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Category: GlobeNewswire

  • MIL-OSI: Credit Acceptance Announces Conditional Notice of Redemption for Outstanding Senior Notes Due 2026

    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 has delivered a conditional notice of redemption to the trustee for the Company’s 6.625% senior notes due 2026 (the “2026 notes”). The notice of redemption calls for the redemption of all of the outstanding $400.0 million aggregate principal amount of 2026 notes (the “redemption”) on February 28, 2025, in accordance with the terms of the indenture governing the 2026 notes. The redemption is conditioned upon the Company’s receipt, prior to the redemption date (or on the redemption date at or prior to such time as may be determined by the Company in its sole and absolute discretion), of aggregate proceeds (before initial purchasers’ discounts and commissions and other offering expenses) from the offering of the Company’s senior notes due 2030 announced today of at least $400.0 million.

    A notice of conditional full redemption of the 2026 notes will be sent to holders of the 2026 notes by the trustee under the indenture governing the 2026 notes. The information concerning the terms and conditions of the redemption is provided in the notice of conditional full redemption.

    This press release does not constitute a notice of redemption of 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” 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 the redemption of the 2026 notes, 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 –

  • MIL-OSI: Cenovus to hold fourth-quarter and full-year conference call and webcast on February 20

    Source: GlobeNewswire (MIL-OSI)

    CALGARY, Alberta, Feb. 13, 2025 (GLOBE NEWSWIRE) — Cenovus Energy Inc. (TSX:CVE) (NYSE:CVE) will release its fourth-quarter and full-year 2024 results on Thursday, February 20, 2025. The news release will provide consolidated fourth-quarter operating and financial information. The company’s financial statements will be available on Cenovus’s website, cenovus.com.

    Conference call: 9 a.m. MT (11 a.m. ET)

    To join the conference call, please dial 1-800-206-4400 (toll-free in North America) or 1-289-514-5005 to reach a live operator who will place you into the call.

    It is recommended that participants dial in at least 10 minutes before the conference call begins.
    A live audio webcast will also be available and archived for approximately 30 days.

    Cenovus Energy Inc.

    Cenovus Energy Inc. is an integrated energy company with oil and natural gas production operations in Canada and the Asia Pacific region, and upgrading, refining and marketing operations in Canada and the United States. The company is focused on managing its assets in a safe, innovative and cost-efficient manner, integrating environmental, social and governance considerations into its business plans. Cenovus common shares and warrants are listed on the Toronto and New York stock exchanges, and the company’s preferred shares are listed on the Toronto Stock Exchange. For more information, visit cenovus.com.

    Find Cenovus on Facebook, LinkedIn, YouTube and Instagram.

    Cenovus contacts:

    Investors Media
    Investor Relations general line
    403-766-7711    		 Media Relations general line
    403-766-7751

    The MIL Network –

  • MIL-OSI: Orrstown Financial Services, Inc. Announces Promotion of Adam Metz to Senior Executive Vice President and Chief Operating Officer

    Source: GlobeNewswire (MIL-OSI)

    HARRISBURG, Pa., Feb. 13, 2025 (GLOBE NEWSWIRE) — Orrstown Financial Services, Inc. (NASDAQ: ORRF) (the “Company”) today announced that Adam L. Metz has been promoted to Senior Executive Vice President and Chief Operating Officer of the Company and its subsidiary bank, Orrstown Bank (the “Bank”), effective immediately, with the intent for him to succeed Thomas R. Quinn, Jr. as President and Chief Executive Officer of the Company and the Bank upon Mr. Quinn’s retirement on May 25, 2026.

    Mr. Metz has served as Executive Vice President and Chief Revenue Officer of the Company and the Bank since February 2019. He previously served as Executive Vice President and Chief Lending Officer of the Company and the Bank from September 2016 to February 2019. From 2011 to 2016, Mr. Metz served as Senior Vice President, Chief Lending Officer of Metro Bank, headquartered in Harrisburg, Pennsylvania.

    “Adam understands the mission, culture and values that have driven Orrstown Bank’s growth over the past decade,” said Thomas R. Quinn, Jr., President and Chief Executive Officer. “His efforts and leadership have contributed significantly to the bank’s success during that time. Adam’s promotion is part of our natural succession planning process and is extraordinarily well-deserved.”

    About Orrstown

    With $5.4 billion in assets, Orrstown Financial Services, Inc. and its wholly-owned subsidiary, Orrstown Bank, provide a wide range of consumer and business financial services in Berks, Cumberland, Dauphin, Franklin, Lancaster, Perry, and York Counties, Pennsylvania and Anne Arundel, Baltimore, Harford, Howard, and Washington Counties, Maryland, as well as Baltimore City, Maryland. The Company’s lending area also includes adjacent counties in Pennsylvania and Maryland, as well as Loudoun County, Virginia and Berkeley, Jefferson and Morgan Counties, West Virginia. Orrstown Bank is an Equal Housing Lender and its deposits are insured up to the legal maximum by the FDIC. Orrstown Financial Services, Inc.’s common stock is traded on Nasdaq (ORRF). For more information about Orrstown Financial Services, Inc. and Orrstown Bank, visit www.orrstown.com.

    Cautionary Note Regarding Forward-Looking Statements

    This press release contains “forward-looking statements” within the meaning of Section 27A of the Securities Act and Section 21E of the Exchange Act. Forward-looking statements reflect the current views of the Company’s management with respect to, among other things, future events and the Company’s financial performance. These statements are often, but not always, made through the use of words or phrases such as “may,” “should,” “could,” “predict,” “potential,” “believe,” “will likely result,” “expect,” “continue,” “will,” “anticipate,” “seek,” “estimate,” “intend,” “plan,” “project,” “forecast,” “goal,” “target,” “would” and “outlook,” or the negative variations of those words or other comparable words of a future or forward-looking nature. These forward-looking statements are not historical facts, and are based on current expectations, estimates, predictions or projections about events or the Company’s industry, management’s beliefs and certain assumptions made by management, many of which, by their nature, are inherently uncertain and beyond the Company’s control. Accordingly, the Company cautions you that any such forward-looking statements are not guarantees of future performance and are subject to risks, assumptions and uncertainties that are difficult to predict. Although the Company believes that the expectations reflected in these forward-looking statements are reasonable as of the date made, actual results may prove to be materially different from the results expressed or implied by the forward-looking statements. Accordingly, you should not place undue reliance on any such forward-looking statements. Any forward-looking statement speaks only as of the date on which it is made, and the Company disclaims any obligation to publicly update or review any forward-looking statement, whether as a result of new information, future developments or otherwise. All forward-looking statements, expressed or implied, included in this press release are expressly qualified in their entirety by this cautionary statement. This cautionary statement should also be considered in connection with any subsequent written or oral forward-looking statements that the Company or persons acting on the Company’s behalf may issue.

    Contact

    For media inquiries or further information, please contact:

    John Moss
    SVP, Director of Marketing and Client Experience, Orrstown Bank
    717-747-1520
    jmoss@orrstown.com

    The MIL Network –

  • MIL-OSI: Trisura Group Reports Fourth Quarter and Record Annual Results

    Source: GlobeNewswire (MIL-OSI)

    TORONTO, Feb. 13, 2025 (GLOBE NEWSWIRE) — Trisura Group Ltd. (“Trisura” or “Trisura Group”) (TSX: TSU), a leading specialty insurance provider, today announced financial results for the fourth quarter and year ended December 31, 2024.

    David Clare, President and CEO of Trisura, stated, “Trisura achieved strong Operating net income of $38.2 million in the quarter, or $0.79 per share, supporting our highest ever annual Operating net income of $135.8 million, driven by growth, strong underwriting, and higher Net investment income. Operating combined ratio of 81.5% for the quarter and 82.9% for the year shows the strength and potential of the combined platform.

    Growth, strong earnings, unrealized gains and the impact of foreign exchange lifted book value by 27% to $785 million, an all-time high. Profitability from core operations continued, resulting in a 19.4% Operating ROE.

    We made significant progress expanding in 2024. Premiums from our US Surety platform grew by 197% in the year, broadening our footprint and developing relationships with important distribution partners. In US Corporate Insurance we bound our first premium, continued to establish our brand and grow our network while we build out licenses.

    We observed weaker performance from a group of US programs we had previously non-renewed. These programs have been included in Exited lines, to clearly demonstrate their impact. Premium growth and profitability continued in our ongoing portfolio of US Programs.

    Despite the impact of Exited lines, Trisura achieved an 88.8% Combined ratio for the year, and a 96.7% Combined ratio in the quarter. Net income in Q4 grew by 70.1% to $19.3 million and we reached our highest annual Net income ever of $118.9 million.

    Growth initiatives remain well-funded with our highest book value yet and a conservative 11% debt-to-capital underscoring flexibility and capacity for growth.”

    Financial Highlights

    • Insurance revenue increased by 5.2% in Q4 2024 led by strength in Primary lines (Surety, Corporate Insurance and Warranty). Importantly, these are the lines that have the highest underwriting margin.
    • Net income of $19.3 million in the quarter grew 70.1% compared to Q4 2023 as a result of growth in the business, higher Net investment income, as well as a lower Loss ratio. Operating net income(1) of $38.2 million in the quarter grew 47.6% compared to Q4 2023, as a result of growth in the business, higher Net investment income, as well as a lower Loss ratio.
    • Operating EPS(2) of $0.79 for the quarter increased compared to $0.54 in the prior year, demonstrating the strength of core operations(3) through continued growth and profitability. EPS of $0.40 in Q4 2024 was greater than $0.23 in Q4 2023, as a result of growth in the business, higher Net investment income, and improved profitability. EPS in the quarter was impacted by a higher Loss ratio associated with Exited lines.
    • Book value reached a new record of $785.3 million and book value per share(4) of $16.44 increased 26.3% from December 31, 2023, the combined result of earnings from Trisura Specialty, investment returns and foreign exchange.
    • ROE(4) of 16.9% increased compared to 12.2% in Q4 2023, demonstrating a return to our mid-teens target. Operating ROE(5) of 19.4% was slightly lower than Q4 2023, as strong profitability from core operations continued, but Shareholders’ equity increased disproportionately from unrealized gains and foreign exchange.
    Amounts in C$ millions Q4 2024 Q4 2023 Variance 2024 2023 Variance
    Insurance revenue 794.2 755.0 5.2% 3,118.3 2,789.2 11.8%
    Net income 19.3 11.3 70.1% 118.9 66.9 77.6%
    Operating net income(1) 38.2 25.9 47.6% 135.8 110.2 23.3%
    EPS – diluted, $ 0.40 0.23 73.9% 2.45 1.42 72.5%
    Operating EPS – diluted, $(2) 0.79 0.54 46.3% 2.80 2.34 19.7%
    Book value per share, $(4) 16.44 13.02 26.3% 16.44 13.02 26.3%
    Debt-to-Capital ratio(4) 11.1% 10.8% 0.3pts 11.1% 10.8% 0.3pts
    ROE(4) 16.9% 12.2% 4.7pts 16.9% 12.2% 4.7pts
    Operating ROE(5) 19.4% 20.0% (0.6pts) 19.4% 20.0% (0.6pts)
    Combined ratio 96.7% 105.4% (8.7pts) 88.8% 91.2% (2.4pts)
    Operating combined ratio(6) 81.5% 88.1% (6.6pts) 82.9% 81.9% 1.0pts

    Insurance Operations

    • Insurance revenue of $794.2 million, increased by 5.2% compared to Q4 2023, reflecting stronger growth from Surety and Warranty in particular. Trisura’s Primary lines (Surety, Corporate Insurance and Warranty) grew by 17.7% in the quarter.
    • The consolidated Operating combined ratio(3) was 81.5% for the quarter reflecting a lower Loss ratio(3) than the prior year, driven by strong results in Surety and Corporate Insurance, slightly offset by investments in our US expansion.
    • Strong underwriting contributed to a loss ratio in Trisura Specialty of 12.8%, a ROE of 27.4% and Operating ROE of 24.9% in Q4 2024.

    Capital

    • The Minimum Capital Test ratio(7) of our regulated Canadian subsidiary was 276% as at December 31, 2024 (251% as at December 31, 2023), which comfortably exceeded regulatory requirements(8) of 150%.
    • As at December 31, 2024, the Risk-Based Capital(9) of the regulated US insurance companies are expected to be in excess of the various company action levels of the states in which they are licensed. Calculations are finalized as statutory returns are completed.
    • Consolidated debt-to-capital ratio of 11.1% as at December 31, 2024 is below our long-term target of 20.0%.

    Investments

    • Net investment income rose 5.8% in the quarter compared to Q4 2023. The portfolio benefited from increased capital generated from strong operational performance.

    Earnings Conference Call

    Trisura will host its Fourth Quarter and 2024 Annual Earnings Conference Call to review financial results at 9:00a.m. ET on Friday, February 14th, 2025.

    To listen to the call via live audio webcast, please follow the link below:

    https://edge.media-server.com/mmc/p/mghkbw3a/

    A replay of the call will be available through the link above.

    About Trisura Group

    Trisura Group Ltd. is a specialty insurance provider operating in the Surety, Warranty, Corporate Insurance, Program and Fronting business lines of the market. Trisura has investments in wholly owned subsidiaries through which it conducts insurance operations. Those operations are primarily in Canada and the United States. Trisura Group Ltd. is listed on the Toronto Stock Exchange under the symbol “TSU”.

    Further information is available at http://www.trisura.com. Important information may be disseminated exclusively via the website. Investors should consult the site to access this information. Details regarding the operations of Trisura Group Ltd. are also set forth in regulatory filings. A copy of the filings may be obtained on Trisura Group’s SEDAR+ profile at www.sedarplus.ca.

    For more information, please contact:

    Name: Bryan Sinclair

    Tel: 416 607 2135

    Email: bryan.sinclair@trisura.com

    Trisura Group Ltd.
    Consolidated Statements of Financial Position
    As at December 31, 2024 and December 31, 2023
    (in thousands of Canadian dollars, except as otherwise noted)
    As at December 31, 2024 December 31, 2023
    Cash and cash equivalents         270,378         604,016
    Investments         1,434,534         890,157
    Other assets         42,392         53,712
    Reinsurance contract assets         2,771,163         2,003,589
    Capital assets and intangible assets         29,383         16,657
    Deferred tax assets         44,043         16,314
    Total assets         4,591,893         3,584,445
    Insurance contract liabilities         3,546,053         2,769,951
    Other liabilities         162,302         120,065
    Loan payable         98,272         75,000
    Total liabilities         3,806,627         2,965,016
    Shareholders’ equity         785,266         619,429
    Total liabilities and shareholders’ equity         4,591,893         3,584,445
    Trisura Group Ltd.
    Consolidated Statements of Comprehensive Income
    For the three and twelve months ended December 31
    (in thousands of Canadian dollars, except as otherwise noted)
      Q4 2024 Q4 2023 2024 2023
    Insurance revenue         794,162         754,953         3,118,322         2,789,187
    Insurance service expenses         (881,999)         (615,167)         (2,748,110)         (2,245,246)
    Net income (expense) from reinsurance contracts assets         101,624         (135,627)         (253,980)         (458,606)
    Insurance service result         13,787         4,159         116,232         85,335
    Net investment income (loss)         17,138         16,206         67,045         51,669
    Net gains (losses) & net credit impairment losses         2,886         9,058         24,699         (8,763)
    Total investment income         20,024         25,264         91,744         42,906
    Finance expenses from insurance contracts         (7,015)         (27,716)         (78,522)         (75,875)
    Finance income from reinsurance contracts         5,908         23,511         67,732         65,759
    Net insurance finance expenses         (1,107)         (4,205)         (10,790)         (10,116)
    Net financial result         18,917         21,059         80,954         32,790
    Net insurance and financial result         32,704         25,218         197,186         118,125
    Other income         508         727         7,506         7,654
    Other operating expenses         (6,804)         (10,346)         (42,932)         (32,947)
    Other finance costs         (947)         (565)         (3,270)         (2,409)
    Income before income taxes         25,461         15,034         158,490         90,423
    Income tax expense         (6,208)         (3,714)         (39,575)         (23,482)
    Net income         19,253         11,320         118,915         66,941
    Operating net income         38,181         25,875         135,850         110,201
    Other comprehensive income (loss)         17,194         8,452         43,843         6,328
    Comprehensive income         36,447         19,772         162,758         73,269
    Trisura Group Ltd.
    Consolidated Statements of Cash Flows
    For the three and twelve months ended December 31
    (in thousands of Canadian dollars, except as otherwise noted)
      Q4 2024 Q4 2023 2024 2023
    Net income 19,253 11,320         118,915         66,941
    Non-cash items (3,127) (11,727)         (20,517)         5,264
    Change in working capital 102,620 100,302         68,598         194,038
    Realized (gains) losses (784) 1,769         (2,314)         3,950
    Income taxes paid (16,609) (1,736)         (42,316)         (9,841)
    Interest paid (984) (1,115)         (2,640)         (2,439)
    Net cash from (used in) operating activities 100,369 98,813         119,726         257,913
    Proceeds on disposal of investments 140,380 12,894         342,306         102,492
    Purchases of investments (221,476) (41,001)         (795,269)         (219,121)
    Acquisition of subsidiary – –         (15,015)         –
    Net purchases of capital and intangible assets (647) 32         (3,835)         (714)
    Net cash (used in) investing activities (81,743) (28,075)         (471,813)         (117,343)
    Shares issued – (63)         2,989         51,507
    Shares purchased under Restricted Share Units plan 922 436         (2,215)         (1,409)
    Loans received – –         46,607         –
    Loans repaid – –         (23,335)         –
    Principal portion of lease payments (234) (510)         (2,006)         (2,034)
    Net cash from (used in) financing activities 688 (137)         22,040         48,064
    Net decrease in cash and cash equivalents, during the period 19,314 70,601         (330,047)         188,634
    Cash and cash equivalents, beginning of period 262,850 531,484         604,016         406,368
    Currency translation (11,786) 1,931         (3,591)         9,014
    Cash and cash equivalents, end of period 270,378 604,016         270,378         604,016

    Non-IFRS Financial Measures and other Financial Measures

    Table 1 – Reconciliation of reported Net income to Operating net income(4): reflect Net income, adjusted for certain items to normalize earnings to core operations in order to reflect our North American specialty operations.

      Q4 2024 Q4 2023 2024 2023
    Net income 19,253 11,320 118,915 66,941
    Adjustments:        
    Non-recurring Surety revenues – – – (4,596)
    Impact of certain changes in Fronting reinsurance structures – – 1,435 –
    Loss from run-off program – 19,196 3,714 47,229
    Non-recurring items (3,100) 4,549 3,565 4,549
    Impact of Exited lines 30,577 – 30,577 –
    Impact of SBC (839) 1,589 3,507 (1,914)
    Impact of movement in yield curve within Finance (expenses) income from insurance and reinsurance contracts (396) 2,071 1,207 723
    Net (gains) losses (2,886) (9,058) (24,699) 8,763
    Tax impact of above items, and other tax adjustments (4,428) (3,792) (2,371) (11,494)
    Operating net income 38,181 25,875 135,850 110,201

    Table 2 – ROE(4)and Operating LTM ROE(5): a measure of the Company’s use of equity.

      Q4 2024 Q4 2023
    LTM net income         118,915         66,941
    LTM average equity         702,012         549,672
    ROE 16.9% 12.2%
    Operating LTM net income(1)         135,850         110,201
    Operating LTM ROE 19.4% 20.0%

    Table 3 – Reconciliation of Average equity(10)to LTM average equity: LTM average equity is used in calculating Operating ROE.

      Q4 2024 Q4 2023
    Average equity         702,348         556,538
    Adjustments: days in quarter proration         (336)         (6,866)
    LTM average equity         702,012         549,672

    Footnotes

    (1) See section on Non-IFRS financial measures table 10.2 in Q4 2024 MD&A for details on composition. Operating net income is a non-IFRS financial measure. Non-IFRS financial measures are not standardized financial measures under the financial reporting framework used to prepare the financial statements of the Company to which the measure relates and might not be comparable to similar financial measures disclosed by other companies. Details and an explanation of how it provides useful information to an investor can be found in the Q4 2024 MD&A, Section 10, Operating Metrics table.

    (2) This is a non-IFRS ratio. Non-IFRS ratios are not standardized under the financial reporting framework used to prepare the financial statements of the Company to which the ratio relates and might not be comparable to similar ratios disclosed by other companies. Details on composition and an explanation of how it provides useful information to an investor can be found in the Q4 2024 MD&A, Section 10, table 10.17.

    (3) See Section 10, Operating Metrics in Q4 2024 MD&A for the definition of Operating Net Income, and for further explanation of “core operations”.

    (4) This is a supplementary financial measure. Refer to Q4 2024 MD&A, Section 10, Operating Metrics table for its composition.

    (5) This is a non-IFRS ratio. See table 10.18 in Q4 2024 MD&A for details on composition, as well as each non-IFRS financial measure used as a component of ratio, and an explanation of how it provides useful information to an investor.

    (6) This is a non-IFRS ratio. Refer to Q4 2024 MD&A, Section 10, Operating Metrics table for its composition. Operating combined ratio excludes the impact of certain items to normalize results in order to reflect our Trisura Specialty operations.

    (7) This measure is calculated in accordance with the Office of the Superintendent of Financial Institutions Canada’s (OSFI’s) Guideline A, Minimum Capital Test.

    (8) This target is in accordance with OSFI’s Guideline A-4, Regulatory Capital and Internal Capital Targets.

    (9) This measure is calculated in accordance with the National Association of Insurance Commissioners, Risk Based Capital for Insurers Model Act.

    (10) Average equity is calculated as the sum of opening equity and closing equity over the last twelve months, divided by two.

    Cautionary Statement Regarding Forward-Looking Statements and Information

    Note: This news release contains “forward-looking information” within the meaning of Canadian provincial securities laws and “forward-looking statements” within the meaning of applicable Canadian securities legislation. Forward-looking statements include statements that are predictive in nature, depend upon or refer to future events or conditions, include statements regarding operations, business, financial condition, expected financial results, performance, prospects, opportunities, priorities, targets, goals, ongoing objectives, strategies and outlook of our Company and its subsidiaries, as well as the outlook for North American and international economies for the current fiscal year and subsequent periods, and include words such as “expects,” “likely,” “anticipates,” “plans,” “believes,” “estimates,” “seeks,” “intends,” “targets,” “projects,” “forecasts”, “potential” or negative versions thereof and other similar expressions, or future or conditional verbs such as “may,” “will,” “should,” “would” and “could”.

    Although we believe that our anticipated future results, performance or achievements expressed or implied by the forward-looking statements and information are based upon reasonable assumptions and expectations, the reader should not place undue reliance on forward-looking statements and information because they involve known and unknown risks, uncertainties and other factors, many of which are beyond our control, which may cause the actual results, performance or achievements of our Company to differ materially from anticipated future results, performance or achievement expressed or implied by such forward-looking statements and information.

    Factors that could cause actual results to differ materially from those contemplated or implied by forward-looking statements include, but are not limited to: the impact or unanticipated impact of general economic, political and market factors in the countries in which we do business; the behaviour of financial markets, including fluctuations in interest and foreign exchange rates; global equity and capital markets and the availability of equity and debt financing and refinancing within these markets; insurance risks including pricing risk, concentration risk and exposure to large losses, and risks associated with estimates of loss reserves; strategic actions including dispositions; the ability to complete and effectively integrate acquisitions into existing operations and the ability to attain expected benefits; changes in accounting policies and methods used to report financial condition (including uncertainties associated with critical accounting assumptions and estimates); the ability to appropriately manage human capital; the effect of applying future accounting changes; business competition; operational and reputational risks; technological change; changes in government regulation and legislation within the countries in which we operate; governmental investigations; litigation; changes in tax laws; changes in capital requirements; changes in reinsurance arrangements and availability and cost of reinsurance; ability to collect amounts owed; catastrophic events, such as earthquakes, hurricanes or pandemics; the possible impact of international conflicts and other developments including terrorist acts and cyberterrorism; risks associated with reliance on distribution partners, capacity providers and program administrators; third party risks; risk that models used to manage the business do not function as expected; climate change risk; risk of economic downturn; risk of inflation; risks relating to cyber-security; risks relating to credit ratings; and other risks and factors detailed from time to time in our documents filed with securities regulators in Canada.

    We caution that the foregoing list of important factors that may affect future results is not exhaustive. When relying on our forward-looking statements and information, investors and others should carefully consider the foregoing factors and other uncertainties and potential events. Except as required by law, our Company undertakes no obligation to publicly update or revise any forward-looking statements or information, whether written or oral, that may be as a result of new information, future events or otherwise.

    Cautionary Non-IFRS and Other Financial Measures

    Reported results conform to generally accepted accounting principles (GAAP), in accordance with IFRS. In addition to reported results, our Company also presents certain financial measures, including non-IFRS financial measures that are historical, non-IFRS ratios, and supplementary financial measures, to assess results. Non-IFRS financial measures, such as operating net income, are utilized to assess the Company’s overall performance. To arrive at operating results, our Company adjusts for certain items to normalize earnings to core operations, in order to reflect our North American specialty operations. Non-IFRS ratios include a non-IFRS financial measure as one or more of its components. Examples of non-IFRS ratios include operating diluted earnings per share and operating ROE. The Company believes that non-IFRS financial measures and non-IFRS ratios provide the reader with an enhanced understanding of our results and related trends and increase transparency and clarity into the core results of the business. Non-IFRS financial measures and non-IFRS ratios are not standardized terms under IFRS and, therefore, may not be comparable to similar terms used by other companies. Supplementary financial measures depict the Company’s financial performance and position, and are explained in this document where they first appear, and incorporates information by reference to our Company’s current MD&A, for the three and twelve months ended December 31, 2024. To access MD&A, see Trisura’s website or SEDAR+ at www.sedarplus.ca. These measures are pursuant to National Instrument 52-112 Non-GAAP and Other Financial Measures Disclosure.

    The MIL Network –

  • MIL-OSI: Patria Announces Changed Record Date for Previously Announced Regular Quarterly Dividend

    Source: GlobeNewswire (MIL-OSI)

    GRAND CAYMAN, Cayman Islands, Feb. 13, 2025 (GLOBE NEWSWIRE) — Patria Investments Limited (Nasdaq:PAX) has amended the record date of its recently declared quarterly cash dividend of US$0.15 per share from February 28, 2025 to February 25, 2025. The payment date for the quarterly dividend will remain March 17, 2025, as previously announced on February 12, 2025.

    About Patria

    Patria is a global alternative asset manager and industry leader in Latin America. Founded over 35 years ago, Patria has total assets under management of $41.9 billion, and offices in 13 cities on 4 continents. Patria aims to generate attractive long-term investment returns and, through a diversified platform with strategies that include Private Equity, Infrastructure, Credit, Real Estate, Public Equities and Global Private Markets Solutions, serve as the gateway to alternative investments for both local investors in Latin America, as well as global investors. Further information is available at www.patria.com.

    Forward-Looking Statements

    This press release may contain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. You can identify these forward-looking statements by the use of words such as “outlook,” “indicator,” “believes,” “expects,” “potential,” “continues,” “may,” “will,” “could,” “should,” “seeks,” “approximately,” “predicts,” “intends,” “plans,” “estimates,” “anticipates” or the negative version of these words or other comparable words, among others. Forward-looking statements appear in a number of places in this press release and include, but are not limited to, statements regarding our intent, belief or current expectations. Forward-looking statements are based on our management’s beliefs and assumptions and on information currently available to our management. Forward-looking statements speak only as of the date they are made, and we do not undertake any obligation to update them in light of new information or future developments or to release publicly any revisions to these statements in order to reflect later events or circumstances or to reflect the occurrence of unanticipated events. Such forward-looking statements are subject to various risks and uncertainties. Accordingly, there are or will be important factors that could cause actual outcomes or results to differ materially from those indicated in these statements. Further information on these and other factors that could affect our financial results is included in filings we have made and will make with the U.S. Securities and Exchange Commission from time to time, including but not limited to those described under the section entitled “Risk Factors” in our most recent annual report on Form 20-F, as such factors may be updated from time to time in our periodic filings with the United States Securities and Exchange Commission (“SEC”), which are accessible on the SEC’s website at www.sec.gov. These factors should not be construed as exhaustive and should be read in conjunction with the other cautionary statements that are included in our periodic filings.

    Contact: Patria Shareholder Relations
    E. PatriaShareholderRelations@patria.com
    T. +1 917 769 1611

    The MIL Network –

  • MIL-OSI: Compass Diversified Announces Fourth Quarter and Full Year 2024 Earnings and Conference Call Information

    Source: GlobeNewswire (MIL-OSI)

    WESTPORT, Conn., Feb. 13, 2025 (GLOBE NEWSWIRE) — Compass Diversified (NYSE: CODI) (“CODI” or the “Company”), an owner of leading middle market businesses, announced today that it plans to release financial results for the fourth quarter and full year ended December 31, 2024, on Thursday, February 27, 2025, after the close of market trading. The Company has scheduled a conference call to discuss the results on Thursday, February 27, 2025, at 5:00 p.m. ET.

    In conjunction with reporting fourth quarter and full year 2024 results, CODI will host a conference call at 5:00 p.m. ET / 2:00 p.m. PT with the Company’s Chief Executive Officer, Elias Sabo, the Company’s Chief Financial Officer, Stephen Keller, and Pat Maciariello, the Chief Operating Officer of Compass Group Management. A live webcast of the call will be available on the Investor Relations section of CODI’s website. To access the call by phone, please go to this link (registration link) and you will be provided with dial in details. To avoid delays, we encourage participants to dial into the conference call 15 minutes ahead of the scheduled start time. A replay of the webcast will also be available for a limited time on the Company’s website.

    About Compass Diversified

    Since its IPO in 2006, CODI has consistently executed its strategy of owning and managing a diverse set of highly defensible, middle-market businesses across the industrial, branded consumer and healthcare sectors. The Company leverages its permanent capital base, long-term disciplined approach, and actionable expertise to maintain controlling ownership interests in each of its subsidiaries, maximizing its ability to impact long-term cash flow generation and value creation. The Company provides both debt and equity capital for its subsidiaries, contributing to their financial and operating flexibility. CODI utilizes the cash flows generated by its subsidiaries to invest in the long-term growth of the Company and has consistently generated strong returns through its culture of transparency, alignment and accountability. For more information, please visit compassdiversified.com.

    Forward Looking Statements

    This press release may contain certain forward-looking statements, including statements with regard to the expected timing of earnings announcements and the future performance of CODI and its subsidiaries. Words such as “believes,” “expects,” and “future” or similar expressions, are intended to identify forward-looking statements. These forward-looking statements are subject to the inherent uncertainties in predicting future results and conditions. Certain factors could cause actual results to differ materially from those projected in these forward-looking statements, and some of these factors are enumerated in the risk factor discussion in the Form 10-K filed by CODI with the SEC for the year ended December 31, 2023 and in other filings with the SEC. Except as required by law, CODI undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.

    Investor Relations
    Compass Diversified
    irinquiry@compassdiversified.com

    Gateway Group
    Cody Slach
    949.574.3860
    CODI@gateway-grp.com

    Media Relations
    Compass Diversified
    Mediainquiry@compassdiversified.com

    The IGB Group
    Leon Berman
    212.477.8438
    lberman@igbir.com

    The MIL Network –

  • MIL-OSI: Prestige Wealth Inc. Announces First Half of Fiscal Year 2024 Financial Results

    Source: GlobeNewswire (MIL-OSI)

    HONG KONG, Feb. 13, 2025 (GLOBE NEWSWIRE) — Prestige Wealth Inc. (Nasdaq: PWM) (the “Company” or “Prestige Wealth”), a wealth management and asset management services provider based in Hong Kong, today announced its unaudited financial results for the six months ended March 31, 2024.

    Mr. Kazuho Komoda, the Company’s Chief Executive Officer, commented, “Reflecting upon the first half of fiscal year 2024, we made many strategic layouts including exploring the path of using technology method to scale up wealth management business, preparing for expanding business areas and actively seeking talents for business upgrade. Meanwhile, we also maintain stable growth in our existing business and garnered an increase of our total revenues from compared to the same period of fiscal year 2023.”

    Mr. Komoda continued, “Benefited from our efforts and status of listed company, we have access to better business resources, advanced technology, and financing capabilities to hedge against negative macroeconomic impacts. In fact, we have also made many significant strategic initiatives in fiscal year 2024, including acquisitions and post IPO financing. This presents us with immense opportunities, and we want to assure our clients and shareholders that we are in prime position to harness these prospects. We will continue to strive to create value for all shareholders.”

    First Half of Fiscal Year 2024 Financial Results

        For the Six Months Ended March 31,  
        2024     2023     Change     Change  
        USD     USD     USD     %  
        (Unaudited)     (Unaudited)              
    Selected Unaudited Interim Condensed Consolidated Statements of Income Data:                        
    Net revenues   497,629     312,964     184,665     59.01  
    Operation cost and expenses   (1,105,629 )   (311,871 )   793,758     254.51  
    (Loss) Income from operations   (608,000 )   1,093     (609,093 )   (55,726.72 )
    Other income   118,580     3,335     115,245     (3,455.59 )
    (Loss) Income before income taxes   (489,420 )   4,428     (493,848 )   (11,152.85 )
    Income taxes (expenses) benefits   (14,009 )   21,132     (35,141 )   (166.29 )
    Net (loss) income   (503,429 )   25,560     (528,989 )   (2,069.60 )
    (Loss) Earnings per ordinary share – basic and diluted   (0.055 )   0.003     (0.058 )   (1,933.33 )
                             

    Net Revenues

    Net revenues were $497,629 in the six months ended March 31, 2024, compared to $312,964 in the six months ended March 31, 2023. The increase was primarily due to increase in net revenue from asset management services, partially offset by the decrease in net revenue from wealth management services.

    • Net revenue from wealth management services was $11,685 in the six months ended March 31, 2024, compared to $74,875 in the six months ended March 31, 2023. The decrease was primarily due to the decrease number of cases of referrals.
    • Net revenue from asset management services was $485,944 in the six months ended March 31, 2024, increased from $238,089 in the six months ended March 31, 2023. The increase was primarily due to the Company provided asset management related advisory services to new client.

    Operating Costs and Expenses

    Operating costs and expenses are primarily comprised of selling, general and administrative expenses. Selling, general and administrative expenses were $1,105,629 in the six months ended March 31, 2024, compared to $311,871 in the six months ended March 31, 2023. The increase in selling, general and administrative expenses was mainly due to the increases in wages & salaries from senior management, depreciation of right-of-use assets and audit fee.

    (Loss) Income from operations

    Loss from operations was $608,000 in the six months ended March 31, 2024, compared to an income from operations of $1,093 in the six months ended March 31, 2023.

    Income Tax (Expenses) Benefits

    Income tax expenses were $14,009 in the six months ended March 31, 2024, compared to an income tax benefit of $21,132 in the six months ended March 31, 2023, primarily because the Company had net taxable profits from one of its subsidiaries.

    Net (Loss) Income

    Net loss was $503,429 in the six months ended March 31, 2024, compared to a net income of $25,560 in the six months ended March 31, 2023.

    Basic and Diluted Earnings per Share

    Basic and diluted loss per share was $0.055 in the six months ended March 31, 2024, compared to basic and diluted earnings per share $0.003 in the six months ended March 31, 2023.

    Balance Sheet

    As of March 31, 2024, the Company had cash and cash equivalents of $294,548, compared to $431,307 as of September 30, 2023.

    Cash Flow

    Net cash used in operating activities was $2,995,580 in the six months ended March 31, 2024, compared to net cash provided by operating activities of $454,660 in the six months ended March 31, 2023, mainly due to increase in prepayment.

    Net cash used in investing activities was $2,862,641 in the six months ended March 31, 2024, compared to net cash provided by investing activities of $1,414,297 in the six months ended March 31, 2023, due to decease in loan and interest repayment from a related party.

    Net cash used in financing activities was $nil in the six months ended March 31, 2024, compared to net cash used by investing activities of $545,499 in the six months ended March 31, 2023, due to decease in deferred offering cost.

    Recent Accounting Pronouncements

    On November 27, 2023, the FASB issued ASU 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures. ASU 2023-07 is designed to improve the reportable segment disclosure requirements, primarily through enhanced disclosures about significant segment expenses that are regularly provided to the CODM. All public entities will be required to report segment information in accordance with the new guidance starting in annual periods beginning after December 15, 2023, with early adoption permitted. The Group is currently evaluating the impact of adopting the standard and does not expect that the adoption of this guidance will have a material impact on its financial position, results of operations and cash flows.

    In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures. ASU 2023-09 expands existing income tax disclosures for rate reconciliations by requiring disclosure of certain specific categories and additional reconciling items that meet quantitative thresholds and expands disclosures for income taxes paid by requiring disaggregation by certain jurisdictions. ASU 2023-09 is effective for annual periods beginning after December 15, 2024. Early adoption is permitted. The Group is currently evaluating the impact of adopting the standard and does not expect that the adoption of this guidance will have a material impact on its financial position, results of operations and cash flows.

    Recent Developments

    On November 4, 2024, the Company completed its acquisition of all shares of SPW Global Inc., a company incorporated under the laws of the British Virgin Islands, which in turn wholly owns Wealth AI PTE LTD. or Wealth AI, a company incorporated under the laws of Republic of Singapore. Wealth AI is a company based in Singapore that offers personalized, cost-effective wealth management solutions using artificial intelligence. Founded by AI experts from top technology companies in 2022, Wealth AI is dedicated to the transformative potential of artificial intelligence in wealth management.

    On December 16, 2024, the Company completed its acquisition of all shares of InnoSphere Tech Inc. (“InnoSphere Tech”), a company incorporated under the laws of the British Virgin Islands. InnoSphere Tech is a technology company that leverages its advantages in web scraping technology to collect data on finance, wealth management, and related industries according to international standards. Through the accumulation and processing of large amounts of data, its system can train a specialized large model tailored for the wealth management industry, providing robust foundational support to clients in the financial sector that surpasses traditional general-purpose large models.

    On December 16, 2024, the Company also completed its acquisition of all shares of Tokyo Bay Management Inc. (“Tokyo Bay”), a company incorporated under the laws of the British Virgin Islands. Tokyo Bay is a company based in Tokyo, Japan. Founded by experienced professionals, the Tokyo Bay team has accumulated extensive premium client resources and local market knowledge over the past years, providing wealth management services, family affairs services, lifestyle management services and related value-added services to high-net-worth clients in Japan.

    About Prestige Wealth Inc.

    Prestige Wealth Inc. is a wealth management and asset management services provider based in Hong Kong, assisting its clients in identifying and purchasing well-matched wealth management products and global asset management products. With a focus on quality service, the Company has retained a loyal customer base consisting of high-net-worth and ultra-high-net-worth clients in Asia. Through the Company’s wealth management service, it introduces clients to customized wealth management products and provides them with tailored value-added services. The Company provides asset management services via investment funds that it manages and also provides discretionary account management services and asset management-related advisory services to clients. For more information, please visit the Company’s website: http://ir.prestigewm.hk/index.html.

    Forward-Looking Statements

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

    PRESTIGE WEALTH INC.
    CONDENSED CONSOLIDATED BALANCE SHEETS
        March 31,
    2024    		     September 30,
    2023    		  
        (Unaudited)        
    CURRENT ASSETS                
    Cash and cash equivalents   $ 294,548     $ 431,307  
    Restricted cash     200,000       200,000  
    Accounts receivable     350,826       273,257  
    Contract asset     3,002       91,565  
    Note Receivables     1,037,199       3,755,794  
    Amounts due from related parties     1,619,590       1,592,593  
    Right-of-use assets, current     213,978       213,814  
    Income tax receivable     45,783       29,279  
    Prepaid expenses and other assets     2,765,857       66,484  
    Total current assets     6,530,783       6,654,093  
                     
    NON-CURRENT ASSETS                
    Right-of-use asset, non-current   $ 42,247     $ 140,898  
    Prepaid expenses and other assets     68,672       68,620  
    Total non-current assets   $ 110,919     $ 209,518  
    Total assets   $ 6,641,702     $ 6,863,611  
                     
    LIABILITIES AND SHAREHOLDERS’ EQUITY                
    Current Liabilities                
    Income tax payable   $ 37,345     $ 27,648  
    Lease liability, current     237,535       220,101  
    Amounts due to related parties     190,844       —  
    Deferred tax liabilities     11,858       14,415  
    Other payables and accrued liabilities     435,228       257,906  
    Total current liabilities   $ 912,810     $ 520,070  
                     
    NON-CURRENT LIABILITIES                
    Lease liability, non-current   $ 49,095     $ 160,996  
    Total non-current liabilities   $ 49,095     $ 160,996  
    Total liabilities   $ 961,905     $ 681,066  
                     
    Shareholders’ equity                
    Ordinary share ($0.000625 par value, 1,600,000,000 shares authorized, 9,150,000 shares issued and outstanding as of March 31, 2024; $0.000625 par value, 160,000,000 shares authorized, 9,150,000 shares issued and outstanding as of September 30, 2023)*   $ 5,719     $ 5,719  
    Additional paid in capital     2,570,664       2,570,664  
    Retained earnings     3,139,565       3,642,994  
    Accumulated other comprehensive loss     (36,151 )     (36,832 )
    Total shareholders’ equity   $ 5,679,797     $ 6,182,545  
    Total liabilities and shareholders’ equity   $ 6,641,702     $ 6,863,611  
                     
    * The shares are presented on a retroactive basis to reflect the Company’s share subdivision on July 15, 2022.                
                     
    PRESTIGE WEALTH INC.
    CONDENSED CONSOLIDATED STATEMENTS OF INCOME AND COMPREHENSIVE INCOME
        For the six months ended
    March 31,    		  
        2024     2023  
        (Unaudited)     (Unaudited)  
    Net revenue            
    Wealth management services            
    Referral fees   $ 11,685     $ 74,875  
                     
    Asset management services                
    Advisory service fees     459,974       212,486  
    Management fees     25,970       25,603  
    Subtotal     485,944       238,089  
    Total net revenue     497,629       312,964  
                     
    Gross Margin     497,629       312,964  
                     
    Operation cost and expenses                
    Selling, general and administrative expenses     1,105,629       311,871  
    Total operation cost and expenses     1,105,629       311,871  
                     
    (Loss) Income from operations     (608,000 )     1,093  
                     
    Other income     118,580       3,335  
                     
    (Loss) Income before income taxes     (489,420 )     4,428  
    Income taxes (expenses) benefits     (14,009 )     21,132  
                     
    Net (loss) income   $ (503,429 )   $ 25,560  
                     
    Other comprehensive (loss) income                
    Foreign currency translation adjustment     681       6,016  
    Total comprehensive (loss) income   $ (502,748 )   $ 31,576  
                     
    (Loss) Earnings per ordinary share                
    Basic and diluted   $ (0.055 )   $ 0.003  
                     
    Weighted average number of ordinary shares outstanding*                
    Basic and diluted     9,150,000       8,000,000  
                     

    The MIL Network –

  • MIL-OSI: Diginex announces new AI functionality after winning Government recognition for AI-powered compliance innovation

    Source: GlobeNewswire (MIL-OSI)

    HONG KONG, Feb. 13, 2025 (GLOBE NEWSWIRE) — Diginex Limited (“Diginex Limited” or the “Company”), a Cayman Islands-based impact technology company specializing in environmental, social, and governance (ESG) issues, today announced the development of new AI functionality which is expected to be built leveraging OpenAI’s platform. The Company anticipates that the deployment of this AI feature will contribute to revenue growth starting in 2025 by enhancing diginexESG‘s value proposition and driving increased customer adoption. The initial focus will be on helping companies comply with sustainability disclosure requirements set by the International Sustainability Standards Board (ISSB) and International Financial Reporting Standards (IFRS), which are increasingly being mandated for companies involved in global ESG reporting. These features will provide rapid data extraction, improved compliance, and enhanced risk assessment for users of the Company’s ESG SaaS reporting product, diginexESG.

    This AI functionality positions diginexESG to capture the growing demand for ESG reporting solutions – a market projected to reach between USD 1.5 billion and USD 4.35 billion by 2027, with an expected CAGR of 15.9% to 30% according to industry research from Verdantix – and is alongside the Company’s recent selection by the Financial Services and the Treasury Bureau (FSTB) of Hong Kong for the Green and Sustainable Fintech PoC program. The FSTB, which oversees financial and treasury policy for the Hong Kong SAR Government, launched this program to support innovative green fintech solutions with measurable environmental and financial impact. This builds on previous recognition where, in December 2023, the Hong Kong Monetary Authority, named Diginex as winner of the “Sustainability or Climate-related Disclosure and Reporting” category.

    The FSTB launched this program to accelerate the development and commercial adoption of green fintech solutions by technology firms and research institutions. “We are thrilled to receive this endorsement and support from FSTB, which underscores the importance of AI technology in addressing significant challenges within the ESG and sustainability industry,” said Mark Blick, Chief Executive Officer of Diginex Limited. “We will be accelerating our efforts to deliver innovative AI-powered functionality that will support companies with their ESG, Climate and Supply Chain data collection and reporting while improving efficiency and customer experience. We plan to collaborate closely with leading global financial institutions to introduce this new feature to their clients.”

    About Diginex Limited

    Diginex Limited is a Cayman Islands exempted company incorporated under the laws of the Cayman Islands in 2024, with subsidiaries located in Hong Kong, United Kingdom and United States of America. Diginex Limited conducts operations through its wholly owned subsidiary Diginex Solutions (HK) Limited, a Hong Kong corporation (“DSL”) and DSL is the sole owner of (i) Diginex Services Limited, a corporation formed in the United Kingdom and (ii) Diginex USA LLC, a limited liability company formed in the State of Delaware. DSL commenced operations in 2020, is headquartered in Hong Kong, and is a software company that empowers businesses and governments to streamline ESG, climate, and supply chain data collection and reporting. DSL is an impact technology business that helps organizations to address the some of the most pressing ESG, climate and sustainability issues, utilizing blockchain, machine learning and data analysis technology to lead change and increase transparency in corporate social responsibility and climate action.

    Diginex’s products and services solutions enable companies to collect, evaluate and share sustainability data through easy-to-use software. For more information, please visit the Company’s website: https://www.diginex.com/.

    Forward-Looking Statements

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

    For investor and media inquiries, please contact:

    Diginex
    Investor Relations
    Email:ir@diginex.com

    Jackson Lin
    Lambert by LLYC
    Phone: +1 (646) 717-4593
    Email: jian.lin@llyc.global

    The MIL Network –

  • MIL-OSI: ConnectM Announces Receipt of Notice from Nasdaq That ConnectM has Regained Compliance with Nasdaq Rule

    Source: GlobeNewswire (MIL-OSI)

    MARLBOROUGH, Mass., Feb. 13, 2025 (GLOBE NEWSWIRE) — ConnectM Technology Solutions, Inc. (Nasdaq: CNTM) (“ConnectM” or the “Company”), a technology company focused on the electrification economy, had previously announced that on December 6, 2024, it received a notice from the Staff of the Listing Qualifications Department of Nasdaq stating that because the Company had not filed its Quarterly Report on Form 10-Q for the period ended September 30, 2024 (the “Third Quarter 10-Q”), it no longer complies with Nasdaq Listing Rule 5250(c)(1) (the “Rule”) for continued listing, which requires listed companies to timely file all required periodic financial reports with the Securities and Exchange Commission.

    ConnectM today announced that on January 31, 2025, the Staff notified ConnectM that, based on the Company’s December 16, 2024, filing of the Third Quarter 10-Q, Staff has determined that the Company complies with the Rule. Accordingly, the matter is now closed.  

    About ConnectM Technology Solutions, Inc.
    ConnectM is a pioneer in the electrification economy, integrating energy assets with its AI-driven technology platform. Focused on delivering solutions that drive efficiency, affordability, and sustainability, ConnectM serves home, facility, and fleet across three major segments: Building Electrification, Distributed Energy, and Transportation and Logistics. The company’s vertically integrated approach combines technology, service/distribution networks, and strategic partnerships to accelerate the transition to an all-electric energy economy.

    For more information, please visit: www.connectm.com. Stockholders looking to receive Company updates directly to their inbox should sign up here.  

    Cautionary Note Regarding Forward-Looking Statements
    This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act and Section 21E of the Securities Exchange Act of 1934, as amended (the “Exchange Act”). We have based these forward-looking statements on our current expectations and projections about future events. All statements, other than statements of present or historical fact included in this press release, regarding our future financial performance and our strategy, expansion plans, future operations, future operating results, estimated revenues, losses, projected costs, prospects, plans and objectives of management are forward-looking statements. In some cases, you can identify forward-looking statements by terminology such as “may,” “should,” “could,” “would,” “expect,” “plan,” “anticipate,” “intend,” “believe,” “estimate,” “continue,” “project” or the negative of such terms or other similar expressions. These forward-looking statements are subject to known and unknown risks, uncertainties and assumptions about us that may cause our actual results, levels of activity, performance or achievements to be materially different from any future results, levels of activity, performance or achievements expressed or implied by such forward-looking statements. Except as otherwise required by applicable law, we disclaim any duty to update any forward-looking statements, all of which are expressly qualified by the statements in this section, to reflect events or circumstances after the date of this press release. We caution you that the forward-looking statements contained herein are subject to numerous risks and uncertainties, most of which are difficult to predict and many of which are beyond our control. In addition, we caution you that the forward-looking statements regarding the Company contained in this press release are subject to the risks and uncertainties described in the “Cautionary Note Regarding Forward-Looking Statements” section of the Current Report on Form 8-K filed with the Securities and Exchange Commission on July 18, 2024. Such filing identifies and addresses other important risks and uncertainties that could cause actual events and results to differ materially from those contained in the forward-looking statements. Forward-looking statements speak only as of the date they are made. Readers are cautioned not to put undue reliance on forward-looking statements, and ConnectM is under no obligation to update or revise these forward-looking statements, whether as a result of new information, future events, or otherwise.

    Contact:
    Investor Relations
    Dave Gentry, CEO
    RedChip Companies, Inc.
    1-407-644-4256
    CNTM@redchip.com

    The MIL Network –

  • MIL-OSI: Applied Materials Announces First Quarter 2025 Results

    Source: GlobeNewswire (MIL-OSI)

    • Revenue $7.17 billion, up 7 percent year over year
    • GAAP gross margin 48.8 percent and non-GAAP gross margin 48.9 percent
    • GAAP operating margin 30.4 percent and non-GAAP operating margin 30.6 percent
    • GAAP EPS $1.45 and non-GAAP EPS $2.38, down 40 percent and up 12 percent year over year, respectively
    • Generated $925 million in cash from operations and distributed $1.64 billion to shareholders including $1.32 billion in share repurchases and $326 million in dividends

    SANTA CLARA, Calif., Feb. 13, 2025 (GLOBE NEWSWIRE) — Applied Materials, Inc. (NASDAQ: AMAT) today reported results for its first quarter ended Jan. 26, 2025.

    “The industry drive to accelerate the development of advanced compute and more sophisticated AI is gaining momentum,” said Gary Dickerson, President and CEO. “Applied Materials is enabling the major device architecture inflections critical for energy-efficient AI and our focus on high-velocity co-innovation creates unique collaboration opportunities with our customers and partners, positioning Applied for continued growth and outperformance in the years to come.”

    “We delivered strong financial performance in the first fiscal quarter, with record revenue, gross margin expansion and robust shareholder distributions,” said Brice Hill, Senior Vice President and CFO. “ For the second fiscal quarter, we are encouraged by the trends supporting continued customer investments to enable leading-edge technology inflections, while also taking into account export control related headwinds.”

    Results Summary

      Q1 FY2025   Q1 FY2024   Change
      (In millions, except per share amounts and percentages)
    Net revenue $ 7,166     $ 6,707     7%
    Gross margin   48.8 %     47.8 %   1.0 point
    Operating margin   30.4 %     29.3 %   1.1 points
    Net income $ 1,185     $ 2,019     (41)%
    Diluted earnings per share $ 1.45     $ 2.41     (40)%
    Non-GAAP Results          
    Non-GAAP gross margin   48.9 %     47.9 %   1.0 point
    Non-GAAP operating margin   30.6 %     29.5 %   1.1 points
    Non-GAAP net income $ 1,946     $ 1,782     9%
    Non-GAAP diluted EPS $ 2.38     $ 2.13     12%
    Non-GAAP free cash flow $ 544     $ 2,096     (74)%
                       

    A reconciliation of the GAAP and non-GAAP results is provided in the financial tables included in this release. See also “Use of Non-GAAP Financial Measures” section.

    Impact of Singapore Tax Incentives

    As a result of new tax incentive agreements in Singapore in fiscal 2025, the company recorded a $644 million, or $0.79 per diluted share, income tax expense due to the remeasurement of deferred tax assets in Singapore.

    Business Outlook

    Applied’s total net revenue, non-GAAP gross margin and non-GAAP diluted EPS for the second quarter of fiscal 2025, including the estimated impact of recently announced U.S. export regulations, are expected to be approximately as follows:

      Q2 FY2025
    (In millions, except percentage and per share amounts)  
    Total net revenue $ 7,100   +/- $ 400  
    Non-GAAP gross margin   48.4 %    
    Non-GAAP diluted EPS $ 2.30   +/- $ 0.18  
                   

    This outlook for non-GAAP diluted EPS excludes known charges related to completed acquisitions of $0.01 per share and a gain on asset sale of $0.05 per share, and includes a net income tax benefit related to intra-entity intangible asset transfers of $0.04 per share, but does not reflect any items that are unknown at this time, such as any additional charges related to acquisitions or other non-operational or unusual items, as well as other tax-related items, which we are not able to predict without unreasonable efforts due to their inherent uncertainty.

    First Quarter Reportable Segment Information

    Semiconductor Systems Q1 FY2025   Q1 FY2024
      (In millions, except percentages)
    Net revenue $ 5,356     $ 4,909  
    Foundry, logic and other   68 %     62 %
    DRAM   28 %     34 %
    Flash memory   4 %     4 %
    Operating income $ 1,986     $ 1,744  
    Operating margin   37.1 %     35.5 %
    Non-GAAP Results    
    Non-GAAP operating income $ 1,998     $ 1,754  
    Non-GAAP operating margin   37.3 %     35.7 %
    Applied Global Services Q1 FY2025   Q1 FY2024
      (In millions, except percentages)
    Net revenue $ 1,594     $ 1,476  
    Operating income $ 447     $ 417  
    Operating margin   28.0 %     28.3 %
    Non-GAAP Results    
    Non-GAAP operating income $ 447     $ 417  
    Non-GAAP operating margin   28.0 %     28.3 %
    Display Q1 FY2025   Q1 FY2024
      (In millions, except percentages)
    Net revenue $ 183     $ 244  
    Operating income $ 14     $ 25  
    Operating margin   7.7 %     10.2 %
    Non-GAAP Results    
    Non-GAAP operating income $ 14     $ 25  
    Non-GAAP operating margin   7.7 %     10.2 %
    Corporate and Other Q1 FY2025   Q1 FY2024
      (In millions)
    Unallocated net revenue $ 33     $ 78  
    Unallocated cost of products sold and expenses   (305 )     (297 )
    Total $ (272 )   $ (219 )
                   

    Use of Non-GAAP Financial Measures

    Applied provides investors with certain non-GAAP financial measures, which are adjusted for the impact of certain costs, expenses, gains and losses, including certain items related to mergers and acquisitions; restructuring and severance charges and any associated adjustments; impairments of assets; gain or loss, dividends and impairments on strategic investments; certain income tax items and other discrete adjustments. On a non-GAAP basis, the tax effect related to share-based compensation is recognized ratably over the fiscal year. Reconciliations of these non-GAAP measures to the most directly comparable financial measures calculated and presented in accordance with GAAP are provided in the financial tables included in this release.

    Management uses these non-GAAP financial measures to evaluate the company’s operating and financial performance and for planning purposes, and as performance measures in its executive compensation program. Applied believes these measures enhance an overall understanding of its performance and investors’ ability to review the company’s business from the same perspective as the company’s management, and facilitate comparisons of this period’s results with prior periods on a consistent basis by excluding items that management does not believe are indicative of Applied’s ongoing operating performance. There are limitations in using non-GAAP financial measures because the non-GAAP financial measures are not prepared in accordance with generally accepted accounting principles, may be different from non-GAAP financial measures used by other companies, and may exclude certain items that may have a material impact upon our reported financial results. The presentation of this additional information is not meant to be considered in isolation or as a substitute for the directly comparable financial measures prepared in accordance with GAAP.

    Webcast Information

    Applied Materials will discuss these results during an earnings call that begins at 1:30 p.m. Pacific Time today. A live webcast and related slide presentation will be available at https://ir.appliedmaterials.com. A replay will be available on the website beginning at 5:00 p.m. Pacific Time today.

    Forward-Looking Statements
    This press release contains forward-looking statements, including those regarding anticipated growth and trends in our businesses and markets, industry outlooks and demand drivers, technology transitions, our business and financial performance and market share positions, our capital allocation and cash deployment strategies, our investment and growth strategies, our development of new products and technologies, our business outlook for the second quarter of fiscal 2025 and beyond, and other statements that are not historical facts. These statements and their underlying assumptions are subject to risks and uncertainties and are not guarantees of future performance. Factors that could cause actual results to differ materially from those expressed or implied by such statements include, without limitation: the level of demand for our products; global economic, political and industry conditions, including changes in interest rates and prices for goods and services; the implementation of additional export regulations and license requirements and their interpretation, and their impact on our ability to export products and provide services to customers and on our results of operations; global trade issues and changes in trade and export license policies and our ability to obtain licenses or authorizations on a timely basis, if at all; imposition of new or increases in tariffs and any retaliatory measures; the effects of geopolitical turmoil or conflicts; demand for semiconductor chips and electronic devices; customers’ technology and capacity requirements; the introduction of new and innovative technologies, and the timing of technology transitions; our ability to develop, deliver and support new products and technologies; our ability to meet customer demand, and our suppliers’ ability to meet our demand requirements; the concentrated nature of our customer base; our ability to expand our current markets, increase market share and develop new markets; market acceptance of existing and newly developed products; our ability to obtain and protect intellectual property rights in key technologies; cybersecurity incidents affecting our information systems or information contained in them, or affecting our operations, suppliers, customers or vendors; our ability to achieve the objectives of operational and strategic initiatives, align our resources and cost structure with business conditions, and attract, motivate and retain key employees; the effects of regional or global health epidemics; acquisitions, investments and divestitures; changes in income tax laws; the variability of operating expenses and results among products and segments, and our ability to accurately forecast future results, market conditions, customer requirements and business needs; our ability to ensure compliance with applicable law, rules and regulations and other risks and uncertainties described in our SEC filings, including our recent Forms 10-K and 8-K. All forward-looking statements are based on management’s current estimates, projections and assumptions, and we assume no obligation to update them.

    About Applied Materials

    Applied Materials, Inc. (Nasdaq: AMAT) is the leader in materials engineering solutions used to produce virtually every new chip and advanced display in the world. Our expertise in modifying materials at atomic levels and on an industrial scale enables customers to transform possibilities into reality. At Applied Materials, our innovations make possible a better future. Learn more at www.appliedmaterials.com.

    Investor Relations Contact:
    Liz Morali (408) 986-7977
    liz_morali@amat.com 

    Media Contact:
    Ricky Gradwohl (408) 235-4676
    ricky_gradwohl@amat.com 

     
    APPLIED MATERIALS, INC.
    UNAUDITED CONSOLIDATED CONDENSED STATEMENTS OF OPERATIONS
       
      Three Months Ended
    (In millions, except per share amounts) January 26,
    2025    		   January 28,
    2024
    Net revenue $ 7,166     $ 6,707  
    Cost of products sold   3,670       3,503  
    Gross profit   3,496       3,204  
    Operating expenses:      
    Research, development and engineering   859       754  
    Marketing and selling   206       207  
    General and administrative   256       276  
    Total operating expenses   1,321       1,237  
    Income from operations   2,175       1,967  
    Interest expense   64       59  
    Interest and other income (expense), net   8       395  
    Income before income taxes   2,119       2,303  
    Provision for income taxes   934       284  
    Net income $ 1,185     $ 2,019  
    Earnings per share:      
    Basic $ 1.46     $ 2.43  
    Diluted $ 1.45     $ 2.41  
    Weighted average number of shares:      
    Basic   814       831  
    Diluted   819       837  
                   
     
    APPLIED MATERIALS, INC.
    UNAUDITED CONSOLIDATED CONDENSED BALANCE SHEETS
           
    (In millions) January 26,
    2025    		   October 27,
    2024
    ASSETS      
    Current assets:      
    Cash and cash equivalents $ 6,264     $ 8,022  
    Short-term investments   1,949       1,449  
    Accounts receivable, net   5,998       5,234  
    Inventories   5,501       5,421  
    Other current assets   982       1,094  
    Total current assets   20,694       21,220  
    Long-term investments   2,686       2,787  
    Property, plant and equipment, net   3,563       3,339  
    Goodwill   3,768       3,732  
    Purchased technology and other intangible assets, net   237       249  
    Deferred income taxes and other assets   2,390       3,082  
    Total assets $ 33,338     $ 34,409  
    LIABILITIES AND STOCKHOLDERS’ EQUITY      
    Current liabilities:      
    Short-term debt $ 799     $ 799  
    Accounts payable and accrued expenses   4,485       4,820  
    Contract liabilities   2,452       2,849  
    Total current liabilities   7,736       8,468  
    Long-term debt   5,461       5,460  
    Income taxes payable   684       670  
    Other liabilities   832       810  
    Total liabilities   14,713       15,408  
    Total stockholders’ equity   18,625       19,001  
    Total liabilities and stockholders’ equity $ 33,338     $ 34,409  
                   
     
    APPLIED MATERIALS, INC.
    UNAUDITED CONSOLIDATED CONDENSED STATEMENTS OF CASH FLOWS
       
      Three Months Ended
    (In millions) January 26,
    2025    		   January 28,
    2024
    Cash flows from operating activities:      
    Net income $ 1,185     $ 2,019  
    Adjustments required to reconcile net income to cash provided by operating activities:      
    Depreciation and amortization   105       91  
    Share-based compensation   195       170  
    Deferred income taxes   668       (72 )
    Other   95       (235 )
    Net change in operating assets and liabilities   (1,323 )     352  
    Cash provided by operating activities   925       2,325  
    Cash flows from investing activities:      
    Capital expenditures   (381 )     (229 )
    Cash paid for acquisitions, net of cash acquired   (28 )     —  
    Proceeds from sales and maturities of investments   1,223       531  
    Purchases of investments   (1,711 )     (749 )
    Cash used in investing activities   (897 )     (447 )
    Cash flows from financing activities:      
    Proceeds from issuance of commercial paper   200       100  
    Repayments of commercial paper   (200 )     (100 )
    Common stock repurchases   (1,318 )     (700 )
    Tax withholding payments for vested equity awards   (142 )     (192 )
    Payments of dividends to stockholders   (326 )     (266 )
    Repayments of principal on finance leases   —       1  
    Cash used in financing activities   (1,786 )     (1,157 )
    Increase (decrease) in cash, cash equivalents and restricted cash equivalents   (1,758 )     721  
    Cash, cash equivalents and restricted cash equivalents—beginning of period   8,113       6,233  
    Cash, cash equivalents and restricted cash equivalents — end of period $ 6,355     $ 6,954  
           
    Reconciliation of cash, cash equivalents, and restricted cash equivalents      
    Cash and cash equivalents $ 6,264     $ 6,854  
    Restricted cash equivalents included in deferred income taxes and other assets   91       100  
    Total cash, cash equivalents, and restricted cash equivalents $ 6,355     $ 6,954  
           
    Supplemental cash flow information:      
    Cash payments for income taxes $ 70     $ 139  
    Cash refunds from income taxes $ 70     $ 2  
    Cash payments for interest $ 52     $ 34  
                   

    Additional Information

      Q1 FY2025   Q1 FY2024
    Net Revenue by Geography (In millions)  
    United States $ 917     $ 759  
    % of Total   13 %     11 %
    Europe $ 330     $ 410  
    % of Total   4 %     6 %
    Japan $ 540     $ 565  
    % of Total   8 %     9 %
    Korea $ 1,667     $ 1,231  
    % of Total   23 %     18 %
    Taiwan $ 1,183     $ 559  
    % of Total   17 %     8 %
    Southeast Asia $ 286     $ 186  
    % of Total   4 %     3 %
    China $ 2,243     $ 2,997  
    % of Total   31 %     45 %
           
    Employees(In thousands)      
    Regular Full Time   36.0       34.5  
                   
     
    APPLIED MATERIALS, INC.
    UNAUDITED RECONCILIATION OF GAAP TO NON-GAAP RESULTS
       
      Three Months Ended
    (In millions, except percentages) January 26,
    2025    		   January 28,
    2024
    Non-GAAP Gross Profit      
    GAAP reported gross profit $ 3,496     $ 3,204  
    Certain items associated with acquisitions1   7       7  
    Non-GAAP gross profit $ 3,503     $ 3,211  
    Non-GAAP gross margin   48.9 %     47.9 %
    Non-GAAP Operating Income      
    GAAP reported operating income $ 2,175     $ 1,967  
    Certain items associated with acquisitions1   12       11  
    Acquisition integration and deal costs   3       3  
    Non-GAAP operating income $ 2,190     $ 1,981  
    Non-GAAP operating margin   30.6 %     29.5 %
    Non-GAAP Net Income      
    GAAP reported net income $ 1,185     $ 2,019  
    Certain items associated with acquisitions1   12       11  
    Acquisition integration and deal costs   3       3  
    Realized loss (gain), dividends and impairments on strategic investments, net   (9 )     (1 )
    Unrealized loss (gain) on strategic investments, net   106       (280 )
    Income tax effect of share-based compensation2   (10 )     (26 )
    Income tax effects related to intra-entity intangible asset transfers3   674       22  
    Resolution of prior years’ income tax filings and other tax items   (16 )     33  
    Income tax effect of non-GAAP adjustments4   1       1  
    Non-GAAP net income $ 1,946     $ 1,782  
    1 These items are incremental charges attributable to completed acquisitions, consisting of amortization of purchased intangible assets.
       
    2 GAAP basis tax benefit related to share-based compensation is recognized ratably over the fiscal year on a non-GAAP basis.
       
    3 Amount for the three months ended January 26, 2025, included changes to income tax provision of $30 million from amortization of intangibles and a $644 million remeasurement of deferred tax assets resulting from new tax incentive agreements in Singapore in fiscal 2025.
       
    4 Adjustment to provision for income taxes related to non-GAAP adjustments reflected in income before income taxes.
       
     
    APPLIED MATERIALS, INC.
    UNAUDITED RECONCILIATION OF GAAP TO NON-GAAP RESULTS
       
      Three Months Ended
    (In millions, except per share amounts) January 26,
    2025    		   January 28,
    2024
    Non-GAAP Earnings Per Diluted Share      
    GAAP reported earnings per diluted share $ 1.45     $ 2.41  
    Certain items associated with acquisitions   0.01       0.01  
    Realized loss (gain), dividends and impairments on strategic investments, net   (0.01 )     —  
    Unrealized loss (gain) on strategic investments, net   0.13       (0.33 )
    Income tax effect of share-based compensation   (0.01 )     (0.03 )
    Income tax effects related to intra-entity intangible asset transfers1   0.83       0.03  
    Resolution of prior years’ income tax filings and other tax items   (0.02 )     0.04  
    Non-GAAP earnings per diluted share $ 2.38     $ 2.13  
    Weighted average number of diluted shares   819       837  
    1 Amount for the three months ended January 26, 2025, included changes to income tax provision of $0.04 per diluted share from amortization of intangibles and $0.79 per diluted share from a remeasurement of deferred tax assets resulting from new tax incentive agreements in Singapore in fiscal 2025.
       
     
    APPLIED MATERIALS, INC.
    UNAUDITED RECONCILIATION OF GAAP TO NON-GAAP RESULTS
       
      Three Months Ended
    (In millions, except percentages) January 26,
    2025    		   January 28,
    2024
    Semiconductor Systems Non-GAAP Operating Income      
    GAAP reported operating income $ 1,986     $ 1,744  
    Certain items associated with acquisitions1   12       10  
    Non-GAAP operating income $ 1,998     $ 1,754  
    Non-GAAP operating margin   37.3 %     35.7 %
    Applied Global Services Non-GAAP Operating Income      
    GAAP reported operating income $ 447     $ 417  
    Non-GAAP operating income $ 447     $ 417  
    Non-GAAP operating margin   28.0 %     28.3 %
    Display Non-GAAP Operating Income      
    GAAP reported operating income $ 14     $ 25  
    Non-GAAP operating income $ 14     $ 25  
    Non-GAAP operating margin   7.7 %     10.2 %
    1  These items are incremental charges attributable to completed acquisitions, consisting of amortization of purchased intangible assets.
       

    Note: The reconciliation of GAAP and non-GAAP segment results above does not include certain revenues, costs of products sold and operating expenses that are reported within corporate and other and included in consolidated operating income.

     
    APPLIED MATERIALS, INC.
    UNAUDITED RECONCILIATION OF GAAP TO NON-GAAP EFFECTIVE INCOME TAX RATE
       
      Three Months Ended
    (In millions, except percentages) January 26, 2025
       
    GAAP provision for income taxes (a) $ 934  
    Income tax effect of share-based compensation   10  
    Income tax effects related to intra-entity intangible asset transfers   (674 )
    Resolutions of prior years’ income tax filings and other tax items   16  
    Income tax effect of non-GAAP adjustments   (1 )
    Non-GAAP provision for income taxes (b) $ 285  
       
    GAAP income before income taxes (c) $ 2,119  
    Certain items associated with acquisitions   12  
    Acquisition integration and deal costs   3  
    Realized loss (gain), dividends and impairments on strategic investments, net   (9 )
    Unrealized loss (gain) on strategic investments, net   106  
    Non-GAAP income before income taxes (d) $ 2,231  
       
    GAAP effective income tax rate (a/c)   44.1 %
       
    Non-GAAP effective income tax rate (b/d)   12.8 %
           
     
    UNAUDITED RECONCILIATION OF NON-GAAP FREE CASH FLOW
       
      Three Months Ended
    (In millions) January 26,
    2025    		   January 28,
    2024
    Cash provided by operating activities $ 925     $ 2,325  
    Capital expenditures   (381 )     (229 )
    Non-GAAP free cash flow $ 544     $ 2,096  
                   

    The MIL Network –

  • MIL-OSI: Freehold Royalties Declares Dividend for February 2025

    Source: GlobeNewswire (MIL-OSI)

    CALGARY, Alberta, Feb. 13, 2025 (GLOBE NEWSWIRE) — Freehold Royalties Ltd. (Freehold) (TSX: FRU) announces that its Board of Directors has declared a dividend of Cdn. $0.09 per common share to be paid on March 17, 2025 to shareholders of record on February 28, 2025.

    These dividends are designated as “eligible dividends” for Canadian income tax purposes.

    Freehold is uniquely positioned as a leading North American energy royalty company with approximately 6.1 million gross acres in Canada and approximately 1.2 million gross drilling acres in the United States. Freehold’s common shares trade on the Toronto Stock Exchange in Canada under the symbol FRU.

    The MIL Network –

  • MIL-OSI: iPower Reports Fiscal Second Quarter 2025 Results

    Source: GlobeNewswire (MIL-OSI)

    Fiscal Q2 Revenue up 14% to $19.1 Million

    Achieves GAAP Profitability and Positive Cash Flow from Operations

    RANCHO CUCAMONGA, Calif., Feb. 13, 2025 (GLOBE NEWSWIRE) — iPower Inc. (Nasdaq: IPW) (“iPower” or the “Company”), a tech and data-driven ecommerce services provider and online retailer, today announced its financial results for the fiscal second quarter ended December 31, 2024.

    Fiscal Q2 2025 Results vs. Year-Ago Quarter

    • Total revenue increased 14% to $19.1 million.
    • Gross profit increased 15% to $8.4 million, with gross margin up 40 bps to 44.0%.
    • Net income attributable to iPower improved to $0.2 million or $0.01 per share, compared to net loss attributable to iPower of $1.9 million or $(0.06) per share.
    • As of December 31, 2024, total debt was reduced by 31% to $4.4 million compared to $6.3 million as of June 30, 2024.

    Management Commentary

    “We delivered strong results across all key financial metrics in our fiscal second quarter while further enhancing our SuperSuite platform,” said Lawrence Tan, CEO of iPower. “Throughout the quarter, we continued to optimize operations and strengthen our presence across both our established and emerging sales channels. We also remain focused on supply chain diversification by exploring new supplier relationships beyond our existing network, reinforcing our commitment to building a more resilient and adaptable infrastructure.”

    “Our SuperSuite platform is gaining further momentum as we leverage our superior supply chain, warehousing and merchandising expertise to drive sales growth for partners with innovative product catalogs. Additionally, we are making steady progress with our recently launched SaaS platform, refining its capabilities to improve supplier collaboration, streamline operations, and better align partners with evolving market demands. With a strong pipeline of prospective partners, we are well-positioned to capitalize on the growing demand for SuperSuite as we bolster our comprehensive service offerings.”

    iPower CFO, Kevin Vassily, added, “Our ongoing efforts to optimize our cost structure have delivered meaningful results as we continue to drive gross margin expansion and operating leverage in our business. We have also officially shuttered our legacy commercial hydroponics business, as we are now focused on our core competency as a data-driven, consumer products and services company. We believe these initiatives, coupled with our accelerating growth in our SuperSuite business, will enable us to execute on our goals ahead.”

    Fiscal Second Quarter 2025 Financial Results 

    Total revenue in the fiscal second quarter of 2025 increased 14% to $19.1 million compared to $16.8 million for the same period in fiscal 2024. The increase was driven primarily by growth in iPower’s SuperSuite supply chain offerings, as well as greater product sales to the Company’s largest channel partner.

    Gross profit in the fiscal second quarter of 2025 increased 15% to $8.4 million compared to $7.3 million in the same quarter in fiscal 2024. As a percentage of revenue, gross margin increased 40 basis points to 44.0% compared to 43.6% in the year-ago period. The increase in gross margin was primarily driven by improved pricing through key supplier negotiations.

    Total operating expenses in the fiscal second quarter of 2025 improved 22% to $7.7 million compared to $9.9 million for the same period in fiscal 2024. The decrease in operating expenses was driven primarily by lower selling and fulfillment expenses related to the Company’s largest channel partner.

    Net income attributable to iPower in the fiscal second quarter of 2025 improved to $0.2 million or $0.01 per share, compared to net loss attributable to iPower of $1.9 million or $(0.06) per share for the same period in fiscal 2024.

    Cash and cash equivalents were $2.9 million at December 31, 2024, compared to $7.4 million at June 30, 2024. As a result of the Company’s debt paydown, total debt was reduced by 31% to $4.4 million compared to $6.3 million as of June 30, 2024.

    Conference Call 

    The Company will hold a conference call today, February 13, 2025, at 4:30 p.m. Eastern Time to discuss its results for the fiscal second quarter ended December 31, 2024.

    iPower’s management will host the conference call, which will be followed by a question-and-answer session.

    The conference call details are as follows:

    Date: Thursday, February 13, 2025
    Time: 4:30 p.m. Eastern time
    Dial-in registration link: here
    Live webcast registration link: here

    Please dial into the conference call 5-10 minutes prior to the start time. If you have any difficulty connecting with the conference call, please contact the Company’s investor relations team at IPW@elevate-ir.com.

    The conference call will also be broadcast live and available for replay in the Events & Presentations section of the Company’s website at www.meetipower.com.

    About iPower Inc. 

    iPower Inc. is a tech and data-driven online retailer, as well as a provider of value-added ecommerce services for third-party products and brands. iPower’s capabilities include a full spectrum of online channels, robust fulfillment capacity, a nationwide network of warehouses, competitive last mile delivery partners and a differentiated business intelligence platform. iPower believes that these capabilities will enable it to efficiently move a diverse catalog of SKUs from its supply chain partners to end consumers every day, providing the best value to customers in the U.S. and other countries. For more information, please visit iPower’s website at www.meetipower.com.

    Forward-Looking Statements 

    All statements other than statements of historical fact in this press release are forward-looking statements. These forward-looking statements involve known and unknown risks and uncertainties and are based on current expectations and projections about future events and financial trends that iPower believes may affect its financial condition, results of operations, business strategy, and financial needs. Investors can identify these forward-looking statements by words or phrases such as “may,” “will,” “expect,” “anticipate,” “aim,” “estimate,” “intend,” “plan,” “believe,” “potential,” “continue,” “is/are likely to” or other similar expressions. iPower undertakes no obligation to update forward-looking statements to reflect subsequent events or circumstances, or changes in its expectations, except as may be required by law. Although iPower believes that the expectations expressed in these forward-looking statements are reasonable, it cannot assure you that such expectations will turn out to be correct, and iPower cautions investors that actual results may differ materially from the anticipated results and encourages investors to review other factors that may affect its future results and performance in iPower’s Annual Report on Form 10-K, as filed with the SEC on September 20, 2024, and in its other SEC filings, including Quarterly Reports on Form 10-Q and Current Reports on Form 8-K.

    Investor Relations Contact

    Sean Mansouri, CFA or Aaron D’Souza
    Elevate IR
    (720) 330-2829
    IPW@elevate-ir.com

    iPower Inc. and Subsidiaries
    Unaudited Condensed Consolidated Balance Sheets
    As of December 31, 2024 and June 30, 2024
     
              December 31,   June 30,
              2024   2024
              (Unaudited)      
    ASSETS            
    Current assets            
      Cash and cash equivalent   $ 2,877,457     $ 7,377,837  
      Accounts receivable, net     13,926,432       14,740,093  
      Inventories, net     9,183,631       10,546,273  
      Prepayments and other current assets, net     2,292,744       2,346,534  
          Total current assets     28,280,264       35,010,737  
                       
    Non-current assets            
      Right of use – non-current     4,757,429       6,124,163  
      Property and equipment, net     303,059       370,887  
      Deferred tax assets, net     3,001,517       2,445,605  
      Goodwill     3,034,110       3,034,110  
      Intangible assets, net     3,306,014       3,630,700  
      Other non-current assets     1,187,179       679,655  
          Total non-current assets     15,589,308       16,285,120  
                       
          Total assets   $ 43,869,572     $ 51,295,857  
                       
    LIABILITIES AND EQUITY            
    Current liabilities            
      Accounts payable, net     8,853,320       11,227,116  
      Other payables and accrued liabilities     3,491,596       3,885,487  
      Lease liability – current     1,540,624       2,039,301  
      Short-term loan payable     –       491,214  
      Short-term loan payable – related party     350,000       350,000  
      Revolving loan payable, net     –       5,500,739  
      Income taxes payable     274,947       276,158  
          Total current liabilities     14,510,487       23,770,015  
                       
    Non-current liabilities            
      Long-term revolving loan payable, net     4,042,400       –  
      Lease liability – non-current     3,612,756       4,509,809  
                       
          Total non-current liabilities     7,655,156       4,509,809  
                       
          Total liabilities     22,165,643       28,279,824  
                       
    Commitments and contingency     –       –  
                       
    Stockholders’ Equity            
      Preferred stock, $0.001 par value; 20,000,000 shares authorized; 0 shares issued and            
        outstanding at December 31, 2024 and June 30, 2024     –       –  
      Common stock, $0.001 par value; 180,000,000 shares authorized; 31,359,899 and            
        31,359,899 shares issued and outstanding at December 31, 2024 and June 30, 2024     31,361       31,361  
      Additional paid in capital     33,867,156       33,463,883  
      Accumulated deficits     (12,041,063 )     (10,230,601 )
      Non-controlling interest     (44,195 )     (38,204 )
      Accumulated other comprehensive loss     (109,330 )     (210,406 )
          Total stockholders’ equity     21,703,929       23,016,033  
                       
          Total liabilities and stockholders’ equity   $ 43,869,572     $ 51,295,857  
                       
    iPower Inc. and Subsidiaries
    Unaudited Condensed Consolidated Statements of Operations and Comprehensive Loss
    For the Three and Six Months Ended December 31, 2024 and 2023
     
            For the Three Months Ended December 31,   For the Six Months Ended December 31,
            2024   2023   2024   2023
            (Unaudited)   (Unaudited)   (Unaudited)   (Unaudited)
    REVENUES                    
      Product sales   $ 17,606,889     $ 16,800,122     $ 35,882,301     $ 43,308,496  
      Service income     1,465,682       –       2,198,791       –  
        Total revenues     19,072,571       16,800,122       38,081,092       43,308,496  
                                 
    COST OF REVENUES                        
      Product costs     9,461,119       9,481,882       19,378,567       24,231,411  
      Service costs     1,221,566       –       1,824,742       –  
        Total cost of revenues     10,682,685       9,481,882       21,203,309       24,231,411  
                                 
    GROSS PROFIT     8,389,886       7,318,240       16,877,783       19,077,085  
                                 
    OPERATING EXPENSES:                        
      Selling and fulfillment     4,628,914       6,936,980       10,543,722       17,000,451  
      General and administrative     3,077,365       2,933,607       8,396,888       5,897,658  
        Total operating expenses     7,706,279       9,870,587       18,940,610       22,898,109  
                                 
    INCOME (LOSS) FROM OPERATIONS     683,607       (2,552,347 )     (2,062,827 )     (3,821,024 )
                                 
    OTHER INCOME (EXPENSE)                        
      Interest expenses     (140,672 )     (182,612 )     (280,634 )     (410,977 )
      Loss on equity method investment     (802 )     (801 )     (1,721 )     (1,826 )
      Other non-operating income (expenses)     (205,958 )     128,838       12,728       61,672  
        Total other expenses, net     (347,432 )     (54,575 )     (269,627 )     (351,131 )
                                 
    INCOME (LOSS) BEFORE INCOME TAXES     336,175       (2,606,922 )     (2,332,454 )     (4,172,155 )
                                 
    PROVISION FOR INCOME TAX EXPENSE (BENEFIT)     120,511       (688,939 )     (516,001 )     (964,821 )
    NET INCOME (LOSS)     215,664       (1,917,983 )     (1,816,453 )     (3,207,334 )
                                 
      Non-controlling interest     (3,155 )     (3,155 )     (5,991 )     (5,991 )
                                 
    NET INCOME (LOSS) ATTRIBUTABLE TO IPOWER INC.   $ 218,819     $ (1,914,828 )   $ (1,810,462 )   $ (3,201,343 )
                                 
    OTHER COMPREHENSIVE INCOME (LOSS)                        
      Foreign currency translation adjustments     156,130       (160,255 )     101,076       (160,962 )
                                 
    COMPREHENSIVE INCOME (LOSS) ATTRIBUTABLE TO IPOWER INC.     $ 374,949     $ (2,075,083 )   $ (1,709,386 )   $ (3,362,305 )
                                 
    WEIGHTED AVERAGE NUMBER OF COMMON STOCK                        
      Basic     31,437,517       29,790,242       31,427,360       29,777,378  
                                 
      Diluted     31,437,517       29,790,242       31,427,360       29,777,378  
                                 
    EARNINGS (LOSSES) PER SHARE                        
      Basic   $ 0.01     $ (0.06 )   $ (0.06 )   $ (0.11 )
                                 
      Diluted   $ 0.01     $ (0.06 )   $ (0.06 )   $ (0.11 )
                                 

    The MIL Network –

  • MIL-OSI: Financial Institutions, Inc. Announces 3.3% Increase in Common Stock Dividend

    Source: GlobeNewswire (MIL-OSI)

    WARSAW, N.Y., Feb. 13, 2025 (GLOBE NEWSWIRE) — Financial Institutions, Inc. (NASDAQ: FISI) (the “Company”), parent company of Five Star Bank and Courier Capital, LLC, announced that on February 12, 2025, its Board of Directors approved a quarterly cash dividend of $0.31 per outstanding common share, an increase of $0.01, or 3.3%, from the most recent quarter.

    “The increase in our quarterly cash dividend is reflective of both our Board’s ongoing commitment to building shareholder value and its confidence in the Company’s long-term sustainable growth strategy,” said President and Chief Executive Officer Martin K. Birmingham.

    The $0.31 cash dividend represents an annualized yield of 4.4% based on the closing share price of $28.00 on February 12, 2025.

    The Company also announced dividends of $0.75 per share on its Series A 3% preferred stock and $2.12 per share on its Series B-1 8.48% preferred stock.

    All dividends are payable April 2, 2025, to shareholders of record on March 14, 2025.

    About Financial Institutions, Inc.
    Financial Institutions, Inc. (NASDAQ: FISI) is a financial holding company with approximately $6.1 billion in assets as of December 31, 2024, offering banking and wealth management products and services. Its Five Star Bank subsidiary provides consumer and commercial banking and lending services to individuals, municipalities and businesses through banking locations spanning Western and Central New York and a commercial loan production office serving the Mid-Atlantic region. Courier Capital, LLC offers customized investment management, financial planning and consulting services to individuals and families, businesses, institutions, non-profits and retirement plans. Learn more at Five-StarBank.com and FISI-Investors.com.

    For additional information contact:
    Kate Croft
    Director of Investor and External Relations
    (716) 817-5159
    klcroft@five-starbank.com

    The MIL Network –

  • MIL-OSI: Definitive Healthcare Announces Timing of Its Fourth Quarter and Full Year 2024 Financial Results Conference Call and Webcast

    Source: GlobeNewswire (MIL-OSI)

    FRAMINGHAM, Mass., Feb. 13, 2025 (GLOBE NEWSWIRE) — Definitive Healthcare Corp. (“Definitive Healthcare”) (Nasdaq: DH), an industry leader in healthcare commercial intelligence, today announced that it will report financial results for its fourth quarter and full year ended December 31, 2024, on Thursday, February 27, 2025 after market close. The company will host a conference call and webcast at 5:00 PM (ET) / 2:00 PM (PT) to discuss the company’s financial results.

    A live audio webcast of the event will be available on the Definitive Healthcare’s Investor Relations website at https://ir.definitivehc.com/.

    A live dial-in will be available at 877-358-7298 (domestic) or +1-848-488-9244 (international). Shortly after the conclusion of the call, a replay of this conference call will be available through March 29, 2025 at 800-645-7964 or 757-849-6722. The replay passcode is 1765#.

    About Definitive Healthcare
    At Definitive Healthcare, our mission is to transform data, analytics, and expertise into healthcare commercial intelligence. We help clients uncover the right markets, opportunities, and people, so they can shape tomorrow’s healthcare industry. Our SaaS products and solutions create new paths to commercial success in the healthcare market, so companies can identify where to go next. Learn more at definitivehc.com.

    Media Contact:
    Bethany Swackhamer
    bswackhamer@definitivehc.com

    Investor Relations Contact:
    Brian Denyeau
    ICR for Definitive Healthcare
    brian.denyeau@icrinc.com

    Source: Definitive Healthcare Corp.

    The MIL Network –

  • MIL-OSI: Epsilon Energy Ltd. Announces New Share Repurchase Program and Borrowing Base Redetermination

    Source: GlobeNewswire (MIL-OSI)

    HOUSTON, Feb. 13, 2025 (GLOBE NEWSWIRE) — Epsilon Energy Ltd. (“Epsilon” or the “Company”) (NASDAQ: EPSN) today announced that its Board of Directors terminated and revoked authority under the normal course issuer bid program which commenced on March 27, 2024. At the same time, the Board of Directors approved a new one-year share repurchase program, under which the Company is authorized to repurchase up to 2,200,876 common shares, representing 10% of the outstanding common shares of Epsilon, for an aggregate purchase price of not more than US $13.0 million, pursuant to a normal course issuer bid. The one-year period commenced on February 12, 2025. The program will end on February 11, 2026, unless the maximum amount of common shares is purchased before then or Epsilon provides earlier notice of termination.

    The Company believes that the market price of its common shares may not reflect their underlying value and the Board of Directors has authorized this initiative because, in the Board’s opinion, the proposed repurchase of common shares constitutes an appropriate use of Epsilon’s funds, and the repurchase of its common shares is one way of creating shareholder value.

    Repurchases will be made from time to time through the facilities of the NASDAQ Global Market. The price paid for the common shares will be, subject to applicable securities laws, the prevailing market price of such common shares on the NASDAQ Global Market at the time of such purchase. The Company intends to fund the purchase out of available cash and does not expect to incur debt to fund the share repurchase program.

    The Company also announced the results of a borrowing base redetermination on the Company’s senior secured reserve-based lending revolving credit facility (the “Credit Facility”) with Frost Bank (the “Lender”). Effective on February 10, 2025, the Lender redetermined the borrowing base at $45 million, which will remain until the next redetermination later in the year.

    About Epsilon

    Epsilon Energy Ltd. is a North American onshore natural gas and oil production and gathering company with assets in Pennsylvania, Texas, Alberta, New Mexico, and Oklahoma.

    Contact Information:

    281-670-0002

    Jason Stabell
    Chief Executive Officer
    Jason.Stabell@EpsilonEnergyLTD.com

    Andrew Williamson
    Chief Financial Officer
    Andrew.Williamson@EpsilonEnergyLTD.com

    The MIL Network –

  • MIL-OSI: American Coastal Insurance Corporation Schedules Fourth Quarter and Full Year 2024 Financial Results and Conference Call

    Source: GlobeNewswire (MIL-OSI)

    ST. PETERSBURG, Fla., Feb. 13, 2025 (GLOBE NEWSWIRE) — American Coastal Insurance Corporation (Nasdaq Ticker: ACIC) (“the Company”, “American Coastal” or “ACIC”), the insurance holding company of American Coastal Insurance Company (“AmCoastal”), announced today that it expects to release its financial results for the fourth quarter and full year ended December 31, 2024, on Thursday, February 27, 2025, after the close of the market, and will conduct its quarterly conference call at 5:00 p.m. ET.

    The conference call will include live remarks followed by a question and answer (Q&A) session. Interested parties are invited to participate in the conference call and should dial-in 10 minutes before the conference call is scheduled to begin.

    Fourth Quarter and Full Year 2024 Conference Call Details:
    Thursday, February 27, 2025 – 5:00 p.m. ET

    Participant Dial-In Numbers:

    United States: 877-445-9755
    International: 201-493-6744
       

    To listen to the conference call via webcast, please visit the Company website and click on the webcast link at the top of the page or click here. The webcast will be archived and accessible for approximately 30 days following the call.

    About American Coastal Insurance Corporation:
    American Coastal Insurance Corporation (amcoastal.com) is the holding company of the insurance carrier, American Coastal Insurance Company, which was founded in 2007 for the purpose of insuring Condominium and Homeowner Association properties, and apartments in the state of Florida. American Coastal Insurance Company has an exclusive partnership for distribution of Condominium Association properties in the state of Florida with AmRisc Group (amriscgroup.com), one of the largest Managing General Agents in the country specializing in hurricane-exposed properties. American Coastal Insurance Company has earned a Financial Stability Rating of “A”, Exceptional’ from Demotech, and maintains an “A-” insurance financial strength rating with a Stable outlook by Kroll. ACIC maintains a ‘BB+’ issuer rating with a Stable outlook by Kroll.

    Contact Information:
    Alexander Baty    
    Vice President, Finance & Investor Relations, American Coastal Insurance Corporation
    investorrelations@amcoastal.com
    (727) 425-8076

    Karin Daly
    Investor Relations, Vice President, The Equity Group
    kdaly@equityny.com
    (212) 836-9623

    The MIL Network –

  • MIL-OSI: T-Max Lending LLC Closes $15.5 Million Hotel Development in Charleston, SC

    Source: GlobeNewswire (MIL-OSI)

    SAN DIEGO, Feb. 13, 2025 (GLOBE NEWSWIRE) — T-Max Lending LLC is pleased to announce the successful closure of a $15,500,000 commercial loan to a prominent developer in Charleston, South Carolina. This strategic financing will support the completion of a state-of-the-art hotel currently under construction in the heart of Charleston.

    The hotel, designed to be a luxurious retreat for both leisure and business travelers, will feature an array of premium amenities, including an expansive swimming pool, a fully equipped fitness center, ample parking facilities, and modern meeting spaces for corporate events. Additionally, the hotel will offer spacious, well-appointed guest rooms, dining options, and entertainment areas, ensuring comprehensive and elevated guest experience.

    The loan was structured with a 3-year term and an interest rate of 8.9%, with an underlying (LTC) ratio of approximately 95%. The loan proceeds will be used exclusively for the completion of the hotel’s construction and interior fit-out, further solidifying T-Max Lending LLC’s position as a trusted financial partner for commercial real estate developers.

    “We are excited to play a key role in bringing this new hospitality project to life in Charleston,” said Jackson Valerie, Vice President at T-Max Lending LLC. “With a strong loan structure and competitive terms, we’re confident this development will contribute to the city’s growing appeal as a top-tier destination for both tourists and business travelers alike.”

    T-Max Lending LLC remains committed to providing flexible, customized financing solutions to support developers in completing high-impact commercial real estate projects. The company’s expertise continues to make it a leader in the industry, helping to drive economic growth and community development.

    For more information about T-Max Lending LLC and its lending services, please contact:

    T-Max Lending LLC
    Info@tmaxlending.com
    619 259 0177
    www.tmaxlending.com

    The MIL Network –

  • MIL-OSI: Nokia Corporation: Repurchase of own shares on 13.02.2025

    Source: GlobeNewswire (MIL-OSI)

    Nokia Corporation
    Stock Exchange Release
    13 February 2025 at 22:30 EET

    Nokia Corporation: Repurchase of own shares on 13.02.2025

    Espoo, Finland – On 13 February 2025 Nokia Corporation (LEI: 549300A0JPRWG1KI7U06) has acquired its own shares (ISIN FI0009000681) as follows:

    Trading venue (MIC Code) Number of shares Weighted average price / share, EUR*
    XHEL 1,380,441 4.76
    CEUX – –
    BATE – –
    AQEU – –
    TQEX – –
    Total 1,380,441 4.76

    * Rounded to two decimals

    On 22 November 2024, Nokia announced that its Board of Directors is initiating a share buyback program to offset the dilutive effect of new Nokia shares issued to the shareholders of Infinera Corporation and certain Infinera Corporation share-based incentives. The repurchases in compliance with the Market Abuse Regulation (EU) 596/2014 (MAR), the Commission Delegated Regulation (EU) 2016/1052 and under the authorization granted by Nokia’s Annual General Meeting on 3 April 2024 started on 25 November 2024 and end by 31 December 2025 and target to repurchase 150 million shares for a maximum aggregate purchase price of EUR 900 million.

    Total cost of transactions executed on 13 February 2025 was EUR 6,575,869. After the disclosed transactions, Nokia Corporation holds 247,809,658 treasury shares.

    Details of transactions are included as an appendix to this announcement.

    On behalf of Nokia Corporation

    BofA Securities Europe SA

    About Nokia
    At Nokia, we create technology that helps the world act together.

    As a B2B technology innovation leader, we are pioneering networks that sense, think and act by leveraging our work across mobile, fixed and cloud networks. In addition, we create value with intellectual property and long-term research, led by the award-winning Nokia Bell Labs which is celebrating 100 years of innovation.

    With truly open architectures that seamlessly integrate into any ecosystem, our high-performance networks create new opportunities for monetization and scale. Service providers, enterprises and partners worldwide trust Nokia to deliver secure, reliable and sustainable networks today – and work with us to create the digital services and applications of the future.

    Inquiries:

    Nokia Communications
    Phone: +358 10 448 4900
    Email: press.services@nokia.com
    Maria Vaismaa, Global Head of External Communications

    Nokia Investor Relations
    Phone: +358 931 580 507
    Email: investor.relations@nokia.com

    Attachment

    The MIL Network –

  • MIL-OSI: CentralReach and AI.Measures Announce Exclusive Partnership to Transform the Way Assessments and Autism Care Are Delivered, Paving the Way for Improved Learner Outcomes and Provider-Driven Value-Based Care

    Source: GlobeNewswire (MIL-OSI)

    Fort Lauderdale, FL, Feb. 13, 2025 (GLOBE NEWSWIRE) — CentralReach, the leader in autism and intellectual and developmental disabilities (IDD) care software announces the establishment of its exclusive strategic partnership with Dr. Thomas Frazier’s next generation assessment company, AI.Measures, the leader in evidence-based, norm-referenced assessments for child mental health, including behavioral intervention for autism. This collaboration will enable therapy providers to access AI.Measures’ innovative solutions, providing them the opportunity to begin to standardize the assessment process and receive treatment recommendations based on each patient’s characteristics.   

    Access will occur first on an exclusive, standalone basis through CentralReach and ultimately as an integrated solution within CentralReach’s Care360 platform. This groundbreaking feature ensures providers can leverage proprietary, evidence-based algorithms to deliver the appropriate level of care for each child – something no other autism assessment currently offers. This integration also paves the way for value-based care reporting and standardization, ensuring that therapy providers are in the driver’s seat when determining the appropriate treatment dosage for each patient. 

    “While there are many autism assessment tools in the market today, none have been designed from the ground up to provide detailed assessment results to drive both the customized care plan and the outcome expectation for the child.  We acquired the ABLLS-R® and AFLS® assessments and SILAS™, our assessment driven platform for social emotional learning, executive function and vocational needs, to deliver on our vision that the assessment of an individual must be more comprehensive and holistic to create a plan that delivers the best outcome for each individual,” said Chris Sullens, CEO of CentralReach. “By combining AI.Measures’ scientifically validated multi-modal assessment platform with CentralReach’s powerful suite of clinical solutions, providers can finally have a complete picture of an individual’s needs, which will feed a comprehensive, customized care plan that will provide the best outcome for that individual in a way that current products on the market today cannot.  For the past decade, this industry has been trying to solve for the eventual move towards true clinical quality metrics and ultimately value-based care delivery and reimbursement but didn’t have the data set or the tools to do it effectively.  The integration of AI.Measures multi-modal autism assessment technology and CentralReach’s unparalleled data set and instructionally-designed curricula is a game changer that will allow our high-quality value-based vision to become reality.” 

    On top of the potential for value-based care measurement, the partnership’s integration into CentralReach’s CR Assessment platform also gives clinicians the ability to: 

    • Standardize the assessment process with norm-referenced evaluations that provide evidence-based treatment recommendations. 
    • Optimize intervention strategies by tailoring treatment plans based on data-driven insights. 
    • Enhance care coordination through CentralReach’s Care360 platform, which now integrates AI.Measures’ assessment tools for a seamless experience across the full care continuum. 
    • Enhance the assessment process through addition of video-based data collection and analysis 

    “The future of autism care lies in precision and standardization,” said Thomas Frazier, Ph.D., co-founder and Chief Executive Officer of AI.Measures. “With this partnership, we’re solving a fundamental challenge in the industry – ensuring providers have the right tools to assess skills and interfering behaviors and prescribe treatment based on the individual needs of each learner, rather than a one-size-fits-all approach. As I was considering which autism and IDD care software vendor to work with, CentralReach was the right partner. Not only for their size, but also for the team behind the company which is continuously demonstrating its full commitment to making a positive difference on the autism and IDD community.” 

    Access to the AI.Measures platform will be available in Q1 2025, with deeper integration into the CentralReach platform planned for the second half of 2025. To learn more about the AI.Measures partnership with CentralReach and how it can benefit autism and IDD care providers, visit the partner page. 

    About CentralReach 

    CentralReach is the leading provider of autism and IDD care software, providing the only complete, end-to-end software and services platform that helps children and adults diagnosed with autism spectrum disorder (ASD) and related intellectual and developmental disabilities (IDD) – and those who serve them – unlock potential, achieve better outcomes, and live more independent lives. With its roots in Applied Behavior Analysis, the company is revolutionizing how the lifelong journey of autism and IDD care is enabled at home, school, and work with powerful and intuitive solutions purpose-built for each care setting. 

    Trusted by more than 185,000 professionals globally, CentralReach is committed to ongoing product advancement, market-leading industry expertise, world-class client satisfaction, and support of the autism and IDD community to propel autism and IDD care into a new era of excellence. For more information, please visit CentralReach.com or follow us on LinkedIn and Facebook. 

    About AI.Measures 

    AI.Measures is a pioneer in multi-modal, standardized, norm-referenced assessments designed to assess symptom and skill patterns, optimize clinical planning, and support value-based care initiatives. Its solutions empower providers to make data-driven decisions that improve patient outcomes. 

    The MIL Network –

  • MIL-OSI: Spartan Capital Securities is Pleased to Announce the Hiring of Maurice Dacosta, Chief Financial Officer

    Source: GlobeNewswire (MIL-OSI)

    NEW YORK, NY, Feb. 13, 2025 (GLOBE NEWSWIRE) — Maurice Dacosta, an experienced financial executive with extensive expertise in financial control, regulatory compliance, and broker-dealer operations, has joined Spartan Capital Securities as Chief Financial Officer. With nearly two decades of experience in financial leadership roles spanning broker-dealer, private banking, and asset management sectors, Mr. Dacosta brings a deep understanding of financial operations, internal controls, and compliance, making him a valuable addition to the Spartan team. 

    Mr. Dacosta most recently served as Controller and FINOP at Itau BBA USA Securities, Inc. from 2014 to 2025, overseeing financial operations and regulatory compliance. His career also includes notable roles as Controller at Louis Capital Markets, LP from 2007 to 2012 and at Tullett Prebon from 1996 to 2007, where he managed financial reporting, regulatory reporting, and external audit functions. A licensed Series 27 Financial and Operations Principal (FINOP), Mr. Dacosta specializes in the broker-dealer space and has been instrumental in streamlining financial processes and enhancing operational efficiencies throughout his career. Mr. Dacosta earned his Bachelor of Science in Accounting from St. John’s University, solidifying his foundation in financial management and regulatory reporting.

    Spartan Capital Securities’ Founder and CEO, John Lowry, commented: “We are very pleased to welcome Maurice Dacosta to the Spartan team. His extensive expertise in financial control, broker-dealer operations, and regulatory compliance aligns perfectly with our firm’s strategic objectives. As we continue to grow, Maurice’s leadership and industry acumen will be instrumental in optimizing our financial and operational efficiencies.”

    About Spartan Capital Securities, LLC (SCS):

    Spartan Capital Securities, LLC is a full-service, integrated financial services firm that provides sound investment guidance for high-net-worth individuals and institutions. Their in-depth market knowledge, calculated risk management strategy, and investment acumen have earned them a strong reputation as trusted financial advisors. Spartan Capital’s experienced investment professionals provide highly customized personal service, tailoring an asset allocation program to enable each client to meet their financial goals. Spartan Capital also offers advisory and insurance services through its affiliates, Spartan Capital Private Wealth Management, LLC, and Spartan Capital Insurance Services, LLC.

    For inquiries, contact: info@spartancapital.com

    John D. Lowry
    Spartan Capital Securities
    +1 (212) 293-0123

    The MIL Network –

  • MIL-OSI: H&R Block and Tinder Team Up to Celebrate Singles this Tax Season

    Source: GlobeNewswire (MIL-OSI)

    KANSAS CITY, Mo., Feb. 13, 2025 (GLOBE NEWSWIRE) — Managing finances as a single person can be tough, especially in the face of rising costs. That is why H&R Block (NYSE: HRB), the pioneer of the tax preparation category founded 70 years ago, has teamed up with Tinder to give 10 lucky singles a financial boost on Feb. 15, 2025, National Singles Awareness Day. Through a special sweepstakes offered this tax season, the leading companies are offering singles a chance to win extra cash – recognizing that navigating money matters alone can be tough, and a little support goes a long way.

    Beyond daily expenses, tax season sheds light on the financial disparities between singles and couples. In 2022, single filers received an average refund of $1,777, while married couples received an average refund of $2,620, and heads of household received more than three times what single filers received1.

    “Married couples often benefit from a lower effective tax rate and a larger refund when they file jointly, combining their income, deductions and credits,” said Andy Phillips, Vice President, H&R Block’s The Tax Institute. “Meanwhile, the lower refund size for single filers is likely the result of other factors, such as single filers being less likely to claim child-related tax credits than head of household or married filers.”

    Easing Financial Challenges

    To help ease the financial challenges some singles may face, H&R Block and Tinder are hosting a sweepstakes that will run from Feb. 15 to March 15. How does it work? Starting on National Singles Awareness Day, Tinder users can enter for a chance to win $1,777, accessible in the Tinder app or Tinder’s TikTok bio. Entrants must be 18+ and a U.S. resident2. See here for more information and to enter for a chance to win on Feb. 15.

    What many know is that financial wellness is not just personal – it shapes relationships, starting with the one you have with yourself. And, in the dating world, financial stability is now a top priority.

    A survey conducted by OnePoll on behalf of Tinder found that one of the top traits men and women seek in a potential partner is financial stability (20%), along with loyalty (48%), attractiveness (42%) and honesty (37%). Reflecting this trend, “finance” became the second most popular Tinder bio mention in 2024, surging 82% from the year prior3.

    Filing Taxes: Almost As Easy As Tinder’s Swipe®Experience

    This is not H&R Block’s first partnership focused on navigating the world of taxes and finances as a single person. During the 2024 tax season, H&R Block broke the traditional marketing mold by creating Responsibility Island, a parody that aired on Roku and YouTube and is based on well-known and loved reality TV dating shows. Responsibility Island featured a group of young adults who think they are embarking on the latest dating show journey. To their surprise, what they thought would be an adventure to find true love is a responsibility boot camp. The show followed cast members as they took on a gauntlet of challenges in adulting designed to teach self-reliance and productivity. In the finale, they faced the mother of all responsibility to get off the island – filing their own taxes.

    “At H&R Block, we want to make filing your taxes as easy as the Swipe Experience,” said Jill Cress, Chief Marketing and Experience Officer, H&R Block. “We are thrilled to be partnering with Tinder to connect with their audience and meet Gen Z customers where they are. After all, 87% of our Gen Z customer base is single. While we cannot guarantee a perfect match, we can guarantee stress-free filing that is accessible for everyone.”

    For more information on the sweepstakes, check out the Official Rules on Feb. 15, and head to Tinder’s Tik Tok and Instagram, keeping an eye out for a guest appearance from one of the beloved stars from Responsibility Island. You might hear a few hints dropped on what is to come for the show’s cast later this tax season.

    To learn more about H&R Block’s tax preparation services, many ways to file, and year-round financial support, visit hrblock.com. For media assets, visit hrblock.com/tax-center/newsroom or for a downloadable Tax Season 2025 media kit, visit https://www.hrblock.com/tax-center/media-kit/tax-season-2025/. And for helpful tips and information, follow us on TikTok, Instagram, and Facebook.

    About H&R Block 
    H&R Block, Inc. (NYSE: HRB) provides help and inspires confidence in its clients and communities everywhere through global tax preparation services, financial products, and small-business solutions. The company blends digital innovation with human expertise and care as it helps people get the best outcome at tax time and also be better with money using its mobile banking app, Spruce. Through Block Advisors and Wave, the company helps small-business owners thrive with year-round bookkeeping, payroll, advisory, and payment processing solutions. For more information, visit H&R Block News.  

    About Tinder 
    Launched in 2012, Tinder® revolutionized how people meet, growing from 1 match to one billion matches in just two years. This rapid growth demonstrates its ability to fulfill a fundamental human need: real connection. Today, the app has been downloaded over 630 million times, leading to over 97 billion matches, serving approximately 50 million users per month in 190 countries and 45+ languages – a scale unmatched by any other app in the category. In 2024, Tinder won four Effie Awards for its first-ever global brand campaign, It Starts with a Swipe™.

    Tinder®, Swipe®, the flame logo, and It Starts with a Swipe™ are registered trademarks of Tinder LLC.

    1Source: Table 1.3. All Returns: Sources of Income, Adjustments, Deductions, Credits, and Tax Items, by Filing Status, Tax Year 2021 (Filing Year 2022); SOI tax stats – Individual statistical tables by filing status | Internal Revenue Service
    2No purchase necessary. Void where prohibited. 18+ U.S. only. Rules at https://fooji.info/SinglesTaxRefundRules
    3A survey of 4000 18-30-year-olds who are actively dating in the US, UK, Canada and Australia between Sept. 25, 2024 and Nov. 4, 2024 conducted by OnePoll on behalf of Tinder

    The MIL Network –

  • MIL-OSI: UPDATE – TRM Labs Announces Comprehensive Blockchain Intelligence Coverage for TON

    Source: GlobeNewswire (MIL-OSI)

    SAN FRANCISCO, Feb. 13, 2025 (GLOBE NEWSWIRE) — TRM Labs today announced their comprehensive blockchain intelligence coverage for The Open Network (TON), a decentralized blockchain integrated with the end-to-end encrypted messaging application Telegram, that allows developers to create decentralized applications (dApps) and digital assets, and one of the fastest-growing blockchain ecosystems in the world.

    TON’s multi-blockchain architecture with dynamic sharding enables it to process millions of transactions per second — underpinning the importance of blockchain intelligence for identifying and preventing bad actors from capitalizing on the network’s speed and scalability. TRM’s coverage of TON provides essential risk management and compliance solutions that benefit both financial institutions and law enforcement agencies — providing unparalleled intelligence capabilities while ensuring users can transact on TON safely and securely.

    For financial institutions and crypto natives, TRM’s coverage creates a seamless experience for assessing risk exposure, detecting threats, and meeting regulatory requirements. For example: screening wallets for sanctions and high-risk activity, monitoring transactions for suspicious activity or fraud, ensuring regulatory compliance for TON trading and custody, and supporting incident response and law enforcement requests — all while providing customers with access to innovative blockchains.

    For law enforcement agencies, TRM’s extensive coverage provides unparalleled intelligence for tracing illicit activity on TON, enabling law enforcement to uncover, investigate, and disrupt financial crime across one of the fastest-growing blockchain ecosystems. TRM’s coverage for TON includes the integration of Chainabuse — the leading reporting platform for malicious crypto activity worldwide — enabling real-time identification and reporting of illicit TON activity.

    This layering of data and insights from Chainabuse is particularly crucial as TON experiences explosive growth through its Telegram integration. TON will receive real-time alerts of fraud and scams on Telegram involving TON, enabling them to rapidly respond by flagging dangerous addresses and entities in real-time — helping to keep their 3 million+ monthly active users safe.

    “Innovation and security must go hand in hand. By expanding our coverage to TON, we’re giving compliance teams and law enforcement the intelligence they need to navigate regulatory requirements, detect illicit activity, and support the safe growth of one of the world’s most dynamic blockchain networks,” said Rahul Raina, Chief Technology Officer at TRM Labs.

    “One of the things we’re most committed to ensuring at TON is that we deliver security alongside speed and scalability,” said Manuel Stotz, President of TON Foundation. “Our partnership with TRM Labs underscores and strengthens this commitment by providing best-in-class intelligence capabilities that help safeguard our ecosystem. With TRM’s advanced blockchain intelligence, we are now able to proactively detect and prevent illegal activities, ensuring a secure environment for developers, institutions, and our millions of global users.”

    TRM’s blockchain intelligence now spans 77 blockchains — 32 of them with enhanced support — offering the broadest and most advanced coverage in the market. This makes TRM the most comprehensive solution for tracking cross-chain financial flows involving TON, empowering compliance teams and law enforcement with unparalleled visibility into illicit activity.

    About TRM Labs
    TRM Labs provides blockchain analytics solutions to help law enforcement and national security agencies, financial institutions, and cryptocurrency businesses detect, investigate, and disrupt crypto-related fraud and financial crime. TRM’s blockchain intelligence platform includes solutions to trace the source and destination of funds, identify illicit activity, build cases, and construct an operating picture of threats. TRM is trusted by leading agencies and businesses worldwide who rely on TRM to enable a safer, more secure crypto ecosystem. TRM is based in San Francisco, CA, and is hiring across engineering, product, sales, and data science. To learn more, visit www.trmlabs.com.

    Contact: press@trmlabs.com

    About The Open Network (TON)
    The Open Network (TON) is a global, decentralized blockchain community focused on putting crypto in every pocket. By building the Web3 ecosystem in Telegram Messenger, TON’s vision is to empower 500 million users to own their digital identity, data, and assets by 2028. Learn more at https://ton.org/.

    The MIL Network –

  • MIL-OSI: $HAREHOLDER ALERT: Monteverde & Associates PC Reminds Former Avangrid, Inc. Shareholders of Class Action Lawsuit and Upcoming March 31, 2025 Deadline – AGR

    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 the only firm to have filed a federal securities class action lawsuit on behalf of former public common shareholders of Avangrid, Inc. (former ticker symbol: AGR), in connection with the acquisition by Iberdrola, S.A. (the “Merger”). The case is styled Goldschein v. Avangrid, Inc., Case No. 25-cv-00772 (the “Federal Class Action”), and a copy of the Complaint can be obtained at www.monteverdelaw.com/news.

    If you owned Avangrid shares as of August 19, 2024, and received $35.75 at the close of the Merger, please contact our firm to discuss your legal rights.

    TIME IS OF THE ESSENCE: If you wish to serve as lead plaintiff, you must seek lead appointment in the Federal Class Action by March 31, 2025. For more information, please go to https://monteverdelaw.com/case/avangrid-inc/. It is free and there is no cost or obligation to you. Any member of the putative Class may move the Court to serve as lead plaintiff through counsel of their choice or may choose to do nothing and remain an absent class member.

    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 owned common stock in Avangrid 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 –

  • MIL-OSI: Bancroft Fund Ltd. Declares Distribution of $0.32 Per Share

    Source: GlobeNewswire (MIL-OSI)

    RYE, N.Y., Feb. 13, 2025 (GLOBE NEWSWIRE) — The Board of Trustees of Bancroft Fund Ltd. (NYSE American: BCV) (the “Fund”) declared a $0.32 per share cash distribution payable on March 24, 2025 to common shareholders of record on March 17, 2025.

    The Fund intends to pay the greater of either an annual distribution of 5% of the Fund’s trailing 12-month average month-end market price or an amount that meets the minimum distribution requirement of the Internal Revenue Code for regulated investment companies.

    Each quarter, the Board of Trustees reviews the amount of any potential distribution from the income, realized capital gain, or capital available. The Board of Trustees will continue to monitor the Fund’s distribution level, taking into consideration the Fund’s net asset value and the current financial market environment. If necessary, the Fund pays an adjusting distribution in December, which includes any additional income and net realized capital gains in excess of the quarterly distributions. The Fund’s distribution policy is subject to modification or termination by the Board of Trustees at any time, and there can be no guarantee that the policy will continue. The distribution rate should not be considered the dividend yield or total return on an investment in the Fund.

    All or part of the distribution may be treated as long-term capital gain or qualified dividend income (or a combination of both) for individuals, each subject to the maximum federal income tax rate for long term capital gains, which is currently 20% in taxable accounts for individuals (or less depending on an individual’s tax bracket). In addition, certain U.S. shareholders who are individuals, estates or trusts and with income that exceeds certain thresholds will be required to pay a 3.8% Medicare surcharge on their “net investment income”, which includes dividends received from the Fund and capital gains from the sale or other disposition of shares of the Fund.

    If the Fund does not generate sufficient earnings (dividends and interest income, less expenses, and realized net capital gain) equal to or in excess of the aggregate distributions paid by the Fund in a given year, then the amount distributed in excess of the Fund’s earnings would be deemed a return of capital. Since this would be considered a return of a portion of a shareholder’s original investment, it is generally not taxable and would be treated as a reduction in the shareholder’s cost basis.

    Long-term capital gains, qualified dividend income, investment company taxable income and return of capital, if any, will be allocated on a pro-rata basis to all distributions to common shareholders for the year. Based on the accounting records of the Fund currently available, the current distribution paid in 2025 to common shareholders with respect to the Fund’s fiscal year ending September 30, 2025 would include approximately 41% from net investment income and 59% from net capital gains on a book basis. This information does not represent information for tax reporting purposes. The estimated components of each distribution are updated and provided to shareholders of record in a notice accompanying the distribution and are available on our website (www.gabelli.com). The final determination of the sources of all distributions in 2025 will be made after year end and can vary from the quarterly estimates. Shareholders should not draw any conclusions about the Fund’s investment performance from the amount of the current distribution. All individual shareholders with taxable accounts will receive written notification regarding the components and tax treatment for all 2025 distributions in early 2026 via Form 1099-DIV.

    Investors should carefully consider the investment objectives, risks, charges, and expenses of the Fund before investing. For more information regarding the Fund’s distribution policy and other information about the Fund, call:

    Laurissa Martire
    (914) 921-5399

    About Bancroft Fund Ltd.
    Bancroft Fund Ltd. is a diversified, closed-end management investment company with $153 million in total net assets. BCV invests primarily in convertible securities with the objectives of providing income and the potential for capital appreciation, objectives the Fund considers to be relatively equal over the long term due to the nature of the securities in which it invests. The Fund is managed by Gabelli Funds, LLC, a subsidiary of GAMCO Investors, Inc. (OTCQX: GAMI).

    NYSE American – BCV
    CUSIP – 059695106

    BANCROFT FUND LTD.
    Investor Relations Contact:
    Laurissa Martire
    (914) 921-5399
    lmartire@gabelli.com

    The MIL Network –

  • MIL-OSI: Gabelli Convertible and Income Securities Fund Declares Distribution of $0.12 Per Share

    Source: GlobeNewswire (MIL-OSI)

    RYE, N.Y., Feb. 13, 2025 (GLOBE NEWSWIRE) — The Board of Directors of The Gabelli Convertible and Income Securities Fund Inc. (NYSE:GCV) (the “Fund”) declared a $0.12 per share cash distribution payable on March 24, 2025 to common stock shareholders of record on March 17, 2025.

    The Fund intends to pay a minimum annual distribution of 8% of the average net asset value of the Fund within a calendar year or an amount sufficient to satisfy the minimum distribution requirements of the Internal Revenue Code for regulated investment companies. The average net asset value of the Fund is based on the average net asset values as of the last day of the four preceding calendar quarters during the year. The net asset value per share fluctuates daily.

    Each quarter, the Board of Directors reviews the amount of any potential distribution from the income, realized capital gain, or capital available. The Board of Directors will continue to monitor the Fund’s distribution level, taking into consideration the Fund’s net asset value and the current financial market environment. The Fund’s distribution policy is subject to modification by the Board of Directors at any time, and there can be no guarantee that the policy will continue. The distribution rate should not be considered the dividend yield or total return on an investment in the Fund.

    All or part of the distribution may be treated as long-term capital gain or qualified dividend income (or a combination of both) for individuals, each subject to the maximum federal income tax rate for long term capital gains, which is currently 20% in taxable accounts for individuals (or less depending on an individual’s tax bracket). In addition, certain U.S. shareholders who are individuals, estates or trusts and whose income exceeds certain thresholds will be required to pay a 3.8% Medicare surcharge on their “net investment income”, which includes dividends received from the Fund and capital gains from the sale or other disposition of shares of the Fund.

    If the Fund does not generate sufficient earnings (dividends and interest income, less expenses, and realized net capital gain) equal to or in excess of the aggregate distributions paid by the Fund in a given year, then the amount distributed in excess of the Fund’s earnings would be deemed a return of capital. Since this would be considered a return of a portion of a shareholder’s original investment, it is generally not taxable and would be treated as a reduction in the shareholder’s cost basis.

    Long-term capital gains, qualified dividend income, investment company taxable income, and return of capital, if any, will be allocated on a pro-rata basis to all distributions to common shareholders for the year. Based on the accounting records of the Fund currently available, the current distribution paid in 2025 to common shareholders with respect to the Fund’s fiscal year ending September 30, 2025 would include approximately 17% from net investment income and 83% would be deemed a return of capital on a book basis. This does not represent information for tax reporting purposes. The estimated components of each distribution are updated and provided to shareholders of record in a notice accompanying the distribution and are available on our website (www.gabelli.com). The final determination of the sources of all distributions in 2025 will be made after year end and can vary from the quarterly estimates. Shareholders should not draw any conclusions about the Fund’s investment performance from the amount of the current distribution. All individual shareholders with taxable accounts will receive written notification regarding the components and tax treatment for all 2025 distributions in early 2026 via Form 1099-DIV.

    Investors should carefully consider the investment objectives, risks, charges, and expenses of the Fund before investing. For more information regarding the Fund’s distribution policy and other information about the Fund, call:

    Laurissa Martire
    (914) 921-5399

    About Gabelli Convertible and Income Securities Fund
    The Gabelli Convertible and Income Securities Fund Inc. is a diversified, closed-end management investment company with $85 million in total net assets whose primary investment objective is to seek a high level of total return on its assets through a combination of current income and capital appreciation. The Fund is managed by Gabelli Funds, LLC, a subsidiary of GAMCO Investors, Inc. (OTCQX: GAMI).

    NYSE: GCV
    CUSIP – 36240B109

    THE GABELLI CONVERTIBLE AND INCOME SECURITIES FUND INC.

    Investor Relations Contact:
    Laurissa Martire
    (914) 921-5399
    lmartire@gabelli.com

    The MIL Network –

  • MIL-OSI: Ellsworth Growth and Income Fund Ltd. Declares Distribution of $0.13 Per Share

    Source: GlobeNewswire (MIL-OSI)

    RYE, N.Y., Feb. 13, 2025 (GLOBE NEWSWIRE) — The Board of Trustees of Ellsworth Growth and Income Fund Ltd. (NYSE American: ECF) (the “Fund”) declared a $0.13 per share cash distribution payable on March 24, 2025 to common shareholders of record on March 17, 2025.

    The Fund intends to pay the greater of either an annual distribution of 5% of the Fund’s trailing 12-month average month-end market price or an amount that meets the minimum distribution requirement of the Internal Revenue Code for regulated investment companies.

    Each quarter, the Board of Trustees reviews the amount of any potential distribution from the income, realized capital gain, or capital available. The Board of Trustees will continue to monitor the Fund’s distribution level, taking into consideration the Fund’s net asset value and the financial market environment. If necessary, the Fund pays an adjusting distribution in December, which includes any additional income and net realized capital gains in excess of the quarterly distributions. The Fund’s distribution policy is subject to modification or termination by the Board of Trustees at any time, and there can be no guarantee that the policy will continue. The distribution rate should not be considered the dividend yield or total return on an investment in the Fund.

    All or part of the distribution may be treated as long-term capital gain or qualified dividend income (or a combination of both) for individuals, each subject to the maximum federal income tax rate for long term capital gains, which is currently 20% in taxable accounts for individuals (or less depending on an individual’s tax bracket). In addition, certain U.S. shareholders who are individuals, estates or trusts and with income that exceeds certain thresholds will be required to pay a 3.8% Medicare surcharge on their “net investment income”, which includes dividends received from the Fund and capital gains from the sale or other disposition of shares of the Fund.

    If the Fund does not generate sufficient earnings (dividends and interest income, less expenses, and realized net capital gain) equal to or in excess of the aggregate distributions paid by the Fund in a given year, then the amount distributed in excess of the Fund’s earnings would be deemed a return of capital. Since this would be considered a return of a portion of a share-holder’s original investment, it is generally not taxable and would be treated as a reduction in the shareholder’s cost basis.

    Long-term capital gains, qualified dividend income, investment company taxable income and return of capital, if any, will be allocated on a pro-rata basis to all distributions to common shareholders for the year. Based on the accounting records of the Fund currently available, the current distribution paid in 2025 to common shareholders with respect to the Fund’s fiscal year ending September 30, 2025 would include approximately 13% from net investment income and 87% from net capital gains on a book basis. This information does not represent information for tax reporting purposes. The estimated components of each distribution are updated and provided to shareholders of record in a notice accompanying the distribution and are available on our website. The final determination of the sources of all distributions in 2025 will be made after year end and can vary from the quarterly estimates. Shareholders should not draw any conclusions about the Fund’s investment performance from the amount of the current distribution. All individual shareholders with taxable accounts will receive written notification regarding the components and tax treatment for all 2025 distributions in early 2026 via Form 1099-DIV.

    Investors should carefully consider the investment objectives, risks, charges, and expenses of the Fund before investing. For more information regarding the Fund’s distribution policy and other information about the Fund, call:

    Bethany Uhlein
    (914) 921-5546

    About Ellsworth Growth and Income Fund
    Ellsworth Growth and Income Fund Ltd. is a diversified, closed-end management investment company with $190 million in total net assets. ECF invests primarily in convertible securities and common stock with the objectives of providing income and the potential for capital appreciation, objectives the Fund considers to be relatively equal over the long-term due to the nature of the securities in which it invests. The Fund is managed by Gabelli Funds, LLC, a subsidiary of GAMCO Investors, Inc. (OTCQX: GAMI).

    NYSE American: ECF
    CUSIP – 289074106

    Investor Relations Contact:
    Bethany Uhlein
    914.921.5546
    buhlein@gabelli.com

    The MIL Network –

  • MIL-OSI: Gabelli Global Utility & Income Trust Continues Monthly Distributions, Declares Distributions of $0.10 Per Share

    Source: GlobeNewswire (MIL-OSI)

    RYE, N.Y., Feb. 13, 2025 (GLOBE NEWSWIRE) — The Board of Trustees of The Gabelli Global Utility & Income Trust (NYSE American: GLU) (the “Fund”) approved the continuation of its policy of paying fixed monthly cash distributions. The Board of Trustees declared cash distributions of $0.10 per share for each of April, May, and June 2025.

    Distribution Month Record Date Payable Date Distribution Per Share
    April April 15, 2025 April 23, 2025 $0.10
    May May 15, 2025 May 22, 2025 $0.10
    June June 13, 2025 June 23, 2025 $0.10
           

    Under the Fund’s initial distribution policy, the Fund has paid a minimum annual distribution of 6% of the initial public offering price of $20.00 per share (a distribution of $0.10 per share each month).

    Each quarter, the Board of Trustees reviews the amount of any potential distribution from the income, realized capital gain, or capital available. The Board of Trustees will continue to monitor the Fund’s distribution level, taking into consideration the Fund’s net asset value and the financial market environment. If necessary, the Fund will pay an adjusting distribution in December which includes any additional income and net realized capital gains in excess of the monthly distributions for that year to satisfy the minimum distribution requirements of the Internal Revenue Code for regulated investment companies. The Fund’s distribution policy is subject to modification by the Board of Trustees at any time, and there can be no guarantee that the policy will continue. The distribution rate should not be considered the dividend yield or total return on an investment in the Fund.

    All or part of the distribution may be treated as long-term capital gain or qualified dividend income (or a combination of both) for individuals, each subject to the maximum federal income tax rate for long term capital gains, which is currently 20% in taxable accounts for individuals (or less depending on an individual’s tax bracket). In addition, certain U.S. shareholders who are individuals, estates or trusts and whose income exceeds certain thresholds will be required to pay a 3.8% Medicare surcharge on their “net investment income”, which includes dividends received from the Fund and capital gains from the sale or other disposition of shares of the Fund.

    If the Fund does not generate sufficient earnings (dividends and interest income, less expenses, and realized net capital gain) equal to or in excess of the aggregate distributions paid by the Fund in a given year, then the amount distributed in excess of the Fund’s earnings would be deemed a return of capital. Since this would be considered a return of a portion of a shareholder’s original investment, it is generally not taxable and would be treated as a reduction in the shareholder’s cost basis.

    Long-term capital gains, qualified dividend income, investment company taxable income, and return of capital, if any, will be allocated on a pro-rata basis to all distributions to common shareholders for the year. Based on the accounting records of the Fund currently available, each of the distributions paid to common shareholders in 2025 would include approximately 8% from net investment income, 51% from net capital gains and 41% would be deemed a return of capital on a book basis. This does not represent information for tax reporting purposes. The estimated components of each distribution are updated and provided to shareholders of record in a notice accompanying the distribution and are available on our website (www.gabelli.com). The final determination of the sources of all distributions in 2025 will be made after year end and can vary from the monthly estimates. Shareholders should not draw any conclusions about the Fund’s investment performance from the amount of the current distribution. All individual shareholders with taxable accounts will receive written notification regarding the components and tax treatment for all 2025 distributions in early 2026 via Form 1099-DIV.

    Investors should carefully consider the investment objectives, risks, charges, and expenses of the Fund before investing. For more information regarding the Fund’s distribution policy and other information about the Fund, call:

    Adam Tokar
    (914) 457-1079

    About The Gabelli Global Utility & Income Trust
    The Gabelli Global Utility & Income Trust is a diversified, closed-end management investment company with $119 million in total net assets whose primary investment objective is to seek a consistent level of after-tax total return for its investors with an emphasis on tax-advantaged dividend income under current tax law. The Fund is managed by Gabelli Funds, LLC, a subsidiary of GAMCO Investors, Inc. (OTCQX: GAMI).

    NYSE American – GLU
    CUSIP – 36242L105

    Investor Relations Contact:
    Adam Tokar
    (914) 457-1079
    atokar@gabelli.com

    The MIL Network –

  • MIL-OSI: StepStone Group Launching ELTIF in Europe

    Source: GlobeNewswire (MIL-OSI)

    NEW YORK, Feb. 13, 2025 (GLOBE NEWSWIRE) — StepStone Group Inc. (Nasdaq: STEP), a leading global private markets investment firm responsible for approximately $698 billion in total capital, including $65 billion in private debt, announced it received approval to launch a Private Debt-based European Long-Term Investment Fund (“ELTIF”).

    “As part of our continued expansion into the European private wealth market, this milestone marks yet another chapter in our story of delivering private markets strategies to more investors with the mission of convenience, efficiency, and transparency,” said Neil Menard, Partner and President of Distribution, StepStone Private Wealth. “With these approvals in place, we will now be able to deliver institutional-grade investments better tailored to the dynamics of European wealth platforms.”

    ELTIFs are designed to channel investments in Europe that support economic growth and job creation. StepStone plans to initially market ELTIFs in Italy, Spain, Germany, France, and the Nordic and Benelux regions, focusing on investing in private credit assets in the European Union.

    “We believe that this offering provides unique advantages and is very differentiated to all other solutions in the market. The Firm’s sourcing network can provide significant selectivity and diversification to investors in a market that is otherwise highly fragmented,” said Marcel Schindler, Head of StepStone Private Debt. “Both institutional and individual investors alike are seeking efficient solutions such as this one. StepStone is well positioned to meet these expectations.”

    StepStone also received approval to convert their current RAIF funds into UCI Part II vehicles, allowing professional investors and semi-professional investors greater access to the private markets, including private equity, infrastructure, and real estate. Funds set to be converted include StepStone Private Markets Fund Lux (SPRIM Lux), StepStone Private Venture and Growth Fund Lux (SPRING Lux) and StepStone Private Infrastructure Fund Lux (STRUCTURE Lux). These funds are currently available on a variety of platforms, including Allfunds, FundsPlace, and offer a digital subscription through Goji.

    About StepStone

    StepStone Group Inc. (Nasdaq: STEP) is a global private markets investment firm focused on providing customized investment solutions and advisory and data services to its clients. As of December 31, 2024, StepStone was responsible for approximately $698 billion of total capital, including $179 billion of assets under management. StepStone’s clients include some of the world’s largest public and private defined benefit and defined contribution pension funds, sovereign wealth funds and insurance companies, as well as prominent endowments, foundations, family offices and private wealth clients, which include high-net-worth and mass affluent individuals. StepStone partners with its clients to develop and build private markets portfolios designed to meet their specific objectives across the private equity, infrastructure, private debt and real estate asset classes.

    Contacts

    Shareholder Relations:
    Seth Weiss
    shareholders@stepstonegroup.com
    +1 (212) 351-6106

    Media:
    Brian Ruby / Chris Gillick / Matt Lettiero, ICR
    StepStonePR@icrinc.com
    +1 (203) 682-8268

    The MIL Network –

  • MIL-OSI: Gabelli Multimedia Trust 10% Distribution Policy Reaffirmed and Declared First Quarter Distribution of $0.22 Per Share

    Source: GlobeNewswire (MIL-OSI)

    RYE, N.Y., Feb. 13, 2025 (GLOBE NEWSWIRE) — The Board of Directors of The Gabelli Multimedia Trust Inc. (NYSE:GGT) (the “Fund”) reaffirmed and satisfied its 10% distribution policy by declaring a $0.22 per share cash distribution payable on March 24, 2025 to common stock shareholders of record on March 17, 2025.

    The Fund intends to pay a minimum annual distribution of 10% of the average net asset value of the Fund within a calendar year or an amount sufficient to satisfy the minimum distribution requirements of the Internal Revenue Code for regulated investment companies. The average net asset value of the Fund is based on the average net asset values as of the last day of the four preceding calendar quarters during the year. The net asset value per share fluctuates daily.

    Each quarter, the Board of Directors reviews the amount of any potential distribution from the income, realized capital gain, or capital available. The Board of Directors will continue to monitor the Fund’s distribution level, taking into consideration the Fund’s net asset value and the current financial market environment. The Fund’s distribution policy is subject to modification by the Board of Directors at any time, and there can be no guarantee that the policy will continue. The distribution rate should not be considered the dividend yield or total return on an investment in the Fund.

    All or part of the distribution may be treated as long-term capital gain or qualified dividend income (or a combination of both) for individuals, each subject to the maximum federal income tax rate for long term capital gains, which is currently 20% in taxable accounts for individuals (or less depending on an individual’s tax bracket). In addition, certain U.S. shareholders who are individuals, estates or trusts and whose income exceeds certain thresholds will be required to pay a 3.8% Medicare surcharge on their “net investment income”, which includes dividends received from the Fund and capital gains from the sale or other disposition of shares of the Fund.

    If the Fund does not generate sufficient earnings (dividends and interest income, less expenses, and realized net capital gain) equal to or in excess of the aggregate distributions paid by the Fund in a given year, then the amount distributed in excess of the Fund’s earnings would be deemed a return of capital. Since this would be considered a return of a portion of a shareholder’s original investment, it is generally not taxable and would be treated as a reduction in the shareholder’s cost basis.

    Long-term capital gains, qualified dividend income, investment company taxable income, and return of capital, if any, will be allocated on a pro-rata basis to all distributions to common shareholders for the year. Based on the accounting records of the Fund currently available, the current distribution paid to common shareholders in 2025 would be deemed 100% from paid-in capital on a book basis. This does not represent information for tax reporting purposes. The estimated components of each distribution are updated and provided to shareholders of record in a notice accompanying the distribution and are available on our website (www.gabelli.com). The final determination of the sources of all distributions in 2025 will be made after year end and can vary from the quarterly estimates. Shareholders should not draw any conclusions about the Fund’s investment performance from the amount of the current distribution. All individual shareholders with taxable accounts will receive written notification regarding the components and tax treatment for all 2025 distributions in early 2026 via Form 1099-DIV.

    Investors should carefully consider the investment objectives, risks, charges, and expenses of the Fund before investing. For more information regarding the Fund’s distribution policy and other information about the Fund, call:

    Carter Austin
    (914) 921-5475

    About The Gabelli Multimedia Trust
    The Gabelli Multimedia Trust Inc. is a non-diversified, closed-end management investment company with $198 million in total net assets whose primary investment objective is long-term growth of capital. The Fund is managed by Gabelli Funds, LLC, a subsidiary of GAMCO Investors, Inc. (OTCQX: GAMI).

    NYSE: GGT
    CUSIP – 36239Q109

    Investor Relations Contact:
    Carter Austin
    (914) 921-5475
    caustin@gabelli.com

    The MIL Network –

  • MIL-OSI: Gabelli Dividend & Income Trust Continues Monthly Distributions, Declares Distributions of $0.14 Per Share

    Source: GlobeNewswire (MIL-OSI)

    RYE, N.Y., Feb. 13, 2025 (GLOBE NEWSWIRE) — The Board of Trustees of The Gabelli Dividend & Income Trust (NYSE:GDV) (the “Fund”) approved the continuation of its policy of paying fixed monthly cash distributions. The Board of Trustees declared cash distributions of $0.14 per share for each of April, May, and June 2025.

    The Board of Trustees increased the annual distribution 27% to $1.68 per share, which will be paid $0.14 per share monthly, commencing with the January 2025 monthly distribution.

    Distribution Month Record Date Payable Date Distribution Per Share
    April April 15, 2025 April 23, 2025 $0.14
    May May 15, 2025 May 22, 2025 $0.14
    June June 13, 2025 June 23, 2025 $0.14

    Additionally, the Board of Trustees continues to evaluate potential strategic opportunities for the Fund in what we believe to be an attractive environment to invest in the broader equity markets.

    Each quarter, the Board of Trustees reviews the amount of any potential distribution from the income, realized capital gain, or capital available. The Board of Trustees will continue to monitor the Fund’s distribution level, taking into consideration the Fund’s net asset value and the financial market environment. If necessary, the Fund will pay an adjusting distribution in December which includes any additional income and net realized capital gains in excess of the monthly distributions for that year to satisfy the minimum distribution requirements of the Internal Revenue Code for regulated investment companies. The Fund’s distribution policy is subject to modification by the Board of Trustees at any time, and there can be no guarantee that the policy will continue. The distribution rate should not be considered the dividend yield or total return on an investment in the Fund.

    All or part of the distribution may be treated as long-term capital gain or qualified dividend income (or a combination of both) for individuals, each subject to the maximum federal income tax rate for long term capital gains, which is currently 20% in taxable accounts for individuals (or less depending on an individual’s tax bracket). In addition, certain U.S. shareholders who are individuals, estates or trusts and whose income exceeds certain thresholds will be required to pay a 3.8% Medicare surcharge on their “net investment income”, which includes dividends received from the Fund and capital gains from the sale or other disposition of shares of the Fund.

    If the Fund does not generate sufficient earnings (dividends and interest income, less expenses, and realized net capital gain) equal to or in excess of the aggregate distributions paid by the Fund in a given year, then the amount distributed in excess of the Fund’s earnings would be deemed a return of capital. Since this would be considered a return of a portion of a shareholder’s original investment, it is generally not taxable and would be treated as a reduction in the shareholder’s cost basis.

    Long-term capital gains, qualified dividend income, investment company taxable income, and return of capital, if any, will be allocated on a pro-rata basis to all distributions to common shareholders for the year. Based on the accounting records of the Fund currently available, each of the distributions paid to common shareholders in 2025 would include approximately 3% from net investment income, 4% from net capital gains and 93% would be deemed a return of capital on a book basis. This does not represent information for tax reporting purposes. The estimated components of each distribution are updated and provided to shareholders of record in a notice accompanying the distribution and are available on our website (www.gabelli.com). The final determination of the sources of all distributions in 2025 will be made after year end and can vary from the monthly estimates. Shareholders should not draw any conclusions about the Fund’s investment performance from the amount of the current distribution. All individual shareholders with taxable accounts will receive written notification regarding the components and tax treatment for all 2025 distributions in early 2026 via Form 1099-DIV.

    Investors should carefully consider the investment objectives, risks, charges, and expenses of the Fund before investing. For more information regarding the Fund’s distribution policy and other information about the Fund, call:

    Carter Austin
    (914) 921-5475

    About The Gabelli Dividend & Income Trust
    The Gabelli Dividend & Income Trust is a diversified, closed-end management investment company with $3.0 billion in total net assets whose primary investment objective is to provide a high level of total return with an emphasis on dividends and income. The Fund is managed by Gabelli Funds, LLC, a subsidiary of GAMCO Investors, Inc. (OTCQX: GAMI).

    NYSE – GDV
    CUSIP – 36242H104

    THE GABELLI DIVIDEND & INCOME TRUST

    Investor Relations Contact:
    Carter Austin
    (914) 921-5475
    caustin@gabelli.com

    The MIL Network –