Category: GlobeNewswire

MIL-OSI: 180 Degree Capital Corp. Issues Q4 2024 Shareholder Letter

Source: GlobeNewswire (MIL-OSI)

Montclair, NJ, Feb. 14, 2025 (GLOBE NEWSWIRE) — 180 Degree Capital Corp. (NASDAQ:TURN) today issued the following Q4 2024 Shareholder Letter:

Fellow Shareholders,

We are incredibly proud of our recent announcement of the signing of a definitive agreement for 180 Degree Capital Corp. (“180 Degree Capital”) to enter into a business combination (the “Business Combination”) with Mount Logan Capital Inc. (“Mount Logan”). For those of you who have not had a chance to listen to our joint call with the team from Mount Logan or review the presentation deck that summarizes the proposed transaction, both can be found at https://ir.180degreecapital.com/ir-calendar/detail/2908/180-degree-capital-and-mount-logan-capital-proposed-merger. We expect to file a registration statement and joint proxy statement/prospectus with the Securities and Exchange Commission (the “SEC”) soon. This document will give us the opportunity to speak with our shareholders more extensively about the proposed Business Combination and the process that led to our Board’s unanimous approval of this strategically important transaction.

This proposed transaction is not the end of 180 Degree Capital. We believe it is the logical next step in our evolution. It is also an opportunity that is not afforded commonly to closed-end funds, particularly since we believe most have limited differentiation. We believe there are clear reasons why 180 Degree Capital has this truly unique opportunity to combine with an asset manager and to transition to an operating company. We will get to those below, but first, I want to touch on why we believe Mount Logan is a proverbial “diamond in the rough.”

Mount Logan has the following attributes that we believe will provide value to 180 Degree Capital shareholders:

Mount Logan has what we believe to be an outstanding management team comprised of its CEO, Ted Goldthorpe, its Co-Presidents, Matthias Ederer and Henry Wang, and its CFO, Nikita Klassen;
Mount Logan’s asset management platform has approximately $2.4+ billion of assets under management (as of September 30, 2024) that we believe generates predictable fee revenue that can be used to benefit the growth of the combined company and its shareholders;
Mount Logan has operational leverage and unique investment access through its association with BC Partners, a leading global private equity and credit firm;
Mount Logan is focused on what we believe is the fast-growing market of private credit;
We believe that Mount Logan remains undiscovered by the majority of investors due to it being listed on the Cboe Canada exchange rather than a US national exchange; and
We believe Mount Logan is significantly undervalued by public market investors.

For 35 years, I have been a value investor attempting to uncover great companies that I believe are trading below their intrinsic value. As we spent more time with Ted and his colleagues over the past six months, it became abundantly clear to us that 1) we believe Mount Logan is one of these great undiscovered and undervalued companies and 2) the combination of our two companies has the potential to unlock substantial value for 180 Degree Capital shareholders by:

Shifting the valuation of our business from one based on net asset value to a valuation based on operating metrics with a foundation of what we believe will be more predictable fee-related revenues attributed to earnings from the management of permanent and semi-permanent capital vehicles. Other similar businesses commonly trade based on multiples of operating metrics rather than discounts to net asset value.
Changing to an asset-light operating company that leverages an association with BC Partners enables economies of scale that are not possible at 180 Degree Capital’s current size; and
Substantially increasing the available capital for us to be able to leverage our relationships with small and microcapitalization public companies, to develop capital structure solutions that seek to unlock value and generate favorable risk-adjusted returns.

I, as the largest individual shareholder of 180 Degree Capital, and Daniel as a top-ten shareholder, could not be more excited about the future of the combined entity. We believe the proposed Business Combination to be the best opportunity to build value for all shareholders of 180 Degree Capital. We believe strongly in 180 Degree Capital’s future under the leadership of Ted and his colleagues. I have been an investor in the public markets for 35 years, during which investors entrusted me with billions of dollars of capital. We are interested in building true value for shareholders over the short and long term. We believe this combination achieves both of these objectives.

We are not the only ones who understand the potential for value creation from this Business Combination. Some of our largest shareholders have signed either voting agreements or non-binding indications of support, that when combined with ownership of management and the board, account for approximately 27% of our outstanding shares in the aggregate. We appreciate the time and consideration these shareholders spent to understand the merits of this proposed Business Combination and their support for it.

While we work toward filing the registration statement and joint proxy statement/prospectus for the proposed Business Combination with the SEC, we thought this would be a good time to reflect on our successes since the start of 180 Degree Capital in 2017. We believe that these successes have enabled us to enter at this next phase of 180 Degree Capital’s evolution and value creation for our fellow shareholders. Here are some of the data points we are proud of and show our contributions since I joined 180 Degree Capital’s predecessor company board of directors in June 2016, when we started 180 Degree Capital at the end of 2016, and the end of last year:

	June 30, 2016	December 31, 2016	December 31, 2024	Change from December 31, 2016
Day-to-Day Operating Expenses	~$6.0 million	~$6.3 million	~$3.5 million	-44%
% Private Investments	86%	92%	<1%	-91%
% Public Investments	14%	8%	>99%	+91%
% Cash + Public Securities of NAV	21%¹	27%	102%	+75%
Insider Ownership	2.1%²	2.6%²	12.7%	+10.1%

^1. Net of $5,000,000 in debt on balance sheet as of June 30, 2016.
^2. Excludes restricted stock subject to forfeiture provisions. The equity compensation program was terminated in March 2017 in conjunction with 180 Degree Capital’s transition from a business development company to a registered closed-end fund.

We slashed expenses, in part by transitioning from a business development company to a registered closed-end fund structure. A collateral impact of this transition was the elimination of our ability to compensate employees through the issuance of options or restricted stock. We didn’t care. It was the right decision for our shareholders. We transitioned the balance sheet. We substantially increased insider ownership through solely open market purchases. As noted previously, no equity was given to the management team or other employees as compensation. No one has bought and held more stock in the open market than me during that time period.

As the table below shows, we believe our shareholders have benefited from our ability to generate positive returns on our investments since we took over management of 180 Degree Capital. These returns were offset by material declines in the legacy private portfolio that we inherited.

Public Portfolio Contribution to Change in NAV (2017-2024)	Legacy Private Portfolio Contribution to Change in NAV (2017-2024)
+$3.13/share	-$2.41/share

TURN Public Portfolio Gross Total (Excluding SMA Carried Interest)

TURN Public Portfolio Gross Total (Including SMA Carried Interest)

Change in NAV

Change in Stock Price

Russell Microcap Index

Lipper Peer Group Average

Inception to Date
Q4 2016 – Q4 2024

+185.7%

+204.5%

-33.9%

-11.4%

+68.5%

+81.8%

Math is math. Our public market investment strategy over the history of 180 Degree Capital outperformed our comparable peers and indices. It is fair to ask why our stock price has not followed. We believe it is largely because of the significant negative impact of the private portfolio that we inherited, and the discounts disproportionately applied to closed-end funds of our size. Hence, I come back to our proposed Business Combination with Mount Logan, and what we believe it can do to potentially unlock value for 180 Degree Capital shareholders when we are no longer constrained by the market dynamics ascribed to closed-end funds.

We will let our upcoming registration statement and included joint proxy statement/prospectus provide the truth to our shareholders regarding how and why our Board unanimously approved this proposed Business Combination. In the meantime, our work over the prior eight years set up 180 Degree Capital for this next phase of what we believe will be long-term shareholder value creation. We realize our lack of scale has caused our expense ratio to be too high. We believe we have uncovered a unique solution for that and other growth-limiting issues with our proposed Business Combination. Our Board and management team firmly believe that this Business Combination is in the best interest of all of our shareholders. We could not be more excited about the potential for future value creation as a result of combining with Mount Logan, and we look forward to discussing this proposed combination with all of you and prospective future shareholders of the combined entity.

All the best,

Kevin M. Rendino
Chairman and Chief Executive Officer

About 180 Degree Capital Corp.

180 Degree Capital Corp. is a publicly traded registered closed-end fund focused on investing in and providing value-added assistance through constructive activism to what we believe are substantially undervalued small, publicly traded companies that have potential for significant turnarounds. Our goal is that the result of our constructive activism leads to a reversal in direction for the share price of these investee companies, i.e., a 180-degree turn. Detailed information about 180 Degree Capital and its holdings can be found on its website at www.180degreecapital.com.

Press Contact:
Daniel B. Wolfe
Robert E. Bigelow
180 Degree Capital Corp.
973-746-4500
ir@180degreecapital.com

Additional Information and Where to Find It

In connection with the proposed Business Combination, 180 Degree Capital intends to file with the SEC and mail to its shareholders a proxy statement on Schedule 14A (the “Proxy Statement”), containing a form of WHITE proxy card. In addition, the surviving Delaware corporation, Mount Logan Capital Inc. (“New Mount Logan”) plans to file with the SEC a registration statement on Form S-4 (the “Registration Statement”) that will register the exchange of New Mount Logan shares in the Business Combination and include the Proxy Statement and a prospectus of New Mount Logan (the “Prospectus”). The Proxy Statement and the Registration Statement (including the Prospectus) will each contain important information about 180 Degree Capital, Mount Logan, New Mount Logan, the Business Combination and related matters. SHAREHOLDERS OF 180 DEGREE CAPITAL AND MOUNT LOGAN ARE URGED TO READ THE PROXY STATEMENT AND PROSPECTUS CONTAINED IN THE REGISTRATION STATEMENT AND OTHER DOCUMENTS THAT ARE FILED OR WILL BE FILED WITH THE APPLICABLE SECURITIES REGULATORY AUTHORITIES AS WELL AS ANY AMENDMENTS OR SUPPLEMENTS TO THESE DOCUMENTS CAREFULLY AND IN THEIR ENTIRETY WHEN THEY BECOME AVAILABLE BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION ABOUT 180 DEGREE CAPITAL, MOUNT LOGAN, NEW MOUNT LOGAN, THE BUSINESS COMBINATION AND RELATED MATTERS. Investors and security holders may obtain copies of these documents and other documents filed with the applicable securities regulatory authorities free of charge through the website maintained by the SEC at https://www.sec.gov and the website maintained by the Canadian securities regulators at www.sedarplus.ca. Copies of the documents filed by 180 Degree Capital are also available free of charge by accessing 180 Degree Capital’s investor relations website at https://ir.180degreecapital.com.

Certain Information Concerning the Participants

180 Degree Capital, its directors and executive officers and other members of management and employees may be deemed to be participants in the solicitation of proxies in connection with the Business Combination. Information about 180 Degree Capital’s executive officers and directors is available in 180 Degree Capital’s Annual Report filed on Form N-CSR for the year ended December 31, 2024, which was filed with the SEC on February 13, 2025, and in its proxy statement for the 2024 Annual Meeting of Shareholders (“2024 Annual Meeting”), which was filed with the SEC on March 1, 2024. To the extent holdings by the directors and executive officers of 180 Degree Capital securities reported in the proxy statement for the 2024 Annual Meeting have changed, such changes have been or will be reflected on Statements of Change in Ownership on Forms 3, 4 or 5 filed with the SEC. These documents are or will be available free of charge at the SEC’s website at https://www.sec.gov. Additional information regarding the persons who may, under the rules of the SEC, be considered participants in the solicitation of the 180 Degree Capital shareholders in connection with the Business Combination will be contained in the Proxy Statement when such document becomes available.

Mount Logan, its directors and executive officers and other members of management and employees may be deemed to be participants in the solicitation of proxies from the shareholders of Mount Logan in favor of the approval of the Business Combination. Information about Mount Logan’s executive officers and directors is available in Mount Logan’s annual information form dated March 14, 2024, available on its website at https://mountlogancapital.ca/investor-relations and on SEDAR+ at https://sedarplus.ca. To the extent holdings by the directors and executive officers of Mount Logan securities reported in Mount Logan’s annual information form have changed, such changes have been or will be reflected on insider reports filed on SEDI at https://www.sedi.ca/sedi/. Additional information regarding the persons who may, under the rules of the SEC, be considered participants in the solicitation of the Mount Logan shareholders in connection with the Business Combination will be contained in the Prospectus included in the Registration Statement when such document becomes available.

Non-Solicitation

This letter and the materials accompanying it are not intended to be, and shall not constitute, an offer to buy or sell or the solicitation of an offer to buy or sell any securities, or a solicitation of any vote or approval, nor shall there be any sale of securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction. No offering of securities shall be made, except by means of a prospectus meeting the requirements of Section 10 of the U.S. Securities Act of 1933, as amended.

Forward-Looking Statements

This letter and the materials accompanying it, and oral statements made from time to time by representatives of 180 Degree Capital and Mount Logan, may contain statements of a forward-looking nature relating to future events within the meaning of federal securities laws. Forward-looking statements may be identified by words such as “anticipates,” “believes,” “could,” “continue,” “estimate,” “expects,” “intends,” “will,” “should,” “may,” “plan,” “predict,” “project,” “would,” “forecasts,” “seeks,” “future,” “proposes,” “target,” “goal,” “objective,” “outlook” and variations of these words or similar expressions (or the negative versions of such words or expressions). Forward-looking statements are not statements of historical fact and reflect Mount Logan’s and 180 Degree Capital’s current views about future events. Such forward-looking statements include, without limitation, statements about the benefits of the Business Combination involving Mount Logan and 180 Degree Capital, including future financial and operating results, Mount Logan’s and 180 Degree Capital’s plans, objectives, expectations and intentions, the expected timing and likelihood of completion of the Business Combination, and other statements that are not historical facts, including but not limited to future results of operations, projected cash flow and liquidity, business strategy, payment of dividends to shareholders of New Mount Logan, and other plans and objectives for future operations. No assurances can be given that the forward-looking statements contained in this press release will occur as projected, and actual results may differ materially from those projected. Forward-looking statements are based on current expectations, estimates and assumptions that involve a number of risks and uncertainties that could cause actual results to differ materially from those projected. These risks and uncertainties include, without limitation, the ability to obtain the requisite Mount Logan and 180 Degree Capital shareholder approvals; the risk that Mount Logan or 180 Degree Capital may be unable to obtain governmental and regulatory approvals required for the Business Combination (and the risk that such approvals may result in the imposition of conditions that could adversely affect New Mount Logan or the expected benefits of the Business Combination); the risk that an event, change or other circumstance could give rise to the termination of the Business Combination; the risk that a condition to closing of the Business Combination may not be satisfied; the risk of delays in completing the Business Combination; the risk that the businesses will not be integrated successfully; the risk that the cost savings and any other synergies from the Business Combination may not be fully realized or may take longer to realize than expected; the risk that any announcement relating to the Business Combination could have adverse effects on the market price of Mount Logan’s common stock or 180 Degree Capital’s common stock; unexpected costs resulting from the Business Combination; the possibility that competing offers or acquisition proposals will be made; the risk of litigation related to the Business Combination; the risk that the credit ratings of New Mount Logan or its subsidiaries may be different from what the companies expect; the diversion of management time from ongoing business operations and opportunities as a result of the Business Combination; the risk of adverse reactions or changes to business or employee relationships, including those resulting from the announcement or completion of the Business Combination; competition, government regulation or other actions; the ability of management to execute its plans to meet its goals; risks associated with the evolving legal, regulatory and tax regimes; changes in economic, financial, political and regulatory conditions; natural and man-made disasters; civil unrest, pandemics, and conditions that may result from legislative, regulatory, trade and policy changes; and other risks inherent in Mount Logan’s and 180 Degree Capital’s businesses. Forward-looking statements are based on the estimates and opinions of management at the time the statements are made. Readers should carefully review the statements set forth in the reports, which 180 Degree Capital has filed or will file from time to time with the SEC and Mount Logan has filed or will file from time to time on SEDAR+.

Neither Mount Logan nor 180 Degree Capital undertakes any obligation, and expressly disclaims any obligation, to publicly update any forward-looking statement, whether as a result of new information, future events or otherwise, except as required by law. Any discussion of past performance is not an indication of future results. Investing in financial markets involves a substantial degree of risk. Investors must be able to withstand a total loss of their investment. The information herein is believed to be reliable and has been obtained from sources believed to be reliable, but no representation or warranty is made, expressed or implied, with respect to the fairness, correctness, accuracy, reasonableness or completeness of the information and opinions. The references and link to the website www.180degreecapital.com and mountlogancapital.ca have been provided as a convenience, and the information contained on such websites are not incorporated by reference into this press release. Neither 180 Degree Capital nor Mount Logan is responsible for the contents of third-party websites.

The MIL Network –

February 15, 2025

MIL-OSI: TC Energy files 2024 annual disclosure documents
Source: GlobeNewswire (MIL-OSI)

CALGARY, Alberta, Feb. 14, 2025 (GLOBE NEWSWIRE) — News Release – TC Energy Corporation (TSX, NYSE: TRP) (TC Energy or the Company) has today filed with Canadian securities authorities:
- Audited Consolidated Financial Statements for the year ended Dec. 31, 2024 with related Management’s Discussion and Analysis (Annual Report); and
- The Company’s Annual Information Form for the year ended Dec. 31, 2024.
In addition, TC Energy filed its Form 40-F for the year ended Dec. 31, 2024 with the United States Securities and Exchange Commission.

Copies of the filed documents are available at sedarplus.ca, sec.gov (for the Form 40-F) and in the Investors section of the Company website at tcenergy.com. Shareholders may request a paper copy of the audited Consolidated Financial Statements, free of charge, by calling the Company at 1.800.661.3805.

About TC Energy
We’re a team of 6,500+ energy problem solvers connecting the world to the energy it needs. Our extensive network of natural gas infrastructure assets is one-of-a-kind. We seamlessly move, generate and store energy and deliver it to where it is needed most, to homes and businesses in North America and across the globe through LNG exports. Our natural gas assets are complemented by our strategic ownership and low-risk investments in power generation.

TC Energy’s common shares trade on the Toronto (TSX) and New York (NYSE) stock exchanges under the symbol TRP. To learn more, visit us at TCEnergy.com.

FORWARD-LOOKING INFORMATION
This release contains certain information that is forward-looking and is subject to important risks and uncertainties (such statements are usually accompanied by words such as “anticipate”, “expect”, “believe”, “may”, “will”, “should”, “estimate”, “intend” or other similar words). Forward-looking statements in this document are intended to provide TC Energy security holders and potential investors with information regarding TC Energy and its subsidiaries, including management’s assessment of TC Energy’s and its subsidiaries’ future plans and financial outlook. All forward-looking statements reflect TC Energy’s beliefs and assumptions based on information available at the time the statements were made and as such are not guarantees of future performance. As actual results could vary significantly from the forward-looking information, you should not put undue reliance on forward-looking information and should not use future-oriented information or financial outlooks for anything other than their intended purpose. We do not update our forward-looking information due to new information or future events, unless we are required to by law. For additional information on the assumptions made, and the risks and uncertainties which could cause actual results to differ from the anticipated results, refer to the most recent Quarterly Report to Shareholders and Annual Report filed under TC Energy’s profile on SEDAR+ at www.sedarplus.ca and with the U.S. Securities and Exchange Commission at www.sec.gov.

-30-

Media Inquiries:
Media Relations
media@tcenergy.com
403-920-7859 or 800-608-7859

Investor & Analyst Inquiries:
Gavin Wylie / Hunter Mau
investor_relations@tcenergy.com
403-920-7911 or 800-361-6522

PDF available: http://ml.globenewswire.com/Resource/Download/6b530914-f2e2-4c16-87d3-1a082b13e600

The MIL Network –
February 15, 2025

MIL-OSI: TC Energy reports solid fourth quarter 2024 operating and financial results

Source: GlobeNewswire (MIL-OSI)

Southeast Gateway pipeline project achieves mechanical completion
Increases common share dividend for the twenty-fifth consecutive year

CALGARY, Alberta, Feb. 14, 2025 (GLOBE NEWSWIRE) — TC Energy Corporation (TSX, NYSE: TRP) (TC Energy or the Company) released its fourth quarter results today. François Poirier, TC Energy’s President and Chief Executive Officer commented, “Our strategic priorities that emphasize safety, operational excellence and project execution continue to deliver solid growth, low risk and repeatable performance. For the full year 2024, comparable EBITDA¹ from continuing operations increased approximately six per cent, and segmented earnings from continuing operations increased approximately 56 per cent compared to 2023.” Poirier continued, “Reaching mechanical completion 13 per cent under budget on the Southeast Gateway pipeline project is a monumental milestone for the company and for Mexico, and a testament to our unwavering focus on project execution. We remain aligned with the CFE on achieving a May 1, 2025 in-service date, which will mark a material inflection point for TC Energy; providing Southeast Mexico with access to safe, reliable and affordable energy. Driven by our consistently strong performance, TC Energy’s Board of Directors approved a quarterly dividend increase of 3.3 per cent for the quarter ending March 31, 2025, equivalent to $3.40 per common share on an annualized basis. The increase in quarterly dividend is based on TC Energy’s proportionate allocation of the dividend post-spin, and represents our twenty-fifth consecutive year of dividend growth.”

Financial Highlights
(All financial figures are unaudited and in Canadian dollars unless otherwise noted)

Following the spinoff of our Liquids Pipelines business into South Bow on October 1, 2024, Liquids Pipelines results are reported as a discontinued operation
Fourth quarter 2024 financial results from continuing operations:
- Comparable earnings¹ of $1.1 billion or $1.05 per common share¹ compared to $1.2 billion or $1.15 per common share in fourth quarter 2023
- Net income attributable to common shares of $1.1 billion or $1.03 per common share compared to net income attributable to common shares of $1.2 billion or net income per common share of $1.20 in fourth quarter 2023
- Comparable EBITDA of $2.6 billion compared to $2.7 billion in fourth quarter 2023
- Segmented earnings of $1.9 billion compared to $2.0 billion in fourth quarter 2023
Year ended December 31, 2024 financial results from continuing operations:
- Comparable EBITDA of $10.0 billion compared to $9.5 billion in 2023
- Segmented earnings of $8.0 billion compared to $5.1 billion in 2023
Year ended December 31, 2024 financial results including a nine-month contribution from the Liquids Pipelines business:
- 2024 comparable earnings of $4.4 billion or $4.27 per common share compared to $4.7 billion or $4.52 per common share in 2023
- Net income attributable to common shares of $4.6 billion or $4.43 per common share compared to $2.8 billion or $2.75 per common share in 2023
- Comparable EBITDA of $11.2 billion compared to $11.0 billion in 2023
- Segmented earnings of $8.7 billion compared to $6.1 billion in 2023
TC Energy’s Board of Directors approved a 3.3 per cent increase in the quarterly common share dividend to $0.85 per common share for the quarter ending March 31, 2025, equivalent to $3.40 per common share on an annualized basis. The increase in quarterly dividend is based on TC Energy’s proportionate allocation of the dividend post-spin
2025 outlook for continuing operations:
- Comparable EBITDA outlook for 2025 continuing operations is expected to be $10.7 to $10.9 billion, driven by new projects anticipated to be placed in service in 2025, including the Southeast Gateway pipeline, along with the full year contribution from projects placed in service in 2024, higher contributions from the NGTL System resulting from the five-year negotiated revenue requirement settlement, partially offset by reduced generation from Bruce Power due to the commencement of the Unit 4 Major Component Replacement (MCR)
- Comparable earnings per common share (EPS) for 2025 for continuing operations is expected to be lower than 2024 comparable EPS from continuing operations due to the net impact of an increase in comparable EBITDA, lower AFUDC related to the Southeast Gateway pipeline expected to be placed in service on May 1, 2025, lower interest income as a result of lower cash balances and lower interest rates, increased depreciation rates on the NGTL System related to the five-year negotiated revenue requirement settlement, higher effective tax rates and reduced capitalized interest due to the Coastal GasLink pipeline commercial in-service
- Capital expenditures are expected to be $6.1 to $6.6 billion, on a gross basis, or $5.5 to $6.0 billion of net capital expenditures² after considering capital expenditures attributable to non-controlling interests of entities we control.

Operational Highlights

Canadian Natural Gas Pipelines deliveries averaged 25.6 Bcf/d, up seven per cent compared to fourth quarter 2023
- Total NGTL System deliveries set a new record of 17.7 Bcf on February 9, 2025
- Canadian Mainline fourth quarter deliveries averaged 6.3 Bcf/d, up 11 per cent compared to fourth quarter 2023
U.S. Natural Gas Pipelines daily average flows were 27.0 Bcf/d
- U.S. Natural Gas Pipelines set a new all-time record of 37.9 Bcf on January 20, 2025
- ANR set a new all-time record of 10.0 Bcf on January 20, 2025
Mexico Natural Gas Pipelines flows averaged 2.7 Bcf/d
- Sur de Texas pipeline set a single-day flow record above 1.7 Bcf/d on November 20, 2024 highlighting its importance as a key import route for U.S. natural gas production into Mexico
Bruce Power achieved 99 per cent availability in fourth quarter 2024
Cogeneration power plant fleet achieved 98 per cent availability in fourth quarter 2024, attributed to fewer forced outages and successful completion of planned outages.

Project Highlights

Completed the successful spinoff of the Liquids Pipelines business (the Spinoff Transaction) on October 1, 2024
Achieved mechanical completion of the Southeast Gateway pipeline project on January 20, 2025. We continue to be aligned with the CFE on finalizing the remaining project completion activities for achieving a May 1, 2025 in-service date
Declared commercial in-service of the Coastal GasLink pipeline in November 2024, allowing for the collection of tolls from customers retroactive to October 1, 2024
Approved the Pulaski and Maysville projects on our Columbia Gulf System. These mainline extension projects off Columbia Gulf will facilitate full coal-to-gas conversion at two existing power plants and are each expected to provide 0.2 Bcf/d of capacity for incremental gas-fired generation. The projects have anticipated in-service dates in 2029 and total estimated costs of US$0.7 billion
Approved the US$0.3 billion Southeast Virginia Energy Storage Project. This is an LNG peaking facility in southeast Virginia that will serve an existing LDC’s growing winter peak day load and mitigate its peak day pricing exposure, as well as increase operational flexibility on the Columbia Gas system. The project has an anticipated in-service date of 2030
Placed the US$0.1 billion GTN XPress project into service in December 2024
Bruce Power announced Stage 3a of Project 2030 which will provide incremental capacity of approximately 90 MW at the site. TC Energy’s share of the capital required is approximately $175 million. Bruce Power will not be requesting an incremental capital call for this stage. By optimizing its existing Units through this program, when complete, Project 2030 is expected to increase the Bruce Power site peak output to 7,000 MW. All of this output will be sold under Bruce Power’s long-term contract with the IESO
Removed Bruce Power’s Unit 4 from service on January 31, 2025 to commence its MCR program. The Unit 5 MCR final cost and schedule estimate was submitted to the IESO on January 31, 2025
TC Energy and prospective partners Saugeen Ojibway Nation will advance pre-development work on the Ontario Pumped Storage Project following the Ontario Government’s recent announcement on January 24, 2025 to invest up to $285 million to complete a detailed cost estimate and environmental assessments to determine the feasibility of the project.

	three months ended December 31			year ended December 31
(millions of $, except per share amounts)	2024		2023¹	2024	2023¹

Net income (loss) attributable to common shares	971		1,463	4,594	2,829
from continuing operations	1,069		1,249	4,199	2,217
from discontinued operations²	(98	)	214	395	612

Net income (loss) per common share – basic	$0.94		$1.41	$4.43	$2.75
from continuing operations	$1.03		$1.20	$4.05	$2.15
from discontinued operations²	($0.09	)	$0.21	$0.38	$0.60

Comparable EBITDA³	2,619		3,107	11,194	10,988
from continuing operations	2,619		2,715	10,049	9,472
from discontinued operations²	—		392	1,145	1,516

Comparable earnings³	1,094		1,403	4,430	4,652
from continuing operations	1,094		1,192	3,865	3,896
from discontinued operations²	—		211	565	756

Comparable earnings per common share³	$1.05		$1.35	$4.27	$4.52
from continuing operations	$1.05		$1.15	$3.73	$3.78
from discontinued operations²	—		$0.20	$0.54	$0.74

Prior year results have been recast to reflect the split between continuing and discontinued operations.
Represents nine months of Liquids Pipelines earnings in 2024 compared to a full year of Liquids Pipelines earnings in 2023. Refer to the Discontinued operations section of this news release for additional information.
For additional information on the most directly comparable GAAP measure, refer to the Non-GAAP measures section of this news release.

	three months ended December 31			year ended December 31
(millions of $, except per share amounts)	2024	2023		2024	2023

Cash flows¹
Net cash provided by operations²	2,084	1,860		7,696	7,268
Comparable funds generated from operations^2,3	1,665	2,405		7,890	7,980
Capital spending⁴	2,307	2,985		7,904	12,298
Acquisitions, net of cash acquired	—	(5	)	—	(307	)
Proceeds from sales of assets, net of transaction costs	—	33		791	33
Disposition of equity interest, net of transaction costs⁵	—	5,328		419	5,328

Dividends declared
per common share⁶	$0.8225	$0.93		$3.7025	$3.72

Basic common shares outstanding (millions)
– weighted average for the period	1,038	1,037		1,038	1,030
– issued and outstanding at end of period	1,039	1,037		1,039	1,037

Includes continuing and discontinued operations.
Represents nine months of Liquids Pipelines earnings in 2024 compared to a full year of Liquids Pipelines earnings in 2023. Refer to the Discontinued operations section of this news release for additional information.
Comparable funds generated from operations is a non-GAAP measure used throughout this news release. This measure does not have any standardized meaning under GAAP and therefore is unlikely to be comparable in similar measures presented by other companies. The most directly comparable GAAP measure is Net cash provided by operations. For more information on non-GAAP measures, refer to the Non-GAAP measures section of this news release.
Capital spending reflects cash flows associated with our Capital expenditures, Capital projects in development and Contributions to equity investments net of Other distributions from equity investments of $3.1 billion in 2024 in the Canadian Natural Gas Pipelines segment. Refer to Note 7, Coastal GasLink in the Consolidated financial statements of our 2024 Annual Report and the Segmented information of our Condensed consolidated financial statements of this news release for additional information.
Included in the Financing activities section of the Condensed consolidated statement of cash flows.
Dividends declared in fourth quarter 2024 reflect TC Energy’s proportionate allocation following the Spinoff Transaction. Refer to the Discontinued operations section of this news release for additional information.

	three months ended December 31				year ended December 31
(millions of $, except per share amounts)	2024		2023¹		2024		2023¹

Segmented earnings (losses) from continuing operations
Canadian Natural Gas Pipelines	506		692		2,016		(90	)
U.S. Natural Gas Pipelines	918		955		4,053		3,531
Mexico Natural Gas Pipelines	214		150		929		796
Power and Energy Solutions	276		263		1,102		1,004
Corporate	(16	)	(34	)	(136	)	(144	)
Segmented earnings (losses) from continuing operations	1,898		2,026		7,964		5,097

Comparable EBITDA from continuing operations
Canadian Natural Gas Pipelines	851		1,034		3,388		3,335
U.S. Natural Gas Pipelines	1,200		1,225		4,511		4,385
Mexico Natural Gas Pipelines	234		208		999		805
Power and Energy Solutions	341		266		1,214		1,020
Corporate	(7	)	(18	)	(63	)	(73	)
Comparable EBITDA from continuing operations	2,619		2,715		10,049		9,472

Depreciation and amortization	(639	)	(632	)	(2,535	)	(2,446	)
Interest expense included in comparable earnings	(836	)	(777	)	(3,176	)	(2,966	)
Allowance for funds used during construction	233		132		784		575
Foreign exchange gains (losses), net included in comparable earnings	(44	)	40		(85	)	118
Interest income and other	120		119		324		272
Income tax (expense) recovery included in comparable earnings	(168	)	(253	)	(772	)	(890	)
Net (income) loss attributable to non-controlling interests included in comparable earnings	(163	)	(128	)	(620	)	(146	)
Preferred share dividends	(28	)	(24	)	(104	)	(93	)
Comparable earnings from continuing operations	1,094		1,192		3,865		3,896
Comparable earnings per common share from continuing operations	$1.05		$1.15		$3.73		$3.78

Prior year results have been recast to reflect continuing operations only.

	three months ended December 31				year ended December 31
(millions of $, except per share amounts)	2024		2023¹		2024²		2023¹

Segmented earnings (losses) from discontinued operations	(109	)	301		716		1,039
Comparable EBITDA from discontinued operations	—		392		1,145		1,516
Depreciation and amortization	—		(85	)	(253	)	(332	)
Interest expense included in comparable earnings³	—		(63	)	(176	)	(287	)
Interest income and other included in comparable earnings⁴	—		2		3		6
Income tax (expense) recovery included in comparable earnings⁵	—		(35	)	(154	)	(147	)
Comparable earnings from discontinued operations	—		211		565		756
Comparable earnings per common share from discontinued operations	—		$0.20		$0.54		$0.74

Prior year results have been recast to reflect the Liquids Pipelines business as a discontinued operation as a result of the Spinoff Transaction.
Represents nine months of Liquids Pipelines earnings in 2024 compared to a full year of Liquids Pipelines earnings in 2023. Refer to the Discontinued operations section in our 2024 Annual Report for additional information.
Excludes pre-tax carrying charges of $5 million for the three months ended December 31, 2023 as a result of a charge related to the FERC Administrative Law Judge decision on Keystone in respect of a tolling-related complaint pertaining to amounts recognized in prior periods.
Excludes pre-tax Liquids Pipelines business separation costs of $10 million related to insurance provisions for the three months ended December 31, 2024.
Excludes the impact of income taxes related to the specified items mentioned above as well as a $14 million U.S. minimum tax recovery in fourth quarter 2023 on the Keystone XL asset impairment charge and other related to the termination of the Keystone XL pipeline project.

CEO Message
2024 has been a transformational year for TC Energy. Through maintaining focus on a clear set of strategic priorities, we have delivered on our commitments and solidified our position as an industry leading natural gas and power company. With the successful spinoff of our Liquids Pipelines business, significant progress towards our debt-to-EBITDA³ leverage targets, and achieving mechanical completion on Southeast Gateway, we are well positioned to capitalize on the unprecedented demand we are seeing in natural gas and power and energy solutions across Canada, the U.S. and Mexico. Building on our solid foundation, our strong operational and financial results in 2024 are a direct reflection of our best safety performance in five years that has driven the highest level of asset availability and reliability across our portfolio.

Our priorities for 2025 are clear. We will continue to maximize the value of our assets through safety and operational excellence, execute our selective portfolio of growth projects and ensure financial strength and agility. We believe that our renewed focus on natural gas and power, and our portfolio of highly contracted assets gives us a strategic competitive advantage in the industry, enabling us to continue achieving solid growth, low risk and repeatable performance.

TC Energy’s focus on project execution continues to deliver results. The Southeast Gateway pipeline project reached mechanical completion on January 20, 2025 with the final golden welds at Coatzacoalcos and Paraíso. The estimated final cost for the project is approximately US$3.9 billion, which is at the low end of our prior guidance of US$3.9 to US$4.1 billion and 13 per cent below our original cost estimate. We continue to be aligned with the CFE on finalizing the remaining project completion activities for achieving a May 1, 2025 in-service date. The Southeast Gateway project highlights the success of the CFE’s first public-private partnership with TC Energy. Bruce Power Unit 4 was removed from service on January 31, 2025 to commence its MCR program, with a return to service expected in 2028, and the Unit 3 MCR program continues to advance on plan for both cost and schedule. The Unit 5 MCR final cost and schedule estimate was submitted to the IESO on January 31, 2025. In 2024, approximately $7 billion of projects have been placed in service, including natural gas pipeline capacity projects along our extensive North American asset footprint, our share of equity contributions related to the Coastal GasLink pipeline, as well as progressing the Bruce Power life extension program. We continue to expect approximately $8.5 billion of projects to be placed in service in 2025, including the Southeast Gateway pipeline project.

In November 2024, Coastal GasLink LP executed a commercial agreement with LNG Canada (LNGC) and LNGC Participants that declared commercial in-service for the pipeline, allowing for the collection of tolls from customers retroactive to October 1, 2024. In March 2022, we announced the signing of option agreements to sell up to a 10 per cent equity interest in Coastal GasLink LP to Indigenous communities across the project corridor, from our current 35 per cent equity ownership. The equity option is exercisable after commercial in-service of the Coastal GasLink pipeline, subject to customary regulatory approvals and consents, including the consent of LNGC. As a result of the commercial agreement with LNGC and LNGC Participants, which has allowed for an earlier commercial in-service than the LNGC plant, we are actively collaborating with the Indigenous communities to establish a mutually agreeable timeframe in which the option can be exercised.

We continue to assess ongoing trade negotiations between the U.S., Canada and Mexico and potential impacts of proposed tariffs to our business and our customers. On February 3, 2025, a 30-day pause on potential tariffs was implemented which we believe will support increased engagement with North America’s leaders in order to reach an agreement that will benefit consumers across the continent. There is significant energy flow between the U.S., Canada and Mexico, including oil, gas, electricity, and uranium, making our energy markets highly interdependent. Our assets support this cross-border flow of natural gas to critical markets in the U.S. Northeast, Midwest and Pacific Northwest and we remain committed to providing competitive and reliable service to our customers on both sides of the border.

Given 97 per cent of our comparable EBITDA is underpinned by regulated cost-of-service frameworks or take-or-pay negotiated contracts, we bear minimal commodity price or volumetric risk. As such, we do not anticipate any significant impact to our financial performance.

The cost-of-service framework of our regulated Canadian Natural Gas Pipelines business, which transports natural gas to be exported to the U.S. by our shippers, provides TC Energy with protection in the event of higher cost and/or loss of volumes. Our Mexico Natural Gas Pipelines business primarily receives southern U.S. natural gas supply, transported for our customers for delivery into key demand markets in Mexico. We do not transport any natural gas from Mexico into the U.S. Our contracts in Mexico are U.S. dollar-denominated and based on long-term, take-or-pay agreements. In our Power and Energy Solutions business, our most significant contributor is Bruce Power, where more than 90 per cent of capital and resource costs are spent in Canada.

We recognize prolonged tariffs could impact capital allocation decisions and we will allocate capital to the markets where the demand for energy continues to grow. We have the benefit of a diverse portfolio across three jurisdictions, along with opportunities in natural gas, nuclear and other power and energy solutions that provides flexibility in our capital allocation.

Reinforced by the strength of our base business and the confidence in our future outlook, TC Energy’s Board of Directors approved a 3.3 per cent increase in the quarterly common share dividend to $0.85 per common share for the quarter ending March 31, 2025, equivalent to $3.40 per common share on an annualized basis. This is the twenty-fifth consecutive year the Board has raised the dividend.

Teleconference and Webcast
We will hold a teleconference and webcast on Friday, February 14, 2025 at 6:30 a.m. (MST) / 8:30 a.m. (EST) to discuss our fourth quarter 2024 financial results and Company developments. Presenters will include François Poirier, President and Chief Executive Officer; Sean O’Donnell, Executive Vice-President and Chief Financial Officer; and other members of the executive leadership team.

Members of the investment community and other interested parties are invited to participate by calling 1-844-763-8274 (Canada/U.S.) or 1-647-484-8814 (International). No passcode is required. Please dial in 15 minutes prior to the start of the call. Alternatively, participants may pre-register for the call here. Upon registering, you will receive a calendar booking by email with dial in details and a unique PIN. This process will bypass the operator and avoid the queue. Registration will remain open until the end of the conference call.

A live webcast of the teleconference will be available on TC Energy’s website at TC Energy — Events and presentations or via the following URL: https://www.gowebcasting.com/13928. The webcast will be available for replay following the meeting.

A replay of the teleconference will be available two hours after the conclusion of the call until midnight EST on February 21, 2025. Please call 1-855-669-9658 (Canada/U.S.) or 1-412-317-0088 (International) and enter passcode 6438166.

The audited annual consolidated financial statements and Management’s Discussion and Analysis (MD&A) are available on our website at www.TCEnergy.com and will be filed today under TC Energy’s profile on SEDAR+ at www.sedarplus.ca and with the U.S. Securities and Exchange Commission on EDGAR at www.sec.gov.

About TC Energy
We’re a team of 6,500+ energy problem solvers connecting the world to the energy it needs. Our extensive network of natural gas infrastructure assets is one-of-a-kind. We seamlessly move, generate and store energy and deliver it to where it is needed most, to homes and businesses in North America and across the globe through LNG exports. Our natural gas assets are complemented by our strategic ownership and low-risk investments in power generation.

TC Energy’s common shares trade on the Toronto (TSX) and New York (NYSE) stock exchanges under the symbol TRP. To learn more, visit us at www.TCEnergy.com.

Forward-Looking Information
This release contains certain information that is forward-looking and is subject to important risks and uncertainties and is based on certain key assumptions. Forward-looking statements are usually accompanied by words such as “anticipate”, “expect”, “believe”, “may”, “will”, “should”, “estimate” or other similar words. Forward-looking statements in this document may include, but are not limited to, statements related to Coastal GasLink and Southeast Gateway, including mechanical completion and expected in-service dates and related expected capital expenditures, expected comparable EBITDA and comparable earnings in total and per common share and the sources thereof, and targeted debt-to-EBITDA leverage metrics for 2025, expectations with respect to Indigenous investment, expectations with respect to Bruce Power, including Project 2030, expectations with respect to the approximate value of projects to be placed in-service in 2025, expectations with respect to our strategic priorities, including the expected impacts of the five-year negotiated revenue requirement settlement for the NGTL System, and the execution thereof, our sustainability commitments, expectations with respect to our ability to maximize the value of our assets through safety and operational excellence, expected cost and schedules for planned projects, including projects under construction and in development and the associated capital expenditures, expectations about our ability to execute our identified portfolio of growth projects and ensure financial strength and agility, our ability to deliver solid growth, low risk and repeatable performance, our expected net capital expenditures, including timing, and expected industry, market and economic conditions, and ongoing trade negotiations, including their expected impact on our business, customers and suppliers. Our forward-looking information is subject to important risks and uncertainties and is based on certain key assumptions. Forward-looking statements and future-oriented financial information in this document are intended to provide TC Energy security holders and potential investors with information regarding TC Energy and its subsidiaries, including management’s assessment of TC Energy’s and its subsidiaries’ future plans and financial outlook. All forward-looking statements reflect TC Energy’s beliefs and assumptions based on information available at the time the statements were made and as such are not guarantees of future performance. As actual results could vary significantly from the forward-looking information, you should not put undue reliance on forward-looking information and should not use future-oriented information or financial outlooks for anything other than their intended purpose. We do not update our forward-looking information due to new information or future events, unless we are required to by law. For additional information on the assumptions made, and the risks and uncertainties which could cause actual results to differ from the anticipated results, refer to the most recent Quarterly Report to Shareholders and the 2024 Annual Report filed under TC Energy’s profile on SEDAR+ at www.sedarplus.ca and with the U.S. Securities and Exchange Commission at www.sec.gov and the “Forward-looking information” section of our Report on Sustainability and our GHG Emissions Reduction Plan which are available on our website at www.TCEnergy.com.

Non-GAAP and Supplementary Financial Measures
This release contains references to the following non-GAAP measures: comparable EBITDA, comparable earnings, comparable earnings per common share and comparable funds generated from operations. It also contains references to debt-to-EBITDA, a non-GAAP ratio, which is calculated using adjusted debt and adjusted comparable EBITDA, each of which are non-GAAP measures. These non-GAAP measures do not have any standardized meaning as prescribed by GAAP and therefore may not be comparable to similar measures presented by other entities. These non-GAAP measures are calculated by adjusting certain GAAP measures for specific items we believe are significant but not reflective of our underlying operations in the period. These comparable measures are calculated on a consistent basis from period to period and are adjusted for specific items in each period, as applicable except as otherwise described in the Condensed consolidated financial statements and MD&A. Refer to: (i) each business segment and the discontinued operations section for a reconciliation of comparable EBITDA to segmented earnings (losses); (ii) Consolidated results section and the discontinued operations section for reconciliations of comparable earnings and comparable earnings per common share to Net income attributable to common shares and Net income per common share, respectively; and (iii) Financial condition section for a reconciliation of comparable funds generated from operations to Net cash provided by operations. Refer to the Non-GAAP Measures section of the MD&A in our most recent quarterly report for more information about the non-GAAP measures we use. The MD&A is included with, and forms part of, this release. The MD&A can be found on SEDAR+ at www.sedarplus.ca under TC Energy’s profile.

With respect to non-GAAP measures used in the calculation of debt-to-EBITDA, adjusted debt is defined as the sum of Reported total debt, including Notes payable, Long-term debt, Current portion of long-term debt and Junior subordinated notes, as reported on our Consolidated balance sheet as well as Operating lease liabilities recognized on our Consolidated balance sheet and 50 per cent of Preferred shares as reported on our Consolidated balance sheet due to the debt-like nature of their contractual and financial obligations, less Cash and cash equivalents as reported on our Consolidated balance sheet and 50 per cent of Junior subordinated notes as reported on our Consolidated balance sheet due to the equity-like nature of their contractual and financial obligations. Adjusted comparable EBITDA is calculated as the sum of comparable EBITDA from continuing operations and comparable EBITDA from discontinued operations excluding Operating lease costs recorded in Plant operating costs and other in our Consolidated statement of income and adjusted for Distributions received in excess of (income) loss from equity investments as reported in our Consolidated statement of cash flows which we believe is more reflective of the cash flows available to TC Energy to service our debt and other long-term commitments. We believe that debt-to-EBITDA provides investors with useful information as it reflects our ability to service our debt and other long-term commitments. See the Reconciliation section for reconciliations of adjusted debt and adjusted comparable EBITDA for the years ended December 31, 2022, 2023 and 2024.

This release contains references to net capital expenditures, which is a supplementary financial measure. Net capital expenditures represent capital costs incurred for growth projects, maintenance capital expenditures, contributions to equity investments and projects under development, adjusted for the portion attributed to non-controlling interests in the entities we control. Net capital expenditures reflect capital costs incurred during the period, excluding the impact of timing of cash payments. We use net capital expenditures as a key measure in evaluating our performance in managing our capital spending activities in comparison to our capital plan.

Reconciliation
The following is a reconciliation of adjusted debt and adjusted comparable EBITDAⁱ.

	year ended December 31
(millions of Canadian $)	2024		2023		2022

Reported total debt	59,366		63,201		58,300
Management adjustments:
Debt treatment of preferred sharesⁱⁱ	1,250		1,250		1,250
Equity treatment of junior subordinated notesⁱⁱⁱ	(5,524	)	(5,144	)	(5,248	)
Cash and cash equivalents	(801	)	(3,678	)	(620	)
Operating lease liabilities	511		457		430
Adjusted debt	54,802		56,086		54,112

Comparable EBITDA from continuing operations^iv	10,049		9,472		8,483
Comparable EBITDA from discontinued operations^iv	1,145		1,516		1,418
Operating lease cost	117		105		95
Distributions received in excess of (income) loss from equity investments	67		(123	)	(29	)
Adjusted Comparable EBITDA	11,378		10,970		9,967

Adjusted Debt/Adjusted Comparable EBITDAⁱ	4.8		5.1		5.4

Adjusted debt and adjusted comparable EBITDA are non-GAAP measures. The calculations are based on management methodology. Individual rating agency calculations will differ.
50 per cent debt treatment on $2.5 billion of preferred shares as of December 31, 2024.
50 per cent equity treatment on $11.0 billion of junior subordinated notes as of December 31, 2024. U.S. dollar-denominated notes translated at December 31, 2024, USD/CAD foreign exchange rate of 1.44.
Comparable EBITDA from continuing operations and Comparable EBITDA from discontinued operations are non-GAAP financial measures. See the Forward-looking information and Non-GAAP measures sections in our 2024 Annual Report for more information. Comparable EBITDA from discontinued operations represents nine months of Liquids Pipelines earnings in 2024 compared to a full year of Liquids Pipelines earnings in 2023. Refer to the Discontinued operations section in our 2024 Annual Report for additional information.

Media Inquiries:
Media Relations
media@tcenergy.com
403.920.7859 or 800.608.7859

Investor & Analyst Inquiries:
Gavin Wylie / Hunter Mau
investor_relations@tcenergy.com
403.920.7911 or 800.361.6522

Download full report here: https://www.tcenergy.com/siteassets/pdfs/investors/reports-and-filings/annual-and-quarterly-reports/2024/tce-2024-q4-quarterly-report.pdf

________________________
¹ Comparable EBITDA, comparable earnings and comparable earnings per common share are non-GAAP measures used throughout this news release and are applicable to each of our continuing operations and discontinued operations. These measures do not have any standardized meaning under GAAP and therefore are unlikely to be comparable to similar measures presented by other companies. The most directly comparable GAAP measures are Segmented earnings, Net income attributable to common shares and Net income per common share, respectively. We do not forecast Segmented earnings. For more information on non-GAAP measures, refer to the Non-GAAP measures section of this news release.
² Net capital expenditures are adjusted for the portion attributed to non-controlling interests and is a supplementary financial measure used throughout this news release. For more information on non-GAAP measures and the supplementary financial measure, refer to the Non-GAAP and Supplementary financial measures sections of this news release.
³ Debt-to-EBITDA is a non-GAAP ratio. Adjusted debt and adjusted comparable EBITDA are non-GAAP measures used to calculate debt-to-EBITDA. For more information on non-GAAP measures, refer to the non-GAAP measures of this news release. These measures do not have any standardized meaning under GAAP and therefore are unlikely to be comparable to similar measures presented by other companies.

The MIL Network –

February 15, 2025

MIL-OSI: TC Energy declares quarterly dividends
Source: GlobeNewswire (MIL-OSI)

CALGARY, Alberta, Feb. 14, 2025 (GLOBE NEWSWIRE) — News Release – TC Energy Corporation (TSX, NYSE: TRP) (TC Energy or the Company) announced that its Board of Directors (Board) has declared a quarterly dividend of $0.85 per common share for the quarter ending March 31, 2025, on the Company’s outstanding common shares. The common share dividend is payable on April 30, 2025, to shareholders of record at the close of business on March 31, 2025.

The Board also declared quarterly dividends on the outstanding Cumulative First Preferred Shares as follows:
- For the period up to but excluding March 31, 2025, payable on March 31, 2025, to shareholders of record at the close of business on Feb. 28, 2025:
  - Series 1 (TRP.PR.A) – $0.3086875 per share
  - Series 2 (TRP.PR.F) – $0.3329282 per share
  - Series 3 (TRP.PR.B) – $0.105875 per share
  - Series 4 (TRP.PR.H) – $0.2934774 per share
- For the period up to but excluding April 30, 2025, payable on April 30, 2025, to shareholders of record at the close of business on March 31, 2025:
  - Series 5 (TRP.PR.C) – $0.1218125 per share
  - Series 6 (TRP.PR.I) – $0.2889247 per share
  - Series 7 (TRP.PR.D) – $0.3740625 per share
  - Series 9 (TRP.PR.E) – $0.3175 per share
  - Series 10 (TRP.PR.L) – $0.3388562 per share
These dividends are designated by TC Energy to be eligible dividends for purposes of the Income Tax Act (Canada) and any similar provincial or territorial legislation. An enhanced dividend tax credit applies to eligible dividends paid to Canadian residents.

Common shares purchased with reinvested cash dividends under TC Energy’s Dividend Reinvestment and Share Purchase Plan (DRP) will be acquired on the Toronto Stock Exchange at 100 per cent of the weighted average purchase price. The DRP is available for dividends payable on TC Energy’s common and preferred shares.

About TC Energy
We’re a team of 6,500+ energy problem solvers connecting the world to the energy it needs. Our extensive network of natural gas infrastructure assets is one-of-a-kind. We seamlessly move, generate and store energy and deliver it to where it is needed most, to homes and businesses in North America and across the globe through LNG exports. Our natural gas assets are complemented by our strategic ownership and low-risk investments in power generation.

TC Energy’s common shares trade on the Toronto (TSX) and New York (NYSE) stock exchanges under the symbol TRP. To learn more, visit us at TCEnergy.com.

FORWARD-LOOKING INFORMATION
This release contains certain information that is forward-looking and is subject to important risks and uncertainties (such statements are usually accompanied by words such as “anticipate”, “expect”, “believe”, “may”, “will”, “should”, “estimate”, “intend” or other similar words). Forward-looking statements in this document are intended to provide TC Energy security holders and potential investors with information regarding TC Energy and its subsidiaries, including management’s assessment of TC Energy’s and its subsidiaries’ future plans and financial outlook. All forward-looking statements reflect TC Energy’s beliefs and assumptions based on information available at the time the statements were made and as such are not guarantees of future performance. As actual results could vary significantly from the forward-looking information, you should not put undue reliance on forward-looking information and should not use future-oriented information or financial outlooks for anything other than their intended purpose. We do not update our forward-looking information due to new information or future events, unless we are required to by law. For additional information on the assumptions made, and the risks and uncertainties which could cause actual results to differ from the anticipated results, refer to the most recent Quarterly Report to Shareholders and Annual Report filed under TC Energy’s profile on SEDAR+ at www.sedarplus.ca and with the U.S. Securities and Exchange Commission at www.sec.gov.

-30-

Media Inquiries:
Media Relations
media@tcenergy.com
403-920-7859 or 800-608-7859

Investor & Analyst Inquiries:
Gavin Wylie / Hunter Mau
investor_relations@tcenergy.com
403-920-7911 or 800-361-6522

PDF Available: http://ml.globenewswire.com/Resource/Download/4540a2e7-8ab4-47f0-aab2-11d081301941

The MIL Network –
February 15, 2025

MIL-OSI: 180 Degree Capital Corp. Reports Net Asset Value Per Share (“NAV”) of $4.64 as of December 31, 2024

Source: GlobeNewswire (MIL-OSI)

MONTCLAIR, N.J., Feb. 14, 2025 (GLOBE NEWSWIRE) — 180 Degree Capital Corp. (NASDAQ:TURN) (“180 Degree Capital” and the “Company”), today reported its financial results as of December 31, 2024, and noted additional developments from the first quarter of 2025. The Company also published a letter to shareholders that can be viewed at https://ir.180degreecapital.com/financial-results.

“We were pleased with our performance in Q4 2024 relative to the majority of our public market comparable indices,” said Kevin M. Rendino, Chief Executive Officer of 180 Degree Capital. “While our full year performance was disappointing, Q1 2025 has thus far continued and exceeded our strong performance exiting 2024. Our gross total return of +205% from inception through the end of 2024 continues to compare favorably to the +69% total return for the Russell Microcap Index.¹ We are also incredibly proud and excited for our recent announcement of the signing of a definitive agreement for 180 Degree Capital to enter into a business combination (the “Business Combination”) with Mount Logan Capital Inc. (“Mount Logan”). For those of you who have not had a chance to listen to our joint call with the team from Mount Logan or review the presentation deck that summarizes the proposed transaction, both can be found at https://ir.180degreecapital.com/ir-calendar/detail/2908/180-degree-capital-and-mount-logan-capital-proposed-merger. We expect to file a registration statement and included joint proxy statement/prospectus with the Securities and Exchange Commission (the “SEC”) soon. This document will give us the opportunity to speak more extensively with our shareholders about the proposed Business Combination and what we believe are its significant benefits for all shareholders. The proxy will also describe the process that led to our Board’s unanimous approval of it.”

“This proposed transaction is not the end of 180 Degree Capital,” continued Daniel B. Wolfe, President of 180 Degree Capital. “We believe this Business Combination is the logical next step in our evolution. It is also an opportunity that is not afforded commonly to closed-end funds, particularly since we believe most have limited differentiation. We believe there are clear reasons why 180 Degree Capital has this truly unique opportunity to combine with an asset manager and to transition to an operating company. We are not the only ones who understand the potential for value creation from this Business Combination. Some of our largest shareholders have signed either voting agreements or non-binding indications of support, that when combined with ownership of management and our Board, account for approximately 27% of our outstanding shares in the aggregate. We appreciate the time and consideration these shareholders spent to understand the merits of this proposed Business Combination and their support for it.”

Mr. Rendino added, “I, as the largest individual shareholder of 180 Degree Capital, and Daniel as a top-ten shareholder, could not be more excited about the future of the combined entity. We believe the proposed Business Combination to be the best opportunity to build value for all shareholders of 180 Degree Capital. We believe strongly in the future of the combined entity under the leadership of Ted Goldthorpe and his colleagues. I have been an investor in the public markets for 35 years, during which investors entrusted me with billions of dollars of capital. We are interested in building true value for shareholders over the short and long term. We believe this combination achieves both of these objectives.”

The table below summarizes 180 Degree Capital’s performance over periods of time through the end of Q4 2024¹:

	Quarter		1 Year		5 Year		Inception to Date
	Q4 2024		Q4 2023- Q4 2024		Q4 2019- Q4 2024		Q4 2016- Q4 2024
TURN Public Portfolio Gross Total Return (Excluding SMA Carried Interest)	7.8	%	1.0	%	-10.8	%	185.7	%
TURN Public Portfolio Gross Total Return (Including SMA Carried Interest)	7.8	%	1.0	%	-4.8	%	204.5	%

Change in NAV	5.5	%	-7.6	%	-49.5	%	-33.9	%

Change in Stock Price	8.7	%	-10.5	%	-43.1	%	-11.4	%

Russell Microcap Index	5.9	%	13.7	%	39.8	%	68.5	%
Russell Microcap Growth Index	14.7	%	22.5	%	28.2	%	57.6	%
Russell Microcap Value Index	4.3	%	9.7	%	49.3	%	77.8	%
Russell 2000 Index	0.3	%	11.5	%	42.7	%	82.7	%
Lipper Peer Group	1.6	%	10.8	%	52.5	%	81.8	%

About 180 Degree Capital Corp.

Press Contact:
Daniel B. Wolfe
Robert E. Bigelow
180 Degree Capital Corp.
973-746-4500
ir@180degreecapital.com

Additional Information and Where to Find It

Certain Information Concerning the Participants

Non-Solicitation

Forward-Looking Statements

1. Past performance is not an indication or guarantee of future performance. Gross unrealized and realized total returns of 180 Degree Capital’s cash and securities of publicly traded companies are compounded on a quarterly basis, and intra-quarter cash flows from investments in or proceeds received from privately held investments are treated as inflows or outflows of cash available to invest or withdrawn, respectively, for the purposes of this calculation. 180 Degree Capital is an internally managed registered closed-end fund that has a portion of its assets in legacy privately held companies that are fair valued on a quarterly basis by the Valuation Committee of its Board of Directors, and 180 Degree Capital does not have an external manager that is paid fees based on assets and/or returns. Please see 180 Degree Capital’s filings with the SEC, including its 2024 Annual Report on Form N-CSR for information on its expenses and expense ratios.

The MIL Network –

February 15, 2025

MIL-OSI: Barnwell Industries, Inc. Reports Results for its First Quarter Ended December 31, 2024

Source: GlobeNewswire (MIL-OSI)

HONOLULU, Feb. 14, 2025 (GLOBE NEWSWIRE) — Barnwell Industries, Inc. (NYSE American: BRN) today reported financial results for its first quarter ended December 31, 2024. For the quarter, the Company had revenue of $4,477,000 and a net loss of $1,917,000 or $0.19 per share. In the three months ended December 31, 2023, the Company reported quarterly revenue of $6,155,000 and a net loss of $664,000 or $0.07 per share. The Company remains debt free and ended the quarter with $642,000 in working capital, including $1,957,000 in cash and cash equivalents.

Oil and Gas Prices and Production

During the three months ended December 31, 2024, oil, gas and natural gas liquids prices decreased 2%, 40% and 8%, respectively, compared to the prior year’s quarter. Additionally, oil, gas and natural gas liquids production decreased 17%, 21% and 17%, respectively, for the three months ended December 31, 2024, compared to the prior year’s quarter. The decreases in production are primarily the result of natural declines as the wells age. The production decreases were also partially due to properties sold and certain wells that were temporarily shut-in for workovers. The Company’s latest Canadian well drilled, which is 100%-owned and operated, started producing in mid-September 2024 and contributed approximately 107 net barrels of equivalent per day for a total of approximately 10,000 net barrels of equivalent during the three months ended December 31, 2024.

Non-Cash Impairment, foreign currency loss

The net loss for the three months ended December 31, 2024, was due in part to a $613,000 non-cash impairment of our US oil and natural gas properties during the current quarter. This impairment is largely due to the changing rolling average first-day-of-the-month prices used in the ceiling test calculation. Additionally, the loss was due in part to a $351,000 foreign currency loss recorded in the current year period as compared to a $126,000 gain in the prior year period due to the weakening of the Canadian dollar against the U.S. dollar.

Reduction in General and Administrative Expenses

General and administrative expenses decreased $123,000, 9%, for the three months ended December 31, 2024, primarily due to a decrease in professional fees in the current year period as compared to the prior year period.

Contract Drilling Segment

Our contract drilling segment entered into an agreement during the quarter to sell a drilling rig and related ancillary equipment for proceeds of $585,000, which will close on the sale in the second quarter ending March 31, 2025. The Company received payment of the purchase price in the quarter ended December 31, 2024.

In the coming months, the Company will move forward with appropriate strategic, business and financial alternatives for Water Resources which may include, among other things, a sale of its stock or assets, or an orderly wind-down of its operations and liquidation of equipment.

Summary and Outlook

Craig D. Hopkins, CEO, stated, “A potential proxy contest in the near term could harm the company’s liquidity and hinder investment and growth opportunities. This is particularly concerning, as we have valuable oil and gas assets with significant potential. Our new well is performing as anticipated, and we are well-positioned to drill two additional wells from the same pad once sufficient capital is secured. The planned wind-down of our contract drilling business will help refocus our efforts and reduce fixed costs in the coming quarters. We are also actively seeking ways to further reduce costs and enhance profitability. With a streamlined cost structure, Barnwell will be positioned to invest more aggressively in operations and deliver the growth our shareholders deserve.

“Regarding the potential proxy contest and board operations, I have found all current board members to be collaborative and constructive in supporting my efforts to improve Barnwell’s financial performance. Given the forgoing, I am surprised by the prospect of a contested election.”

The information contained in this press release contains “forward-looking statements,” within the meaning of the Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. A forward-looking statement is one which is based on current expectations of future events or conditions and does not relate to historical or current facts. These statements include various estimates, forecasts, projections of Barnwell’s future performance, statements of Barnwell’s plans and objectives, and other similar statements. Forward-looking statements include phrases such as “expects,” “anticipates,” “intends,” “plans,” “believes,” “predicts,” “estimates,” “assumes,” “projects,” “may,” “will,” “will be,” “should,” or similar expressions. Although Barnwell believes that its current expectations are based on reasonable assumptions, it cannot assure that the expectations contained in such forward-looking statements will be achieved. Forward-looking statements involve risks, uncertainties and assumptions which could cause actual results to differ materially from those contained in such statements. The risks, uncertainties and other factors that might cause actual results to differ materially from Barnwell’s expectations are set forth in the “Forward-Looking Statements,” “Risk Factors” and other sections of Barnwell’s annual report on Form 10-K for the last fiscal year and Barnwell’s other filings with the Securities and Exchange Commission. Investors should not place undue reliance on the forward-looking statements contained in this press release, as they speak only as of the date of this press release, and Barnwell expressly disclaims any obligation or undertaking to publicly release any updates or revisions to any forward-looking statements contained herein.

COMPARATIVE RESULTS
(Unaudited)
	Three months ended December 31,
		2024			2023

Revenues	$	4,477,000		$	6,155,000

Net loss attributable to Barnwell Industries, Inc.	$	(1,917,000	)	$	(664,000	)

Net loss per share – basic and diluted	$	(0.19	)	$	(0.07	)

Weighted-average shares and
equivalent shares outstanding:
Basic and diluted		10,047,173			9,996,760

CONTACT:

Craig D. Hopkins
Chief Executive Officer and President

Phone: (403) 531-1560
Email: info@bocl.ca

The MIL Network –

February 15, 2025

MIL-OSI: Gravity Reports Preliminary Unaudited 4Q 2024 Results and Business Updates
Source: GlobeNewswire (MIL-OSI)

Seoul, South Korea, Feb. 14, 2025 (GLOBE NEWSWIRE) — GRAVITY Co., Ltd. (NasdaqGM: GRVY) (“Gravity” or “Company”), a developer and publisher of online and mobile games based in South Korea, today announced its unaudited financial results for the fourth quarter ended December 31, 2024, prepared in accordance with International Financial Reporting Standards as issued by the International Accounting Standards Board and business updates.

PRELIMINARY UNAUDITED FOURTH QUARTER 2024 FINANCIAL RESULTS

Tentative consolidated revenue for the fourth quarter of 2024 is KRW 130 billion, and tentative consolidated operating profit is KRW 16 billion.

The preliminary fourth quarter of 2024 result is mainly attributed by increased revenues from THE RAGNAROK launched in Southeast Asia on October 31, 2024, Ragnarok: Rebirth launched in Taiwan, Hong Kong and Macau on October 31, 2024, and Ragnarok X: Next Generation launched in Japan on November 20, 2024. Tentative consolidated revenue for the fourth quarter of 2024 represented a 1.3% increase in QoQ and a 10.7% decrease in YoY.

Unaudited preliminary consolidated revenue for 2024 is KRW 501 billion, and the operating profit is KRW 85 billion.

The preliminary 2024 figures are unaudited and subject to revision. Final result for the fourth quarter and year ended December 31, 2024 will be provided by our annual report for the fiscal year ended December 31, 2024 on Form 20-F.

Liquidity

The balance of cash and cash equivalents and short-term financial instruments was KRW 553,202 million as of December 31, 2024.

GRAVITY BUSINESS UPDATES

Two Ragnarok IP-based Games Received ISBN Codes in China

Ragnarok: Back to Glory (Ragnarok: Rebirth, Chinese title: 仙境传说：重生) and PROJECT ABYSS (Chinese title: 仙境传说：初心) have received ISBN codes from the Chinese government on December 24, 2024 and January 21, 2025, respectively.

Ragnarok Online IP-based Games
- THE RAGNAROK, an MMORPG Mobile and PC game
THE RAGNAROK was officially launched in Southeast Asia on October 31, 2024.
- Ragnarok in Wonderland, a Casual Healing Tycoon Mobile game
Ragnarok in Wonderland was officially launched in Korea on December 4, 2024.
- Ragnarok Classic, an MMORPG PC game
Ragnarok Classic was officially launched in Indonesia on December 5, 2024.
- Ragnarok Begins (Chinese Title: RO 仙境傳說：一定要可愛), an Action Side-Scrolling MMORPG Mobile and PC game
Ragnarok Begins (Chinese Title: RO 仙境傳說：一定要可愛) was officially launched in Taiwan, Hong Kong and Macau on February 13, 2025.
- Ragnarok M: Classic, an MMORPG Mobile game
Ragnarok M: Classic, a renewal version of Ragnarok M: Eternal Love, is officially launched in Southeast Asia on February 14, 2025, and is underway for its launch in Taiwan, Hong Kong and Macau in the first half of 2025.
- Ragnarok 3, an MMORPG Mobile and PC game
Ragnarok 3, the new sequel game of Ragnarok Online, is being prepared to be launched in Global within 2026.
- Ragnarok X: Next Generation, an MMORPG Mobile and PC game
Ragnarok X: Next Generation was officially launched in Japan on November 20, 2024 with preparations underway for its launch in North, Central, and South America and Europe in the first half of 2025.
- Ragnarok V: Returns, a 3D MMORPG Mobile and PC game
Ragnarok V: Returns will be officially launched in all nations of Southeast Asia in March 2025.
- Ragnarok M: Eternal Love 2, an MMORPG Mobile and PC Game
Ragnarok M: Eternal Love 2, the next generation new sequel game of Ragnarok M: Eternal Love, is on development.
- Ragnarok Crush, a Puzzle and Tower Defense Mobile game
Ragnarok Crush will be launching in Global except for China and Japan in the third quarter of 2025.
- Ragnarok: Back to Glory (Ragnarok: Rebirth), an MMORPG Mobile game
Ragnarok: Back to Glory (Ragnarok: Rebirth) will be re-launched in Southeast Asia and launched in Korea, in the second quarter of 2025.
- Ragnarok Idle Adventure Plus, an MMORPG Mobile game
Ragnarok Idle Adventure Plus is underway for its launch in Global except for Taiwan, Hong Kong, Macau, China, Korea and Japan in February 2025 and in Taiwan, Hong Kong and Macau in the first half of 2025.
- Ragnarok Promised Adventure (tentative English title), an MMORPG Mobile game
Ragnarok Promised Adventure (tentative English title) is scheduled to be launched within 2025.
- Ragnarok Online, an MMORPG PC game
Ragnarok Online is scheduled to be direct-serviced in Latin America in the second quarter of 2025.
- Ragnarok Landverse, an MMORPG Blockchain and PC game
Ragnarok Landverse Genesis, a global new server onboarding in RONIN platform, will be released in Global in March, 2025.
Ragnarok Landverse will be launched in Vietnam in the first half of 2025 and in Latin America in the second half of 2025. Ragnarok Landverse launching in Vietnam is a PC game without Blockchain.

Other IP-based games
- TOKYO PSYCHODEMIC, a 2D Cinematic Profiling Adventure PC and Console game
TOKYO PSYCHODEMIC was officially launched in Global on November 28, 2024.
- KAMiBAKO, a World Craft RPG PC and Console game
KAMiBAKO was officially launched in Global on January 30, 2025.
- Heroes Gambit, a Strategic Card Battle Mobile game
Heroes Gambit will be launched in Global in the first half of 2025.
- Scorp Hero, a Character Collecting RPG Mobile game
Scorp Hero is underway for its launch in Japan within 2025.
- Snow Brothers 2 Special, an Action and Platformer PC and Console game
Snow Brothers 2 Special will be launched in Global in April 2025.
- Gunbound an MMO Turn-Based Artillery PC game
Gunbound will be launched in Southeast Asia and Latin America in the first half of 2025.
- Dragonica New Origin, an MMORPG PC game
Dragonica New Origin will be launched in Southeast Asia in May 2025.

Expansion of Other IP business

Gravtiy Co., Ltd. has signed a publishing agreement of Nobunaga’s Ambition: The Road to the World (tentative English title), a simulation mobile game based on Nobunaga‘s IP, in Japan with Kingnet Technology (HK) Limited.

Investor Presentation

Gravity issued an investor presentation. The presentation contains the Company’s recent business updates, results of the fourth quarter in 2024 and Gravity’s business plan. The presentation can be found on the Company’s website under the IR Archives section at https://www.gravity.co.kr/en/ir/updates. Korean and Japanese versions of the presentation are also provided on the website.

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 regions, including Japan and Taiwan, and is currently commercially offered in 91 regions. For more information about Gravity, please visit http://www.gravity.co.kr.

Forward-Looking Statements:

Certain statements in this press release may include, in addition to historical information, “forward-looking statements” within the meaning of the “safe-harbor” provisions of the U.S. Private Securities Litigation Reform Act 1995. Forward-looking statements can generally be identified by the use of forward-looking terminology, such as “may,” “will,” “expect,” “intend,” “estimate,” “anticipate,” “believe”, “project,” or “continue” or the negative thereof or other similar words, although not all forward-looking statements contain these words. Investors should consider the information contained in our submissions and filings with the United States Securities and Exchange Commission (the “SEC”), including our annual report for the fiscal year ended December 31, 2024 on Form 20-F, together with such other documents that we may submit to or file with the SEC from time to time, on Form 6-K. The forward-looking statements speak only as of this press release and we assume no duty to update them to reflect new, changing or unanticipated events or circumstances.

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: +82-2-2132-7800

The MIL Network –
February 15, 2025
MIL-OSI: Bitget Secures Virtual Asset Service Provider license in Bulgaria Aligning with its EU Expansion Plans

Source: GlobeNewswire (MIL-OSI)

VICTORIA, Seychelles, Feb. 14, 2025 (GLOBE NEWSWIRE) — Bitget, the leading cryptocurrency exchange and Web3 company, has obtained a Virtual Asset Service Provider (VASP) license from Bulgaria’s National Revenue Agency. The official licensing now enables Bitget to offer a comprehensive suite of crypto services within Bulgaria, including the exchange, trading, transfer, custody, and public offering of crypto assets, as well as wallet services. This aligns with Bitget’s broader plans of obtaining EU’s Markets in Crypto-Assets (MiCA) license, which will boost its foothold in the region.

The VASP license in Bulgaria aligns with Bitget’s strategic expansion across the European Union. The company is actively preparing for compliance with the EU’s MiCA framework, which seeks to establish a unified regulatory environment for crypto assets throughout the region.

“The successful application of the VASP license in Bulgaria is a part of Bitget’s expansion strategy to serve users across the European Union,” said Hon Ng, Chief Legal Officer at Bitget. “As the EU continues to lead with regulatory frameworks like MiCA, we see strong potential for sustainable growth and innovation in the region while maintaining compliance. Bulgaria serves as a strategic gateway for our European expansion, offering crypto-friendly ecosystems the chance to accelerate crypto’s adoption.”

Ng added, “In 2025, we are excited to continue to grow Bitget’s global regulatory footprint in partnership with various regulators around the world. We have a sharp focus on meeting compliance standards in every jurisdiction where we operate and we have been investing in our compliance programme from day one. We believe that our approach enhances user trust, ensures market integrity while at the same time increasing global adoption of digital assets and ensures long-term sustainable growth as we align our operations with emerging regulations worldwide.”

Bitget views regulatory compliance as an integral part of its future success, which is evident through its acquisition of approvals in key markets such as Poland, Italy, Lithuania, UK and now Bulgaria.

The VASP license in Bulgaria grants Bitget the regulatory approval to offer a wide array of services to cater to the needs of digital asset users in the region. These services include the exchange of crypto assets, enabling seamless conversion between crypto and fiat; trading and transfer of crypto assets, facilitating efficient and secure transactions; and custody services, providing a strong framework for safeguarding user assets. Additionally, the license permits the public offering of crypto assets, supporting the scope for innovative token launches and opportunities.

In the last three months alone, Bitget has put forth major licensing and expansion updates. It has secured a BSP license in El Salvador, approval in the UK to provide digital asset services, and has powered a compliant Vietnam-based exchange BitEXC. Recently, Forbes has ranked Bitget as one of the world’s most trustworthy exchanges and with Bulgaria’s VASP license, Bitget continues to make significant progress in this area. The company plans to collaborate closely with European regulators to ensure its products meet all regulatory requirements while prioritizing the protection of user assets and data.

About Bitget

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

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

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

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

Risk Warning: Digital asset prices may fluctuate and experience price volatility. Only invest what you can afford to lose. The value of your investment may be impacted and it is possible that you may not achieve your financial goals or be able to recover your principal investment. You should always seek independent financial advice and consider your own financial experience and financial standing. Past performance is not a reliable measure of future performance. Bitget shall not be liable for any losses you may incur. Nothing here shall be construed as financial advice.

A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/3dafce49-6bd9-4e83-9453-e5503f7b4596

The MIL Network –

February 14, 2025
MIL-OSI: Aurora Mobile’s GPTBots.ai Launches Advanced Audio LLM Capabilities

Source: GlobeNewswire (MIL-OSI)

SHENZHEN, China, Feb. 14, 2025 (GLOBE NEWSWIRE) — Aurora Mobile Limited (NASDAQ: JG) (“Aurora Mobile” or the “Company”), a leading provider of customer engagement and marketing technology services in China, today announced that its leading enterprise-grade AI platform, GPTBots.ai, has launched new Audio LLM capabilities, setting a new standard for real-time, voice-driven AI interactions. This update enables seamless voice-to-voice communication powered by OpenAI’s native audio multimodal LLM, eliminating the need for traditional ASR (Automatic Speech Recognition) and TTS (Text-to-Speech) processes. By significantly reducing latency, GPTBots delivers faster, more natural voice interactions in dozens of major languages, making it a versatile solution for industries heavily reliant on customer engagement and lead generation.

Transforming Voice Interactions Across Industries

The new Audio LLM capabilities are designed to address the growing demand for high-quality voice interactions in scenarios that prioritize customer service and lead acquisition. From retail and e-commerce to sales and support, GPTBots’ Audio LLM empowers businesses to deliver real-time, personalized voice experiences that enhance customer satisfaction and operational efficiency.

In addition to enabling voice-to-voice communication, GPTBots has enhanced its Audio LLM by integrating it with its RAG (Retrieval-Augmented Generation) framework, workflow orchestration tools, and plugin ecosystem. These integrations allow audio messages to seamlessly interact with complex knowledge bases, execute intricate workflows, and call external plugins, enabling businesses to handle knowledge-intensive and dynamic scenarios with ease.

Laying the Foundation for Voice-Driven AI SDR Solutions

This Audio LLM update is a strategic step toward GPTBots’ vision of delivering a comprehensive AI SDR (Sales Development Representative) solution. By enabling real-time, voice-driven interactions, GPTBots is equipping businesses with the tools to revolutionize their sales processes. From lead qualification to personalized follow-ups, the enhanced Audio LLM functionality will play a pivotal role in automating and optimizing sales workflows, driving higher conversion rates and customer satisfaction.

“Voice interactions are becoming a cornerstone of modern AI applications, and our Audio LLM capabilities are designed to meet the growing demand for real-time, intelligent, and natural communication,” said Jerry Yin, VP of GPTBots.ai. “This update not only enhances our platform’s multimodal capabilities but also lays the groundwork for future innovations in voice-driven customer engagement and sales automation.”

DeepSeek: A Recent Addition to the GPTBots Platform

While this update focuses on GPTBots’ advancements in audio-based AI, it follows the recent integration of DeepSeek, a trending large language model (LLM) known for its lightweight architecture and domain-specific optimizations. DeepSeek’s inclusion in the GPTBots platform has further enhanced its ability to deliver scalable and cost-effective AI solutions across industries, reinforcing GPTBots’ commitment to enterprise-grade AI innovation.

Driving the Future of Multimodal AI

With this launch, GPTBots continues to strengthen its position in voice-enabled AI solutions, offering businesses the tools they need to stay ahead in an increasingly competitive landscape. By combining cutting-edge technology with practical, scalable solutions, GPTBots is empowering enterprises to unlock the full potential of AI in customer engagement, sales, and beyond.

About GPTBots.ai

GPTBots.ai is a complementary general-purpose LLM AI bot featuring private data input and continuous fine-tuning, which can replace ‘rule-based’ chatbots, improve user experience, and reduce costs. GPTBots.ai aims to provide users with an end-to-end business platform that can seamlessly integrate robots into existing applications and workflows via plug-ins. GPTBots.ai also allow users to have great access to, and more efficiently and effectively using, AIGC to improve overall corporate productivity and output quality.

To know more, please visit https://www.gptbots.ai.

About Aurora Mobile Limited

Founded in 2011, Aurora Mobile (NASDAQ: JG) is a leading provider of customer engagement and marketing technology services in China. Since its inception, Aurora Mobile has focused on providing stable and efficient messaging services to enterprises and has grown to be a leading mobile messaging service provider with its first-mover advantage. With the increasing demand for customer reach and marketing growth, Aurora Mobile has developed forward-looking solutions such as Cloud Messaging and Cloud Marketing to help enterprises achieve omnichannel customer reach and interaction, as well as artificial intelligence and big data-driven marketing technology solutions to help enterprises’ digital transformation.

For more information, please visit https://ir.jiguang.cn/.

Safe Harbor Statement

This announcement contains forward-looking statements. These statements are made under the “safe harbor” provisions of the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as “will,” “expects,” “anticipates,” “future,” “intends,” “plans,” “believes,” “estimates,” “confident” and similar statements. Among other things, the Business Outlook and quotations from management in this announcement, as well as Aurora Mobile’s strategic and operational plans, contain forward-looking statements. Aurora Mobile may also make written or oral forward-looking statements in its reports to the U.S. Securities and Exchange Commission, in its annual report to shareholders, in press releases and other written materials and in oral statements made by its officers, directors or employees to third parties. Statements that are not historical facts, including but not limited to statements about Aurora Mobile’s beliefs and expectations, are forward-looking statements. Forward-looking statements involve inherent risks and uncertainties. A number of factors could cause actual results to differ materially from those contained in any forward-looking statement, including but not limited to the following: Aurora Mobile’s strategies; Aurora Mobile’s future business development, financial condition and results of operations; Aurora Mobile’s ability to attract and retain customers; its ability to develop and effectively market data solutions, and penetrate the existing market for developer services; its ability to transition to the new advertising-driven SAAS business model; its ability to maintain or enhance its brand; the competition with current or future competitors; its ability to continue to gain access to mobile data in the future; the laws and regulations relating to data privacy and protection; general economic and business conditions globally and in China and assumptions underlying or related to any of the foregoing. Further information regarding these and other risks is included in the Company’s filings with the Securities and Exchange Commission. All information provided in this press release and in the attachments is as of the date of the press release, and Aurora Mobile undertakes no duty to update such information, except as required under applicable law.

For more information, please contact:

Aurora Mobile Limited
E-mail: ir@jiguang.cn

Christensen
In China
Ms. Xiaoyan Su
Phone: +86-10-5900-1548
Email: Xiaoyan.Su@christensencomms.com

In U.S.
Ms. Linda Bergkamp
Phone: +1-480-614-3004
Email: linda.bergkamp@christensencomms.com

The MIL Network –

February 14, 2025
MIL-OSI: GPTBots.ai Launches Advanced Audio LLM Capabilities, Paving the Way for Comprehensive AI SDR Solutions

Source: GlobeNewswire (MIL-OSI)

HONG KONG, Feb. 14, 2025 (GLOBE NEWSWIRE) — GPTBots.ai, a leading enterprise-grade AI platform, has announced the launch of its latest Audio LLM capabilities, setting a new standard for real-time, voice-driven AI interactions. This update enables seamless voice-to-voice communication powered by OpenAI’s native audio multimodal LLM, eliminating the need for traditional ASR (Automatic Speech Recognition) and TTS (Text-to-Speech) processes. By significantly reducing latency, GPTBots delivers faster, more natural voice interactions in dozens of major languages, making it a versatile solution for industries heavily reliant on customer engagement and lead generation.

Transforming Voice Interactions Across Industries

The new Audio LLM capabilities are designed to address the growing demand for high-quality voice interactions in scenarios that prioritize customer service and lead acquisition. From retail and e-commerce to sales and support, GPTBots’ Audio LLM empowers businesses to deliver real-time, personalized voice experiences that enhance customer satisfaction and operational efficiency.

In addition to enabling voice-to-voice communication, GPTBots has enhanced its Audio LLM by integrating it with its RAG (Retrieval-Augmented Generation) framework, workflow orchestration tools, and plugin ecosystem. These integrations allow audio messages to seamlessly interact with complex knowledge bases, execute intricate workflows, and call external plugins, enabling businesses to handle knowledge-intensive and dynamic scenarios with ease.

Laying the Foundation for Voice-Driven AI SDR Solutions

This Audio LLM update is a strategic step toward GPTBots’ vision of delivering a comprehensive AI SDR (Sales Development Representative) solution. By enabling real-time, voice-driven interactions, GPTBots is equipping businesses with the tools to revolutionize their sales processes. From lead qualification to personalized follow-ups, the enhanced Audio LLM functionality will play a pivotal role in automating and optimizing sales workflows, driving higher conversion rates and customer satisfaction.

“Voice interactions are becoming a cornerstone of modern AI applications, and our Audio LLM capabilities are designed to meet the growing demand for real-time, intelligent, and natural communication,” said Jerry Yin, VP of GPTBots.ai. “This update not only enhances our platform’s multimodal capabilities but also lays the groundwork for future innovations in voice-driven customer engagement and sales automation.”

DeepSeek: A Recent Addition to the GPTBots Platform

While this update focuses on GPTBots’ advancements in audio-based AI, it follows the recent integration of DeepSeek, a trending large language model (LLM) known for its lightweight architecture and domain-specific optimizations. DeepSeek’s inclusion in the GPTBots platform has further enhanced its ability to deliver scalable and cost-effective AI solutions across industries, reinforcing GPTBots’ commitment to enterprise-grade AI innovation.

Driving the Future of Multimodal AI

With this launch, GPTBots continues to strengthen its position in voice-enabled AI solutions, offering businesses the tools they need to stay ahead in an increasingly competitive landscape. By combining cutting-edge technology with practical, scalable solutions, GPTBots is empowering enterprises to unlock the full potential of AI in customer engagement, sales, and beyond.

About GPTBots

GPTBots.ai is an enterprise AI agent platform that empowers businesses to streamline operations, enhance customer experiences, and drive growth. Offering end-to-end AI solutions across customer service, knowledge search, data analysis, and lead generation, GPTBots enables enterprises to harness the full potential of AI with ease. With seamless integration into various systems, and support for scalable, secure deployments, GPTBots is dedicated to reducing costs, accelerating growth, and helping businesses thrive in the AI era.

For more information, visit www.gptbots.ai.

Media Contact:
Silvia
Senior Marketing Manager
marketing@gptbots.ai

The MIL Network –

February 14, 2025

MIL-OSI: Suspension af handel med beviser i foreningens afdelinger

Source: GlobeNewswire (MIL-OSI)

Handel med beviser i følgende afdelinger er suspenderet grundet tekniske problemer:

Afdeling	ISIN	OMX Short name
BLS Invest Danske Aktier Akk.	DK0061143260	BLKDKAA
BLS Invest Danske Aktier KL	DK0060188902	BLKDA
BLS Invest Globale Aktier KL	DK0060189041	BLKGA
BLS Invest Globale Aktier Akk.	DK0060560167	BLIGAA

The MIL Network –

February 14, 2025

MIL-OSI: TAP Protocol Launches its TAP Launch Bot, The Ultimate No-Code Solution to Launching Token Projects on Bitcoin With No Bonding Curve
Source: GlobeNewswire (MIL-OSI)

Berlin, Germany, Feb. 14, 2025 (GLOBE NEWSWIRE) — – TAP Protocol, a protocol that enables the development of decentralized applications (DApps) on Bitcoin Layer-1, is announcing the launch of its TAP Launch Bot to make it easier to create, launch and fund token projects on Bitcoin. The TAP Launch Bot, which is accessible via Telegram, has been developed to provide a seamless, guided experience for users wanting to launch Bitcoin projects and is designed as a no-code solution, empowering users to add to the thousands of tokens already launched on TAP Protocol, without any technical experience.

Unlike other launch platforms, the TAP Launch Bot eliminates the need for a bonding curve. Founders are able to transparently fund their projects via the Launch Bot’s ‘charge per mInt’ feature, which enables minters to pay with $TAP, and the founders’ desired (%) token reserve for their project also accumulates within the same wallet, so communities can easily monitor team funds as they grow. This aims to foster genuine community growth and trust, while promoting tangible value to the overall Bitcoin ecosystem.

“With the TAP Launch Bot, we’re aiming to empower more users to create and build value on Bitcoin and it’s important that they’re able to do so in a simple, autonomous, transparent, and community-focused manner. We built the TAP Launch Bot on Telegram to make it easier for our community, and those who want to get involved,” states Markus Bopp, CEO and Founder of TAP Protocol. “TAP Protocol offers a direct route to launch Bitcoin projects but also raise capital using the LaunchBot’s ‘Charge per Mint’ feature, so creators can focus on building impactful projects.”

By functioning as an “authority smart contract” the TAP Launch Bot streamlines and secures the fundraising process, This multi-token approach also enables more advanced tokenomic models for builders, with funds immediately available for project development, without teams having to immediately sell the project token in order to build.

While the TAP Launch Bot offers advanced capabilities, its primary objective is simplicity. Featuring a Telegram-hosted chat-based interface similar to AI prompting, the bot is designed to be accessible to both seasoned developers and first-time creators. By streamlining token launches and funding, the TAP Launch Bot strengthens Bitcoin’s growing ecosystem, and reduces barriers to entry.

Features of the TAP Launch Bot
The TAP Launch Bot provides users with a seamless, intuitive experience, offering the following capabilities:
- Simplicity: Launch projects without the need for coding or technical expertise.
- No Bonding Curve: Instantly receive raised capital without waiting for market activity or intermediary approvals.
- Transparency and Autonomy: Full visibility and control over project funds via the $TAP token.
- Bitcoin Native: Utilize the security and decentralization of the Bitcoin network.
The TAP Launch Bot is the latest development from TAP Protocol, which has already delivered fully-decentralised, native Bitcoin DeFi by pioneering L1 co-processing, which leverages the strengths of other L1 chains, so enables the use of turing smart contracts for native Bitcoin assets, without users having to sacrifice custody and control of their assets.

Having already demonstrated L1 co-processing on mainnet via ICP, the team are now developing the same interoperability for TRON, Cardano, Ethereum and Solana.

The TAP Launch Bot, which is available to access on Telegram from February 2025, aims to further advance Bitcoin’s decentralized finance ecosystem. Its integration into the popular community platform Telegram, offers a gateway to financial independence and creative freedom. With its user-friendly interface and direct funding model, the TAP Launch Bot bridges educational and technical barriers to Bitcoin development and promotes accessibility and inclusion to the world’s most popular blockchain.

Find out more about the TAP Launch Bot here: https://t.me/TapStarterBtcBot

ENDS

About TAP Protocol
TAP Protocol is dedicated to advancing the interoperability of blockchain networks by providing solutions that bridge the gap between Ethereum and Bitcoin. With its focus on user experience and accessibility, TAP Protocol empowers users to leverage the full potential of decentralized finance.

For more information, please visit https://www.tap-protocol.com/

Media Contact:
Romina Perino, Luna PR
romina@lunapr.io

The MIL Network –
February 14, 2025
MIL-OSI: BYDFi Partners with Safeheron to Launch MoonX, the Safest Way to Trade MemeCoins
Source: GlobeNewswire (MIL-OSI)

SINGAPORE, Feb. 14, 2025 (GLOBE NEWSWIRE) — BYDFi, a well-known crypto exchange, officially announced the upcoming launch of its new Web3 on-chain trading platform, MoonX. Specifically designed for Meme Coin traders, MoonX will provide a fast, secure, and intuitive on-chain trading experience. The platform integrates core security technologies from Safeheron, a premier self-custody platform for digital assets, leveraging cutting-edge technologies such as Secure Multi-Party Computation (MPC) and Trusted Execution Environment (TEE) to build an industry-leading key management system that ensures the highest level of security for users’ assets.

Meme Coin Surge Fuels On-Chain Trading Growth

Over the past year, the surge in Meme Coin trading has led to an unprecedented rise in on-chain transaction volume. In 2024, transaction fees from Meme Coin trading on the Solana blockchain ecosystem alone exceeded $3.093 billion, contributing to the historic increase in on-chain trading activity. However, alongside this growth, security concerns have become more pronounced. On November 16, 2024, the decentralized exchange (DEX) DEXX was attacked by hackers, resulting in the theft of users’ private keys and a loss of $20 million in assets. This breach raised serious concerns about the security vulnerabilities of on-chain trading and the importance of private key protection.

BYDFi Partners with Safeheron to Fully Upgrade On-Chain Trading Security

Every day, thousands of new Meme tokens emerge, and traders face the challenge of selecting quality projects while navigating extreme market volatility. At the same time, the threat to private key security remains one of the most pressing issues in the Web3 space.

As a globally renowned crypto exchange, BYDFi has always placed a premium on security. Its collaboration with Safeheron brings MoonX the best-in-class security features built on decentralized trust models. Safeheron’s use of MPC and TEE technologies will provide comprehensive key management and transaction signature protection for MoonX, addressing the most critical vulnerabilities in Web3 environments.

MoonX: The Ultimate On-Chain Trading Arena for Degen Traders

The high volatility of the Meme Coin market has attracted a wave of Degen traders—speculators who thrive on high-risk, high-reward trades. These traders are constantly searching for the next 100x Gems. MoonX is purpose-built for this audience, enabling on-chain trading of assets across major blockchains including Solana, Ethereum, Base, and BNB Chain. The platform supports over 500,000 token pairs, coupled with powerful market analysis tools to assist traders in making informed decisions.

MoonX offers an array of specialized, professional-grade trading features designed to optimize the user experience:
- Take-Profit & Stop-Loss Orders
- Smart Money & Signal Copy Trading
- Limit Orders & One-Click Buy/Sell
- Sell Half on a Double
Michael, Co-Founder of BYDFi, stated:

“MOONX is more than just a trading tool—it represents BYDFi’s vision and commitment to the future of Web3. By integrating Safeheron’s cutting-edge security technology, we aim to deliver the safest and most efficient Meme Coin trading environment, eliminating security risks in Web3 trading entirely.”

MoonX is currently in the final stages of development and will soon be launched. Stay tuned to BYDFi’s official channels for the latest updates.

About Safeheron

Safeheron is a global leader in open-source, transparent digital asset self-custody solutions, founded in 2021 and headquartered in Singapore. Utilizing Secure technologies, Safeheron provides institutional clients with the highest level of security in digital asset self-custody services and MPC privatization solutions, enhancing both security and management efficiency.

Website: https://safeheron.com/ Twitter: https://twitter.com/Safeheron

About BYDFi

BYDFi is a Forbes-recognized global top 10 crypto exchange, founded in 2020 and trusted by over 1,000,000 users worldwide. The platform has obtained Money Services Business (MSB) licenses in multiple countries and regions and is a member of the Korea CODE VASP alliance, reinforcing its commitment to regulatory compliance. All platform assets are held with at least a 1:1 reserve ratio, and Proof of Reserves (POR) reports are regularly published to uphold the highest asset security standards.
- Website: https://www.bydfi.com
- Support Email: CS@bydfi.com
- Business Partnerships: BD@bydfi.com
- Media Inquiries: media@bydfi.com
Twitter( X )| LinkedIn| Facebook | Telegram| YouTube

The MIL Network –
February 14, 2025
MIL-OSI: Sompo Holdings establishes global Property and Casualty (re)insurance, and Wellbeing business segments
Source: GlobeNewswire (MIL-OSI)

TOKYO, Feb. 14, 2025 (GLOBE NEWSWIRE) — Sompo Holdings Inc. (Sompo Holdings), an integrated financial group committed to delivering health, wellbeing and financial protection, today announced the formation of its business into two global segments: Sompo Property and Casualty (re)insurance (Sompo P&C), and Sompo Wellbeing, effective April 1, 2025. The simplified organization provides a resilient, innovative and sustainable platform to support all its stakeholders.

Sompo P&C will integrate Sompo International Holdings Ltd’s insurance and reinsurance business together with its Japan commercial and consumer P&C operations. The segment will be led by James Shea, currently Chairman and Chief Executive Officer (CEO) of Sompo’s global insurance and reinsurance business outside of Japan. Mr Shea will become CEO, Sompo P&C, continuing to report to Sompo Group CEO Mikio Okumura. He will also continue in his current role running the Overseas Insurance and Reinsurance business.

Within the new Sompo P&C business structure:
- Koji Ishikawa, CEO of Sompo Japan, continues in his role, and will now report to Mr Shea.
- Kenneth Reilly will expand his current responsibilities as CEO, Insurance, Asia Pacific, to also include Deputy CEO of Sompo Japan, Commercial Insurance.
- Nicolas Burnet will become Group Deputy Chief Financial Officer (CFO) at Sompo Holdings, and CFO for Sompo P&C. He will help oversee the global investment strategy for Sompo in addition to capital allocation, investor relations and merger & acquisitions. He will report to Mr Shea and Masahiro Hamada, Group CFO.
Sompo Wellbeing will include the life insurance business, Sompo Himawari Life Insurance, and the nursing services business in Japan, Sompo Care. Sompo Wellbeing will work as one group to create products and services addressing challenges related to health, financial stability after retirement, and nursing care needs. These are all prominent challenges in Japan due to the country’s ageing population and declining birth rate.

Yasuhiro Oba, currently CEO of Sompo Himawari Life Insurance, will become Sompo Wellbeing CEO, reporting to Mikio Okumura.

Within the new Sompo Wellbeing business structure:
- Yasuki Kume will become CEO of Sompo Himawari Life Insurance.
- Takamitsu Washimi will continue as CEO of Sompo Care.
Sompo Group CEO Mikio Okumura said: “Sompo Group is taking the next step towards our goal of becoming a truly global financial institution born in Japan. By creating our Sompo P&C and Sompo Wellbeing global business segments, we will deliver a sustainable platform that meets the needs of all our stakeholders.

“Our streamlined organization brings together the deep and diverse range of skills, experiences and perspectives of our people and teams, to deliver more innovative solutions and enhanced problem-solving capabilities. With our collaborative ‘One Sompo’ culture, we are now an even stronger and more adaptable organization capable of thriving in the dynamic business environments we operate in around the world, both today and into the future.”

James Shea, who will assume the position of CEO, Sompo P&C said: “This structural change is part of our ongoing evolution to remain resilient amid economic changes. It will simplify our business, allowing us to continue to foster deeper connections and alignment across geographies, deliver profitable results to our shareholders and create the best place to work in our industry.

“Sompo Japan and our Overseas business together represent in excess of US $30bn gross written premium driven by more than 40,000 employees worldwide. With a balanced portfolio globally of 51% commercial, 35% consumer and 14% reinsurance, we are well positioned across geographies and products to continue our strategy.

“I’m looking forward to maximizing the potential of our organization as a global community, driving innovation to achieve both our purpose and our strategic objectives more effectively.”

Yasuhiro Oba, who will be appointed CEO Sompo Wellbeing, said: “Sompo Wellbeing provides solutions for ‘health’, ‘nursing care’ and ‘finance after retirement’ concerns by connecting Sompo Himawari Life Insurance’s Insurhealth^®, Sompo Care’s nursing services, and other healthcare-related activity to realize Sompo’s Purpose: ‘For a future of health, wellbeing and financial protection’. In addition to insurance coverage, we will also provide services for ‘ease of mind’ across the boundaries of our operating companies, thereby staying close to the daily lives of our customers.”

About Sompo Group

Building on 135 years of innovation, Sompo Group is a leading integrated insurance and financial services group committed to delivering health, wellbeing and financial protection to businesses and individuals worldwide. Sompo Group comprises Sompo Holdings Inc. (Sompo Holdings) and its subsidiaries, providing solutions in property and casualty insurance globally, and life insurance and nursing care in Japan.

Sompo Holdings has excellent financial strength as evidenced by ratings of A+ (Superior) from A.M. Best (XV size category) and A+ (Strong) from Standard & Poor’s. Shares of Sompo Holdings are listed on the Tokyo Stock Exchange (8630.T).

To learn more please follow us on LinkedIn or visit sompo-hd.com.

Sompo Contact

Yoichi Shibuya
General Manager, Japan Media Relations, Sompo Holdings
E: 10_sompopr@sompo-japan.co.jp

Mike Jones
Global Head of Media Relations, Sompo
M: +44 7765 901899
E: mijones@sompo-intl.com

The MIL Network –
February 14, 2025
MIL-OSI: Year-end Report – January-December 2024
Source: GlobeNewswire (MIL-OSI)

STOCKHOLM – 14 February 2025. Karolinska Development AB (Nasdaq Stockholm: KDEV) today publishes its Year-end Report January-December 2024. The full report is available on the Company’s website.

“Stronger liquidity will ensure our ongoing ability to continue advancing the portfolio companies who are at earlier stages in the development phase and offer the potential for creating substantial value going forward”, says Viktor Drvota, CEO, Karolinska Development.

Significant events during the fourth quarter
- The portfolio company Umecrine Cognition presented new preclinical data on golexanolone, showing retained dopamine signaling in Parkinson’s disease, at the 10th International Conference on Neurology and Brain Disorders 2024 in Baltimore, Maryland, US (October 2024).
- The portfolio company SVF Vaccines, presented positive clinical safety and immunogenicity data from a clinical phase 1 study of the universal Covid-19 vaccine candidate, SVF-002 (October 2024).
- The portfolio company BOOST Pharma successfully completed a pre-IND meeting with the U.S. Food and Drug Administration, FDA, for its cell therapy aiming to treat children with the rare bone disease Osteogenesis Imperfecta (OI). The positive outcome from the meeting triggered the second tranche of previously agreed investment from Karolinska Development (November 2024).
- Karolinska Development’s Extra General Shareholders’ Meeting on 13 November 2024 decided, among other things, to elect Will Zeng, with the dismissal of the current director Theresa Tse, as a new director of the Board of Directors. The current directors Hans Wigzell, Anna Lefevre Skjöldebrand, Benjamin Toogood and Philip Duong remain as directors of the Board of Directors and Hans Wigzell remains as chairperson (November 2024).
- The portfolio company SVF Vaccines appointed Dr Gaston Picchio as acting CEO. He will assume the position with effect from November 15th, as Dr Richard Bethell decided to step down as CEO to pursue other professional interests while remaining associated with the company in an advisory role (November 2024).
- The portfolio company Umecrine Cognition presented data from a recent interim analysis from an ongoing Phase 1b/2a clinical study of golexanolone in patients with Primary Biliary Cholangitis. The preliminary results show that golexanolone was well-tolerated and achieved drug exposure levels that correlate to clinical treatment doses. The results were presented at the Late Breaking Poster session at the American Association for the Study of Liver Diseases’ (AALSD) 75th Liver Meeting, in San Diego, CA, USA, on November 18, 2024 (November 2024).
- The portfolio company Modus Therapeutics secured access to bridge financing of up to SEK 5 million from Karolinska Development, the company’s largest shareholder. The funding enabled Modus to initiate the recently approved phase 2a study in chronic kidney disease (November 2024).
- Karolinska Development announced that the company has decided to implement organizational changes in order to reduce the cost base of its operations. The changes involve reducing the management team by one person and giving notice of redundancy to a total of three employees. This is estimated to reduce the company’s personnel costs by approximately 20 percent (December 2024).
- The portfolio company, Modus Therapeutics, dosed the first patient in a phase 2 clinical study of the drug candidate sevuparin, evaluated as a treatment for chronic kidney disease with anemia. The study is being conducted at Centro Ricerche Cliniche di Verona in Italy (December 2024).
- Karolinska Development divested 4,6 million shares in the portfolio company OssDsign and thereby strengthened the investment company’s liquidity. Karolinska Development holds nearly 5 million shares in OssDisgn after the divestment (December 2024).
- Karolinska Development announced that the company’s Chairman of the Board, Professor Hans Wigzell, has decided to resign from his position. The Board of Directors of Karolinska Development appointed Ben Toogood as new Chairman until the next General Shareholders’ Meeting (December 2024).
- The portfolio company Umecrine Cognition raised SEK 23.8 million through a convertible loan to be used for the continuation of the company’s clinical study of golexanolone in primary biliary cholangitis. The convertible loan with attached share options is directed to a consortium of investors (December 2024).
Significant post-period events
- The portfolio company AnaCardio secured SEK 205 million in a series A extension financing round and reported positive results from the first part of a Phase 1b/2a study of AC01 in patients with heart failure and reduced ejection fraction. The final part of the study (phase 2a) is expected to start during the first quarter of 2025 (January 2025).
- The portfolio company Dilafor announced that it successfully completed regulatory meetings with the U.S. Food and Drug Administration, FDA, and European Health Agencies, regarding the continued development of the company’s drug candidate tafoxiparin. The completed meetings mark the end of a comprehensive dialogue with regulatory authorities in the US and EU to reach an alignment between the authorities on designing pivotal clinical Phase 3 studies in Europe and the US to evaluate tafoxiparin as a new potential treatment for priming of labor (January 2025).
Financial update fourth quarter
- The net profit/loss for the fourth quarter was SEK 18.6 million (SEK -1,9 million in the fourth quarter of 2023). Earnings per share totaled SEK 0.1 (SEK -0.01 in the fourth quarter of 2023).
- The result of the Change in fair value of shares in portfolio companies for the fourth quarter amounted to SEK 18.7 million (SEK 6.6 million in the fourth quarter of 2023). The result is mainly the effect of the upturn in share price in the listed holdings OssDsign and Modus Therapeutics and also by an increase in value in AnaCardio in connection with the investment round. The upturn was partly offset by a downturn in the share price in the listed holdings.
- The total fair value of the portfolio was SEK 1,451.5 million at the end of December 2024, corresponding to a decrease of SEK 11.6 million from SEK 1,463.1 million at the end of the previous quarter. The net portfolio fair value at the end of December 2024 was SEK 1,120.8 million, corresponding to a decrease of SEK 1.0 million from SEK 1,121.8 million at the end of the previous quarter. The main reason for the net decrease in fair value was the partial divestment of OssDsign and the downturn in the share price of the listed holding Promimic. The decrease was partially offset by the increase in the price of the listed holdings OssDsign and Modus Therapeutics together with the increase in value of AnaCardio in connection with the investment round. The quarter’s investments in Umecrine Cognition and BOOST Pharma also contributed to the increase in fair value.
- Net asset value amounted to SEK 1,245.0 million, per share SEK 4.6, at the end of December 2024 (SEK 1,253.4 million, per share SEK 4.6 at the end of December 2023).
- Net sales totaled SEK 0.5 million during the fourth quarter of 2024 (SEK 0.5 million during the fourth quarter of 2023).
- Karolinska Development invested a total of SEK 19.4 million in portfolio companies during the fourth quarter of 2024 (SEK 41.6 million in the fourth quarter of 2023). Fourth quarter 2024 investments in portfolio companies by Karolinska Development and other specialized life sciences investors totaled SEK 155.7 million (SEK 125.3 million in the fourth quarter of 2023).
- Cash and cash equivalents increased by SEK 12.7 million during the fourth quarter, totaling SEK 52.0 million on 31 December 2024 (SEK 85.3 million on 31 December 2023).
Financial update full-year
- The full-year net profit/loss was SEK -8.1 million (SEK 5.4 million in 2023). Earnings per share totaled SEK -0.03 (SEK 0.02 in 2023).
- The full-year result for the change in the fair value of the portfolio amounted to SEK 1.6 million (SEK 15.2 million during 2023).
- The total fair value of the portfolio was SEK 1,451.5 million at the end of December 2024, an increase from SEK 1,440.3 million at the corresponding date in 2023. The net portfolio fair value was SEK 1,120.8 million, an increase by SEK 10.5 million from SEK 1 110.3 million at the corresponding date in 2023.
- Net asset value amounted to SEK 1,245.0 million, per share SEK 4.6, at the end of December 2024 (SEK 1,253.4 million, per share SEK 4.6 at the end of December 2023).
- Revenue totalled SEK 1.8 million for the full-year of 2024 (SEK 2.0 million in 2023).
- Karolinska Development invested a total of SEK 62.0 (103.0) million in its portfolio companies during the full-year. Full-year investments in the portfolio companies by Karolinska Development and other specialised life sciences investors totalled SEK 490.3 (394.5) million.
- Karolinska Development’s cash compensation from sold shares and earn-out agreements regarding divested portfolio companies amounted to SEK 42.4 (18.3) million during the year.
- Cash and cash equivalents decreased by SEK 43.3 million during the full-year, totalling SEK 42.0 (85.5) million on 31 December 2024.
- The Board does not propose any dividend for the financial year 2024.
The Year-end Report for Karolinska Development AB for the period January-December 2024 is available as a PDF at www.karolinskadevelopment.com.

For further information, please contact:

Viktor Drvota, CEO, Karolinska Development AB
Phone: +46 73 982 52 02, e-mail: viktor.drvota@karolinskadevelopment.com

Hans Christopher “HC” Toll, CFO, Karolinska Development AB
Phone: +46 70 717 00 41, e-mail: hc.toll@karolinskadevelopment.com

TO THE EDITORS

About Karolinska Development AB

Karolinska Development AB (Nasdaq Stockholm: KDEV) is a Nordic life sciences investment company. The company focuses on identifying breakthrough medical innovations in the Nordic region that are developed by entrepreneurs and leadership teams. The Company invests in the creation and growth of companies that advance these assets into commercial products that are designed to make a difference to patients’ lives while providing an attractive return on investment to shareholders.

Karolinska Development has access to world-class medical innovations at the Karolinska Institutet and other leading universities and research institutes in the Nordic region. The Company aims to build companies around scientists who are leaders in their fields, supported by experienced management teams and advisers, and co-funded by specialist international investors, to provide the greatest chance of success.

Karolinska Development has established a portfolio of eleven companies targeting opportunities in innovative treatment for life-threatening or serious debilitating diseases.

The Company is led by an entrepreneurial team of investment professionals with a proven track record as company builders and with access to a strong global network.

For more information, please visit www.karolinskadevelopment.com

Attachments
- KD Q4 2024 (ENG)
- PR Q4 2024 (ENG)
The MIL Network –
February 14, 2025
MIL-OSI: Morpheus Labs Partners with CertiK to Power TN7’s Smart Contracts in Their First Joint Initiative

Source: GlobeNewswire (MIL-OSI)

Graphic download: Synthcity Overview (1).png

SINGAPORE, Feb. 14, 2025 (GLOBE NEWSWIRE) — Morpheus Labs has teamed up with CertiK, a leader in blockchain security, to enhance the security and reliability of smart contracts. This collaboration strengthens blockchain ecosystems and supports the tokenization of Real-World Assets (RWA), opening up new possibilities for tokenized content and intellectual property. The partnership kicks off with TN7, a new content universe built around the first digital comic series from Viu, PCCW’s leading pan-regional OTT video streaming service.

TN7: A Pioneering Digital Content Platform

TN7 is a Viu initiative that explores new possibilities for community-driven storytelling, integrating Web3 elements to empower creators. It integrates secure and efficient smart contracts as part of its infrastructure. Through Morpheus Labs’ collaboration with CertiK, these contracts undergo rigorous auditing and reinforcement, ensuring a stable and secure foundation for the platform’s interactive ecosystem.

CertiK Joins to Fortify Smart Contract Security

CertiK brings advanced AI-driven auditing solutions to reinforce TN7’s smart contracts, enhancing security for the platform and its creators. Ronghui Gu, co-founder of CertiK, stated: “We are excited to partner with Morpheus Labs. Their AI-powered Smart Contract Studio provides the first end-to-end solution for smart contract development and auditing.Together, we aim to set new standards in blockchain security and reduce cybercrime threats.”

A Strong Beginning for the Partnership

This collaboration on TN7 marks the first step in an ongoing partnership aimed at advancing security in blockchain-powered digital content platforms. Morpheus Labs’ Smart Contract Studio, combined with CertiK’s auditing expertise, provides intuitive, seamless and highly secure smart contracts. Anson, Country Head at Viu Singapore, said: “Security is essential to TN7’s vision of a dynamic, creator-driven universe. With CertiK’s expertise and Morpheus Labs’ platform, we are confident in providing a stable and secure environment for our growing community.”

Setting a New Standard in Web3 Security

By combining CertiK’s auditing capabilities with Morpheus Labs’ Smart Contract Studio, the partnership delivers an end-to-end solution for smart contract development and auditing, addressing the growing need for robust cybersecurity in Web3. Pei-Han Chuang, CEO of Morpheus Labs, added: “Our Smart Contract Studio simplifies development while integrating thorough auditing services. The TN7 project is just the start of how this partnership will benefit businesses seeking secure smart contract solutions.”

A Secure Future for Web3

Together, Morpheus Labs and CertiK are setting a new standard for developing and securing smart contracts while onboarding more customers, starting with the TN7 project. As Web3 evolves, this collaboration strengthens the security framework for TN7 and sets a precedent for protecting digital content platforms integrating blockchain technology.

About Morpheus Labs

Morpheus Labs is a leading developer lab in South East Asia specializing in blockchain integration, offering a comprehensive suite of tools and services to streamline the development and deployment of blockchain-based projects. With a focus on driving adoption and innovation, Morpheus Labs empowers developers and enterprises to leverage the full potential of Web3 technologies.

To learn more about Morpheus Labs, visit https://morpheuslabs.io. Try the Smart Contract Studio for free at https://web3-platform.morpheuslabs.io.

About CertiK

CertiK’s mission is to secure the Web3 world. Starting with blockchain, CertiK applies cutting-edge innovations from academia into Enterprise, enabling mission-critical applications to be built with security and accuracy. Headquartered in New York City, CertiK was founded by computer science professors Ronghui Gu and Zhong Shao. CertiK is backed by industry leaders, including Insight Partners, Tiger Global, Sequoia, Coatue Management, Advent International, Goldman Sachs, Lightspeed, SoftBank Vision Fund 2, Hillhouse Capital, Binance, Coinbase Ventures, and more.

To learn more, please visit https://www.certik.com/

About Viu

Viu, a leading pan-regional over-the-top (OTT) video streaming service, is available in 16 markets across Asia, the Middle East, and South Africa.

The Viu service is available to consumers through a dual model, with an ad-supported free tier and a premium subscription tier. In addition to premium original productions under the brand “Viu Original”, Viu showcases TV series, movies, and lifestyle programmes from top content providers in local and regional languages with subtitles. Viu Scream Dates, its multi-market fan-meet offering, extends the Viu experience beyond the screens by bringing stars closer to their fans via live events.

In June 2023, PCCW and CANAL+ formed a partnership to accelerate the growth of Viu, making CANAL+ a strategic investor in Viu.

Viu also operates MOOV, a popular digital music streaming and live concerts service in Hong Kong.

Viu is a member of PCCW Media under PCCW Limited, a global company headquartered in Hong Kong with interests in telecommunications, media, IT solutions, property development and investments, and other businesses. PCCW also operates ViuTV, a free television service in Hong Kong, through HK Television Entertainment Company Limited, and has interests in Pacific Century Premium Developments Limited, among other global investments.

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

Morpheus Labs Social Links

X: https://twitter.com/MorpheusLabs_io
Telegram: https://t.me/morpheuslabs
Discord: https://discord.com/invite/mbdXpD2fZm

Website: https://morpheuslabs.io/

For media inquiries, please contact:
Contact: Lyn Ngan
Email: lyn@morpheuslabs.io

For partnership inquiries, please contact:
Contact: Leonard Ong
Email: leonard@morpheuslabs.io

Book a Consultation:https://appt.link/morpheuslabs/book-a-consultation

A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/5aa0632c-1cf4-4077-8b20-7c32e156412e

The MIL Network –

February 14, 2025
MIL-OSI: Publishing of Innofactor’s 2024 Financial Statements Bulletin

Source: GlobeNewswire (MIL-OSI)

Innofactor Plc Investor News, on February 14, 2025, at 9:00 Finnish time

Innofactor Plc will publish its 2024 Financial Statements Bulletin on Friday, February 28, 2025, at approximately 9:00 am Finnish time.

The financial statement release will be available on the company’s website after publishing.

Espoo, February 14, 2025

INNOFACTOR PLC

Sami Ensio, CEO

Additional information:
Sami Ensio, CEO
Innofactor Plc
Tel. +358 50 584 2029
sami.ensio@innofactor.com

Distribution:
NASDAQ Helsinki
Main media
www.innofactor.com

Innofactor
Innofactor is the leading driver of the modern digital organization in the Nordic Countries for its about 1,000 customers in commercial and public sector. Innofactor has the widest solution offering and leading know-how in the Microsoft ecosystem in the Nordics. Innofactor has about 600 enthusiastic and motivated top specialists in Finland, Sweden, Denmark and Norway. www.innofactor.com #AIDriven #PeopleFirst #BeTheRealYou

The MIL Network –

February 14, 2025

MIL-OSI: Stockwik publishes financial statement January 1 – December 31, 2024

Source: GlobeNewswire (MIL-OSI)

CONTINUED ORGANIC GROWTH IN REVENUE AND OPERATING PROFIT

The Group’s positive organic development in revenue and operating profit continued in the fourth quarter of the year. Net sales increased by 4.6% to MSEK 253.8 (242.6) and operating profit (EBITA) increased by 8.3% to MSEK 21.8 (20.1) compared with the same quarter in the previous year. For the full year 2024, this ended in a 4.0% increase in the Group’s net sales to MSEK 850.9 (818.3), and a 5.2% increase in EBITA to MSEK 52.4 (49.8).

Cash flow from operating activities increased by 47.5% during the year to 59.9 (40.6) MSEK.

QUARTER OCTOBER 1 – DECEMBER 31, 2024

MSEK	Oct-Dec 2024	Oct-Dec 2023	∆ %	of which organic growth, in percentage points	of which acquired growth, in percentage points
Net sales	253.8	242.6	4.6%	4.6%	–
EBITDA	32.3	31.7	1.9%	1.9%	–
EBITA	21.8	20.1	8.3%	8.3%	–
Adjusted EBITA	21.8	29.3
EBIT	20.0	17.6	13.6%	13.6%	–
Profit before tax	6.9	5.3
Profit after tax	-1.4	-14.0
EBITA-margin %	8.6%	8.3%
Adjusted EBITA-margin %	8.6%	12.1%

Operational cashflow	39.7	41.1
Earnings per share before dilution, SEK	-0.23	-2.22
Earnings per share after dilution, SEK	-0.23	-2.22

PERIOD JANUARY 1 – DECEMBER 31, 2024

MSEK	Jan-Dec 2024	Jan-Dec 2023	∆ %	of which organic growth, in percentage points	of which acquired growth, in percentage points
Net sales	850.9	818.3	4.0%	4.0%	–
EBITDA	95.1	89.5	6.2%	6.2%	–
Adjusted EBITDA *	98.9	96.0
EBITA	52.4	49.8	5.2%	5.2%	–
Adjusted EBITA	56.2	59.0
EBIT	44.8	37.5	19.3%	19.3%	–
Profit before tax	-6.8	-24.0
Profit after tax	-13.6	-37.2
EBITA-margin %	6.2%	6.1%
Adjusted EBITA-margin %	6.6%	7.2%

Operational cashflow	59.9	40.6
Earnings per share before dilution, SEK	-2.16	-5.89
Earnings per share after dilution, SEK	-2.16	-5.89

Net debt	385.8	385.2
Net debt/EBITDA	4.06	4.31
Net debt/Adjusted EBITDA *	3.90	4.01

* EBITDA adjusted for non-recurring items in accordance with the definition in the bond terms. Restructuring costs of MSEK 3.1 (4.2), inventory revaluation of MSEK 0.6 (5.0), the discontinued contracting business of MSEK – (0.7), and other non-recurring items of MSEK 0.1 (0.0) have been excluded from the key figure.

This information is being disclosed by Stockwik Förvaltning AB (publ) in compliance with the Market Securities Act. The information was submitted for publication at 07:00 (CET) on February 14, 2025, through the designated contact person provided below.

For further information, please contact:
Urban Lindskog, President and CEO
Stockwik Förvaltning AB (publ)
E-mail: info@stockwik.se

About Stockwik

Stockwik offers a stable platform for small businesses to develop both organically and through acquisitions. Stockwik’s companies offer value-adding products and services to corporate customers. Stockwik is listed on Nasdaq Stockholm Small Cap with the short name STWK.

Attachments

The MIL Network –

February 14, 2025

MIL-OSI: Coop Pank AS results for January 2025
Source: GlobeNewswire (MIL-OSI)

Coop Pank’s financial results in January 2025:
- In January, number of the bank’s clients increased by 1,900 and number of active clients decreased by 700. By the end of the month number of clients reached 209,500 and number of active clients reached 98,800. Over the year, customer base has grown by 13%.
- Volume of the bank’s customer deposits increased by 40 million euros, reaching 1.93 billion euros by the end of month. Deposits of corporate customers increased by 24 million and deposits of private customers increased by 3 million euros. The volume of deposits attracted from international platforms increased by 13 million euros. Over the year, volume of bank deposits increased by 11%.
- The bank’s loan portfolio increased by 9 million euros over the month and reached 1.78 billion euros by the end of January. Home loans portfolio increased by 8 million euros, corporate loans increased by 2 million euros, leasing increased by 0.1 million euros and consumer financing decreased 0.3 million euros. Over the year, loan portfolio increased by 18%.
- In January, the loan impairment cost was 0.1 million euros.
- Compared to the first month of last year, the bank’s net income has decreased by 5% and expenses has increased by 4% during the same period this year.
- The bank earned net profit of 2.7 million euros in January, that is 8% less than in the same period last year.
- In January, Coop Pank’s return on equity was 15.2% and the cost-income ratio was 49%.
Comment by Paavo Truu, Member of the Management Board and CFO of Coop Pank:

“This year started strong for Coop Pank with a solid profit of 2.7 million euros. This was driven, among other factors, by the excellent business volume growth at the end of last year, which also contributed to increased revenues in January.

We see that overall economic activity has picked up at the beginning of 2025, both in the private and business client segments. However, the car leasing market remains very quiet after last year’s turbulent end caused by the car tax. We believe this silence will continue, at least among private individuals, for the coming months and predict a revival in leasing market activity by the second half of the year at the latest.

The overall market revival is supported by the ongoing downward trend in interest rates – the European Central Bank lowered its rates by 0.25 percentage points in January, and base rates are likely to continue declining. On one hand, this makes borrowing cheaper, but on the other, it also reduces the interest rates on term deposits in the local market.

At the end of January, Coop Pank expanded its range of products for both private and business clients by introducing a convenient and environmentally friendly virtual card, which is currently offered by only a few universal banks in Estonia. Using a virtual card eliminates the need for a traditional plastic card, its activation is simple and fast, and the card is immediately ready for use. By adding the virtual card to a smart device’s Wallet, it can be used for payments anywhere that displays the contactless payment symbol or the Wallet logo.”

More detailed quarterly reports of Coop Pank are available at: https://www.cooppank.ee/en/financial-reports

Coop Pank, based on Estonian capital, is one of the five universal banks operating in Estonia. The number of clients using Coop Pank for their daily banking reached 209,500. Coop Pank aims to put the synergy generated by the interaction of retail business and banking to good use and to bring everyday banking services closer to people’s homes. The strategic shareholder of the bank is the domestic retail chain Coop Eesti, comprising of 320 stores.

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

Attachment
- Coop Pank 2025-01_EN
The MIL Network –
February 14, 2025
MIL-OSI: Richemont announces changes to Senior Executive Committee and Board of Directors

Source: GlobeNewswire (MIL-OSI)

AD HOC ANNOUNCEMENT PURSUANT TO ART. 53 LR

14 FEBRUARY 2025

RICHEMONT ANNOUNCES CHANGES TO SENIOR EXECUTIVE COMMITTEE AND BOARD OF DIRECTORS

Richemont today announces the following changes to its Board of Directors and Senior Executive Committee (SEC), effective immediately:

Catherine Rénier, Chief Executive Officer (CEO) of Van Cleef & Arpels, Louis Ferla, CEO of Cartier, and Marie-Aude Stocker, Chief People Officer (CPO) of Richemont are appointed to the SEC.

Marie-Aude Stocker, formerly Director of People, Development and Prospective at Van Cleef & Arpels, was recently appointed CPO reporting to Nicolas Bos, CEO of Richemont. A French national and graduate of the Ecole Supérieure de Commerce de Paris (ESCP) business school, with a certification from the Institut des hautes études de défense nationale (IHEDN), Ms Stocker brings 35 years of beauty and luxury industry experience to the role, including 24 years in the Group.

Jérôme Lambert is stepping down from the SEC and from the Board of Directors following his appointment as CEO of Specialist Watchmaker Maison Jaeger-LeCoultre.

Boet Brinkgreve, CEO of Laboratoire de Haute Parfumerie et Beauté will be leaving the company at the end of April.

Commenting on the changes, Nicolas Bos said:

“Catherine’s and Louis’ combined industry and Group experience, together with their operational knowledge and expertise as CEOs of our largest Maisons, will be a great asset to our Senior Executive Committee. I am also delighted that Marie-Aude is joining the SEC as our newly appointed Chief People Officer. Having a dedicated CPO will help ensure that our growing and fast evolving HR strategic resource management needs are effectively fulfilled. Marie-Aude is ideally placed to take on this mission, as she brings a wealth of highly relevant experience gained in the course of her career.

I want to take this opportunity to wish Jérôme all the best in his new role and to thank him again for his support in recent months.”

Senior Executive Committee biographies can be accessed here.

About Richemont

At Richemont, we craft the future. Our unique portfolio includes prestigious Maisons distinguished by their craftsmanship and creativity. Richemont’s ambition is to nurture its Maisons and businesses and enable them to grow and prosper in a responsible, sustainable manner over the long term.

Richemont operates in three business areas: Jewellery Maisons with Buccellati, Cartier, Van Cleef & Arpels and Vhernier; Specialist Watchmakers with A. Lange & Söhne, Baume & Mercier, IWC Schaffhausen, Jaeger-LeCoultre, Panerai, Piaget, Roger Dubuis and Vacheron Constantin; and Other, primarily Fashion & Accessories Maisons with Alaïa, Chloé, Delvaux, dunhill, Gianvito Rossi, Montblanc, Peter Millar including G/FORE, Purdey, Serapian as well as Watchfinder & Co. In addition, Richemont operates NET-A-PORTER, MR PORTER, THE OUTNET, YOOX and the OFS division. Find out more at https://www.richemont.com/.

Richemont ‘A’ shares are listed on the SIX Swiss Exchange, Richemont’s primary listing, and are included in the Swiss Market Index (‘SMI’) of leading stocks. The ‘A’ shares are also traded on the Johannesburg Stock Exchange (JSE), Richemont’s secondary listing.

Investor/analyst and media enquiries

Investor relations: investor.relations@cfrinfo.net; +41 22 721 3003
Media: pressoffice@cfrinfo.net; richemont@teneo.com; +41 22 721 3507

Click here for a printer-friendly version in English (PDF)

The MIL Network –

February 14, 2025

MIL-OSI: Pulse Seismic Inc. Reports 2024 Financial Results and Declares Regular and Special Dividends

Source: GlobeNewswire (MIL-OSI)

CALGARY, Alberta, Feb. 13, 2025 (GLOBE NEWSWIRE) — Pulse Seismic Inc. (TSX:PSD) (OTCQX:PLSDF) (“Pulse” or the “Company”) is pleased to report its financial and operating results for the year ended December 31, 2024. The audited consolidated financial statements, accompanying notes and MD&A are being filed on SEDAR+ (www.sedarplus.ca) and will be available on Pulse’s website at www.pulseseismic.com.

Pulse’s Board of Directors today approved a quarterly dividend of $0.015 per share and additionally declared a special dividend of $0.20 per share. The total of the dividends will be approximately $10.9 million based on Pulse’s 50,837,863 common shares outstanding as of February 13, 2025, to be paid on March 13, 2025, to shareholders of record on February 28, 2025. This dividend is designated as an eligible dividend for Canadian income tax purposes. For non-resident shareholders, Pulse’s dividends are subject to Canadian withholding tax.

“We are very pleased with the Company’s 2024 financial performance, and what we have accomplished so far in 2025. We remain focused on returning capital to shareholders, as deemed appropriate given the annual fluctuations inherent in our business. So far in 2025 we have secured $17.5 million in sales and today the Board of Directors declared a special dividend of $0.20 per share, in addition to the regular quarterly dividend,” stated Neal Coleman, Pulse’s President and CEO. “In 2024, 76% of free cashflow was allocated to dividends and share buybacks, and looking back to Q4 2021, after repayment of the majority of the 2019 acquisition debt, we resumed dividends and share buybacks and have declared $0.83 per share in dividends and decreased our share count by three million,” Coleman concluded.

HIGHLIGHTS FOR THE YEAR ENDED DECEMBER 31, 2024

The return of capital to shareholders in 2024 including all dividends declared in the year and shares purchased under the Normal Course Issuer Bid (NCIB), totalled $9.5 million, and was 76% of shareholder free cashflow generated for the year;
Dividends of $0.10875 per share were declared in 2024. Regular dividends declared and paid totalled $0.05875 per share. The annualized regular dividend of $0.055 per share was increased by 9% to $0.06 per share in the second quarter of the year. A special dividend of $0.05 per share was paid in the third quarter of 2024;
1,784,000 shares were purchased during the year under the Normal Course Issuer Bid (NCIB) at an average price of $2.17 per share, for total cost of approximately $3.9 million;
Shareholder free cash flow^(a) was $12.4 million ($0.24 per share basic and diluted) compared to $24.8 million ($0.47 per share basic and diluted) for the year ended December 31, 2023;
EBITDA^(a) was $15.5 million ($0.30 per share basic and diluted) compared to $30.4 million ($0.57 per share basic and diluted) for the year ended December 31, 2023;
Net earnings were $3.4 million ($0.07 per share basic and diluted) compared to net earnings of $15.0 million ($0.28 per share basic and diluted) for 2023;
Total revenue was $23.4 million compared to $39.1 million for the year ended December 31, 2023; and
At December 31, 2024, the Company had a cash balance of $8.7 million as well as $5.0 million of available liquidity on its credit facility.

HIGHLIGHTS FOR THE THREE MONTHS ENDED DECEMBER 31, 2024

The regular quarterly dividend of $0.015 per share was paid in the fourth quarter;
A total of 97,700 shares were purchased under the NCIB in the fourth quarter, at an average price of $2.32 per share and total cost of approximately $226,000;
Shareholder free cash flow was $2.4 million ($0.05 per share basic and diluted) compared to $10.9 million ($0.21 per share basic and diluted) in the fourth quarter of 2023;
EBITDA was $3.8 million ($0.07 per share basic and diluted) compared to $13.6 million ($0.26 per share basic and diluted) in the fourth quarter of 2023;
Net earnings were $774,000 ($0.02 per share basic and diluted) compared to net earnings of $8.3 million ($0.16 per share basic and diluted) in the fourth quarter of 2023; and
Total revenue was $5.6 million compared to $16.9 million for the three months ended December 31, 2023.

SELECTED FINANCIAL AND OPERATING INFORMATION


(Thousands of dollars except per share data,	Three months ended December 31,		Years ended December 31,
numbers of shares and kilometres of seismic data)	2024	2023	2024	2023

Revenue	5,576	16,861	23,379	39,127

Amortization of seismic data library	2,263	2,270	9,090	9,103
Net earnings	774	8,307	3,391	15,007
Per share basic and diluted	0.02	0.16	0.07	0.28
Cash provided by operating activities	2,337	7,001	14,195	23,524
Per share basic and diluted	0.05	0.13	0.28	0.44
EBITDA ^(a)	3,785	13,592	15,496	30,431
Per share basic and diluted ^(a)	0.07	0.26	0.30	0.57
Shareholder free cash flow ^(a)	2,440	10,946	12,408	24,829
Per share basic and diluted ^(a)	0.05	0.21	0.24	0.47

Capital expenditures
Seismic data	–	–	225	–
Property and equipment	–	–	45	28
Total capital expenditures	–	–	270	28

Dividends
Regular dividends declared	763	724	3,018	2,862
Special dividends declared	–	10,527	2,548	18,519
Total dividends declared	763	11,251	5,566	21,381

Normal course issuer bid
Number of shares purchased and cancelled	97,700	59,500	1,784,000	1,005,006
Cost of shares purchased and cancelled	227	112	3,880	1,943

Weighted average shares outstanding
Basic and diluted	50,878,652	52,647,740	51,448,985	53,237,569
Shares outstanding at period-end			50,837,863	52,621,863

Seismic library
2D in kilometres			829,207	829,207
3D in square kilometres			65,310	65,310

FINANCIAL POSITION
			December 31,	December 31,
(Thousands of dollars except working capital ratio)			2024	2023
Working capital			9,222	7,468
Working capital ratio			5.1:1	1.5:1
Cash and cash equivalents			8,722	15,948
Total assets			21,516	41,249
EBITDA			15,496	30,431
Shareholders’ equity			18,295	25,655

(a) The Company’s continuous disclosure documents provide discussion and analysis of “EBITDA”, “EBITDA per share”, “shareholder free cash flow” and “shareholder free cash flow per share”. These financial measures do not have standard definitions prescribed by IFRS and, therefore, may not be comparable to similar measures disclosed by other companies. The Company has included these non-GAAP financial measures because management, investors, analysts and others use them as measures of the Company’s financial performance. The Company’s definition of EBITDA is cash available for interest payments, cash taxes, repayment of debt, purchase of its shares, discretionary capital expenditures and the payment of dividends, and is calculated as earnings (loss) from operations before interest, taxes, depreciation and amortization. The Company believes EBITDA assists investors in comparing Pulse’s results on a consistent basis without regard to non-cash items, such as depreciation and amortization, which can vary significantly depending on accounting methods or non-operating factors such as historical cost. EBITDA per share is defined as EBITDA divided by the weighted average number of shares outstanding for the period. Shareholder free cash flow further refines the calculation of capital available to invest in growing the Company’s 2D and 3D seismic data library, to repay debt, to purchase its common shares and to pay dividends by deducting non-discretionary expenditures from EBITDA. Non-discretionary expenditures are defined as non-cash expenses, debt financing costs (net of deferred financing expenses amortized in the current period), net restructuring costs and current tax provisions. Shareholder free cash flow per share is defined as shareholder free cash flow divided by the weighted average number of shares outstanding for the period.
These non-GAAP financial measures are defined, calculated and reconciled to the nearest GAAP financial measures in the Management’s Discussion and Analysis.

OUTLOOK

Pulse’s ability to predict future revenue generation has always been challenging due to the nature of the business, which naturally fluctuates from year to year. That said, Pulse has had a strong start to the year having closed $17.5 million in sales, representing approximately 75% of sales in 2024. There are generally a mix of positive and negative factors influencing the industry which contributes to the challenge, and at this time in particular, uncertainty concerning 2025 is high. Positive factors in 2024, and recent projections into 2025 include high levels of M & A activity, approximately $19.4 billion in 2024 compared to $16.5 billion in 2023, while the latest annual forecast by Sayer Energy Advisors for 2025 is approximately $15.0 billion. There were continuing high volumes of land sales in Alberta in 2024: approximately $365 million, down only slightly from the $370 million in 2023, and significantly higher than in recent years going back to before the 2014-2015 industry downturn. In British Columbia, land sales which had been paused since May 2021 finally resumed in December 2024. New infrastructure, such as the TMX pipeline expansion which was completed in 2024 has already provided increased export capacity and is a driver of increased drilling activity. The Canadian Association of Energy Contractors, in November 2024 forecast an increase to 6,604 wells to be drilled in 2025, an approximate 7% increase over 2024. The pending completion of LNG Canada’s liquified natural gas export facility is expected to contribute to the forecast increase in drilling and may lead to an improvement in Canadian natural gas prices. The positive factors are offset by factors that create uncertainty for the future, including economic, political, and environmental concerns. It is clear that Canada needs to continue to build pipelines and increase natural gas egress, to support the country’s energy security, as well as to secure new buyers of Canadian energy. The impacts of the recent change in administration in the United States and the uncertainty around energy tariffs and trade policy, together with Canadian federal government leadership changes are contributing to the lack of clarity for the future.

Pulse, as previously stated, has low visibility regarding future seismic data library sales levels, regardless of industry conditions. The Company remains focused on business practices that have served throughout the full range of conditions. The Company maintains a strong balance sheet, has zero debt, no capital spending commitments, and a disciplined and rigorous approach to evaluating growth opportunities. This 15-person company, led by an experienced and capable management team, operates with a low-cost structure and focuses on developing excellent client relations as well providing exceptional customer service. Pulse’s strong financial position, high leverage to increased revenue in its EBITDA margin and careful management of its cash resources have resulted in the return of capital to shareholders through regular and special dividends and the repurchase of its shares.

CORPORATE PROFILE

Pulse is a market leader in the acquisition, marketing and licensing of 2D and 3D seismic data to the western Canadian energy sector. Pulse owns the largest licensable seismic data library in Canada, currently consisting of approximately 65,310 square kilometres of 3D seismic and 829,207 kilometres of 2D seismic. The library extensively covers the Western Canada Sedimentary Basin, where most of Canada’s oil and natural gas exploration and development occur.

For further information, please contact:
Neal Coleman, President and CEO
Or
Pamela Wicks, Vice President Finance and CFO
Tel.: 403-237-5559
Toll-free: 1-877-460-5559
E-mail: info@pulseseismic.com.
Please visit our website at www.pulseseismic.com

This document contains information that constitutes “forward-looking information” or “forward-looking statements” (collectively, “forward-looking information”) within the meaning of applicable securities legislation. Forward-looking information is often, but not always, identified by the use of words such as “anticipate”, “believe”, “expect”, “plan”, “intend”, “forecast”, “target”, “project”, “guidance”, “may”, “will”, “should”, “could”, “estimate”, “predict” or similar words suggesting future outcomes or language suggesting an outlook.

The Outlook section herein contain forward-looking information which includes, but is not limited to, statements regarding:

>		The outlook of the Company for the year ahead, including future operating costs and expected revenues;
>		Recent events on the political, economic, regulatory, and legal fronts affecting the industry’s medium- to longer-term prospects, including progression and completion of contemplated pipeline projects;
>		The Company’s capital resources and sufficiency thereof to finance future operations, meet its obligations associated with financial liabilities and carry out the necessary capital expenditures through 2025;
>		Pulse’s capital allocation strategy;
>		Pulse’s dividend policy;
>		Oil and natural gas prices and forecast trends;
>		Oil and natural gas drilling activity and land sales activity;
>		Oil and natural gas company capital budgets;
>		Future demand for seismic data;
>		Future seismic data sales;
>		Pulse’s business and growth strategy; and
>		Other expectations, beliefs, plans, goals, objectives, assumptions, information and statements about possible future events, conditions, results and performance, as they relate to the Company or to the oil and natural gas industry as a whole.

By its very nature, forward-looking information involves inherent risks and uncertainties, both general and specific, and risks that predictions, forecasts, projections and other forward-looking statements will not be achieved. Pulse does not publish specific financial goals or otherwise provide guidance, due to the inherently poor visibility of seismic revenue. The Company cautions readers not to place undue reliance on these statements as a number of important factors could cause the actual results to differ materially from the beliefs, plans, objectives, expectations and anticipations, estimates and intentions expressed in such forward-looking information.

These factors include, but are not limited to:

>		Uncertainty of the timing and volume of data sales;
>		Volatility of oil and natural gas prices;
>		Risks associated with the oil and natural gas industry in general;
>		The Company’s ability to access external sources of debt and equity capital;
>		Credit, liquidity and commodity price risks;
>		The demand for seismic data and;
>		The pricing of data library licence sales;
>		Cybersecurity;
>		Relicensing (change-of-control) fees and partner copy sales;
>		Environmental, health and safety risks;
>		Federal and provincial government laws and regulations, including those pertaining to taxation, royalty rates, environmental protection, public health and safety;
>		Competition;
>		Dependence on key management, operations and marketing personnel;
>		The loss of seismic data;
>		Protection of intellectual property rights;
>		The introduction of new products; and
>		Climate change.

Pulse cautions that the foregoing list of factors that may affect future results is not exhaustive. Additional information on these risks and other factors which could affect the Company’s operations and financial results is included under “Risk Factors” in the Company’s most recent annual information form, and in the Company’s most recent audited annual financial statements, most recent MD&A, management information circular, quarterly reports, material change reports and news releases. Copies of the Company’s public filings are available on SEDAR+ at www.sedarplus.ca.

When relying on forward-looking information to make decisions with respect to Pulse, investors and others should carefully consider the foregoing factors and other uncertainties and potential events. Furthermore, the forward-looking information contained in this document is provided as of the date of this document and the Company does not undertake any obligation to update publicly or to revise any of the included forward-looking information, except as required by law. The forward-looking information in this document is provided for the limited purpose of enabling current and potential investors to evaluate an investment in Pulse. Readers are cautioned that such forward-looking information may not be appropriate, and should not be used, for other purposes.

PDF available: http://ml.globenewswire.com/Resource/Download/f55ea14e-e8ea-4d49-975a-eedb00bb9aa3

The MIL Network –

February 14, 2025

MIL-OSI: EzFill Holdings Announces Pricing of $15 Million Public Offering and Closing of Share Exchange with NextNRG

Source: GlobeNewswire (MIL-OSI)

MIAMI, Feb. 13, 2025 (GLOBE NEWSWIRE) — EzFill Holdings, Inc. (“EzFill” and the “Company”) (Nasdaq: EZFL), a leading mobile fueling company, today announced the pricing of a public offering of 5,000,000 shares of common stock at a price to the public of $3.00 per share, for gross proceeds of $15,000,000, before deducting underwriting discounts and offering expenses. In addition, EzFill has granted the underwriters a 45-day option to purchase up to an additional 750,000 shares of common stock to cover over-allotments, if any.

EzFill today also announced the closing of its previously announced share exchange agreement with NextNRG Holding Corp. Effective February 14, 2025, the Company will change its name from “EzFill Holdings, Inc.” to “NextNRG, Inc.” The Company’s common stock will cease trading under the ticker symbol “EZFL” and begin trading on the Nasdaq Capital Market under the ticker symbol “NXXT” and the new CUSIP number 652941105 as of the commencement of trading on February 14, 2025. The offering is expected to close on February 18, 2025, subject to satisfaction of customary closing conditions.

The Company intends to use the proceeds to expand its business, repay outstanding indebtedness, and general corporate purposes, including working capital.

ThinkEquity is acting as sole book-runner for the offering.

Anthony, Linder & Cacomanolis, PLLC is acting as legal counsel to EzFill and Loeb & Loeb LLP is acting as legal counsel to ThinkEquity in connection with the offering.

A registration statement on Form S-1 (File No. 333-275761) relating to the shares was filed with the Securities and Exchange Commission (“SEC”) and a post-effective amendment thereto became effective on February 13, 2025. This offering is being made only by means of a prospectus. Copies of the final prospectus, when available, may be obtained from ThinkEquity, 17 State Street, 41^st Floor, New York, New York 10004. The final prospectus will be filed with the SEC and will be available on the SEC’s website located at http://www.sec.gov.

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

About NextNRG, Inc. (f/k/a EzFill Holdings, Inc.)
NextNRG Holding Corp. (NextNRG) and EzFill have merged to form a combined entity focused on renewable energy, mobile fueling, and next-generation energy infrastructure. By leveraging artificial intelligence (AI) and machine learning (ML) technologies, NextNRG is developing an integrated ecosystem that combines solar energy generation, battery storage, wireless electric vehicle (EV) charging, and on-demand fuel delivery.

At the core of NextNRG’s strategy is the deployment of NextNRG Smart Microgrids, which utilize AI-driven energy management alongside solar power and battery storage to enhance energy efficiency, reduce costs, and improve grid resiliency. These microgrids are designed to serve commercial properties, schools, hospitals, nursing homes, parking garages, rural and tribal lands, recreational facilities, and government properties, expanding energy accessibility while supporting decarbonization initiatives.

Following the merger with EzFill, NextNRG is integrating sustainable energy solutions into mobile fueling operations. The company will provide renewable energy to its fueling partners, supporting more efficient fuel delivery while advancing clean energy adoption. It continues to expand its growing fleet of fuel delivery trucks and national footprint, including the acquisition of Yoshi Mobility’s fuel division, further solidifying its position as a leader in the on-demand fueling industry.

By combining renewable energy innovation with mobile fueling expertise, NextNRG is building a sustainable energy ecosystem that bridges traditional fuel needs with AI-powered clean energy solutions.

The combined entity, NextNRG, will trade under the symbol NXXT on the Nasdaq Capital Market. To find out more visit NextNRG.com.

Forward Looking Statements

This press release includes forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements include statements regarding, among other things, EzFill’s expectations regarding the completion, timing and size of the proposed offering, EzFill’s expectations with respect to granting the underwriters a 45-day option to purchase additional shares and EzFill’s anticipated use of the net proceeds from the proposed offering. Any statement describing EzFill’s goals, expectations, financial or other projections, intentions, or beliefs is a forward-looking statement and should be considered an at-risk statement. Words such as “expect,” “intends,” “will,” and similar expressions are intended to identify forward-looking statements. Such statements are subject to certain risks and uncertainties, including, but not limited to, those related to EzFill’s business and macroeconomic and geopolitical events. These and other risks are described in the prospectus related to the proposed offering to be filed with the SEC. EzFill’s forward-looking statements involve assumptions that, if they never materialize or prove correct, could cause its results to differ materially from those expressed or implied by such forward-looking statements. Although EzFill’s forward-looking statements reflect the good faith judgment of its management, these statements are based only on facts and factors currently known by EzFill. Except as required by law, EzFill undertakes no obligation to update any forward-looking statements for any reason. As a result, you are cautioned not to rely on these forward-looking statements.

Investor Relations Contact:

Jeff Ramson, CEO
PCG Advisory, Inc.
jramson@pcgadvisory.com

The MIL Network –

February 14, 2025
MIL-OSI: Annature partners with Collins SBA to provide integrated eSigning solution

Source: GlobeNewswire (MIL-OSI)

BRISBANE, Australia, Feb. 13, 2025 (GLOBE NEWSWIRE) — Australian eSigning innovator Annature today announced a significant partnership with Hobart-based accounting, financial planning and business coaching firm Collins SBA. This partnership sees Annature’s industry-leading eSigning and identity verification solutions integrated into the tech stack for Collins SBA’s custom Salesforce functionality.

Having dramatically improved their own internal procedures, Collins SBA is now offering this capability to other partner firms as an innovative Shared Services Centre. By centralising core functions like technology, HR, compliance, financial management, and marketing, the Shared Services Centre provides partner firms with the ready-built tools and capabilities to scale effectively and maximise high-value time.

As one of 12 custom integrations chosen for the Salesforce implementation, Collins SBA cited Annature’s clearly designed and documented API, flexible integration capability and affordable pricing structure. Annature is also fully integrated with SharePoint within the Shared Services Centre, resulting in a superior experience for the firm’s internal team, clients and other partners who adopt the technology.

In transitioning from their previous provider Docusign to Annature, Collins SBA has saved 78% per annum in eSigning costs, while sending 250 envelopes for internal and external eSigning each month. Annature’s on-shore support team was readily available to migrate the firm quickly and efficiently over from Docusign before its contract expired.

“In transitioning to Annature, we’ve won on every front in terms of client and team member experience, while also benefiting from their flexibility and fair pricing,” said Collins SBA Head of Technology Patrick Gardner. “Annature made the migration seamless, and we’ve found we’re using eSigning more, as it is so much easier and simpler than the Docusign experience. We believe Annature has the best and most adaptable solutions for our needs, and we’re very proud to partner with such a trusted Australian success story.”

Gardner also highlighted Annature’s key role in the Shared Services Centre, including its trusted status with other external product providers and platforms, such as Netwealth, and the value of its identity verification technology for accounting firms to verify customers.

“As an integrated accounting and financial planning firm, we only need to do the identity verification once, which reduces the burden on the client,” explained Gardner. “What’s most impactful is that we now have a ‘day one’ solution for when a new firm comes on-board the Shared Services Centre, with Annature as a core component.”

“We’re thrilled to partner with Collins SBA, as we share a passion for innovation that improves the client experience,” said Annature founder and CEO Corey Cacic. “We immediately saw the value that Annature’s eSigning and identity verification solutions could bring to the Shared Services Centre. We look forward to other firms using what Collins SBA has built to streamline their processes, automate core functions and fuel their growth.”

Contact information:
Corey Cacic
corey@annature.com.au

A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/f1aab4a8-5df2-4c7e-8449-f4de446eab77

The MIL Network –

February 14, 2025
MIL-OSI: b1BANK Announces Senna Bayasgalan as Chief Marketing Officer

Source: GlobeNewswire (MIL-OSI)

BATON ROUGE, La., Feb. 13, 2025 (GLOBE NEWSWIRE) — b1BANK, announces the appointment of Senna Bayasgalan as chief marketing officer. Bayasgalan will lead brand and marketing technology initiatives to support the banks’ growth and deepen client relationships. Bayasgalan has over 16 years of experience in marketing leadership, international brand building, communications and customer acquisition across private capital, technology and media industries.

“We are diligent about the culture we are building, and as a result, fortunate to be able to attract top talent from across the nation,” said Jude Melville, chairman and CEO, b1BANK. “We have a good and genuine story, and with more effective use of technology-enabled branding and distribution tools, I am confident that story has the potential to resonate deeply with a larger audience. Senna’s diverse experience leading marketing campaigns across multiple lines of business will accelerate our continued evolution.”

Throughout her career she has skillfully combined data and storytelling to launch international campaigns, build online communities and develop customer retention strategies to grow the brands she has served.

“I was instantly drawn to b1BANK’s unique story and its unwavering commitment to serving businesses and local communities,” said Bayasgalan. “I am excited to partner with the talented team at b1 to elevate the brand, foster innovation and help our clients achieve their goals.”

Bayasgalan is a founding board member of Asians in Advertising, a mentor for APIA Scholars, Women We Create and 3AF, and a frequent guest lecturer at Georgetown University and other institutions. She earned a Bachelor of Liberal Arts from the University of Texas at Austin.

About Business First Bancshares, Inc.
As of Dec. 31, 2024, Business First Bancshares, Inc., (Nasdaq: BFST) through its banking subsidiary b1BANK, had $7.9 billion in assets, $6.9 billion in assets under management through b1BANK’s affiliate Smith Shellnut Wilson, LLC (SSW) (excludes $0.9 billion of b1BANK assets managed by SSW) and operates Banking Centers and Loan Production Offices in markets across Louisiana and Texas providing commercial and personal banking products and services. Commercial banking services include commercial loans and letters of credit, working capital lines and equipment financing, and treasury management services. b1BANK was awarded #1 Best-In-State Bank, Louisiana, by Forbes and Statista, and is a multiyear winner of American Banker’s “Best Banks to Work For.” Visit b1BANK.com for more information.

Misty Albrecht
b1BANK
225.286.7879
Misty.Albrecht@b1BANK.com

A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/82d7ef43-d21e-464d-9b89-7653e36ab81c

The MIL Network –

February 14, 2025
MIL-OSI: $TOCKHOLDER ALERT: The M&A Class Action Firm Encourages Shareholders of EMKR, CCRN, WMPN, ALVR to Act Now
Source: GlobeNewswire (MIL-OSI)

NEW YORK, Feb. 13, 2025 (GLOBE NEWSWIRE) — Monteverde & Associates PC (the “M&A Class Action Firm”), has recovered millions of dollars for shareholders and is recognized as a Top 50 Firm by ISS Securities Class Action Services Report. We are headquartered at the Empire State Building in New York City and are investigating:
- EMCORE Corporation (NASDAQ: EMKR), relating to its proposed merger with Velocity One Holdings, LP. Under the terms of the agreement, EMCORE stockholders will receive $3.10 per share of EMCORE common stock they own.
ACT NOW. The Shareholder Vote is scheduled for February 27, 2025.

Click here for more information https://monteverdelaw.com/case/emcore-corporation-emkr/. It is free and there is no cost or obligation to you.
- Cross Country Healthcare, Inc. (NASDAQ: CCRN), relating to the proposed merger with Aya Healthcare. Under the terms of the agreement, shares of Cross Country will be converted into the right to receive $18.61 in cash.
ACT NOW. The Shareholder Vote is scheduled for February 28, 2025.

Click here for more https://monteverdelaw.com/case/cross-country-healthcare-inc-ccrn/. It is free and there is no cost or obligation to you.
- William Penn Bancorporation (Nasdaq: WMPN), relating to its proposed merger with Mid Penn Bancorp, Inc. Under the terms of the agreement, shareholders of William Penn will receive 0.4260 shares of Mid Penn common stock for each share of William Penn common stock. Additionally, all options of William Penn will be rolled into Mid Penn equivalent options. The implied transaction value is approximately $13.58 per William Penn share.
ACT NOW. The Shareholder Vote is scheduled for April 2, 2025.

Click here for more information https://monteverdelaw.com/case/william-penn-bancorporation-wmpn/. It is free and there is no cost or obligation to you.
- AlloVir, Inc. (Nasdaq: ALVR), relating to its proposed merger with Kalaris Therapeutics. Under the terms of the agreement, AlloVir will acquire 100% of the outstanding equity interest of Kalaris. Upon completion, pre-Merger AlloVir stockholders are expected to own approximately 25.05% of the combined company.
ACT NOW. The Shareholder Vote is scheduled for March 12, 2025.

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

NOT ALL LAW FIRMS ARE THE SAME. Before you hire a law firm, you should talk to a lawyer and ask:
1. Do you file class actions and go to Court?
2. When was the last time you recovered money for shareholders?
3. What cases did you recover money in and how much?
About Monteverde & Associates PC

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

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

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

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

The MIL Network –
February 14, 2025
MIL-OSI: Parker Scheduled to Present at Citi’s 2025 Global Industrial Tech and Mobility Conference on February 20 at 11:20 a.m. Eastern Time

Source: GlobeNewswire (MIL-OSI)

CLEVELAND, Feb. 13, 2025 (GLOBE NEWSWIRE) — Parker Hannifin Corporation (NYSE: PH), the global leader in motion and control technologies, today announced that it is scheduled to present at Citi’s 2025 Global Industrial Tech and Mobility Conference in Miami, Florida on February 20, 2025 at 11:20 a.m. Eastern time. A live webcast of the presentation will be accessible on Parker’s investor information website at investors.parker.com and will be archived on the site.

Parker Hannifin is a Fortune 250 global leader in motion and control technologies. For more than a century the company has been enabling engineering breakthroughs that lead to a better tomorrow. Parker has increased its annual dividend per share paid to shareholders for 68 consecutive fiscal years, among the top five longest-running dividend-increase records in the S&P 500 index. Learn more at www.parker.com or @parkerhannifin.

###

The MIL Network –

February 14, 2025
MIL-OSI: MINILUXE ANNOUNCES CFO TRANSITION

Source: GlobeNewswire (MIL-OSI)

Boston, MA, Feb. 13, 2025 (GLOBE NEWSWIRE) — MiniLuxe Holding Corp. (TSXV: MNLX) (“MiniLuxe” or the “Company”) today announced the planned departure of Chief Financial Officer Brian Moran and the appointment of Elizabeth Lorber as Acting Chief Financial Officer, effective February 14, 2025. Ms. Lorber, who joined the Company in 2020, currently serves as Treasurer and Chief Commercial Officer and has previously held the position of CFO at MiniLuxe.

In consultation with its accounting and tax counsel, the Company and its Board of Directors have been conducting a search for a permanent successor to support MiniLuxe’s future growth and strategic objectives.

“Brian has been a valuable member of our leadership team over the past two years, helping to implement some key systems and practices that will benefit the Company moving forward. On behalf of the Board and the MiniLuxe team, I want to express our sincere gratitude for his contributions and support during our transition planning. We wish him all the best in his future endeavors,” said Tony Tjan, CEO of MiniLuxe.

To ensure a seamless transition, Mr. Moran has been working closely with the executive and finance teams, while Ms. Lorber has been actively supporting the search process and leveraging her deep institutional knowledge, strong team relationships, and prior experience as the Company’s CFO.

About MiniLuxe

MiniLuxe, a Delaware corporation based in Boston, Massachusetts. MiniLuxe is a lifestyle brand and talent empowerment platform servicing the beauty and self-care industry. Through its company-owned and partner-operated studios, Company delivers high-quality nail care and esthetic services that incorporate the brand’s proprietary products. For over a decade, MiniLuxe has been elevating industry standards through healthier, ultra-hygienic services, modern design, ethical labor practices, and better-for-you, cleaner products. MiniLuxe’s vision is to radically transform the highly fragmented and under-regulated self-care and nail care industry through its brand, standards, and technology platform that together enable better talent and client experiences.

Towards building long-term durable value for its stakeholders, MiniLuxe is expanding its reach through franchising and operating JV partners seeking ownership and impact with a brand recognized as the best nail salon franchise. Through self-care and self-expression, MiniLuxe is empowering one of the largest hourly work forces through professional development, economic mobility, and equity ownership. Since its founding, MiniLuxe has performed over 4.5 million services.

For further information

Christine Mastrangelo
Investor Relations, MiniLuxe Holding Corp.
cmastrangelo@MiniLuxe.com
MiniLuxe.com

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

The MIL Network –

February 14, 2025

MIL-OSI: Fairfax India Holdings Corporation: Financial Results for the Year Ended December 31, 2024

Source: GlobeNewswire (MIL-OSI)

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

(Note: All dollar amounts in this press release are expressed in U.S. dollars except as otherwise noted. The financial results are derived from unaudited financial statements prepared using the recognition and measurement requirements of International Financial Reporting Standards as issued by the International Accounting Standards Board (“IFRS^®Accounting Standards”), except as otherwise noted. This press release contains certain non-GAAP and other financial measures, including book value per share and cash and marketable securities, that do not have a prescribed meaning under IFRS Accounting Standards and may not be comparable to similar financial measures presented by other issuers. See “Glossary of non-GAAP and other financial measures” at the end of this press release for further details.)

TORONTO, Feb. 13, 2025 (GLOBE NEWSWIRE) — Fairfax India Holdings Corporation (TSX: FIH.U) announces fiscal year 2024 net losses of $41.2 million ($0.30 net loss per diluted share), compared to net earnings of $371.8 million in fiscal year 2023 ($2.72 net earnings per diluted share). At December 31, 2024 the company’s book value per share decreased 4.1% to $20.96 from $21.85 at December 31, 2023 primarily due to unrealized foreign currency translation losses as the U.S. dollar strengthened against the Indian rupee.

Highlights for 2024 included the following:

Net realized gains on investments of $218.9 million primarily related to realized gains on sales of NSE ($167.3 million) and partial sales of CSB Bank ($43.0 million).
Excluding reversals of prior period unrealized gains primarily related to the sales of NSE ($167.2 million) and CSB Bank ($56.3 million), the company recorded a net change in unrealized gains on investments of $55.1 million, principally from increases in the fair values of the company’s listed investment in IIFL Capital (formerly IIFL Securities) ($183.9 million) and private company investments in BIAL ($78.6 million), Maxop ($43.1 million) and Jaynix ($34.5 million), partially offset by decreases in the fair value of the company’s listed investments in IIFL Finance ($124.2 million) and CSB Bank ($62.2 million), and private company investment in Sanmar ($95.1 million).
Interest and dividend income of $61.5 million primarily related to dividends received from Seven Islands ($29.9 million) and Saurashtra ($4.4 million), and interest earned on bonds ($16.3 million), primarily Government of India bonds.
On October 11, 2024 the company completed its previously announced investment in Global Aluminium Private Limited for a purchase price of $82.7 million (7.0 billion Indian rupees).
On December 3, 2024 the company entered into an agreement to acquire an additional 10.0% equity interest in BIAL through its wholly-owned subsidiary for purchase consideration of $255.0 million (to be paid in three installments over 18 months, with the initial installment of $84.2 million to be paid on closing). On January 28, 2025 the company obtained shareholder approval for a one-time deviation from its investment concentration restriction in order to complete the additional BIAL purchase. The transaction is expected to close during the first quarter of 2025.
The company continued to buy back shares under its normal course issuer bid and during 2024 purchased for cancellation 559,047 subordinate voting shares at a net cost of $8.4 million ($15.07 per subordinate voting share).

Fairfax India is in strong financial health, with cash and marketable securities at December 31, 2024 of $214.4 million and an undrawn $175.0 million revolving credit facility.

FAIRFAX INDIA HOLDINGS CORPORATION
95 Wellington Street West, Suite 800, Toronto, Ontario, M5J 2N7 Telephone: 416-367-4755

There were 135.0 million and 135.5 million weighted average common shares outstanding during the fourth quarters of 2024 and 2023, respectively. At December 31, 2024 there were 104,839,462 subordinate voting shares and 30,000,000 multiple voting shares outstanding.

Unaudited balance sheets, earnings (loss) and comprehensive income (loss) information follow and form part of this press release.

Fairfax India Holdings Corporation is an investment holding company whose objective is to achieve long term capital appreciation, while preserving capital, by investing in public and private equity securities and debt instruments in India and Indian businesses or other businesses with customers, suppliers or business primarily conducted in, or dependent on, India.


For further information, contact:		John Varnell, Vice President, Corporate Affairs
		(416) 367-4755

This press release may contain forward-looking statements within the meaning of applicable securities legislation. Forward-looking statements may relate to the company’s or an Indian Investment’s future outlook and anticipated events or results and may include statements regarding the financial position, business strategy, growth strategy, budgets, operations, financial results, taxes, dividends, plans and objectives of the company. Particularly, statements regarding future results, performance, achievements, prospects or opportunities of the company, an Indian Investment, or the Indian market are forward-looking statements. In some cases, forward-looking statements can be identified by the use of forward-looking terminology such as “plans”, “expects” or “does not expect”, “is expected”, “budget”, “scheduled”, “estimates”, “forecasts”, “intends”, “anticipates” or “does not anticipate” or “believes”, or variations of such words and phrases or state that certain actions, events or results “may”, “could”, “would”, “might”, “will” or “will be taken”, “occur” or “be achieved”.

Forward-looking statements are based on our opinions and estimates as of the date of this press release, and they are subject to known and unknown risks, uncertainties, assumptions and other factors that may cause the actual results, level of activity, performance or achievements to be materially different from those expressed or implied by such forward-looking statements, including but not limited to the following factors: oil price risk; geographic concentration of investments; foreign currency fluctuation; volatility of the Indian securities markets; investments may be made in foreign private businesses where information is unreliable or unavailable; valuation methodologies involve subjective judgments; financial market fluctuations; pace of completing investments; minority investments; reliance on key personnel and risks associated with the Investment Advisory Agreement; disruption of the company’s information technology systems; lawsuits; use of leverage; significant ownership by Fairfax may adversely affect the market price of the subordinate voting shares; weather risk; taxation risks; emerging markets; MLI; economic risk; trading price of subordinate voting shares relative to book value per share risk; and economic disruptions from the after-effects of the COVID-19 pandemic and the conflicts in Ukraine and the Middle East. Additional risks and uncertainties are described in the company’s annual information form dated March 8, 2024 which is available on SEDAR+ at www.sedarplus.ca and on the company’s website at www.fairfaxindia.ca. These factors and assumptions are not intended to represent a complete list of the factors and assumptions that could affect the company. These factors and assumptions, however, should be considered carefully.

Although the company has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking statements, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements. The company does not undertake to update any forward-looking statements contained herein, except as required by applicable securities laws.


Information on
CONSOLIDATED BALANCE SHEETS
as at December 31, 2024 and December 31, 2023
(unaudited – US$ thousands)
	December 31, 2024		December 31, 2023
Assets
Cash and cash equivalents		59,322		174,615
Bonds		180,507		63,263
Common stocks		3,381,206		3,581,043
Total cash and investments		3,621,035		3,818,921

Interest and dividends receivable		8,849		1,367
Income taxes refundable		174		220
Other assets		722		1,027
Total assets		3,630,780		3,821,535

Liabilities
Accounts payable and accrued liabilities		1,300		912
Accrued interest expense		8,611		8,611
Income taxes payable		5,379		—
Payable to related parties		10,099		120,858
Deferred income taxes		149,780		108,553
Borrowings		498,349		497,827
Total liabilities		673,518		736,761

Equity
Common shareholders’ equity		2,826,495		2,958,718
Non-controlling interests		130,767		126,056
Total equity		2,957,262		3,084,774
		3,630,780		3,821,535

Book value per share	$	20.96	$	21.85


Information on
CONSOLIDATED STATEMENTS OF EARNINGS (LOSS)
for the fourth quarters and years ended December 31, 2024 and 2023 (unaudited – US$ thousands except per share amounts)

	Fourth quarter						Year ended December 31,
		2024			2023		2024			2023
Income
Interest		4,049			3,511		19,504			16,833
Dividends		32,769			12,208		41,946			28,831
Net realized gains on investments		217			145,758		218,871			193,203
Net change in unrealized gains (losses) on investments		(23,929	)		44,581		(167,654	)		361,702
Net foreign exchange gains (losses)		(10,282	)		322		(12,616	)		(1,713	)
		2,824			206,380		100,051			598,856
Expenses
Investment and advisory fees		10,415			10,720		40,405			39,382
Performance fee		—			27,849		—			69,385
General and administration expenses		1,572			1,884		7,914			12,672
Interest expense		6,380			6,380		25,521			25,521
		18,367			46,833		73,840			146,960
Earnings (loss) before income taxes		(15,543	)		159,547		26,211			451,896
Provision for income taxes		15,444			22,794		58,948			68,050
Net earnings (loss)		(30,987	)		136,753		(32,737	)		383,846
Attributable to:
Shareholders of Fairfax India		(35,782	)		134,968		(41,173	)		371,770
Non-controlling interests		4,795			1,785		8,436			12,076
		(30,987	)		136,753		(32,737	)		383,846
Net earnings (loss) per basic and diluted share	$	(0.27	)	$	1.00	$	(0.30	)	$	2.72
Shares outstanding (weighted average)		134,994,563			135,464,165		135,165,840			136,818,139

Information on
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)
for the fourth quarters and years ended December 31, 2024 and 2023 (unaudited – US$ thousands)

	Fourth quarter				Year ended December 31,
	2024		2023		2024		2023

Net earnings (loss)	(30,987	)	136,753		(32,737	)	383,846
Other comprehensive loss, net of income taxes
Item that may be subsequently reclassified to net earnings (loss)
Unrealized foreign currency translation losses, net of income taxes of nil (2023 – nil)	(63,961	)	(6,485	)	(85,545	)	(18,614	)
Comprehensive income (loss)	(94,948	)	130,268		(118,282	)	365,232
Attributable to:
Shareholders of Fairfax India	(96,918	)	128,727		(122,993	)	353,913
Non-controlling interests	1,970		1,541		4,711		11,319
	(94,948	)	130,268		(118,282	)	365,232

GLOSSARY OF NON-GAAP AND OTHER FINANCIAL MEASURES
Management analyzes and assesses the financial position of the consolidated company in various ways. Certain of the measures included in this press release, which have been used consistently and disclosed regularly in the company’s Annual Reports and interim financial reporting, do not have a prescribed meaning under IFRS Accounting Standards and may not be comparable to similar measures presented by other companies. Those measures are described below.

Book value per share – The company considers book value per share a key performance measure in evaluating its objective of long term capital appreciation, while preserving capital. This measure is also closely monitored as it is used to calculate the performance fee, if any, to Fairfax Financial Holdings. This measure is calculated by the company as common shareholders’ equity divided by the number of common shares outstanding.

Cash and marketable securities – This measure is calculated by the company as the sum of cash, cash equivalents, short term investments, Government of India bonds and Other Public Indian Investments, in addition to short term receivables from investment custodians relating to dividends received on behalf of the company. The company uses this measure to monitor short term liquidity risk.

The MIL Network –

February 14, 2025

MIL-OSI: PDF Solutions® Announces Record 2024 Fourth Quarter and Full Year Total Revenues

Source: GlobeNewswire (MIL-OSI)

SANTA CLARA, Calif., Feb. 13, 2025 (GLOBE NEWSWIRE) — PDF Solutions, Inc. (Nasdaq: PDFS), a leading provider of comprehensive data solutions for the semiconductor and electronics ecosystem, today announced financial results for its fourth quarter and year ended December 31, 2024.

Financial Highlights of Fourth Quarter 2024

Record quarterly total revenues of $50.1 million, up 22% over last year’s comparable quarter
Record quarterly analytics revenue of $47.9 million, up 22% over last year’s comparable quarter
GAAP gross margin of 68% and non-GAAP gross margin of 72%
GAAP diluted earnings per share (EPS) of $0.01 and non-GAAP diluted EPS of $0.25

Financial Highlights of Full Year 2024

Record full year total revenues of $179.5 million, up 8% over last year
Record full year analytics revenue of $169.3 million, up 11% over last year
GAAP gross margin of 70% and non-GAAP gross margin of 74%
GAAP diluted EPS of $0.10 and non-GAAP diluted EPS of $0.84
Backlog of $221.4 million as of December 31, 2024

Total revenues for the fourth quarter of 2024 were $50.1 million, compared to $46.4 million for the third quarter of 2024 and $41.1 million for the fourth quarter of 2023. Analytics revenue for the fourth quarter of 2024 was $47.9 million, compared to $44.8 million for the third quarter of 2024 and $39.1 million for the fourth quarter of 2023. Integrated Yield Ramp revenue for the fourth quarter of 2024 was $2.2 million, compared to $1.7 million for the third quarter of 2024 and $2.0 million for the fourth quarter of 2023. Total revenues for the full year 2024 and 2023 were $179.5 million and $165.8 million, respectively.

GAAP gross margin for the fourth quarter of 2024 was 68%, compared to 73% for the third quarter of 2024 and 68% for the fourth quarter of 2023. GAAP gross margin for the full year 2024 and 2023 was 70% and 69%, respectively.

Non-GAAP gross margin for the fourth quarter of 2024 was 72%, compared to 77% for the third quarter of 2024 and 72% for the fourth quarter of 2023. Non-GAAP gross margin for the full year 2024 and 2023 was 74% and 73%, respectively.

On a GAAP basis, net income for the fourth quarter of 2024 was $0.5 million, or $0.01 per diluted share, compared to net income of $2.2 million, or $0.06 per diluted share, for the third quarter of 2024, and net income of $0.9 million, or $0.02 per diluted share, for the fourth quarter of 2023. On a GAAP basis, net income for the full year 2024 was $4.1 million, or $0.10 per diluted share, compared to net income of $3.1 million, or $0.08 per diluted share, for the full year 2023.

Non-GAAP net income for the fourth quarter of 2024 was $9.9 million, or $0.25 per diluted share, compared to non-GAAP net income of $9.9 million, or $0.25 per diluted share, for the third quarter of 2024, and non-GAAP net income of $5.7 million, or $0.15 per diluted share, for the fourth quarter of 2023. Non-GAAP net income for the full year 2024 was $32.6 million, or $0.84 per diluted share, compared to non-GAAP net income of $28.5 million, or $0.73 per diluted share, for the full year 2023.

Cash, cash equivalents and short-term investments as of December 31, 2024, were $114.9 million.

Financial Outlook

“We are pleased with the progress we are making with our customers. During the fourth quarter of 2024, we completed an ongoing manufacturing evaluation of an eProbe machine earlier than the customer’s schedule, resulting in the sale to this new leading edge customer, booked multiple Exensio deals, and saw growth in our Cimetrix connectivity business from runtime licenses. In 2025, we expect our full year revenues to grow at a rate approaching 15% year over year,” said John Kibarian, CEO and President.

Conference Call

As previously announced, PDF Solutions will discuss these results on a live conference call beginning at 2:00 p.m. Pacific Time / 5:00 p.m. Eastern Time today. To participate on the live call, analysts and investors should pre-register at: https://register.vevent.com/register/BI1b05df01d9534a648d4fd2cd753be31c. Registrants will receive dial-in information and a unique passcode to access the call. We encourage participants to dial into the call ten minutes ahead of the scheduled time. The teleconference will also be webcast simultaneously on the Company’s website at https://ir.pdf.com/webcasts. A replay of the conference call webcast will be available after the call on the Company’s investor relations website. A copy of this press release, including the disclosure and reconciliation of certain non-GAAP financial measures to the comparable GAAP measures, which non-GAAP measures may be used periodically by PDF Solutions’ management when discussing financial results with investors and analysts, will also be available on PDF Solutions’ website at http://www.pdf.com/press-releases following the date of this release.

Fourth Quarter and Full Year 2024 Financial Commentary Available Online

A Management Report reviewing the Company’s fourth quarter and full year 2024 financial results will be furnished to the Securities and Exchange Commission on Form 8-K and published on the Company’s website at http://ir.pdf.com/financial-reports. Analysts and investors are encouraged to review this commentary prior to participating in the conference call.

Information Regarding Use of Non-GAAP Financial Measures

In addition to providing results that are determined in accordance with accounting principles generally accepted in the United States of America (“GAAP”), PDF Solutions also provides certain non-GAAP financial measures. Non-GAAP gross profit and margin exclude stock-based compensation expense and the amortization of acquired technology under costs of revenues. Non-GAAP net income excludes stock-based compensation expense, amortization of acquired technology under costs of revenues, amortization of other acquired intangible assets, and the effects of certain non-recurring items, such as expenses for certain legal proceedings, non-recurring legal, tax and accounting service-related costs, loss on damaged equipment in-transit, net of recovery from previously written-off property and equipment, and their related income tax effects, as applicable, as well as adjustments for the valuation allowance for deferred tax assets and reconciling items. These non-GAAP financial measures are used by management internally to measure the Company’s profitability and performance. PDF Solutions’ management believes that these non-GAAP measures provide useful supplemental information to investors regarding the Company’s ongoing operations in light of the fact that none of these categories of expense and income has a current effect on the future uses of cash (with the exception of expenses related to certain legal proceedings and non-recurring legal, tax and accounting services) nor do they impact the generation of current or future revenues. These non-GAAP results should not be considered an alternative to, or a substitute for, GAAP financial information, and may differ from similarly titled non-GAAP measures used by other companies. In particular, these non-GAAP financial measures are not a substitute for GAAP measures of income or loss as a measure of performance, or to cash flows from operating, investing and financing activities as a measure of liquidity. Since management uses these non-GAAP financial measures internally to measure profitability and performance, PDF Solutions has included these non-GAAP measures to give investors an opportunity to see the Company’s financial results as viewed by management. A reconciliation of the comparable GAAP financial measures to the non-GAAP financial measures is provided at the end of the Company’s condensed consolidated financial statements presented below.

Forward-Looking Statements

This press release and the planned conference call include forward-looking statements regarding the Company’s future expected business performance and financial results, including expectations about total revenue growth for 2025 and other statements identified by words such as “could,” “expects,” “intends,” “may,” “plans,” “potential,” “should,” “will,” “would,” or similar expressions and the negatives of those terms, that are subject to future events and circumstances. Other than statements of historical fact, all statements contained in this press release and the planned conference call are forward-looking statements within the meaning of the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995. Actual results could differ materially from those expressed in these forward-looking statements. Risks and uncertainties that could cause results to differ materially include risks associated with: the effectiveness of the Company’s business and technology strategies; current semiconductor industry trends and competition; rates of adoption of the Company’s solutions by new and existing customers; project milestones or delays and performance criteria achieved; cost and schedule of new product development and investments in research and development; the continuing impact of macroeconomic conditions, including inflation, changing interest rates and tariffs, the evolving trade regulatory environment and geopolitical tensions, and other trends on the semiconductor industry, the Company’s customers, operations, and supply and demand for its products; supply chain disruptions; the success of the Company’s strategic growth opportunities and partnerships; recent and future acquisitions, strategic alliances and relationships and the Company’s ability to successfully integrate acquired businesses and technologies; whether the Company can successfully convert backlog into revenue; customers’ production volumes under contracts that provide Gainshare; the sufficiency of the Company’s cash resources and anticipated funds from operations; the Company’s ability to obtain additional financing if needed and its ability to use support and updates for certain open-source software; and other risks set forth in PDF Solutions’ periodic public filings with the Securities and Exchange Commission, including, without limitation, its Annual Report on Form 10-K for the year ended December 31, 2023, Quarterly Reports on Form 10-Q, and Current Reports on Form 8-K and amendments to such reports. The forward-looking statements made in this press release and the conference call are made as of the date hereof, and PDF Solutions does not assume any obligation to update such statements nor the reasons why actual results could differ materially from those projected in such statements. The Company has not filed its Annual Report on Form 10-K for the year ended December 31, 2024. As a result, all financial results described in this earnings release should be considered preliminary, and are subject to change to reflect any necessary adjustments or changes in accounting estimates, that are identified prior to the time the Company files its Annual Report on Form 10-K.

About PDF Solutions

PDF Solutions (Nasdaq: PDFS) provides comprehensive data solutions designed to empower organizations across the semiconductor and electronics industry ecosystem to improve manufacturing yield, product quality and operational efficiency leading to increased profitability. The Company’s products and services are used by Fortune 500 companies across the semiconductor and electronics ecosystem to achieve smart manufacturing goals by connecting and controlling manufacturing equipment, collecting data generated during manufacturing and test operations, and using advanced analytics and machine learning models to enable profitable, high-volume manufacturing.

Founded in 1991, PDF Solutions is headquartered in Santa Clara, California, with operations across North America, Europe, and Asia. The Company (directly or through one or more subsidiaries) is an active member of SEMI, INEMI, TPCA, IPC, the OPC Foundation, and DMDII. For the latest news and information about PDF Solutions or to find office locations, visit https://www.pdf.com.

PDF Solutions and the PDF Solutions logo are trademarks or registered trademarks of PDF Solutions, Inc. or its subsidiaries.

Company Contacts:
Adnan Raza		Sonia Segovia
Chief Financial Officer		Investor Relations
Tel: (408) 516-0237		Tel: (408) 938-6491
Email: adnan.raza@pdf.com		Email: sonia.segovia@pdf.com

PDF SOLUTIONS, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED)
(In thousands)


	December 31,
	2024			2023

ASSETS
Current assets:
Cash and cash equivalents	$	90,594		$	98,978
Short-term investments		24,291			36,544
Accounts receivable, net		73,649			44,904
Prepaid expenses and other current assets		17,445			17,422
Total current assets		205,979			197,848
Property and equipment, net		48,465			37,338
Operating lease right-of-use assets, net		4,029			4,926
Goodwill		14,953			15,029
Intangible assets, net		12,307			15,620
Deferred tax assets, net		43			157
Other non-current assets		29,513			19,218
Total assets	$	315,289		$	290,136

LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities:
Accounts payable	$	8,255		$	2,561
Accrued compensation and related benefits		16,855			14,800
Accrued and other current liabilities		8,752			4,633
Operating lease liabilities ‒ current portion		1,675			1,529
Deferred revenues ‒ current portion		24,930			25,750
Billings in excess of recognized revenues		75			1,570
Total current liabilities		60,542			50,843
Long-term income taxes		2,915			2,972
Non-current operating lease liabilities		3,504			4,657
Other non-current liabilities		2,291			2,718
Total liabilities		69,252			61,190

Stockholders’ equity:
Common stock and additional paid-in capital		502,908			473,301
Treasury stock, at cost		(159,352	)		(143,923	)
Accumulated deficit		(93,988	)		(98,045	)
Accumulated other comprehensive loss		(3,531	)		(2,387	)
Total stockholders’ equity		246,037			228,946
Total liabilities and stockholders’ equity	$	315,289		$	290,136

PDF SOLUTIONS, INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED)
(In thousands, except per share amounts)


	Three months ended										Year ended
		December 31,			September 30,			December 31,			December 31,			December 31,
		2024			2024			2023			2024			2023

Revenues:
Analytics		$	47,926		$	44,750		$	39,128		$	169,253		$	152,085
Integrated yield ramp			2,159			1,659			1,997			10,212			13,750
Total revenues			50,085			46,409			41,125			179,465			165,835

Costs and Expenses:
Costs of revenues			15,901			12,484			13,194			54,144			51,749
Research and development			14,417			13,516			12,308			53,566			50,736
Selling, general, and administrative			19,073			18,094			16,194			69,924			62,216
Amortization of acquired intangible assets			182			196			306			896			1,285
Interest and other expense (income), net			(962	)		(1,511	)		(1,020	)		(5,644	)		(5,020	)
Income before income tax benefit (expense)			1,474			3,630			143			6,579			4,869
Income tax benefit (expense)			(935	)		(1,424	)		744			(2,522	)		(1,764	)
Net income		$	539		$	2,206		$	887		$	4,057		$	3,105

Net income per share:
Basic		$	0.01		$	0.06		$	0.02		$	0.11		$	0.08
Diluted		$	0.01		$	0.06		$	0.02		$	0.10		$	0.08

Weighted average common shares used to calculate net income per share:
Basic			38,783			38,710			38,269			38,602			38,015
Diluted			39,104			39,105			38,814			39,047			38,937

PDF SOLUTIONS, INC.
RECONCILIATION OF GAAP GROSS MARGIN TO NON-GAAP GROSS MARGIN (UNAUDITED)
(In thousands)


	Three months ended										Year ended
		December 31,			September 30,			December 31,			December 31,			December 31,
		2024			2024			2023			2024			2023

GAAP
Total revenues		$	50,085		$	46,409		$	41,125		$	179,465		$	165,835
Costs of revenues			15,901			12,484			13,194			54,144			51,749
GAAP gross profit		$	34,184		$	33,925		$	27,931		$	125,321		$	114,086
GAAP gross margin			68	%		73	%		68	%		70	%		69	%

Non-GAAP
GAAP gross profit		$	34,184		$	33,925		$	27,931		$	125,321		$	114,086
Adjustments to reconcile GAAP to non-GAAP gross margin:
Stock-based compensation expense			1,336			1,366			1,147			5,087			4,169
Amortization of acquired technology			583			584			586			2,335			2,266
Non-GAAP gross profit		$	36,103		$	35,875		$	29,664		$	132,743		$	120,521
Non-GAAP gross margin			72	%		77	%		72	%		74	%		73	%

PDF SOLUTIONS, INC.
RECONCILIATION OF GAAP NET INCOME (LOSS) TO NON-GAAP NET INCOME (UNAUDITED)
(In thousands, except per share amounts)


	Three months ended									Year ended
		December 31,		September 30,			December 31,			December 31,			December 31,
		2024		2024			2023			2024			2023

GAAP net income		$	539	$	2,206		$	887		$	4,057		$	3,105
Adjustments to reconcile GAAP net income to non-GAAP net income:
Stock-based compensation expense			6,507		6,730			5,923			25,047			21,484
Amortization of acquired technology under costs of revenues			583		584			586			2,335			2,266
Amortization of other acquired intangible assets			182		196			306			896			1,285
Expenses for certain legal proceedings (1)			69		—			75			69			2,600
Non-recurring legal, tax and accounting service-related costs			940		—			—			940			209
Loss on damaged equipment in-transit, net of (recovery) from previously written-off property and equipment			663		(55	)		—			608			(105	)
Tax impact of valuation allowance for deferred tax assets and reconciling items (2)			375		262			(2,060	)		(1,335	)		(2,374	)
Non-GAAP net income		$	9,858	$	9,923		$	5,717		$	32,617		$	28,470

GAAP net income per diluted share		$	0.01	$	0.06		$	0.02		$	0.10		$	0.08
Non-GAAP net income per diluted share		$	0.25	$	0.25		$	0.15		$	0.84		$	0.73

Weighted average common shares used in GAAP net income per diluted share calculation			39,104		39,105			38,814			39,047			38,937
Weighted average common shares used in non-GAAP net income per diluted share calculation			39,104		39,105			38,814			39,047			38,937

(1) Represents legal costs and expenses related to certain litigation and an arbitration proceeding which are expected to continue until these matters are resolved.
(2) The difference between the GAAP and non-GAAP income tax provisions is primarily due to the valuation allowance on a GAAP basis and non-GAAP adjustments. For example, on a GAAP basis, the Company does not receive a deferred tax benefit for foreign tax credits or research and development credits after the valuation allowance. The Company’s non-GAAP tax rate and resulting non-GAAP tax expense is not calculated with a full U.S. federal or state valuation allowance due to the Company’s cumulative non-GAAP income and management’s conclusion that it is more likely than not to utilize its net deferred tax assets (DTAs). Each reporting period, management evaluates the need for a valuation allowance and may place a valuation allowance against its U.S. net DTAs on a non-GAAP basis if it concludes it is more likely than not that it will not be able to utilize some or all of its U.S. DTAs on a non-GAAP basis.

The MIL Network –

February 14, 2025

MIL-OSI: Credit Acceptance Announces Pricing of $500.0 Million Senior Notes Offering

Source: GlobeNewswire (MIL-OSI)

Southfield, Michigan , Feb. 13, 2025 (GLOBE NEWSWIRE) — Credit Acceptance Corporation (Nasdaq: CACC) (referred to as the “Company”, “Credit Acceptance”, “we”, “our”, or “us”) announced today that it priced $500.0 million aggregate principal amount of its 6.625% senior notes due 2030 (the “notes”) in its previously announced offering at an issue price of 100% of the principal amount of the notes. The $500.0 million aggregate principal amount of the notes represents an increase in the offering size from the previously announced $400.0 million. The closing of the sale of the notes is expected to occur on or about February 28, 2025, subject to customary closing conditions. We intend to use the net proceeds from the offering of the notes (1) to fund the redemption of all of our $400.0 million outstanding 6.625% senior notes due 2026 (the “2026 notes”), in accordance with the terms of the indenture governing the 2026 notes, and the payment of fees and expenses in connection therewith and (2) for general corporate purposes. Pending this application of the net proceeds from the offering of the notes, the net proceeds may be invested in short-term investments or applied to repay borrowings under our revolving credit facility without reducing the lenders’ commitments thereunder.

The notes are being offered only to persons reasonably believed to be qualified institutional buyers pursuant to Rule 144A under the Securities Act of 1933, as amended (the “Securities Act”). This press release shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of, the notes in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction. The notes will not be registered under the Securities Act and may not be offered or sold in the United States or to U.S. persons absent registration or an applicable exemption from registration requirements. This press release does not constitute a notice of redemption with respect to the 2026 notes or an obligation to issue any such notice of redemption.

Cautionary Statement Regarding Forward-Looking Information

Statements in this release that are not historical facts, such as those using terms like “may,” “will,” “should,” “believe,” “expect,” “anticipate,” “assume,” “forecast,” “estimate,” “intend,” “plan,” “target,” or similar expressions, and those regarding our future results, plans, and objectives, are “forward-looking statements” within the meaning of the federal securities laws. These forward-looking statements, which include statements concerning completion of the offering of the notes and use of net proceeds therefrom, represent our outlook only as of the date of this release. Actual results could differ materially from these forward-looking statements since the statements are based on our current expectations, which are subject to risks and uncertainties. Factors that might cause such a difference include, but are not limited to, the factors set forth in Item 1A of our Annual Report on Form 10-K for the year ended December 31, 2024, filed with the Securities and Exchange Commission (the “SEC”) on February 12, 2025, and other risk factors listed from time to time in our reports filed with the SEC. We do not undertake, and expressly disclaim any obligation, to update or alter our statements whether as a result of new information or future events or otherwise, except as required by applicable law.

The MIL Network –

February 14, 2025