forward-looking statements speak only as of the date they are made, and the Company undertakes no obligation to update any of them publicly in light of new information or future events. Actual results could differ materially from those contained in any forward-looking statement as a result of various factors. More information, including potential risk factors, that could affect the Company’s business and financial results are included in the Company’s filings with the U.S. Securities and Exchange Commission, including, but not limited to, the Company’s Forms 10-K, 10-Q and 8-K. All filings are available at www.sec.gov and on the Company’s website at www.hyperscaledata.com.

    Hyperscale Data Investor Contact:
    IR@hyperscaledata.com or 1-888-753-2235

    The MIL Network –

  • MIL-OSI: WTW and Cornell University partner to predict drought and prepare for water scarcity

    Source: GlobeNewswire (MIL-OSI)

    LONDON, Feb. 19, 2025 (GLOBE NEWSWIRE) — WTW (NASDAQ: WTW), a leading global advisory, broking, and solutions company, announced today a new scientific partnership with Cornell University to quantify the risks of severe and sustained drought worldwide. This collaboration will provide an in-depth view of global exposure to drought risks and the potential effects of water shortages on business operations.

    Around two-thirds of the global population live in places that encounter water stress for at least part of the year. When water supplies are further diminished by drought, many communities experience reduced agricultural yield, energy production, and slower economic growth. The adverse effects of drought are more serious in low-income and middle-income countries and are particularly disruptive to agriculture-dominated areas of the developing world.

    Climate change has already increased drought risks in many regions, but unfortunately even the latest generation of climate models still underestimate the potential severity, duration, and correlation of future droughts. Under this new initiative, WTW and Cornell University will collaborate to identify geographical ‘hotspots’ for climate-amplified drought, produce more accurate estimates of drought risk, and create new tools and datasets to anticipate single and multi-year drought. At Cornell, the research is supported by the Atkinson Center for Sustainability and led by Prof. Toby Ault, a leading global expert in future drought under climate change.

    Scott St. George, Head of Weather & Climate Research for the WTW Research Network, said, “Water is essential to all industries, so no one can afford to have drought take them by surprise. We know climate change has already supercharged droughts in some places — witness the ongoing drought in the American Southwest, now in its third decade. Prof. Ault and his team at Cornell will provide us with a clear view of the real risk of drought and water scarcity. Those insights are absolutely critical for our clients’ operations and planning in water-dependent sectors such as food and beverage, energy producers, and waterborne transport.”

    “We’re excited to work with WTW to translate cutting-edge climate science into actionable insights for the insurance industry,” said Prof. Toby Ault, Associate Professor in the Department of Earth and Atmospheric Sciences at Cornell University. “Our research has shown that traditional climate models often underestimate the risk of severe, prolonged droughts, particularly in regions already facing water stress. By combining our expertise in drought modeling with WTW’s industry knowledge, we can better prepare for the complex drought risks of the future.”

    About Cornell University
    Cornell University is an Ivy League and statutory land-grant research university located in Ithaca, New York. Founded in 1865, Cornell is consistently ranked among the world’s leading academic institutions, with strengths in atmospheric sciences, engineering, and environmental research. The university’s Department of Earth and Atmospheric Sciences is internationally recognized for its leadership work in climate science, drought research, and applied climatology.

    About WTW

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

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

    Media Contacts

    Sarah Booker
    Sarah.Booker@wtwco.com
    +44 20 3124 7671

    The MIL Network –

  • MIL-OSI: YieldMax™ ETFs Announces Distributions on CRSH (75.93%), TSLY (62.77%), YBIT (60.33%), YMAX (56.92%), YMAG (39.10%) and Others

    Source: GlobeNewswire (MIL-OSI)

    CHICAGO and MILWAUKEE and NEW YORK, Feb. 19, 2025 (GLOBE NEWSWIRE) — YieldMax™ today announced distributions for the YieldMax™ Weekly Payers and Group A ETFs listed in the table below.

    ETF Ticker1 ETF Name Distribution Frequency Distribution per share Distribution Rate2,4 30-Day
    SEC Yield3    		 ROC5 Ex-Date & Record Date Payment Date
    QDTY* YieldMax™ Nasdaq 100 0DTE Covered Call ETF Weekly – – – – – –
    SDTY YieldMax™ S&P 500 0DTE Covered Call ETF Weekly $0.2221 – – 100.00% 2/20/25 2/21/25
    GPTY YieldMax™ AI & Tech Portfolio Option Income ETF Weekly $0.3258 – – 100.00% 2/20/25 2/21/25
    LFGY YieldMax™ Crypto Industry
    & Tech Portfolio Option Income ETF    		 Weekly $0.5739 – – 58.86% 2/20/25 2/21/25
    YMAX YieldMax™ Universe
    Fund of Option Income ETFs    		 Weekly $0.1852 56.92% 77.11% 72.51% 2/20/25 2/21/25
    YMAG YieldMax™ Magnificent 7
    Fund of Option Income ETFs    		 Weekly $0.1369 39.10% 56.75% 39.02% 2/20/25 2/21/25
    TSLY YieldMax™ TSLA Option Income Strategy ETF Every 4 weeks $0.5793 62.77% 3.18% 93.03% 2/20/25 2/21/25
    CRSH YieldMax™ Short TSLA Option Income Strategy ETF Every 4 weeks $0.3810 75.93% 4.07% 12.68% 2/20/25 2/21/25
    GOOY YieldMax™ GOOGL Option Income Strategy ETF Every 4 weeks $0.3877 35.28% 3.33% 0.00% 2/20/25 2/21/25
    YBIT YieldMax™ Bitcoin Option Income Strategy ETF Every 4 weeks $0.5506 60.33% 1.36% 0.00% 2/20/25 2/21/25
    OARK YieldMax™ Innovation Option Income Strategy ETF Every 4 weeks $0.4269 50.34% 2.58% 93.84% 2/20/25 2/21/25
    XOMO YieldMax™ XOM Option Income Strategy ETF Every 4 weeks $0.2541 22.58% 3.58% 0.00% 2/20/25 2/21/25
    SNOY YieldMax™ SNOW Option Income Strategy ETF Every 4 weeks $0.9210 58.84% 2.58% 89.86% 2/20/25 2/21/25
    TSMY YieldMax™ TSM Option Income Strategy ETF Every 4 weeks $0.6019 42.89% 3.12% 47.33% 2/20/25 2/21/25
    FEAT YieldMax™ Dorsey Wright Featured 5 Income ETF Every 4 weeks $1.9096 53.80% 102.37% 0.00% 2/20/25 2/21/25
    FIVY YieldMax™ Dorsey Wright Hybrid 5 Income ETF Every 4 weeks $1.1203 31.12% 55.88% 0.00% 2/20/25 2/21/25
    Weekly Payers & Group B ETFs scheduled for next week: QDTY SDTY GPTY LFGY YMAX YMAG NVDY DIPS FBY GDXY BABO JPMO MRNY PLTY MARO


    Performance data quoted represents past performance and is no guarantee of future results. Investment return and principal value of an investment will fluctuate so that an investor’s shares, when sold or redeemed, may be worth more or less than their original cost and current performance may be lower or higher than the performance quoted above. Performance current to the most recent month-end can be obtained by calling     (833) 378-0717.

    Note: DIPS, FIAT, CRSH and YQQQ are hereinafter referred to as the “Short ETFs”.

    Distributions are not guaranteed. The Distribution Rate and 30-Day SEC Yield are not indicative of future distributions, if any, on the ETFs. In particular, future distributions on any ETF may differ significantly from its Distribution Rate or 30-Day SEC Yield. You are not guaranteed a distribution under the ETFs. Distributions for the ETFs (if any) are variable and may vary significantly from period to period and may be zero. Accordingly, the Distribution Rate and 30-Day SEC Yield will change over time, and such change may be significant.

    Investors in the Funds will not have rights to receive dividends or other distributions with respect to the underlying reference asset(s).

    *The inception date for QDTY is February 12, 2025.

    1All YieldMax™ ETFs shown in the table above (except YMAX, YMAG, FEAT, FIVY and ULTY) have a gross expense ratio of 0.99%. YMAX, YMAG and FEAT have a Management Fee of 0.29% and Acquired Fund Fees and Expenses of 0.99% for a gross expense ratio of 1.28%. FIVY has a Management Fee of 0.29% and Acquired Fund Fees and Expenses of 0.59% for a gross expense ratio of 0.88%. “Acquired Fund Fees and Expenses” are indirect fees and expenses that the Fund incurs from investing in the shares of other investment companies, namely other YieldMax™ ETFs. ULTY has a gross expense ratio of 1.24% but the investment adviser has agreed to a 0.10% fee waiver through at least February 28, 2025.

    2The Distribution Rate shown is as of close on February 18, 2025. The Distribution Rate is the annual distribution rate an investor would receive if the most recent distribution, which includes option income, remained the same going forward. The Distribution Rate is calculated by annualizing an ETF’s Distribution per Share and dividing such annualized amount by the ETF’s most recent NAV. The Distribution Rate represents a single distribution from the ETF and does not represent its total return. Distributions may also include a combination of ordinary dividends, capital gain, and return of investor capital, which may decrease an ETF’s NAV and trading price over time. As a result, an investor may suffer significant losses to their investment. These Distribution Rates may be caused by unusually favorable market conditions and may not be sustainable. Such conditions may not continue to exist and there should be no expectation that this performance may be repeated in the future.

    3 The 30-Day SEC Yield represents net investment income, which excludes option income, earned by such ETF over the 30-Day period ended January 31, 2025, expressed as an annual percentage rate based on such ETF’s share price at the end of the 30-Day period.

    4 Each ETF’s strategy (except those of the Short ETFs) will cap potential gains if its reference asset’s shares increase in value, yet subjects an investor to all potential losses if the reference asset’s shares decrease in value. Such potential losses may not be offset by income received by the ETF. Each Short ETF’s strategy will cap potential gains if its reference asset decreases in value, yet subjects an investor to all potential losses if the reference asset increases in value. Such potential losses may not be offset by income received by the ETF.

    5ROC refers to Return of Capital. The ROC percentage is the portion of the distribution that represents an investor’s original investment.

    Each Fund has a limited operating history and while each Fund’s objective is to provide current income, there is no guarantee the Fund will make a distribution. Distributions are likely to vary greatly in amount.

    Standardized Performance

    For YMAX, click here. For YMAG, click here. For TSLY, click here. For OARK, click here. For APLY, click here. For NVDY, click here. For AMZY, click here. For FBY, click here. For GOOY, click here. For NFLY, click here. For CONY, click here. For MSFO, click here. For DISO, click here. For XOMO, click here. For JPMO, click here. For AMDY, click here. For PYPY, click here. For SQY, click here. For MRNY, click here. For AIYY, click here. For MSTY, click here. For ULTY, click here. For YBIT, click here. For CRSH, click here. For GDXY, click here. For SNOY, click here. For ABNY, click here. For FIAT, click here. For DIPS, click here. For BABO, click here. For YQQQ, click here. For TSMY, click here. For SMCY, click here. For PLTY, click here. For BIGY, click here. For SOXY, click here. For MARO, click here. For FEAT, click here. For FIVY, click here. For LFGY, click here. For GPTY, click here. For CVNY, click here. For SDTY, click here. For QDTY, click here.

    Important Information

    This material must be preceded or accompanied by the prospectus. For all prospectuses, click here.

    Contact Gavin Filmore at gfilmore@tidalfg.com for more information.

    Tidal Financial Group is the adviser for all YieldMax™ ETFs.

    THE FUND, TRUST, AND ADVISER ARE NOT AFFILIATED WITH ANY UNDERLYING REFERENCE ASSET.

    Risk Disclosures (applicable to all YieldMax ETFs referenced above, except the Short ETFs)

    YMAX, YMAG, FEAT and FIVY generally invest in other YieldMax™ ETFs. As such, these two Funds are subject to the risks listed in this section, which apply to all the YieldMax™ ETFs they may hold from time to time.

    Investing involves risk. Principal loss is possible.

    Call Writing Strategy Risk. The path dependency (i.e., the continued use) of the Fund’s call writing strategy will impact the extent that the Fund participates in the positive price returns of the underlying reference asset and, in turn, the Fund’s returns, both during the term of the sold call options and over longer periods.

    Counterparty Risk. The Fund is subject to counterparty risk by virtue of its investments in options contracts. Transactions in some types of derivatives, including options, are required to be centrally cleared (“cleared derivatives”). In a transaction involving cleared derivatives, the Fund’s counterparty is a clearing house rather than a bank or broker. Since the Fund is not a member of clearing houses and only members of a clearing house (“clearing members”) can participate directly in the clearing house, the Fund will hold cleared derivatives through accounts at clearing members.

    Derivatives Risk. Derivatives are financial instruments that derive value from the underlying reference asset or assets, such as stocks, bonds, or funds (including ETFs), interest rates or indexes. The Fund’s investments in derivatives may pose risks in addition to, and greater than, those associated with directly investing in securities or other ordinary investments, including risk related to the market, imperfect correlation with underlying investments or the Fund’s other portfolio holdings, higher price volatility, lack of availability, counterparty risk, liquidity, valuation and legal restrictions.

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

    Distribution Risk. As part of the Fund’s investment objective, the Fund seeks to provide current income. There is no assurance that the Fund will make a distribution in any given period. If the Fund does make distributions, the amounts of such distributions will likely vary greatly from one distribution to the next.

    High Portfolio Turnover Risk. The Fund may actively and frequently trade all or a significant portion of the Fund’s holdings. A high portfolio turnover rate increases transaction costs, which may increase the Fund’s expenses.

    Liquidity Risk. Some securities held by the Fund, including options contracts, may be difficult to sell or be illiquid, particularly during times of market turmoil.

    Non-Diversification Risk. Because the Fund is “non-diversified,” it may invest a greater percentage of its assets in the securities of a single issuer or a smaller number of issuers than if it was a diversified fund.

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

    Price Participation Risk. The Fund employs an investment strategy that includes the sale of call option contracts, which limits the degree to which the Fund will participate in increases in value experienced by the underlying reference asset over the Call Period.

    Single Issuer Risk. Issuer-specific attributes may cause an investment in the Fund to be more volatile than a traditional pooled investment which diversifies risk or the market generally. The value of the Fund, which focuses on an individual security (ARKK, TSLA, AAPL, NVDA, AMZN, META, GOOGL, NFLX, COIN, MSFT, DIS, XOM, JPM, AMD, PYPL, SQ, MRNA, AI, MSTR, Bitcoin ETP, GDX®, SNOW, ABNB, BABA, TSM, SMCI, PLTR, MARA, CVNA), may be more volatile than a traditional pooled investment or the market as a whole and may perform differently from the value of a traditional pooled investment or the market as a whole.

    Inflation Risk. Inflation risk is the risk that the value of assets or income from investments will be less in the future as inflation decreases the value of money. As inflation increases, the present value of the Fund’s assets and distributions, if any, may decline.

    Indirect Investment Risk. The Index is not affiliated with the Trust, the Fund, the Adviser, or their respective affiliates and is not involved with this offering in any way.

    Risk Disclosures (applicable only to GPTY)

    Artificial Intelligence Risk. Issuers engaged in artificial intelligence typically have high research and capital expenditures and, as a result, their profitability can vary widely, if they are profitable at all. The space in which they are engaged is highly competitive and issuers’ products and services may become obsolete very quickly. These companies are heavily dependent on intellectual property rights and may be adversely affected by loss or impairment of those rights. The issuers are also subject to legal, regulatory and political changes that may have a large impact on their profitability. A failure in an issuer’s product or even questions about the safety of the product could be devastating to the issuer, especially if it is the marquee product of the issuer. It can be difficult to accurately capture what qualifies as an artificial intelligence company.

    Technology Sector Risk. The Fund will invest substantially in companies in the information technology sector, and therefore the performance of the Fund could be negatively impacted by events affecting this sector. Market or economic factors impacting technology companies and companies that rely heavily on technological advances could have a significant effect on the value of the Fund’s investments. The value of stocks of information technology companies and companies that rely heavily on technology is particularly vulnerable to rapid changes in technology product cycles, rapid product obsolescence, government regulation and competition, both domestically and internationally, including competition from foreign competitors with lower production costs. Stocks of information technology companies and companies that rely heavily on technology, especially those of smaller, less-seasoned companies, tend to be more volatile than the overall market. Information technology companies are heavily dependent on patent and intellectual property rights, the loss or impairment of which may adversely affect profitability.

    Risk Disclosure (applicable only to MARO)

    Digital Assets Risk: The Fund does not invest directly in Bitcoin or any other digital assets. The Fund does not invest directly in derivatives that track the performance of Bitcoin or any other digital assets. The Fund does not invest in or seek direct exposure to the current “spot” or cash price of Bitcoin. Investors seeking direct exposure to the price of Bitcoin should consider an investment other than the Fund. Digital assets like Bitcoin, designed as mediums of exchange, are still an emerging asset class. They operate independently of any central authority or government backing and are subject to regulatory changes and extreme price volatility.

    Risk Disclosures (applicable only to BABO and TSMY)

    Currency Risk: Indirect exposure to foreign currencies subjects the Fund to the risk that currencies will decline in value relative to the U.S. dollar. Currency rates in foreign countries may fluctuate significantly over short periods of time for a number of reasons, including changes in interest rates and the imposition of currency controls or other political developments in the U.S. or abroad.

    Depositary Receipts Risk: The securities underlying BABO and TSMY are American Depositary Receipts (“ADRs”). Investment in ADRs may be less liquid than the underlying shares in their primary trading market.

    Foreign Market and Trading Risk: The trading markets for many foreign securities are not as active as U.S. markets and may have less governmental regulation and oversight.

    Foreign Securities Risk: Investments in securities of non-U.S. issuers involve certain risks that may not be present with investments in securities of U.S. issuers, such as risk of loss due to foreign currency fluctuations or to political or economic instability, as well as varying regulatory requirements applicable to investments in non-U.S. issuers. There may be less information publicly available about a non-U.S. issuer than a U.S. issuer. Non-U.S. issuers may also be subject to different regulatory, accounting, auditing, financial reporting and investor protection standards than U.S. issuers.

    Risk Disclosures (applicable only to GDXY)

    Risk of Investing in Foreign Securities. The Fund is exposed indirectly to the securities of foreign issuers selected by GDX®’s investment adviser, which subjects the Fund to the risks associated with such companies. Investments in the securities of foreign issuers involve risks beyond those associated with investments in U.S. securities.

    Risk of Investing in Gold and Silver Mining Companies. The Fund is exposed indirectly to gold and silver mining companies selected by GDX®’s investment adviser, which subjects the Fund to the risks associated with such companies.

    The Fund invests in options contracts based on the value of the VanEck Gold Miners ETF (GDX®), which subjects the Fund to some of the same risks as if it owned GDX®, as well as the risks associated with Canadian, Australian and Emerging Market Issuers, and Small-and Medium-Capitalization companies.

    Risk Disclosures (applicable only to YBIT)

    YBIT does not invest directly in Bitcoin or any other digital assets. YBIT does not invest directly in derivatives that track the performance of Bitcoin or any other digital assets. YBIT does not invest in or seek direct exposure to the current “spot” or cash price of Bitcoin. Investors seeking direct exposure to the price of Bitcoin should consider an investment other than YBIT.

    Bitcoin Investment Risk: The Fund’s indirect investment in Bitcoin, through holdings in one or more Underlying ETPs, exposes it to the unique risks of this emerging innovation. Bitcoin’s price is highly volatile, and its market is influenced by the changing Bitcoin network, fluctuating acceptance levels, and unpredictable usage trends.

    Digital Assets Risk: Digital assets like Bitcoin, designed as mediums of exchange, are still an emerging asset class. They operate independently of any central authority or government backing and are subject to regulatory changes and extreme price volatility. Potentially No 1940 Act Protections. As of the date of this Prospectus, there is only a single eligible Underlying ETP, and it is an investment company subject to the 1940 Act.

    Bitcoin ETP Risk: The Fund invests in options contracts that are based on the value of the Bitcoin ETP. This subjects the Fund to certain of the same risks as if it owned shares of the Bitcoin ETP, even though it does not. Bitcoin ETPs are subject, but not limited, to significant risk and heightened volatility. An investor in a Bitcoin ETP may lose their entire investment. Bitcoin ETPs are not suitable for all investors. In addition, not all Bitcoin ETPs are registered under the Investment Company Act of 1940. Those Bitcoin ETPs that are not registered under such statute are therefore not subject to the same regulations as exchange traded products that are so registered.

    Risk Disclosures (applicable only to the Short ETFs)

    Investing involves risk. Principal loss is possible.

    Price Appreciation Risk. As part of the Fund’s synthetic covered put strategy, the Fund purchases and sells call and put option contracts that are based on the value of the underlying reference asset. This strategy subjects the Fund to certain of the same risks as if it shorted the underlying reference asset, even though it does not. By virtue of the Fund’s indirect inverse exposure to changes in the value of the underlying reference asset, the Fund is subject to the risk that the value of the underlying reference asset increases. If the value of the underlying reference asset increases, the Fund will likely lose value and, as a result, the Fund may suffer significant losses.

    Put Writing Strategy Risk. The path dependency (i.e., the continued use) of the Fund’s put writing (selling) strategy will impact the extent that the Fund participates in decreases in the value of the underlying reference asset and, in turn, the Fund’s returns, both during the term of the sold put options and over longer periods.

    Purchased OTM Call Options Risk. The Fund’s strategy is subject to potential losses if the underlying reference asset increases in value, which may not be offset by the purchase of out-of-the-money (OTM) call options. The Fund purchases OTM calls to seek to manage (cap) the Fund’s potential losses from the Fund’s short exposure to the underlying reference asset if it appreciates significantly in value. However, the OTM call options will cap the Fund’s losses only to the extent that the value of the underlying reference asset increases to a level that is at or above the strike level of the purchased OTM call options. Any increase in the value of the underlying reference asset to a level that is below the strike level of the purchased OTM call options will result in a corresponding loss for the Fund. For example, if the OTM call options have a strike level that is approximately 100% above the then-current value of the underlying reference asset at the time of the call option purchase, and the value of the underlying reference asset increases by at least 100% during the term of the purchased OTM call options, the Fund will lose all its value. Since the Fund bears the costs of purchasing the OTM calls, such costs will decrease the Fund’s value and/or any income otherwise generated by the Fund’s investment strategy.

    Counterparty Risk. The Fund is subject to counterparty risk by virtue of its investments in options contracts. Transactions in some types of derivatives, including options, are required to be centrally cleared (“cleared derivatives”). In a transaction involving cleared derivatives, the Fund’s counterparty is a clearing house rather than a bank or broker. Since the Fund is not a member of clearing houses and only members of a clearing house (“clearing members”) can participate directly in the clearing house, the Fund will hold cleared derivatives through accounts at clearing members.

    Derivatives Risk. Derivatives are financial instruments that derive value from the underlying reference asset or assets, such as stocks, bonds, or funds (including ETFs), interest rates or indexes. The Fund’s investments in derivatives may pose risks in addition to, and greater than, those associated with directly investing in securities or other ordinary investments, including risk related to the market, imperfect correlation with underlying investments or the Fund’s other portfolio holdings, higher price volatility, lack of availability, counterparty risk, liquidity, valuation and legal restrictions.

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

    Distribution Risk. As part of the Fund’s investment objective, the Fund seeks to provide current income. There is no assurance that the Fund will make a distribution in any given period. If the Fund does make distributions, the amounts of such distributions will likely vary greatly from one distribution to the next.

    High Portfolio Turnover Risk. The Fund may actively and frequently trade all or a significant portion of the Fund’s holdings.

    Liquidity Risk. Some securities held by the Fund, including options contracts, may be difficult to sell or be illiquid, particularly during times of market turmoil.

    Non-Diversification Risk. Because the Fund is “non-diversified,” it may invest a greater percentage of its assets in the securities of a single issuer or a smaller number of issuers than if it was a diversified fund.

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

    Price Participation Risk. The Fund employs an investment strategy that includes the sale of put option contracts, which limits the degree to which the Fund will participate in decreases in value experienced by the underlying reference asset over the Put Period.

    Single Issuer Risk. Issuer-specific attributes may cause an investment in the Fund to be more volatile than a traditional pooled investment which diversifies risk or the market generally. The value of the Fund, for any Fund that focuses on an individual security (e.g., TSLA, COIN, NVDA), may be more volatile than a traditional pooled investment or the market as a whole and may perform differently from the value of a traditional pooled investment or the market as a whole.

    Inflation Risk. Inflation risk is the risk that the value of assets or income from investments will be less in the future as inflation decreases the value of money. As inflation increases, the present value of the Fund’s assets and distributions, if any, may decline.

    Risk Disclosures (applicable only to YQQQ)

    Index Overview. The Nasdaq 100 Index is a benchmark index that includes 100 of the largest non-financial companies listed on the Nasdaq Stock Market, based on market capitalization.

    Index Level Appreciation Risk. As part of the Fund’s synthetic covered put strategy, the Fund purchases and sells call and put option contracts that are based on the Index level. This strategy subjects the Fund to certain of the same risks as if it shorted the Index, even though it does not. By virtue of the Fund’s indirect inverse exposure to changes in the Index level, the Fund is subject to the risk that the Index level increases. If the Index level increases, the Fund will likely lose value and, as a result, the Fund may suffer significant losses. The Fund may also be subject to the following risks: innovation and technological advancement; strong market presence of Index constituent companies; adaptability to global market trends; and resilience and recovery potential.

    Index Level Participation Risk. The Fund employs an investment strategy that includes the sale of put option contracts, which limits the degree to which the Fund will benefit from decreases in the Index level experienced over the Put Period. This means that if the Index level experiences a decrease in value below the strike level of the sold put options during a Put Period, the Fund will likely not experience that increase to the same extent and any Fund gains may significantly differ from the level of the Index losses over the Put Period. Additionally, because the Fund is limited in the degree to which it will participate in decreases in value experienced by the Index level over each Put Period, but has significant negative exposure to any increases in value experienced by the Index level over the Put Period, the NAV of the Fund may decrease over any given period. The Fund’s NAV is dependent on the value of each options portfolio, which is based principally upon the inverse of the performance of the Index level. The Fund’s ability to benefit from the Index level decreases will depend on prevailing market conditions, especially market volatility, at the time the Fund enters into the sold put option contracts and will vary from Put Period to Put Period. The value of the options contracts is affected by changes in the value and dividend rates of component companies that comprise the Index, changes in interest rates, changes in the actual or perceived volatility of the Index and the remaining time to the options’ expiration, as well as trading conditions in the options market. As the Index level changes and time moves towards the expiration of each Put Period, the value of the options contracts, and therefore the Fund’s NAV, will change. However, it is not expected for the Fund’s NAV to directly inversely correlate on a day-to-day basis with the returns of the Index level. The amount of time remaining until the options contract’s expiration date affects the impact that the value of the options contracts has on the Fund’s NAV, which may not be in full effect until the expiration date of the Fund’s options contracts. Therefore, while changes in the Index level will result in changes to the Fund’s NAV, the Fund generally anticipates that the rate of change in the Fund’s NAV will be different than the inverse of the changes experienced by the Index level.

    YieldMax™ ETFs are distributed by Foreside Fund Services, LLC. Foreside is not affiliated with Tidal Financial Group, YieldMax™ ETFs.

    © 2025 YieldMax™ ETFs

    The MIL Network –

  • MIL-OSI: SINTX Receives Issuance of U.S. Patent for Silicon Nitride-Functionalized Zirconia-Toughened Alumina Ceramic Biomaterial

    Source: GlobeNewswire (MIL-OSI)

    Salt Lake City, Utah, Feb. 19, 2025 (GLOBE NEWSWIRE) — SINTX Technologies, Inc. (NASDAQ: SINT) (“SINTX” or the “Company”) an advanced ceramics company specializing in the development and commercialization of materials, components, and technologies for medical and technical applications, today announced the issuance of U.S. Patent No. 12,239,761 by the United States Patent and Trademark Office (USPTO).

    This newly issued patent strengthens SINTX’s intellectual property portfolio, further solidifying its position as a global leader in silicon nitride innovation. The patent covers novel advancements in silicon nitride material processing and applications, particularly in the biomedical sector, where the company continues to make significant strides in next-generation implant technology.

    “This patent represents another key milestone in SINTX’s ongoing commitment to pioneering advanced silicon nitride solutions,” said Eric K. Olson, President and CEO of SINTX. “With its antiviral, antibacterial, and biomechanical advantages, silicon nitride continues to demonstrate its potential in medical implants, regenerative medicine, and advanced coating technologies. This latest patent reinforces our leadership in the field and strengthens our ability to develop high-performance biomedical applications.”

    The patent, developed by the Company covers innovative methods of adhering silicon nitride to a wide array of biomaterial substrates to improve biocompatibility and resistance to infection, expanding its potential applications to orthopedic, craniomaxillofacial, dental and spinal implants. This scientific breakthrough aligns with SINTX’s broader mission to leverage its proprietary technology to improve patient outcomes and surgical success rates.

    SINTX is the only FDA-registered producer of implantable silicon nitride, with a robust portfolio that includes monolithic ceramic implants, particulate-based coatings, microspheres and composite materials. These innovations are aimed at enhancing osseointegration and reducing bacterial colonization, key factors in improving implant longevity and patient safety.

    With this issuance, SINTX continues to expand its intellectual property portfolio, which now includes 17 issued U.S. patents and 84 pending applications worldwide.

    For more information about SINTX Technologies and its silicon nitride platform, visit www.sintx.com.

    About SINTX Technologies, Inc.

    SINTX Technologies is an advanced ceramics company that develops and commercializes materials, components, and technologies for medical and technical applications. SINTX is a global leader in the research, development, and manufacturing of silicon nitride, and its products have been implanted in humans since 2008. Over the past several years, SINTX has utilized strategic acquisitions and alliances to enter into new markets. The Company has manufacturing and R&D facilities in Utah and Maryland.

    For more information on SINTX Technologies or its materials platform, visit www.sintx.com.

    Forward-Looking Statements

    This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 (“PSLRA”) that are subject to a number of risks and uncertainties. Forward-looking statements can be identified by words such as: “anticipate,” “believe,” “project,” “estimate,” “expect,” “strategy,” “future,” “likely,” “may,” “should,” “will” and similar references to future periods. Examples of forward-looking statements include, among others, statements we make that the company continues to make significant strides in next-generation implant technology and the potential to pursue growth opportunities and explore strategic opportunities.

    Readers are cautioned not to place undue reliance on the forward-looking statements, which speak only as of the date on which they are made and reflect management’s current estimates, projections, expectations and beliefs. Because forward-looking statements relate to the future, they are subject to inherent uncertainties, risks and changes in circumstances that are difficult to predict and many of which are outside of our control. Our actual results and financial condition may differ materially from those indicated in the forward-looking statements. Important factors that could cause our actual results and financial condition to differ materially from those indicated in the forward-looking statements include, among others, technical feasibility and product development. A discussion of other risks and uncertainties that could cause our actual results and financial condition to differ materially from those indicated in the forward-looking statements can be found in SINTX’s Risk Factors disclosure in its Annual Report on Form 10-K, filed with the SEC on March 27, 2024, and in SINTX’s other filings with the SEC. SINTX undertakes no obligation to publicly revise or update the forward-looking statements to reflect events or circumstances that arise after the date of this report, except as required by law.

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

    The MIL Network –

  • MIL-OSI: Ragnarok M: Classic Has Successfully Launched in Southeast Asia

    Source: GlobeNewswire (MIL-OSI)

    Seoul, South Korea, Feb. 19, 2025 (GLOBE NEWSWIRE) — GRAVITY Co., Ltd. (NasdaqGM: GRVY) (“Gravity” or “Company”), a developer and publisher of online and mobile games, announced that GRAVITY Interactive, Inc., Gravity’s wholly-owned subsidiary, has officially launched Ragnarok M: Classic, an MMORPG Mobile game, in 9 regions of Southeast Asia on February 14, 2025 and the early success has been made after the official launch in the launching markets.

    Ragnarok M: Classic was officially launched in 9 regions in Southeast Asia on February 14, 2025, available for download on both Mobile and PC. Additionally, since the pre-registration in Southeast Asia began on November 14, 2024, it has reaffirmed its strong popularity and interest among local users by surpassing 1 million registrations as of January, 2025. 

    Ragnarok M: Classic has ranked first in free download of Apple App Store in 3 regions of Thailand, Philippines and Malaysia, second in Singapore and third in Indonesia after pre-registration download on November 14, 2024. After its official launch, the game ranked second in free download of Google Play in Thailand, fifth in Singapore and ninth in Philippines. In addition, it has ranked second in top grossing of Apple App Store in Thailand, fourth in Philippines and tenth in Indonesia, and tenth in top grossing of Google Play in Philippines and eleventh in Thailand.     

    Gravity stated, “To celebrate the official launching of Ragnarok M: Classic, we provide a variety of special events and we hope users to participate and enjoy the rewards”.

    [Gravity Official Website]
    http://www.gravity.co.kr

    [Ragnarok M: Classic Google Play Download Page]
    https://play.google.com/store/apps/details?id=com.gravityus.romzeny.aos

    [Ragnarok M: Classic Apple App Store Download Page]
    https://apps.apple.com/us/app/ragnarok-m-classic/id6602882281

    [Ragnarok M: Classic Official Website]
    https://classic.ragnaroketernallove.com/

    [Ragnarok M: Classic Official Facebook Page]
    https://www.facebook.com/RagnarokMClassic/

    [Ragnarok M: Classic Official Discord Community]

    https://discord.gg/romclassic

    About GRAVITY Co., Ltd. —————————————————

    Gravity is a developer and publisher of online and mobile games. Gravity’s principal product, Ragnarok Online, is a popular online game in many markets, including Japan and Taiwan, and is currently commercially offered in 91 regions. For more information about Gravity, please visit http://www.gravity.co.kr.

    Contact:

    Mr. Heung Gon Kim
    Chief Financial Officer
    Gravity Co., Ltd.
    Email: kheung@gravity.co.kr

    Ms. Jin Lee
    Ms. Yujin Oh
    IR Unit
    Gravity Co., Ltd.
    Email: ir@gravity.co.kr
    Telephone: +82-2-2132-7801

    The MIL Network –

  • MIL-OSI: Mimecast Welcomes Adenike Cosgrove as Chief Marketing Officer

    Source: GlobeNewswire (MIL-OSI)

    LEXINGTON, Mass., Feb. 19, 2025 (GLOBE NEWSWIRE) — Mimecast, a global cybersecurity leader transforming the way businesses manage and mitigate human risk, announced today the appointment of Adenike (Nikki) Cosgrove as Chief Marketing Officer.

    Drawing on more than twenty years of cybersecurity experience, Nikki will lead Mimecast’s global marketing organization driving strategic growth and positioning in new and existing markets to further establish Mimecast as the clear industry leader in Human Risk Management.

    Nikki brings a wealth of expertise to Mimecast. She joins the organization from Proofpoint (following their 2016 acquisition of Return Path Email Fraud Protection), where she spent more than nine years, most recently as regional CMO for EMEA, leading product and strategic marketing operations.

    An accomplished cybersecurity executive, Nikki’s expertise spans the spectrum of product and business strategy including growth marketing, strategic communications, analyst relations, and competitive intelligence. Prior to Proofpoint, Nikki worked as lead EMEA advisor to security and risk professionals for Forrester Research and Canalys, where she developed a deep understanding of CISO challenges and helped clients with their information and cybersecurity strategies.

    “Nikki’s expertise in our sector, coupled with her strategic leadership, business acumen and marketing pedigree, perfectly positions her to lead Mimecast’s marketing organization as we cement our reputation as industry leader in Human Risk Management,” said CEO, Marc van Zadelhoff. “The last year at Mimecast has been marked by innovation and strategic growth, including three industry-shaping acquisitions and global expansion. Nikki is joining us at an incredibly exciting time for the business and will play a key role in how we take this momentum forward across our global markets.”

    Nikki holds a Bachelor of Engineering degree from the University of Hull and a Master of Research, Telecommunications, from University College London. Nikki has lived in Japan, Hong Kong, Zimbabwe, and Nigeria, and currently resides in London.

    “As the threat landscape evolves and cybercriminals increasingly target individuals, securing human risk has never been more critical,” said Nikki Cosgrove. “I’m excited to step into the role of Chief Marketing Officer and apply my experience to accelerate Mimecast’s momentum, strengthen our market leadership, and drive strategies that deliver even greater value to our customers worldwide.”

    To learn more about Mimecast visit here.

    About Mimecast

    Mimecast is a leading cybersecurity company transforming the way businesses manage and mitigate human risk. Its AI-powered, API-enabled connected Human Risk Management platform is purpose-built to protect organizations from the spectrum of cyber threats. Integrating cutting-edge technology with human-centric pathways, our platform enhances visibility and provides strategic insight that enables decisive action and empowers businesses to protect their collaborative environments, safeguard their critical data and actively engage employees in reducing risk and enhancing productivity. More than 42,000 businesses worldwide trust Mimecast to help them keep ahead of the ever-evolving threat landscape. From insider risk to external threats, with Mimecast customers get more. More visibility. More insight. More agility. More security.

    Mimecast is either a registered trademark or trademark of Mimecast Services Limited in the United States and/or other countries. Proofpoint is a registered trademark of Proofpoint, Inc. in the United States and other countries.   All other third-party trademarks and logos contained in this press release are the property of their respective owners.

    A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/5230c472-fe83-4608-a7a3-a314fe8e701e

    The MIL Network –

  • MIL-OSI: Canadian Consumer Debt Continues to Grow Despite Macroeconomic Relief

    Source: GlobeNewswire (MIL-OSI)

    Key findings from TransUnion report:

    • Despite stabilization of macroeconomic conditions, total consumer debt and delinquency rates continue to rise
    • Gen Z consumers continue to drive credit market activity
    • Credit card balances hit new milestone of $124 billion and delinquency rates rise even as average monthly card spend declines

    TORONTO, Feb. 19, 2025 (GLOBE NEWSWIRE) — Total consumer debt in Canada hit a historic high of $2.5 trillion as outstanding balances across all credit products grew by 4.5% year-over-year (YoY) in Q4 2024, according to TransUnion’s Q4 2024 Credit Industry Insights Report (CIIR). Balances grew due to a combination of increases in both mortgage debt and non-mortgage debt. Non-mortgage debt increased 5.8% YoY with balances continuing to rise across revolving products in Q4 2024. Line of credit balances grew 4.2%, while credit card balances continued a more rapid pace of growth, increasing 9.2%. Although the rate of growth has been slowing, the overall increase remains significant.

    Credit participation grew by 2.5% YoY, with 32.3 million Canadians holding at least one open credit product, a trend fueled in part by the recent decline in interest rates and inflation. Millennial and Gen Z consumers were at the forefront of this increase, collectively holding $1.1 trillion in outstanding balances, a 10% rise YoY. Gen Z consumers were the fastest-growing segment, with a 29% increase in credit participation as they diversify their debt beyond credit card debt.

    Canada Consumer Credit Index Hits Lowest Level Since 2021

    The Canada Consumer Credit Index fell YoY to 99.8 in Q4 2024, its lowest December level since 2020. The decline indicates a deterioration in the overall health of the Canadian retail credit market, reflecting declining consumer behaviours and weakening market conditions. Although all elements of the index were lower than the prior years’ values, slowing balances, declining demand and continued increase in delinquency rates were the strongest drivers of the decline.

    Credit Card Market Growth Slowing

    Credit card balances continued to grow, marking 31 months of consecutive YoY balance growth. However, this growth has moderated in recent quarters, indicating a stabilization in the market may be expected in 2025.

    Bankcard originations trended lower in recent quarters, though totals remained elevated in comparison to pre-2018 levels. The recent decline in origination totals was seen across most risk tiers, with subprime leading the decline, influenced by the decrease in new Canadians entering the market after a significant reduction in immigration volume.

    In an effort to manage delinquency rates, lenders have become more conservative within their risk tier targets at origination. Overall, bankcard originations dropped by 3.7% YoY, with the largest decline led by subprime at 6.9% YoY, while prime and near prime consumers grew by 3.7% and 0.4% respectively. The risk mix of originated bankcard accounts and credit lines remains consistent with 2018 and 2019 levels, indicating market moderation, metric stabilization and reversion to more familiar business cycles.

    Originations growth fell across all generations. Gen Z showed the least year-over-year impact, remaining relatively flat at a decline of only 0.1% from prior year as more young adults in this generation continue to enter the credit market each year. The remaining generations saw a significant drop off from prior years, as demand in these groups for additional credit may have waned as the economy improved.

    Year-over-Year Card Origination by Generation
      Q3’22 – Q3’23 Q3’23 – Q3’24
    Baby Boomer 6.2%   -9.0%  
    Gen X 9.3%   -6.8%  
    Gen Y/Millennial 11.6%   -2.9%  
    Gen Z 28.5%   -0.1%  

    Lower inflation in recent quarters, combined with continued employment resiliency for consumers, may be driving consumers towards an improved financial health, where they balance their monthly expenses and monthly budgets. Reduced lender appetite may also play a role in this slowdown, resulting in a decrease in new credit card originations. However, despite the slowing of originations, credit card balance growth remained strong, up 9% YoY, though below the previous year’s 13% growth. The growth fueled a new balance milestone of $124 billion in Q4 2024. This was driven by higher revolving balances as consumers paid down a smaller portion of their balances. Approximately 64% of outstanding balances were revolving in Q4 2024 (+157 bp YoY) indicating that consumers are increasingly carrying balances on their cards from month to month.

    Average credit card debt per borrower hit $4,681 in Q4, but has also been slowing relative to prior years, with average debt per borrower rising 6.0% YoY in Q4 2024 as opposed to 7.2% the year prior. Prime and below risk segments are increasingly tapping into their available credit, highlighting potential pockets of growing financial needs and a greater dependence on revolving debt to cover daily expenses.

    Despite positive economic indicators, including lower interest rates boosting home-related purchases, ongoing economic uncertainty, and high prices for goods and services have continued to weigh on consumer spending decisions. There has been a corresponding drop-off in average monthly card spend, which fell 2.6% from prior year. Overall pressure on consumers related to the higher costs of living and lower savings rates contributed to a rise in bankcard delinquency rates. Bankcard serious consumer-level delinquency levels, defined as 90 or more days past due (DPD), continued to climb higher to 0.93% in Q2 2024, up 9 bps YoY.

    “In an environment where new account growth is slowing, credit card issuers need to focus on optimizing account management strategies,” said Matthew Fabian, director of financial services research and consulting at TransUnion Canada. “Strengthening customer loyalty, fostering prudent balance growth and engaging younger consumers to enhance lifetime value are crucial. Equally important is vigilant monitoring for early warning signs of rising delinquencies.”

    Credit Card Lending Metric (Bankcard) Q4 2024 Q4 2023 Q4 2022
    Number of Credit Cards (millions) 50.8 47.6 44.5
    New Card Originations (millions)* 1.8 1.9 1.7
    Average New Card Credit Limit* $5,963 $5,771 $5,688
    Total Credit Card Balances (Market) in $ billions $124.7 $114.2 $100.9
    Average Card Balance per Consumer $4,681 $4,430 $4,076
    Average Credit Limit Per Consumer $19,124 $17,973 $16,969
    Average Monthly Spend $2,136 $2,193 $2,137
    Consumer-Level Delinquency Rate (90+ DPD) 0.93% 0.84% 0.75%

    * Acquisition results are presented one quarter in arrears

    Non-Bankcard Delinquencies Also Increase Despite Economic Improvements

    The current economic landscape is unique in that, despite relatively stable employment, there has been a rise in consumer loan delinquency rates. Solid employment has been offset by high interest rates that have put pressure on consumer wallets.

    Overall serious consumer delinquency continues to rise on a year-over-year basis, up 16 basis points to 1.83% and reaching a five-year high, back on par with the pre-pandemic levels. From a demographic perspective, Gen Z consumers are driving high delinquency rates with delinquencies up YoY 26 bps to 2.74% in Q4 2024. Gen Z credit consumers generally have lower risk scores as they are new to credit and have a shorter lending history. They may also be feeling a greater impact from inflation and the high cost of living, which may strain their budgets. Lenders will need to continue applying advanced analytics to grow and retain this segment, as Gen Z will remain a growing proportion of new credit consumers over the next few years and ultimately will become core credit consumers throughout their lifecycle.


    YoY Growth in delinquency by Cohort and Risk Segment
    Q4 2023 – Q4 2024 (bps)
      Baby Boomer Gen X Millennial Gen Z
    Subprime 91 134 114 189
    Near Prime 11 12 9 14
    Prime 3 4 2 1

    “As the Canadian credit market expands, Gen Z consumers present a significant growth opportunity for lenders, especially through tailored credit card offerings,” Fabian said. “Gen Z are educated and active credit users with a growing propensity to utilize credit throughout their lifecycle. Early management is crucial, as credit cards can be a valuable financial tool for Gen Z when managed responsibly. By implementing strategies such as education and regular credit monitoring, credit cards can become an asset rather than a financial burden for Gen Z consumers, creating loyalty to lenders who provide those services.”

    ** All data is sourced from the TransUnion Canada consumer credit database.

    About TransUnion®(NYSE: TRU)

    TransUnion is a global information and insights company with over 13,000 associates operating in more than 30 countries, including Canada, where we’re the credit bureau of choice for the financial services ecosystem and most of Canada’s largest banks. We make trust possible by ensuring each person is reliably represented in the marketplace. We do this by providing an actionable view of consumers, stewarded with care.

    Through our acquisitions and technology investments we have developed innovative solutions that extend beyond our strong foundation in core credit into areas such as marketing, fraud, risk and advanced analytics. As a result, consumers and businesses can transact with confidence and achieve great things. We call this Information for Good® — and it leads to economic opportunity, great experiences and personal empowerment for millions of people around the world.

    For more information visit: www.transunion.ca

    For more information or to request an interview, contact:

    Contact: Katie Duffy
    E-mail: katie.duffy@ketchum.com 
    Telephone: +1 647-772-0969

    A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/f4b9eec1-e70c-45bf-8e6d-7144f3adbf3d

    The MIL Network –

  • MIL-OSI: HighPeak Energy, Inc. Announces 2024 Fourth Quarter and Yearend Earnings Release and Conference Call Dates

    Source: GlobeNewswire (MIL-OSI)

    FORT WORTH, Texas, Feb. 19, 2025 (GLOBE NEWSWIRE) — HighPeak Energy, Inc. (NASDAQ: HPK) (“HighPeak Energy”), today announced that it plans to release its 2024 fourth quarter and yearend financial and operating results after the close of trading on Monday, March 10, 2025.

    HighPeak Energy will host a conference call and webcast on Tuesday, March 11, 2025 at 10:00 a.m. Central Time for investors and analysts to discuss its 2024 fourth quarter and yearend financial results and operational highlights. Participants may register for the call here. Access to the live audio-only webcast and replay of the earnings release conference call may be found here. A live broadcast of the earnings conference call will also be available on HighPeak Energy’s website at www.highpeakenergy.com under the “Investors” section of the website.  

    About HighPeak Energy, Inc.

    HighPeak Energy is a publicly traded independent oil and natural gas company, headquartered in Fort Worth, Texas, focused on the acquisition, development, exploration and exploitation of oil and natural gas reserves in the Midland Basin in West Texas. For more information, please visit our website at www.highpeakenergy.com.

    Investor Contact:

    Ryan Hightower
    Vice President, Business Development
    817.850.9204
    rhightower@highpeakenergy.com

    Source: HighPeak Energy, Inc.

    The MIL Network –

  • MIL-OSI: Enlight Renewable Energy Reports Fourth Quarter and Full Year 2024 Financial Results

    Source: GlobeNewswire (MIL-OSI)

    All of the amounts disclosed in this press release are in U.S. dollars unless otherwise noted

    TEL AVIV, Israel, Feb. 19, 2025 (GLOBE NEWSWIRE) — Enlight Renewable Energy Ltd. (NASDAQ: ENLT, TASE: ENLT) today reported financial results for the fourth quarter and full year ending December 31, 2024. The Company’s earnings conference call and webcast will be held today at 8:00 AM ET. Registration links to both the call and the webcast can be found at the end of this earnings release.

    Financial Highlights

    Full year 2024

    • Revenues and income of $399m, up 53% year over year
    • Adjusted EBITDA1 of $289m, up 49% year over year
    • Net income of $67m, down 32% year over year
    • Cash flow from operations of $193, up 29% year over year

    3 months ending December 31, 2024

    • Revenues and income of $104m, up 35% year over year
    • Adjusted EBITDA1 of $65m, up 31% year over year
    • Net income of $8m, down 48% year over year
    • Cash flow from operations of $36m, up 49% year over year

    ________________________
    1 The Company is unable to provide a reconciliation of Adjusted EBITDA to Net Income on a forward-looking basis without unreasonable effort because items that impact this IFRS financial measure are not within the Company’s control and/or cannot be reasonably predicted. Please refer to the reconciliation table in Appendix 2

      For the twelve months ended   For the three months ended
     ($ millions) 31/12/2024 31/12/2023 % change 31/12/2024 31/12/2023 % change
    Revenue and Income 399 261 53% 104 77 35%
    Net Income 67 98 (32%) 8 16 (48%)
    Adjusted EBITDA 289 194 49% 65 50 31%
    Cash Flow from Operating Activities 193 150 29% 36 24 49%
    • In 2023 the net income contained substantial one-time items
    • A detailed analysis of financial results appears below

    2024 Guidance vs Actual Results

    • Reported revenues and income for 2024 was 15% higher than the Company’s original guidance at the midpoint.
    • Reported Adjusted EBITDA for 2024 was 18% higher than the Company’s original guidance at the midpoint.

    Revenues and Income and Adjusted EBITDA includes $21m of U.S. tax benefits

    “We are proud to conclude 2024 with outstanding financial results that surpassed both our targets and analysts’ forecasts,” said Gilad Yavetz, CEO of Enlight Renewable Energy.

    “Enlight continues to grow thanks to its diversified and innovative operations, spanning three continents and employing the three main technologies of the industry: solar, wind, and energy storage.

    “The year 2025 represents another leap forward for us, as a massive capacity of 4.7 FGW – with a total investment of $5.5bn – will be under various stages of construction. Together with the Company’s operating portfolio, this will secure approximately 90% of the Company’s ambitious growth plan: to reach operating capacity of 8.6 FGW by the end of 2027. This plan will bring Enlight to an annual revenue rate of over $1bn by 2028, tripling the business in just three years.

    “We expect that the average return on equity for the vast asset portfolio that will become operational by 2027 will exceed 15%. Our three-year growth plan is already reflected in our 2025 guidance: we project revenues and income in the range of $490-510 million and Adjusted EBITDA in the range of $360-380 million, a 25% increase.”

    Portfolio Review

    • Enlight’s total portfolio is comprised of 20 GW of generation capacity and 35.8 GWh storage (30.2 FGW2)
    • Of this, the Mature portfolio component (including operating projects, projects under construction or pre-construction) contains 6.1 GW generation capacity and 8.6 GWh of storage (8.6 FGW)
    • Within the Mature portfolio component, the operating component has 2.5 GW of generation capacity and 1.9 GWh of storage (3.0 FGW)

    The full composition of the portfolio appears in the following table:

    Component Status FGW2 Annual recurring revenues ($m)3
    Operating Commercial operation 3.0 ~5004
    Under Construction Under construction 1.8 ~175
    Pre-Construction 0-12 months to start of construction 3.8 ~385
    Total Mature Portfolio Mature 8.6 1,060~
    Advanced Development 13-24 months to start of construction 7 –
    Development 2+ years to start of construction 14.7 –
    Total Portfolio   30.2 –

    ________________________
    2 FGW (Factored GW) is a consolidated metric combining generation and storage capacity into a uniform figure based on the ratio of construction costs. The company’s current weighted average construction cost ratio is 3.5 GWh of storage per 1 GW of generation: FGW = GW + GWh / 3.5
    3     Does not include income from tax benefits for under construction and pre-construction projects.
    4 Based on the midpoint of 2025 guidance.

    • Operating component of the portfolio: 3 FGW
      • Start of commercial operations of 1.1 FGW in 2024, including projects Atrisco in the U.S., Pupin and Tapolca in Europe, the Israel Solar and Storage Cluster in MENA. These additions contribute approximately $100m to the annual revenue run rate.
    • Under Construction component of the portfolio: 1.8 FGW
      • Consists of three projects in the U.S. with a total capacity of 1.4 FGW; the Gecama Solar project in Spain with a capacity of 0.3 FGW; and a solar and storage cluster in Israel. 35% of the cluster is expected to reach operations in 2025, with the rest commissioning in 2026.
      • Projects under construction are expected to contribute $175m to the annual revenue run rate during their first full year of operation.
    • Pre-construction component of the portfolio: 3.8 FGW
      • Two mega projects in the U.S., Snowflake and CO Bar, with a combined capacity of 2.6 FGW will begin construction in 2025 and are expected to contribute $246m to revenues on an annualized basis.
      • Nardo, a stand alone storage project in Italy with a capacity of 0.25 FGW, is expected to begin construction in 2H25 and contribute $31m to revenues on an annualized basis.
    • Advanced Development component of the portfolio component: 7 FGW
      • 5.3 FGW in the U.S., with 100% of the capacity having passed completion of the System Impact Study, the most important study of the grid connection process, significantly de-risking the portfolio.
      • The U.S. portfolio includes several mega-projects and follow-ons to Mature projects, such as Cedar Island (1.4 FGW), Snowflake B (1.2 FGW), and Atrisco 2 (0.7 FGW).
      • These projects reflect the Company’s “Connect and Expand” strategy, leveraging existing grid infrastructure with the development of new ones, thereby reducing construction costs and project risks while improving project returns.
      • 0.7 FGW in Europe, focused on Italy, Spain, and Croatia.
      • 1 FGW in MENA, focused on solar and storage projects and stand alone storage facilities, including approximately 0.5 FGW that won availability tariffs as part of the Israel Electricity Authority’s first high voltage storage availability tariff tender.
    • Development component of the portfolio: 14.7 FGW
      • 10 FGW in the U.S. with broad geographic presence, including the PJM, WECC, SPP and MISO regions.
      • 2.7 FGW in Europe, focused on Italy, Spain, Croatia and entry into stand-alone storage operations in Poland.
      • 2 FGW in MENA, focused on solar combined storage projects and stand alone storage facilities.

    Projected COD Timeline for the Mature Portfolio5

    ________________________
    5 Additional projects currently classified in the Advanced Development portfolio are expected to reach commercial operation by 2027, however they are not included in this forecast

    Mature Portfolio Components Expected to Generate Annualized Revenues of Over $1bn6

    All the projects in the plan are expected to be completed by the end of 2027

    ________________________
    6 The projection is based on 2025 guidance, and only includes additional revenue growth from the sale of electricity from projects under construction and in pre-construction status.

    Financing Activities

    • Financial closings totaling $1.1bn in Europe and the US occurred during 2024, supporting the construction of projects with 470 MW and 2,100 MWh capacity.
    • Expansion of Series D bonds totaling $178m to finance the Company’s growth.
    • Sale of 44% of the Sunlight cluster for $50m cash at a valuation of $114m, generating a profit of up to $94m to be recognized in the first quarter of 2025. The cluster represents approximately 1% of the Company’s total portfolio.
    • As of the date of this report, the Company maintains $350m of revolving credit facilities, of which $70m have been drawn.

    2025 Guidance

    Construction and commissioning

    • Expected commissioning of 440 MW and 1.1 GWh of capacity, which is expected to add approximately $130m to annualized revenues and $105m annualized EBITDA, starting in 2026.
    • Starting construction on 1.8 GW and 3.9 GWh of capacity, which is expected to add over $300m in annualized revenues and over $250m in annualized EBITDA gradually through 2026-2027.

    Financial guidance

    • Total revenues and income7 are expected to range between $490m and $510m, a 25% increase (from the midpoint) from 2024 results. Of the projected revenues and income, 38% are expected to be denominated in ILS, 35% in EUR, and 27% in USD.
    • Adjusted EBITDA8 is expected to range between $360m and $380m, a 28% increase (from the midpoint) from 2024 results.
    • Approximately 90% of the electricity volumes expected to be generated in 2025 will be sold at fixed prices through PPAs or hedges.

    ________________________
    7 Total revenues and income include revenues from the sale of electricity along with income from tax benefits from US projects amounting to $60m-80m.
    8 EBITDA is a non-IFRS financial measure. The Company is unable to provide a reconciliation of EBITDA to Net Income on a forward-looking basis without unreasonable effort because items that impact this IFRS financial measure are not within the Company’s control and/or cannot be reasonably predicted. Please refer to the reconciliation table in Appendix 2.

    Financial Results Analysis

    Revenue & Income by Segment
    ($ thousands) For the twelve months ended   For the three months ended  
    Segment 31/12/2024 31/12/2023 Change % 31/12/2024 31/12/2023 Change %
    MENA 155,693 67,687 130% 34,086 20,738 64%
    Europe 197,143 177,471 11% 49,979 50,770 (2%)
    U.S. 36,608 7,712 375% 17,894 3,571 401%
    Other 9,351 8,270 13% 2,143 2,009 7%
    Total Revenue & Income 398,795 261,140 53% 104,102 77,088 35%
                 

    Revenues & Income

    In the fourth quarter of 2024, the Company’s total revenues and income increased to $104m, up from $77m last year, a growth rate of 35% year over year. This was composed of revenues from the sale of electricity, which rose 26% to $93m compared to $74m in the same period of 2023, as well as recognition of $11m in income from tax benefits, up 230% compared to $3m in 4Q23.

    The Company benefited from the revenue contribution of newly operational projects. Since the fourth quarter of 2023, 650 MW and 1,600 MWh of projects were connected to the grid and began selling electricity, including seven of the Israel Solar and Storage Cluster units in Israel, Atrisco in the U.S, Pupin in Serbia, and Tapolca in Hungary. The most important increases in revenue from the sale of electricity originated at the Israel Solar and Storage Cluster, which added $9m, followed by Atrisco, which added $6m in. In total, new projects contributed $18m to revenues from the sale of electricity

    Revenues and income were distributed between MENA, Europe, and the US, with 34% denominated in Israeli Shekel, 47% in Euros, and 18% denominated in US Dollars.

    Net Income

    In the fourth quarter, the Company’s net income amounted to $8m compared to $16m last year, a decrease of 48% year over year. In 4Q23 the Company recorded a $12m net profit stemming from the recalculation of earnout payments linked to the acquisition of Clenera. Adjusting for this figure, the net income in 4Q23 was $4m, implying year-on-year growth of 90%.

    Adjusted EBITDA9

    In the fourth quarter of 2024, the Company’s Adjusted EBITDA grew by 31% to $65m compared to $50m for the same period in 2023. The increase in Adjusted EBITDA was driven by the same factors that drove the increase in revenues and income, namely new projects and the recognition of higher amounts of tax benefits. This was offset by an additional $6m in higher operating expenses linked to new projects, while company overheads rose by $5m year-on-year.

    ________________________
    9 Adjusted EBITDA is a non-IFRS measure. Please see the appendix of this presentation for a reconciliation to Net Income

    Conference Call Information

    Enlight plans to hold its Fourth Quarter 2024 Conference Call and Webcast on Wednesday, February 19, 2025 at 8:00 a.m. ET to review its financial results and business outlook. Management will deliver prepared remarks followed by a question-and-answer session. Participants can join by dial-in or webcast:

    The press release with the financial results as well as the investor presentation materials will be accessible from the Company’s website prior to the conference call. Approximately one hour after completion of the live call, an archived version of the webcast will be available on the Company’s investor relations website at https://enlightenergy.co.il/info/investors/.

    Supplemental Financial and Other Information

    We intend to announce material information to the public through the Enlight investor relations website at https://enlightenergy.co.il/info/investors, SEC filings, press releases, public conference calls, and public webcasts. We use these channels to communicate with our investors, customers, and the public about our company, our offerings, and other issues. As such, we encourage investors, the media, and others to follow the channels listed above, and to review the information disclosed through such channels. Any updates to the list of disclosure channels through which we will announce information will be posted on the investor relations page of our website.

    Non-IFRS Financial Measures

    This release presents Adjusted EBITDA, a financial metric, which is provided as a complement to the results provided in accordance with the International Financial Reporting Standards as issued by the International Accounting Standards Board (“IFRS”). A reconciliation of the non-IFRS financial information to the most directly comparable IFRS financial measure is provided in the accompanying tables found at the end of this release.

    We define Adjusted EBITDA as net income (loss) plus depreciation and amortization, share based compensation, finance expenses, taxes on income and share in losses of equity accounted investees and minus finance income and non-recurring portions of other income, net. For the purposes of calculating Adjusted EBITDA, compensation for inadequate performance of goods and services procured by the Company are included in other income, net. Compensation for inadequate performance of goods and services reflects the profits the Company would have generated under regular operating conditions and is therefore included in Adjusted EBITDA. With respect to gains (losses) from asset disposals, as part of Enlight’s strategy to accelerate growth and reduce the need for equity financing, the Company sells parts of or the entirety of selected renewable project assets from time to time, and therefore includes realized gains or losses from these asset disposals in Adjusted EBITDA. In the case of partial assets disposals, Adjusted EBITDA includes only the actual consideration less the book value of the assets sold. Our management believes Adjusted EBITDA is indicative of operational performance and ongoing profitability and uses Adjusted EBITDA to evaluate the operating performance and for planning and forecasting purposes.

    Non-IFRS financial measures have limitations as analytical tools and should not be considered in isolation or as substitutes for financial information presented under IFRS. There are a number of limitations related to the use of non-IFRS financial measures versus comparable financial measures determined under IFRS. For example, other companies in our industry may calculate the non-IFRS financial measures that we use differently or may use other measures to evaluate their performance. All of these limitations could reduce the usefulness of our non-IFRS financial measures as analytical tools. Investors are encouraged to review the related IFRS financial measure, Net Income, and the reconciliations of Adjusted EBITDA provided below to Net Income and to not rely on any single financial measure to evaluate our business.

    Special Note Regarding Forward-Looking Statements

    This press release contains forward-looking statements within the meaning of the U.S. Private Securities Litigation Reform Act of 1995. We intend such forward-looking statements to be covered by the safe harbor provisions for forward-looking statements as contained in Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. All statements contained in this press release other than statements of historical fact, including, without limitation, statements regarding the Company’s business strategy and plans, capabilities of the Company’s project portfolio and achievement of operational objectives, market opportunity, utility demand and potential growth, discussions with commercial counterparties and financing sources, pricing trends for materials, progress of Company projects, including anticipated timing of related approvals and project completion and anticipated production delays, the Company’s future financial results, expected impact from various regulatory developments and anticipated trade sanctions, expectations regarding wind production, electricity prices and windfall taxes, and Revenues and Income and Adjusted EBITDA guidance, the expected timing of completion of our ongoing projects, and the Company’s anticipated cash requirements and financing plans , are forward-looking statements. The words “may,” “might,” “will,” “could,” “would,” “should,” “expect,” “plan,” “anticipate,” “intend,” “target,” “seek,” “believe,” “estimate,” “predict,” “potential,” “continue,” “contemplate,” “possible,” “forecasts,” “aims” or the negative of these terms and similar expressions are intended to identify forward-looking statements, though not all forward-looking statements use these words or expressions.

    These statements are neither promises nor guarantees, but involve known and unknown risks, uncertainties and other important factors that may cause our actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements, including, but not limited to, the following: our ability to site suitable land for, and otherwise source, renewable energy projects and to successfully develop and convert them into Operational Projects; availability of, and access to, interconnection facilities and transmission systems; our ability to obtain and maintain governmental and other regulatory approvals and permits, including environmental approvals and permits; construction delays, operational delays and supply chain disruptions leading to increased cost of materials required for the construction of our projects, as well as cost overruns and delays related to disputes with contractors; disruptions in trade caused by political, social or economic instability in regions where our components and materials are made; our suppliers’ ability and willingness to perform both existing and future obligations; competition from traditional and renewable energy companies in developing renewable energy projects; potential slowed demand for renewable energy projects and our ability to enter into new offtake contracts on acceptable terms and prices as current offtake contracts expire; offtakers’ ability to terminate contracts or seek other remedies resulting from failure of our projects to meet development, operational or performance benchmarks; exposure to market prices in some of our offtake contracts; various technical and operational challenges leading to unplanned outages, reduced output, interconnection or termination issues; the dependence of our production and revenue on suitable meteorological and environmental conditions, and our ability to accurately predict such conditions; our ability to enforce warranties provided by our counterparties in the event that our projects do not perform as expected; government curtailment, energy price caps and other government actions that restrict or reduce the profitability of renewable energy production; electricity price volatility, unusual weather conditions (including the effects of climate change, could adversely affect wind and solar conditions), catastrophic weather-related or other damage to facilities, unscheduled generation outages, maintenance or repairs, unanticipated changes to availability due to higher demand, shortages, transportation problems or other developments, environmental incidents, or electric transmission system constraints and the possibility that we may not have adequate insurance to cover losses as a result of such hazards; our dependence on certain operational projects for a substantial portion of our cash flows; our ability to continue to grow our portfolio of projects through successful acquisitions; changes and advances in technology that impair or eliminate the competitive advantage of our projects or upsets the expectations underlying investments in our technologies; our ability to effectively anticipate and manage cost inflation, interest rate risk, currency exchange fluctuations and other macroeconomic conditions that impact our business; our ability to retain and attract key personnel; our ability to manage legal and regulatory compliance and litigation risk across our global corporate structure; our ability to protect our business from, and manage the impact of, cyber-attacks, disruptions and security incidents, as well as acts of terrorism or war; changes to existing renewable energy industry policies and regulations that present technical, regulatory and economic barriers to renewable energy projects; the reduction, elimination or expiration of government incentives or benefits for, or regulations mandating the use of, renewable energy; our ability to effectively manage the global expansion of the scale of our business operations; our ability to perform to expectations in our new line of business involving the construction of PV systems for municipalities in Israel; our ability to effectively manage our supply chain and comply with applicable regulations with respect to international trade relations, tariffs, sanctions, export controls and anti-bribery and anti-corruption laws; our ability to effectively comply with Environmental Health and Safety and other laws and regulations and receive and maintain all necessary licenses, permits and authorizations; our performance of various obligations under the terms of our indebtedness (and the indebtedness of our subsidiaries that we guarantee) and our ability to continue to secure project financing on attractive terms for our projects; limitations on our management rights and operational flexibility due to our use of tax equity arrangements; potential claims and disagreements with partners, investors and other counterparties that could reduce our right to cash flows generated by our projects; our ability to comply with increasingly complex tax laws of various jurisdictions in which we currently operate as well as the tax laws in jurisdictions in which we intend to operate in the future; the unknown effect of the dual listing of our ordinary shares on the price of our ordinary shares; various risks related to our incorporation and location in Israel, including the ongoing war in Israel, where our headquarters and some of our wind energy and solar energy projects are located; the costs and requirements of being a public company, including the diversion of management’s attention with respect to such requirements; certain provisions in our Articles of Association and certain applicable regulations that may delay or prevent a change of control; and other risk factors set forth in the section titled “Risk factors” in our Annual Report on Form 20-F for the fiscal year ended December 31, 2023, filed with the Securities and Exchange Commission (the “SEC”), as may be updated in our other documents filed with or furnished to the SEC.

    These statements reflect management’s current expectations regarding future events and operating performance and speak only as of the date of this press release. You should not put undue reliance on any forward-looking statements. Although we believe that the expectations reflected in the forward-looking statements are reasonable, we cannot guarantee that future results, levels of activity, performance and events and circumstances reflected in the forward-looking statements will be achieved or will occur. Except as required by applicable law, we undertake no obligation to update or revise publicly any forward-looking statements, whether as a result of new information, future events or otherwise, after the date on which the statements are made or to reflect the occurrence of unanticipated events.

    About Enlight

    Founded in 2008, Enlight develops, finances, constructs, owns, and operates utility-scale renewable energy projects. Enlight operates across the three largest renewable segments today: solar, wind and energy storage. A global platform, Enlight operates in the United States, Israel and 9 European countries. Enlight has been traded on the Tel Aviv Stock Exchange since 2010 (TASE: ENLT) and completed its U.S. IPO (Nasdaq: ENLT) in 2023.

    Company Contacts

    Yonah Weisz
    Director IR
    investors@enlightenergy.co.il

    Erica Mannion or Mike Funari
    Sapphire Investor Relations, LLC
    +1 617 542 6180
    investors@enlightenergy.co.il

    Appendix 1 – Financial information

    Consolidated Statements of Income
    		        
        For the year ended at
    December 31
        2024   2023(*)
        USD in   USD in
        thousands   thousands
    Revenues   377,935   255,702
    Tax benefits   20,860   5,438
    Total revenues and income   398,795   261,140
             
    Cost of sales (**)   (80,696)   (52,794)
    Depreciation and amortization   (108,889)   (65,796)
    General and administrative expenses   (38,847)   (31,356)
    Development expenses   (11,601)   (6,347)
    Total operating expenses   (240,033)   (156,293)
    Gains from projects disposals   601   9,846
    Other income, net   16,172   43,450
    Operating profit   175,535   158,143
             
    Finance income   20,439   36,799
    Finance expenses   (107,844)   (68,143)
    Total finance expenses, net   (87,405)   (31,344)
             
    Profit before tax and equity loss   88,130   126,799
    Share of loss of equity accounted investees   (3,350)   (330)
    Profit before income taxes   84,780   126,469
    Taxes on income   (18,275)   (28,428)
    Profit for the year   66,505   98,041
             
    Profit for the year attributed to:        
    Owners of the Company   44,209   70,924
    Non-controlling interests   22,296   27,117
        66,505   98,041
    Earnings per ordinary share (in USD) with a par value of        
    NIS 0.1, attributable to owners of the parent Company:        
    Basic earnings per share   0.37   0.61
    Diluted earnings per share   0.36   0.57
    Weighted average of share capital used in the        
    calculation of earnings:        
    Basic per share   118,293,556   115,721,346
    Diluted per share   123,312,565   123,861,293
     

    (*) The Consolidated Statements of Income have been adjusted to present comparable information for the previous year. For additional details please see Appendix 8.

    (**) Excluding depreciation and amortization

    Consolidated Statements of Financial Position as of        
        December 31   December 31
        2024   2023
        USD in   USD in
        Thousands   Thousands
    Assets        
             
    Current assets        
    Cash and cash equivalents   387,427   403,805
    Deposits in banks   –   5,308
    Restricted cash   100,090   142,695
    Trade receivables   50,692   43,100
    Other receivables   99,651   60,691
    Current maturities of contract assets   –   8,070
    Other financial assets   975   976
    Assets of disposal groups classified as held for sale   81,661   –
    Total current assets   720,496   664,645
             
    Non-current assets        
    Restricted cash   48,251   38,891
    Other long-term receivables   61,045   32,540
    Deferred costs in respect of projects   357,358   271,424
    Deferred borrowing costs   276   493
    Loans to investee entities   18,112   35,878
    Contract assets   –   91,346
    Fixed assets, net   3,699,192   2,947,369
    Intangible assets, net   291,442   287,961
    Deferred taxes assets   10,744   9,134
    Right-of-use asset, net   210,941   121,348
    Financial assets at fair value through profit or loss   69,216   53,466
    Other financial assets   59,812   79,426
    Total non-current assets   4,826,389   3,969,276
             
    Total assets   5,546,885   4,633,921
    Consolidated Statements of Financial Position as of (Cont.)         
        December 31   December 31
        2024   2023
        USD in   USD in
        Thousands   Thousands
    Liabilities and equity    
             
    Current liabilities      
    Credit and current maturities of loans from        
    banks and other financial institutions   212,246   324,666
    Trade payables 161,991   105,574
    Other payables 107,825   103,622
    Current maturities of debentures   44,962   26,233
    Current maturities of lease liability   10,240   8,113
    Financial liabilities through profit or loss   –   13,860
    Other financial liabilities   8,141   1,224
    Liabilities of disposal groups classified as held for sale   46,635   –
    Total current liabilities   592,040   583,292
             
    Non-current liabilities    
    Debentures 433,994   293,751
    Other financial liabilities   107,865   62,020
    Convertible debentures   133,056   130,566
    Loans from banks and other financial institutions   1,996,137   1,702,925
    Loans from non-controlling interests   75,598   92,750
    Financial liabilities through profit or loss   25,844   34,524
    Deferred taxes liabilities   41,792   44,941
    Employee benefits 1,215   4,784
    Lease liability 211,941   119,484
    Deferred income related to tax equity   403,384   60,880
    Asset retirement obligation   83,085   68,047
    Total non-current liabilities   3,513,911   2,614,672
             
    Total liabilities 4,105,951   3,197,964
             
    Equity        
    Ordinary share capital   3,308   3,293
    Share premium 1,028,532   1,028,532
    Capital reserves 25,273   57,730
    Proceeds on account of convertible options   15,494   15,494
    Accumulated profit 107,919   63,710
    Equity attributable to shareholders of the Company   1,180,526   1,168,759
    Non-controlling interests   260,408   267,198
    Total equity 1,440,934   1,435,957
    Total liabilities and equity   5,546,885   4,633,921
    Consolidated Statements of Cash Flows    
         
      For the year ended at
    December 31
      2024 2023
      USD in USD in
      Thousands Thousands
         
    Cash flows for operating activities    
    Profit for the period 66,505 98,041
         
    Income and expenses not associated with cash flows:    
    Depreciation and amortization 108,889 65,796
    Finance expenses, net 83,560 28,805
    Share-based compensation 8,360 4,970
    Taxes on income 18,275 28,428
    Tax benefits (20,860) (5,438)
    Other income, net (4,963) (46,991)
    Company’s share in losses of investee partnerships 3,350 330
      196,611 75,900
         
    Changes in assets and liabilities items:    
    Change in other receivables 12,261 (3,241)
    Change in trade receivables (9,892) (2,841)
    Change in other payables 294 6,382
    Change in trade payables 746 15,474
      3,409 15,774
         
    Interest receipts 12,684 12,490
    Interest paid (74,891) (54,469)
    Income Tax paid (11,246) (12,236)
    Repayment of contract assets – 14,120
         
    Net cash from operating activities 193,072 149,620
         
    Cash flows for investing activities    
    Sale (Acquisition) of consolidated entities, net 1,871 (6,975)
    Changes in restricted cash and bank deposits, net 29,959 (53,131)
    Purchase, development, and construction in respect of projects (899,257) (730,976)
    Loans provided and Investment in investees (26,444) (28,174)
    Payments on account of acquisition of consolidated entity (32,777) (5,728)
    Proceeds from sale (purchase) of financial assets measured at fair value     
    through profit or loss, net (14,719) 26,919
    Net cash used in investing activities (941,367) (798,065)
    Consolidated Statements of Cash Flows (Cont.)   
      For the year ended at
    December 31
      2024  2023 
      USD in USD in
      Thousands Thousands
         
    Cash flows from financing activities    
    Receipt of loans from banks and other financial institutions 939,627 623,927
    Repayment of loans from banks and other financial institutions (699,586) (203,499)
    Issuance of debentures 177,914 83,038
    Repayment of debentures (26,016) (14,735)
    Dividends and distributions by subsidiaries to non-controlling interests (25,534) (13,328)
    Proceeds from investments by tax-equity investors 410,845 198,758
    Repayment of tax equity investment (839) (82,721)
    Deferred borrowing costs (21,637) (1,984)
    Receipt of loans from non-controlling interests – 274
    Repayment of loans from non-controlling interests (2,960) (1,485)
    Increase in holding rights of consolidated entity (169) –
    Issuance of shares – 266,451
    Exercise of share options 15 9
    Repayment of lease liability (5,852) (4,848)
    Proceeds from investment in entities by non-controlling interest 179 5,448
         
    Net cash from financing activities 745,987 855,305
         
    Increase (Decrease) in cash and cash equivalents (2,308) 206,860
         
    Balance of cash and cash equivalents at beginning of period 403,805 193,869
         
    Changes in cash of disposal groups classified as held for sale (5,753) –
         
    Effect of exchange rate fluctuations on cash and cash equivalents (8,317) 3,076
         
    Cash and cash equivalents at end of period 387,427 403,805

    Information related to Segmental Reporting

      For the year ended December 31, 2024
      MENA(**)   Europe(**)   USA   Total reportable segments   Others   Total
      USD in thousands
    Revenues 155,693   197,143   15,748   368,584   9,351   377,935
    Tax benefits –   –   20,860   20,860   –   20,860
    Total revenues and income 155,693   197,143   36,608   389,444   9,351   377,935
                           
    Segment adjusted EBITDA 123,724   165,385   33,539   322,648   4,141   326,789
       
    Reconciliations of unallocated amounts:  
    Headquarter costs (*) (37,774)
    Intersegment profit 100
    Depreciation and amortization and share-based compensation (117,249)
    Other incomes not attributed to segments 3,669
    Operating profit 175,535
    Finance income 20,439
    Finance expenses (107,844)
    Share in the losses of equity accounted investees (3,350)
    Profit before income taxes 84,780
     

    (*) Including general and administrative and development expenses (excluding depreciation and amortization and share based compensation).

    (**) Due to the Company’s organizational restructuring, the Chief Operation Decision Maker (CODM) now reviews the group’s results by segmenting them into four business units: MENA (Middle East and North Africa), Europe, the US, and Management and Construction. Consequently, the Central/Eastern Europe and Western Europe segments have been consolidated into the “Europe” segment, and the Israel segment has been incorporated into the MENA segment. The comparative figures for the year ended December 31, 2023, have been updated accordingly.

    Information related to Segmental Reporting

      For the year ended December 31, 2023
      MENA   Europe   USA   Total reportable segments   Others   Total
      USD in thousands
    Revenues 67,687   177,471   2,274   247,432   8,270   255,702
    Tax benefits –   –   5,438   5,438   –   5,438
    Total revenues and income 67,687   177,471   7,712   252,870   8,270   261,140
                           
    Segment adjusted EBITDA 71,350   150,677   12,133   234,160   3,035   237,195
       
    Reconciliations of unallocated amounts:  
    Headquarter costs (*) (30,434)
    Intersegment profit 1,587
    Repayment of contract asset under concession arrangements (14,120)
    Depreciation and amortization and share-based compensation (70,766)
    Other incomes not attributed to segments 34,681
    Operating profit 158,143
    Finance income 36,799
    Finance expenses (68,143)
    Share in the losses of equity accounted investees (330)
    Profit before income taxes 126,469
     

    (*) Including general and administrative and development expenses (excluding depreciation and amortization and share based compensation).

    Appendix 2 – Reconciliations between Net Income to Adjusted EBITDA

    ($ thousands)   For the year ended   For the three months
        December 31   ended December 31
        2024   2023   2024   2023
    Net Income (loss)   66,505   98,041   8,372   16,202
    Depreciation and amortization   108,889   65,796   30,912   21,611
    Share based compensation   8,360   4,970   2,333   970
    Finance income   (20,439)   (36,799)   (2,140)   7,581
    Finance expenses   107,844   68,143   22,008   16,344
    Non-recurring other income (*)   (3,669)   (34,681)   –   (15,718)
    Share of losses of equity accounted investees   3,350   330   1,613   (137)
    Taxes on income   18,275   28,428   2,121   2,934
    Adjusted EBITDA   289,115   194,228   65,219   49,787
                     
    * For the purposes of calculating Adjusted EBITDA, compensation for inadequate performance of goods and services procured by the Company are included in other income, net.
       

    The Company has changed its presentation of its Income Statement, which includes the presentation of specified items that have been previously included within other income (i.e. tax equity). The Company believes that such presentation provides a more relevant information and better reflects the measurement of its financial performance. The Company applied such change retrospectively.

    Appendix 3 – Debentures Covenants

    Debentures Covenants

    As of December 31, 2024, the Company was in compliance with all of its financial covenants under the indenture for the Series C-F Debentures, based on having achieved the following in its consolidated financial results:

    Minimum equity
    The company’s equity shall be maintained at no less than NIS 200 million so long as debentures E remain outstanding, no less than NIS 375 million so long as debentures F remain outstanding, and NIS 1,250 million so long as debentures C and D remain outstanding.

    As of December 31, 2024, the company’s equity amounted to NIS 5,255 million.

    Net financial debt to net CAP
    The ratio of standalone net financial debt to net CAP shall not exceed 70% for two consecutive financial periods so long as debentures E and F remain outstanding, and shall not exceed 65% for two consecutive financial periods so long as debentures C and D remain outstanding.

    As of December 31, 2024, the net financial debt to net CAP ratio, as defined above, stands at 37%.

    Net financial debt to EBITDA
    So long as debentures E and F remain outstanding, standalone financial debt shall not exceed NIS 10 million, and the consolidated financial debt to EBITDA ratio shall not exceed 18 for more than two consecutive financial periods.

    For as long as debentures C and D remain outstanding, the consolidated financial debt to EBITDA ratio shall not exceed 15 for more than two consecutive financial periods.

    As of December 31, 2024, the net financial debt to EBITDA ratio, as defined above, stands at 9.

    Equity to balance sheet
    The standalone equity to total balance sheet ratio shall be maintained at no less than 20% and 25%, respectively, for two consecutive financial periods for as long as debentures E and F, and debentures C and D remain outstanding.

    As of December 31, 2024, the equity to balance sheet ratio, as defined above, stands at 55%.

    Photos accompanying this announcement are available at:
    https://www.globenewswire.com/NewsRoom/AttachmentNg/16dfdaab-3b06-4494-a529-7e4b98cd6ad8

    https://www.globenewswire.com/NewsRoom/AttachmentNg/a4d568ee-77b0-4eab-b7ef-c865a4a26d0e

    https://www.globenewswire.com/NewsRoom/AttachmentNg/ae07b0d5-09c7-404f-a71d-70494b2b64ca

    The MIL Network –

  • MIL-OSI: Broctagon Partners with Level2 to Simplify Strategy Creation for AXIS CRM Brokers

    Source: GlobeNewswire (MIL-OSI)

    LONDON, Feb. 19, 2025 (GLOBE NEWSWIRE) —

    Level2 and Broctagon Partner to Bring No-Code Automated Trading to Brokers Using AXIS CRM
    This innovative collaboration aims to simplify the strategy creation process for brokers and all their traders currently using Broctagon’s AXIS CRM platform.

    Level2’s intuitive no-code EA solution allows traders of all experience levels to easily create, deploy, and automate strategies using a fully visual, drag-and-drop approach. This no-code approach eliminates the need for technical expertise, enabling traders to configure strategies, analyse performance, and execute trades with ease. By integrating Level2’s capabilities, brokers utilising Broctagon’s AXIS CRM – known for its multi-tier IB module, prop trading features, and API app marketplace – will now be able to offer their traders cutting-edge automated trading tools that drive engagement and unlock greater market potential.

    Key Features for Active Traders:

    • No-Code, Visual Strategy Creation: Level2’s platform allows traders to configure and deploy strategies through an intuitive interface, without any coding skills required.
    • Real-Time Backtesting: Traders can instantly test their strategies using historical data, gaining valuable insights to optimise performance and make data-driven decisions in real time.
    • Seamless Analysis to Execution: With Level2’s visual tools, traders can connect market insights directly to execution, streamlining the entire trading process for increased efficiency.
    • Collaborative Social Trading: Level2 introduces a community-driven approach to trading, where users can share, follow, and collaborate on strategies, enhancing engagement and empowering traders of all skill levels.

    “Broctagon is a forward-thinking organisation that prioritises innovation. Through this partnership, we’ve created a solution that will make technical analysis and fully automated trading more accessible than ever before, giving Axis CRM brokers a competitive edge to captivate traders and drive demand” — Andrew Grevett, Co-founder & CEO of Level2. “Algorithmic trading has traditionally been reserved for those with coding expertise, creating a barrier for many traders. Level2’s no-code EA builder removes that barrier, revolutionising the way traders of all skill levels access and implement automated strategies. By partnering with Level2, Broctagon reinforces its commitment to innovation, empowering all AXIS FX CRM brokers with cutting-edge automation tools that drive engagement, retention, and trading volume” — Don Guo, Founder & CEO of Broctagon

    About Level2
    Level2 is a pioneering technology company focused on transforming the way active traders engage with financial markets. Through its intuitive, fully visual platform, Level2 simplifies strategy creation and automation for traders of all experience levels, eliminating the need for complex coding or technical expertise. With a commitment to innovation and accessibility, Level2 is helping shape the future of active trading by making professional-grade tools available to a broader audience, driving smarter, more efficient trading.

    About Broctagon Fintech Group
    Broctagon Fintech Group is a leading multi-asset liquidity and FX technology provider headquartered in Singapore, with over 15 years of global presence in Hong Kong, Malaysia, India, Cyprus, Thailand, and China. We specialize in performance-driven, bespoke solutions, serving over 350 clients in more than 50 countries with our liquidity aggregator technology, brokerage and prop trading solutions, and enterprise blockchain development.

    Users can experience Level2 now or contact us to arrange a personalised demonstration.

    Contact

    Co-founder & CEO
    Andrew Grevett
    Level2
    andrew@trylevel2.com

    A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/fe7bd9b0-2951-46f0-b696-453b6ae50c34

    The MIL Network –

  • MIL-OSI: Taitiko Announces Strategic Update: New Real-Money Competitions to Launch on Taitiko ARENA

    Source: GlobeNewswire (MIL-OSI)

    FAMAGUSTA, Cyprus, Feb. 19, 2025 (GLOBE NEWSWIRE) — Taitiko, the emerging leader in Web3 gaming, is poised to make a major announcement today, unveiling the upcoming launch of real-money competitions on its popular Taitiko ARENA platform. With over 100,000 active users already engaged in skill-based mini-games via Telegram, the introduction of real-money competitions will elevate the gaming experience, offering players the opportunity to earn tangible rewards in exchange for their skills and achievements.

    This milestone is part of Taitiko’s ongoing strategy to create a sustainable, player-centric ecosystem within the Web3 space. “We’re committed to prioritizing genuine player engagement and innovation, not just speculative tokenomics,” said Alex Pei Fresneda, spokesperson for Taitiko. “The new real-money competitions will enhance the fun and competition in our platform while ensuring that users can benefit directly from their gaming experience.”

    A New Era for Taitiko ARENA

    As part of Taitiko’s broader vision, the integration of real-money competitions will provide a dynamic new avenue for players to showcase their abilities and compete against a global community. The update, set for release in the coming weeks, will enhance the user experience by adding financial stakes to the already competitive and skill-driven environment of Taitiko ARENA.

    “We want to give players an opportunity to turn their skills into real rewards,” Fresneda added. “This update is just the beginning of a series of exciting developments for Taitiko in 2025.”

    Strengthening Industry Position

    Taitiko’s growth is fueled by its strategic partnerships with prominent entities such as DEXTools, Tonstation Games, SidusPad, and Decubate. These collaborations have enhanced Taitiko’s technological capabilities and broadened its reach within the blockchain and gaming communities, setting the stage for further expansion.

    Additionally, the ongoing development of Taitiko Party, a multiplayer desktop game for both Windows and Mac, is progressing at full speed, with the game nearing completion at 80%. Taitiko’s upcoming token launch and plans for a year-long NFT collection further underscore its commitment to delivering both immersive experiences and long-term growth in the Web3 gaming space.

    About Taitiko

    Taitiko is at the forefront of revolutionizing the gaming industry with its innovative approach to Web3 gaming, focusing on player engagement, strategic partnerships, and a sustainable business model. With a growing user base and a clear roadmap, Taitiko aims to lead the next wave of blockchain-powered gaming experiences.

    For more information on Taitiko, visit Taitiko.com.

    Media Contact:

    Alex Pei Fresneda
    info@taitiko.com

    Taitiko Official Website
    Taitiko on X
    Taitiko on Telegram

    Disclaimer: This content is provided by Taitiko. The statements, views, and opinions expressed in this content are solely those of the sponsor and do not necessarily reflect the views of this media platform. 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 as financial, investment, or trading advice. Readers are strongly encouraged to conduct their own research and consult with a qualified financial advisor before investing in or trading cryptocurrency and securities. Please conduct your own research and invest at your own risk.

    Photos accompanying this announcement are available at

    https://www.globenewswire.com/NewsRoom/AttachmentNg/9ac8e0b1-58f1-4721-bee1-cb461d9f6966

    https://www.globenewswire.com/NewsRoom/AttachmentNg/fc3dad94-8f4b-4788-8381-a9feac2b9e9f

    The MIL Network –

  • MIL-OSI: Result of the auction of 2.25 per cent DGB 2035 and 0.25 per cent DGB 2052

    Source: GlobeNewswire (MIL-OSI)

    Bids, sales, cut-off price, pro rata and yield are presented in the table below:           

    ISIN Bid mill. DKK (nominal) Sale mill.DKK (nominal) Cut-off price Pro rata Yield
    99 24961 DGB 2.25% 15/11/2035 1,270 770 98.85 100 % 2.37 % p.a.
    99 24029 DGB 0.25% 15/11/2052 1,630 995 55.81 73 % 2.47 % p.a.
    Total 2,900 1,765      

    Settlement: 21 February 2025

    The MIL Network –

  • MIL-OSI: Tabula Capital Limited now trading as TabCap Investment Management, passes key AUM milestone

    Source: GlobeNewswire (MIL-OSI)

    LONDON, Feb. 19, 2025 (GLOBE NEWSWIRE) — Tabula Capital Limited, an independent quantitative macro credit manager founded in 2020 by David Peacock and John Weiss, is delighted to announce that it is now trading under a new name: TabCap Investment Management (“TabCap”).

    The move follows the sale of the firm’s Tabula ETF business last year to Janus Henderson, and is a key step forward for TabCap, which focuses on active quantitative strategies in liquid credit. The firm received independent FCA regulatory authorisation in November of 2024.

    TabCap has also passed the key AUM milestone of $500m across its UCITS and hedge fund strategies.

    David Peacock, co-founder and CEO, said, “This is an important move for TabCap in establishing ourselves as a leading independent credit manager now with three years track record. I have worked together with John for over 25 years and, with our portfolio management team led by Danny White, we are building with a deep bench of expertise in trading CDS, credit indices, options, and tranches. TabCap will continue to build on those strengths.”

    John Weiss, co-founder and CIO, added, “Following a successful 2024, we continue to be excited about opportunities in liquid credit for 2025. Our investment strategies are designed to benefit from increased market volatility through a pick-up in volatility carry and inherent positive convexity. Also, if credit markets remain range-bound, we expect continued returns driven by monetising the high carry and roll-down available in CDS indices.”

    TabCap also made an important addition to its senior leadership team in 2024. Teresa Durso joined as Managing Director and Chief Operating Officer. Teresa comes with a wealth of industry experience, having held senior roles at Paulson & Co. and Berry Street Capital.

    About TabCap:

    TabCap Investment Management is an independent quantitative macro credit manager founded in 2020 by David Peacock and John Weiss. It focuses on active quantitative strategies using liquid credit index products. Its strategies are Liquid Credit Income, Structured Credit Income, Balanced Credit and Macro Credit Opps.

    Contact:

    ir@tabcapim.com

    The MIL Network –

  • MIL-OSI: MFH’s Majority-Owned Subsidiary Aifinity Base Limited Plans to Manufacture Advanced Liquid Cooling Solutions for Nvidia® Chip-Powered AI Data Centers and High-Performance Computing

    Source: GlobeNewswire (MIL-OSI)

    NEW YORK, Feb. 19, 2025 (GLOBE NEWSWIRE) — Mercurity Fintech Holding Inc. (the “Company,” “we,” “us,” “our company,” or “MFH”) (Nasdaq: MFH), a digital fintech group, today announced the formation of a majority-owned subsidiary in Hong Kong, Aifinity Base Limited (“Aifinity”). Aifinity plans to manufacture advanced liquid cooling panels specifically tailored for artificial intelligence (AI) infrastructure, high-performance computing (HPC), and more specifically, to improve the efficiency and performance of Nvidia® chip-powered GPUs and other high-performance AI accelerators.

    Aifinity Base Limited, will focus on addressing the growing challenge of managing heat in increasingly powerful artificial intelligence (“AI”) systems. By combining innovative liquid cooling technology with smart, easy-to-deploy components, Aifinity intends to manufacture cooling panels to handle the intense heat generated by modern AI computing systems, provided that it can install its manufacturing machinery and equipment properly and timely. In the future, Aifinity aims to expand the cooling panel manufacturing further into comprehensive cooling solutions.

    Aifinity’s Strategic Focus Areas:

    • Next-generation liquid cooling technologies for AI infrastructure and high-density computing
    • Advanced manifold cooling systems optimized for AI accelerators
    • Quick-coupling solutions for efficient cooling system deployment
    • High-efficiency cooling components for data center operations
    • Comprehensive thermal management solutions for AI clusters

    Market Opportunity and Growth Strategy

    With the exponential growth in AI computing power and the increasing adoption of high-performance GPUs, Aifinity believes that the demand for advanced thermal management solutions has never been greater. The Company views this environment as a great opportunity to provide a comprehensive approach that spans customized cooling solutions for diverse AI computing environments, integrated smart monitoring systems for optimal performance, and energy-efficient designs that significantly reduce operating costs. Aifinity plans to leverage its holding company’s network to work closely with leading hardware manufacturers to develop optimized cooling solutions that address the specific needs of next-generation AI infrastructure.

    “Today’s AI systems generate intense heat, and they need cooling solutions that can keep up,” said Shi Qiu, CEO of the Company, the parent company of Aifinity. “Through Aifinity Base Limited, we would like to enter into the thermal management industry and later arrive at the forefront of thermal management innovation.”

    About Mercurity Fintech Holding Inc.
    Mercurity Fintech Holding Inc. is a digital fintech company with subsidiaries specializing in distributed computing, business consulting and financial brokerage business. Our dedication to compliance, innovation, and operational excellence ensures that we remain a trusted partner in the rapidly transforming digital financial landscape. For more information, please visit the Company’s website at https://mercurityfintech.com.

    Forward-Looking Statements
    This announcement contains forward-looking statements within the meaning of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. All statements other than statements of historical fact in this announcement are forward-looking statements. These forward-looking statements involve known and unknown risks and uncertainties and are based on current expectations and projections about future events and financial trends that the Company believes may affect its financial condition, results of operations, business strategy and financial needs. Investors can identify these forward-looking statements by words or phrases such as “may,” “will,” “expect,” “anticipate,” “aim,” “estimate,” “intend,” “plan,” “believe,” “potential,” “continue,” “is/are likely to” or other similar expressions. The Company undertakes no obligation to update forward-looking statements to reflect subsequent occurring events or circumstances, or changes in its expectations, except as may be required by law. Although the Company believes that the expectations expressed in these forward-looking statements are reasonable, it cannot assure you that such expectations will turn out to be correct, and the Company cautions investors that actual results may differ materially from the anticipated results.

    For more information, please contact:
    International Elite Capital Inc.
    Vicky Chueng
    Tel: +1(646) 866-7989
    Email: mfhfintech@iecapitalusa.com

    The MIL Network –

  • MIL-OSI: Bitget Launches A New Round of Global Builders Recruitment to Co-build the Bitget Ecosystem

    Source: GlobeNewswire (MIL-OSI)

    VICTORIA, Seychelles, Feb. 19, 2025 (GLOBE NEWSWIRE) — Bitget, the leading cryptocurrency exchange and Web3 company, announced the expansion of its global recruitment initiative Bitget Builders Program which invites crypto enthusiasts from various backgrounds to co-build the Bitget ecosystem while unlocking exclusive benefits, event access, and growth opportunities. 

    Starting February 2025, the Bitget Builders Program will launch a long-term global recruitment of builders who are exploring deeply in blockchain industry and in line with Bitget’s vision of driving blockchain innovation and adoption. The recruitment program is not limited to any specific country, so applications for this program are invited from all over the world. Builders will engage in a variety of roles that align with their skills and interests while gaining rewards for their contributions. Top-performing participants will have the opportunity to earn exclusive invitations to Token 2049 in Dubai, as well as a face-to-face meetup with Bitget COO Vugar Usi Zade.

    “Build Bitget with Vugar” events will serve as a dialogue between Bitget’s leadership and its global community. Bitget COO Vugar Usi Zade will lead a series of interactive sessions to share insights into Bitget’s strategic vision, core values, and future roadmap. Through AMAs, workshops, and networking sessions, participants will gain firsthand knowledge of Bitget’s ecosystem strategy and collaborate on shaping its evolution. 

    So far over 5,000 participants in Bitget Builders Program have played a significant role in Bitget’s global expansion by organizing community events, promoting high-profile projects, and managing local engagement. This year, community managers will be upgraded to Bitget Builders and gain enhanced benefits. In addition, Bitget Builders will spearhead the “Global Meetup Tour,” kicking off in cities around the world to expand Bitget’s global footprint and strengthen community ties. 

    “The Bitget Builders Program embodies our belief in community-driven growth. By empowering builders with resources and recognition, we’re accelerating the creation of a more inclusive and innovative crypto ecosystem,” said Vugar Usi Zade, COO at Bitget. “Bitget believes Gen Z and younger crypto users, who grow up with the increasing adoption of crypto, will be playing a vital role in promoting crypto adoption. We’re excited to meet passionate individuals worldwide through our events and build Bitget’s future together.”

    The Bitget Builders Program is a pivotal component of the Blockchain4Youth charity project, which aims to empower young talents and foster innovation within the crypto space. This innovative initiative has successfully brought participants from more than 55 countries and is dedicated to providing opportunities with thriving Web3 talents, deeply integrating the next generation of crypto leaders into the Bitget ecosystem, and fostering a robust crypto community. 

    For more details on the Bitget Builders Program, users can visit here.

    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, users can visit: Website | Twitter | Telegram | LinkedIn | Discord | Bitget Wallet

    For media inquiries, users can 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. For further information, please refer to our Terms of Use.

    Contact

    Simran Alphonso
    media@bitget.com

    A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/6b5c114c-6fa7-4f71-922b-2000aaaf9b97

    The MIL Network –

  • MIL-OSI: Sydbank’s Board Chairman not up for re-election

    Source: GlobeNewswire (MIL-OSI)

    Company Announcement No 05/2025

    		 Peberlyk 4
    6200 Aabenraa, Denmark
    Tel +45 74 37 37 37

    Sydbank A/S
    CVR No DK 12626509, Aabenraa
    Denmark
    sydbank.dk
    19 February 2025  

    Dear Sirs

    Sydbank’s Board Chairman not up for re-election

    After a decade on Sydbank’s Board of Directors, Chairman Lars Mikkelgaard-Jensen has decided to resign from the Board of Directors.

    Lars Mikkelgaard-Jensen is not up for re-election for the Board of Directors. Following the successful CEO succession in 2024 as well as the determination of the Bank’s new strategy, Lars Mikkelgaard-Jensen has decided that now is a good time to stop and he will resign in connection with the Annual General Meeting on 20 March 2025.

    The Board of Directors will elect its new Chairman at the subsequent Shareholders’ Committee meeting which will be held on the same day.

    Lars Mikkelgaard-Jensen has been a member of Sydbank’s Board of Directors since April 2015 and he was elected Chairman in September 2019.

    Yours sincerely
            
    Mark Luscombe        Jørn Adam Møller
    CEO        Deputy Group Chief Executive

    Additional information
    Lars Grubak Lohff, Press Manager Tel +45 20 31 54 65

    Attachment

    The MIL Network –

  • MIL-OSI: Beincom Charts a Course for Community Growth and Innovation with 2025 Roadmap

    Source: GlobeNewswire (MIL-OSI)

    HO CHI MINH CITY, Vietnam, Feb. 19, 2025 (GLOBE NEWSWIRE) — Beincom, the social platform redefining how online communities connect and engage, recently unveiled an ambitious roadmap for 2025. Showcased at a recent event, the roadmap underscores Beincom’s commitment to fostering a vibrant ecosystem driven by user engagement and cutting-edge technology.

    The year 2025 promises to be transformative for Beincom, with key initiatives aimed at building a robust community and solidifying its place as a leader in the social networking space.

    Early 2025 will see Beincom officially operate as a fully integrated Web2-Web3 platform, moving beyond the ‘laying the foundation’ phase. All web3 features, including the highly anticipated $BIC token and $BIC Wallet, will be implemented on the mainnet, empowering users with new ways to interact and transact within the platform. Simultaneously, the debut of Beincom’s NFT marketplace will open doors for users to explore the exciting world of digital asset ownership.

    As 2025 progresses, Beincom will focus on expanding the utility of the $BIC token and exploring innovative revenue-generation models that benefit both the platform and its users. User experience remains paramount, with ongoing enhancements designed to make Beincom even more intuitive and enjoyable. The platform will also broaden the applications of NFTs, further integrating them into the Beincom experience.

    In the third quarter of 2025, Beincom plans a significant upgrade to the $MedalLegends platform and introduces integration between Group & Chat to strengthen community bonds and facilitate meaningful interactions.

    Culminating the year, Beincom will launch Deep-Ads and Token-Paid Direct Messaging (TPDM V1) features, offering novel approaches to advertising and creating more value-driven communication between users. The introduction of the Social Hub (V1) will further enhance Beincom’s ability to serve as a central hub for online communities, providing unparalleled tools and resources. As part of its ambitious plans, Beincom aims to host the “Community of the Year 2025 Awards”, continuing its tradition of honoring the most impactful communities on the platform.

    Beincom’s 2025 roadmap clearly signals its dedication to innovation and its vision for a future where online communities are more connected, empowered, and engaged than ever before.

    About Beincom:

    Beincom is a pioneering SocialFi platform on a mission to connect communities, provide real value, and promote creativity through blockchain technology. With a vision to become a leading “social hub”, Beincom is committed to continuously developing, innovating, and creating a sustainable ecosystem for its users.

    Register to become an early user of Beincom at: Sign Up

    For more details about Beincom, visit: X | Fanpage | Website

    Media contact:
    Beincom Global Ltd.
    Contact person: Mr. Nguyen Thuong – Associate Growth & Marketing Manager
    Email: marketing-growth@beincom.com

    Disclaimer: This content is provided by Beincom. The statements, views, and opinions expressed in this content are solely those of the sponsor and do not necessarily reflect the views of this media platform. 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 as financial, investment, or trading advice. Readers are strongly encouraged to conduct their own research and consult with a qualified financial advisor before investing in or trading cryptocurrency and securities .Please conduct your own research and invest at your own risk.

    Photos accompanying this announcement are available at:

    https://www.globenewswire.com/NewsRoom/AttachmentNg/f91dfbb1-90d4-4040-8b7a-f8078e0df232

    https://www.globenewswire.com/NewsRoom/AttachmentNg/34f0aa02-45f2-445b-bbaa-0b5c3fd8dc6a

    https://www.globenewswire.com/NewsRoom/AttachmentNg/cd0b2e10-2642-40c0-a297-1c425216e622

    The MIL Network –

  • MIL-OSI: Terranet AB – Year-end report 2024

    Source: GlobeNewswire (MIL-OSI)

    Significant events during the fourth quarter 

    Agreement with an actor in the mining industry
    Terranet entered into a partnership agreement with a vehicle actor in the mining industry. The collaboration is part of the company’s strategy to enable the expansion of the technology into new application areas and strengthen BlincVision’s commercial potential.

    Product development plan for 2025
    Terranet presented an updated product development plan focusing on further developing the BlincVision prototype into an MVP (Minimum Viable Product). With an MVP that customers can test in their own vehicles, the path toward volume production can begin.

    TO8 exercised at 88 percent
    The company raised approximately SEK 17.2 million before issuance costs through the exercise of series TO8B warrants. The strong outcome reflects shareholders’ confidence in the company and its future development.

    Significant events after the end of the period

    New CEO appointed
    Terranet’s board has appointed Lars Lindell as the new CEO. Lars has over 30 years of international experience leading technology companies in the automotive and telecom industries. He will assume the role starting March 10, 2025. Until then, CFO Dan Wahrenberg will serve as interim CEO.

    Financial overview

      Oct – Dec
    2024    		 Oct – Dec 2023 Jan – Dec 2024 Jan – Dec 2023
    Revenue (TSEK) 1 205 283 834
    Operating result (TSEK) -9,555 -9,219 -35,808 -35,926
    Financial items (TSEK) -482 -33.608 -3,292 -37,190
    Earnings per share (SEK) -0,01 -0,06 -0,04 -0,15
    Closing cash (TSEK) 18,541 29 006 18,541 29 006

    Comment from the CEO

    ” With new partnerships and progress in product development, we are laying the foundation for 2025.”

    The fourth quarter has brought several important advancements for Terranet. BlincVision was integrated into a partner’s vehicle and tested in a new environment. We initiated a collaboration with a player in the mining industry and secured funding for continued development. At the same time, we are preparing for 2025 with a new CEO and expanded resources within product development.

    BlincVision expands its application area
    In December, we took a step beyond the traditional automotive industry by entering into a collaboration agreement with a player in the mining industry. This partnership highlights BlincVision’s flexibility and its potential to create value across multiple sectors. By broadening the use of our technology, we strengthen our strategy and open up new opportunities for the future.

    Progress in development and innovation
    Over the past year, BlincVision has progressed from concept to prototype, successfully tested both in a lab environment and in moving vehicles. The autonomous braking at AstaZero marked a significant milestone, confirming the potential of our technology in real-world traffic scenarios. During the fourth quarter, BlincVision was integrated into a partner’s vehicle via MobilityXlab. Testing in new environments is evaluating the system’s robustness and adaptability. This collaboration provides valuable insights that help us meet our partner’s requirements and move closer to commercial application.

    Beyond the MobilityXlab partnership, Terranet remains actively involved in research projects aimed at enhancing traffic safety. Through the VERDAS and VERDAS2 projects, we collaborate with several leading players in the automotive industry.

    The communicated product development plan for 2025 sets clear milestones moving forward. The goal is to refine BlincVision into an MVP focusing on core functions. An MVP enables deeper customer dialogues on volume production. To accelerate progress, additional resources are being allocated to development.

    Strong participation in T08
    During the fourth quarter, subscription warrants of series T08 were exercised at a rate of 88 percent, adding SEK 17.2 million to the company before issuance costs. We thank our shareholders for your trust and for recognizing BlincVision’s potential to set a new standard for faster and more reliable driver assistance systems.

    New CEO
    In October, Magnus Andersson announced his resignation as CEO, and he left the company in early 2025. We thank Magnus for his dedication and leadership, which has taken the company from research and development to a prototype and partnership agreements. The board has appointed Lars Lindell as the new CEO. With over 30 years of international experience leading fast-growing tech companies, he will assume the role starting March 10, 2025. We look forward to welcoming Lars and starting the next chapter of Terranet’s development.

    Dan Wahrenberg
    Acting CEO
    Lund February 19, 2025

    This information is such that Terranet AB is required to make public in accordance with the EU’s Market Abuse Regulation (MAR). The information was made public by the Company’s contact person below on 19 February 2025, at 08.30 CET.

    For more information, please contact:
    Dan Wahrenberg, acting CEO
    E-mail: dan.wahrenberg@terranet.se

    About Terranet AB (publ) 
    Terranet’s goal is to save lives in urban traffic. The company develops innovative technical solutions for Advanced Driver Assistance Systems (ADAS) and Autonomous Vehicles (AV). Terranet’s anti-collision system BlincVision laser scans and detects road objects up to ten times faster than any other ADAS technology available today.
    The company is headquartered in Lund, with offices in Gothenburg and Stuttgart. Since 2017, Terranet has been listed on Nasdaq First North Premier Growth Market (Nasdaq: TERRNT-B).

    Follow our journey at: https://terranet.se/
    Terranet financial reports:  https://terranet.se/en/reports/

    Certified Adviser to Terranet is Mangold Fondkommission AB, 08-503 015 50, ca@mangold.se.

    Attachments

    The MIL Network –

  • MIL-OSI: Capital reserved for buybacks increased to $120 million over next 3 years

    Source: GlobeNewswire (MIL-OSI)

    THE INFORMATION CONTAINED HEREIN IS NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION IN OR INTO AUSTRALIA, CANADA, ITALY, DENMARK, JAPAN, THE UNITED STATES, OR TO ANY NATIONAL OF SUCH JURISDICTIONS.

    St Peter Port, Guernsey   19 February 2025

    This announcement contains information that qualifies or may qualify as inside information under the UK Market Abuse Regulation and the EU Market Abuse Regulation.

    The person responsible for arranging the release of this announcement on behalf of NB Private Equity Partners Limited is James Christie, Company Secretary.

    NB Private Equity Partners (“NBPE” or the “Company”) increases capital reserved for buybacks

    In light of the current environment and the persistent level of discounts within the listed private equity sector and following a period of consultation with shareholders and advisors, the NBPE Board has decided to significantly increase the amount of capital reserved for buybacks and to clarify its capital allocation framework.

    NBPE has a strong history of returning capital to shareholders, having distributed over $420 million since inception, primarily in the form of dividends. The Board has also historically allocated meaningful capital to share buybacks, subject to certain undisclosed criteria. Given persistently wide discounts in the listed private equity sector, including NBPE, the Board has decided to reserve $120 million to be available for share buybacks over the next three years, subject to the criteria below.

    This decision underscores the Board’s confidence in NBPE’s portfolio and the NAV accretion opportunity that buybacks present. NBPE’s co-investment model provides the flexibility to increase the company’s allocation to buybacks due to the resulting low unfunded commitments and strong capital position. Maintaining the current dividend level and fully utilising the additional capital allocated to buybacks would result in NBPE returning approximately $250 million to shareholders over the next three years.

    In 2025 year to date, NBPE has repurchased 148,746 shares, amounting to $2.9 million and resulting in NAV accretion of ~$0.02 per share.

    Key Components of NBPE’s Capital Allocation Framework

    The Company’s capital allocation framework is made up of two pillars: allocating capital to NBPE’s investment program and returning capital to shareholders in the form of dividends and buybacks. In balancing these capital allocation pillars, the Board is focused on long term shareholder returns and considers factors such as the Company’s financial position, the discount to net asset value, NBPE’s investment level relative to targets and the vintage year diversification of the portfolio.

    New Investments

    Over the long term the Board views new investment as the principal use of the Company’s capital. The manager has a strong track record in co-investments and over the long term it is new investments that the Board expects will continue to drive performance and NAV growth. NBPE’s co-investment approach offers a compelling value proposition, with an industry leading manager sourcing and executing co-investments alongside top tier private equity firms. We believe that the long-term return potential and high fee efficiency of this approach offer a unique value proposition. Currently, NBPE is 102% invested. The Board considers a target investment range of 100-110% to be optimal, although investment levels may fluctuate above or below target. 

    Return of Capital

    • The Board remains committed to NBPE’s dividend policy, which targets an annualised yield on NAV of 3.0% or greater, with the goal of maintaining or prudently increasing the level of dividends over time.
    • In 2025 the Board expects to maintain the current dividend level of $0.47c per share, amounting to a capital return of ~$43 million which is 3.5% of current NAV.
    • The $120 million reserved for share buybacks will be available based on various parameters set out by the Board, including NBPE’s share price discount to NAV, market conditions, performance and other relevant information. The Board has allocated capital and instructed Jefferies (Company broker) to repurchase shares under the buyback program when specific criteria are met. In addition to regular market buybacks, capital is available for more opportunistic/targeted buybacks.
    • The Board will re-evaluate the Company’s buyback criteria on a quarterly basis, taking into account factors highlighted. 
    • The updated buyback proposal falls under the existing buyback program approved at the company’s AGM in June 2024, which permits the repurchase of up to 14.99% of the company’s issued shares annually. Shareholders will have the opportunity to vote on extending the program each year at the company’s AGM in June.

    William Maltby Chairman of NB Private Equity Partners Commented:

    “Following a period of consultation with shareholders and advisers and after thoughtful consideration, I am pleased to announce this significant increase in capital available for buybacks. In today’s environment and at current discount levels, the Board views share buybacks as an attractive and accretive use of capital, presenting an opportunity to drive returns for all shareholders. We have confidence in NBPE’s portfolio and remain committed to maximising returns for all investors over the short, medium and long term. This commitment includes returning capital through buybacks and dividends while continuing to make new investments where appropriate. This decision reflects the Company’s ongoing efforts to return capital to shareholders, which has resulted in over $420 million returned through dividends and share buybacks since inception.”

    For further information, please contact:

    NBPE Investor Relations        +44 (0) 20 3214 9002
    Luke Mason        NBPrivateMarketsIR@nb.com  

    Kaso Legg Communications        +44 (0)20 3882 6644

    Charles Gorman        nbpe@kl-communications.com
    Luke Dampier
    Charlotte Francis

    About NB Private Equity Partners Limited
    NBPE invests in direct private equity investments alongside market leading private equity firms globally. NB Alternatives Advisers LLC (the “Investment Manager”), an indirect wholly owned subsidiary of Neuberger Berman Group LLC, is responsible for sourcing, execution and management of NBPE. The vast majority of direct investments are made with no management fee / no carried interest payable to third-party GPs, offering greater fee efficiency than other listed private equity companies. NBPE seeks capital appreciation through growth in net asset value over time while paying a bi-annual dividend.

    LEI number: 213800UJH93NH8IOFQ77

    About Neuberger Berman
    Neuberger Berman is an employee-owned, private, independent investment manager founded in 1939 with over 2,800 employees in 26 countries. The firm manages $508 billion of equities, fixed income, private equity, real estate and hedge fund portfolios for global institutions, advisors and individuals. Neuberger Berman’s investment philosophy is founded on active management, fundamental research and engaged ownership. The firm’s leadership in stewardship and sustainable investing is recognized by the PRI based on its consecutive above median reporting assessment results. Neuberger Berman has been named by Pensions & Investments as the #1 or #2 Best Place to Work in Money Management for each of the last eleven years (firms with more than 1,000 employees). Visit www.nb.com for more information. Data as of 31 December 2024, unless otherwise noted.

    This press release appears as a matter of record only and does not constitute an offer to sell or a solicitation of an offer to purchase any security.

    NBPE is established as a closed-end investment company domiciled in Guernsey. NBPE has received the necessary consent of the Guernsey Financial Services Commission. The value of investments may fluctuate. Results achieved in the past are no guarantee of future results. This document is not intended to constitute legal, tax or accounting advice or investment recommendations. Prospective investors are advised to seek expert legal, financial, tax and other professional advice before making any investment decision. Statements contained in this document that are not historical facts are based on current expectations, estimates, projections, opinions and beliefs of NBPE’s investment manager. Such statements involve known and unknown risks, uncertainties and other factors, and undue reliance should not be placed thereon. Additionally, this document contains “forward-looking statements.” Actual events or results or the actual performance of NBPE may differ materially from those reflected or contemplated in such targets or forward-looking statements.

    The MIL Network –

  • MIL-OSI: VAALCO Energy, Inc. Declares First Quarter 2025 Dividend

    Source: GlobeNewswire (MIL-OSI)

    HOUSTON, Feb. 19, 2025 (GLOBE NEWSWIRE) — VAALCO Energy, Inc. (NYSE: EGY; LSE: EGY) (“Vaalco” or the “Company”) today announced that it declared its quarterly cash dividend of $0.0625 per share of common stock for the first quarter of 2025 ($0.25 annualized), which is payable on March 28, 2025, to stockholders of record at the close of business on February 28, 2025. Future declarations of quarterly dividends and the establishment of future record and payment dates are subject to approval by the Board of Directors.

    George Maxwell, Vaalco’s Chief Executive Officer, commented, “We are pleased to announce our first quarter 2025 dividend, marking the beginning of the fourth year of paying a meaningful cash dividend to our shareholders. While we plan an active investment program in 2025, our ongoing operational and financial success has allowed us to continue returning cash to our shareholders. We remain committed to paying a sustainable, meaningful dividend to our shareholders while we grow Vaalco through both organic development activities across our diversified portfolio and inorganic growth opportunities.”

    About Vaalco

    Vaalco, founded in 1985 and incorporated under the laws of Delaware, is a Houston, Texas, USA based, independent energy company with a diverse portfolio of production, development and exploration assets across Gabon, Egypt, Cote d’Ivoire, Equatorial Guinea, Nigeria and Canada.

    For Further Information

       
    Vaalco Energy, Inc. (General and Investor Enquiries) +00 1 713 543 3422
    Website: www.vaalco.com
       
    Al Petrie Advisors (US Investor Relations) +00 1 713 543 3422
    Al Petrie / Chris Delange  
       
    Buchanan (UK Financial PR) +44 (0) 207 466 5000
    Ben Romney / Barry Archer VAALCO@buchanan.uk.com
       

    Forward Looking Statements

    This press release includes “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended (the “Securities Act”) and Section 21E of the Securities Exchange Act of 1934, as amended, which are intended to be covered by the safe harbors created by those laws and other applicable laws and may also include “forward-looking information” within the meaning of applicable Canadian securities laws (collectively, “forward-looking statements”). Where a forward-looking statement expresses or implies an expectation or belief as to future events or results, such expectation or belief is expressed in good faith and believed to have a reasonable basis. All statements other than statements of historical fact may be forward-looking statements. The words “anticipate,” “believe,” “estimate,” “expect,” “intend,” “forecast,” “outlook,” “aim,” “target,” “will,” “could,” “should,” “may,” “likely,” “plan” and “probably” or similar words may identify forward-looking statements, but the absence of these words does not mean that a statement is not forward-looking. Forward-looking statements in this press release include, but are not limited to, statements relating to expectations of future dividends to stockholders. Such forward-looking statements are subject to risks, uncertainties and other factors, which could cause actual results to differ materially from future results expressed, projected or implied by the forward-looking statements. These risks and uncertainties include, but are not limited to: risks relating to any unforeseen liabilities of Vaalco; the ability to generate cash flows that, along with cash on hand, will be sufficient to support operations and cash requirements; risks relating to the timing and costs of completion for scheduled maintenance of the FPSO servicing the Baobab field; and the risks described under the caption “Risk Factors” in Vaalco’s 2023 Annual Report on Form 10-K filed with the SEC on March 15, 2024 and subsequent Quarterly Reports on Form 10-Q filed with the SEC.

    Dividends beyond the first quarter of 2025 have not yet been approved or declared by the Board of Directors. The declaration and payment of future dividends remain at the discretion of the Board of Directors and will be determined based on Vaalco’s financial results, balance sheet strength, cash and liquidity requirements, future prospects, crude oil and natural gas prices, and other factors deemed relevant by the Board of Directors. The Board of Directors reserves all powers related to the declaration and payment of dividends. Consequently, in determining the dividend to be declared and paid on Vaalco’s common stock, the Board of Directors may revise or terminate the payment level at any time without prior notice.

    Inside Information

    This announcement contains inside information as defined in Regulation (EU) No. 596/2014 on market abuse which is part of UK domestic law by virtue of the European Union (Withdrawal) Act 2018 (“MAR”) and is made in accordance with the Company’s obligations under article 17 of MAR. The person responsible for arranging the release of this announcement on behalf of VAALCO is Matthew Powers, Corporate Secretary of VAALCO.

    The MIL Network –

  • MIL-OSI: Viridien Announces its Full Year 2024 Financial Results on Thursday 27 February 2025, after Market Close

    Source: GlobeNewswire (MIL-OSI)

    Paris, France – February 19, 2025

    Fourth Quarter 2024 & Full Year 2024 financial results and conference call

    Viridien will announce its fourth quarter & full year 2024 financial results on Thursday, February 27th, after market close.

    • The press release and the presentation will be made available on our website www.viridiengroup.com at 5:45 pm (CET)
    • An English language analysts conference call is scheduled the same day at 6.00 pm (CET)

    Participants should register for the call here to receive a dial-in number and code or participate in the live webcast from here.

    A replay of the conference call will be made available the day after for a period of 12 months in audio format on the Company’s website www.viridiengroup.com.

    About Viridien:

    Viridien (www.viridiengroup.com) is an advanced technology, digital and Earth data company that pushes the boundaries of science for a more prosperous and sustainable future. With our ingenuity, drive and deep curiosity we discover new insights, innovations, and solutions that efficiently and responsibly resolve complex natural resource, digital, energy transition and infrastructure challenges. Viridien employs around 3,500 people worldwide and is listed as VIRI on the Euronext Paris SA (ISIN: FR001400PVN6).

    Contacts

    Attachment

    The MIL Network –

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

    Source: GlobeNewswire (MIL-OSI)

    Capping off a year of sustained growth acceleration and stronger than expected FCF generation – surpassing Rule of 40 in 2024 and on track to achieve Rule of 45 in 2025

    • Culminated a year of accelerated growth and innovation with Q4 bookings of $465 million, up 18% y/y, and Q4 revenue of $460 million, up 14% y/y
      • Steady growth acceleration in Self Creators coupled with continued strength in high-growth Partners, demonstrated by Partners revenue growth of 30% y/y in FY2024
      • Strong momentum across key product focus areas, including Studio, AI and commerce as well as solid business fundamentals and price increase benefit
    • Robust growth and a stable operating cost base drove FCF1 generation to nearly double in 2024 compared to previous year, resulting in continued profitability improvement with Q4 FCF margin of 29% and full year FCF1 margin of 28%
      • Achieved first year of positive GAAP operating income in Wix history
    • On track to achieve Rule of 45 in 2025 at high end of outlook through continued innovation-powered growth and further FCF margin expansion
    • Completed $200 million share repurchase plan in January, totaling $725 million in aggregate repurchases since August 2023

    NEW YORK — Wix.com Ltd. (Nasdaq: WIX), the leading SaaS website builder platform2, today reported financial results for the fourth quarter and full year 2024. In addition, the Company provided its initial outlook for the first quarter and full year 2025. Please visit the Wix Investor Relations website at https://investors.wix.com to view the Q4’24 Shareholder Update and other materials.

    “Wix sets a high standard for innovation and creativity, and we’re constantly exceeding expectations. This past year was one of exciting innovation as we introduced revolutionary AI solutions such as the new generation AI Website Builder. We also made meaningful enhancements to the Studio platform, including the AI visual sitemap and wireframe generator and Figma integration among new advanced design capabilities,” said Avishai Abrahami, Wix Co-founder and CEO. “2025 is poised to reimagine and expand the Self Creator experience with the launch of two transformative products planned for the spring and early fall. I strongly believe that these will deliver immense value to users and, in turn, accelerate Self Creator growth to double-digits in the years to come. We’re thrilled about these strategic enhancements, which are set to propel our business forward and establish a powerful foundation for the years ahead.”

    “We wrapped 2024 with accelerated growth and profitability, driven by successful execution of our product roadmap and pricing strategy as well as strong business fundamentals,” added Lior Shemesh, CFO at Wix. “With AI usage ramping from our growing suite of innovations and Studio continuing to win market share, we anticipate these to be even bigger growth engines in 2025 and beyond. Solid growth will be coupled with incremental efficiencies from new internal AI initiatives and a stable operating base, enabling us to continue to expand margins and set new profitability records. The high end of our outlook puts us at Rule of 45 in 2025 as we continue to prioritize balancing profitable growth through best-in-class innovation and steadfast execution.”

    Q4 2024 Financial Results

    • Total revenue in the fourth quarter of 2024 was $460.5 million, up 14% y/y
      • Creative Subscriptions revenue in the fourth quarter of 2024 was $329.7 million, up 11% y/y
      • Creative Subscriptions ARR increased to $1.343 billion as of the end of the quarter, up 13% y/y
    • Business Solutions revenue in the fourth quarter of 2024 was $130.7 million, up 21% y/y
      • Transaction revenue3 was $57.1 million, up 23% y/y
    • Partners revenue4 in the fourth quarter of 2024 was $168.1 million, up 29% y/y
    • Total bookings in the fourth quarter of 2024 were $464.6 million, up 18% y/y
      • Total bookings on a y/y constant currency basis were $466.2 million
      • Creative Subscriptions bookings in the fourth quarter of 2024 were $325.2 million, up 15% y/y
      • Business Solutions bookings in the fourth quarter of 2024 were $139.4 million, up 25% y/y
    • Total gross margin on a GAAP basis in the fourth quarter of 2024 was 69%
      • Creative Subscriptions gross margin on a GAAP basis was 84%
      • Business Solutions gross margin on a GAAP basis was 30%
    • Total non-GAAP gross margin in the fourth quarter of 2024 was 70%
      • Creative Subscriptions gross margin on a non-GAAP basis was 85%
      • Business Solutions gross margin on a non-GAAP basis was 32%
    • GAAP net income in the fourth quarter of 2024 was $48.0 million, or $0.86 per basic share or $0.80 per diluted share
    • Non-GAAP net income in the fourth quarter of 2024 was $117.1 million, or $2.10 per basic share or $1.93 per diluted share
    • Net cash provided by operating activities for the fourth quarter of 2024 was $133.7 million, while capital expenditures totaled $2.0 million, leading to free cash flow of $131.8 million

    FY 2024 Financial Results

    • Total revenue for the full year 2024 was $1.761 billion, up 13% y/y
      • Creative Subscriptions revenue for the full year 2024 was $1.265 billion, up 10% y/y
      • Business Solutions revenue for the full year 2024 was $495.7 million, up 21% y/y
        • Transaction revenue3 was $214.9 million, up 21% y/y
    • Partners revenue4 for the full year 2024 was $610.1 million, up 30% y/y
    • Total bookings for the full year 2024 were $1.830 billion, up 15% y/y
      • Creative Subscriptions bookings for the full year 2024 were $1.315 billion, up 12% y/y
      • Business Solutions bookings for the full year 2024 were $514.6 million, up 22% y/y
    • Total gross margin on a GAAP basis for the full year 2024 was 68%
      • Creative Subscriptions gross margin on a GAAP basis was 83%
      • Business Solutions gross margin on a GAAP basis was 29%
    • Total non-GAAP gross margin for the full year 2024 was 69%
      • Creative Subscriptions gross margin on a non-GAAP basis was 84%
      • Business Solutions gross margin on a non-GAAP basis was 30%
    • GAAP net income for the full year 2024 was $138.3 million, or $2.49 per basic share or $2.36 per diluted share
    • Non-GAAP net income for the full year 2024 was $383.3 million, or $6.90 per basic share or $6.39 per diluted share
    • Net cash provided by operating activities for the full year 2024 was $497.4 million, while capital expenditures totaled $19.3 million, leading to free cash flow of $478.1 million
    • Excluding the capex investment associated with our new headquarters office build out, free cash flow1 for the full year 2024 would have been $488.4 million, or 28% of revenue
    • Executed $466 million in repurchases of ordinary shares in 2024 as we remained committed to share count management and returning value to shareholders
    • Finished full year 2024 with 6.2 million total premium subscriptions as of December 31, 2024
    • Registered users as of December 31, 2024 were over 282 million
    • Total employee count as of December 31, 2024 was 5,283

    ____________________
    1 Free cash flow excluding expenses associated with the buildout of our new corporate headquarters.
    2 Based on number of active live sites as reported by competitors’ figures, independent third-party data and internal data as of Q3 2024.
    3 Transaction revenue is a portion of Business Solutions revenue, and we define transaction revenue as all revenue generated through transaction facilitation, primarily from Wix Payments, as well as Wix POS, shipping solutions and multi-channel commerce and gift card solutions.
    4 Partners revenue is defined as revenue generated through agencies and freelancers that build sites or applications for other users (“Agencies”) as well as revenue generated through B2B partnerships, such as LegalZoom or Vistaprint (“Resellers”). We identify Agencies using multiple criteria, including but not limited to, the number of sites built, participation in the Wix Partner Program and/or the Wix Marketplace or Wix products used (incl. Wix Studio). Partners revenue includes revenue from both the Creative Subscriptions and Business Solutions businesses.

    Financial Outlook

    We expect another year of robust bookings and revenue growth powered by existing key growth initiatives and ongoing product enhancements against a stable and positive demand environment:

    • With Studio continuing to outperform and AI usage and conversion benefits ramping, we anticipate these initiatives to be even bigger growth engines in 2025
       
    • We are continuously testing and rolling out product enhancements as well as new strategic initiatives, which are driving demonstrable added value to users. As a result, we expect incremental ARPS and conversion improvements.

      We expect top-line contribution from those enhancements and initiatives already rolled out and underway to layer in as we progress through the year, resulting in accelerated growth in 2H. This acceleration is anticipated for both revenue and bookings, even as bookings fully laps pricing tailwinds in mid-Q1’25.

    • While confident the new products in our pipeline, particularly the meaningful Self Creator offerings coming this year, will drive medium-term growth, we are incorporating almost no contribution from new products into our 2025 forecast.

    As a global company with ~40% of revenue derived in non-US dollar currencies, we began to experience adverse effects from outsized changes in FX rates beginning mid-Q4 and continuing YTD, particularly the US dollar to Euro and British pound exchange rates. Assuming late January spot rates, we anticipate strong FX headwinds to 2025 outlook.

    As such, we provide outlook for the year and the first quarter on both as-reported and constant currency bases.

      As-reported As-reported
    growth y/y    		 FX impact Constant currency
    growth y/y
    Full year 2025        
    Bookings $2,025 – 2,060 million 11 – 13% ~$45 million 13 – 15%
    Revenue $1,970 – 2,000 million 12 – 14% ~$34 million 14 – 16%
    Free cash flow $590 – 610 million 30 – 31% margin ~$25 million 31 – 32% margin
    Q1’25        
    Revenue $469 – 473 million 12 – 13% ~$6 million 13 – 14%

    With a meaningful portion of our operating expenses denominated in non-US currencies, the strengthening US dollar is expected to drive a modest benefit to 2025 expenses. As a result, the net FX impact on free cash flow is expected to be smaller than the anticipated top-line headwinds.

    We believe our strong commitment to sustained top-line momentum and translating growth into additional operating leverage puts us on track to achieve Rule of 45 in 2025 at the high end of our outlook.

    Conference Call and Webcast Information

    Wix will host a conference call to discuss the results at 8:30 a.m. ET on Wednesday, February 19, 2025. A live and archived webcast of the conference call will be accessible from the “Investor Relations” section of the Company’s website at https://investors.wix.com/.

    About Wix.com Ltd.

    Wix is the leading SaaS website builder platform1 to create, manage and grow a digital presence. Founded  in 2006, Wix is a comprehensive platform providing users – self-creators, agencies, enterprises, and more – with industry-leading performance, security, AI capabilities and a reliable infrastructure. Offering a wide range of commerce and business solutions, advanced SEO and marketing tools, the platform enables users to take full ownership of their brand, their data and their relationships with their customers. With a focus on continuous innovation and delivery of new features and products, users can seamlessly build a powerful and high-end digital presence for themselves or their clients.

    For more about Wix, please visit our Press Room
    Media Relations Contact:  PR@wix.com 

    Non-GAAP Financial Measures and Key Operating Metrics

    To supplement its consolidated financial statements, which are prepared and presented in accordance with U.S. GAAP, Wix uses the following non-GAAP financial measures: bookings, cumulative cohort bookings, bookings on a constant currency basis, revenue on a constant currency basis, non-GAAP gross margin, non-GAAP operating income (loss), non-GAAP operating margin, non-GAAP net income (loss), non-GAAP net income (loss) per share, free cash flow, free cash flow on a constant currency basis, free cash flow, as adjusted, free cash flow margins, non-GAAP R&D expenses, non-GAAP S&M expenses, non-GAAP G&A expenses, non-GAAP operating expenses, non-GAAP cost of revenue expense, non-GAAP financial expense, non-GAAP tax expense (collectively the “Non-GAAP financial measures”). Measures presented on a constant currency or foreign exchange neutral basis have been adjusted to exclude the effect of y/y changes in foreign currency exchange rate fluctuations. Bookings is a non-GAAP financial measure calculated by adding the change in deferred revenues and the change in unbilled contractual obligations for a particular period to revenues for the same period. Bookings include cash receipts for premium subscriptions purchased by users as well as cash we collect from business solutions, as well as payments due to us under the terms of contractual agreements for which we may have not yet received payment. Cash receipts for premium subscriptions are deferred and recognized as revenues over the terms of the subscriptions. Cash receipts for payments and the majority of the additional products and services (other than Google Workspace) are recognized as revenues upon receipt. Committed payments are recognized as revenue as we fulfill our obligation under the terms of the contractual agreement. Bookings and Creative Subscriptions Bookings are also presented on a further non-GAAP basis by excluding, in each case, bookings associated with long term B2B partnership agreements. Non-GAAP gross margin represents gross profit calculated in accordance with GAAP as adjusted for the impact of share-based compensation expense, acquisition-related expenses and amortization, divided by revenue. Non-GAAP operating income (loss) represents operating income (loss) calculated in accordance with GAAP as adjusted for the impact of share-based compensation expense, amortization, acquisition-related expenses and sales tax expense accrual and other G&A expenses (income). Non-GAAP net income (loss) represents net loss calculated in accordance with GAAP as adjusted for the impact of share-based compensation expense, amortization, sales tax expense accrual and other G&A expenses (income), amortization of debt discount and debt issuance costs and acquisition-related expenses and non-operating foreign exchange expenses (income). Non-GAAP net income (loss) per share represents non-GAAP net income (loss) divided by the weighted average number of shares used in computing GAAP loss per share. Free cash flow represents net cash provided by (used in) operating activities less capital expenditures. Free cash flow, as adjusted, represents free cash flow further adjusted to exclude one-time cash restructuring charges and the capital expenditures and other expenses associated with the buildout of our new corporate headquarters. Free cash flow margins represent free cash flow divided by revenue. Non-GAAP cost of revenue represents cost of revenue calculated in accordance with GAAP as adjusted for the impact of share-based compensation expense, acquisition-related expenses and amortization. Non-GAAP R&D expenses represent R&D expenses calculated in accordance with GAAP as adjusted for the impact of share-based compensation expense, acquisition-related expenses and amortization. Non-GAAP S&M expenses represent S&M expenses calculated in accordance with GAAP as adjusted for the impact of share-based compensation expense, acquisition-related expenses and amortization. Non-GAAP G&A expenses represent G&A expenses calculated in accordance with GAAP as adjusted for the impact of share-based compensation expense, acquisition-related expenses and amortization. Non-GAAP operating expenses represent operating expenses calculated in accordance with GAAP as adjusted for the impact of share-based compensation expense, acquisition-related expenses and amortization. Non-GAAP financial expense represents financial expense calculated in accordance with GAAP as adjusted for unrealized gains of equity investments, amortization of debt discount and debt issuance costs and non-operating foreign exchange expenses. Non-GAAP tax expense represents tax expense calculated in accordance with GAAP as adjusted for provisions for income tax effects related to non-GAAP adjustments.

    The presentation of this financial information is not intended to be considered in isolation or as a substitute for, or superior to, the financial information prepared and presented in accordance with GAAP. The Company uses these non-GAAP financial measures for financial and operational decision making and as a means to evaluate period-to-period comparisons. The Company believes that these measures provide useful information about operating results, enhance the overall understanding of past financial performance and future prospects, and allow for greater transparency with respect to key metrics used by management in its financial and operational decision making.

    For more information on the non-GAAP financial measures, please see the reconciliation tables provided below. The accompanying tables have more details on the GAAP financial measures that are most directly comparable to non-GAAP financial measures and the related reconciliations between these financial measures. The Company is unable to provide reconciliations of free cash flow, free cash flow, as adjusted, bookings, cumulative cohort bookings, non-GAAP gross margin, and non-GAAP tax expense to their most directly comparable GAAP financial measures on a forward-looking basis without unreasonable effort because items that impact those GAAP financial measures are out of the Company’s control and/or cannot be reasonably predicted. Such information may have a significant, and potentially unpredictable, impact on our future financial results.

    Wix also uses Creative Subscriptions Annualized Recurring Revenue (ARR) as a key operating metric. Creative Subscriptions ARR is calculated as Creative Subscriptions Monthly Recurring Revenue (MRR) multiplied by 12. Creative Subscriptions MRR is calculated as the total of (i) the total monthly revenue of all Creative Subscriptions in effect on the last day of the period, other than domain registrations; (ii) the average revenue per month from domain registrations multiplied by all registered domains in effect on the last day of the period; and (iii) monthly revenue from other partnership agreements including enterprise partners.

    Forward-Looking Statements

    This document contains forward-looking statements, within the meaning of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995 that involve risks and uncertainties. Such forward-looking statements may include projections regarding our future performance, including, but not limited to revenue, bookings and free cash flow, and may be identified by words like “anticipate,” “assume,” “believe,” “aim,” “forecast,” “indication,” “continue,” “could,” “estimate,” “expect,” “intend,” “may,” “plan,” “potential,” “predict,” “project,” “outlook,” “future,” “will,” “seek” and similar terms or phrases. The forward-looking statements contained in this document, including the quarterly and annual guidance, are based on management’s current expectations, which are subject to uncertainty, risks and changes in circumstances that are difficult to predict and many of which are outside of our control. Important factors that could cause our actual results to differ materially from those indicated in the forward-looking statements include, among others, our expectation that we will be able to attract and retain registered users and partners, and generate new premium subscriptions, in particular as we continuously adjust our marketing strategy and as the macro-economic environment continues to be turbulent; our expectation that we will be able to increase the average revenue we derive per premium subscription, including through our partners; our expectation that new products and developments, as well as third-party products we will offer in the future within our platform, will receive customer acceptance and satisfaction, including the growth in market adoption of our online commerce solutions and our Wix Studio product; our expectations regarding our ability to develop relevant and required products using artificial intelligence (“AI”), the regulatory environment impacting AI and AI-related activities, including privacy and intellectual property, and potential competitive impacts from AI tools; our assumption that historical user behavior can be extrapolated to predict future user behavior, in particular during turbulent macro-economic environments; our prediction of the future revenues and/or bookings generated by our user cohorts and our ability to maintain and increase such revenue growth, as well as our ability to generate and maintain elevated levels of free cash flow and profitability; our expectation to maintain and enhance our brand and reputation; our expectation that we will effectively execute our initiatives to improve our user support function through our Customer Care team, and continue attracting registered users and partners, and increase user retention, user engagement and sales; our ability to successfully localize our products, including by making our product, support and communication channels available in additional languages and to expand our payment infrastructure to transact in additional local currencies and accept additional payment methods; our expectation regarding the impact of fluctuations in foreign currency exchange rates, interest rates, potential illiquidity of banking systems, and other recessionary trends on our business; our expectations relating to the repurchase of our ordinary shares and/or Convertible Notes pursuant to our repurchase program; our expectation that we will effectively manage our infrastructure; our expectation to comply with AI, privacy, and data protection laws and regulations as well as contractual privacy and data protection obligations; our expectations regarding the outcome of any regulatory investigation or litigation, including class actions; our expectations regarding future changes in our cost of revenues and our operating expenses on an absolute basis and as a percentage of our revenues, as well as our ability to achieve and maintain profitability; our expectations regarding changes in the global, national, regional or local economic, business, competitive, market, and regulatory landscape, including as a result of Israel-Hamas war and/or the Israel-Hezbollah hostilities and/or the Ukraine-Russia war and any escalations thereof and potential for wider regional instability and conflict; our planned level of capital expenditures and our belief that our existing cash and cash from operations will be sufficient to fund our operations for at least the next 12 months and for the foreseeable future; our expectations with respect to the integration and performance of acquisitions; our ability to attract and retain qualified employees and key personnel; and our expectations about entering into new markets and attracting new customer demographics, including our ability to successfully attract new partners large enterprise-level users and to grow our activities, including through the adoption of our Wix Studio product, with these customer types as anticipated and other factors discussed under the heading “Risk Factors” in the Company’s annual report on Form 20-F for the year ended December 31, 2023 filed with the Securities and Exchange Commission on March 22, 2024. The preceding list is not intended to be an exhaustive list of all of our forward-looking statements. Any forward-looking statement made by us in this press release speaks only as of the date hereof. Factors or events that could cause our actual results to differ may emerge from time to time, and it is not possible for us to predict all of them. We undertake no obligation to publicly update any forward-looking statements, whether as a result of new information, future developments or otherwise.

    Wix.com Ltd.
    CONSOLIDATED STATEMENTS OF OPERATIONS – GAAP
    (In thousands, except loss per share data)
                   
      Three Months Ended   Year Ended
      December 31,   December 31,
      2024   2023   2024   2023
      (unaudited)   (unaudited)
    Revenues              
    Creative Subscriptions $ 329,732   $ 296,154   $ 1,264,975   $ 1,152,007
    Business Solutions 130,723   107,617   495,675   409,658
      460,455   403,771   1,760,650   1,561,665
                   
    Cost of Revenues              
    Creative Subscriptions 52,671   52,794   213,422   215,515
    Business Solutions 90,965   73,319   351,213   297,013
      143,636   126,113   564,635   512,528
                   
    Gross Profit 316,819   277,658   1,196,015   1,049,137
                   
    Operating expenses:              
    Research and development 127,186   125,743   495,281   481,293
    Selling and marketing 106,629   103,642   425,457   399,577
    General and administrative 46,984   43,401   175,136   160,033
    Impairment, restructuring and other costs –   3,103   –   32,614
    Total operating expenses 280,799   275,889   1,095,874   1,073,517
    Operating income (loss) 36,020   1,769   100,141   (24,380)
    Financial income, net 16,355   6,461   51,820   62,474
    Other income (expenses), net (94)   44   (36)   (255)
    Income before taxes on income 52,281   8,274   151,925   37,839
    Income tax expenses 4,257   5,320   13,603   4,702
    Net income $ 48,024   $ 2,954   $ 138,322   $ 33,137
                   
    Basic net income per share $ 0.86   $ 0.05   $ 2.49   $ 0.58
    Basic weighted-average shares used to compute net income per share 55,786,201   57,317,815   55,579,368   56,829,962
                   
    Diluted net income per share $ 0.80   $ 0.05   $ 2.36   $ 0.57
    Diluted weighted-average shares used to compute net income per share 60,648,791   59,085,757   59,953,371   58,403,037
                   
    Wix.com Ltd.
    CONDENSED CONSOLIDATED BALANCE SHEETS
    (In thousands)
               
       
       December 31,    December 31,
       2024    2023
    Assets  (unaudited)    (audited)
    Current Assets:          
    Cash and cash equivalents $ 660,939   $ 609,622
    Short-term deposits   106,844     212,709
    Restricted deposits   773     2,125
    Marketable securities   338,593     140,563
    Trade receivables   46,166     57,394
    Prepaid expenses and other current assets   126,887     47,792
    Total current assets   1,280,202     1,070,205
               
    Long-Term Assets:          
    Prepaid expenses and other long-term assets   27,021     34,296
    Property and equipment, net   128,155     136,928
    Marketable securities   6,135     64,806
    Intangible assets, net   22,141     28,010
    Goodwill   49,329     49,329
    Operating lease right-of-use assets   399,861     420,562
    Total long-term assets   632,642     733,931
               
    Total assets $ 1,912,844   $ 1,804,136
               
    Liabilities and Shareholders’ Deficiency          
    Current Liabilities:          
    Trade payables $ 48,003   $ 38,305
    Employees and payroll accruals   142,007     56,581
    Deferred revenues   661,171     592,608
    Current portion of convertible notes, net   572,880     –
    Accrued expenses and other current liabilities   63,246     76,556
    Operating lease liabilities   27,907     24,981
    Total current liabilities   1,515,214     789,031
    Long Term Liabilities:          
    Long-term deferred revenues   89,271     83,384
    Long-term deferred tax liability   1,965     7,167
    Convertible notes, net   –     569,714
    Other long-term liabilities   16,021     7,699
    Long-term operating lease liabilities   369,159     401,626
    Total long-term liabilities   476,416     1,069,590
               
    Total liabilities   1,991,630     1,858,621
               
    Shareholders’  Deficiency          
    Ordinary shares   107     110
    Additional paid-in capital   1,840,574     1,539,952
    Treasury Stock   (1,025,167)     (558,875)
    Accumulated other comprehensive loss   7,242     4,192
    Accumulated deficit   (901,542)     (1,039,864)
    Total shareholders’ deficiency   (78,786)     (54,485)
               
    Total liabilities and shareholders’ deficiency $ 1,912,844   $ 1,804,136
               
    Wix.com Ltd.
    CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
    (In thousands)
                           
                           
      Three Months Ended   Year Ended
      December 31,   December 31,
      2024   2023   2024   2023
      (unaudited)   (unaudited)
    OPERATING ACTIVITIES:                      
    Net income $ 48,024   $         2,954   $ 138,322   $        33,137
    Adjustments to reconcile net loss to net cash provided by operating activities:                      
    Depreciation   6,278     6,725     25,246     20,492
    Amortization   1,460     1,488     5,869     5,954
    Share based compensation expenses   61,801     58,195     240,721     224,625
    Amortization of debt discount and debt issuance costs   793     789     3,166     4,194
    Changes in accrued interest and exchange rate on short term and long term deposits   (635)     (586)     852     (2,415)
    Non-cash impairment, restructuring and other costs   –     3,567     –     26,699
    Amortization of premium and discount and accrued interest on marketable securities, net   (7,838)     4,237     (13,381)     8,346
    Remeasurement loss (gain) on Marketable equity   –     (10,296)     (3,367)     (30,608)
    Changes in deferred income taxes, net   (7)     (2,035)     (5,196)     (8,784)
    Changes in operating lease right-of-use assets   4,351     7,174     24,246     27,231
    Changes in operating lease liabilities   (2,821)     16,701     (33,086)     (31,333)
    Loss on foreign exchange, net   2,471     –     3,906     –
    Decrease (increase) in trade receivables   4,058     (2,794)     11,228     (15,308)
    Decrease in prepaid expenses and other current and long-term assets   (63,684)     (10,845)     (76,963)     (20,105)
    Increase (decrease) in trade payables   17,329     15,120     12,893     (52,455)
    Increase (decrease) in employees and payroll accruals   66,407     (8,307)     85,426     (29,532)
    Increase in short term and long term deferred revenues   1,609     2,788     74,450     76,193
    Increase (decrease) in accrued expenses and other current liabilities   (5,860)     5,505     3,083     11,915
    Net cash provided by operating activities   133,736     90,380     497,415     248,246
    INVESTING ACTIVITIES:                      
    Proceeds from short-term deposits and restricted deposits   97,051     131,754     276,697     625,495
    Investment in short-term deposits and restricted deposits   (25,540)     (99,725)     (170,332)     (297,917)
    Investment in marketable securities   –     (2,607)     (267,209)     (6,732)
    Proceeds from marketable securities   15,000     33,690     125,176     250,960
    Purchase of property and equipment and lease prepayment   (1,562)     (9,582)     (17,813)     (63,021)
    Capitalization of internal use of software   (401)     (408)     (1,523)     (3,028)
    Investment in other assets   –     –     –     (111)
    Proceeds from investment in other assets $ –     –   $ 550     –
    Proceeds from sale of equity securities   –     19,203     22,148     68,671
    Purchases of investments in privately held companies   (1,000)     (76)     (3,160)     (7,603)
    Net cash provided by investing activities   83,548     72,249     (35,466)     566,714
    FINANCING ACTIVITIES:                      
    Proceeds from exercise of options and ESPP shares   6,692     898     59,576     39,660
    Purchase of treasury stock   –     (58,698)     (466,302)     (127,017)
    Repayment of convertible notes   –     –     –     (362,667)
    Net cash provided by (used in) financing activities   6,692     (57,800)     (406,726)     (450,024)
    Effect of exchange rates on cash, cash equivalent and restricted cash   (2,471)     –     (3,906)     –
    INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS   221,505     104,829     51,317     364,936
    CASH AND CASH EQUIVALENTS—Beginning of period   439,434     504,793     609,622     244,686
    CASH AND CASH EQUIVALENTS—End of period $ 660,939   $ 609,622   $ 660,939   $ 609,622
                           
    Wix.com Ltd.
    KEY PERFORMANCE METRICS
    (In thousands)
                           
      Three Months Ended   Year Ended
      December 31,   December 31,
      2024   2023   2024   2023
      (unaudited)   (unaudited)
    Creative Subscriptions   329,732     296,154     1,264,975     1,152,007
    Business Solutions   130,723     107,617     495,675     409,658
    Total Revenues $ 460,455   $ 403,771   $ 1,760,650   $ 1,561,665
                           
    Creative Subscriptions   325,203     283,501     1,315,445     1,174,776
    Business Solutions   139,389     111,503     514,607     422,727
    Total Bookings $ 464,592   $ 395,004   $ 1,830,052   $ 1,597,503
                           
    Free Cash Flow $ 131,773   $ 80,390   $ 478,079   $ 182,197
    Free Cash Flow excluding HQ build out and restructuring costs $ 131,773   $ 90,125   $ 488,404   $ 246,058
    Creative Subscriptions ARR $ 1,343,070   $ 1,192,814   $ 1,343,070   $ 1,192,814
                           
                           
    Wix.com Ltd.
    RECONCILIATION OF REVENUES TO BOOKINGS
    (In thousands)
                           
      Three Months Ended   Year Ended
      December 31,   December 31,
       2024    2023    2024    2023
      (unaudited)   (unaudited)
    Revenues $       460,455   $        403,771   $    1,760,650   $    1,561,665
    Change in deferred revenues   1,609     2,788     74,450     76,193
    Change in unbilled contractual obligations   2,528     (11,555)     (5,048)     (40,355)
    Bookings $     464,592   $        395,004   $    1,830,052   $     1,597,503
                           
    Y/Y growth   18%           15%      
                           
                           
      Three Months Ended   Year Ended
      December 31,   December 31,
       2024    2023    2024    2023
      (unaudited)   (unaudited)
    Creative Subscriptions Revenues $ 329,732   $ 296,154   $  1,264,975   $ 1,152,007
    Change in deferred revenues   (7,057)     (1,098)     55,518     63,124
    Change in unbilled contractual obligations   2,528     (11,555)     (5,048)     (40,355)
    Creative Subscriptions Bookings $  325,203   $  283,501   $ 1,315,445   $  1,174,776
                           
    Y/Y growth   15%           12%      
                           
      Three Months Ended   Year Ended
      December 31,   December 31,
       2024    2023    2024    2023
      (unaudited)   (unaudited)
    Business Solutions Revenues $ 130,723   $  107,617   $ 495,675   $ 409,658
    Change in deferred revenues   8,666     3,886     18,932     13,069
    Business Solutions Bookings $ 139,389   $ 111,503   $  514,607   $ 422,727
                           
    Y/Y growth   25%           22%      
                           
                           
    Wix.com Ltd.
    RECONCILIATION OF COHORT BOOKINGS
    (In millions)
                  Year Ended
                  December 31,
                   2024    2023
                  (unaudited)
    Q1 Cohort revenues             $ 45   $ 45
    Q1 Change in deferred revenues               16     15
    Q1 Cohort Bookings             $ 61   $ 60
                           
                           
    Wix.com Ltd.
    RECONCILIATION OF REVENUES AND BOOKINGS EXCLUDING FX IMPACT
    (In thousands)
          Three Months Ended
          December 31,
                   2024    2023
          (unaudited)
    Revenues             $       460,455   $  403,771
    FX  impact on Q4/24 using Y/Y rates               (110)     –
    Revenues excluding FX impact             $  460,345   $  403,771
                           
    Y/Y growth               14%      
                           
          Three Months Ended
          December 31,
                   2024    2023
          (unaudited)
    Bookings             $  464,592   $  395,004
    FX  impact on Q4/24 using Y/Y rates               1,600     –
    Bookings excluding FX impact             $  466,192   $  395,004
                           
    Y/Y growth               18%      
                           
                           
    Wix.com Ltd.
    TOTAL ADJUSTMENTS GAAP TO NON-GAAP
    (In thousands)
                           
                           
      Three Months Ended   Year Ended
      December 31,   December 31,
        2024     2023     2024     2023
    (1) Share based compensation expenses: (unaudited)   (unaudited)
    Cost of revenues $  3,466   $ 3,675   $ 14,146   $ 15,013
    Research and development   32,320     31,982     126,462     119,482
    Selling and marketing   9,625     11,232     38,755     41,277
    General and administrative   16,390     11,306     61,358     48,853
    Total share based compensation expenses   61,801     58,195     240,721     224,625
    (2) Amortization   1,834     1,488     6,243     5,954
    (3) Acquisition related expenses   –     9     6     472
    (4) Amortization of debt discount and debt issuance costs   793     789     3,166     4,194
    (5) Impairment, restructuring and other costs   –     3,103     –     32,614
    (6) Sales tax accrual and other G&A expenses   881     137     1,464     748
    (7) Unrealized loss (gain) on equity and other investments   –     (10,296)     (2,536)     (30,608)
    (8) Non-operating foreign exchange income   3,767     15,287     (4,703)     1,499
    (9) Provision for income tax effects related to non-GAAP adjustments   –     2,368     583     (4,337)
    Total adjustments of GAAP to Non GAAP $  69,076   $  71,080   $ 244,944   $  235,161
                           
                           
                           
    Wix.com Ltd.
    RECONCILIATION OF GAAP TO NON-GAAP GROSS PROFIT
    (In thousands)
                           
                           
      Three Months Ended   Year Ended
      December 31,   December 31,
       2024    2023    2024    2023
      (unaudited)   (unaudited)
    Gross Profit $ 316,819   $ 277,658   $ 1,196,015   $ 1,049,137
    Share based compensation expenses   3,466     3,675     14,146     15,013
    Acquisition related expenses   –     5     –     229
    Amortization   667     667     2,669     2,669
    Non GAAP Gross Profit   320,952     282,005     1,212,830     1,067,048
                           
    Non GAAP Gross margin   70%     70%     69%     68%
                           
                           
      Three Months Ended   Year Ended
      December 31,   December 31,
       2024    2023    2024    2023
      (unaudited)   (unaudited)
    Gross Profit – Creative Subscriptions $ 277,061   $ 243,360   $ 1,051,553   $ 936,492
    Share based compensation expenses   2,482     2,695     10,232     11,081
    Non GAAP Gross Profit – Creative Subscriptions   279,543     246,055     1,061,785     947,573
                           
    Non GAAP Gross margin – Creative Subscriptions   85%     83%     84%     82%
                           
                           
      Three Months Ended   Year Ended
      December 31,   December 31,
       2024    2023    2024    2023
      (unaudited)   (unaudited)
    Gross Profit – Business Solutions $  39,758   $ 34,298   $ 144,462   $ 112,645
    Share based compensation expenses   984     980     3,914     3,932
    Acquisition related expenses   –     5     –     229
    Amortization   667     667     2,669     2,669
    Non GAAP Gross Profit – Business Solutions   41,409     35,950     151,045     119,475
                           
    Non GAAP Gross margin – Business Solutions   32%     33%     30%     29%
                           
                           
    Wix.com Ltd.
    RECONCILIATION OF OPERATING INCOME (LOSS) TO NON-GAAP OPERATING INCOME
    (In thousands)
                           
      Three Months Ended   Year Ended
      December 31,   December 31,
       2024    2023    2024     2023
      (unaudited)   (unaudited)
    Operating income (loss) $  36,020   $ 1,769   $ 100,141   $ (24,380)
    Adjustments:                      
    Share based compensation expenses   61,801     58,195     240,721     224,625
    Amortization   1,834     1,488     6,243     5,954
    Impairment, restructuring and other charges   –     3,103     –     32,614
    Sales tax accrual and other G&A expenses   881     137     1,464     748
    Acquisition related expenses   –     9     6     472
    Total adjustments $  64,516   $ 62,932   $ 248,434   $ 264,413
                           
    Non GAAP operating income $  100,536   $ 64,701   $  348,575   $  240,033
                           
    Non GAAP operating margin   22%     16%     20%     15%
                           
                           
    Wix.com Ltd.
    RECONCILIATION OF NET INCOME TO NON-GAAP NET INCOME AND NON-GAAP NET INCOME PER SHARE
    (In thousands, except  per share data)
                           
      Three Months Ended   Year Ended
      December 31,   December 31,
       2024    2023    2024    2023
      (unaudited)   (unaudited)
    Net income $ 48,024   $ 2,954   $ 138,322   $ 33,137
    Share based compensation expenses and other Non GAAP adjustments   69,076     71,080     244,944     235,161
    Non-GAAP net income$ $ 117,100   $  74,034   $ 383,266   $ 268,298
                           
    Basic Non GAAP net income per share $ 2.10   $ 1.29   $ 6.90   $ 4.72
    Weighted average shares used in computing basic Non GAAP net income per share   55,786,201     57,317,815     55,579,368     56,829,962
                           
    Diluted Non GAAP net income per share $ 1.93   $ 1.22   $ 6.39   $ 4.39
    Weighted average shares used in computing diluted Non GAAP net income per share   60,648,791     60,512,505     59,953,371     61,106,462
                           
                           
    Wix.com Ltd.
    RECONCILIATION OF NET CASH PROVIDED BY OPERATING ACTIVITIES TO FREE CASH FLOW
    (In thousands)
                           
      Three Months Ended   Year Ended
      December 31,   December 31,
       2024    2023    2024    2023
      (unaudited)   (unaudited)
    Net cash provided by operating activities $  133,736   $  90,380   $ 497,415   $ 248,246
    Capital expenditures, net   (1,963)     (9,990)     (19,336)     (66,049)
    Free Cash Flow $  131,773   $  80,390   $ 478,079   $  182,197
                           
    Restructuring and other costs   –     1,411     –     5,915
    Capex related to HQ build out   –     8,324     10,325     57,946
    Free Cash Flow excluding HQ build out and restructuring costs $  131,773   $  90,125   $  488,404   $ 246,058
                           

    Attachments

    The MIL Network –

  • MIL-OSI: TGS Launches New Multi-client Project in the Barents Sea

    Source: GlobeNewswire (MIL-OSI)

    OSLO, Norway (19 February 2025) – TGS, a leading provider of energy data and intelligence, is pleased to announce a new multi-client 3D streamer acquisition and processing project in the Goliat area of the Norwegian Barents Sea. The new GeoStreamer survey will span up to 1,600 sq.km. over recent discoveries such as Countach, Elgol and Lupa, and expand on TGS’ existing high-quality data coverage in the Goliat area of the prolific Hammerfest Basin. The Hammerfest Basin 3D project is scheduled to start in early August.

    Kristian Johansen, CEO of TGS, commented, ” The Goliat area is one of the hot spots in the Norwegian Barents Sea with significant drilling success and exciting new discoveries. We are very pleased to secure funding for more multi-client 3D acquisition in this part of the Norwegian Continental Shelf for the 2025 summer season.”

    The multi-client project is supported by industry funding.

    For more information, visit TGS.com or contact:

    Bård Stenberg
    VP IR & Communication
    Mobile: +47 992 45 235
    investor@tgs.com

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

    Forward Looking Statement
    All statements in this press release other than statements of historical fact are forward-looking statements, which are subject to a number of risks, uncertainties and assumptions that are difficult to predict and are based upon assumptions as to future events that may not prove accurate. These factors include volatile market conditions, investment opportunities in new and existing markets, demand for licensing of data within the energy industry, operational challenges, and reliance on a cyclical industry and principal customers. Actual results may differ materially from those expected or projected in the forward-looking statements. TGS undertakes no responsibility or obligation to update or alter forward-looking statements for any reason.

    The MIL Network –

  • MIL-OSI: PIMCO Global Income Opportunities Fund Renews At-The-Market Equity Program

    Source: GlobeNewswire (MIL-OSI)

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

    TORONTO, Feb. 18, 2025 (GLOBE NEWSWIRE) — PIMCO Global Income Opportunities Fund (TSX: PGI.UN) (the “Fund”) announced today that the Fund has renewed its at-the-market equity program (the “ATM Program”). The ATM Program allows the Fund to issue Class A units of the Fund (the “Units”) having an aggregate sale price of up to $80,000,000, to the public from time to time, at the discretion of PIMCO Canada Corp. (the “Manager”). Any Units issued under the ATM Program will be sold at the prevailing market price at the time of sale through the Toronto Stock Exchange (“TSX”) or any other marketplace in Canada on which the Units are listed, quoted or otherwise traded. This ATM Program replaces the prior at-the-market equity program of the Fund, which commenced on January 20, 2023 and expired on February 16, 2025.

    The volume and timing of distributions under the ATM Program, if any, will be determined at the Manager’s sole discretion. The ATM Program will be effective until March 14, 2027, unless terminated prior to such date by the Fund. The Fund intends to use the proceeds from the ATM Program in accordance with its investment objectives, investment strategies and investment restrictions.

    Sales of Units through the ATM Program will be made pursuant to the terms of an equity distribution agreement entered into by the Fund (the “Equity Distribution Agreement”), dated February 18, 2025, with National Bank Financial Inc. (the “Agent”).

    Sales of Units will be made by way of “at-the-market distributions” as defined in National Instrument 44-102 Shelf Distributions on the TSX or on any marketplace for the Units in Canada. Since Units will be distributed at prevailing market prices at the time of the sale, prices may vary among purchasers during the period of distribution. The ATM Program is being offered pursuant to a prospectus supplement dated February 18, 2025 (the “Prospectus Supplement”) to the Fund’s short form base shelf prospectus dated February 14, 2025 (the “Shelf Prospectus”).

    Copies of the Prospectus Supplement, the Shelf Prospectus and the Equity Distribution Agreement may be obtained from your registered financial advisor using the contact information for such advisor, or from representatives of the Agent, and are available on SEDAR+ at www.sedarplus.ca.

    The Manager retains Pacific Investment Management Company LLC (“PIMCO”), to provide investment management services to the Fund.

    About PIMCO

    PIMCO is a global leader in active fixed income with deep expertise across public and private markets. PIMCO invests their clients’ capital across a range of fixed income and credit opportunities, drawing upon PIMCO’s decades of experience navigating complex debt markets. PIMCO’s flexible capital base and deep relationships with issuers have helped PIMCO become one of the world’s largest providers of traditional and nontraditional solutions for companies that need financing and investors who seek strong risk-adjusted returns.

    This is not an offer to sell Units and not a solicitation of an offer to buy Units in any region where the offer or sale is not permitted. Before you invest, you should carefully read the Fund’s disclosure documents and consider carefully the risks you assume when you invest in the Units. There can be no assurance that the Fund will achieve its investment objectives or be able to structure its investment portfolio as anticipated. Copies of the Fund’s disclosure documents may be obtained from your financial advisor.

    Forward-Looking Statements

    Certain statements included in this news release constitute forward-looking statements, including, but not limited to, those identified by the expressions “expect”, “intend”, “will” and similar expressions to the extent they relate to the Fund. The forward-looking statements are not historical facts but reflect the Fund, the Manager and/or PIMCO’s current expectations regarding future results or events. These forward-looking statements are subject to a number of risks and uncertainties that could cause actual results or events to differ materially from current expectations, including, but not limited to, market factors. Although the Fund, the Manager and/or PIMCO believes that the assumptions inherent in the forward-looking statements are reasonable, forward-looking statements are not guarantees of future performance and, accordingly, readers are cautioned not to place undue reliance on such statements due to the inherent uncertainty therein. The Fund, the Manager and/or PIMCO undertakes no obligation to update publicly or otherwise revise any forward-looking statement or information whether as a result of new information, future events or other factors which affect this information, except as required by law.

    You will usually pay brokerage fees to your dealer if you purchase or sell Units on the TSX. If the Units are purchased or sold on the TSX, investors may pay more than the current net asset value when buying the Units and may receive less than the current net asset value when selling them. There are ongoing fees and expenses associated with owning the Units. An investment fund must prepare disclosure documents that contain key information about the fund. You can find more detailed information about the Fund in these documents.

    Investment funds are not guaranteed, their values change frequently and past performance may not be repeated.

    A short form base shelf prospectus and a prospectus supplement containing important detailed information about the securities being offered have been filed with securities commissions or similar authorities in each of the provinces and territories of Canada. Copies of the Equity Distribution Agreement, the short form base shelf prospectus and the prospectus supplement may be obtained from the Agent. Investors should read the short form base shelf prospectus and the prospectus supplement before making an investment decision.

    PIMCO as a general matter provides services to qualified institutions, financial intermediaries and institutional investors. Individual investors should contact their own financial professional to determine the most appropriate investment options for their financial situation. This material contains the current opinions of the Manager and such opinions are subject to change without notice. This material has been distributed for informational purposes only and should not be considered as investment advice or a recommendation of any particular security, strategy or investment product. Information contained herein has been obtained from sources believed to be reliable, but not guaranteed. No part of this material may be reproduced in any form, or referred to in any other publication, without express written permission. PIMCO is a trademark of Allianz Asset Management of America LLC in the United States and throughout the world. ©2025, PIMCO

    The products and services provided by PIMCO Canada Corp. may only be available in certain provinces or territories of Canada and only through dealers authorized for that purpose.
    PIMCO Canada has retained PIMCO LLC as sub-adviser. PIMCO Canada will remain responsible for any loss that arises out of the failure of its sub-adviser.

    PIMCO Canada Corp. 199 Bay Street, Suite 2050, Commerce Court Station, P.O. Box 363, Toronto, ON, M5L 1G2, 416-368-3350.

    Contact:
    Agnes Crane
    PIMCO – Media Relations
    Ph. 212-597-1054
    Email: Agnes.Crane@pimco.com

    The MIL Network –

  • MIL-OSI: Orca Energy Group Inc. Announces Independent Reserves Evaluation for Year End 2024

    Source: GlobeNewswire (MIL-OSI)

    TORTOLA, British Virgin Islands, Feb. 18, 2025 (GLOBE NEWSWIRE) — February 19, 2025 – Orca Energy Group Inc. (“Orca” or the “Company” and includes PanAfrican Energy Tanzania Limited (“PAET“) and its other subsidiaries and affiliates) (TSX-V: ORC.A, ORC.B) announces the approval of its Independent Reserves Evaluation as at December 31, 2024. All currency amounts in this news release are in United States Dollars ($) unless otherwise stated.

    INDEPENDENT RESERVES EVALUATION
    The Company’s conventional natural gas reserves as at December 31, 2024 for the period to the end of the primary 25-year term of the production sharing agreement (the “Songo Songo PSA“) with the Tanzanian Petroleum Development Corporation (the “TPDC“) have been evaluated by independent petroleum engineering consultants McDaniel & Associates Consultants Ltd. (“McDaniel“), an independent reserves evaluator, in accordance with the definitions, standards and procedures contained in the Canadian Oil and Gas Evaluation Handbook (“COGE Handbook“) and National Instrument 51-101 – Standards of Disclosure for Oil and Gas Activities (“NI 51-101“). The Songo Songo PSA expires upon the expiry of TPDC’s Songo Songo licence in respect of the Songo Songo gas field (the “Songo Songo Licence“) in October 2026. The preparation date of the independent reserves evaluation prepared by McDaniel is February 18, 2025 and the effective date of the evaluation is December 31, 2024 (the “McDaniel Report“).

    All of the Company’s reserves are located in Tanzania. Reserves included herein are stated on a Company gross reserves basis unless noted otherwise. Company gross reserves are the total of the Company’s working interest share in reserves.

    The Company’s Board of Directors has reviewed and approved the McDaniel Report. Additional reserves information required under NI 51-101 is included in Orca’s reports relating to reserves data and other oil and gas information under NI 51-101, which will be filed on its profile on SEDAR+ at www.sedarplus.ca. The following discussion is subject to a number of cautionary statements, assumptions, contingencies and risks as set forth in this news release.

    HIGHLIGHTS

    • Total Proved (“1P”) Gross Company conventional natural gas reserves at year ended December 31, 2024, were 40.2 billion standard cubic feet (“Bcf“) compared to 85.0 Bcf at year end 2023, representing a 53% decrease.
    • Total Proved plus Probable (“2P”) Gross Company conventional natural gas reserves at year ended December 31, 2024, were 41.5 Bcf compared to 93.9 Bcf at year end 2023, representing a 56% decrease.
    • The Company estimated gas sales of 26.7 Bcf in 2024, representing a decrease of approximately 15% compared to year end 2023. The reduction in Gross Company 1P reserves from year end 2023 to year end 2024 was primarily attributed to 26.7 BCF of production in 2024 and 18.1 Bcf of negative technical revisions. The technical revisions were primarily due to lower forecasted gas sales to the end of the license (October 2026) attributed to increased hydro power in Tanzania and the removal of Proved Undeveloped reserves due to the unsuccessful well intervention on SS-7.
    • Net present value of 1P future net revenue discounted at 10% was $61.8 million at year end 2024, compared to $108.4 million at year end 2023, representing a 43% decrease.
    • Net present value of 2P future net revenue discounted at 10% was $64.7 million at year end 2024, compared to $118.7 million at year end 2023, representing a 45% decrease.
    • The 43% reduction in net present value of 1P future net revenues from year end 2023 to year end 2024 was primarily attributed to lower reserves at year end 2024 and the associated 33% reduction in the number of years outstanding on the current Songo Songo Licence.
    • The following tables outline the Company’s conventional natural gas reserves as at December 31, 2024 and the net present value of future net revenue attributable to such reserves as evaluated in the McDaniel Report utilizing McDaniel’s forecast price and cost assumptions to the end of the Songo Songo Licence term in October 2026.
      Company Gross Reserves   Company Net Reserves
      Conventional.

    Natural Gas

    		   Conventional.

    Natural Gas
      MMcf   MMcf
    Proved      
      Developed Producing 40,244   28,020
      Developed Non-Producing –   –
      Undeveloped –   –
    Total Proved 40,244   28,020
    Probable 1,224   803
    Total Proved plus Probable 41,469   28,823

    Net Present Value of Future Net Revenue of Gas Reserves

        Before and After Future Income Tax Expenses Discounted at   Unit Value
          Before and
    After Tax at
    10%
        0 %   5 %   10 %   15 %   20 %   $/Mcf
    ($’000)                        
    Proved                        
    Developed Producing   67,574     64,549     61,824     59,357     57,112     2.21
    Developed Non-Producing   –     –     –     –     –     –
    Undeveloped   –     –     –     –     –     –
    Total Proved   67,574     64,549     61,824     59,357     57,112     2.21
    Probable   3,160     3,016     2,887     2,769     2,663     3.60
    Total Proved plus Probable   70,735     67,565     64,710     62,126     59,775     2.25

    Notes:

    1. During the third quarter of 2015, The Petroleum Act, 2015 (the “Act“) was passed into law by Presidential decree. The Act repeals earlier legislation, provides a regulatory framework over upstream, mid-stream and downstream gas activity, and as well consolidates and puts in place a single, effective and comprehensive legal framework for regulating the oil and gas industry in Tanzania. The Act also provides for the creation of an upstream regulator, the Petroleum Upstream Regulatory Authority. The mid and downstream petroleum as well as gas activities are proposed to be regulated by the current authority, the Energy and Water Utilities Regulatory Authority (“EWURA“). The Act also confers upon on the TPDC the status of the National Oil Company, mandated with the task of managing the country’s commercial interest in the petroleum operations as well as mid and downstream natural gas activities. The Act vests TPDC with exclusive rights in the entire petroleum upstream value chain and the natural gas mid and downstream value chain. However, the exclusive rights of TPDC do not extend to mid and downstream petroleum supply operations. The Act does provide grandfathering provisions upholding the rights of the Company under the Songo Songo PSA as it was signed prior to the passing of the Act.
    2. On October 7, 2016, the Government of Tanzania issued the Petroleum (Natural Gas Pricing) Regulation made under Sections 165 and 258 (1) of the Act (the “Natural Gas Pricing Policy“). Article 260(3) of the Act preserves the Company’s pre-existing right with TPDC to market and sell natural gas together or independently on terms and conditions (including prices) negotiated with third party natural gas customers. To date, the Natural Gas Pricing Policy has not impacted the Company’s ability to market and sell natural gas at prices freely negotiated with natural gas customers. The future impact of the Natural Gas Pricing Policy, if any, cannot be determined at this time.
    3. On January 16, 2018, Orca sold (the “First Swala Transaction“) 7.933 percent of the Class A common shares (7,933 Class A common shares) of its wholly owned subsidiary PAE PanAfrican Energy Corporation (“PAEM“), a Mauritius registered Company and sole shareholder of PAET, a Jersey registered Company, to a wholly owned subsidiary of Swala. The Songo Songo PSA is held by PAET. While Swala had no management or control of PAEM and no shareholding in, or management or control of PAET, the McDaniel Report was previously prepared based on Orca’s ownership of 92.07 percent of PAET’s gross reserves. On July 21, 2023, the Company repurchased (the “Second Swala Transaction”) the 7.933% shares in PAEM eliminating Swala’s interest in the reserves. Accordingly, the 2024 McDaniel Report is prepared based on Orca’s ownership of 100% of PAET’s gross reserves.
    4. “Company Gross Reserves” are the total of the Company’s working interest share in reserves before deduction of royalties owned by others and without including any royalty interests of the Company.
    5. “Company Net Reserves” are the total of the Company’s working interest share in reserves after deducting the amounts attributable to royalties and Profit Gas owned by others (as defined in the PSA), plus the Company’s royalty interests in such reserves.
    6. Company Gross and Net Reserves are based on the Company’s 100 percent ownership interest in the reserves following the Second Swala Transaction.
    7. Under the terms of the Songo Songo Production Sharing Agreement with TPDC and the Government of Tanzania (“PSA“), the Company is required to pay Tanzanian income tax, but this is recovered by the Company through the profit sharing arrangements with TPDC. Where income tax is accrued, the Company’s revenue will be grossed up by the tax due and the tax will be shown as a tax in the Company’s accounts. However, the income tax has no material impact on the cash flows emanating from the PSA and accordingly it has not been identified as a separate cash flow stream in the analysis of the net present values.

    McDaniel employed the following gas sales, pricing and inflation rate assumptions as of December 31, 2024 in estimating the Company’s reserves data using forecast prices and costs. The Company received an average gas price of $4.67/Mcf in 2024 and $4.22/Mcf net of the transportation tariff imposed by Songas Limited as determined by the energy regulator, EWURA.

        Songo Songo gas prices  

    Year

    		 Brent crude

    $/bbl

    		 Proved

    $/Mcf

    		 Proved plus probable

    $/Mcf

    		 Annual inflation

    %

    		  
               
    2025 76.50 5.15 5.20 2  
    2026 78.03 5.25 5.32 2  
               

    Note:   Brent price forecast based on the McDaniel January 1, 2025 price forecast.

    The price of gas for the Industrial sector is based on a formula related to discounts to heavy fuel oil prices and includes caps and floors. This has been reflected in the above pricing.

    Orca Energy Group Inc.

    Orca is an international public company engaged in natural gas development and supply in Tanzania through its subsidiary PAET. Orca trades on the TSX Venture Exchange under the trading symbols ORC.A and ORC.B.

    For further information please contact:

    Jay Lyons                                
    Chief Executive Officer                        
    +44 (0)20 8434 2754                        
    ir@orcaenergygroup.com                 

    For media enquiries:
    Celicourt (PR)
    Mark Antelme
    Jimmy Lea
    Orca@celicourt.uk
    +44 (0)20 8434 2754

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

    Abbreviations

    bbl cubic meters
    Mcf thousand cubic feet
    MMcf million standard cubic feet


    Forward Looking Information

    Certain information regarding Orca set forth in this news release contains forward-looking information and statements as defined under applicable securities laws (collectively, “forward-looking statements” or “statements“) that involve substantial known and unknown risks and uncertainties. The use of any of the words “plan”, “expect”, “prospective”, “project”, “intend”, “believe”, “should”, “anticipate”, “estimate” or other similar words, or statements that certain events or conditions “may” or “will” occur are intended to identify forward-looking statements. These statements are only predictions and actual events or results may differ materially. Although the Company’s management believes that the expectations reflected in the forward-looking statements are reasonable, it cannot guarantee future results, levels of activity, performance or achievement since such expectations are inherently subject to significant business, economic, competitive, political and social uncertainties and contingencies. Many factors could cause Orca’s actual results to differ materially from those expressed or implied in any forward-looking statements made by, or on behalf of, Orca.

    In particular, statements relating to “reserves” are deemed to be forward-looking statements, as they involve the implied assessment, based on certain estimates and assumptions that the resources described exist in the quantities predicted or estimated, and that the resources described can be profitably produced in the future. Additional forward-looking statements in this news release include statements regarding: expectations regarding demand for natural gas and the implications of decreasing demand; expiration of the Songo Songo PSA and the Songo Songo Licence and pending extension of the Songo Songo Licence and Songo Songo PSA; reserves and future net revenue from the Company’s reserves; assumptions regarding the increased demand for hydro power in Tanzania; and assumptions regarding gas sales, pricing and inflation rates.

    These forward-looking statements are subject to numerous risks and uncertainties, including but not limited to risks and uncertainties regarding or associated with: drilling wells, including the costs of drilling and whether development drilling results in commercially productive quantities of oil and gas; the terms of Orca’s future petroleum contracts, including potential obligations to drill wells and declare discoveries in order to retain Orca’s exploration and production rights; Orca’s local operational dependence and focus of its existing contracts; Orca’s future control over the Songo Songo Licence areas and facilities, including its status as operator thereof, and the timing and extent of costs in association therewith; estimations of reserves and the present value of future net revenues derived from them; Orca’s dependency on its management and technical team; Orca’s business plan including the additional capital required to execute such plans; commercializing Orca’s interests in any hydrocarbons produced from future licence areas; Orca’s ability to access appropriate equipment and infrastructure in a timely manner; the exploration and production of oil and natural gas, including but not limited to drilling and other operational and environmental risks and hazards; severe weather including but not limited to tropical storms and hurricanes; disagreements with TPDC regarding the Songo Songo PSA; the political and economic circumstances in the countries in which Orca operates; disputes with the Government of Tanzania; technological development; activism against oil and exploration and development; limitations on insurance coverage; Orca’s operations in a litigious environment; global populism; Orca’s future capitalization which may include additional indebtedness; acquisitions and the integration of any target entity or business into Orca’s current business; cybersecurity and data breaches; impacts of pandemics; share price volatility and dilution; Orca’s controlling shareholder and its control over key decision making as a result of its control of a majority of the voting rights attached to Orca’s issued and outstanding securities; Orca’s status as a holding company that’s ability to declare and pay dividends and purchase its own securities is dependent upon the receipt of funds from Orca’s subsidiaries by way of dividends, fees, interest, loans or otherwise; the impact of general economic conditions, including global and local oil and gas prices; industry conditions including changes in laws and regulations, and changes in how they are interpreted and enforced; competition; lack of availability of qualified personnel; risks related to obtaining required approvals of regulatory authorities; risks associated with negotiating with governments and other counterparties; fluctuations in foreign exchange or interest rates; risks and uncertainties associated with obtaining an extension to the Songo Songo PSA and related Songo Songo Licence or successfully renegotiating them; changes in income tax laws or tax rates; ability to access sufficient capital from internal and external sources; associated with the failure of counterparties to perform under the terms of their contracts, including collectability of Orca’s receivables from such parties; reduced global economic activity as a result of global pandemics, including lower demand for natural gas and a reduction in the price of natural gas; prolonged deficiency in Tanzania’s official reserve and foreign exchange losses; political instability and the impacts of the Russian-Ukrainian conflict, the Israel-Hamas conflict, conflicts in the Middle East and related actions; and other factors, many of which are beyond the control of the Company. Readers are cautioned that the foregoing list of factors is not exhaustive.

    Although the forward-looking statements contained in this news release are based upon assumptions which management believes to be reasonable, Orca cannot assure investors that actual results will be consistent with these forward-looking statements. Readers are cautioned not to place undue reliance on forward-looking statements included in this news release, as there can be no assurance that the plans, intentions or expectations upon which the forward-looking statements are based will occur. By their nature, forward-looking statements involve numerous assumptions, known and unknown risks and uncertainties that contribute to the possibility that the predictions, forecasts, projections and other forward-looking statements will not occur. With respect to forward-looking statements contained in this news release, Orca has made assumptions regarding, among other things: continued and timely development of infrastructure in areas of new production; obtaining an extension to the Songo Songo PSA and related Songo Songo Licence on terms acceptable to Orca; accuracy of estimates of Orca’s reserves volumes; the impact of any pandemics or political conflicts on the demand for and price of natural gas, volatility in financial markets, disruptions to global supply chains and the Company’s business, operations, access to customers and suppliers, availability of employees to carry out day-to-day operations, and other resources; future commodity prices and commodity price fluctuations; availability of skilled labour; availability of transactions to facilitate Orca’s growth strategy; growth of demand and consumption of natural gas in Tanzania and throughout Africa; the impact of increasing competition; conditions in general economic and financial markets; effects of regulation by governmental agencies; receipt of partner, regulatory and community approvals; future operating costs; effects of regulation by governmental agencies; that Orca’s conduct and results of operations will be consistent with its expectations; current or, where applicable, proposed industry conditions, laws and regulations will continue in effect or as anticipated as described herein; and other matters. There are a number of assumptions associated with the development of the evaluated areas, including continued performance of existing wells, future drilling programs and performance from new wells, the growth of infrastructure, well density per section, and recovery factors and development necessary involves known and unknown risks and uncertainties, including those risks identified in this news release. Orca believes the material factors, expectations and assumptions reflected in the forward-looking information are reasonable but no assurance can be given that these factors, expectations and assumptions will prove to be correct.

    Management has included the above summary of assumptions and risks related to forward-looking information provided in this news release in order to provide investors with a more complete perspective on Orca’s current and future operations and such information may not be appropriate for other purposes. Orca’s actual results, performance or achievement could differ materially from those expressed in, or implied by, these forward-looking statements and, accordingly, no assurance can be given that any of the events anticipated by the forward-looking statements will transpire or occur, or if any of them do, what benefits Orca will derive. These forward-looking statements are made as of the date of this news release and Orca disclaims any intent or obligation to update publicly any forward-looking statements, whether as a result of new information, future events or results or otherwise, other than as required by applicable securities laws. The forward-looking statements contained in this news release are expressly qualified by this cautionary statement.

    Oil and Gas Advisory

    The Company’s conventional natural gas reserves as at December 31, 2024 disclosed herein were evaluated by McDaniel in accordance with the definitions, standards and procedures contained in the COGE Handbook and NI 51-101. The McDaniel Report had an effective date of December 31, 2024. The Company’s conventional natural gas reserves as at December 31, 2023 disclosed herein were evaluated by McDaniel in accordance with the definitions, standards and procedures contained in the COGE Handbook and NI 51-101. Such report had an effective date of December 31, 2023.

    Additional reserves information required under NI 51-101 are included in Orca’s reports relating to reserves data and other oil and gas information under NI 51-101, which are filed on its profile on SEDAR at www.sedar.com.

    This news release contains estimates of the net present value of Orca’s future net revenue from the Company’s reserves. The net present value of future net revenue attributable to the Company’s reserves is stated without provision for interest costs and out of country general and corporate administrative costs, but after providing for estimated royalties, production costs, development costs, other income and future capital expenditures. It should not be assumed that the undiscounted or discounted net present value of future net revenue attributable to the Company’s reserves estimated by McDaniel represent the fair market value of those reserves. Such amounts do not represent the fair market value of the Company’s reserves. The recovery and reserve estimates of the Company’s conventional natural gas reserves provided herein are estimates only and there is no guarantee that the estimated reserves will be recovered. Actual reserves may be greater than or less than the estimates provided herein.

    The MIL Network –

  • MIL-OSI: Purpose Investments Inc. Announces February 2025 Distributions

    Source: GlobeNewswire (MIL-OSI)

    TORONTO, Feb. 18, 2025 (GLOBE NEWSWIRE) — Purpose Investments Inc. (“Purpose”) is pleased to announce distributions for the month of February 2025 for its open-end exchange-traded funds and closed-end funds (“the Funds”).

    The ex-distribution date for all Open-End Funds is February 26, 2025. The ex-distribution date for all closed-end funds is February 28, 2025.

    Open-End Funds Ticker
    Symbol    		 Distribution
    per
    share/unit    		 Record
    Date    		 Payable
    Date    		 Distribution
    Frequency
    Apple (AAPL) Yield Shares Purpose ETF – ETF Units APLY $0.1667 02/26/2025 03/04/2025 Monthly
    Purpose Canadian Financial Income Fund – ETF Series BNC $0.1225¹ 02/26/2025 03/04/2025 Monthly
    Purpose Global Bond Fund – ETF Units BND $0.0840 02/26/2025 03/04/2025 Monthly
    Berkshire Hathaway (BRK) Yield Shares Purpose ETF – ETF Units BRKY $0.1000 02/26/2025 03/04/2025 Monthly
    Purpose Bitcoin Yield ETF – ETF Units BTCY $0.0850 02/26/2025 03/04/2025 Monthly
    Purpose Bitcoin Yield ETF – ETF Non-Currency Hedged Units BTCY.B $0.0970 02/26/2025 03/04/2025 Monthly
    Purpose Bitcoin Yield ETF – ETF USD Units BTCY.U US $0.0815 02/26/2025 03/04/2025 Monthly
    Purpose Credit Opportunities Fund – ETF Units CROP $0.0875 02/26/2025 03/04/2025 Monthly
    Purpose Credit Opportunities Fund – ETF USD Units CROP.U US $0.0975 02/26/2025 03/04/2025 Monthly
    Purpose Ether Yield – ETF Units ETHY $0.0405 02/26/2025 03/04/2025 Monthly
    Purpose Ether Yield ETF – ETF Non-Currency Hedged Units ETHY.B $0.0500 02/26/2025 03/04/2025 Monthly
    Purpose Ether Yield ETF – ETF Units Non-Currency Hedged USD Units ETHY.U US $0.0395 02/26/2025 03/04/2025 Monthly
    Purpose Global Flexible Credit Fund – ETF Units FLX $0.0461 02/26/2025 03/04/2025 Monthly
    Purpose Global Flexible Credit Fund – Non-Currency Hedged – ETF Units FLX.B $0.0551 02/26/2025 03/04/2025 Monthly
    Purpose Global Flexible Credit Fund – Non-Currency Hedged USD – ETF Units FLX.U US $0.0385 02/26/2025 03/04/2025 Monthly
    Purpose Global Bond Class – ETF Units IGB $0.0860¹ 02/26/2025 03/04/2025 Monthly
    Microsoft (MSFT) Yield Shares Purpose ETF – ETF units MSFY $0.1100 02/26/2025 03/04/2025 Monthly
    Purpose Enhanced Premium Yield Fund – ETF Series PAYF $0.1375¹ 02/26/2025 03/04/2025 Monthly
    Purpose Total Return Bond Fund – ETF Series PBD $0.0590¹ 02/26/2025 03/04/2025 Monthly
    Purpose Core Dividend Fund – ETF Series PDF $0.1050¹ 02/26/2025 03/04/2025 Monthly
    Purpose Enhanced Dividend Fund – ETF Series PDIV $0.0950¹ 02/26/2025 03/04/2025 Monthly
    Purpose Real Estate Income Fund – ETF Series PHR $0.0720¹ 02/26/2025 03/04/2025 Monthly
    Purpose International Dividend Fund – ETF Series PID $0.0780 02/26/2025 03/04/2025 Monthly
    Purpose Monthly Income Fund – ETF Series PIN $0.0830¹ 02/26/2025 03/04/2025 Monthly
    Purpose Multi-Asset Income Fund – ETF Units PINC $0.0840 02/26/2025 03/04/2025 Monthly
    Purpose Conservative Income Fund – ETF Series PRP $0.0600¹ 02/26/2025 03/04/2025 Monthly
    Purpose Premium Yield Fund – ETF Series PYF $0.1100¹ 02/26/2025 03/04/2025 Monthly
    Purpose Premium Yield Fund Non-Currency Hedged – ETF Series PYF.B $0.1230¹ 02/26/2025 03/04/2025 Monthly
    Purpose Premium Yield Fund Non-Currency Hedged – ETF USD Series PYF.U US $0.1200¹ 02/26/2025 03/04/2025 Monthly
    Purpose Core Equity Income Fund – ETF Series RDE $0.0875¹ 02/26/2025 03/04/2025 Monthly
    Purpose Emerging Markets Dividend Fund – ETF Units REM $0.0950 02/26/2025 03/04/2025 Monthly
    Purpose Canadian Preferred Share Fund – ETF Units RPS $0.0950 02/26/2025 03/04/2025 Monthly
    Purpose US Preferred Share Fund – ETF Series RPU $0.0940 02/26/2025 03/04/2025 Monthly
    Purpose US Preferred Share Fund Non-Currency Hedged – ETF Units2 RPU.B / RPU.U $0.0940 02/26/2025 03/04/2025 Monthly
    Purpose Strategic Yield Fund – ETF Units SYLD $0.0970 02/26/2025 03/04/2025 Monthly
    AMD (AMD) Yield Shares Purpose ETF – ETF Series YAMD $0.2000 02/26/2025 03/04/2025 Monthly
    Amazon (AMZN) Yield Shares Purpose ETF- ETF Units YAMZ $0.4000 02/26/2025 03/04/2025 Monthly
    Alphabet (GOOGL) Yield Shares Purpose ETF – ETF Units YGOG $0.2500 02/26/2025 03/04/2025 Monthly
    META (META) Yield Shares Purpose ETF – ETF Series YMET $0.1600 02/26/2025 03/04/2025 Monthly
    NVIDIA (NVDA) Yield Shares Purpose ETF – ETF Units YNVD $0.7500 02/26/2025 03/04/2025 Monthly
    Tesla (TSLA) Yield Shares Purpose ETF – ETF Units YTSL $0.5500 02/26/2025 03/04/2025 Monthly
               
    Closed-End Funds Ticker Symbol Distribution
    per share/unit    		 Record Date Payable Date Distribution Frequency
    Big Banc Split Corp, Class A BNK $0.1200¹ 02/28/2025 03/14/2025 Monthly
    Big Banc Split Corp, Preferred Shares BNK.PR.A $0.0700¹ 02/28/2025 03/14/2025 Monthly
               

    Estimated February 2025 Distributions for Purpose USD Cash Management Fund, Purpose Cash Management Fund, Purpose High Interest Savings Fund, and Purpose US Cash Fund

    The February 2025 distribution rates for Purpose USD Cash Management Fund, Purpose Cash Management Fund, Purpose High Interest Savings Fund, and Purpose US Cash Fund are estimated to be as follows:

    Fund Name Ticker
    Symbol    		 Estimated
    Distribution
    per unit    		 Record
    Date    		 Payable
    Date    		 Distribution
    Frequency
    Purpose USD Cash Management Fund – ETF Units MNU.U US $0.3407 02/26/2025 03/04/2025 Monthly
    Purpose Cash Management Fund – ETF Units MNY $0.2707 02/26/2025 03/04/2025 Monthly
    Purpose High Interest Savings Fund – ETF Units PSA $0.1125 02/26/2025 03/04/2025 Monthly
    Purpose US Cash Fund – ETF Units PSU.U US $0.3244 02/26/2025 03/04/2025 Monthly
               

    Purpose expects to issue a press release on or about February 25, 2025, which will provide the final distribution rate for Purpose USD Cash Management Fund, Purpose Cash Management Fund, Purpose High Interest Savings Fund, and Purpose US Cash Fund. The ex-distribution date will be February 26, 2025.

    (1) Dividend is designated as an “eligible” Canadian dividend for purposes of the Income Tax Act (Canada) and any similar provincial and territorial legislation.
    (2) Purpose US Preferred Share Fund Non-Currency Hedged – ETF Units have both a CAD and USD purchase option. Distribution per unit is declared in CAD; however, the USD purchase option (RPU.U) distribution will be made in the USD equivalent. Conversion into USD will use the end-of-day foreign exchange rate prevailing on the ex-distribution date.
       

    About Purpose Investments Inc.

    Purpose Investments is an asset management company with more than $23 billion in assets under management. Purpose Investments has an unrelenting focus on client-centric innovation and offers a range of managed and quantitative investment products. Purpose Investments is led by well-known entrepreneur Som Seif and is a division of Purpose Unlimited, an independent technology-driven financial services company.

    For further information, please email us at info@purposeinvest.com

    Media inquiries:
    Keera Hart
    keera.hart@kaiserpartners.com
    905-580-1257

    Commissions, trailing commissions, management fees, and expenses may all be associated with investment fund investments. Please read the prospectus and other disclosure documents before investing. Investment funds are not covered by the Canada Deposit Insurance Corporation or any other government deposit insurer. There can be no assurance that the full amount of your investment in a fund will be returned to you. If the securities are purchased or sold on a stock exchange, you may pay more or receive less than the current net asset value. Investment funds are not guaranteed, their values change frequently, and past performance may not be repeated.

    The MIL Network –

  • MIL-OSI: Prospera Energy Inc. Announces Leadership Changes

    Source: GlobeNewswire (MIL-OSI)

    CALGARY, Alberta, Feb. 18, 2025 (GLOBE NEWSWIRE) — Prospera Energy Inc. (TSXV: PEI, OTC: GXRFF) (“Prospera,” “PEI,” or the “Corporation”) announces that the company’s Chief Executive Officer, Samuel David, is no longer employed with the company, effective immediately. Mr. David resigned from the Board of Directors, effective November 18, 2024.

    The Board, consisting of Brian McConnell, Mark Lacey, Matthew Kenna, and Executive Chairman Shubham Garg will lead the company’s strategic vision and business plan going forward, supported by CFO Chris Ludtke and COO Darren Jackson. The company continues on its business plan with a priority on optimizing and bringing online predictable, low-decline heavy oil barrels from its Saskatchewan pools. A service rig has been active intermittently through February’s record cold weather, with 6 well workovers complete in Hearts Hill and the service rig now in Luseland working on a 14 well program.

    About Prospera

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

    For Further Information:

    Shawn Mehler, PR
    Email: investors@prosperaenergy.com

    Chris Ludtke, CFO
    Email: cludtke@prosperaenergy.com

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

    FORWARD-LOOKING STATEMENTS
    This news release contains forward-looking statements relating to the future operations of the Corporation and other statements that are not historical facts. Forward-looking statements are often identified by terms such as “will,” “may,” “should,” “anticipate,” “expects” and similar expressions. All statements other than statements of historical fact included in this release, including, without limitation, statements regarding future plans and objectives of the Corporation, are forward-looking statements that involve risks and uncertainties. There can be no assurance that such statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements.

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

    The reader is cautioned that assumptions used in the preparation of any forward-looking information may prove to be incorrect. Events or circumstances may cause actual results to differ materially from those predicted, as a result of numerous known and unknown risks, uncertainties, and other factors, many of which are beyond the control of Prospera. As a result, Prospera cannot guarantee that any forward-looking statement will materialize, and the reader is cautioned not to place undue reliance on any forward- looking information. Such information, although considered reasonable by management at the time of preparation, may prove to be incorrect and actual results may differ materially from those anticipated. Forward-looking statements contained in this news release are expressly qualified by this cautionary statement. The forward-looking statements contained in this news release are made as of the date of this news release, and Prospera does not undertake any obligation to update publicly or to revise any of the included forward-looking statements, whether as a result of new information, future events or otherwise, except as expressly required by Canadian securities law.

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

    The MIL Network –

  • MIL-OSI: Value Partners Announces Proposed Fund Merger

    Source: GlobeNewswire (MIL-OSI)

    WINNIPEG, Manitoba, Feb. 18, 2025 (GLOBE NEWSWIRE) — Value Partners Investments Inc. (“Value Partners”), the manager of the Value Partners Pools, today announces its proposal to merge (the “Merger”) VPI Mortgage Pool (the “Terminating Fund”) into a high interest savings pool, effective on or about April 17, 2025, subject to unitholder approval. The high interest savings pool is anticipated to begin operations on or about March 24, 2025, pending regulatory approval. Effective on or about March 17, 2025, securities of the Terminating Fund will no longer be available for purchase.

    A unitholder meeting of the Terminating Fund will be scheduled on or about April 16, 2025, where unitholders will be asked to approve the Merger. A notice of meeting will be mailed on or about March 26, 2025 to all investors of record as of March 17, 2025.

    The Independent Review Committee has provided a positive recommendation that the Merger, if implemented, will achieve a fair and reasonable result for the Terminating Fund.

    About Value Partners Investments Inc.
    Value Partners is an investment management firm founded in 2005 that offers investment products and services through experienced financial advisors at investment dealers and mutual fund dealers across Canada. Value Partners is a registered investment fund manager, portfolio manager and exempt market dealer with approximately $5.4 billion in assets under management on behalf of Canadian families and businesses.

    For further information, please contact:

    Gregg Filmon
    President
    Value Partners Investments Inc.
    Phone: (204) 949-0059

    The MIL Network –

  • MIL-OSI: Currency Exchange International, Corp. Announces Strategic Decision to Discontinue Operations of its Subsidiary, Exchange Bank of Canada, Pursue Referral Agreements with Appropriate Parties, and Seek Discontinuance from the Bank Act

    Source: GlobeNewswire (MIL-OSI)

    • Exchange Bank of Canada is to cease operations and refer the majority of its banknote and payments customers and selected employees to interested parties;
    • Currency Exchange International reiterates long-term positive outlook, with strategic focus on high potential U.S. business growth by leveraging its proprietary FX and payment software.

    TORONTO, Feb. 18, 2025 (GLOBE NEWSWIRE) — Currency Exchange International, Corp. (“CXI” or the “Company”) (TSX: CXI) (OTC: CURN), today announced its decision to cease the operations of its wholly-owned subsidiary, Exchange Bank of Canada (“EBC”), a federally chartered, non-deposit-taking, non-lending Canadian Schedule I bank. Following the cessation of operations, EBC intends to apply to the Minister of Finance (Canada) to discontinue from the Bank Act. The voluntary discontinuance is expected to be completed in the 4th quarter of 2025, subject to receipt of all necessary regulatory approvals.

    On January 7, 2025, CXI announced that a Special Committee of independent directors was actively considering a range of strategic options for EBC with the aim of identifying opportunities to maximize long-term value for shareholders. After the assessment of strategic options, assisted by an independent financial advisor, INFOR Financial Inc., CXI’s Board has decided to discontinue operations of its subsidiary, EBC. As part of this process, the Special Committee actively explored different options and supported a plan to cease EBC’s operations, pursue referral agreements for both the majority of its customers and select employees to well-established Canadian financial businesses, and seek discontinuance from the Bank Act.

    “The decision to seek discontinuance from the Bank Act for EBC was taken very seriously and not made lightly and reflects a difficult business environment in Canada. We are optimistic that the contemplated referral agreements are the best outcome for EBC stakeholders as well as CXI shareholders,” said Randolph Pinna, CEO of CXI. “Importantly, the CXI group continues to perform very well. This strategic move allows CXI to focus resources on its U.S. operations, where we see significant growth potential with both existing and new client relationships.”

    CXI’s long-term outlook remains positive due to the Company’s focus on its growing fintech businesses in the U.S. and anticipated additional new product growth in the U.S. market. The Company will provide further updates as the Canadian business operations are being discontinued. In connection with the cessation of operations and discontinuance, certain one time costs will be incurred, primarily over the next six months, largely driven by restructuring, vendor termination fees, severance obligations, professional fees and other related charges. CXI expects to remain profitable during this period. During this process, EBC is committed to ensuring minimal disruption to all its stakeholders.

    CXI is grateful to all EBC’s team members for their contributions over the years and is committed to providing support and guidance to all employees during this transition to ensure a smooth and respectful process.

    The Company plans to host a conference call on Wednesday, February 19, 2025 at 8:30 AM (EST). To participate in or listen to the call, please dial the appropriate number:

    Toll Free: 1 (800) 717-1738

    Conference ID number: 00133

    About Currency Exchange International, Corp.

    Currency Exchange International is in the business of providing comprehensive foreign exchange technology and processing services for banks, credit unions, businesses, and consumers in the United States and select clients globally. Primary products and services include the exchange of foreign currencies, wire transfer payments, Global EFTs, and foreign cheque clearing. Wholesale customers are served through its proprietary FX software applications delivered on its web-based interface, www.cxifx.com (“CXIFX”), its related APIs with core banking platforms, and through personal relationship managers. Consumers are served through Group-owned retail branches, agent retail branches, and its e-commerce platform, order.ceifx.com (“OnlineFX”).

    The Group’s wholly-owned Canadian subsidiary, Exchange Bank of Canada, based in Toronto, Canada, provides foreign exchange and international payment services in Canada and select international foreign jurisdictions. Customers are served through the use of its proprietary software, www.ebcfx.com (“EBCFX”), related APIs to core banking platforms, and personal relationship managers.

    Contact Information

    For further information please contact:
    Bill Mitoulas
    Investor Relations
    (416) 479-9547
    Email: bill.mitoulas@cxifx.com
    Website: www.cxifx.com

    CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING INFORMATION

    This press release includes forward-looking information within the meaning of applicable securities laws. This forward-looking information includes, or may be based upon, estimates, forecasts, and statements as to management’s expectations with respect to, among other things, the voluntary cessation of operations and discontinuance of Exchange Bank of Canada (EBC), the conclusion of referral agreements for customers and selected employees, regulatory approvals required for the discontinuance process, establishing direct correspondent banking relationships to support its U.S. payments business, the management of employee and customer transitions, the Company’s liquidity position during the cessation and discontinuance period, financial performance in fiscal 2025 and 2026, and the associated costs and outcomes of the cessation and discontinuance period in general. Forward-looking statements are identified by the use of terms and phrases such as “anticipate,” “believe,” “could,” “estimate,” “expect,” “intend,” “may,” “plan,” “predict,” “preliminary,” “project,” “will,” “would,” and similar terms and phrases, including references to assumptions.

    Forward-looking information is based on the opinions and estimates of management at the date such information is provided and on information available to management at such time. Forward-looking information involves significant risks, uncertainties, and assumptions that could cause the Company’s actual results, performance, or achievements to differ materially from the results discussed or implied in such forward-looking information. Actual results may differ materially from results indicated in forward-looking information due to a number of factors including, without limitation, the inability of the Company to complete the cessation of EBC and discontinuance in accordance with applicable regulatory and legal requirements on a basis which is cost effective and protects the goodwill of the Company, an inability to establish direct correspondent banking relationships to support its U.S. payments business on terms which are economic or at all, the impact of delays or challenges in obtaining regulatory approvals, a failure to obtain the necessary approvals for referral agreements for customers and selected employees or an inability to conclude such arrangements on a basis which is beneficial to the Company and its selected employees, an inability to manage one-time wind-down costs and severance obligations on cost-effective basis, potential disruptions to operations during the transition period. the risk of reduced liquidity during the transition periods and, generally, the potential for unforeseen liabilities arising during or after the cessation of operations and discontinuance of EBC.

    Additional risks include the ability of the Company to comply with regulatory requirements in general, the competitive nature of the foreign exchange industry, the impact of geo political changes, and trade wars on factors relevant to the Company’s business, currency exchange risks, the need for the Company to manage its planned growth, the effects of product development and the need for continued technological change, protection of the Company’s proprietary rights, the effect of government regulation and compliance on the Company and the industry in which it operates, network security risks, the ability of the Company to maintain properly working systems, theft and risk of physical harm to personnel, reliance on key management personnel, unexpected losses or challenges associated with customer attrition during the discontinuance, global economic deterioration negatively impacting tourism, volatile securities markets impacting security pricing in a manner unrelated to operating performance and impeding access to capital or increasing the cost of capital, as well as the factors identified throughout this press release and in the section entitled “Financial Risk Factors” of the Company’s Management’s Discussion and Analysis for the twelve months ended October 31, 2024.

    The forward-looking information contained in this press release represents management’s expectations as of the date hereof (or as of the date such information is otherwise stated to be presented) and is subject to change after such date. The Company disclaims any intention or obligation to update or revise any forward-looking information whether as a result of new information, future events, or otherwise, except as required under applicable securities laws.

    The Toronto Stock Exchange does not accept responsibility for the adequacy or accuracy of this press release. No stock exchange, securities commission, or other regulatory authority has approved or disapproved the information contained in this press release.

    The MIL Network –

  • MIL-OSI: Talonvest Secures $14.4M in Financings for two California Properties

    Source: GlobeNewswire (MIL-OSI)

    NEWPORT BEACH, Calif., Feb. 18, 2025 (GLOBE NEWSWIRE) — Talonvest Capital, Inc. is proud to announce two recent closings for SoCal Self Storage. The first was a $7,200,000 non-recourse permanent loan for a self storage facility located at 2550 Willow Lane in Thousand Oaks, California. The property spans 54,937 NRSF and features a total of 525 units. The property benefits from its prime location along the 101 Freeway, which sees over 170,000 vehicles per day. Concurrently, Talonvest negotiated a second loan on behalf of SoCal Self Storage for a facility encompassing 42,979 NRSF spanning 499 units and located in the economically vibrant community of Torrance, California.   The $7,200,000 non-recourse refinance loan features a 10-year loan, full-term interest only payments, and an attractive fixed interest rate.

    Thanks to the lender competition facilitated by Talonvest, the client secured cash out, loan terms surpassing those offered by life companies, financial cash management triggers waived, and a loan spread well below 200 bps on both transactions. Bill Bromiley, Principal of Syndicated Real Estate Investments, remarked, “The Talonvest team secured an excellent interest rate while structuring favorable loan terms for us, and they proactively managed a seamless closing.” Denny Geiler, Principal of Polo Properties, LLC, added, “Their deep understanding of the capital markets was invaluable, and their hands-on involvement throughout the process had a direct and positive impact on our results.” The Talonvest team responsible for these assignments included Eric Snyder, Kim Bishop, Ivan Viramontes, Morgan Johnson and Lauren Maehler.

    About Talonvest Capital Inc.

    Talonvest Capital is a commercial real estate advisory firm specializing in sourcing cutting-edge lending programs and advising on capital market trends for industrial, self-storage, multifamily, office, and retail property owners. Talonvest Capital offers a unique boutique approach by leveraging the company’s collective institutional knowledge and remaining highly engaged throughout the entire assignment, including the closing process, to deliver tailored capital solutions for their clients.   Learn more at https://talonvest.com.

    Thousand Oaks, CA

    Torrance, CA

    Photos accompanying this announcement are available at

    https://www.globenewswire.com/NewsRoom/AttachmentNg/df7d6e81-7b58-458f-bb15-905101bbcc6c

    https://www.globenewswire.com/NewsRoom/AttachmentNg/7078ee40-6c8a-4c41-b9db-ec8708468e8e

    The MIL Network –