GlobeNewswire – Page 573

MIL-OSI: Prairie Provident Announces up to $9.1 Million Brokered Equity Financing with $7.35 Million in Lead Orders and Basal Quartz Horizontal Drilling Program

Source: GlobeNewswire (MIL-OSI)

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

CALGARY, Alberta, Feb. 11, 2025 (GLOBE NEWSWIRE) — Prairie Provident Resources Inc. (TSX:PPR) (“Prairie Provident” or the “Company”) is pleased to announce that it has entered into an agreement with Research Capital Corporation, as lead agent and sole bookrunner, on behalf of a syndicate of agents including Haywood Securities Inc. (collectively, the “Agents”), for a brokered “best efforts” equity financing for aggregate gross proceeds of up to approximately $9,100,000, comprised of:

(a) an offering up to 96,470,589 units of the Company (“Units”) at a price of $0.0425 per Unit for gross proceeds of up to $4,100,000, on a prospectus-exempt basis pursuant to the ‘listed issuer financing exemption’ (LIFE) under applicable Canadian securities laws (the “LIFE Offering”), with (i) each Unit consisting of one common share of the Company (“Common Share”) and one Common Share purchase warrant (“Warrant”), and (ii) each Warrant to entitle the holder to subscribe for and purchase one Common Share at an exercise price of $0.05 for a period of 36 months following closing; and

(b) a private placement of up to 117,647,059 Common Shares at a price of $0.0425 per Common Share for gross proceeds of up to $5,000,000, pursuant to available exemptions from the prospectus requirements of applicable Canadian securities laws (the “Private Placement” and, together with the LIFE Offering, the “Offerings”). Warrants will not be issued to purchasers under the Private Placement.

The Company’s principal and largest shareholder, PCEP Canadian Holdco LLC (“PCEP”), along with certain directors and officers of the Company, have indicated an intention to participate in the Offerings in an aggregate amount of approximately $7,350,000 (collectively, the “Lead Orders”). It is expected that the Private Placement will be fully subscribed through the Lead Orders, and that the balance of the Lead Orders not fulfilled under the Private Placement will be fulfilled under the LIFE Offering. All subscriptions on account of Lead Orders will be subject to insider participation limits under applicable Toronto Stock Exchange (“TSX”) rules.

Prairie Provident intends to use the net proceeds from the Offerings to drill two additional Basal Quartz horizontal wells in the first quarter of 2025 and for working capital and general corporate purposes, including expenses related to the Offerings. Including the above two Basal Quartz horizontal wells, the Company anticipates drilling a total of three Basal Quartz horizontal wells in the first quarter of 2025.

Prairie Provident’s Basal Quartz Play in Michichi: A Unique Publicly Traded BQ Junior

Prairie Provident has established its Basal Quartz (“BQ”) play in the Michichi core area as a significant growth driver, supported by robust well economics, an extensive drilling inventory, and strategic infrastructure. In December 2024, Prairie Provident reported strong initial results from its first two BQ wells, effectively proving the play concept. The first horizontal well achieved an IP30 (initial 30-day average production) rate of approximately 415 boe/d (66% liquids)¹ and the second delivered an IP21 (initial 21-day average production) rate of approximately 375 boe/d (64% liquids).² Continued production in the weeks following has yielded IP60 (initial 60-day average production) rates of approximately 333 boe/d (66% liquids)³ and approximately 305 boe/d (62% liquids)⁴, respectively. A focus on operational efficiency brought both wells on-stream within 25 days of their respective spud dates.

Prairie Provident has a Michichi-area land position of approximately 153,000 net acres (239 net sections) on which it has identified over 40 horizontal BQ drilling opportunities, providing ample room for growth. None of the Company’s BQ drilling opportunities are booked locations to which any reserves were attributed in the most recent independent evaluation of Prairie Provident’s reserves data, effective December 31, 2023, by Sproule Associates Limited.

Activity in the BQ play is primarily led by private operators. Prairie Provident has a unique position as the only publicly-traded company actively drilling in this play.

Basal Quartz: A Top-Tier Play in the WCSB

The BQ fairway, extending from Brooks to Drumheller (Michichi) in central Alberta, has rapidly become, in the Company’s view, one of the premier oil-producing plays in the Western Canadian Sedimentary Basin (WCSB). The availability of extensive 2D and 3D seismic data, along with legacy vertical wells penetrating the Mannville group, has significantly de-risked this play. Modern horizontal drilling techniques combined with enhanced frac completion designs have unlocked substantial economic potential, making the BQ competitive with other leading plays in the WCSB, including the Montney and Clearwater. Publicly-available industry data indicates that production along the BQ trend has surpassed 40,000 boe/d (77% liquids), with operators having drilled over 100 horizontal wells in 2024 alone, further de-risking the play. Offset competitor wells in analogous zones have demonstrated peak production rates exceeding 1,200 bbl/d, further validating the play’s potential.

Basal Quartz Well Economics: High Returns, Quick Payouts

The Company estimates that the average drill, complete, equip, and tie-in cost for a single BQ horizontal well in Michichi is approximately $3.5 million. The BQ play offers attractive returns and payouts, making it, in the Company’s view, one of the most competitive plays in the WCSB. Based on internal estimates, the Company’s BQ wells have the potential to deliver impressive internal rates of return (“IRRs”) greater than 300% (based on WTI US$70/bbl and AECO C$3.00/mcf) with payout periods of approximately eight months or less.

Strategic Land Base with Multi-Year Inventory

Prairie Provident holds a strategic and concentrated approximately 153,000 net acre (239 net sections) land base in Michichi and with multi-zone potential. In addition to the BQ, the acreage offers development opportunities in the Banff and other formations. With over 40 identified BQ drilling opportunities, Prairie Provident has the scalability to support long-term growth, benefiting from the de-risked nature of its lands due to offsetting competitor activity.

Company-Owned Infrastructure and Significant Tax Pool Coverage

Prairie Provident benefits from a combination of legacy and third-party infrastructure in the Michichi area, providing advantageous egress solutions. The Company owns two oil batteries (one LACT-connected) and two gas plants with a combined inlet capacity of 10 MMscf/d. Year-round access, existing surface leases and on-site facilities combine to facilitate cost-efficient operations with reduced downtime, supporting Prairie Provident’s development strategy.

Prairie Provident has significant tax pool coverage with approximately $590 million in tax pools, including approximately $330 million of non-capital losses.

Additional Financing Details

The Agents will be granted an option to increase the size of the LIFE Offering by up to an additional 14,470,589 Units (up to $615,000), exercisable in whole or in part up to two business days before closing.

Closing of the Offerings is expected to occur on or about February 24, 2025, or such other date or dates as Prairie Provident and the Agents may agree, and is subject to certain conditions including receipt by Prairie Provident of all necessary approvals from the TSX.

The LIFE Offering will be made in accordance with the ‘listed issuer financing exemption’ in Part 5A of National Instrument 45-106 – Prospectus Exemptions (“NI 45-106”), to purchasers in any province of Canada, except Québec. The Units issued and sold under the LIFE Offering will not be subject to a ‘hold period’ pursuant to applicable Canadian securities laws.

There is an offering document related to the LIFE Offering that can be accessed under the Company’s issuer profile at www.sedarplus.ca and on the Company’s website at www.ppr.ca. Prospective investors should read this offering document before making an investment decision.

The Private Placement will be made in reliance on available exemptions from the prospectus requirements of applicable Canadian securities laws, and the Common Shares issued and sold thereunder will subject to a hold period of four months and one day from the date of issuance.

In consideration for their services, the Agents will receive a cash commission of 8.0% of the aggregate gross proceeds of the Offerings (reduced for Lead Orders) and non-transferable broker warrants equal to 8.0% of the total number of Units sold under the LIFE Offering (except for Lead Orders). Each broker warrant will entitle the holder to purchase one Unit at an exercise price of $0.0425 per Unit for a period of 36 months following closing.

This news release does not constitute an offer to sell, or the solicitation of an offer to buy, nor shall there be any sale of, any securities in the United States or to or for the account or benefit of U.S. persons or persons in the United States, or in any other jurisdiction in which, or to or for the account or benefit of any other person to whom, any such offer, solicitation or sale would be unlawful. These securities have not been and will not be registered under the United States Securities Act of 1933, as amended (the “U.S. Securities Act“), or the securities laws of any state of the United States, and may not be offered or sold within the United States or to, or for the account or benefit of, U.S. persons or persons in the United States except in compliance with, or pursuant to an available exemption from, the registration requirements of the U.S. Securities Act and applicable U.S. state securities laws. “United States” and “U.S. person” have the meanings ascribed to them in Regulation S under the U.S. Securities Act.

ABOUT PRAIRIE PROVIDENT

Prairie Provident is a Calgary-based company engaged in the exploration and development of oil and natural gas properties in Alberta, including a position in the emerging Basal Quartz trend in the Michichi area of Central Alberta.

For further information, please contact:

Prairie Provident Resources Inc.
Dale Miller, Executive Chairman
Phone: (403) 292-8150
Email: info@ppr.ca

Forward-Looking Information

This news release contains certain statements (“forward-looking statements”) that constitute forward-looking information within the meaning of applicable Canadian securities laws. Forward-looking statements relate to future performance, events or circumstances, are based upon internal assumptions, plans, intentions, expectations and beliefs, and are subject to risks and uncertainties that may cause actual results or events to differ materially from those indicated or suggested therein. All statements other than statements of current or historical fact constitute forward-looking statements. Forward-looking statements are typically, but not always, identified by words such as “anticipate”, “believe”, “expect”, “intend”, “plan”, “budget”, “forecast”, “target”, “estimate”, “propose”, “potential”, “project”, “seek”, “continue”, “may”, “will”, “should” or similar words suggesting future outcomes or events or statements regarding an outlook.

Without limiting the foregoing, this news release contains forward-looking statements pertaining to: Basal Quartz drilling opportunities, including estimated payout periods on potential Basal Quartz wells; completion of the Offerings; the expected closing date of the Offerings; the successful completion of the Lead Orders; the intended use of proceeds from the Offerings; and the intended number of Basal Quartz wells that are anticipated to be drilled by the Company in the first quarter of 2025.

Forward-looking statements are based on a number of material factors, expectations or assumptions of Prairie Provident which have been used to develop such statements, but which may prove to be incorrect. Although the Company believes that the expectations and assumptions reflected in such forward-looking statements are reasonable, undue reliance should not be placed on forward-looking statements, which are inherently uncertain and depend upon the accuracy of such expectations and assumptions. Prairie Provident can give no assurance that the forward-looking statements contained herein will prove to be correct or that the expectations and assumptions upon which they are based will occur or be realized. Actual results or events will differ, and the differences may be material and adverse to the Company. In addition to other factors and assumptions which may be identified herein, assumptions have been made regarding, among other things: results from drilling and development activities; consistency with past operations; the quality of the reservoirs in which Prairie Provident operates and continued performance from existing wells (including with respect to production profile, decline rate and product type mix); the continued and timely development of infrastructure in areas of new production; the accuracy of the estimates of Prairie Provident’s reserves volumes; future commodity prices; future operating and other costs; future USD/CAD exchange rates; future interest rates; continued availability of external financing and internally generated cash flow to fund Prairie Provident’s current and future plans and expenditures, with external financing on acceptable terms; the impact of competition; the general stability of the economic and political environment in which Prairie Provident operates; the general continuance of current industry conditions; the timely receipt of any required regulatory approvals; the ability of Prairie Provident to obtain qualified staff, equipment and services in a timely and cost efficient manner; drilling results; the ability of the operator of the projects in which Prairie Provident has an interest in to operate the field in a safe, efficient and effective manner; field production rates and decline rates; the ability to replace and expand oil and natural gas reserves through acquisition, development and exploration; the timing and cost of pipeline, storage and facility construction and expansion and the ability of Prairie Provident to secure adequate product transportation; the regulatory framework regarding royalties, taxes and environmental matters in the jurisdictions in which Prairie Provident operates; and the ability of Prairie Provident to successfully market its oil and natural gas production.

The forward-looking statements included in this news release are not guarantees of future performance or promises of future outcomes and should not be relied upon. Such statements, including the assumptions made in respect thereof, involve known and unknown risks, uncertainties and other factors that may cause actual results or events to differ materially from those anticipated in such forward- looking statements including, without limitation: reduced access to external debt financing; higher interest costs or other restrictive terms of debt financing; changes in realized commodity prices; changes in the demand for or supply of Prairie Provident’s products; the early stage of development of some of the evaluated areas and zones; the potential for variation in the quality of the geologic formations targeted by Prairie Provident’s operations; unanticipated operating results or production declines; changes in tax or environmental laws, royalty rates or other regulatory matters; the imposition of any tariffs or other restrictive trade measures or countermeasures affecting trade between Canada and the United States; changes in development plans of Prairie Provident or by third party operators; increased debt levels or debt service requirements; inaccurate estimation of Prairie Provident’s oil and reserves volumes; limited, unfavourable or a lack of access to capital markets; increased costs; a lack of adequate insurance coverage; the impact of competitors; and such other risks as may be detailed from time-to-time in Prairie Provident’s public disclosure documents (including, without limitation, those risks identified in this news release and Prairie Provident’s current Annual Information Form dated April 1, 2024 as filed with Canadian securities regulators and available from the SEDAR+ website (www.sedarplus.ca) under Prairie Provident’s issuer profile).

The forward-looking statements contained in this news release speak only as of the date of this news release, and Prairie Provident assumes no obligation to publicly update or revise them to reflect new events or circumstances, or otherwise, except as may be required pursuant to applicable laws. All forward-looking statements contained in this news release are expressly qualified by this cautionary statement.

Oil and Gas Reader Advisories

Barrels of Oil Equivalent

The oil and natural gas industry commonly expresses production volumes and reserves on a “barrel of oil equivalent” basis (“boe”) whereby natural gas volumes are converted at the ratio of six thousand cubic feet to one barrel of oil. The intention is to sum oil and natural gas measurement units into one basis for improved analysis of results and comparisons with other industry participants. A boe conversion ratio of six thousand cubic feet to one barrel of oil is based on an energy equivalency conversion method primarily applicable at the burner tip. It does not represent a value equivalency at the wellhead nor at the plant gate, which is where Prairie Provident sells its production volumes. Boe’s may therefore be a misleading measure, particularly if used in isolation. Given that the value ratio based on the current price of crude oil as compared to natural gas is significantly different from the energy equivalency ratio of 6:1, utilizing a 6:1 conversion ratio may be misleading as an indication of value.

Analogous Information

Information in this news release regarding initial production rates from offset wells drilled by other industry participants located in geographical proximity to the Company’s lands may constitute “analogous information” within the meaning of National Instrument 51-101 – Standards of Disclosure for Oil and Gas Activities (NI 51-101). This information is derived from publicly available information sources (as at the date of this news release) that Prairie Provident believes (but cannot confirm) to be independent in nature. The Company is unable to confirm that the information was prepared by a qualified reserves evaluator or auditor within the meaning of NI 51-101, or in accordance with the Canadian Oil and Gas Evaluation (COGE) Handbook. Although the Company believes that this information regarding geographically proximate wells helps management understand and define reservoir characteristics of lands in which Prairie Provident has an interest, the data relied upon by the Company may be inaccurate or erroneous, may not in fact be indicative or otherwise analogous to the Company’s land holdings, and may not be representative of actual results from wells that may be drilled or completed by the Company in the future.

Potential Drilling Opportunities vs Booked Locations

This news release refers to potential drilling opportunities and booked locations. Unless otherwise indicated, references to booked locations in this news release are references to proved drilling locations or probable drilling locations, being locations to which Sproule Associated Limited (Sproule) attributed proved or probable reserves in its most recent year-end evaluation of Prairie Provident’s reserves data, effective December 31, 2023. Sproule’s year‑end evaluation was in accordance with NI 51-101 and, pursuant thereto, the COGE Handbook. References in this news release to potential drilling opportunities are references to locations for which there are no attributed reserves or resources, but which the Company internally estimates can be drilled based on current land holdings, industry practice regarding well density, and internal review of geologic, geophysical, seismic, engineering, production and resource information. There is no certainty that the Company will drill any particular locations, or that drilling activity on any locations will result in additional reserves, resources or production. Locations on which Prairie Provident in fact drills wells will ultimately depend upon the availability of capital, regulatory approvals, seasonal restrictions, commodity prices, costs, actual drilling results, additional reservoir information and other factors. There is a higher level of risk associated with locations that are potential drilling opportunities and not booked locations. Prairie Provident generally has less information about reservoir characteristics associated with locations that are potential drilling opportunities and, accordingly, there is greater uncertainty whether wells will ultimately be drilled in such locations and, if drilled, whether they will result in additional reserves, resources or production.

Type Well Information

Information contained in this news release regarding estimated payout periods and internal rate of return (IRR) on potential Basal Quartz wells is based on the Company’s internally-defined type wells. Type well information reflects Prairie Provident’s expectations and experience in relation to wells of the indicated types, including with respect to costs, production and decline rates. There is no assurance that actual well-related results (including payout periods and IRR) will be in accordance with those suggested by the type well information. Actual results will differ, and the difference may be material.

Payout

Prairie Provident considers payout on a well to be achieved when future net revenue from the well is equal to the capital costs to drill, complete, equip and tie-in the well based on project economics. Forecasted payout periods disclosed in this news release are based on the following commodity price and CAD/USD exchange rate assumptions: USD $70.00/bbl WTI, CAD $3.00/Mcf AECO, CAD $1.35-to-USD $1.00.

Initial Production Rates

This news release discloses initial production rates for certain wells as indicated. Initial production rates are not necessarily indicative of long-term well or reservoir performance or of ultimate recovery. Actual results will differ from those realized during an initial short-term production period, and the difference may be material.

Non-GAAP Measures

This news release uses the financial measure internal rate of return (IRR). IRR is a non-GAAP financial measure within the meaning of applicable Canadian securities laws , which does not have a standardized or prescribed meaning under International Financial Reporting Standards (IFRS) and may not be comparable to similar measures presented by other issuers. Investors are cautioned that non-GAAP measures should not be construed as a substitute or an alternative to net income or cash flows from operating activities as determined in accordance with IFRS. IRR is a measure used in financial analysis to estimate the profitability of potential investments and/or projects, and means the discount rate that makes the net present value equal to zero in a discounted cash flow analysis.

¹ Comprised of approximately 275 bbl/d of medium crude oil and 850 Mcf/d of conventional natural gas.

² Comprised of approximately 240 bbl/d of medium crude oil and 800 Mcf/d of conventional natural gas.

³ Comprised of approximately 221 bbl/d of medium crude oil and 674 Mcf/d of conventional natural gas.

⁴ Comprised of approximately 189 bbl/d of medium crude oil and 697 Mcf/d of conventional natural gas.

The MIL Network –

February 12, 2025

MIL-OSI: ThreeD Capital Inc. Announces Unaudited January 31, 2025 Net Asset Value Per Share – $0.60

Source: GlobeNewswire (MIL-OSI)

TORONTO, Feb. 11, 2025 (GLOBE NEWSWIRE) — ThreeD Capital Inc. (“ThreeD” or the “Company”) (CSE:IDK / OTCQX:IDKFF) a Canadian-based venture capital firm focused on opportunistic investments in companies in the junior resources and disruptive technologies sectors, announces that at January 31, 2025, its unaudited net asset value per share (“NAV”) was $0.60.

This announcement is made based on ThreeD’s established practice of releasing NAV on a monthly basis as part of the Company’s ongoing response to shareholder interest in receiving periodic information. NAV is calculated based on unaudited month-end financial information.

Use of Non-GAAP Financial Measures:

This press release contains references to NAV or “net asset value per share” which is a non-GAAP financial measure. NAV is calculated as the value of total assets less the value of total liabilities divided by the total number of common shares outstanding as at a specific date. The term NAV does not have any standardized meaning according to GAAP and therefore may not be comparable to similar measures presented by other companies. There is no comparable GAAP financial measure presented in ThreeD’s consolidated financial statements and thus no applicable quantitative reconciliation for such non-GAAP financial measure. The Company believes that the measure provides information useful to its shareholders in understanding the Company’s performance and may assist in the evaluation of the Company’s business relative to that of its peers. This data is furnished to provide additional information and does not have any standardized meaning prescribed by GAAP. Accordingly, it should not be considered in isolation or as a substitute for measures of performance prepared in accordance with GAAP and is not necessarily indicative of other metrics presented in accordance with GAAP. Existing NAV of the Company is not necessarily predictive of the Company’s future performance or the NAV of the Company as at any future date.

About ThreeD Capital Inc.

ThreeD is a publicly-traded Canadian-based venture capital firm focused on opportunistic investments in companies in the junior resources and disruptive technologies sectors. ThreeD’s investment strategy is to invest in multiple private and public companies across a variety of sectors globally. ThreeD seeks to invest in early stage, promising companies where it may be the lead investor and can additionally provide investees with advisory services and access to the Company’s ecosystem.

For further information:

Matthew Davis, CPA

Chief Financial Officer and Corporate Secretary
davis@threedcap.com

Phone: 416-941-8900

The Canadian Securities Exchange has neither approved nor disapproved the contents of this news release and accepts no responsibility for the adequacy or accuracy hereof.

Forward-Looking Statements

This news release contains certain forward-looking statements and forward-looking information (collectively referred to herein as “forward-looking statements”) within the meaning of Canadian securities laws including, without limitation, statements with respect to the future disclosure of NAV by the Company and the approximate timing thereof. All statements other than statements of historical fact are forward-looking statements. Undue reliance should not be placed on forward-looking statements, which are inherently uncertain, are based on estimates and assumptions, and are subject to known and unknown risks and uncertainties (both general and specific) that contribute to the possibility that the future events or circumstances contemplated by the forward-looking statements will not occur including, without limitation, risks relating to the timing and content of future public disclosures by the Company or related to the fact that the term NAV does not have any standardized meaning according to GAAP and therefore may not be comparable to similar measures presented by other companies and may not be indicative of NAV for any future periods. Although the Company believes that the expectations reflected in the forward-looking statements contained in this press release, and the assumptions on which such forward-looking statements are made, are reasonable, there can be no assurance that such expectations will prove to be correct. Readers are cautioned not to place undue reliance on forward-looking statements included in this document, as there can be no assurance that the plans, intentions or expectations upon which the forward-looking statements are based will occur. By their nature, forward-looking statements involve numerous assumptions, known and unknown risks and uncertainties that contribute to the possibility that the predictions, forecasts, projections and other forward-looking statements will not occur, which may cause the Company’s actual performance and results in future periods to differ materially from any estimates or projections of future performance or results expressed or implied by such forward-looking statements. The forward-looking statements contained in this news release are made as of the date hereof and the Company does not undertake any obligation to update publicly or to revise any of the included forward-looking statements, except as required by applicable law. The forward-looking statements contained herein are expressly qualified by this cautionary statement.

The MIL Network –

February 12, 2025

MIL-OSI: MINILUXE ANNOUNCES NORMAL COURSE ISSUER BID FOR CLASS A SUBORDINATE VOTING SHARES

Source: GlobeNewswire (MIL-OSI)

Boston, MA, Feb. 11, 2025 (GLOBE NEWSWIRE) — MiniLuxe Holding Corp. (TSXV: MNLX) (“MiniLuxe” or the “Company”) announces today its intention to commence a normal course issuer bid through the facilities of the TSX Venture Exchange (the “TSXV“) to repurchase, for cancellation, up to 2,000,000 Class A subordinate voting shares of the Company, representing less than 3% of the Company’s presently issued and outstanding Class A subordinate voting shares (the “NCIB“). The NCIB remains subject to the final approval of the TSXV.

The NCIB will commence on February 14, 2025 and will terminate upon the earliest of (i) the Company purchasing 2,000,000 Class A subordinate voting shares, (ii) the Company providing notice of termination of the NCIB, and (iii) February 13, 2026. Under the NCIB, the Company may not acquire more than 2% of its issued and outstanding subordinate voting shares in any 30-day period.

The Company believes that, from time to time, the market price of its Class A subordinate voting shares does not adequately reflect the Company’s underlying value and prospects and that, at such times, the purchase of the Company’s Class A subordinate voting shares represents an appropriate use of the Company’s financial resources and will enhance shareholder value.

The Company has engaged Ventum Financial Corp. to act as its broker for the NCIB (the “Broker“). The NCIB will be made through the facilities of the TSXV and the purchase and payment for the Class A subordinate voting shares will be made from the Company’s existing working capital at the market price of the applicable securities at the time of acquisition, plus brokerage fees, if any, charged by the Broker. All Class A subordinate voting shares purchased by the Company under the NCIB will be cancelled.

In connection with the NCIB, the Company has entered into an automatic purchase plan (“APP“) with the Broker as the designated broker. The APP provides a set of standard instructions to the Broker to make purchases under the NCIB in accordance with the limits and other terms set out in the APP. The Broker will determine the timing of these purchases in its sole discretion based on purchasing parameters set by the Company and subject to the policies of the TSXV, applicable securities laws and the terms of the APP.

To the Company’s knowledge, none of the directors, senior officers or insiders of the Company, or any associate of such person, or any associate or affiliate of the Company, has any present intention to sell any securities to the Company during the course of the NCIB. The Company completed a normal course issuer bid on September 20, 2023, under which the Company purchased 63,500 Class A subordinate voting shares at an average price of $0.444 per share, for an aggregate purchase price of $28,213. The Company also completed a normal course issuer bid on December 4, 2024, under which the Company purchased 46,700 Class A subordinate voting shares at an average price of $0.40 per share, for an aggregate purchase price of $18,680.

A copy of the Form 5G – Notice of Intention to make a Normal Course Issuer Bid filed by the Company with the TSXV in respect of the NCIB can be obtained from the Company upon request without charge.

About MiniLuxe

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

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

For further information

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

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

The MIL Network –

February 12, 2025

MIL-OSI: Acceleware Announces Option Grant

Source: GlobeNewswire (MIL-OSI)

CALGARY, Alberta, Feb. 11, 2025 (GLOBE NEWSWIRE) — Acceleware^® Ltd. (“Acceleware” or the “Corporation”) (TSX-V: AXE), a leading innovator of transformative technologies targeting the decarbonization of industrial process heat, as of February 10, 2025, has granted stock options to acquire up to 1,634,000 common shares of the Corporation to certain of its employees, consultants, officers and directors. The options have an exercise price of $0.09 per common share and expire on February 10, 2030.

Of the 1,634,000 options granted, 592,000 shall vest on the first anniversary of the grant date, 592,000 shall vest on the second anniversary of the grant date, 225,000 shall vest when the share price of the common shares of the Corporation closes at or above $0.115 for ten consecutive trading days, and 250,000 shall vest when the share price of the common shares of the Corporation closes at or above $0.135 for ten consecutive trading days. The Corporation’s stock option plan allows for 11,843,854 common shares to be reserved for issuance under the plan. Upon issuance of the options granted, there will be 11,529,466 common shares reserved under options outstanding, leaving 314,388 common shares that may be reserved for issuance under the Corporation’s stock option plan. The stock option grant is subject to regulatory approval.

About Acceleware
Acceleware is an advanced electromagnetic (EM) heating company with highly scalable EM solutions for large industrial applications. The Company’s solutions provide an opportunity to economically electrify and decarbonize industrial process heat applications previously considered difficult to abate, which could have a significant impact on global GHG emissions.

Acceleware is piloting RF XL, its patented low-cost, low-carbon EM thermal production technology for heavy oil and oil sands that is materially different from any heavy oil recovery technique used today. The Company is also working with a consortium of world-class potash partners on a pilot project using its patented and field proven Clean Tech Inverter (CTI) to decarbonize drying of potash ore and other minerals. Acceleware is actively developing partnerships for EM heating of other industrial applications in mining, steel, agriculture, cement, hydrogen and other clean fuels.

Acceleware and Saa Dene Group (co-founded by Jim Boucher) have created Acceleware | Kisâstwêw to raise the profile, adoption, and value of Acceleware technologies. The partnership is intended to improve the environmental and economic performance of industry by supporting ideals that are important to Indigenous peoples, including respect for land, water, and clean air.

Acceleware is a public company listed on Canada’s TSX Venture Exchange under the trading symbol “AXE”.

For further information,

Geoff Clark
geoff.clark@acceleware.com

Acceleware Ltd.
435 10^th Avenue SE
Calgary, AB, T2G 0W3 Canada
+1 (403) 249-9099
www.acceleware.com

The MIL Network –

February 12, 2025

MIL-OSI: Maricoin Set to List on LBank, Expanding Financial Inclusion for the Global LGBTQ+ Community

Source: GlobeNewswire (MIL-OSI)

MADRID, Feb. 11, 2025 (GLOBE NEWSWIRE) — Maricoin (Maricoin), the pioneering cryptocurrency representing the LGBTQ+ digital nation, is set to debut on LBank, marking a major step in its mission to empower financial inclusion and social change. The listing is scheduled for at 16:00 UTC on February 14 in celebration of Valentine’s Day, allowing global users to trade MCOIN and be part of a movement that unites technology with equality.

Following a bullish rally in 2025 —where it has skyrocketed by more than 700% in the past month— the USDT/MARICOIN pair is expected to list at its premiere at $0.01.

Why Maricoin?

Maricoin isn’t just another digital asset—it’s a currency designed to combat discrimination, promote financial inclusivity, and support LGBTQ+ causes. As the economic force behind a community that makes up 7.5% of the global population and ranks as the world’s fourth-largest economy, Maricoin merges technology, ethics, and activism.

Powered by Algorand and Polygon, Maricoin enables seamless transactions through Mariwallet, allowing users to pay at inclusive merchants while generating solidarity funds for those in need, combating sexual discrimination—an issue still affecting one in three countries worldwide (with 69 nations still penalizing homosexuality).

Exclusive LBank Airdrop for New Holders

To celebrate the listing, LBank is offering an exclusive airdrop for new Maricoin community members. Users who sign up for the first time and make their initial purchase of $100 or an equivalent amount in any of the top 20 cryptocurrencies will receive bonus rewards from the project.

Maricoin’s Growing Global Ecosystem

With the backing of Borderless Capital and a passionate community, Maricoin has expanded beyond crypto into mainstream consumer products, launching branded beer, wine, olive oil, and Colombian coffee to attract new users into the digital economy.

What’s Next for Maricoin?

Global Adoption: Expanding international payment adoption at major LGBTQ+ Pride parades with ambassadors in New York, Miami, Colombia, Brazil, the UK, Germany, France, and Spain.
Social NFTs: Launching exclusive NFT collections to support LGBTQ+ artists.
Policy & Advocacy: Partnering with the LGBTQ+ Parliament, present in 44 countries, to drive global social change.
Market Expansion: New CEX listings supported by Yellow Capital market makers.

As Maricoin prepares for its LBank debut, it continues to bridge the gap between finance and activism, offering a powerful tool for inclusion, economic empowerment, and positive change.

Join the movement. Trade MCOIN on LBank.

Website: https://maricoin.org
Telegram: t.me/maricoin_english & t.me/MaricoinGrupoOficial
Twitter: https://x.com/maricoinoficial
Instagram:: https://www.instagram.com/maricoin_oficial/
Youtube: https://www.youtube.com/@maricoin-mcoin

Contact:
Paco Alvarez
paco@maricoin.org

Disclaimer: This content is provided by Maricoin. The statements, views and opinions expressed in this column are solely those of the content provider. The information provided in this press release is not a solicitation for investment, nor is it intended as investment advice, financial advice, or trading advice. It is strongly recommended you practice due diligence, including consultation with a professional financial advisor, before investing in or trading cryptocurrency and securities. Please conduct your own research and invest at your own risk.

Photos accompanying this announcement are available at

https://www.globenewswire.com/NewsRoom/AttachmentNg/03fe3bfb-1e0a-4fc9-81ee-750cec87ee89

https://www.globenewswire.com/NewsRoom/AttachmentNg/62d292f9-c7db-4d0f-a440-651c4fd0b61c

The MIL Network –

February 12, 2025

MIL-OSI: Constellation Software Inc. Announces Release Date for Fourth Quarter Results

Source: GlobeNewswire (MIL-OSI)

TORONTO, Feb. 11, 2025 (GLOBE NEWSWIRE) — Constellation Software Inc. (TSX:CSU) announced today it intends to release its fourth quarter results on March 7, 2025.

The Company’s quarterly results will be disseminated via press release and made available on the Company’s website (www.csisoftware.com) and the SEDAR website (www.sedarplus.ca), after markets close on Friday, March 7, 2025. As outlined in Constellation’s press release on February 23, 2018, Constellation has ceased holding conference calls to discuss the Company’s quarterly financial results. In lieu of the quarterly calls the Company has created a link on its website where shareholders can submit questions to management. Periodically the Company will publish responses to selected questions received. The Company believes this Q&A facility will eventually prove to be a more effective tool than the conference calls because it will be searchable and will provide an archive of all previous responses.

The Company’s goal in establishing this policy is to allow all investors ongoing access to information disclosed about Constellation’s strategy, operations, and ongoing business plans.

Website link: https://www.csisoftware.com/investor-relations/shareholder-q-and-a

About Constellation Software Inc.
Constellation Software acquires, manages and builds vertical market software businesses.

Contact:

Jamal Baksh
Chief Financial Officer
416-861-9677

The MIL Network –

February 12, 2025

MIL-OSI: Topicus.com Inc. Announces Release Date for Fourth Quarter Results

Source: GlobeNewswire (MIL-OSI)

TORONTO, Feb. 11, 2025 (GLOBE NEWSWIRE) — Topicus.com Inc. (TSXV:TOI) announced today it intends to release its fourth quarter results on February 26, 2025.

The Company’s quarterly results will be disseminated via press release and made available on the Company’s website (www.topicus.com) and the SEDAR website (www.sedarplus.ca), after markets close on Wednesday, February 26, 2025.

About Topicus.com Inc.

Topicus’ subordinate voting shares are listed on the Toronto Venture Stock Exchange under the symbol “TOI”. Topicus acquires, manages and builds vertical market software businesses.
Contact:

Jamal Baksh
Chief Financial Officer
416-861-9677

The MIL Network –

February 12, 2025

MIL-OSI: Computer Modelling Group Announces Third Quarter Results and Quarterly Dividend

Source: GlobeNewswire (MIL-OSI)

CALGARY, Alberta, Feb. 11, 2025 (GLOBE NEWSWIRE) — Computer Modelling Group Ltd. (“CMG Group” or the “Company”) announces its financial results for the three and nine months ended December 31, 2024, and the approval by its Board of Directors (the “Board”) of the payment of a cash dividend of $0.05 per Common Share for the third quarter ended December 31, 2024.

THIRD QUARTER 2025 CONSOLIDATED HIGHLIGHTS

As a result of CMG Group’s acquisition of Sharp Reflections GmbH (“SR” or “Sharp”) on November 12, 2024, the Company’s operations are organized into two reportable operating segments represented by “Reservoir & Production Solutions” segment (“R&P”) which reflects the operations of CMG and includes the development and licensing of reservoir simulation software and “Seismic Solutions” segment (“Seismic”) represented by Bluware-Headwave Ventures Inc. (“BHV” or “Bluware”) and SR and includes the development and licensing of seismic interpretation software.

Select financial highlights

Closed the Company’s second major acquisition, Sharp on November 12, 2024;
Generated total revenue of $35.8 million in the third quarter of fiscal 2025, compared to $33.0 million in the prior year’s quarter, reflecting a 1% decrease in R&P segment revenue and a 9% contribution from the Seismic segment, of which 6% was growth from acquisitions;
Operating profit increased to $11.2 million, an increase of 37% from the same period of the previous fiscal year, primarily due to increased software and professional service revenues and a decrease in operating expenses primarily driven by a decrease in stock-based compensation in the quarter as a result of the decrease in share price. Adjusted operating profit increased by 9% from the same period of the previous fiscal year, with the R&P segment decreasing by 5% and the Seismic segment increasing by 14%, of which 1% was contributed from the acquisition;
Adjusted EBITDA Margin was 39%, compared to 37% in the same period of the previous fiscal year with the R&P segment generating 42% and the Seismic segment generating 34% in Adjusted EBITDA Margin;
Net income during the period was $9.6 million, a 71% increase compared to the prior year’s quarter, primarily due to a increased operating profit and significant FX gains, partially offset by a change in the fair value of contingent consideration;
Earnings per share was $0.12, a 71% increase compared to the prior year’s quarter;
Funds flow from operations per share was $0.12, a 20% increase from the prior year comparative period. Reported Free Cash Flow of $0.11 per share, an increase of 22%, primarily due to increased funds flow from operations and a decrease in both capital expenditures and repayment of lease liabilities.

THIRD QUARTER YEAR TO DATE 2025 CONSOLIDATED HIGHLIGHTS

Select financial highlights

Closed the Company’s second major acquisition, Sharp on November 12, 2024;
Generated total revenue of $95.8 million for the third quarter fiscal 2025 year-to-date period, compared to $76.4 million in the prior year-to-date period, reflecting a 3% increase in the R&P segment revenue and a 22% contribution from the Seismic segment of which 21% was growth from acquisitions;
Operating profit decreased to $25.3 million, a decrease of 2% from the same year-to-date period of the previous fiscal year, primarily due to increased headcount and headcount related costs, increased acquisition costs, increased amortization of acquired intangible assets, and increased agent commissions as a result of increased revenues, partially offset by a decrease in stock-based compensation expense. Adjusted operating profit remained consistent with the prior year comparative period, with the R&P segment decreasing by 4% and the Seismic segment contributing an increase of 4%;
Adjusted EBITDA Margin was 35%, compared to 43% in the same period of the previous fiscal year with the R&P Segment generating 43% and the Seismic segment generating 15% in Adjusted EBITDA Margin;
Net income during the period was $17.3 million, a 9% decrease compared to the prior year-to-date period, primarily due to a decrease in operating profit, change in fair value of contingent consideration and increased income tax;
Earnings per share was $0.21, a 13% decrease compared to the prior year-to-date period;
Funds flow from operations per share was $0.29, a 15% decrease from the prior year-to-date period. Reported Free Cash Flow of $0.25 per share, a decrease of 22%, primarily due to decreased funds flow from operations and increases in both capital expenditures and repayment of lease liabilities.

MANAGEMENT COMMENTARY

The company has defined Organic growth to include CMG revenue and Adjusted EBITDA and BHV revenue and Adjusted EBITDA generated beginning on October 1, 2024.

Third Quarter

In the third quarter, total revenue grew by 8% from the prior fiscal year to $35.8 million, of which 2% was Organic growth and 6% was growth from acquisitions.

Adjusted EBITDA Margin of 39% compared to 37% in the prior year period, with reductions in the Reservoir and Productions Solutions segment offset by increases in the Seismic Solutions segment.

Net income for the quarter increased to $9.6 million, up from $5.6 million in the prior year period, supported by an increase in operating profit and significant foreign exchange rate gains. Free Cash Flow increased from $0.09 per share in the prior period to $0.11 per share, impacted by the increase in funds flow from operations. At December 31, 2024, the cash balance was $39.7 million, a decrease from $61.4 million at September 30, 2024 due primarily to the acquisition of Sharp Reflections.

Reservoir and Production Solutions

Total revenue declined by 1% with declines in Professional Services revenue partially offset by gains in Perpetual license revenue. Annuity/maintenance (“A/M”) revenue was flat compared to the third quarter of 2024 with decreases in the US, Canada and South America, offset by growth in the Eastern Hemisphere. Software revenue attributable to energy transition was 23% in the quarter, compared to 22% in the comparable prior year period. From a trend perspective, on a year-to-date basis, software revenue attributable to energy transition was 23% compared to 22% in the same period of the previous year.

Operating profit in the segment for the third quarter increased to $7.0 million, from $5.9 million in the prior year period, driven by a reduction in stock-based compensation expense due to lower share price, partially offset by increased expenses, including acquisition related expenses, agent commission and other related fees, and other corporate costs. Adjusted EBITDA Margin in the quarter decreased to 42% from 44% in the prior fiscal year, due primarily to the slight decline in revenue and an increase in expenses.

Maintaining our customary high renewal rates in the fourth quarter will be important for sustaining our current growth trajectory which, on a year-to-date basis, is below our expectation of low double-digits.

Seismic Solutions

Total revenue increased 26% of which 9% was Organic growth and 17% growth from acquisitions.

A/M revenue increased 131% compared to the prior year period, of which 49% was Organic growth, due to an increase in licensing and the positive impact of foreign exchange rates. Growth from acquisitions was 82%. Annuity license fee increase of 12% Organic growth was also positively impacted by an increase in licensing and the positive impact of USD/CAD foreign exchange rates.

Operating profit in the segment for the third quarter increased to $4.2 million from $2.3 million as a result of higher revenue and lower G&A expenses. Adjusted EBITDA increased to $4.8 million from $2.7 million, of which 6% is from acquisitions. Adjusted EBITDA Margin grew to 34% from 24% in the prior year. Contract renewals in the Seismic segment typically occur in the third and fourth quarters, resulting in Adjusted EBITDA fluctuation on a quarterly basis. As a result of annuity license fee revenue recognition being skewed towards the last two quarters of the fiscal year, Adjusted EBITDA is expected to be lower in the first and second quarters of the fiscal year. We would encourage shareholders to evaluate the Seismic Solutions segment revenue and profitability on a full-year basis.

SUMMARY OF FINANCIAL PERFORMANCE

	Reservoir & Production Solutions				Seismic Solutions				Consolidated
Three months ended December 31, ($ thousands, except per share data)	2024		2023		2024		2023		2024		2023

Annuity/maintenance licenses	17,706		17,625		2,746		1,189		20,452		18,814
Annuity license fee	–		–		4,303		3,846		4,303		3,846
Perpetual licenses	804		584		–		–		804		584
Total software license revenue	18,510		18,209		7,049		5,035		25,559		23,244
Professional services	3,181		3,594		7,033		6,169		10,214		9,763
Total revenue	21,691		21,803		14,082		11,204		35,773		33,007
Total revenue growth	(1	%)	12	%	26	%			8	%	70	%
Annuity/maintenance licenses growth	(0	%)	13	%	131	%			9	%	21	%
Cost of revenue	2,389		2,288		3,918		4,068		6,307		6,356
Operating expenses
Sales & marketing	2,914		4,379		1,449		478		4,363		4,857
Research and development	4,656		5,337		2,684		1,916		7,340		7,253
General & administrative	4,743		3,890		1,803		2,434		6,546		6,324
Operating expenses	12,313		13,606		5,936		4,828		18,249		18,434
Operating profit	6,989		5,909		4,228		2,308		11,217		8,217
Operating Margin	32	%	27	%	30	%	21	%	31	%	25	%
Acquisition related expenses	1,533		146		54		551		1,587		697
Amortization of acquired intangible assets	575		565		430		87		1,005		652
Stock-based compensation	(82	)	2,974		3		–		(79	)	2,974
Adjusted operating profit ⁽¹⁾	9,015		9,594		4,715		2,946		13,730		12,540
Adjusted Operating Margin ⁽¹⁾	42	%	44	%	33	%	26	%	38	%	38	%
Net income (loss)	5,496		3,918		4,110		1,692		9,606		5,610
Adjusted EBITDA ⁽¹⁾	9,003		9,583		4,821		2,689		13,824		12,272
Adjusted EBITDA Margin ⁽¹⁾	42	%	44	%	34	%	24	%	39	%	37	%

Earnings per share – basic & diluted									0.12		0.07
Funds flow from operations per share – basic									0.12		0.10
Free Cash Flow per share – basic ⁽¹⁾									0.11		0.09

^{(1) Non-IFRS financial measures are defined in the “Non-IFRS Financial Measures” section.}

	Reservoir & Production Solutions				Seismic Solutions				Consolidated
Nine months ended December 31, ($ thousands, except per share data)	2024		2023		2024		2023		2024		2023

Annuity/maintenance licenses	52,257		50,673		5,832		1,196		58,089		51,869
Annuity license fee	–		–		4,552		4,004		4,552		4,004
Perpetual licenses	5,063		3,609		–		–		5,063		3,609
Total software license revenue	57,320		54,282		10,384		5,200		67,704		59,482
Professional services	9,843		10,338		18,216		6,568		28,059		16,906
Total revenue	67,163		64,620		28,600		11,768		95,763		76,388
Total revenue growth	4	%	21	%	143	%			25	%	43	%
Annuity/maintenance licenses growth	3	%	15	%	388	%			12	%	18	%
Cost of revenue	7,341		6,464		10,850		4,290		18,191		10,754
Operating expenses
Sales & marketing	10,418		10,096		3,105		500		13,523		10,596
Research and development	15,170		14,040		6,843		2,032		22,013		16,072
General & administrative	12,276		10,776		4,447		2,483		16,723		13,259
Operating expenses	37,864		34,912		14,395		5,015		52,259		39,927
Operating profit	21,958		23,244		3,355		2,463		25,313		25,707
Operating Margin	33	%	36	%	12	%	21	%	26	%	34	%
Acquisition related expenses	1,928		719		423		551		2,351		1,270
Amortization of acquired intangible assets	1,726		746		608		92		2,334		838
Stock-based compensation	3,057		5,370		3		–		3,060		5,370
Adjusted operating profit ⁽¹⁾	28,669		30,079		4,389		3,106		33,058		33,185
Adjusted Operating Margin ⁽¹⁾	43	%	47	%	15	%	26	%	35	%	43	%
Net income (loss)	15,491		17,245		1,842		1,785		17,333		19,030
Adjusted EBITDA ⁽¹⁾	28,774		30,116		4,425		2,822		33,199		32,938
Adjusted EBITDA Margin ⁽¹⁾	43	%	47	%	15	%	24	%	35	%	43	%

Earnings per share – basic & diluted									0.21		0.24
Funds flow from operations per share – basic									0.29		0.34
Free Cash Flow per share – basic ⁽¹⁾									0.25		0.32

^{(1) Non-IFRS financial measures are defined in the “Non-IFRS Financial Measures” section.}

Q3 2025 Dividend

Computer Modelling Group’s Board approved a cash dividend of $0.05 per Common Share. The dividend will be paid on March 14, 2025, to shareholders of record at the close of business on March 6, 2025.

All dividends paid by Computer Modelling Group Ltd. to holders of Common Shares in the capital of the Company will be treated as eligible dividends within the meaning of such term in section 89(1) of the Income Tax Act (Canada), unless otherwise indicated.

NON-IFRS FINANCIAL MEASURES AND RECONCILIATION OF NON-IFRS MEASURES

Free Cash Flow Reconciliation to Funds Flow from Operations

Free cash flow is a non-IFRS financial measure that is calculated as funds flow from operations less capital expenditures and repayment of lease liabilities. Free Cash Flow per share is calculated by dividing free cash flow by the number of weighted average outstanding shares during the period. Management believes that this measure provides useful supplemental information about operating performance and liquidity, as it represents cash generated during the period, regardless of the timing of collection of receivables and payment of payables, which may reduce comparability between periods. Management uses free cash flow and free cash flow per share to help measure the capacity of the Company to pay dividends and invest in business growth opportunities.

	Fiscal 2023		Fiscal 2024								Fiscal 2025
($ thousands, unless otherwise stated)	Q4		Q1		Q2		Q3		Q4		Q1		Q2		Q3
Funds flow from operations	7,656		7,920		11,491		8,477		10,367		6,515		7,101		9,937
Capital expenditures⁽¹⁾	(1,707	)	(45	)	(51	)	(459	)	(95	)	(93	)	(236	)	(432	)
Repayment of lease liabilities	(553	)	(412	)	(412	)	(728	)	(803	)	(743	)	(769	)	(689	)
Free Cash Flow	5,396		7,463		11,028		7,290		9,469		5,679		6,096		8,816
Weighted average shares – basic (thousands)	80,603		80,685		80,834		81,067		81,314		81,476		81,887		82,753
Free Cash Flow per share – basic	0.07		0.09		0.14		0.09		0.12		0.07		0.07		0.11
Funds flow from operations per share- basic	0.09		0.10		0.14		0.10		0.13		0.08		0.09		0.12

^{(1) Capital expenditures include cash consideration for USI acquisition in Q4 2023.}

Free Cash Flow per share increased by 22% for the three months ended December 31, 2024, and decreased by 22% for the nine months ended December 31, 2024, as compared to the three and nine months ended December 31, 2023, respectively. The increase in Free Cash Flow for the three months ended December 31, 2024, primarily relates to an increase in net income and decrease in the repayment of lease liabilities relating to timing of payments as the BHV office lease in Houston concluded during the period. The decrease in Free Cash Flow for the nine months ended December 31, 2024, primarily relates to a decrease in net income and increase in repayment of lease liabilities compared to the prior year comparative period as a result of the acquisition of BHV.

Adjusted EBITDA and Adjusted EBITDA Margin

	Reservoir & Production Solutions				Seismic Solutions				Consolidated
Three months ended December 31, ($ thousands)	2024		2023		2024		2023		2024		2023
Net income (loss)	5,496		3,918		4,110		1,692		9,606		5,610
Add (deduct):
Depreciation and amortization	1,460		1,449		807		106		2,267		1,555
Stock-based compensation	(82	)	2,974		3		–		(79	)	2,974
Acquisition related expenses	1,533		146		54		551		1,587		697
Loss on contingent consideration	150		–		–		–		150		–
Income and other tax expense	2,497		1,805		1,065		702		3,562		2,507
Interest income	(474	)	(982	)	(179	)	(2	)	(653	)	(984)
Foreign exchange loss (gain)	(1,146	)	701		(781	)	(59	)	(1,927	)	642
Repayment of lease liabilities	(431	)	(428	)	(258	)	(300	)	(689	)	(728	)
Adjusted EBITDA ⁽¹⁾	9,003		9,583		4,821		2,689		13,824		12,272
Adjusted EBITDA Margin ⁽¹⁾	42	%	44	%	34	%	24	%	39	%	37	%

^{(1) This is a non-IFRS financial measure. Refer to definition of the measures above.}

	Reservoir & Production Solutions				Seismic Solutions				Consolidated
Nine months ended December 31, ($ thousands)	2024		2023		2024		2023		2024		2023
Net income (loss)	15,491		17,245		1,842		1,785		17,333		19,030
Add (deduct):
Depreciation and amortization	4,496		3,424		1,601		113		6,097		3,537
Stock-based compensation	3,057		5,370		3		–		3,060		5,370
Acquisition related expenses	1,928		719		423		551		2,351		1,270
Loss on contingent consideration	2,063		–		–		–		2,063		–
Income and other tax expense	5,913		6,288		2,381		740		8,294		7,028
Interest income	(1,934	)	(2,434	)	(358	)	(4	)	(2,292	)	(2,438	)
Foreign exchange loss (gain)	(948	)	752		(558	)	(59	)	(1,506	)	693
Repayment of lease liabilities	(1,292	)	(1,248	)	(909	)	(304	)	(2,201	)	(1,552	)
Adjusted EBITDA ⁽¹⁾	28,774		30,116		4,425		2,822		33,199		32,938
Adjusted EBITDA Margin ⁽¹⁾	43	%	47	%	15	%	24	%	35	%	43	%

^{(1) This is a non-IFRS financial measure. Refer to definition of the measures above.}

Adjusted EBITDA Margin for the three and nine months ended December 31, 2024, was 39% and 35%, respectively, down from 37% and 43% during the period year comparative periods.

The R&P segment’s Adjusted EBITDA Margin is 42% and 43% for the three and nine months ended December 31, 2024, respectively, compared to 44% and 47%, respectively for the three and nine months ended December 31, 2023. The decline in Adjusted EBITDA Margin for the three months ended December 31, 2024, is primarily due to a slight decline in revenue and increase in other corporate costs. The decline in Adjusted EBITDA Margin for the nine months ended December 31, 2024, is primarily due to an increase in headcount and headcount related costs and other corporate costs, partially offset by an increase in total revenues. Refer to the “Operating Expenses” section of this MD&A for further detail on the increase in operating expenses by category.

The Seismic segment’s Adjusted EBITDA Margin for the three and nine months ended December 31, 2024, is 34% and 15%, respectively, compared to 24% for the three and nine months ended December 31, 2023. Seismic Adjusted EBITDA for the three months ended December 31, 2024, increased by 79%, of which 6% is due to growth from acquisitions. The increase in Seismic Adjusted EBITDA not related to growth from acquisitions for the three months ended December 31, 2024, is primarily due to higher revenues and lower G&A expenses. Seismic Adjusted EBITDA for the nine months ended December 31, 2024, increased by 57%, of which there was an 8% decline due to acquisitions. The increase in Seismic Adjusted EBITDA not related to growth from acquisitions for the nine months ended December 31, 2024, is impacted by the same reasons as the three months ended December 31, 2024. The decrease in Seismic Adjusted EBITDA due to decline from acquisitions for the nine months ended December 31, 2024, is primarily due to negative Adjusted EBITDA in the first six months of fiscal 2025, influenced by revenue recognition being skewed to the last two quarters of the fiscal year. Contract renewals in the Seismic segment typically occur in the third and fourth quarters, resulting in Adjusted EBITDA fluctuation on a quarterly basis. As a result of annuity license fee revenue recognition being skewed towards the last two quarters of the fiscal year, Adjusted EBITDA is expected to be lower in the first and second quarters of the fiscal year.

Condensed Consolidated Statements of Financial Position

UNAUDITED (thousands of Canadian $)	December 31, 2024		March 31, 2024		April 1, 2023

Assets
Current assets:
Cash	39,731		63,083		66,850
Restricted cash	194		142		–
Trade and other receivables	43,193		36,550		23,910
Prepaid expenses	2,267		2,321		1,060
Prepaid income taxes	647		3,841		444
	86,032		105,937		92,264
Intangible assets	59,919		23,683		1,321
Right-of-use assets	28,969		29,072		30,733
Property and equipment	9,808		9,877		10,366
Goodwill	14,850		4,399		–
Deferred tax asset	97		–		2,444
Total assets	199,675		172,968		137,128
Liabilities and shareholders’ equity
Current liabilities:
Trade payables and accrued liabilities	16,420		18,551		11,126
Income taxes payable	2,842		2,136		33
Acquisition holdback payable	7,214		2,292		–
Acquisition earnout	3,782		–		–
Deferred revenue	34,822		41,120		34,797
Lease liabilities	2,298		2,566		1,829
Government loan	299		–		–
	67,677		66,665		47,785
Lease liabilities	35,144		34,395		36,151
Stock-based compensation liabilities	252		624		742
Government loan	1,169		–		–
Acquisition earnout	–		1,503		–
Acquisition holdback payable	1,213		–		–
Other long-term liabilities	213		305		–
Deferred tax liabilities	12,303		1,661		–
Total liabilities	117,971		105,153		84,678
Shareholders’ equity:
Share capital	94,255		87,304		81,820
Contributed surplus	15,452		15,667		15,471
Cumulative translation adjustment	1,745		(367	)	–
Deficit	(29,748	)	(34,789	)	(44,841	)
Total shareholders’ equity	81,704		67,815		52,450
Total liabilities and shareholders’ equity	199,675		172,968		137,128

Condensed Consolidated Statements of Operations and Comprehensive Income

	Three months ended December 31				Nine months ended December 31
UNAUDITED (thousands of Canadian $ except per share amounts)	2024		2023		2024		2023

Revenue Cost of revenue	35,773 6,307		33,007 6,356		95,763 18,191		76,388 10,754
Gross profit	29,466		26,651		77,572		65,634

Operating expenses
Sales and marketing	4,363		4,857		13,523		10,596
Research and development	7,340		7,253		22,013		16,072
General and administrative	6,546		6,324		16,723		13,259
	18,249		18,434		52,259		39,927
Operating profit	11,217		8,217		25,313		25,707

Finance income	2,580		986		3,798		2,438
Finance costs	(479	)	(1,086	)	(1,421	)	(2,087	)
Change in fair value of contingent consideration	(150	)	–		(2,063	)	–
Profit before income and other taxes	13,168		8,117		25,627		26,058
Income and other taxes	3,562		2,507		8,294		7,028

Net income for the period	9,606		5,610		17,333		19,030

Other comprehensive income:
Foreign currency translation adjustment	1,402		(453	)	2,112		(449	)
Other comprehensive income	1,402		(453	)	2,112		(449	)
Total comprehensive income	11,008		5,157		19,445		18,581

Net income per share – basic	0.12		0.07		0.21		0.24
Net income per share – diluted	0.12		0.07		0.21		0.23
Dividend per share	0.05		0.05		0.15		0.15

Condensed Consolidated Statements of Cash Flows

	Three months ended December 31				Nine months ended December 31
UNAUDITED (thousands of Canadian $)	2024		2023		2024		2023

Operating activities
Net income	9,606		5,610		17,333		19,030
Adjustments for:
Depreciation and amortization of property, equipment, right- of use assets	1,262		890		3,763		2,686
Amortization of intangible assets	1,005		665		2,334		851
Deferred income tax expense (recovery)	(150	)	1,104		(228	)	3,082
Stock-based compensation	(641	)	513		(855	)	2,222
Foreign exchange and other non-cash items	(1,295	)	(305	)	(857	)	17
Change in fair value of contingent consideration	150		–		2,063		–
Funds flow from operations	9,937		8,477		23,553		27,888
Movement in non-cash working capital:
Trade and other receivables	(3,827	)	(5,413	)	(1,981	)	(2,112	)
Trade payables and accrued liabilities	(645	)	2,413		(3,712	)	24
Prepaid expenses and other assets	85		(639	)	193		(349	)
Income taxes receivable (payable)	1,567		(181	)	3,678		(1,432	)
Deferred revenue	1,149		(4,214	)	(7,697	)	(9,351	)
Change in non-cash working capital	(1,671	)	(8,034	)	(9,519	)	(13,220	)
Net cash provided by (used in) operating activities	8,266		443		14,034		14,668

Financing activities
Repayment of acquired line of credit	–		–		–		(2,012	)
Repayment of government loan	(63	)	–		(63	)	–
Proceeds from issuance of common shares	2,395		1,783		5,124		2,996
Repayment of lease liabilities	(689	)	(364	)	(2,201	)	(1,188	)
Dividends paid	(4,115	)	(4,059	)	(12,292	)	(12,140	)
Net cash used in financing activities	(2,472	)	(2,640	)	(9,432	)	(12,344	)

Investing activities
Corporate acquisition, net of cash acquired	(27,071	)	157		(27,071	)	(22,893	)
Change in non-cash working capital	–		(517	)	–		(517	)
Property and equipment additions	(432	)	(459	)	(761	)	(555	)
Repayment of acquisition holdback payable	(2,130	)	–		(2,130	)	–
Net cash used in investing activities	(29,633	)	(819	)	(29,962	)	(23,965	)

Increase (decrease) in cash	(23,839	)	(3,016	)	(25,360	)	(21,641	)
Effect of foreign exchange on cash	2,197		(26	)	2,008		(26	)
Cash, beginning of period	61,373		48,225		63,083		66,850
Cash, end of period	39,731		45,183		39,731		45,183

Supplementary cash flow information
Interest received	653		986		2,292		2,438
Interest paid	479		444		1,421		1,394
Income taxes paid	2,128		1,071		7,853		5,429

CORPORATE PROFILE

CMG Group (TSX:CMG) is a global software and consulting company that combines science and technology with deep industry expertise to solve complex subsurface and surface challenges for the new energy industry around the world. The Company is headquartered in Calgary, AB, with offices in Houston, Oslo, Stavanger, Kaiserslautern, Oxford, Dubai, Bogota, Rio de Janeiro, Bengaluru, and Kuala Lumpur. For more information, please visit www.cmgl.ca.

QUARTERLY FILINGS AND RELATED QUARTERLY FINANCIAL INFORMATION

Management’s Discussion and Analysis (“MD&A”) and condensed consolidated interim financial statements and the notes thereto for the three and nine months ended December 31, 2024, can be obtained from our website www.cmgl.ca. The documents will also be available under CMG Group’s SEDAR profile www.sedarplus.ca.

For investor inquiries, please contact:
Kim MacEachern
Director, Investor Relations
cmg-investors@cmgl.ca

For media inquiries, please contact:
marketing@cmgl.ca

Cautionary Note Regarding Forward-Looking Statements

This press release contains “forward-looking statements”. Forward-looking statements can be identified by words such as: “anticipate”, “intend”, “plan”, “goal”, “seek”, “believe”, “project”, “estimate”, “expect”, “strategy”, “future”, “likely”, “may”, “should”, “will”, and similar references to future periods. Examples of forward-looking statements include, among others, statements we make regarding the benefits of the acquired technology, the ongoing development thereof; and the ability of data analytics to improve efficiency, cut costs and reduce risks.

Forward-looking statements are neither historical facts nor assurances of future performance. Instead, they are based only on our current beliefs, expectations, and assumptions regarding the future of our business, future plans and strategies, projections, anticipated events and trends, the economy and other future conditions. Because forward-looking statements relate to the future, they are subject to inherent uncertainties, risks and changes in circumstances that are difficult to predict and many of which are outside of our control. Our actual results and financial condition may differ materially from those indicated in the forward-looking statements. Therefore, you should not rely on any of these forward-looking statements. Important factors that could cause our actual results and financial condition to differ materially from those indicated in the forward-looking statements are detailed in the companies’ public filings.

Any forward-looking statement made by us in this press release is based only on information currently available to us and speaks only as of the date on which it is made. Except as required by applicable securities laws, we undertake no obligation to publicly update any forward-looking statement, whether written or oral, that may be made from time to time, whether as a result of new information, future developments or otherwise.

The MIL Network –

February 12, 2025

MIL-OSI: Quick Custom Intelligence (QCI) Expands Global Footprint to 17 Countries, pursues Business Development in 10 More

Source: GlobeNewswire (MIL-OSI)

SAN DIEGO, Feb. 11, 2025 (GLOBE NEWSWIRE) — Quick Custom Intelligence (QCI) continues its rapid expansion, now operating in 17 countries while actively developing business opportunities in 10 additional markets. This growth, combined with QCI’s presence across 30 U.S. states and 90 tribal nations, cements the company’s position as a global leader in casino and resort intelligence.

“Our expansion into 17 countries is a testament to the universal value of our solutions,” said Andrew Cardno, CTO and Co-Founder of QCI. “We are seeing a clear validation of our business model across diverse markets, proving that our technology can adapt to regional needs while maintaining its core strength in data-driven decision-making. As we continue to grow, our focus remains on delivering unparalleled analytics that drive operational excellence.”

A key factor in QCI’s success has been the introduction of generative cognitive offloading, allowing operators to streamline complex decision-making by leveraging real-time data intelligence without the burden of manual query building. The Chatalytics™ graph and query builders have been particularly well received, providing a revolutionary way for operators to interact with their data using natural language and intuitive visualizations. This next-generation tooling ensures that decision-makers can effortlessly explore insights, refine queries, and drive actions with unprecedented speed and accuracy.

QCI’s expansion is bolstered by its strong partnerships, including Modulus, a leading international technology firm.

“This level of global adoption underscores the effectiveness of QCI’s platform in optimizing gaming and hospitality operations,” said Marc Attal, COO of Modulus. “We are excited to see QCI’s solutions enhancing data activation, operational efficiency, and customer engagement across multiple continents. The ability to offload complex analytical tasks onto generative cognitive models, coupled with Chatalytics’ intuitive graph and query builders, is transforming how operators interact with their data.”

With an increasing presence across North America, Europe, Asia, and beyond, QCI is at the forefront of innovation, empowering gaming and resort operators with generative cognitive offloading, intuitive query-building tools, and real-time data activation.

ABOUT Modulus Group
As one of the world’s largest independent gaming management system providers, Modulus operates across 40 countries spanning Europe, Africa, South America, Canada, and Asia. Our multilingual suite of management software empowers gaming operators to optimize revenues and efficiently manage costs. With headquarters in Monaco and offices in France and Austria, along with partner offices in South Africa, Latin America, and Asia, our dedicated team of R&D and support professionals ensures the highest levels of customer engagement and product development. Explore the innovative technology of SYSTM Connect, enhancing player experiences and delivering fast, reliable network communication. Visit our website at www.modulusgroup.eu.

ABOUT QCI
Quick Custom Intelligence (QCI) has pioneered the revolutionary QCI Enterprise Platform, an artificial intelligence platform that seamlessly integrates player development, marketing, and gaming operations with powerful, real-time tools designed specifically for the gaming and hospitality industries. Our advanced, highly configurable software is deployed in over 250 casino resorts across North America, Australia, New Zealand, Canada, Latin America, and The Bahamas. The QCI AGI Platform, which manages more than $35 billion in annual gross gaming revenue, stands as a best-in-class solution, whether on-premises, hybrid, or cloud-based, enabling fully coordinated activities across all aspects of gaming or hospitality operations. QCI’s data-driven, AI-powered software propels swift, informed decision-making vital in the ever-changing casino industry, assisting casinos in optimizing resources and profits, crafting effective marketing campaigns, and enhancing customer loyalty. QCI was co-founded by Dr. Ralph Thomas and Mr. Andrew Cardno and is based in San Diego, with additional offices in Las Vegas, St. Louis, Dallas, and Tulsa. Main phone number: (858) 299.5715. Visit us at www.quickcustomintelligence.com.

ABOUT Andrew Cardno
Andrew Cardno is a distinguished figure in the realm of artificial intelligence and data plumbing. With over two decades spearheading private Ph.D. and master’s level research teams, his expertise has made significant waves in data tooling. Andrew’s innate ability to innovate has led him to devise numerous pioneering visualization methods. Of these, the most notable is the deep zoom image format, a groundbreaking innovation that has since become a cornerstone in the majority of today’s mapping tools. His leadership acumen has earned him two coveted Smithsonian Laureates, and teams under his mentorship have clinched 40 industry awards, including three pivotal gaming industry transformation awards. Together with Dr. Ralph Thomas, the duo co-founded Quick Custom Intelligence, amplifying their collaborative innovative capacities. A testament to his inventive prowess, Andrew boasts over 150 patent applications. Across various industries—be it telecommunications with Telstra Australia, retail with giants like Walmart and Best Buy, or the medical sector with esteemed institutions like City Of Hope and UCSD—Andrew’s impact is deeply felt. He has enriched the literature with insights, co-authoring eight influential books with Dr. Thomas and contributing to over 100 industry publications. An advocate for community and diversity, Andrew’s work has touched over 100 Native American Tribal Resorts, underscoring his expansive and inclusive professional endeavors.

Contact:
Laurel Kay, Quick Custom Intelligence
Phone: 858-349-8354

The MIL Network –

February 12, 2025

MIL-OSI: Anterix Inc. Reports Third Quarter Fiscal Year 2025 Results

Source: GlobeNewswire (MIL-OSI)

WOODLAND PARK, N.J., Feb. 11, 2025 (GLOBE NEWSWIRE) — Anterix (NASDAQ: ATEX) today announced its third quarter fiscal 2025 results and filed its Form 10-Q for the three and nine months ended December 31, 2024. The Company also issued an update on its Demonstrated Intent metric which can be found on Anterix’s website at https://investors.anterix.com/Q32025.

Financial and Operational Highlights

Tom Kuhn appointed as Executive Chairman of the Board following the retirement of Morgan O’Brien
Industry engagement initiative announced in February 2025 to accelerate private wireless broadband opportunity
Strategic review process initiated in February 2025 after receiving inbound interest in the Company
Cash and cash equivalents of $28.8 million as of December 31, 2024
Approximately $147 million of contracted proceeds outstanding with $1.0 million received from Ameren Corporation in October 2024 and $34.0 million received from Oncor Electric Delivery Company in January 2025
Projected operating expenses run rate reduction of approximately 20% planned for fiscal 2026
Approximately $3 billion pipeline of prospective contract opportunities across 60+ potential customers

Liquidity and Balance Sheet

At December 31, 2024, the Company had no debt and cash and cash equivalents of $28.8 million. In addition, the Company had a restricted cash balance of $7.6 million in escrow deposits.

The Company has an authorized share repurchase program for up to $250.0 million of the Company’s common stock on or before September 21, 2026. In the fiscal third quarter of 2025, Anterix had share repurchase activity of $4.4 million and approximately $229.6 million remains under the current share repurchase program as of December 31, 2024.

Conference Call Information

Anterix senior management will hold an analyst and investor conference call to provide a business update at 9:00 A.M. ET on Wednesday February 12, 2025. Participants interested in joining the call’s live question and answer session are required to pre-register by clicking here to obtain a dial-in number and unique PIN. It is recommended that you join the call at least 10 minutes before the conference call begins. The call is also being webcast live and will be accessible on the Investor Relations section of Anterix’s website at https://investors.anterix.com/events-presentations. Following the event, a replay of the call will also be available on the Anterix website.

About Anterix Inc.

At Anterix, we partner with leading utilities and technology companies to harness the power of 900 MHz broadband for modernized grid solutions. Leading an ecosystem of more than 100 members, we offer utility-first solutions to modernize the grid and solve the challenges that utilities are facing today. As the largest holder of licensed spectrum in the 900 MHz band (896-901/935-940 MHz) throughout the contiguous United States, plus Alaska, Hawaii, and Puerto Rico, we are uniquely positioned to enable private wireless broadband solutions that support cutting-edge advanced communications capabilities for a cleaner, safer, and more secure energy future. To learn more and join the 900 MHz movement, please visit www.anterix.com.

Forward-Looking Statements

Certain statements contained in this press release constitute forward-looking statements within the meaning of the federal securities laws that involve risks and uncertainties. Forward-looking statements include, without limitation, any statement that may predict, forecast, indicate or imply future events or achievements such as statements in this press release related to Anterix’s business or financial results or outlook. Actual events or results may differ materially from those contemplated in this press release. Forward-looking statements speak only as of the date they are made and readers are cautioned not to put undue reliance on such statements, as they are subject to a number of risks and uncertainties that could cause Anterix’s actual future results to differ materially from results indicated in the forward-looking statement. Such statements are based on assumptions that could cause actual results to differ materially from those in the forward-looking statements, including: (i) the timing of payments under customer agreements; (ii) Anterix’s ability to clear the 900 MHz Broadband Spectrum on a timely basis and on commercially reasonable terms; (iii) Anterix’s ability to qualify for and timely secure broadband licenses; (iv) Anterix’s ability to execute on its industry engagement initiatives; (v) the timing and outcome of Anterix’s strategic review process; (vi) whether Anterix will be able to identify, develop or execute on any actions as a result of its strategic review process and (vii) competition in the market for spectrum and spectrum solutions offered by Anterix. Actual events or results may differ materially from those contemplated in this press release. Anterix’s filings with the Securities and Exchange Commission (“SEC”), which you may obtain for free at the SEC’s website at http://www.sec.gov, discuss some of the important risk factors that may affect the Company’s financial outlook, business, results of operations and financial condition. Anterix undertakes no obligation to update publicly or revise any forward-looking statements contained herein.

Shareholder Contact

Natasha Vecchiarelli
Vice President, Investor Relations & Corporate Communications
Anterix
973-531-4397
nvecchiarelli@anterix.com


Anterix Inc. Earnings Release Tables Consolidated Balance Sheets (in thousands, except share and per share data)

	December 31, 2024			March 31, 2024
	(Unaudited)
ASSETS
Current assets
Cash and cash equivalents	$	28,797		$	60,578
Spectrum receivable		8,147			8,521
Escrow deposits		198			—
Prepaid expenses and other current assets		3,139			3,912
Total current assets		40,281			73,011
Escrow deposits		7,433			7,546
Property and equipment, net		1,579			2,062
Right of use assets, net		4,717			4,432
Intangible assets		246,215			216,743
Deferred broadband costs		25,976			19,772
Other assets		478			1,328
Total assets	$	326,679		$	324,894
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities
Accounts payable and other accrued expenses	$	9,009		$	8,631
Accrued severance and other related charges		2,290			—
Operating lease liabilities		1,745			1,850
Contingent liability		5,397			1,000
Deferred revenue		5,962			6,470
Total current liabilities		24,403			17,951
Operating lease liabilities		3,609			3,446
Contingent liability		22,033			15,000
Deferred revenue		120,099			115,742
Deferred gain on sale of intangible assets		4,911			4,911
Deferred income tax		6,736			6,281
Other liabilities		143			531
Total liabilities		181,934			163,862
Commitments and contingencies
Stockholders’ equity
Preferred stock, $0.0001 par value per share, 10,000,000 shares authorized and no shares outstanding at December 31, 2024 and March 31, 2024		—			—
Common stock, $0.0001 par value per share, 100,000,000 shares authorized and 18,586,786 shares issued and outstanding at December 31, 2024 and 18,452,892 shares issued and outstanding at March 31, 2024		2			2
Additional paid-in capital		543,939			533,203
Accumulated deficit		(399,196	)		(372,173	)
Total stockholders’ equity		144,745			161,032
Total liabilities and stockholders’ equity	$	326,679		$	324,894


Anterix Inc. Earnings Release Tables Consolidated Statements of Operations (Unaudited, in thousands, except share and per share data)

	Three months ended December 31,						Nine months ended December 31,
		2024			2023			2024			2023
Spectrum revenue	$	1,566		$	1,271		$	4,642		$	2,931
Operating expenses
General and administrative		9,203			11,252			33,451			34,830
Sales and support		1,309			1,380			4,516			3,965
Product development		1,120			1,238			4,646			3,454
Severance and other related charges		3,513			—			3,513			—
Depreciation and amortization		142			198			472			653
Operating expenses		15,287			14,068			46,598			42,902
Gain on disposal of intangible assets, net		(20,753	)		(13,737	)		(20,846	)		(33,035	)
Gain on sale of intangible assets, net		—			(32	)		—			(7,364	)
Loss from disposal of long-lived assets, net		—			3			—			39
Gain (loss) from operations		7,032			969			(21,110	)		389
Interest income		434			666			1,713			1,448
Other income		10			31			35			189
Income (loss) before income taxes		7,476			1,666			(19,362	)		2,026
Income tax (benefit) expense		(234	)		1,338			1,218			1,743
Net income (loss)	$	7,710		$	328		$	(20,580	)	$	283
Net income (loss) per common share basic	$	0.41		$	0.02		$	(1.11	)	$	0.02
Net income (loss) per common share diluted	$	0.41		$	0.02		$	(1.11	)	$	0.01
Weighted-average common shares used to compute basic net income (loss) per share		18,609,736			18,704,400			18,557,453			18,858,472
Weighted-average common shares used to compute diluted net income (loss) per share		18,783,445			18,916,246			18,557,453			19,082,867


Anterix Inc. Earnings Release Tables Consolidated Statements of Cash Flows (Unaudited, in thousands)

	Three months ended December 31,						Nine months ended December 31,
		2024			2023			2024			2023
CASH FLOWS FROM OPERATING ACTIVITIES
Net income (loss)	$	7,710		$	328		$	(20,580	)	$	283
Adjustments to reconcile net income (loss) to net cash (used in) provided by operating activities
Depreciation and amortization		142			198			472			653
Stock compensation expense		2,865			3,921			10,619			12,024
Deferred income taxes		(934	)		519			455			892
Right of use assets		394			(1,803	)		1,226			(1,258	)
Gain on disposal of intangible assets, net		(20,753	)		(13,737	)		(20,846	)		(33,035	)
Gain on sale of intangible assets, net		—			(32	)		—			(7,364	)
Loss from disposal of long-lived assets, net		—			3			—			39
Changes in operating assets and liabilities
Prepaid expenses and other assets		(260	)		(466	)		1,265			322
Accounts payable and accrued expenses		1,920			1,214			383			1,588
Accrued severance and other related charges		2,290			—			2,290			—
Due to related parties		—			—			—			(533	)
Operating lease liabilities		(421	)		1,700			(1,453	)		941
Contingent liability		—			15,000			10,000			15,000
Deferred revenue		(566	)		26,795			3,849			46,301
Other liabilities		(86	)		—			(388	)		—
Net cash (used in) provided by operating activities		(7,699	)		33,640			(12,708	)		35,853
CASH FLOWS FROM INVESTING ACTIVITIES
Purchases of intangible assets, including refundable deposits, retuning costs and swaps		(1,717	)		(4,732	)		(12,621	)		(14,809	)
Proceeds from sale of spectrum		—			249			—			25,427
Purchases of equipment		—			(55	)		(41	)		(267	)
Net cash (used in) provided by investing activities		(1,717	)		(4,538	)		(12,662	)		10,351
CASH FLOWS FROM FINANCING ACTIVITIES
Proceeds from stock option exercises		—			—			1,960			7
Repurchases of common stock		(4,416	)		(7,971	)		(6,443	)		(18,706	)
Payments of withholding tax on net issuance of restricted stock		(477	)		(115	)		(1,843	)		(1,137	)
Net cash used in financing activities		(4,893	)		(8,086	)		(6,326	)		(19,836	)
Net change in cash and cash equivalents and restricted cash		(14,309	)		21,016			(31,696	)		26,368
CASH AND CASH EQUIVALENTS AND RESTRICTED CASH
Cash and cash equivalents and restricted cash at beginning of the period		50,737			48,534			68,124			43,182
Cash and cash equivalents and restricted cash at end of the period	$	36,428		$	69,550		$	36,428		$	69,550

	Three months ended December 31,				Nine months ended December 31,
		2024		2023		2024		2023
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION
Cash paid during the period:
Taxes paid, including excise tax	$	173	$	—	$	1,058	$	1
Operating leases paid	$	533	$	580	$	1,732	$	1,732
Non-cash investing activity:
Network equipment provided in exchange for wireless licenses	$	—	$	48	$	47	$	616
Narrowband spectrum licenses received in connection with the LCRA Agreement	$	1,430	$	—	$	1,430	$	—
Deferred gain on sale of intangible assets	$	—	$	22	$	—	$	4,911
Derecognition of contingent liability related to sale of intangible assets	$	—	$	409	$	—	$	19,249
Right of use assets new leases	$	—	$	333	$	290	$	439
Right of use assets modifications and renewals	$	124	$	1,830	$	1,221	$	1,885

The following tables provide a reconciliation of cash and cash equivalents and restricted cash reported on the Consolidated Balance Sheets that sum to the total of the same such amounts on the Consolidated Statements of Cash Flows:
	December 31, 2024		September 30, 2024		March 31, 2024
Cash and cash equivalents	$	28,797	$	43,129	$	60,578
Escrow deposits		7,631		7,608		7,546
Total cash and cash equivalents and restricted cash	$	36,428	$	50,737	$	68,124

	December 31, 2023		September 30, 2023		March 31, 2023
Cash and cash equivalents	$	62,033	$	48,534	$	43,182
Escrow deposits		7,517		—		—
Total cash and cash equivalents and restricted cash	$	69,550	$	48,534	$	43,182


Anterix Inc. Earnings Release Tables Other Financial Information (Unaudited, in thousands except per share data)

	Three months ended December 31,				Nine months ended December 31,
		2024		2023		2024		2023
Number of shares repurchased and retired		132		230		195		563
Average price paid per share*	$	33.59	$	34.77	$	32.83	$	33.62
Total cost to repurchase	$	4,416	$	7,971	$	6,443	$	18,706

* Average price paid per share includes costs associated with the repurchases.

As of December 31, 2024, $229.6 million is remaining under the share repurchase program.

The MIL Network –

February 12, 2025

MIL-OSI: Oxbridge / SurancePlus to Participate in Digital Assets 2025 Virtual Conference Presented by Maxim Group LLC on February 12th

Source: GlobeNewswire (MIL-OSI)

GRAND CAYMAN, Cayman Islands, Feb. 11, 2025 (GLOBE NEWSWIRE) — Oxbridge Re Holdings Limited (Nasdaq: OXBR) (“Oxbridge Re”), together with its subsidiary SurancePlus, is engaged in the tokenization of Real-World Assets (“RWAs”), initially with tokenized reinsurance securities, and in providing reinsurance solutions to property and casualty insurers in the Gulf Coast region of the United States, today announced its CEO and Chairman Jay Madhu will participate in an exclusive fireside chat at the Maxim Digital Assets Conference. Jay will be joined by Allen Klee, Managing Director, Equity Research Analyst, TMT at Maxim Group.

Event Details: Oxbridge / SurancePlus CEO and Maxim Analyst Fireside Chat
Date: Wednesday, February 12, 2025
Time: 2:30 PM – 3:00 PM (EST)
Location: This conference will be live on M-Vest. To attend, sign up to become an M-Vest member.
Click here to learn more and reserve your seat.

Our company will be taking part in the “Digital Assets 2025” Virtual Conference. Matthew Galinko, Research Analyst at Maxim Group, will sit down with companies in the digital asset ecosystem, including digital asset miners, equipment providers, and corporate adopters of digital assets as a treasury strategy. We will discuss the evolution of the industry and prospects in the new year with regulatory changes expected in the months ahead.

Key Highlights of Our Discussion:

Oxbridge’s Role in the Digital Asset Ecosystem: Through our RWA/Web3 subsidiary, SurancePlus, we are pioneering the tokenization of Real-World Assets (RWAs), with a focus on tokenized reinsurance securities.
Groundbreaking Initiatives in Reinsurance and Blockchain Technology: How Oxbridge / SurancePlus is democratizing access to reinsurance investments, traditionally reserved for institutional investors and ultra-high-net-worth individuals.
Leveraging RWA Tokenization: Highlighting SurancePlus’ strategy to deliver uncorrelated, high-yield investment opportunities, targeting annual returns of 42% and 20%.
Pioneering Tokenized Reinsurance Securities: Showcasing Oxbridge / SurancePlus’ leadership in bringing reinsurance securities onto the blockchain, transforming how these assets are accessed and traded.
Diversification Through Digital Assets: Offering insights into Oxbridge’s recent strategic decision to include digital assets as part of its treasury reserve, aligning our financial strategy with the evolving digital economy.

Jay Madhu, CEO of Oxbridge, commented, “I look forward to joining Allen Klee at the Maxim Digital Assets Conference to discuss how Oxbridge and SurancePlus are reshaping the future of reinsurance through blockchain technology. Our tokenized reinsurance securities not only represent a transformative shift in the industry but also create compelling value for our investors.”

Investors and industry enthusiasts are encouraged to tune in to gain firsthand insights into Oxbridge’s strategic vision, growth trajectory, and how its innovative approach is positioned to capitalize on the RWA market opportunity.

About Oxbridge Re Holdings Limited

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

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

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

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

About Maxim Group LLC

Maxim Group LLC is a full-service investment banking, securities and wealth management firm headquartered in New York. The Firm provides a full array of financial services including investment banking; private wealth management; and global institutional equity, fixed-income and derivatives sales & trading, equity research and prime brokerage services. Maxim Group is a registered broker-dealer with the U.S. Securities and Exchange Commission (SEC) and the Municipal Securities Rulemaking Board (MSRB) and is a member of FINRA SIPC, and NASDAQ. To learn more about Maxim Group, visit maximgrp.com

Forward-Looking Statements

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

#JayMadhu #Oxbridge #SurancePlus #OXBR #OXBRW #Reinsurance #NASDAQ #Blockchain #RWA #Web3 #OxbridgeRe

The MIL Network –

February 12, 2025

MIL-OSI: Tim Pool Joins Rumble & Brings His Exclusive Timcast show to Rumble Premium

Source: GlobeNewswire (MIL-OSI)

LONGBOAT KEY, Fla., Feb. 11, 2025 (GLOBE NEWSWIRE) — Rumble (NASDAQ:RUM), the video-sharing platform and cloud services provider, today announced that popular content creator Tim Pool is bringing his programming to Rumble, with much of it becoming available exclusively on Rumble Premium. The content is available on Rumble as of February 11, 2025.

“We are thrilled to welcome Tim Pool to Rumble and look forward to his blunt and insightful commentary and conversations with interesting guests on topics people care about,” said Rumble Chief Executive Officer Chris Pavlovski. “Rumble is the new home for exclusive content from the creators who have the biggest and most active followings. We are proud to welcome Tim Pool and his viewers to Rumble.”

“We could not be more excited to join Rumble, the home of honest and real conversations,” Pool said. “Working together we will expand our exclusive programs to sports, gaming, and feature length documentaries as we make history as the premiere location for authentic voices and content.”

Pool is bringing a variety of his productions to Rumble, including Timcast.com content, which will be available exclusively to Rumble Premium subscribers or to those who are already Timcast members. In addition, the show Timcast IRL will be available on the Rumble platform five days each week, while The Culture War will post on Rumble once per week.

ABOUT RUMBLE

Rumble is a high-growth video platform and cloud services provider that is creating an independent infrastructure. Rumble’s mission is to restore the internet to its roots by making it free and open once again. For more information, visit: corp.rumble.com.

Contact: press@rumble.com

The MIL Network –

February 12, 2025

MIL-OSI: CNB Financial Corporation Announces Quarterly Dividend For Common Stock

Source: GlobeNewswire (MIL-OSI)

CLEARFIELD, Pa., Feb. 11, 2025 (GLOBE NEWSWIRE) — The Board of Directors of CNB Financial Corporation (Nasdaq: CCNE) declared a quarterly cash dividend of $0.18 per share of common stock payable on March 14, 2025 to common stock shareholders of record as of February 28, 2025.

CNB Financial Corporation is a financial holding company with consolidated assets of approximately $6.2 billion. CNB Financial Corporation conducts business primarily through its principal subsidiary, CNB Bank. CNB Bank is a full-service bank engaging in a full range of banking activities and services, including trust and wealth management services, for individual, business, governmental, and institutional customers. CNB Bank operations include a private banking division, one drive-up office, one mobile office, and 55 full-service offices in Pennsylvania, Ohio, New York, and Virginia. CNB Bank, headquartered in Clearfield, Pennsylvania, with offices in Central and North Central Pennsylvania, serves as the multi-brand parent to various divisions. These divisions include ERIEBANK, based in Erie, Pennsylvania, with offices in Northwest Pennsylvania and Northeast Ohio; FCBank, based in Worthington, Ohio, with offices in Central Ohio; BankOnBuffalo, based in Buffalo, New York, with offices in Western New York; Ridge View Bank, based in Roanoke, Virginia, with offices in the Southwest Virginia region; and Impressia Bank, a division focused on banking opportunities for women, which operates in CNB Bank’s primary market areas. Additional information about CNB Financial Corporation may be found at www.CNBBank.bank.

The MIL Network –

February 12, 2025

MIL-OSI: Evolution Petroleum Reports Fiscal Second Quarter 2025 Results and Declares Quarterly Cash Dividend for Fiscal Third Quarter

Source: GlobeNewswire (MIL-OSI)

– Fiscal Q2 Production Up 10% Y/Y to 6,935 Average BOEPD –
– Declares Quarterly Dividend of $0.12 for Fiscal Third Quarter 2025 –

HOUSTON, Feb. 11, 2025 (GLOBE NEWSWIRE) — Evolution Petroleum Corporation (NYSE American: EPM) (“Evolution” or the “Company”) today announced its financial and operating results for its fiscal second quarter ended December 31, 2024. The Company’s diversified portfolio continues to deliver production growth, with fiscal Q2 volumes increasing 10% year-over-year to 6,935 BOEPD. Further reinforcing its commitment to shareholder returns, Evolution declared its 46^th consecutive quarterly cash dividend of $0.12 per common share for the fiscal 2025 third quarter.

Financial & Operational Highlights


($ in thousands)	Q2 2025			Q2 2024		Q1 2025		% Change vs Q2/Q2		% Change vs Q2/Q1		2025 YTD			2024 YTD		% Change vs YTD’24
Average BOEPD		6,935			6,304		7,478	10	%	(7	)%		7,212			6,380	13	%
Revenues	$	20,275		$	21,024	$	21,896	(4	)%	(7	)%	$	42,171		$	41,625	1	%
Net Income⁽¹⁾	$	(1,825	)	$	1,082	$	2,065	NM		NM		$	240		$	2,556	(91	)%
Adjusted Net Income⁽¹⁾⁽²⁾	$	(841	)	$	1,082	$	728	NM		NM		$	(103	)	$	2,556	NM
Adjusted EBITDA⁽³⁾	$	5,688		$	6,832	$	8,125	(17	)%	(30	)%	$	13,813		$	13,535	2	%

^{(1) “NM” means “Not Meaningful.”}
^{(2) Adjusted Net Income is a non-GAAP financial measure; see the non-GAAP reconciliation schedules to the most comparable GAAP measures at the end of this release for more information.}
^{(3) Adjusted EBITDA is Adjusted Earnings Before Interest, Taxes, Depreciation, and Amortization and is a non-GAAP financial measure; see the non-GAAP reconciliation schedules to the most comparable GAAP measures at the end of this release for more information.}

Fiscal Q2 production increased 10% year-over-year to 6,935 average barrels of oil equivalent per day (“BOEPD”), with oil increasing 13%, natural gas increasing 9%, and natural gas liquids (“NGLs”) increasing 9%.
$4.1 million returned to shareholders in the form of cash dividends during the fiscal second quarter of 2025.
Three gross SCOOP/STACK wells brought online during the quarter — currently, 8 wells in progress or permitted.
Subsequent to quarter end, completed drilling two of four gross wells in the 2^nd Chaveroo Field development block and expect to finish drilling the remaining 2 wells in the block by early March.

Kelly Loyd, President and Chief Executive Officer, commented: “Driven by our favorable near and long-term outlook for sustainable cash flow generation from our diversified asset base, we are pleased to announce our 11^th straight dividend at the rate of $0.12 per share for the upcoming quarter, payable March 31, 2025. Despite operational issues and downtime at Chaveroo and Williston, which resulted in approximately 90 BOEPD lower production for the quarter, our balanced portfolio delivered strong year-over-year production growth of 10%. These issues have been resolved, and rates were restored before the end of January. Lower commodity pricing, particularly for natural gas, was the main contributor to a modest revenue decline and net adjusted loss. However, towards the end of the quarter and beyond, we have seen a strong recovery throughout the natural gas futures curve and substantially improved natural gas price realizations to date, while oil and natural gas liquids pricing has remained relatively stable to slightly improved.

We continue to see above-average results from new wells in the SCOOP/STACK area and are excited about new well proposals from several operators within our acreage. We remain very excited about the upcoming four gross wells (two net) in the second development block at Chaveroo. As of today, two of these new wells have been drilled, the third is underway and the fourth will follow immediately thereafter. We expect all four wells to be completed and turned in line during our fiscal fourth quarter.”

Mr. Loyd concluded, “Looking ahead, we remain committed to driving long-term shareholder value with pursuing high-quality, low-decline assets at attractive valuations, expanding our drilling inventory, and maintaining our strong financial foundation. We are evaluating multiple acquisition opportunities that have the potential to enhance our long-term growth strategy and further improve our cash flow generation — all at very compelling valuations that would be materially accretive to earnings. Given our track record of executing disciplined investments, we are confident in our ability to deliver sustainable growth, create value through accretive M&A, and continue supporting our dividend program for years to come.”

Fiscal Second Quarter 2025 Financial Results

Total revenues decreased 4% to $20.3 million compared to $21.0 million in the year-ago quarter. The decline was driven primarily by a 12% decrease in average realized commodity prices which offset an increase in production volumes. The increase in production volumes was largely due to the Company’s SCOOP/STACK acquisitions in February 2024 and subsequent drilling and completion activities, as well as new wells at Chaveroo that came online at the same time.

Lease operating costs (“LOE”) increased to $12.8 million compared to $12.4 million in the year-ago quarter. The overall increase was driven by the addition of the Company’s SCOOP/STACK properties and Chaveroo wells since the prior year period, collectively adding $1.2 million in lease operating costs this quarter. The overall increase was partially offset by the reduction in CO2 purchases at Delhi Field due to maintenance on the pipeline that began in February 2024. CO2 purchases restarted in late October 2024. The increase in production from the Company’s SCOOP/STACK properties and Chaveroo wells, which incur lower relative operating costs compared to other areas, has also driven down LOE on a per-unit basis. On a per unit basis, total LOE decreased 6% to $20.05 per BOE compared to $21.30 per BOE in the year-ago quarter.

Depletion, depreciation, and accretion expense was $5.4 million compared to $4.6 million in the year-ago period. On a per BOE basis, the Company’s current quarter depletion rate increased to $7.87 per BOE compared to $7.31 per BOE in the year-ago period due to an increase in depletable base related to the Company’s SCOOP/STACK acquisitions and capital development expenditures added since the prior fiscal year.

General and administrative (“G&A”) expenses, excluding stock-based compensation, increased slightly to $2.0 million compared to $1.9 million in the year-ago period. On a per BOE basis, G&A expenses decreased to $3.13 compared to $3.34 in the year-ago period. The decrease on a per unit basis is the result of increased production.

The Company reported a net loss of $1.8 million or $(0.06) per share, compared to net income of $1.1 million or $0.03 per share in the year-ago period. Excluding the impact of unrealized losses, adjusted net loss was $0.8 million or $(0.03) per diluted share, compared to adjusted net income of $1.1 million or $0.03 per diluted share in the prior quarter.

Adjusted EBITDA was $5.7 million compared to $6.8 million in the year-ago period. The decrease was primarily due to decreased revenue as a result of lower commodity prices and higher total operating costs due to the SCOOP/STACK acquisitions.

Production & Pricing


Average price per unit:	Q2 2025		Q2 2024		% Change vs Q2/Q2
Crude oil (BBL)	$	65.72	$	73.96	(11)%
Natural gas (MCF)		2.73		3.35	(19)%
Natural Gas Liquids (BBL)		25.90		28.48	(9)%
Equivalent (BOE)		31.78		36.25	(12)%

Total production for the second quarter of fiscal 2025 increased 10% to 6,935 net BOEPD compared to 6,304 net BOEPD in the year-ago period. Total production for the second quarter of fiscal 2025 included 1,946 barrels per day (“BOPD”) of crude oil, 3,848 BOEPD of natural gas, and 1,141 BOEPD of NGLs. The increase in total production was driven by the closing of the Company’s SCOOP/STACK acquisitions in February 2024 and production from the initial three wells in the Chaveroo oilfield coming online at the same time. Total oil and natural gas liquids production generated 71% of revenue for the quarter compared to 69% in the year-ago period.

The Company’s average realized commodity price (excluding the impact of derivative contracts) decreased 12% to $31.78 per BOE, compared to $36.25 per BOE in the year-ago period. These decreases were primarily driven by a decrease of approximately 19% in realized natural gas prices year over year.

Operations Update

At SCOOP/STACK, the Company’s operators brought three gross wells online during fiscal Q2 2025, which is in addition to the seven gross wells brought online during fiscal Q1 2025. Additionally, Evolution has agreed to participate in eight gross new horizontal wells across the acreage. Since the effective date of the acquisitions, a total of 32 gross wells (or 0.5 net wells) have commenced first production.

Chaveroo production for fiscal Q2 was down due to gas interference in the downhole pumps. However, these issues have since been resolved, and production rebounded back to expected rates in January 2025. The Company has preliminarily agreed to six additional horizontal wells in Drilling Block Three, which are anticipated to begin operations in early fiscal 2026. Drilling activities began in January 2025 on the four new gross wells in the Company’s second development block. As of today, Evolution has finished drilling two of the four gross wells and expects to finish drilling the remaining wells by early March.

In the Williston Basin, a compressor failure on a third-party-operated gathering system caused temporary downtime for 30 days at the beginning of fiscal Q2, resulting in reduced natural gas sales for the period. Correspondingly, NGL production saw a decline during this period as well. Oil sales volumes were also negatively impacted during the quarter due to delays in sales of oil at the end of December. Those volumes were subsequently sold in January.

At Delhi, CO2 injections resumed during fiscal Q2 2025, which has positively impacted production. Following the quarter end, one new well has been drilled at Test Site V and the Company is awaiting results.

Balance Sheet, Liquidity, and Capital Spending

On December 31, 2024, cash and cash equivalents totaled $11.7 million, and working capital was $10.5 million. Evolution had $39.5 million of borrowings outstanding under its revolving credit facility, and total liquidity of $22.2 million, including cash and cash equivalents. In fiscal Q2, Evolution paid $4.1 million in common stock dividends and $0.8 million in capital expenditures. During the period ended December 31, 2024, the Company sold a total of approximately 0.4 million shares of its common stock under its At-the-Market Sales Agreement for net proceeds of approximately $2.0 million, after deducting an initial $0.2 million in fees for due diligence incurred with the offering.

Cash Dividend on Common Stock

On February 10, 2025, Evolution’s Board of Directors declared a cash dividend of $0.12 per share of common stock, which will be paid on March 31, 2025, to common stockholders of record on March 14, 2025. This will be the 46^th consecutive quarterly cash dividend on the Company’s common stock since December 31, 2013. To date, Evolution has returned approximately $126.6 million, or $3.81 per share, back to stockholders in common stock dividends.

Conference Call

As previously announced, Evolution Petroleum will host a conference call on Wednesday, February 12, 2025, at 10:00 a.m. CT to review its fiscal second quarter 2025 financial and operating results. Participants can join online at https://event.choruscall.com/mediaframe/webcast.html?webcastid=HS7VesBT or by dialing (844) 481-2813. Dial-in participants should ask to join the Evolution Petroleum Corporation call. A replay will be available through February 12, 2026, via the provided webcast link and on Evolution’s Investor Relations website at www.ir.evolutionpetroleum.com.

About Evolution Petroleum

Evolution Petroleum Corporation is an independent energy company focused on maximizing total shareholder returns through the ownership of and investment in onshore oil and natural gas properties in the U.S. The Company aims to build and maintain a diversified portfolio of long-life oil and natural gas properties through acquisitions, selective development opportunities, production enhancements, and other exploitation efforts. Properties include non-operated interests in the following areas: the SCOOP/STACK plays of the Anadarko Basin in Oklahoma; the Chaveroo Oilfield located in Chaves and Roosevelt Counties, New Mexico; the Jonah Field in Sublette County, Wyoming; the Williston Basin in North Dakota; the Barnett Shale located in North Texas; the Hamilton Dome Field located in Hot Springs County, Wyoming; the Delhi Holt-Bryant Unit in the Delhi Field in Northeast Louisiana; as well as small overriding royalty interests in four onshore Texas wells. Visit www.evolutionpetroleum.com for more information.

Cautionary Statement

All forward-looking statements contained in this press release regarding the Company’s current and future expectations, potential results, and plans and objectives involve a wide range of risks and uncertainties. Statements herein using words such as “believe,” “expect,” “may,” “plans,” “outlook,” “should,” “will,” and words of similar meaning are forward-looking statements. Although the Company’s expectations are based on business, engineering, geological, financial, and operating assumptions that it believes to be reasonable, many factors could cause actual results to differ materially from its expectations. The Company gives no assurance that its goals will be achieved. These factors and others are detailed under the heading “Risk Factors” and elsewhere in our periodic reports filed with the Securities and Exchange Commission (“SEC”). The Company undertakes no obligation to update any forward-looking statement.

Contact
Investor Relations
(713) 935-0122
ir@evolutionpetroleum.com

Evolution Petroleum Corporation
Condensed Consolidated Statements of Operations (Unaudited)
(In thousands, except per share amounts)


	Three Months Ended									Six Months Ended
	December 31,						September 30,			December 31,
	2024			2023			2024			2024			2023
Revenues
Crude oil	$	11,763		$	11,759		$	14,737		$	26,500		$	24,375
Natural gas		5,793			6,531			4,285			10,078			12,083
Natural gas liquids		2,719			2,734			2,874			5,593			5,167
Total revenues		20,275			21,024			21,896			42,171			41,625
Operating costs
Lease operating costs		12,793			12,358			11,790			24,583			24,241
Depletion, depreciation, and accretion		5,433			4,598			5,725			11,158			8,860
General and administrative expenses		2,654			2,502			2,527			5,181			5,105
Total operating costs		20,880			19,458			20,042			40,922			38,206
Income (loss) from operations		(605	)		1,566			1,854			1,249			3,419
Other income (expense)
Net gain (loss) on derivative contracts		(1,219	)		—			1,798			579			—
Interest and other income		52			104			57			109			220
Interest expense		(764	)		(34	)		(823	)		(1,587	)		(66	)
Income (loss) before income taxes		(2,536	)		1,636			2,886			350			3,573
Income tax (expense) benefit		711			(554	)		(821	)		(110	)		(1,017	)
Net income (loss)	$	(1,825	)	$	1,082		$	2,065		$	240		$	2,556
Net income (loss) per common share:
Basic	$	(0.06	)	$	0.03		$	0.06		$	—		$	0.08
Diluted	$	(0.06	)	$	0.03		$	0.06		$	—		$	0.08
Weighted average number of common shares outstanding:
Basic		32,934			32,693			32,722			32,828			32,676
Diluted		32,934			32,900			32,868			32,994			32,940

Evolution Petroleum Corporation
Condensed Consolidated Balance Sheets (Unaudited)
(In thousands, except share and per share amounts)

	December 31, 2024		June 30, 2024
Assets
Current assets
Cash and cash equivalents	$	11,667	$	6,446
Receivables from crude oil, natural gas, and natural gas liquids revenues		10,675		10,826
Derivative contract assets		1,073		596
Prepaid expenses and other current assets		3,572		3,855
Total current assets		26,987		21,723
Property and equipment, net of depletion, depreciation, and impairment
Oil and natural gas properties, net—full-cost method of accounting, of which none were excluded from amortization		131,722		139,685

Other noncurrent assets
Derivative contract assets		250		171
Other assets		1,258		1,298
Total assets	$	160,217	$	162,877
Liabilities and Stockholders’ Equity
Current liabilities
Accounts payable	$	10,771	$	8,308
Accrued liabilities and other		5,249		6,239
Derivative contract liabilities		439		1,192
State and federal taxes payable		—		74
Total current liabilities		16,459		15,813
Long term liabilities
Senior secured credit facility		39,500		39,500
Deferred income taxes		6,673		6,702
Asset retirement obligations		19,993		19,209
Derivative contract liabilities		1,277		468
Operating lease liability		13		58
Total liabilities		83,915		81,750
Commitments and contingencies
Stockholders’ equity
Common stock; par value $0.001; 100,000,000 shares authorized: issued and
outstanding 34,076,846 and 33,339,535 shares as of December 31, 2024
and June 30, 2024, respectively		34		33
Additional paid-in capital		44,140		41,091
Retained earnings		32,128		40,003
Total stockholders’ equity		76,302		81,127
Total liabilities and stockholders’ equity	$	160,217	$	162,877

Evolution Petroleum Corporation
Condensed Consolidated Statements of Cash Flows (Unaudited)
(In thousands)

	Three Months Ended									Six Months Ended
	December 31,						September 30,			December 31,
	2024			2023			2024			2024			2023
Cash flows from operating activities:
Net income (loss)	$	(1,825	)	$	1,082		$	2,065		$	240		$	2,556
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Depletion, depreciation, and accretion		5,433			4,598			5,725			11,158			8,860
Stock-based compensation		659			564			559			1,218			1,036
Settlement of asset retirement obligations		(182	)		—			(98	)		(280	)		—
Deferred income taxes		252			(567	)		(281	)		(29	)		(642	)
Unrealized (gain) loss on derivative contracts		1,368			—			(1,868	)		(500	)		—
Accrued settlements on derivative contracts		9			—			(66	)		(57	)		—
Other		(1	)		3			(2	)		(3	)		3
Changes in operating assets and liabilities:
Receivables from crude oil, natural gas, and natural gas liquids revenues		29			447			(37	)		(8	)		(2,239	)
Prepaid expenses and other current assets		(1,494	)		(443	)		1,929			435			(274	)
Accounts payable, accrued liabilities and other		3,471			2,123			(238	)		3,233			2,443
State and federal taxes payable		—			(753	)		(74	)		(74	)		(365	)
Net cash provided by operating activities		7,719			7,054			7,614			15,333			11,378
Cash flows from investing activities:
Acquisition of oil and natural gas properties		(69	)		—			(262	)		(331	)		—
Capital expenditures for oil and natural gas properties		(758	)		(3,878	)		(2,740	)		(3,498	)		(5,705	)
Net cash used in investing activities		(827	)		(3,878	)		(3,002	)		(3,829	)		(5,705	)
Cash flows from financing activities:
Common stock dividends paid		(4,082	)		(4,021	)		(4,033	)		(8,115	)		(8,034	)
Common stock repurchases, including stock surrendered for tax withholding		(103	)		(108	)		(88	)		(191	)		(213	)
Issuance of common stock		2,259			—			—			2,259			—
Offering costs		(236	)		—			—			(236	)		—
Net cash used in financing activities		(2,162	)		(4,129	)		(4,121	)		(6,283	)		(8,247	)
Net increase (decrease) in cash and cash equivalents		4,730			(953	)		491			5,221			(2,574	)
Cash and cash equivalents, beginning of period		6,937			9,413			6,446			6,446			11,034
Cash and cash equivalents, end of period	$	11,667		$	8,460		$	6,937		$	11,667		$	8,460

Evolution Petroleum Corporation
Non-GAAP Reconciliation – Adjusted EBITDA (Unaudited)
(In thousands)

Adjusted EBITDA and Net income (loss) and earnings per share excluding selected items are non-GAAP financial measures that are used as supplemental financial measures by our management and by external users of our financial statements, such as investors, commercial banks, and others, to assess our operating performance as compared to that of other companies in our industry, without regard to financing methods, capital structure, or historical costs basis. We use these measures to assess our ability to incur and service debt and fund capital expenditures. Our Adjusted EBITDA and Net income (loss) and earnings per share, excluding selected items, should not be considered alternatives to net income (loss), operating income (loss), cash flows provided by (used in) operating activities, or any other measure of financial performance or liquidity presented in accordance with U.S. GAAP. Our Adjusted EBITDA and Net income (loss) and earnings per share excluding selected items may not be comparable to similarly titled measures of another company because all companies may not calculate Adjusted EBITDA and Net income (loss) and earnings per share excluding selected items in the same manner.

We define Adjusted EBITDA as net income (loss) plus interest expense, income tax expense (benefit), depreciation, depletion, and accretion (DD&A), stock-based compensation, ceiling test impairment, and other impairments, unrealized loss (gain) on change in fair value of derivatives, and other non-recurring or non-cash expense (income) items.


	Three Months Ended								Six Months Ended
	December 31,					September 30,			December 31,
	2024			2023		2024			2024			2023
Net income (loss)	$	(1,825	)	$	1,082	$	2,065		$	240		$	2,556
Adjusted by:
Interest expense		764			34		823			1,587			66
Income tax expense (benefit)		(711	)		554		821			110			1,017
Depletion, depreciation, and accretion		5,433			4,598		5,725			11,158			8,860
Stock-based compensation		659			564		559			1,218			1,036
Unrealized loss (gain) on derivative contracts		1,368			—		(1,868	)		(500	)		—
Adjusted EBITDA	$	5,688		$	6,832	$	8,125		$	13,813		$	13,535

Evolution Petroleum Corporation
Non-GAAP Reconciliation – Adjusted Net Income (Unaudited)
(In thousands, except per share amounts)

	Three Months Ended									Six Months Ended
	December 31,						September 30,			December 31,
	2024			2023			2024			2024			2023
As Reported:
Net income (loss), as reported	$	(1,825	)	$	1,082		$	2,065		$	240		$	2,556

Impact of Selected Items:
Unrealized loss (gain) on commodity contracts		1,368			—			(1,868	)		(500	)		—
Selected items, before income taxes	$	1,368		$	—		$	(1,868	)	$	(500	)	$	—
Income tax effect of selected items⁽¹⁾		384			—			(531	)		(157	)		—
Selected items, net of tax	$	984		$	—		$	(1,337	)	$	(343	)	$	—

As Adjusted:
Net income (loss), excluding selected items⁽²⁾	$	(841	)	$	1,082		$	728		$	(103	)	$	2,556

Undistributed earnings allocated to unvested restricted stock		(100	)		(24	)		(14	)		(178	)		(51	)
Net income (loss), excluding selected items for earnings per share calculation	$	(941	)	$	1,058		$	714		$	(281	)	$	2,505

Net income (loss) per common share — Basic, as reported	$	(0.06	)	$	0.03		$	0.06		$	—		$	0.08
Impact of selected items		0.03			—			(0.04	)		(0.01	)		—
Net income (loss) per common share — Basic, excluding selected items⁽²⁾	$	(0.03	)	$	0.03		$	0.02		$	(0.01	)	$	0.08


Net income (loss) per common share — Diluted, as reported	$	(0.06	)	$	0.03		$	0.06		$	—		$	0.08
Impact of selected items		0.03			—			(0.04	)		(0.01	)		—
Net income (loss) per common share — Diluted, excluding selected items⁽²⁾⁽³⁾	$	(0.03	)	$	0.03		$	0.02		$	(0.01	)	$	0.08

________________________________
^{(1) The tax impact for the three months ended December 31, 2024 and September 30, 2024, is represented using estimated tax rates of 28.0% and 28.4%, respectively. The tax impact for the six months ended December 31, 2024 is represented using estimated tax rates of 31.4%.}
^{(2) Net income (loss) and earnings per share excluding selected items are non-GAAP financial measures presented as supplemental financial measures to enable a user of the financial information to understand the impact of these items on reported results. These financial measures should not be considered an alternative to net income (loss), operating income (loss), cash flows provided by (used in) operating activities, or any other measure of financial performance or liquidity presented in accordance with U.S. GAAP. Our Adjusted Net Income (Loss) and earnings per share may not be comparable to similarly titled measures of another company because all companies may not calculate Adjusted Net Income (Loss) and earnings per share in the same manner.}
^{(3) The impact of selected items for the three months ended December 31, 2024, and 2023, were each calculated based upon weighted average diluted shares of 32.9 million, due to the net income (loss), excluding selected items. The impact of selected items for the three months ended September 30, 2024, was calculated based upon weighted average diluted shares of 32.9 million due to the net income (loss), excluding selected items. The impact of selected items for the six months ended December 31, 2024, and 2023, was each calculated based upon weighted average diluted shares of 32.8 million and 32.9 million, respectively, due to the net income (loss), excluding selected items.}

Evolution Petroleum Corporation
Supplemental Information on Oil and Natural Gas Operations (Unaudited)
(In thousands, except per unit and per BOE amounts)

	Three Months Ended						Six Months Ended
	December 31,				September 30,		December 31,
	2024		2023		2024		2024		2023
Revenues:
Crude oil	$	11,763	$	11,759	$	14,737	$	26,500	$	24,375
Natural gas		5,793		6,531		4,285		10,078		12,083
Natural gas liquids		2,719		2,734		2,874		5,593		5,167
Total revenues	$	20,275	$	21,024	$	21,896	$	42,171	$	41,625

Lease operating costs:
Ad valorem and production taxes	$	1,441	$	1,272	$	1,414	$	2,855	$	2,550
Gathering, transportation, and other costs		2,889		2,496		2,790		5,679		4,399
Other lease operating costs		8,463		8,590		7,586		16,049		17,292
Total lease operating costs	$	12,793	$	12,358	$	11,790	$	24,583	$	24,241

Depletion of full cost proved oil and natural gas properties	$	5,024	$	4,238	$	5,325	$	10,349	$	8,148

Production:
Crude oil (MBBL)		179		159		204		383		320
Natural gas (MMCF)		2,125		1,951		2,228		4,353		3,976
Natural gas liquids (MBBL)		105		96		113		218		191
Equivalent (MBOE)⁽¹⁾		638		580		688		1,327		1,174
Average daily production (BOEPD)⁽¹⁾		6,935		6,304		7,478		7,212		6,380

Average price per unit:⁽²⁾
Crude oil (BBL)	$	65.72	$	73.96	$	72.24	$	69.19	$	76.17
Natural gas (MCF)		2.73		3.35		1.92		2.32		3.04
Natural Gas Liquids (BBL)		25.90		28.48		25.43		25.66		27.05
Equivalent (BOE)⁽¹⁾	$	31.78	$	36.25	$	31.83	$	31.78	$	35.46

Average cost per unit:
Ad valorem and production taxes	$	2.26	$	2.19	$	2.06	$	2.15	$	2.17
Gathering, transportation, and other costs		4.53		4.30		4.06		4.28		3.75
Other lease operating costs		13.26		14.81		11.03		12.09		14.73
Total lease operating costs	$	20.05	$	21.30	$	17.15	$	18.52	$	20.65

Depletion of full cost proved oil and natural gas properties	$	7.87	$	7.31	$	7.74	$	7.80	$	6.94
_______________________________
^{(1) Equivalent oil reserves are defined as six MCF of natural gas and 42 gallons of NGLs to one barrel of oil conversion ratio, which reflects energy equivalence and not price equivalence. Natural gas prices per MCF and NGL prices per barrel often differ significantly from the equivalent amount of oil.}
^{(2) Amounts exclude the impact of cash paid or received on the settlement of derivative contracts since we did not elect to apply hedge accounting.}

Evolution Petroleum Corporation
Summary of Production Volumes and Average Sales Price (Unaudited)

	Three Months Ended
	December 31,								September 30,
	2024				2023				2024
	Volume		Price		Volume		Price		Volume		Price
Production:
Crude oil (MBBL)
SCOOP/STACK		35	$	70.52		—	$	—		49	$	75.38
Chaveroo Field		9		67.55		—		—		16		73.69
Jonah Field		7		64.54		8		80.25		7		65.77
Williston Basin		30		64.64		35		71.71		33		68.87
Barnett Shale		2		65.99		2		76.77		2		70.30
Hamilton Dome Field		35		57.53		36		62.03		35		62.37
Delhi Field		60		68.66		78		79.02		61		77.22
Other		1		71.61		—		—		1		78.32
Total		179	$	65.72		159	$	73.96		204	$	72.24
Natural gas (MMCF)
SCOOP/STACK		314	$	2.89		—	$	—		354	$	2.48
Chaveroo Field		—		—		—		—		—		—
Jonah Field		803		3.21		883		4.87		830		2.08
Williston Basin		18		1.41		14		1.91		27		1.43
Barnett Shale		990		2.31		1,054		2.10		1,017		1.62
Total		2,125	$	2.73		1,951	$	3.35		2,228	$	1.92
Natural gas liquids (MBBL)
SCOOP/STACK		18	$	21.34		—	$	—		19	$	21.67
Chaveroo Field		—		—		—		—		—		—
Jonah Field		9		30.08		10		25.88		9		28.15
Williston Basin		2		17.86		4		20.41		7		17.93
Barnett Shale		57		25.86		60		30.07		56		26.03
Delhi Field		19		29.13		22		26.90		20		29.48
Other		—		—		—		—		2		13.06
Total		105	$	25.90		96	$	28.48		113	$	25.43

Equivalent (MBOE)⁽¹⁾
SCOOP/STACK		105	$	35.48		—	$	—		127	$	39.20
Chaveroo Field		9		67.55		—		—		16		73.69
Jonah Field		150		22.14		165		31.60		154		15.85
Williston Basin		35		57.00		41		63.22		45		54.62
Barnett Shale		224		17.29		238		17.61		227		14.21
Hamilton Dome Field		35		57.53		36		62.03		35		62.37
Delhi Field		79		59.37		100		67.63		81		65.28
Other		1		71.61		—		—		3		61.15
Total		638	$	31.78		580	$	36.25		688	$	31.83

Average daily production (BOEPD)⁽¹⁾
SCOOP/STACK		1,141				—				1,380
Chaveroo Field		98				—				174
Jonah Field		1,630				1,793				1,674
Williston Basin		380				446				489
Barnett Shale		2,435				2,587				2,467
Hamilton Dome Field		380				391				380
Delhi Field		859				1,087				880
Other		12				—				34
Total		6,935				6,304				7,478
_____________________________
^{(1) Equivalent oil reserves are defined as six MCF of natural gas and 42 gallons of NGLs to one barrel of oil conversion ratio, which reflects energy equivalence and not price equivalence. Natural gas prices per MCF and NGL prices per barrel often differ significantly from the equivalent amount of oil.}

Evolution Petroleum Corporation
Summary of Average Production Costs (Unaudited)

	Three Months Ended
	December 31,								September 30,
	2024				2023				2024
	Amount		Price		Amount		Price		Amount		Price
Production costs (in thousands, except per BOE):
Lease operating costs
SCOOP/STACK	$	1,050	$	9.97	$	—	$	—	$	1,156	$	9.10
Chaveroo Field		122		12.92		—		—		118		7.38
Jonah Field		2,196		14.62		2,392		14.45		2,162		13.95
Williston Basin		1,190		34.12		1,205		28.74		1,238		27.51
Barnett Shale		4,030		18.03		3,883		16.31		3,598		15.83
Hamilton Dome Field		1,188		34.18		1,404		39.43		1,531		43.48
Delhi Field		3,017		38.15		3,474		35.00		1,987		24.30
Total	$	12,793	$	20.05	$	12,358	$	21.30	$	11,790	$	17.15

Evolution Petroleum Corporation
Summary of Open Derivative Contracts (Unaudited)

For more information on the Company’s hedging practices, see Note 7 to its financial statements included on Form 10-Q filed with the SEC for the quarter ended December 31, 2024.

The Company had the following open crude oil and natural gas derivative contracts as of February 11, 2025:

Volumes in

Swap Price per

Floor Price per

Ceiling Price per

Period

Commodity

Instrument

MMBTU/BBL

January 2025 – March 2025

Crude Oil

Collar

42,566

$

68.00

$

73.77

January 2025 – June 2025

Crude Oil

Fixed-Price Swap

51,992

$

73.49

February 2025 – March 2025

Crude Oil

Put

3,277

75.00

February 2025 – March 2025

Crude Oil

Fixed-Price Swap

3,278

71.02

April 2025 – June 2025

Crude Oil

Collar

41,601

65.00

84.00

April 2025 – December 2025

Crude Oil

Fixed-Price Swap

32,229

72.00

July 2025 – December 2025

Crude Oil

Fixed-Price Swap

81,335

71.40

January 2026 – March 2026

Crude Oil

Collar

43,493

60.00

75.80

January 2025 – February 2025

Natural Gas

Fixed-Price Swap

312,286

3.56

January 2025 – March 2025

Natural Gas

Basis Swap

305,607

0.66

March 2025 – December 2026

Natural Gas

Fixed-Price Swap

3,170,705

3.60

January 2026 – March 2026

Natural Gas

Collar

375,481

3.60

5.00

April 2025 – December 2027

Natural Gas

Fixed-Price Swap

3,729,540

3.57

This press release was published by a CLEAR® Verified individual.

The MIL Network –

February 12, 2025

MIL-OSI: Artisan Partners Asset Management Inc. Reports January 2025 Assets Under Management

Source: GlobeNewswire (MIL-OSI)

MILWAUKEE, Feb. 11, 2025 (GLOBE NEWSWIRE) — Artisan Partners Asset Management Inc. (NYSE: APAM) today reported that its preliminary assets under management (“AUM”) as of January 31, 2025 totaled $168.4 billion. Artisan Funds and Artisan Global Funds accounted for $80.8 billion of total firm AUM, while separate accounts and other AUM¹ accounted for $87.6 billion.

PRELIMINARY ASSETS UNDER MANAGEMENT BY STRATEGY²

As of January 31, 2025 – ($ Millions)
Growth Team
Global Opportunities	$ 21,585
Global Discovery		1,951
U.S. Mid-Cap Growth		13,691
U.S. Small-Cap Growth		3,233
Global Equity Team
Global Equity		361
Non-U.S. Growth		13,037
China Post-Venture		177
U.S. Value Team
Value Equity		5,077
U.S. Mid-Cap Value		2,703
Value Income		16
International Value Team
International Value		45,484
International Explorer		436
Global Value Team
Global Value		30,291
Select Equity		335
Sustainable Emerging Markets Team
Sustainable Emerging Markets		1,600
Credit Team
High Income		11,806
Credit Opportunities		280
Floating Rate		77
Developing World Team
Developing World		4,292
Antero Peak Group
Antero Peak		2,086
Antero Peak Hedge		250
International Small-Mid Team
Non-U.S. Small-Mid Growth		6,602
EMsights Capital Group
Global Unconstrained		745
Emerging Markets Debt Opportunities		1,017
Emerging Markets Local Opportunities		1,223

Total Firm Assets Under Management (“AUM”)	$ 168,355

¹ Separate account and other AUM consists of the assets we manage in or through vehicles other than Artisan Funds or Artisan Global Funds. Separate account and other AUM includes assets we manage in traditional separate accounts, as well as assets we manage in Artisan-branded collective investment trusts, and in our own private funds.
² AUM for Artisan Sustainable Emerging Markets and U.S. Mid-Cap Growth Strategies includes $104.6 million in aggregate for which Artisan Partners provides investment models to managed account sponsors (reported on a lag not exceeding one quarter).

ABOUT ARTISAN PARTNERS
Artisan Partners is a global investment management firm that provides a broad range of high value-added investment strategies to sophisticated clients around the world. Since 1994, the firm has been committed to attracting experienced, disciplined investment professionals to manage client assets. Artisan Partners’ autonomous investment teams oversee a diverse range of investment strategies across multiple asset classes. Strategies are offered through various investment vehicles to accommodate a broad range of client mandates.

Investor Relations Inquiries: 866.632.1770 or ir@artisanpartners.com
Source: Artisan Partners Asset Management Inc.

The MIL Network –

February 12, 2025

MIL-OSI: Dominion Lending Centres Inc. Announces $59.15 million Secondary Private Placement Offering of Class A Common Shares; Provides Preliminary 2024 Results

Source: GlobeNewswire (MIL-OSI)

NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR FOR RELEASE, PUBLICATION, DISTRIBUTION OR DISSEMINATION DIRECTLY, OR INDIRECTLY, IN WHOLE OR IN PART, IN OR INTO THE UNITED STATES.

VANCOUVER, British Columbia, Feb. 11, 2025 (GLOBE NEWSWIRE) — Dominion Lending Centres Inc. (TSX:DLCG) (“DLCG” or the “Corporation”), along with Mauris Family Investments Inc. (an entity controlled by Gary Mauris) and 603908 BC Ltd. (an entity controlled by Chris Kayat and family), announced today that they have entered into an agreement with Desjardins Capital Markets as sole bookrunner and lead agent (the “Agent”), on behalf of a syndicate of agents (together “the Agents”), in respect of a fully marketed offering of up to 7,782,400 class “A” common shares (the “Offered Shares”) to be completed by the Selling Shareholders (as defined below) at a price of $7.60 per Offered Share for gross proceeds to the Selling Shareholders of approximately $59.15 million (the “Offering”). DLCG will not receive any proceeds from the Offering. Mauris Family Investments Ltd. (“MaurisCo”) and 603908 BC Ltd. (“KayatCo”) are collectively referred to herein as the “Selling Shareholders”.

Gary Mauris, Executive Chairman and CEO, commented, “DLCG has been built by forging strong partnerships; partnerships with owners, brokers, lenders and employees. Today, we are announcing a small sale of shares by Chris and I to make room for a few select shareholders who we believe will make good long term partners as DLCG continues to grow. We will continue to hold more than 50% of the outstanding shares and remain fully committed to stewarding DLCG. We look forward to completing the transaction and welcoming our new institutional shareholders to DLCG.”

Prior to the Offering, MaurisCo beneficially owns or controls, directly or indirectly, an aggregate of 23,979,733 class “A” common shares, representing approximately 30.5% of the total issued and outstanding class “A” common shares. Prior to the Offering, KayatCo beneficially owns or controls, directly or indirectly, an aggregate of 23,253,532 class “A” common shares, representing approximately 29.5% of the total issued and outstanding class “A” common shares. Following the closing of the Offering, MaurisCo will beneficially own or control, directly or indirectly, 20,088,533 class “A” common shares and KayatCo will beneficially own or control, directly or indirectly, 19,362,332 class “A” common shares, representing 25.5% and 24.6%, respectively, of the issued and outstanding class “A” common shares.

Closing of the Offering is expected to be on or about February 28, 2025 and is subject to certain conditions including, but not limited to, the receipt of all necessary approvals.

The Offered Shares will be offered on a “best efforts” basis in each of the provinces of Canada by way of private placement to “accredited investors” or pursuant to other available prospectus exemption under National Instrument 45-106 – Prospectus Exemptions. The Offered Shares may also be offered to accredited investors in the United States pursuant to Section 4(a)(2) of the U.S. Securities Act of 1933, as amended, (the “U.S. Securities Act”) or in such other manner as to not require registration under the U.S. Securities Act, and on a private placement to other international purchasers. The Offered Shares will be subject to a four month hold period under applicable securities laws.

Preliminary Year-End and Fourth Quarter 2024 Results

The Corporation is pleased to announce the following preliminary (unaudited) results:

Funded mortgage volume for the fiscal year ended December 31, 2024 was $67.4 billion and total funded mortgage volume for the three months ended December 31, 2024 (“Q4”) was $19.6 billion, with momentum continuing as January 2025’s volume of over $5.7 billion was a record for any January in the Corporation’s history;
Revenue for the year is expected to be between $76.5 million and $77.0 million and total revenue for Q4 is expected to be between $22.0 million and $22.5 million; and
Adjusted EBITDA for the year is expected to be between $35.4 million and $36.1 million and adjusted EBITDA for Q4 is expected to be between $9.6 million and $10.4 million.⁽¹⁾

Note:

⁽¹⁾ Estimated “Adjusted EBITDA” for the year ended December 31, 2024 and for the three months ended December 31, 2024 are non-IFRS measures. As contemplated by National Instrument 51-112 – Non-GAAP and Other Financial Measure Disclosure of the Canadian Securities Administrators (“NI 51-112”), because the Adjusted EBITDA for the year ended December 31, 2024 and for the three months ended December 31, 2024 are preliminary calculations, they also may be considered forward-looking non-IFRS financial measures. As required by NI 51-112, the “equivalent historical non-GAAP financial measure” for the Corporation is “Adjusted EBITDA” for the nine months ended September 30, 2024 of $25.746 million and for the three months ended September 30, 2024 of $12.218 million, as disclosed in the Corporation’s MD&A dated November 5, 2024 (the “Interim MD&A”). See “Non-IFRS Financial Performance Measures” in the Interim MD&A for a reconciliation of Adjusted EBITDA to Income Before Income Tax, which is the most directly-comparable measure calculated in accordance with IFRS.

As previously announced, the Corporation acquired (the “Preferred Share Acquisition”) all issued and outstanding series I class B preferred shares in exchange for class “A” common shares and cash on December 17, 2024 (the “Preferred Share Closing Date”). The Preferred Share Acquisition was initially announced on October 2, 2024 (the “Preferred Share Announcement Date”). During the time between the Preferred Share Announcement Date and the Preferred Share Closing Date, the closing price for the class “A” common shares increased. This closing price was applied to the share consideration issued, creating a significant non-cash loss on the Preferred Share Acquisition, due to the difference between the consideration granted for the preferred shares and their book value (which had been recorded at their amortized cost). As such, the Corporation expects to record a net loss for the year ended December 31, 2024 of between $125.8 million and $128.8 million.

Final revenue, adjusted EBITDA and net loss amounts will be included in the Corporation’s audited annual financial statements, which the Corporation anticipates will be released on or about March 27, 2025.

Forward-Looking Non-IFRS Financial Performance Measures
Management presents adjusted EBITDA, a non-IFRS financial performance measure, which we use as a supplemental indicator of our operating performance. This non-IFRS measure does not have any standardized meaning, and therefore is unlikely to be comparable to the calculation of similar measures used by other companies and should not be considered in isolation or as a substitute for measures of performance prepared in accordance with IFRS. Non-IFRS measures are defined and reconciled to the most directly-comparable IFRS measure. Although the Corporation has provided forward-looking non-IFRS measures, management is unable to reconcile, without unreasonable efforts, forward-looking adjusted EBITDA to the most comparable IFRS measure, due to unknown variables and uncertainty related to future results. See “Non-IFRS Financial Performance Measures” in the Interim MD&A for a reconciliation of Adjusted EBITDA for the three and nine months ended September 30, 2024, which is the “equivalent historical non-GAAP financial measure”, to Income Before Income Tax, which is the most directly-comparable measure calculated in accordance with IFRS. The Corporation’s MD&A is available on SEDAR+ at www.sedarplus.ca.

Forward-Looking Information
Certain statements in this document constitute forward-looking information under applicable securities legislation. Forward-looking information typically contains statements with words such as “anticipate,” “believe,” “estimate,” “will,” “expect,” “plan,” or similar words suggesting future outcomes or outlooks. Forward-looking information in this document includes, but is not limited to: the timing and anticipated closing of the Offering; the obtaining of all necessary approvals, and the expected revenue, adjusted EBITDA and net loss for the three months and year ended December 31, 2024.

Such forward-looking information is based on many estimates and assumptions, including material estimates and assumptions, related to the following factors below that, while considered reasonable by the Corporation as at the date of this press release considering management’s experience and perception of current conditions and expected developments, are inherently subject to significant business, economic, and competitive uncertainties and contingencies. Known and unknown factors could cause actual results to differ materially from those projected in the forward-looking statements. Such factors include, but are not limited to:

Changes in interest rates;
The DLC Group’s ability to maintain its existing number of franchisees and add additional franchisees;
Changes in overall demand for Canadian real estate (via factors such as immigration);
Changes in overall supply for Canadian real estate (via factors such as new housing-start levels);
At what period in time the Canadian real estate market stabilizes;
Changes in Canadian mortgage lending and mortgage brokerage laws and regulations;
Changes in the Canadian mortgage lending marketplace;
Changes in the fees paid for mortgage brokerage services in Canada;
Demand for the Corporation’s products remaining consistent with historical demand; and
Demand for the Corporation’s class “A” common shares and the satisfaction of the conditions to closing of the Offering

Many of these uncertainties and contingencies may affect our actual results and could cause actual results to differ materially from those expressed or implied in any forward-looking statements made by, or on behalf of, us. Readers are cautioned that forward-looking statements are not guarantees of future performance. All forward-looking statements made in this document are qualified by these cautionary statements. The foregoing list of risks is not exhaustive. The forward-looking information contained in this document is made as of the date hereof and, except as required by applicable securities laws, we undertake no obligation to update publicly or revise any forward-looking statements or information, whether because of new information, future events or otherwise.

About Dominion Lending Centres Inc.
Dominion Lending Centres Inc. is Canada’s leading network of mortgage professionals. DLCG operates through Dominion Lending Centres Inc. and its three main subsidiaries, MCC Mortgage Centre Canada Inc., MA Mortgage Architects Inc. and Newton Connectivity Systems Inc., and has operations across Canada. DLCG extensive network includes over 8,500 agents and over 500 locations. Headquartered in British Columbia, DLC was founded in 2006 by Gary Mauris and Chris Kayat.

DLCG can be found on X (Twitter), Facebook and Instagram and LinkedIn @DLCGmortgage and on the web at www.dlcg.ca.

Contact information for the Corporation is as follows:

Eddy Cocciollo President 647-403-7320 eddy@dlc.ca		James Bell EVP, Corporate and Chief Legal Officer 403-560-0821 jbell@dlcg.ca

NEITHER THE TSX EXCHANGE NOR ITS REGULATION SERVICES PROVIDER (AS THAT TERM IS DEFINED IN THE POLICIES OF THE TSX EXCHANGE) ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.

The MIL Network –

February 12, 2025

MIL-OSI: POET’s Chairman & CEO Provides Business Update

Source: GlobeNewswire (MIL-OSI)

TORONTO, Feb. 11, 2025 (GLOBE NEWSWIRE) — POET Technologies Inc. (“POET” or the “Company“) (TSX Venture: PTK; NASDAQ: POET), a leader in the design and implementation of highly-integrated optical engines and light sources for Artificial Intelligence networks, today issued its “2025 Outlook” letter to shareholders from its Chairman and Chief Executive Officer, Dr. Suresh Venkatesan, providing a review of the market, the Company’s customers, the progress toward meeting the demand for AI infrastructure and an early look at what the Company is planning for 2025, including its participation in the Optical Fiber Communications Conference (OFC) in San Francisco (March 31-April 3, 2025).

Turning Vision into Reality
POET’s strategic vision of becoming a global leader in chip-scale photonics solutions based on our unique POET Optical Interposer™ platform technology is closer than ever. Our vision came into sharp focus about a year ago as demand exploded for high-speed transceivers that enable Artificial Intelligence software programs and the systems that they run on to communicate with users at light speed.

For the past year we have been intensely focused on developing and manufacturing a suite of optical engines that meet not just the current demand for 800Gbps transceiver speeds, but also, when combined into multiples, are expected to address customer needs at the next two generations of products, providing pluggable module solutions at 1.6Tbps and 3.2Tbps. Over the same period, our customers have been designing modules based on POET’s optical engines and are preparing to market these modules to the top tier of AI network systems companies around the globe. Step by step along the way, our engineers have worked with their teams to build customized solutions for the data center giants that are building out an enormous AI infrastructure.

Several industry experts have recognized our groundbreaking innovations in AI hardware based on the POET Optical Interposer, with awards and recognitions, including the AI Breakthrough Award, Winner of Global Tech’s “Best in Artificial Intelligence” award, and the Gold Medal from the Merit Awards as “AI Innovator of the Year”.

Demand for AI is Outpacing Capacity
In recent news reports, several companies, including Microsoft and AWS, have openly stated that they can’t keep up with the demand for AI. Commitments to invest in AI infrastructure, from the U.S. government’s $500 billion funding of the Stargate project to the plan from the big tech companies to spend $325 billion in the coming years, punctuate the opportunity in front of POET. Amazon alone has said it will commit $100 billion to AI spending to deal with the constraints on capacity its data centers face.

These proposals have shattered forecasts for optical transceiver demand. The growth rate in optical transceiver sales is expected to expand at an annual rate of 56.5%, reaching 31.9 million units of 400Gbps or greater speeds in 2025, according to TrendForce. POET expects to play a leading role in that market with our optical engines that are designed to fuel the next generation of optical transceivers. The recent news of China’s DeepSeek R1 and Alibaba’s QWen outpacing more well-known AI models likely only helps POET, because their lower cost and reduced complexity makes AI development more accessible to a wider range of companies. Advanced chip-scale hardware solutions such as those offered by POET will be even more relevant to meeting this higher demand.

POET’s Customer Base
POET’s largest customers, Foxconn Interconnect Technologies (FOIT) and Luxshare Tech, are large suppliers of network equipment, systems and components to hyperscale data centers. Both companies are developing a variety of high speed solutions to help satisfy demand for 800Gbps and higher speed transceivers. POET is supplying advanced optical engines and working directly with these companies and others to enter the high speed transceiver market rapidly and efficiently. POET’s optical engines allow multiple types of direct and multiplexed versions to be utilized in a common module design, thereby improving customer R&D efficiency and time to market. Enabling time to market gains for new entrants into the optical module market is a key competitive advantage for POET.

Mitsubishi Electric is among the world’s largest suppliers of the lasers that drive optical modules. POET is working with Mitsubishi to enable them to introduce one of the most advanced high-speed Electro-absorption Modulated Lasers (EMLs). We are integrating Mitsubishi Electric’s 400G EMLs into the POET Optical Interposer, along with drivers, optical waveguides, and other key functional building blocks to produce 1.6Tbps optical engine chipsets. When complete, the 1.6Tbps solution will achieve the most advanced level of chip scale integration yet accomplished for EML lasers.

Behind the Scenes
Three major initiatives during the past several months can give some insight into how the Company is preparing to meet the demand for our AI Infrastructure hardware.

The first has been our ability to substantially strengthen the Company’s balance sheet, adding over $110 million in cash, including our pending, fully subscribed $25 million public offering. This capital will allow us to execute on our near-term manufacturing expansion and give us maximum flexibility to grow into other markets with our versatile Optical Interposer platform. Our recently announced project in the financial services industry is just one example.

On the manufacturing front, we have acquired control over Super Photonics Xiamen (SPX), which allowed us to execute a diversified manufacturing strategy by establishing a relationship with Globetronics in Malaysia. Together, POET and Globetronics will build out a full wafer-scale assembly and test operation for optical engines. The proximity of our long-term wafer foundry partner, Silterra Malaysia, gives us additional operational flexibility. The Malaysian ecosystem for semiconductors is extremely supportive of POET’s efforts and provides a convincing demonstration of the Company’s ability to scale to the volume requirements of our customers.

The third internal effort has been a reorganization of the Company along functional lines, which provides broader customer reach, more intensive customer engagement, and focuses the organization on revenue generation for 2025 and beyond.

What’s Next?
As our optical engines and light source efforts accelerate, we are also innovating to be ahead of the market with other products. This includes a novel Optical Interposer-based laser that we expect will achieve a level of speed and bandwidth in data transfer that AI developers and hyperscalers will demand, and be at a price point that enables the market for chip-to-chip light-based data communications to expand rapidly. We expect to demonstrate this new product in the second half of 2025.

The OFC Conference has always been the main opportunity for POET to demonstrate our capabilities, to capture the attention of new customers and convert those who had previously expressed interest in our solutions. At this year’s OFC Conference in San Francisco, we plan to showcase all of our new products, including the most advanced optical engine we have ever developed. We anticipate that we will be one of only a handful of companies able to demonstrate a production-ready 1.6Tbps transmit optical engine at OFC. With the Company’s commercialization efforts well underway, customers can be assured we have the technology, cost structure, and capacity to meet their needs.

As the year unfolds, POET is in an ideal position to capitalize on the massive AI infrastructure spending that is underway. POET shareholders can expect more news as we achieve our ambitions for additional design wins, market penetration and revenue.

About POET Technologies Inc.
POET is a design and development company offering high-speed optical modules, optical engines and light source products to the artificial intelligence systems market and to hyperscale data centers. POET’s photonic integration solutions are based on the POET Optical Interposer™, a novel, patented platform that allows the seamless integration of electronic and photonic devices into a single chip using advanced wafer-level semiconductor manufacturing techniques. POET’s Optical Interposer-based products are lower cost, consume less power than comparable products, are smaller in size and are readily scalable to high production volumes. In addition to providing high-speed (800G, 1.6T and above) optical engines and optical modules for AI clusters and hyperscale data centers, POET has designed and produced novel light source products for chip-to-chip data communication within and between AI servers, the next frontier for solving bandwidth and latency problems in AI systems. POET’s Optical Interposer platform also solves device integration challenges in 5G networks, machine-to-machine communication, self-contained “Edge” computing applications and sensing applications, such as LIDAR systems for autonomous vehicles. POET is headquartered in Toronto, Canada, with operations in Allentown, PA, Shenzhen, China, and Singapore. More information about POET is available on our website at www.poet-technologies.com.

Forward-Looking Statements
This news release contains “forward-looking information” (within the meaning of applicable Canadian securities laws) and “forward-looking statements” (within the meaning of the U.S. Private Securities Litigation Reform Act of 1995). Such statements or information are identified with words such as “anticipate”, “believe”, “expect”, “plan”, “intend”, “potential”, “estimate”, “propose”, “project”, “outlook”, “foresee” or similar words suggesting future outcomes or statements regarding any potential outcome. Such statements include the Company’s expectations with respect to the success of the Company’s product development efforts, the performance of its products, operations, meeting revenue targets, and the expectation of continued success in the financing efforts, the capability, functionality, performance and cost of the Company’s technology as well as the market acceptance, inclusion and timing of the Company’s technology in current and future products and expectations regarding its successful development of high speed transceiver solutions and its penetration of the Artificial Intelligence hardware markets.

Such forward-looking information or statements are based on a number of risks, uncertainties and assumptions which may cause actual results or other expectations to differ materially from those anticipated and which may prove to be incorrect. Assumptions have been made regarding, among other things, the completion of its development efforts with its customers, the ability to build working prototypes to the customer’s specifications, and the size, future growth and needs of Artificial Intelligence network suppliers. Actual results could differ materially due to a number of factors, including, without limitation, the failure to produce optical engines on time and within budget, the failure of Artificial Intelligence networks to continue to grow as expected, the failure of the Company’s products to meet performance requirements for AI and datacom networks, operational risks in the completion of the Company’s projects, the ability of the Company to generate sales for its products, and the ability of its customers to deploy systems that incorporate the Company’s products. Although the Company believes that the expectations reflected in the forward-looking information or statements are reasonable, prospective investors in the Company’s securities should not place undue reliance on forward-looking statements because the Company can provide no assurance that such expectations will prove to be correct. Forward-looking information and statements contained in this news release are as of the date of this news release and the Company assumes no obligation to update or revise this forward-looking information and statements except as required by law.

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
120 Eglinton Avenue, East, Suite 1107, Toronto, ON, M4P 1E2- Tel: 416-368-9411 – Fax: 416-322-5075

The MIL Network –

February 12, 2025

MIL-OSI: Outbrain Announces Closing of New Senior Secured Notes Due 2030

Source: GlobeNewswire (MIL-OSI)

NEW YORK, Feb. 11, 2025 (GLOBE NEWSWIRE) — Outbrain Inc. (NASDAQ: OB), which is operating under the new Teads brand, today announced the successful closing of its Rule 144A/Reg S private offering (the “Offering”) of $637.5 million in aggregate principal amount of 10.000% senior secured notes due 2030 (the “Notes”) at an issue price of 98.087% of the principal amount thereof in a transaction exempt from registration under the Securities Act of 1933, as amended (the “Securities Act”).

The size of the Offering was increased from the previously announced $625.0 million aggregate principal amount. The Notes will be guaranteed, jointly and severally on a secured, unsubordinated basis by Outbrain and each existing and future wholly owned subsidiary of Outbrain that becomes a borrower, issuer or guarantor under Outbrain’s super senior secured revolving credit facility.

The proceeds of the Offering were used, together with cash on hand, to repay in full and cancel the indebtedness incurred under the senior secured bridge facility (the “Bridge Facility”), including accrued and unpaid interest thereon, that was used to finance and pay costs related to the acquisition of Teads, as well as pay fees and expenses incurred in connection with the Offering and the Bridge Facility refinancing.

About The Combined Company
Outbrain Inc. (Nasdaq: OB) and Teads combined on February 3, 2025 and are operating under the new Teads brand. The new Teads is the omnichannel outcomes platform for the open internet, driving full-funnel results for marketers across premium media. With a focus on meaningful business outcomes, the combined company ensures value is driven with every media dollar by leveraging predictive AI technology to connect quality media, beautiful brand creative, and context-driven addressability and measurement. One of the most scaled advertising platforms on the open internet, the new Teads is directly partnered with more than 10,000 publishers and 20,000 advertisers globally. The company is headquartered in New York, with a global team of nearly 1,800 people in 36 countries.

To learn more, visit www.outbrain.com or www.teads.com

Media Contact

press@outbrain.com

Investor Relations Contact

IR@outbrain.com

(332) 205-8999

The MIL Network –

February 12, 2025

MIL-OSI: Ingersoll Rand Sets Industry Standards for Sustainable Progress

Source: GlobeNewswire (MIL-OSI)

Ingersoll Rand earns “A List” rating from CDP in the environmental stewardship category for the second year in a row
Ranked #1 globally in the Machinery and Electrical Equipment industry with a top 1% score on the 2024 S&P Global Corporate Sustainability Assessment and included on the Dow Jones Best-in-Class Indices for the third year in a row
Near-term and net-zero Scope 1, 2, and 3 targets approved by the Science Based Targets initiative (SBTi), validating Ingersoll Rand’s proposed emission reduction strategy
Named to TIME’s inaugural list of World’s Best Companies in Sustainable Growth

DAVIDSON, N.C., Feb. 11, 2025 (GLOBE NEWSWIRE) — Ingersoll Rand Inc., (NYSE: IR) a global provider of mission-critical flow creation and life science and industrial solutions, continues to demonstrate meaningful progress against its ambitious sustainability strategy and goals with new recognition from CDP, the Dow Jones Best-in-Class Indices (previously the Dow Jones Sustainability Indices), the Science Based Targets initiative (SBTi), and TIME.

As of February 6, 2025, Ingersoll Rand has been recognized with an “A List” rating by CDP for its effective climate change actions and environmental leadership. Our company stands out among over 22,000 evaluated for its greenhouse gas reduction, sustainable product design, and climate management strategies.

As of February 10, 2025, Ingersoll Rand received a score of 81 out of 100 on the 2024 S&P Global Corporate Sustainability Assessment. The company remained in the top 1% of companies in our industry (IEQ Machinery and Electrical Equipment industry) and was included in the Dow Jones Best-in Class World and North America Indices for the third consecutive year.

In addition, Ingersoll Rand was included on TIME’s inaugural list of the World’s Best Companies in Sustainable Growth, and its near-term and net-zero targets have been validated for Scope 1, 2, and 3 by the SBTi.¹ The TIME award and approval of targets by SBTi reinforce Ingersoll Rand’s commitment to both financial growth and sustainable leadership.

“Being recognized as an industry leader demonstrates how Ingersoll Rand is living our purpose of Making Life Better,” said Vicente Reynal, chairman and chief executive officer of Ingersoll Rand. “From our new product development process to our revenue growth strategy and our commitment to employee safety, we are setting the standard for what it means to leverage sustainability to drive long-term shareholder value.”

A replay of Ingersoll Rand’s 2024 sustainability investor call and presentation can be found here.

¹ Details on Ingersoll Rand’s validated targets are available on the SBTi dashboard: https://sciencebasedtargets.org/companies-taking-action#dashboard.

Forward-Looking Statements

This news release contains “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995, including statements related to Ingersoll Rand Inc.’s (the “Company” or “Ingersoll Rand”) expectations regarding the performance of its business, its financial results, its liquidity and capital resources and other non-historical statements. These forward-looking statements generally are identified by the words “believe,” “project,” “expect,” “anticipate,” “estimate,” “forecast,” “outlook,” “target,” “endeavor,” “seek,” “predict,” “intend,” “strategy,” “plan,” “may,” “could,” “should,” “will,” “would,” “will be,” “on track to” “will continue,” “will likely result,” “guidance” or the negative thereof or variations thereon or similar terminology generally intended to identify forward-looking statements. All statements other than historical facts are forward-looking statements.

These forward-looking statements are based on Ingersoll Rand’s current expectations and are subject to risks and uncertainties, which may cause actual results to differ materially from these current expectations. Should one or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those indicated or anticipated by such forward-looking statements. The inclusion of such statements should not be regarded as a representation that such plans, estimates or expectations will be achieved. Important factors that could cause actual results to differ materially from such plans, estimates or expectations include, among others, (1) adverse impact on our operations and financial performance due to natural disaster, catastrophe, global pandemics (including COVID-19), geopolitical tensions, cyber events or other events outside of our control; (2) unexpected costs, charges or expenses resulting from completed and proposed business combinations; (3) uncertainty of the expected financial performance of the Company; (4) failure to realize the anticipated benefits of completed and proposed business combinations; (5) the ability of the Company to implement its business strategy; (6) difficulties and delays in achieving revenue and cost synergies; (7) inability of the Company to retain and hire key personnel; (8) evolving legal, regulatory and tax regimes; (9) changes in general economic and/or industry specific conditions; (10) actions by third parties, including government agencies; and (11) other risk factors detailed in Ingersoll Rand’s most recent Annual Report on Form 10-K filed with the Securities and Exchange Commission (the “SEC”), as such factors may be updated from time to time in its periodic filings with the SEC, which are available on the SEC’s website at http://www.sec.gov. The foregoing list of important factors is not exclusive.

Any forward-looking statements speak only as of the date of this release. Ingersoll Rand undertakes no obligation to update any forward-looking statements, whether as a result of new information or development, future events or otherwise, except as required by law. Readers are cautioned not to place undue reliance on any of these forward-looking statements.

About Ingersoll Rand Inc.

Ingersoll Rand Inc. (NYSE:IR), driven by an entrepreneurial spirit and ownership mindset, is dedicated to Making Life Better for our employees, customers, shareholders, and planet. Customers lean on us for exceptional performance and durability in mission-critical flow creation and life science and industrial solutions. Supported by over 80+ respected brands, our products and services excel in the most complex and harsh conditions. Our employees develop customers for life through their daily commitment to expertise, productivity, and efficiency. For more information, visit www.IRCO.com.

Contacts:
Investor Relations:
Matthew.Fort@irco.com

Media:
Meghan.Winston@irco.com

The MIL Network –

February 12, 2025

MIL-OSI: Denali Capital Acquisition Corp. Announces Extension of Deadline to Complete Business Combination

Source: GlobeNewswire (MIL-OSI)

NEW YORK, NEW YORK, Feb. 11, 2025 (GLOBE NEWSWIRE) — Denali Capital Acquisition Corp. (NASDAQ: DECA) (the “Company”) announced today that it has deposited into the Company’s trust account (the “Trust Account”) an aggregate of $15,063.74 to fund the one-month extension from February 11, 2025 to March 11, 2025. This deposit was funded via a convertible promissory note with a principal amount of up to $180,000 issued by the Company to Scilex Holding Company (Nasdaq: SCLX, “Scilex”), which bears no interest and is repayable on the earlier of the effective date of the consummation of the Company’s initial business combination or the date of the liquidation of the Company. Upon the closing of a business combination, the note is convertible, at Scilex’s discretion, into the Company’s Class A ordinary shares at a conversion price of $10.00 per share. Any future drawdowns of the remaining $74,608.82 principal amount available under the convertible promissory note are expected to fund future one-month extensions as necessary to provide additional time for the Company to complete a business combination.

About the Company

Denali Capital Acquisition Corp. is a blank check company incorporated as a Cayman Islands exempted company for the purpose of effecting a merger, share exchange, asset acquisition, share purchase, reorganization, or similar business combination with one or more businesses or entities.

Forward-Looking Statements

This press release includes forward looking statements that involve risks and uncertainties. Forward-looking statements are subject to numerous conditions, risks and changes in circumstances, many of which are beyond the control of the Company, including those set forth in the “Risk Factors” section of the Company’s most recent annual report on Form 10-K and quarterly reports on Form 10-Q filed with the Securities and Exchange Commission. The Company expressly disclaims any obligations or undertaking to release publicly any updates or revisions to any forward-looking statements contained herein to reflect any change in the Company’s expectations with respect thereto or any change in events, conditions or circumstances on which any statement is based.

The MIL Network –

February 12, 2025

MIL-OSI: United Fire Group, Inc. Reports Fourth Quarter and Full Year 2024 Results

Source: GlobeNewswire (MIL-OSI)

Fourth quarter net income of $1.21 per diluted share and adjusted operating income of $1.25 per diluted share; full year net income of $2.39 per diluted share and adjusted operating income of $2.56 per diluted share

Fourth quarter 2024 highlights compared to fourth quarter 2023:⁽¹⁾

Net income increased from $19.6 million to $31.4 million.
Net investment income increased 21.2% to $23.2 million.
Combined ratio improved 4.8 points to 94.4%; composed of an underlying loss ratio of 55.7%, catastrophe loss ratio of 1.6%, no prior year reserve development, and underwriting expense ratio of 37.1%.
Underlying combined ratio improved 1.6 points to 92.8%.
Net written premiums⁽²⁾ increased 13% to $278.5 million.

Full year 2024 highlights compared to full year 2023:⁽¹⁾

Net income increased to $62.0 million.
Net investment income increased 37.5% to $82.0 million.
Combined ratio improved 10.1 points to 99.2%; composed of an underlying loss ratio of 57.9%, catastrophe loss ratio of 5.4%, no prior year reserve development and underwriting expense ratio of 35.9%.
Underlying combined ratio improved 3.3 points to 93.8%.
Net written premiums increased 15% to $1.2 billion.
Book value per share increased $1.76 to $30.80 as of December 31, 2024, compared to December 31, 2023.
Adjusted book value per share increased $1.95 to $33.64 as of December 31, 2024, compared to December 31, 2023.

CEDAR RAPIDS, Iowa, Feb. 11, 2025 (GLOBE NEWSWIRE) — United Fire Group, Inc. (“UFG”) (Nasdaq: UFCS) today reported financial results for the three-month period ended December 31, 2024, with a consolidated net income of $31.4 million ($1.21 income per diluted share) and consolidated adjusted operating income of $1.25 per diluted share.

“Our fourth quarter and full year results reflect the continued progress we are making in the execution of our strategic business plan,” said UFG President and CEO Kevin Leidwinger. “The actions we have taken over the past two years to deepen our underwriting expertise, evolve our capabilities, better align with our distribution partners and improve our investment returns are materializing in our results.

“In 2024, we achieved the highest level of net written premiums in our company’s 79-year history. In addition, we produced the best annual combined ratio and highest adjusted operating income since 2015. These milestones reflect key steps on our journey to consistently deliver superior financial and operational performance.

“In the fourth quarter, net written premiums grew 13% led by our core commercial and assumed reinsurance business. Core commercial growth was driven by average renewal increases of 11.9%, a substantial increase in new business production and stable retention. On a full year basis, net written premiums grew 15% to $1.2 billion.

“The fourth quarter combined ratio improved to 94.4%, the lowest in 11 quarters, while the full year combined ratio improved 10.1 points to 99.2%. The underlying loss ratio improved to 55.7% for the quarter and 57.9% for the year, reflecting the ongoing benefits of strong earned rate achievement exceeding loss trends and continued underwriting discipline resulting in improved frequency outcomes. Prior year reserve development remained neutral overall in the quarter while the impact from catastrophes was well below historical averages at 1.6% for the quarter and 5.4% for the year.

“The fourth quarter and full year expense ratios were elevated due to investments in talent to deepen expertise across the company, accelerated development of our new policy administration system that is now poised for implementation in 2025, and increased performance-based compensation for employees and agents due to current year achievements.

“Net investment income improved to $23.2 million in the fourth quarter and $82.0 million for the full year. Fixed maturity income increased to $70 million for the year as new money yields remained strong. We also benefited from improved valuations on our limited partnership portfolio for the full year. We expect the fixed maturity portfolio to generate over $80 million of annualized fixed maturity income, with potential for further improvement from future reinvestment at higher rates.

“Reported book value per share decreased slightly in the fourth quarter due to a change in after-tax unrealized loss caused by increased interest rates. Our improved annual earnings and return on equity of 8.2% allowed adjusted book value per share to grow $1.95 for the year to $33.64.

“During the fourth quarter, we successfully resolved the rating errors in our core commercial business that were identified in the second quarter, resulting in no financial impact to the company. As a result, we have reversed the $3.2 million contingent liability established in the second quarter.

“While 2024 marked a return to underwriting profitability for UFG, our work is far from finished. We remain confident in our ability to execute the business plan for improved performance in the years ahead and are grateful for our people and their dedication to delivering the deep expertise, specialized capabilities, personal relationships and responsive service that our partners and policyholders value.

“Finally, our hearts go out to all those impacted by the devastating wildfires in Southern California. Our claims and risk control professionals continue to assist policyholders in the wake of the destruction. At this time, we estimate losses in the range of $7 million to $10 million from this tragic event.”

(1) Underlying loss ratio, underlying combined ratio and adjusted book value per share are non-GAAP financial measures. See Definitions of Non-GAAP Information and Reconciliations to Comparable GAAP Measures for additional information.
(2) Net written premiums is a performance measure reflecting the amount charged for insurance policy contracts issued and recognized on an annualized basis at the effective date of the policy. See Certain Performance Measures for additional information.

Consolidated Financial Highlights:

Consolidated Financial Highlights⁽¹⁾
(Unaudited)	Three Months Ended December 31,						Twelve Months Ended December 31,
(In thousands, except per share data)		2024			2023			2024			2023
Net earned premiums	$	308,137		$	264,366		$	1,176,750		$	1,034,587
Net written premiums		278,529			246,830			1,231,470			1,066,901

Combined ratio:
Net loss ratio		57.3	%		64.8	%		63.3	%		74.4	%
Underwriting expense ratio		37.1	%		34.4	%		35.9	%		34.9	%
Combined ratio		94.4	%		99.2	%		99.2	%		109.3	%

Additional ratios:
Net loss ratio		57.3	%		64.8	%		63.3	%		74.4	%
Catastrophes		1.6	%		1.5	%		5.4	%		6.2	%
Reserve development		—	%		3.3	%		—	%		6.0	%
Underlying loss ratio (non-GAAP)		55.7	%		60.0	%		57.9	%		62.2	%
Underwriting expense ratio		37.1	%		34.4	%		35.9	%		34.9	%
Underlying combined ratio (non-GAAP)		92.8	%		94.4	%		93.8	%		97.1	%

Net investment income	$	23,156		$	19,098		$	81,986		$	59,606
Net investment gains (losses)		(1,318	)		3,855			(5,429	)		1,274
Other income (loss)⁽²⁾		300			(1,039	)		(9,388	)		(4,983	)

Net income (loss)	$	31,442		$	19,608		$	61,957		$	(29,700	)
Adjusted operating income (loss)		32,483			16,564			66,246			(30,706	)

Net income (loss) per diluted share	$	1.21		$	0.77		$	2.39		$	(1.18	)
Adjusted operating income (loss) per diluted share		1.25			0.65			2.56			(1.22	)

Return on equity⁽³⁾								8.2	%		(4.0	)%

(1) Underlying loss ratio, underlying combined ratio and adjusted operating income (loss) are non-GAAP financial measures. See Definitions of Non-GAAP Information and Reconciliations to Comparable GAAP Measures for additional information.
(2) Other income (loss) is comprised of other income (loss), interest expense and other non-underwriting expenses.
(3) Return on equity is calculated by dividing annualized net income by average stockholders’ equity, which is calculated using a simple average of the beginning and ending balances for the period.

Total Property & Casualty Underwriting Results

Fourth quarter 2024 results:
(All comparisons vs. fourth quarter 2023, unless noted otherwise)

Net written premiums and net earned premiums increased by 13% and 17%, respectively, in the fourth quarter of 2024, led by core commercial and assumed reinsurance business. Commercial lines net written premiums excluding surety and specialty increased 13%, supported by increased pricing with an overall increase in average renewal premiums of 11.9%. Rate increases accounted for 10.8% while exposure increases contributed an additional 1.0%. Excluding the workers’ compensation line of business, the overall average increase in renewal premiums was 12.9%, with 11.7% from rate increases and 1.1% from exposure changes.

The combined ratio for the fourth quarter of 2024 was 94.4%, improving 4.8 points from 99.2% driven by improvement in the underlying loss ratio. Prior year reserve development, excluding catastrophe losses, was neutral for the fourth quarter of 2024 compared to 3.3% of unfavorable development in the fourth quarter of 2023. Catastrophe losses added 1.6 points to the combined ratio, an increase of 0.1 points and below both the five-year and 10-year historical averages. The underlying loss ratio of 55.7% improved 4.3 points, reflecting improvement from a combination of rate achievement, continued favorable claim frequency, and lower large loss activity, most notably in the surety portfolio, partially offset by an increase in the umbrella loss ratio, reflecting continued uncertainty from the impact of social inflation. The underwriting expense ratio of 37.1% increased 2.7 points driven by increased performance-based compensation for employees and agents due to current year achievements.

Full year 2024 results:
(All comparisons vs. full year 2023, unless noted otherwise)

Net written premiums and net earned premiums increased by 15% and 14%, respectively, led by core commercial, assumed reinsurance and surety. Commercial lines net written premiums excluding surety and specialty increased 13%, supported by increased pricing with an overall increase in average renewal premiums of 11.8%. Rate increases accounted for 10.1% while exposure increases contributed an additional 1.6%. Excluding the workers’ compensation line of business, the overall average increase in renewal premiums was 12.9%, with 11.2% from rate increases and 1.6% from exposure changes.

For the full year, the combined ratio was 99.2%, improving 10.1 points from 109.3% driven by improvement in all components of the loss ratio. Prior year reserve development, excluding catastrophe losses, was neutral for the full year 2024 compared to 6.0% of unfavorable development in the full year 2023. Catastrophe losses added 5.4 points to the combined ratio, an improvement of 0.8 points and below both the five-year and 10-year historical averages. The underlying loss ratio of 57.9% improved 4.3 points, reflecting improvement from a combination of underwriting actions, increased pricing, expense management, lower frequency trends and lower large loss activity in the property and surety lines of business, partially offset by an increase in the umbrella loss ratio. The underwriting expense ratio of 35.9% increased 1.0 point primarily due to investments in talent to deepen expertise across the company; accelerated development of our new policy administration system that is now poised for implementation in 2025; and increased performance-based compensation for employees and agents due to current year achievements.

Investment Results

Fourth quarter 2024 results:
(All comparisons vs. fourth quarter 2023, unless noted otherwise)

Net investment income was $23.2 million for the fourth quarter of 2024, an increase of $4.1 million or 21.2%. Income from the fixed maturity portfolio increased by $4.8 million due to portfolio management actions and investing at higher interest rates. Other investment income increased by $1.2 million driven by $1.1 million of interest on cash and cash equivalents. Income on other long-term investments decreased $1.3 million driven by better returns in the fourth quarter of 2023. Dividends on equity securities decreased $0.5 million due to the strategic re-allocation into fixed maturities.

Full year 2024 results:
(All comparisons vs. full year 2023, unless noted otherwise)

Net investment income was $82.0 million for the full year 2024, an increase of $22.4 million or 37.5%. Interest on fixed maturities was up $13.5 million or 23.9% as a result of portfolio management actions, investing at higher rates, and the strategic re-allocation of equity securities into fixed maturities, which resulted in a decrease in dividend income of $3.2 million. Income on other long-term investments was $8.0 million in 2024 compared to the depressed income of zero for 2023, as the valuation of the investments in limited liability partnerships varies from period to period due to the current market conditions. Other investment income increased $5.6 million, driven by $4.8 million of interest on cash and cash equivalents.

Investment Results
(Unaudited)	Three Months Ended December 31,						Twelve Months Ended December 31,
(In thousands)		2024			2023			2024			2023
Investment income:
Interest on fixed maturities	$	19,877		$	15,051		$	69,703		$	56,243
Dividends on equity securities		—			481			341			3,548
Income (loss) on other long-term investments		2,150			3,460			7,939			(31	)
Other		3,692			2,456			14,951			9,324
Total investment income	$	25,719		$	21,448		$	92,934		$	69,084
Less investment expenses		2,562			2,350			10,947			9,478
Net investment income	$	23,157		$	19,098		$	81,987		$	59,606

Average yields on fixed income securities pre-tax⁽¹⁾		4.15	%		3.39	%		3.73	%		3.28	%
(1) Fixed income securities yield excluding net unrealized investment gains/losses and expenses.

Balance Sheet

	December 31, 2024			December 31, 2023
(In thousands)	*(unaudited)*
Invested assets	$	2,093,094		$	1,886,494
Cash		200,949			102,046
Total assets		3,488,469			3,144,190
Losses and loss settlement expenses		1,796,782			1,638,755
Total liabilities		2,706,938			2,410,445
Net unrealized investment gains (losses), after-tax		(72,241	)		(66,967	)
Total stockholders’ equity		781,531			733,745

Book value per share	$	30.80		$	29.04
Adjusted book value per share⁽¹⁾		33.64			31.69
(1) Adjusted book value per share is a non-GAAP financial measure. See Definitions of Non-GAAP Information and Reconciliations to Comparable GAAP Measures for additional information.

The company’s book value per share was $30.80, an increase of $1.76 per share, or 6.1%, from December 31, 2023. This increase is primarily related to an increase in net income, partially offset with an increase in net unrealized losses on fixed maturity securities and shareholder dividends during the 12-month period ended December 31, 2024.

Capital Management

During the fourth quarter of 2024, the company declared and paid a $0.16 per share cash dividend to shareholders of record as of November 29, 2024. UFG has paid a quarterly dividend every quarter since March 1968.

Earnings Call Access Information

An earnings call will be held at 9:00 a.m. CT on Wednesday, February 12, 2025, to allow securities analysts, shareholders and other interested parties the opportunity to hear management discuss the company’s fourth quarter of 2024 results.

Teleconference: Dial-in information for the call is toll-free 1-844-492-3723 (international 1-412-542-4184). The event will be archived and available for digital replay through February 19, 2025. The replay access information is toll-free 1-877-344-7529 (international 1-412-317-0088); conference ID no. 4765665.

Webcast: An audio webcast of the teleconference can be accessed at the company’s investor relations page at https://ir.ufginsurance.com/event/ or https://event.choruscall.com/mediaframe/webcast.html?webcastid=j4u0yn8Q. The archived audio webcast will be available for one year.

Transcript: A transcript of the teleconference will be available on the company’s website soon after the completion of the teleconference.

About UFG

Founded in 1946 as United Fire & Casualty Company, UFG, through its insurance company subsidiaries, is engaged in the business of writing property and casualty insurance.

The company is licensed as a property and casualty insurer in all 50 states and the District of Columbia, and is represented by approximately 1,000 independent agencies. A.M. Best Company assigns a rating of “A-” (Excellent) for members of the United Fire & Casualty Group. For more information about UFG, visit www.ufginsurance.com.

Contact:

Investor Relations
Email: ir@unitedfiregroup.com

Media Inquiries
Email: news@unitedfiregroup.com

Disclosure of Forward-Looking Statements

This release may contain forward-looking statements about our operations, anticipated performance and other similar matters. The Private Securities Litigation Reform Act of 1995 provides a safe harbor under the Securities Act of 1933 and the Securities Exchange Act of 1934 for forward-looking statements. The forward-looking statements are not historical facts and involve risks and uncertainties that could cause actual results to differ from those expected and/or projected. Such forward-looking statements are based on current expectations, estimates, forecasts and projections about the company, the industry in which we operate, and beliefs and assumptions made by management. Words such as “expect(s),” “anticipate(s),” “intend(s),” “plan(s),” “believe(s),” “continue(s),” “seek(s),” “estimate(s),” “goal(s),” “remain(s) optimistic,” “target(s),” “forecast(s),” “project(s),” “predict(s),” “should,” “could,” “may,” “will,” “might,” “hope,” “can” and other words and terms of similar meaning or expression in connection with a discussion of future operations, financial performance or financial condition, are intended to identify forward-looking statements. These statements are not guarantees of future performance and involve risks, uncertainties and assumptions that are difficult to predict. Therefore, actual outcomes and results may differ materially from what is expressed in such forward-looking statements. Information concerning factors that could cause actual outcomes and results to differ materially from those expressed in the forward-looking statements is contained in Part I, Item 1A “Risk Factors” of our Annual Report on Form 10-K for the year ended December 31, 2023 (“2023 Annual Report”), filed with the Securities and Exchange Commission (“SEC”) on February 29, 2024. The risks identified in our 2023 Annual Report and in our other SEC filings are representative of the risks, uncertainties, and assumptions that could cause actual outcomes and results to differ materially from what is expressed in the forward-looking statements. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this release or as of the date they are made. Except as required under the federal securities laws and the rules and regulations of the SEC, we do not have any intention or obligation to update publicly any forward-looking statements, whether as a result of new information, future events, or otherwise, except as required by law. In addition, future dividend payments are within the discretion of our Board of Directors and will depend on numerous factors, including our financial condition, our capital requirements and other factors that our Board of Directors considers relevant.

Definitions of Non-GAAP Information and Reconciliations to Comparable GAAP Measures

The company prepares its financial statements in conformity with accounting principles generally accepted in the United States of America (“GAAP”). Management uses certain non-GAAP financial measures to evaluate its operations and profitability. Management also believes that disclosure of certain non-GAAP financial measures enhances investor understanding of our financial performance. Non-GAAP financial measures disclosed in this report include: adjusted operating income, underlying loss ratio, underlying combined ratio, and adjusted book value per share. The company has provided the following definitions and reconciliations of the non-GAAP financial measures:

Adjusted operating income: Adjusted operating income is calculated by excluding net investment gains and losses, after applicable federal and state income taxes from net income (loss). Management believes adjusted operating income is a meaningful measure for evaluating insurance company performance and a useful supplement to GAAP information because it better represents the normal, ongoing performance of our business. Investors and equity analysts who invest in and report on the insurance industry and the company generally focus on this metric in their analyses.

Net Income Reconciliation
(Unaudited)	Three Months Ended December 31,					Twelve Months Ended December 31,
(In thousands)		2024			2023		2024			2023
Income statement data
Net income (loss)	$	31,442		$	19,608	$	61,957		$	(29,700	)
Less: after-tax net investment gains (losses)		(1,041	)		3,044		(4,289	)		1,006
Adjusted operating income (loss)	$	32,483		$	16,564	$	66,246		$	(30,706	)
Diluted earnings per share data
Net income (loss)	$	1.21		$	0.77	$	2.39		$	(1.18	)
Less: after-tax net investment gains (losses)		(0.04	)		0.12		(0.17	)		0.04
Adjusted operating income (loss)	$	1.25		$	0.65	$	2.56		$	(1.22	)

Underlying loss ratio and underlying combined ratio: Underlying loss ratio represents the net loss ratio less the impacts of catastrophes and non-catastrophe prior year reserve development. The underlying combined ratio represents the combined ratio less the impacts of catastrophes and non-catastrophe prior year reserve development. The company believes that the underlying loss ratio and underlying combined ratio are meaningful measures to understand the underlying trends in the core business in the current accident year, removing the volatility of prior year impacts and catastrophes. Management believes separate discussions on catastrophe losses and prior year reserve development are important to understanding how the company is managing catastrophe risk and in identifying developments in longer-tailed business.

Prior year reserve development is the increase (unfavorable) or decrease (favorable) in incurred loss and loss adjustment expense at the valuation dates for losses which occurred in previous calendar years. This measure excludes development on catastrophe losses.

Catastrophe losses is an operational measure which utilizes the designations of the Insurance Services Office (“ISO”) and is reported with losses and loss adjustment expense amounts net of reinsurance recoverables, unless specified otherwise. In addition to ISO catastrophes, we also include as catastrophes those events, which may include U.S. or international losses, that we believe are, or will be, material to our operations, either in amount or in number of claims made. Catastrophes are not predictable and are unique in terms of timing and financial impact. While management estimates catastrophe losses as incurred, due to the inherently unique nature of catastrophe losses, the impact in a reporting period is inclusive of catastrophes that occurred in the reporting period, as well as development on catastrophes that have occurred in prior periods.

Adjusted book value per share: Adjusted book value per share is calculated by dividing shareholders’ equity, excluding net unrealized investment gains and losses, net of tax, by the number of common shares outstanding. Management believes adjusted book value per share is a meaningful measure for evaluating the company’s net worth that is primarily attributable to our business operations, because it removes the effect of changing prices on invested assets that can fluctuate from period to period. Book value per share is the most directly comparable GAAP measure.

Book Value Per Share Reconciliation
(Unaudited)	As of
(In thousands)	December 31, 2024			December 31, 2023
Shareholders’ equity	$	781,531		$	733,745
Less: Net unrealized investment gains (losses), net of tax		(72,241	)		(66,967	)
Shareholders’ equity, excluding net unrealized investment gains (losses), net of tax	$	853,772		$	800,712

Common shares outstanding (basic)		25,378			25,270
Book value per share	$	30.80		$	29.04
Adjusted book value per share		33.64			31.69

Certain Performance Measures

The company uses the following measure to evaluate its financial performance. Management believes a discussion of this measure provides financial statement users with a better understanding of the company’s results of operations. The company has provided the following definition:

Net written premiums: Net written premiums is frequently used by industry analysts and other recognized reporting sources to facilitate comparisons of the performance of insurance companies. Net written premiums is the amount charged for insurance policy contracts issued and recognized on an annualized basis at the effective date of the policy. Management believes net written premiums is a meaningful measure for evaluating insurance company sales performance and geographical expansion efforts. Net written premiums for an insurance company consists of direct premiums written and premiums assumed, less premiums ceded. Net earned premiums is calculated on a pro-rata basis over the terms of the respective policies. Unearned premium reserves are established for the portion of written premiums applicable to the unexpired terms of the insurance policies in force. The difference between net earned premiums and net written premiums is the change in unearned premiums and the change in prepaid reinsurance premiums.

Supplemental Tables

Income Statement
(Unaudited)	Three Months Ended December 31,					Twelve Months Ended December 31,
(In thousands)		2024			2023		2024			2023
Revenues
Net earned premiums	$	308,137		$	264,366	$	1,176,750		$	1,034,587
Net investment income		23,156			19,098		81,986			59,606
Net investment gains (losses)		(1,318	)		3,855		(5,429	)		1,274
Other income (loss)		3,200			—		—			—
Total revenues	$	333,175		$	287,319	$	1,253,307		$	1,095,467

Benefits, losses and expenses
Losses and loss settlement expenses	$	176,486		$	171,289	$	744,605		$	769,414
Amortization of deferred policy acquisition costs		76,834			63,291		281,338			244,991
Other underwriting expenses		37,410			27,569		140,942			115,800
Interest expense		2,481			869		7,281			3,260
Other non-underwriting expenses		419			170		2,107			1,723
Total benefits, losses and expenses	$	293,630		$	263,188	$	1,176,273		$	1,135,188

Income (loss) before income taxes	$	39,545		$	24,131	$	77,034		$	(39,721	)
Federal income tax expense (benefit)		8,103			4,523		15,077			(10,021	)
Net income (loss)	$	31,442		$	19,608	$	61,957		$	(29,700	)

Net Written Premiums by Line of Business
(Unaudited)	Three Months Ended December 31,				Twelve Months Ended December 31,
(In thousands)		2024		2023		2024		2023
Net written premiums⁽¹⁾
Commercial lines:
Other liability⁽²⁾	$	90,508	$	79,393	$	369,454	$	325,900
Fire and allied lines⁽³⁾		54,203		51,742		253,796		249,029
Automobile		53,776		46,667		258,257		218,710
Workers’ compensation		14,011		10,530		61,838		49,128
Surety⁽⁴⁾		10,013		11,964		52,524		47,564
Miscellaneous		3,201		1,356		13,086		4,776
Total commercial lines	$	225,712	$	201,652	$	1,008,955	$	895,107

Personal lines:
Fire and allied lines⁽⁵⁾	$	3,804	$	136	$	14,201	$	4,545
Automobile		764		—		2,449		—
Miscellaneous		—		1		5		14
Total personal lines	$	4,568	$	137	$	16,655	$	4,559
Assumed reinsurance⁽⁶⁾		48,249		45,041		205,860		167,236
Total	$	278,529	$	246,830	$	1,231,470	$	1,066,901
(1) Net written premiums is a performance measure reflecting the amount charged for insurance policy contracts issued and recognized on an annualized basis at the effective date of the policy. See Certain Performance Measures for additional information. (2) Commercial lines “Other liability” is business insurance covering bodily injury and property damage arising from general business operations, accidents on the insured’s premises and products manufactured or sold. (3) Commercial lines “Fire and allied lines” includes fire, allied lines, commercial multiple peril and inland marine. (4) Commercial lines “Surety” previously referred to as “Fidelity and surety.” (5) Personal lines “Fire and allied lines” includes fire, allied lines, homeowners and inland marine. (6) Assumed reinsurance includes Funds at Lloyd’s

Net Earned Premiums, Net Losses and Loss Settlement Expenses and Net Loss Ratio by Line of Business
Three Months Ended December 31,		2024								2023
(In thousands, except ratios)			Net Losses								Net Losses
			and Loss								and Loss
	Net		Settlement			Net			Net		Settlement			Net
	Earned		Expenses			Loss			Earned		Expenses			Loss
(Unaudited)	Premiums		Incurred			Ratio			Premiums		Incurred			Ratio
Commercial lines
Other liability	$	91,016	$	82,052			90.2	%	$	83,239	$	54,991			66.1	%
Fire and allied lines		62,019		16,515			26.6			61,869		31,994			51.7
Automobile		63,276		28,893			45.7			54,068		39,792			73.6
Workers’ compensation		14,914		8,233			55.2			12,626		13,908			110.2
Surety		15,537		(179	)		(1.2	)		12,311		6,591			53.5
Miscellaneous		3,223		611			19.0			1,180		663			56.2
Total commercial lines	$	249,985	$	136,125			54.5	%	$	225,293	$	147,939			65.7	%

Personal lines
Fire and allied lines	$	3,814	$	5,110			134.0	%	$	165	$	(229	)		(138.8	)%
Automobile		639		424			66.4	%		—		(511	)		NM
Miscellaneous		2		4			NM			4		66			NM
Total personal lines	$	4,455	$	5,538			124.3	%	$	169	$	(674	)		(398.8	)%
Assumed reinsurance		53,697		34,823			64.9			38,904		24,024			61.8
Total	$	308,137	$	176,486			57.3	%	$	264,366	$	171,289			64.8	%
NM = Not meaningful

Net Earned Premiums, Net Losses and Loss Settlement Expenses and Net Loss Ratio by Line of Business
Twelve Months Ended December 31,		2024							2023
(In thousands, except ratios)			Net Losses							Net Losses
			and Loss							and Loss
	Net		Settlement		Net			Net		Settlement			Net
	Earned		Expenses		Loss			Earned		Expenses			Loss
(Unaudited)	Premiums		Incurred		Ratio			Premiums		Incurred			Ratio
Commercial lines
Other liability	$	343,027	$	283,034		82.5	%	$	320,762	$	249,106			77.7	%
Fire and allied lines		252,142		125,807		49.9			244,674		183,533			75.0
Automobile		239,964		138,517		57.7			208,874		176,667			84.6
Workers’ compensation		54,815		37,524		68.5			53,039		33,224			62.6
Surety		60,285		14,812		24.6			39,922		22,259			55.8
Miscellaneous		9,802		5,742		58.6			2,702		940			34.8
Total commercial lines	$	960,035	$	605,436		63.1	%	$	869,973	$	665,729			76.5	%

Personal lines
Fire and allied lines	$	14,237	$	8,325		58.5	%	$	4,733	$	3,402			71.9	%
Automobile		1,214		732		60.3	%		—		(837	)		NM
Miscellaneous		10		197		NM			22		(82	)		NM
Total personal lines	$	15,461	$	9,254		59.9	%	$	4,755	$	2,483			52.2	%
Assumed reinsurance		201,254		129,915		64.6			159,859		101,202			63.3
Total	$	1,176,750	$	744,605		63.3	%	$	1,034,587	$	769,414			74.4	%

The MIL Network –

February 12, 2025

MIL-OSI: Nasdaq Announces End-of-Month Open Short Interest Positions in Nasdaq Stocks as of Settlement Date January 31, 2025

Source: GlobeNewswire (MIL-OSI)

NEW YORK, Feb. 11, 2025 (GLOBE NEWSWIRE) — At the end of the settlement date of January 31, 2025, short interest in 3,109 Nasdaq Global Market^SM securities totaled 12,170,722,591 shares compared with 12,402,417,655 shares in 3,099 Global Market issues reported for the prior settlement date of January 15, 2025. The mid-January short interest represents 2.69 days compared with 2.56 days for the prior reporting period.

Short interest in 1,621 securities on The Nasdaq Capital Market^SM totaled 2,410,655,463 shares at the end of the settlement date of January 31, 2025, compared with 2,424,890,788 shares in 1,635 securities for the previous reporting period. This represents a 1.00 day average daily volume; the previous reporting period’s figure was 1.00.

In summary, short interest in all 4,730 Nasdaq^® securities totaled 14,581,378,054 shares at the January 31, 2025 settlement date, compared with 4,734 issues and 14,827,308,443 shares at the end of the previous reporting period. This is 1.88 days average daily volume, compared with an average of 1.82 days for the prior reporting period.

The open short interest positions reported for each Nasdaq security reflect the total number of shares sold short by all broker/dealers regardless of their exchange affiliations. A short sale is generally understood to mean the sale of a security that the seller does not own or any sale that is consummated by the delivery of a security borrowed by or for the account of the seller.

For more information on Nasdaq Short interest positions, including publication dates, visit http://www.nasdaq.com/quotes/short-interest.aspx or http://www.nasdaqtrader.com/asp/short_interest.asp.

About Nasdaq:
Nasdaq (Nasdaq: NDAQ) is a leading global technology company serving corporate clients, investment managers, banks, brokers, and exchange operators as they navigate and interact with the global capital markets and the broader financial system. We aspire to deliver world-leading platforms that improve the liquidity, transparency, and integrity of the global economy. Our diverse offering of data, analytics, software, exchange capabilities, and client-centric services enables clients to optimize and execute their business vision with confidence. To learn more about the company, technology solutions, and career opportunities, visit us on LinkedIn, on X @Nasdaq, or at www.nasdaq.com.

Media Contact:
Camille Stafford
camille.stafford@nasdaq.com

A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/4cdababb-4379-4e9b-a7c2-9c802b5ee122

NDAQO

The MIL Network –

February 12, 2025

MIL-OSI: BlackLine Announces Fourth Quarter and Full Year 2024 Financial Results

Source: GlobeNewswire (MIL-OSI)

LOS ANGELES, Feb. 11, 2025 (GLOBE NEWSWIRE) — BlackLine, Inc. (Nasdaq: BL), today announced financial results for the fourth quarter and full year ended December 31, 2024.

“We believe our recent user conference and accelerating innovation are creating momentum for BlackLine,” said Owen Ryan, Co-CEO of BlackLine. “We’re making progress on our key Investor Day initiatives, including the rollout of Studio360, advancement of our public sector opportunity, and expansion of our industry-specific strategy. While we recognize the work ahead to achieve our full vision, our strategic investments are building a solid foundation for future growth.”

“By focusing our innovation on the evolving needs of the Office of the CFO, we continue to unlock new market opportunities and enhance our strategic position,” said Therese Tucker, Co-CEO of BlackLine. “Through our Studio360 platform along with AI-powered solutions and capabilities, we’re delivering customer-focused innovation that we believe drive both our company’s financial performance and our customers’ ability to achieve greater operational efficiency across their finance and accounting organizations.”

Fourth Quarter 2024 Financial Highlights

Total GAAP revenues of $169.5 million, an increase of 9% compared to the fourth quarter of 2023.
GAAP operating margin of 3.7%, compared to 8.2% in the fourth quarter of 2023.
Non-GAAP operating margin of 18.1%, compared to 24.8% in the fourth quarter of 2023.
GAAP net income attributable to BlackLine of $56.4 million, or $0.79 per diluted share compared to GAAP net income attributable to BlackLine of $22.1 million, or $0.32 per diluted share in the fourth quarter of 2023.
Non-GAAP net income attributable to BlackLine of $34.6 million, or $0.47 per diluted share compared to non-GAAP net income attributable to BlackLine of $51.5 million, or $0.69 per diluted share in the fourth quarter of 2023.
Operating cash flow of $43.8 million, compared to $42.2 million in the fourth quarter of 2023.
Free cash flow of $36.5 million, compared to $35.3 million in the fourth quarter of 2023.

Full Year 2024 Financial Highlights

Total GAAP revenues of $653.3 million, an increase of 11% from 2023.
GAAP operating margin of 2.8%, compared to 2.4% in 2023.
Non-GAAP operating margin of 19.4%, compared to 16.5% in 2023.
GAAP net income attributable to BlackLine of $161.2 million, or $1.45 per diluted share compared to GAAP net income attributable to BlackLine of $52.8 million, or $0.81 per diluted share in 2023.
Non-GAAP net income attributable to BlackLine of $162.1 million, or $2.18 per diluted share compared to non-GAAP net income attributable to BlackLine of $145.2 million, or $1.96 per diluted share in 2023.
Operating cash flow of $190.8 million, compared to $126.6 million from 2023.
Free cash flow of $164.0 million, compared to $99.0 million from 2023.

Fourth Quarter Key Metrics and Recent Business Highlights

BlackLine had a total of 4,443 customers at December 31, 2024.
Expanded the Company’s user base to 397,477 users at December 31, 2024.
Achieved a dollar-based net revenue retention rate of 102% at December 31, 2024.
Launched Studio360 Platform to drive future-ready financial operations for the Office of the CFO.
Recognized as a Leader in the 2024 IDC MarketScape for Worldwide Accounts Receivable Automation Applications for the Enterprise.
Recognized as Most Innovative FinTech Solution by the 2024 Tech Ascension Awards.
Appointed Stuart Van Houten as Chief Commercial Officer.
Welcomed Philippe Omer-Decugis as Senior Vice President and General Manager for Europe.
Announced 2024 Modern Accounting Award Winners at BeyondTheBlack.
Announced the planned retirement of BlackLine’s Chief Financial Officer and named successor.

The financial results included in this press release are preliminary and subject to final review. Financial results will not be final until BlackLine files its Annual Report on Form 10-K for the period. Information about BlackLine’s use of non-GAAP financial measures is provided below under “Use of Non-GAAP Financial Measures.”

Financial Outlook

First Quarter 2025

Total GAAP revenue is expected to be in the range of $166 million to $168 million.
Non-GAAP operating margin is expected to be in the range of 16.5% to 17.5%.
Non-GAAP net income attributable to BlackLine is expected to be in the range of $28 million to $30 million, or $0.36 to $0.39 per share on 77.7 million diluted weighted average shares outstanding.

Full Year 2025

Total GAAP revenue is expected to be in the range of $699 million to $705 million.
Non-GAAP operating margin is expected to be in the range of 21.0% to 22.0%.
Non-GAAP net income attributable to BlackLine is expected to be in the range of $155 million to $165 million, or $1.97 to $2.10 per share on 78.5 million diluted weighted average shares outstanding.

Guidance for non-GAAP operating margin, non-GAAP net income attributable to BlackLine, and non-GAAP net income attributable to BlackLine per share excludes specified items from the corresponding GAAP financial measures as outlined below under “Use of Non-GAAP Financial Measures” and as detailed in the reconciliations of non-GAAP measures for historical periods. Reconciliations of non-GAAP operating margin, non-GAAP net income attributable to BlackLine, and non-GAAP net income attributable to BlackLine per share guidance to the most directly comparable U.S. GAAP measures are not available on a forward-looking basis without unreasonable efforts due to the unpredictability and complexity of the charges excluded from these non-GAAP financial measures. The Company expects the variability of the above items could have a significant, and potentially unpredictable, impact on its future GAAP operating margin, net income attributable to BlackLine, and net income attributable to BlackLine per share.

Quarterly Conference Call

BlackLine will hold a conference call to discuss its fourth quarter and full year 2024 results at 2:00 p.m. Pacific time on Tuesday, February 11, 2025. A live audio webcast will be accessible on BlackLine’s investor relations website at https://investors.blackline.com. Participants can preregister for the conference call. A replay of the webcast will be available at https://investors.blackline.com for 12 months. BlackLine has used, and intends to continue to use, its Investor Relations website as a means of disclosing material non-public information and for complying with its disclosure obligations under Regulation FD.

About BlackLine

BlackLine (Nasdaq: BL), the future-ready platform for the Office of the CFO, drives digital finance transformation by empowering organizations with accurate, efficient, and intelligent financial operations.

BlackLine’s comprehensive platform addresses mission-critical processes, including record-to-report and invoice-to-cash, enabling unified and accurate data, streamlined and optimized processes, and real-time insight through visibility, automation, and AI. BlackLine’s proven, collaborative approach ensures continuous transformation, delivering immediate impact and sustained value. With a proven track record of innovation, industry-leading R&D investment, and world-class security practices, more than 4,400 customers across multiple industries partner with BlackLine to lead their organizations into the future.

For more information, please visit blackline.com.

Forward-looking Statements

This release and the conference call referenced above contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. In some cases, you can identify forward-looking statements by terminology such as “may,” “will,” “should,” “could,” “expect,” “plan,” anticipate,” “believe,” “estimate,” “predict,” “intend,” “potential,” “would,” “continue,” “ongoing” or the negative of these terms or other comparable terminology. Forward-looking statements in this release and quarterly conference call include, but are not limited to, statements regarding BlackLine’s future financial and operational performance, including, without limitation, GAAP and non-GAAP guidance for the first quarter and full year of 2025, the impact of progress against certain key initiatives, our expectations for our business, including the demand environment, BlackLine’s addressable market, market position and pipeline, our international growth, and our relationships with our customers and partners, including opportunities to expand those relationships.

Any forward-looking statements contained in this press release or the quarterly conference call are based upon BlackLine’s historical performance and its current plans, estimates and expectations and are not a representation that such plans, estimates, or expectations will be achieved. Forward-looking statements are based on information available at the time those statements are made and/or management’s good-faith beliefs and assumptions as of that time with respect to future events, and are subject to risks and uncertainties. If any of these risks or uncertainties materialize or if any assumptions prove incorrect, actual performance or results may differ materially from those expressed in or suggested by the forward-looking statements. These risks and uncertainties include, but are not limited to risks related to the Company’s ability to attract new customers and expand sales to existing customers; the extent to which customers renew their subscription agreements or increase the number of users; the impact of current and future economic uncertainty and other unfavorable conditions in the Company’s industry or the global economy, the Company’s ability to manage growth and scale effectively, including entry into new geographies; the Company’s ability to provide successful enhancements, new features and modifications to its software solutions; the Company’s ability to develop new products and software solutions and the success of any new product and service introductions; the Company’s ability to effectively incorporate artificial intelligence and machine learning technologies (AI/ML) into its platform and business and the potential reputational harm or legal liability that may result from the use of AI/ML solutions and features; the success of the Company’s strategic relationships with technology vendors and business process outsourcers, channel partners and alliance partners; any breaches of the Company’s security measures; a disruption in the Company’s hosting network infrastructure; costs and reputational harm that could result from defects in the Company’s solutions; the loss of any key employees; continued strong demand for the Company’s software in the United States, Europe, Asia Pacific, and Latin America; the Company’s ability to compete as the financial close management provider for organizations of all sizes; the timing and success of solutions offered by competitors; including competitors’ ability to incorporate AI/ML into products and offerings more quickly or successfully; changes in the proportion of the Company’s customer base that is comprised of enterprise or mid-sized organizations; the Company’s ability to expand and effectively manage its sales teams and their performance and productivity; fluctuations in our financial results due to long and increasingly variable sales cycles, failure to protect the Company’s intellectual property; the Company’s ability to integrate acquired businesses and technologies successfully or achieve the expected benefits of such transactions; unpredictable and uncertain macro and regional economic conditions; seasonality; changes in current tax or accounting rules; cyber attacks and the risk that the Company’s security measures may not be sufficient to secure its customer or confidential data adequately; acts of terrorism or other vandalism, war or natural disasters including the effects of climate change; the impact of any determination of deficiencies or weaknesses in our internal controls and processes; and other risks and uncertainties described in the other filings we make with the Securities and Exchange Commission from time to time, including the risks described under the heading “Risk Factors” in our Quarterly Report on Form 10-Q for the quarter ended September 30, 2024 filed with the Securities and Exchange Commission on November 8, 2024. Additional information will also be set forth in our Annual Report on Form 10-K for the year ended December 31, 2024. Forward-looking statements should not be read as a guarantee of future performance or results, and you should not place undue reliance on such statements. Except as required by law, we do not undertake any obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future developments or otherwise. All of the information in this press release is subject to completion of our quarterly review process.

Use of Non-GAAP Financial Measures

To supplement its consolidated financial statements, which are prepared and presented in accordance with U.S. generally accepted accounting principles, or GAAP, BlackLine has provided in this release and the quarterly conference call held on February 11, 2025, certain financial measures that have not been prepared in accordance with GAAP defined as “non-GAAP financial measures,” which include (i) non-GAAP gross profit and non-GAAP gross margin, (ii) non-GAAP operating expenses, (iii) non-GAAP operating income (loss) and non-GAAP operating margin, (iv) non-GAAP net income (loss) attributable to BlackLine, Inc., (v) diluted non-GAAP net income (loss) attributable to BlackLine, Inc. per share, and (vi) free cash flow.

BlackLine’s management uses these non-GAAP financial measures internally in analyzing its financial results and believes they are useful to investors, as a supplement to the corresponding GAAP measures, in evaluating BlackLine’s ongoing operational performance and trends and in comparing its financial measures with other companies in the same industry, many of which present similar non-GAAP financial measures to help investors understand the operational performance of their businesses. However, it is important to note that the particular items BlackLine excludes from, or includes in, its non-GAAP financial measures may differ from the items excluded from, or included in, similar non-GAAP financial measures used by other companies in the same industry. Non-GAAP financial measures should not be considered in isolation from, or as a substitute for, financial information prepared in accordance with GAAP. Investors are encouraged to review the reconciliation of these non-GAAP measures to their most directly comparable GAAP financial measures. A reconciliation of the non-GAAP financial measures to such GAAP measures has been provided in the tables included as part of this press release.

Non-GAAP Gross Profit and Non-GAAP Gross Margin. Non-GAAP gross profit is defined as GAAP revenues less GAAP cost of revenue adjusted for amortization of acquired developed technology, stock-based compensation, and transaction-related costs (including, but not limited to, accounting, legal, and advisory fees related to the transaction, as well as transaction-related retention bonuses). Non-GAAP gross margin is defined as non-GAAP gross profit divided by GAAP revenues. BlackLine believes that presenting non-GAAP gross profit and non-GAAP gross margin is useful to investors as it eliminates the impact of certain non-cash expenses and allows a direct comparison between periods.

Non-GAAP Operating Expenses. Non-GAAP operating expenses include (a) non-GAAP sales and marketing expense, (b) non-GAAP research and development expense, and (c) non-GAAP general and administrative expense. Non-GAAP sales and marketing expense is defined as GAAP sales and marketing expense adjusted for amortization of intangible assets, stock-based compensation, and transaction-related costs. Non-GAAP research and development expense is defined as GAAP research and development expense adjusted for stock-based compensation and transaction-related costs. Non-GAAP general and administrative expense is defined as GAAP general and administrative expense adjusted for amortization of intangible assets, stock-based compensation, change in fair value of contingent consideration, transaction-related costs, and legal settlement gains or costs. BlackLine believes that presenting each of the non-GAAP operating expenses is useful to investors as it eliminates the impact of certain cash and non-cash expenses and allows a direct comparison of operating expenses between periods.

Non-GAAP Income (Loss) from Operations and Non-GAAP Operating Margin. Non-GAAP income (loss) from operations is defined as GAAP income (loss) from operations adjusted for amortization of intangible assets, stock-based compensation, change in fair value of contingent consideration, transaction-related costs, legal settlement gains or costs, and restructuring costs. Non-GAAP operating margin is defined as non-GAAP income (loss) from operations divided by GAAP revenues. BlackLine believes that presenting non-GAAP income (loss) from operations and non-GAAP operating margin is useful to investors as it eliminates the impact of items that have been impacted by the Company’s acquisitions and other related costs in order to allow a direct comparison of income (loss) from operations between all periods presented.

Non-GAAP Net Income (Loss) Attributable to BlackLine and Diluted Non-GAAP Net Income (Loss) Attributable to BlackLine, Inc. Per Share. Non-GAAP net income (loss) attributable to BlackLine is defined as GAAP net income (loss) attributable to BlackLine adjusted for the impact of the provision for (benefit from) income taxes related to acquisitions, amortization of intangible assets, stock-based compensation, amortization of debt issuance costs from our convertible senior notes, change in fair value of contingent consideration, transaction-related costs, legal settlement gains or costs, restructuring costs, adjustment to the redeemable non-controlling interest to the redemption amount, and gain on extinguishment of convertible senior notes. Diluted non-GAAP net income (loss) attributable to BlackLine, Inc. per share includes the adjustment for shares resulting from the elimination of stock-based compensation. BlackLine believes that presenting non-GAAP net income (loss) attributable to BlackLine is useful to investors as it eliminates the impact of items that have been impacted by the Company’s acquisitions and other related costs to allow a direct comparison of net income (loss) between all periods presented.

Free Cash Flow. Free cash flow is defined as cash flows provided by (used in) operating activities less cash flows used to purchase property and equipment, financed and otherwise, capitalized software development, and intangible assets. BlackLine believes that presenting free cash flow is useful to investors as it provides a measure of the Company’s liquidity used by management to evaluate the amount of cash generated by the Company’s business including the impact of purchases of property and equipment and cost of capitalized software development.

Use of Operating Metrics

BlackLine has provided in this release and the quarterly conference call held on February 11, 2025 certain operating metrics, including (i) number of customers, (ii) number of users, and (iii) dollar-based net revenue retention rate, which BlackLine uses to evaluate its business, measure its performance, identify trends affecting its business, formulate financial projections and make strategic decisions. These operating metrics exclude the impact of certain Runbook licensed customers and users who are on perpetual license agreements and did not have an active subscription agreement with BlackLine as of December 31, 2024.

Dollar-based Net Revenue Retention Rate. Dollar-based net revenue retention rate is calculated as the implied monthly subscription and support revenue at the end of a period for the base set of customers from which the Company generated subscription revenue in the year prior to the calculation, divided by the implied monthly subscription and support revenue one year prior to the date of calculation for that same customer base. This calculation does not reflect implied monthly subscription and support revenue for new customers added during the one-year period but does include the effect of customers who terminated during the period. Implied monthly subscription and support revenue is defined as the total amount of minimum subscription and support revenue contractually committed to, under each of BlackLine’s customer agreements over the entire term of the agreement, divided by the number of months in the term of the agreement. BlackLine believes that dollar-based net revenue retention rate is an important metric to measure the long-term value of customer agreements and the Company’s ability to retain and grow its relationships with existing customers over time.

Number of Customers. A customer is defined as a company that contributes to our subscription and support revenue as of the measurement date. In situations where an organization has multiple subsidiaries or divisions, each entity that is invoiced as a separate entity is treated as a separate customer. In an instance where an existing customer requests its invoice be divided for the sole purpose of restructuring its internal billing arrangement without any incremental increase in revenue, such customer continues to be treated as a single customer. BlackLine believes that its ability to expand its customer base is an indicator of the Company’s market penetration and the growth of its business.

Number of Users. Historically, BlackLine’s products were priced based on the number of users of its platform. Over time, the Company has begun to sell an increasing number of non-user based products with fixed or transaction-based pricing. For this reason, we believe the growth in the number of total users is less correlated to the growth of the business overall.

Media Contact:
Samantha Darilek
samantha.darilek@blackline.com

Investor Relations Contact:
Matt Humphries, CFA
matt.humphries@blackline.com

BlackLine, Inc.
Consolidated Balance Sheets
(in thousands)
(unaudited)

	December 31, 2024			December 31, 2023
ASSETS
Current assets:
Cash and cash equivalents	$	885,915		$	271,117
Marketable securities		—			933,355
Accounts receivable, net of allowances		178,141			171,608
Prepaid expenses and other current assets		28,348			31,244
Total current assets		1,092,404			1,407,324
Capitalized software development costs, net		45,448			37,828
Property and equipment, net		11,840			14,867
Intangible assets, net		59,520			79,056
Goodwill		448,965			448,965
Operating lease right-of-use assets		22,772			19,173
Deferred tax assets, net		53,208			145
Other assets		90,879			93,407
Total assets	$	1,825,036		$	2,100,765
LIABILITIES, REDEEMABLE NON-CONTROLLING INTEREST, AND STOCKHOLDERS’ EQUITY
Current liabilities:
Accounts payable	$	8,463		$	8,623
Accrued expenses and other current liabilities		71,574			59,690
Deferred revenue, current		338,615			320,133
Finance lease liabilities, current		66			778
Operating lease liabilities, current		3,525			4,108
Convertible senior notes, net, current		—			249,233
Total current liabilities		422,243			642,565
Finance lease liabilities, noncurrent		53			4
Operating lease liabilities, noncurrent		20,283			15,738
Convertible senior notes, net, noncurrent		892,675			1,140,608
Deferred tax liabilities, net		4,532			6,394
Deferred revenue, noncurrent		1,390			904
Other long-term liabilities		708			3,608
Total liabilities		1,341,884			1,809,821
Commitments and contingencies
Redeemable non-controlling interest		36,483			30,063
Stockholders’ equity:
Common stock		628			615
Additional paid-in capital		495,391			474,863
Accumulated other comprehensive income (loss)		(361	)		205
Accumulated deficit		(48,989	)		(214,802	)
Total stockholders’ equity		446,669			260,881
Total liabilities, redeemable non-controlling interest, and stockholders’ equity	$	1,825,036		$	2,100,765

BlackLine, Inc.
Consolidated Statements of Operations
(in thousands, except per share data)
(unaudited)

	Quarter Ended						Year Ended
	December 31,						December 31,
		2024			2023			2024			2023
Revenues
Subscription and support	$	160,988		$	147,155		$	619,287		$	555,516
Professional services		8,472			8,575			34,049			34,480
Total revenues		169,460			155,730			653,336			589,996
Cost of revenues
Subscription and support		34,833			31,373			135,308			121,308
Professional services		6,581			6,239			26,657			25,485
Total cost of revenues		41,414			37,612			161,965			146,793
Gross profit		128,046			118,118			491,371			443,203
Operating expenses
Sales and marketing		64,769			56,898			248,347			243,154
Research and development		24,588			22,578			100,973			103,207
General and administrative		32,480			24,676			121,795			71,530
Restructuring costs		(8	)		1,151			1,720			10,964
Total operating expenses		121,829			105,303			472,835			428,855
Income from operations		6,217			12,815			18,536			14,348
Other income (expense)
Interest income		9,399			14,822			49,808			52,059
Interest expense		(2,523	)		(1,484	)		(8,758	)		(5,898	)
Gain on extinguishment of convertible senior notes		—			—			65,112			—
Other income, net		6,876			13,338			106,162			46,161
Income before income taxes		13,093			26,153			124,698			60,509
Provision for (benefit from) income taxes		(50,374	)		1,901			(43,067	)		1,450
Net income		63,467			24,252			167,765			59,059
Net income attributable to redeemable non-controlling interest		670			293			1,952			892
Adjustment attributable to redeemable non-controlling interest		6,380			1,890			4,639			5,334
Net income attributable to BlackLine, Inc.	$	56,417		$	22,069		$	161,174		$	52,833
Basic net income attributable to BlackLine, Inc. per share	$	0.90		$	0.36		$	2.59		$	0.87
Shares used to calculate basic net income per share		62,640			61,391			62,129			60,849
Diluted net income attributable to BlackLine, Inc. per share	$	0.79		$	0.32		$	1.45		$	0.81
Shares used to calculate diluted net income per share		74,610			72,470			73,503			72,045

BlackLine, Inc.
Consolidated Statements of Cash Flows
(in thousands)
(unaudited)

	Quarter Ended						Year Ended
	December 31,						December 31,
		2024			2023			2024			2023
Cash flows from operating activities
Net income attributable to BlackLine, Inc.	$	56,417		$	22,069		$	161,174		$	52,833
Net income and adjustment attributable to redeemable non-controlling interest		7,050			2,183			6,591			6,226
Net income		63,467			24,252			167,765			59,059
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization		12,120			12,825			50,345			50,099
Change in fair value of contingent consideration		—			—			—			(33,549	)
Amortization of debt issuance costs		849			1,398			4,486			5,535
Stock-based compensation		19,340			17,505			83,251			77,970
Gain on extinguishment of convertible senior notes		—			—			(65,112	)		—
Noncash lease expense		1,611			1,728			6,221			6,453
Accretion of purchase discounts on marketable securities, net		(326	)		(8,885	)		(18,441	)		(33,884	)
Net foreign currency (gains) losses		(81	)		(29	)		279			853
Deferred income taxes		(53,323	)		281			(54,802	)		(1,525	)
Provision for (benefit from) credit losses		70			(1	)		84			(18	)
Changes in operating assets and liabilities:
Accounts receivable		(43,317	)		(41,300	)		(7,552	)		(20,855	)
Prepaid expenses and other current assets		(1,609	)		(4,449	)		2,742			(6,599	)
Other assets		298			(1,947	)		2,505			(595	)
Accounts payable		4,333			4,341			(1,123	)		(5,104	)
Accrued expenses and other current liabilities		3,968			(2,111	)		7,087			(924	)
Deferred revenue		37,819			42,536			18,968			41,271
Contingent consideration paid in excess of original estimates		—			(2,393	)		—			(2,393	)
Operating lease liabilities		(1,563	)		(1,936	)		(5,963	)		(7,171	)
Lease incentive receipts		—			—			—			240
Other long-term liabilities		138			354			96			(2,250	)
Net cash provided by operating activities		43,794			42,169			190,836			126,613
Cash flows from investing activities
Purchases of marketable securities		—			(360,866	)		(396,104	)		(1,343,331	)
Proceeds from maturities of marketable securities		121,289			363,521			1,023,286			1,319,821
Proceeds from sales of marketable securities		—			—			324,098			—
Capitalized software development costs		(6,513	)		(4,807	)		(24,714	)		(21,644	)
Purchases of property and equipment		(756	)		(2,026	)		(2,126	)		(5,953	)
Acquisition, net of cash acquired		—			(9	)		—			(11,376	)
Net cash provided by (used in) investing activities		114,020			(4,187	)		924,440			(62,483	)
Cash flows from financing activities
Proceeds from issuance of convertible senior notes, net of issuance costs		—			—			661,979			—
Partial repurchase of convertible senior notes		—			—			(848,519	)		—
Repayment of convertible senior notes		—			—			(250,000	)		—
Purchase of capped calls related to convertible senior notes		—			—			(59,738	)		—
Principal payments under finance lease obligations		(228	)		(255	)		(999	)		(990	)
Proceeds from exercises of stock options		4,553			775			7,591			19,762
Proceeds from employee stock purchase plan		2,757			2,719			7,006			8,010
Acquisition of common stock for tax withholding obligations		(3,861	)		(885	)		(17,465	)		(15,029	)
Payment of contingent consideration		—			(5,607	)		—			(5,607	)
Net cash provided by (used in) financing activities		3,221			(3,253	)		(500,145	)		6,146
Effect of foreign currency exchange rate changes on cash, cash equivalents, and restricted cash		(403	)		151			(347	)		(120	)
Net increase in cash, cash equivalents, and restricted cash		160,632			34,880			614,784			70,156
Cash, cash equivalents, and restricted cash, beginning of period		725,515			236,483			271,363			201,207
Cash, cash equivalents, and restricted cash, end of period	$	886,147		$	271,363		$	886,147		$	271,363

Reconciliation of cash, cash equivalents, and restricted cash to the consolidated balance sheets
Cash and cash equivalents at end of period	$	885,915		$	271,117		$	885,915		$	271,117
Restricted cash included within other assets at end of period		232			246			232			246
Total cash, cash equivalents, and restricted cash at end of period shown in the consolidated statements of cash flows	$	886,147		$	271,363		$	886,147		$	271,363

BlackLine, Inc.
Calculation of Diluted Net Income Per Share
(in thousands, except per share data)
(unaudited)

	Quarter Ended							Year Ended
	December 31,							December 31,
			2024			2023			2024			2023
Diluted Net Income per Share
Numerator:
Net income attributable to BlackLine, Inc.		$	56,417		$	22,069		$	161,174		$	52,833
Interest expense, net of taxes			2,305			1,458			7,804			5,716
Gain on extinguishment of convertible senior notes, net of taxes			—			—			(62,147	)		—
Net income attributable to BlackLine, Inc. for diluted calculation		$	58,722		$	23,527		$	106,831		$	58,549
Denominator:
Shares used to calculate diluted net income per share			74,610			72,470			73,503			72,045
Diluted net income attributable to BlackLine, Inc. per share		$	0.79		$	0.32		$	1.45		$	0.81

BlackLine, Inc.
Reconciliations of Non-GAAP Financial Measures
(in thousands, except percentages and per share data)
(unaudited)

		Quarter Ended						Year Ended
		December 31,						December 31,
			2024			2023			2024			2023
Non-GAAP Gross Profit:
Gross profit		$	128,046		$	118,118		$	491,371		$	443,203
Amortization of acquired developed technology			3,243			3,419			13,370			12,438
Stock-based compensation			3,561			3,121			13,347			12,440
Transaction-related costs			25			132			151			478
Total non-GAAP gross profit		$	134,875		$	124,790		$	518,239		$	468,559
Gross margin			75.6	%		75.8	%		75.2	%		75.1	%
Non-GAAP gross margin			79.6	%		80.1	%		79.3	%		79.4	%

Non-GAAP Operating Income:
Operating income		$	6,217		$	12,815		$	18,536		$	14,348
Amortization of intangible assets			4,305			5,249			19,886			20,608
Stock-based compensation			20,138			18,101			86,097			80,068
Change in fair value of contingent consideration			—			—			—			(33,549	)
Transaction-related costs			—			1,246			568			5,078
Restructuring costs			(8	)		1,151			1,720			10,964
Total non-GAAP operating income		$	30,652		$	38,562		$	126,807		$	97,517
GAAP operating margin			3.7	%		8.2	%		2.8	%		2.4	%
Non-GAAP operating margin			18.1	%		24.8	%		19.4	%		16.5	%

Non-GAAP Net Income Attributable to BlackLine, Inc.:
Net income attributable to BlackLine, Inc.		$	56,417		$	22,069		$	161,174		$	52,833
Provision for (benefit from) income taxes			(53,351	)		526			(50,948	)		(1,196	)
Amortization of intangible assets			4,305			5,249			19,886			20,608
Stock-based compensation			20,044			17,981			85,654			79,588
Amortization of debt issuance costs			849			1,398			4,486			5,535
Change in fair value of contingent consideration			—			—			—			(33,549	)
Transaction-related costs			—			1,246			568			5,078
Restructuring costs			(8	)		1,151			1,720			10,964
Adjustment to redeemable non-controlling interest			6,380			1,890			4,639			5,334
Gain on extinguishment of convertible senior notes			—			—			(65,112	)		—
Total non-GAAP net income attributable to BlackLine, Inc.		$	34,636		$	51,510		$	162,067		$	145,195

Basic Non-GAAP Net Income Attributable to BlackLine, Inc. per share
Basic non-GAAP net income attributable to BlackLine, Inc. per share		$	0.55		$	0.84		$	2.61		$	2.39
Shares used to calculate basic non-GAAP net income per share			62,640			61,391			62,129			60,849

Diluted Non-GAAP Net Income Attributable to BlackLine, Inc. per share
Numerator:
Non-GAAP net income attributable to BlackLine, Inc.		$	34,636		$	51,510		$	162,067		$	145,195
Interest expense, net of taxes			1,539			77			3,909			306
Non-GAAP net income attributable to BlackLine, Inc. for diluted calculation		$	36,175		$	51,587		$	165,976		$	145,501
Denominator:
Shares used to calculate diluted non-GAAP net income per share			77,324			74,603			76,124			74,382
Diluted non-GAAP net income attributable to BlackLine, Inc. per share		$	0.47		$	0.69		$	2.18		$	1.96

Non-GAAP Sales and Marketing Expense:
Sales and marketing expense		$	64,769		$	56,898		$	248,347		$	243,154
Amortization of intangible assets			(983	)		(1,751	)		(6,201	)		(6,791	)
Stock-based compensation			(6,260	)		(5,364	)		(25,428	)		(24,152	)
Transaction-related costs			(136	)		(110	)		(320	)		(397	)
Total non-GAAP sales and marketing expense		$	57,390		$	49,673		$	216,398		$	211,814

Non-GAAP Research and Development Expense:
Research and development expense		$	24,588		$	22,578		$	100,973		$	103,207
Stock-based compensation			(3,390	)		(1,813	)		(13,345	)		(13,095	)
Transaction-related costs			170			(833	)		(46	)		(2,857	)
Total non-GAAP research and development expense		$	21,368		$	19,932		$	87,582		$	87,255

Non-GAAP General and Administrative Expense:
General and administrative expense		$	32,480		$	24,676		$	121,795		$	71,530
Amortization of intangible assets			(79	)		(79	)		(315	)		(1,379	)
Stock-based compensation			(6,927	)		(7,803	)		(33,977	)		(30,381	)
Change in fair value of contingent consideration			—			—			—			33,549
Transaction-related costs			(9	)		(171	)		(51	)		(1,346	)
Total non-GAAP general and administrative expense		$	25,465		$	16,623		$	87,452		$	71,973

Total Non-GAAP Operating Expenses		$	104,223		$	86,228		$	391,432		$	371,042

Free Cash Flow
Net cash provided by operating activities		$	43,794		$	42,169		$	190,836		$	126,613
Capitalized software development costs			(6,513	)		(4,807	)		(24,714	)		(21,644	)
Purchases of property and equipment			(756	)		(2,026	)		(2,126	)		(5,953	)
Free cash flow		$	36,525		$	35,336		$	163,996		$	99,016

The MIL Network –

February 12, 2025

MIL-OSI: Jeffersonville Bancorp Announces Fourth Quarter and Record Full Year Earnings of $11,330,000 or $2.68 per share; Declares Dividend of $0.15

Source: GlobeNewswire (MIL-OSI)

JEFFERSONVILLE, N.Y., Feb. 11, 2025 (GLOBE NEWSWIRE) — Jeffersonville Bancorp, Inc. (OTCQB – JFBC) announced today net income for the year ended December 31, 2024 was $11,330,000 or $2.68 per share compared to $11,175,000 or $2.64 per share for the same period in 2023. This represents an increase of $155,000. The increase in full year net income was primarily attributable to an increase in loan interest and fees of $1,679,000 and an increase in unrealized gain on securities of $184,000. These gains were partially offset by a decrease in securities and other interest and dividends of $591,000, an increase in interest expense of $575,000, and an increase in total non-interest expenses of $903,000 compared to the same period in 2023. Other items affecting comparative results were a one-time realized loss on securities of $785,000 partially offset by a one-time negative provision for credit losses of $527,000 recorded in 2023.

Net income for the fourth quarter was $2,654,000 or $0.63 per share compared to $2,347,000 or $0.56 per share for the same quarter in 2023. The increase in quarterly net income compared to 2023 of $307,000 was primarily attributable to a decrease in interest expense of $563,000 and a decrease in credit loss expense of $205,000, partially offset by a decrease in interest and dividend income of $274,000, an increase in total non-interest expense of $134,000, and an increase in tax expense of $75,000.

“I am very pleased to report that our full year results represented the third consecutive year of record earnings for the Company,” said George W. Kinne, Jr., President and CEO. “Jeff Bank’s return on assets (ROA) was the third highest of publicly traded banks in New York State and 53% higher than the average of all 1,297 insured commercial banks in the United States with assets between $300 million and $1 billion in 2024. This is owing in large part to the Company’s strong core deposit base, which limited our use, and by the end of the year, the elimination of expensive wholesale funding. We accomplished this while maintaining a leverage capital ratio of 13.87%, which is 20-30% higher than the average of those peers.”

A cash dividend in the amount of fifteen cents ($0.15) per share on the common stock of the company was declared at the February 11, 2025 meeting of the Board of Directors. The dividend is payable on March 5, 2025 to stockholders of record at the close of business on February 25, 2025.

Jeffersonville Bancorp is a one-bank holding company, which owns all the capital stock of Jeff Bank. Jeff Bank maintains ten full-service branches in Sullivan and Orange County, New York located in Anawana Lake Road/Monticello, Eldred, Callicoon, Jeffersonville, Liberty, Livingston Manor, Monticello, Port Jervis, White Lake, and Wurtsboro.

For More Information, call: 845-482-4000

Contact: George W. Kinne, Jr., President – CEO

The MIL Network –

February 12, 2025

MIL-OSI: Ninepoint 2023 Flow-Through Limited Partnership and Ninepoint 2023 Short Duration Flow-Through Limited Partnership Announce Completion of Rollover Transaction

Source: GlobeNewswire (MIL-OSI)

TORONTO, Feb. 11, 2025 (GLOBE NEWSWIRE) — Ninepoint 2023 Flow-Through Limited Partnership (the “2023 Partnership”) and Ninepoint 2023 Short Duration Flow-Through Limited Partnership (the “2023-II Partnership”, and together with the 2023 Partnership, the “Partnerships” and each a “Partnership”), announced today that the Partnerships had completed the tax-deferred transfer of the assets (the “Mutual Fund Rollover Transaction”) into Ninepoint Resource Fund Class (the “Resource Class”) of Ninepoint Corporate Fund Inc., as discussed in the Partnerships’ press release of November 29, 2024.

Rollover of the 2023 Partnership

2,198,945 Series A shares of the Resource Class were issued at their net asset value of $6.532098 per share. The final net asset value per Partnership Class A unit for purposes of the Mutual Fund Rollover Transaction was $13.346805 per Partnership unit. Accordingly, each holder of Partnership Class A units will receive 2.043263 Resource Class Series A shares for each Partnership Class A unit held. The adjusted cost base for each Partnership Class A unit was $12.203250 per Partnership unit and the adjusted cost base for each allocated Resource Class Series A share was $5.972432 per share.

542,384 Series F shares of the Resource Class were issued at their net asset value of $6.754320 per share. The final net asset value per Partnership Class F unit for purposes of the Mutual Fund Rollover Transaction was $13.969593 per Partnership unit. Accordingly, each holder of Partnership Class F units will receive 2.068245 Resource Class Series F shares for each Partnership Class F unit held. The adjusted cost base for each Partnership Class F unit was $13.149000 per Partnership unit and the adjusted cost base for each allocated Resource Class Series F share was $6.357564 per share.

Rollover of the 2023-II Partnership

1,640,398 Series A shares of the Resource Class were issued at their net asset value of $6.532098 per share. The final net asset value per Partnership Class A unit for purposes of the Mutual Fund Rollover Transaction was $17.343500 per Partnership unit. Accordingly, each holder of Partnership Class A units will receive 2.655118 Resource Class Series A shares for each Partnership Class A unit held. The adjusted cost base for each Partnership Class A unit was $12.361822 per Partnership unit and the adjusted cost base for each allocated Resource Class Series A share was $4.655847 per share.

520,050 Series F shares of the Resource Class were issued at their net asset value of $6.754320 per share. The final net asset value per Partnership Class F unit for purposes of the Mutual Fund Rollover Transaction was $18.009390 per Partnership unit. Accordingly, each holder of Partnership Class F units will receive 2.666351 Resource Class Series F shares for each Partnership Class F unit held. The adjusted cost base for each Partnership Class F unit was $13.212400 per Partnership unit and the adjusted cost base for each allocated Resource Class Series F share was $4.955237 per share.

For investors looking for another tax-advantaged investment, Ninepoint Partners LP has filed and received a receipt for a final prospectus dated January 30, 2025 offering limited partnership units of a new flow-through limited partnership, Ninepoint 2025 Flow-Through Limited Partnership. The prospectus contains important detailed information about the securities being offered. Investors should read the prospectus before making an investment decision.

The information provided is general in nature and is provided with the understanding that it may not be relied upon as, nor considered to be, the rendering or tax, legal, accounting or professional advice. Readers should consult with their own accountants and/or lawyers for advice on the specific circumstances before taking any action.

Additional information: The prospectus for the Resource Class is available at www.sedarplus.ca and www.ninepoint.com. Information about the Ninepoint 2025 Flow-Through Limited Partnership is available through the dealers or by contacting us at (866) 299-9906 or invest@ninepoint.com.

About Ninepoint Partners LP

Based in Toronto, Ninepoint Partners LP is one of Canada’s leading alternative investment management firms overseeing approximately $7 billion in assets under management and institutional contracts. Committed to helping investors explore innovative investment solutions that have the potential to enhance returns and manage portfolio risk, Ninepoint offers a diverse set of alternative strategies spanning Equities, Fixed Income, Alternative Income, Real Assets, F/X and Digital Assets.

For more information on Ninepoint Partners LP, please visit www.ninepoint.com or for inquiries regarding the offering, please contact us at (416) 943-6707 or (866) 299-9906 or invest@ninepoint.com.

The MIL Network –

February 12, 2025

MIL-OSI: Kentucky First Federal Bancorp Reports Earnings

Source: GlobeNewswire (MIL-OSI)

HAZARD, Ky. and FRANKFORT, Ky. and DANVILLE, Ky. and LANCASTER, Ky., Feb. 11, 2025 (GLOBE NEWSWIRE) — Kentucky First Federal Bancorp (Nasdaq: KFFB), the holding company (the “Company”) for First Federal Savings and Loan Association of Hazard and First Federal Savings Bank of Kentucky, Frankfort, Kentucky, announced net income of $13,000 or $0.00 diluted earnings per share for the three months ended December 31, 2024, compared to a net loss of $361,000 or $(0.05) diluted earnings per share for the three months ended December 31, 2023, an increase of $374,000 or 103.6%. A net loss of $2,000 or $(0.00) diluted earnings per share was announced for the six months ended December 31, 2024 compared to a net loss of $536,000 or $(0.07) diluted earnings per share for the six months ended December 31, 2023, an increase of $534,000 or 99.6%.

The increase in net earnings for the quarter ended December 31, 2024 was primarily attributable to higher net interest income. Net interest income increased $381,000 or 23.0% to $2.0 million due primarily to interest income increasing more than interest expense increased period to period. Interest income increased $857,000 or 21.8% to $4.8 million, while interest expense increased $476,000 or 21.0% to $2.7 million for the recently-ended quarter. While the rising interest rate environment has slowed and market rates have even decreased, the repricing level of our assets has begun to outpace the increase in expenses paid on liabilities.

The average rate earned on interest-earning assets increased 80 basis points to 5.28% and was the primary reason for the increase in interest income, although average interest-earning assets also increased $11.5 million or 3.3% to $362.3 million for the recently-ended quarterly period. The average rate paid on interest-bearing liabilities increased 44 basis points to 3.53% and was the primary reason for the increase in interest expense, although average interest-bearing liabilities also increased $17.3 million or 5.9%.

Non-interest income increased $125,000 or 271.7% and totaled $171,000 for the three months ended December 31, 2024, almost entirely due to net gains on sales of loans increasing $74,000 compared to December 31, 2023. This was due to the increase in demand for fixed -rate secondary market loans.

Non-interest expense also increased $54,000 period to period primarily due to other non-interest expense increasing $123,000, with the majority of this due to increased professional fees. This increase was partially offset by employee compensation and benefits decreasing $62,000 or 4.9% for the three months ended December 31, 2024 compared to December 31, 2023.

At December 31, 2024, assets totaled $374.2 million, a decrease of $760,000 or 0.2%, from $375.0 million at June 30, 2024, due primarily to the decrease in loans, net, of $2.8 million or 0.8%, as well as a decrease in investment securities of $1.0 million or 10.6% primarily because of principal repayments and prepayments. Cash and cash equivalents totaled $21.0 million, an increase of $2.7 million or 14.7% compared to June 30, 2024. Total liabilities decreased $818,000 or 0.3% to $326.2 million at December 31, 2024, as consistent with our efforts to reduce our reliance on higher cost funding sources, FHLB advances decreased $7.2 million or 10.4% to $61.8 million. Partially offsetting the decrease in FHLB advances was an increase in total deposits of $6.9 million or 2.7% at December 31, 2024. Savings account deposits increased $1.6 million or 3.4%, and certificates of deposit increased $10.3 million or 5.9%.

At December 31, 2024, the Company reported its book value per share as $5.94. Shareholders’ equity increased $58,000 or 0.1% to $48.1 million at December 31, 2024 compared to June 30, 2024. The increase in shareholders’ equity was primarily associated with accumulated other comprehensive loss decreasing $60,000 at December 31, 2024 compared to June 30, 2024 as the unrealized losses on our investment portfolio decrease.

Forward-Looking Statements

This press release may contain statements that are forward-looking, as that term is defined by the Private Securities Litigation Act of 1995 or the Securities and Exchange Commission in its rules, regulations and releases. The Company intends that such forward-looking statements be subject to the safe harbors created thereby. These forward-looking statements may be identified by the use of words such as “believe,” “expect,” “anticipate,” “plan,” “estimate,” “intend” and “potential,” or words of similar meaning, or future or conditional verbs such as “should,” “could,” or “may.” Forward-looking statements include statements of our goals, intentions and expectations; statements regarding our ability to fully and timely address the deficiencies that resulted in the Agreement that First Federal Savings Bank of Kentucky has entered into with the Office of the Comptroller of the Currency (“OCC”); First Federal Savings Bank of Kentucky’s ability to satisfy the Individual Minimum Capital Requirements imposed by the OCC; statements regarding our business plans, prospects, growth and operating strategies; statements regarding the quality of our loan and investment portfolios; and estimates of our risks and future costs and benefits. Kentucky First Federal Bancorp’s actual results, performance or achievements may materially differ from those expressed or implied in the forward-looking statements. Risks and uncertainties that could cause or contribute to such material differences include, but are not limited to, general economic conditions; prices for real estate in the Company’s market areas; the interest rate environment and the impact of the interest rate environment on our business, financial condition and results of operations; our ability to successfully execute our strategy to increase earnings, increase core deposits, reduce reliance on higher cost funding sources and shift more of our loan portfolio towards higher-earning loans; our ability to pay future dividends and if so at what level; our ability to receive any required regulatory approval or non-objection for the payment of dividends from First Federal Savings and Loan Association of Hazard and First Federal Savings Bank of Kentucky to the Company or from the Company to shareholders; the ability of First Federal MHC to receive approval of its members to waive the payment of any Company dividends to First Federal MHC; competitive conditions in the financial services industry; changes in the level of inflation; changes in the demand for loans, deposits and other financial services that we provide; the possibility that future credit losses may be higher than currently expected; competitive pressures among financial services companies; the ability to attract, develop and retain qualified employees; our ability to maintain the security of our data processing and information technology systems; the outcome of pending or threatened litigation, or of matters before regulatory agencies; changes in law, governmental policies and regulations, rapidly changing technology affecting financial services, and the other matters mentioned in Item 1A of the Company’s Annual Report on Form 10-K for the year ended June 30, 2024. Except as required by applicable law or regulation, the Company does not undertake the responsibility, and specifically disclaims any obligation, to release publicly the result of any revisions that may be made to any forward-looking statements to reflect events or circumstances after the date of the statements or to reflect the occurrence of anticipated or unanticipated events.

About Kentucky First Federal Bancorp

Kentucky First Federal Bancorp is the parent company of First Federal Savings and Loan Association of Hazard, which operates one banking office in Hazard, Kentucky, and First Federal Savings Bank of Kentucky, which operates three banking offices in Frankfort, Kentucky, two banking offices in Danville, Kentucky and one banking office in Lancaster, Kentucky. Kentucky First Federal Bancorp shares are traded on the Nasdaq National Market under the symbol KFFB. At December 31, 2024, the Company had approximately 8,086,715 shares outstanding of which approximately 58.5% was held by First Federal MHC.

SUMMARY OF FINANCIAL HIGHLIGHTS
Condensed Consolidated Balance Sheets
(In thousands, except share data)								December 31,				June 30,
									2024 (Unaudited)			2024
ASSETS
Cash and cash equivalents							$		20,976		$	18,287
Investment Securities									8,818			9,861
Loans available-for sale									116			110
Loans, net									330,234			333,025
Real estate acquired through foreclosure									10			10
Other Assets									14,054			13,675
Total Assets							$		374,208		$	374,968
LIABILITIES AND SHAREHOLDERS’ EQUITY
Deposits							$		263,055		$	256,139
FHLB Advances									61,792			68,988
Other Liabilities									1,306			1,844
Total liabilities									326,153			326,971
Shareholders’ Equity									48,055			47,997
Total liabilities and shareholders’ equity							$		374,208		$	374,968
Book value per share							$		5.94		$	5.94
Tangible book value per share							$		5.94		$	5.94

Condensed Consolidated Statements of Income (Loss)
(In thousands, except share data)

	Six months ended December 31,						Three months ended December 31,
		2024 (Unaudited)			2023				2024 (Unaudited)			2023
Interest Income	$	9,403		$	7,661		$		4,784		$	3,927
Interest Expense		5,496			4,333				2,746			2,270
Net Interest Income		3,907			3,328				2,038			1,657
Provision for Credit Losses		15			15				–			9
Non-interest Income		308			121				171			46
Non-interest Expense		4,215			4,132				2,203			2,149
Income (Loss) Before Income Taxes		(15	)		(698	)			6			(455	)
Income Taxes		(13	)		(162	)			(7	)		(94	)
Net Income (Loss)	$	(2	)	$	(536	)	$		13		$	(361	)
Earnings per share:
Basic and Diluted	$	(0.00	)	$	(0.07	)	$		0.00		$	(0.05	)
Weighted average outstanding shares:
Basic and Diluted		8,098,715			8,098,715				8,098,715			8,098,715

Contact: Don Jennings, President, or Tyler Eades, Vice President
(502) 223-1638
216 West Main Street
P.O. Box 535
Frankfort, KY 40602

The MIL Network –

February 12, 2025

MIL-OSI: American Rebel Holdings, Inc. (NASDAQ: AREB) Regains Compliance with NASDAQ Listing Standards as of February 10, 2025. (UPDATED)

Source: GlobeNewswire (MIL-OSI)

Nashville, Tennessee, Feb. 11, 2025 (GLOBE NEWSWIRE) — American Rebel Holdings, Inc. (NASDAQ: AREB) (“American Rebel” or the “Company”), creator of American Rebel Beer (americanrebelbeer.com) and a designer, manufacturer, and marketer of branded safes, personal security and self-defense products and apparel (americanrebel.com), is pleased to announce that it has regained compliance with the periodic filing requirement under NASDAQ’s listing rules.

“Maintaining our NASDAQ listing is of utmost importance to our Company and our stockholders. I would like to extend my deepest gratitude to our internal and external accounting teams for their tireless efforts in ensuring our ability to file our FY2024 3^rdQuarter financials that allowed American Rebel to regain compliance with NASDAQ’s listing rules.” Andy Ross, CEO of American Rebel, further commented, “The dedication and hard work of Darin Fielding, CFO of our wholly owned subsidiary, Champion Safe Co., who emerged as our regulatory lead due to his previous auditor experience was instrumental in the coordination between our independent auditors, GBQ and Eventus Advisory Group’s seasoned team of public company accounting professionals.”

Timeline of NASDAQ Compliance Efforts

November 14, 2024 – FY2024 3rd Quarter 10Q due

November 22, 2024 – Company notification by NASDAQ that it no longer met the perioding listing requirement due to the inability to file the FY2024 3rd Quarter 10Q

January 21, 2025 – Deadline for American Rebel Holdings, Inc. to submit a plan to NASDAQ to regain compliance with the listing requirements

February 7, 2025 – American Rebel Holdings, Inc. files Form 10-Q for the period ended September 30, 2024.

Revenue for the three (3) months ended September 30, 2024 of $2,337,786.00

Revenue for the nine (9) months ended September 30, 2024 of $9,637,016.00

February 10, 2025 – American Rebel Holdings, Inc. is notified by NASDAQ Staff that with the February 7, 2025 filing of the 10-Q for the period ended September 30, 2024, that the Company is deemed compliant with the NASDAQ Listing Rules.

In the coming weeks, the Company is planning on providing a brief stockholder update from its CEO, Andy Ross, detailing the progress made in our business units throughout last year. This update will highlight the rapid growth and success American Rebel has experienced in our American Rebel Beverage business unit responsible for American Rebel Light Beer and the positive impacts of the reorganization and streamlining of our product offerings and processes at Champion Safe Co. (www.championsafe.com).

About American Rebel Holdings, Inc.

American Rebel Holdings, Inc. (NASDAQ: AREB) has operated primarily as a designer, manufacturer and marketer of branded safes and personal security and self-defense products and has recently transitioned into the beverage industry through the introduction of American Rebel Light Beer. The Company also designs and produces branded apparel and accessories. To learn more, visit www.americanrebel.com and www.americanrebelbeer.com. For investor information, visit www.americanrebel.com/investor-relations .

American Rebel Holdings, Inc.
info@americanrebel.com

Forward-Looking Statements

This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. American Rebel Holdings, Inc., (NASDAQ: AREB; AREBW) (the “Company,” “American Rebel,” “we,” “our” or “us”) desires to take advantage of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995 and is including this cautionary statement in connection with this safe harbor legislation. The words “forecasts” “believe,” “may,” “estimate,” “continue,” “anticipate,” “intend,” “should,” “plan,” “could,” “target,” “potential,” “is likely,” “expect” and similar expressions, as they relate to us, are intended to identify forward-looking statements. We have based these forward-looking statements primarily on our current expectations and projections about future events and financial trends that we believe may affect our financial condition, results of operations, business strategy, and financial needs. Important factors that could cause actual results to differ from those in the forward-looking statements include benefits of marketing outreach efforts, continued compliance with Nasdaq listing requirements, our ability to effectively execute our business plan, and the Risk Factors contained within our filings with the SEC, including our Annual Report on Form 10-K for the year ended December 31, 2023 and Quarterly Report on Form 10-Q for the quarter ended September 30, 2024. Any forward-looking statement made by us herein speaks only as of the date on which it is made. Factors or events that could cause our actual results to differ may emerge from time to time, and it is not possible for us to predict all of them. We undertake no obligation to publicly update any forward-looking statements, whether as a result of new information, future developments or otherwise, except as may be required by law.

Company Contact:
Corey Lambrecht, COO
Corey.lambrecht@americanrebel.com

The MIL Network –

February 12, 2025

MIL-OSI: Nokia Corporation: Repurchase of own shares on 11.02.2025

Source: GlobeNewswire (MIL-OSI)

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

Nokia Corporation: Repurchase of own shares on 11.02.2025

Espoo, Finland – On 11 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	1,390,880	4.69
CEUX	–	–
BATE	–	–
AQEU	–	–
TQEX	–	–
Total	1,390,880	4.69

* 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 11 February 2025 was EUR 6,518,637. After the disclosed transactions, Nokia Corporation holds 245,094,754 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

Daily Report 2025-02-11

The MIL Network –

February 12, 2025

MIL-OSI: LIS Technologies Inc. Announces it is the Lead Sponsor of the United States Nuclear Industry Council’s – Advanced Reactor Summit XII with Chief Executive Officer Christo Liebenberg Scheduled to Present

Source: GlobeNewswire (MIL-OSI)

Oak Ridge, Tennessee, Feb. 11, 2025 (GLOBE NEWSWIRE) — LIS Technologies Inc. (“LIST” or “the Company”), a proprietary developer of advanced laser technology and the only USA-origin and patented laser uranium enrichment company, today announced that it is the Platinum, Nuclear Titan and Summit Lead sponsor of the upcoming United States Nuclear Industry Council (USNIC) Advanced Reactor (AR) Summit XII, to be held in Salt Late City, Utah this month.

LIST Chief Executive Officer Christo Liebenberg will lead a presentation titled “Lasers, Wafers and Nuclear – the story of LIS Technologies”, and will be highlighting the Company’s recent achievements and goals as it progresses towards eventual test loop demonstrations of its proprietary and patented CRISLA technology. Viktor Chikan Ph.D., LIS Technologies’ co-Chief Technology Officer and Jay Yu, Executive Chairman and President will also attend the summit.

The AR Summit XII is focused on showcasing technology developers, supply chain leaders, commercial end users, and advancing solutions on the cost and deployment timeframe of advanced reactors, as well as practical ideas and concepts that have the potential of significantly improving advanced reactor design, deployment, and operations.

USNIC represents over 80 companies and organizations engaged in advanced nuclear innovation and supply chain development, including technology developers, manufacturers, construction engineers, key utility movers, and service providers. It also provides a practical nuclear energy pathway to new, flexible technologies through educational programs, industry insights, and market intelligence that bring together bi-partisan Federal and State legislators who create a successful clean energy paradigm that includes nuclear.

Figure 1 – LIS Technologies Inc. Becomes the Platinum, Nuclear Titan and Summit Lead Sponsor of the Upcoming USNIC Advanced Reactor Summit XII, to be held in Salt Lake City Utah this Month.

“Our participation in this key Summit is a welcome milestone for LIST as we continue to make strides towards the development and deployment of a comprehensive domestic nuclear fuel supply chain,” said Christo Liebenberg, CEO of LIS Technologies Inc. “Infrared lasers play a crucial role in producing the world’s most advanced semiconductor chips, which are driving the AI revolution and reshaping our nuclear energy landscape. These same lasers are also integral to third-generation laser enrichment. Several team members at LIST have expertise in both industries. As the next generation of advanced nuclear reactors emerges, a strong domestic infrastructure will be essential, and LIST is strategically positioned to lead its development.”

About the U.S. Nuclear Industry Council

The U.S. Nuclear Industry Council (USNIC) is the leading U.S. business advocate for the advancement of applications for nuclear energy technology, and promotion of the U.S. supply-chain worldwide. USNIC represents approximately eighty entities engaged in all aspects of the future of nuclear technology. These include: key utility movers, technology developers, construction engineers, manufactures, front- and back-end service providers, scientists, academia, national laboratories, fuel innovators, as well as those involved in medical and aerospace advancements. USNIC encompasses five working groups including an Advanced Nuclear Working Group. For more information visit www.usnic.org.

About LIS Technologies Inc.

LIS Technologies Inc. (LIST) is a USA based, proprietary developer of a patented advanced laser technology, making use of infrared lasers to selectively excite the molecules of desired isotopes to separate them from other isotopes. The Laser Isotope Separation Technology (L.I.S.T) has a huge range of applications, including being the only USA-origin (and patented) laser uranium enrichment company, and several major advantages over traditional methods such as gas diffusion, centrifuges, and prior art laser enrichment. The LIST proprietary laser-based process is more energy-efficient and has the potential to be deployed with highly competitive capital and operational costs. L.I.S.T is optimized for LEU (Low Enriched Uranium) for existing civilian nuclear power plants, High-Assay LEU (HALEU) for the next generation of Small Modular Reactors (SMR) and Microreactors, the production of stable isotopes for medical and scientific research, and applications in quantum computing manufacturing for semiconductor technologies. The Company employs a world class nuclear technical team working alongside leading nuclear entrepreneurs and industry professionals, possessing strong relationships with government and private nuclear industries.

In 2024, LIS Technologies Inc. was selected as one of six domestic companies to participate in the Low-Enriched Uranium (LEU) Enrichment Acquisition Program. This initiative allocates up to $3.4 billion overall, with contracts lasting for up to 10 years. Each awardee is slated to receive a minimum contract of $2 million.

For more information please visit: LaserIsTech.com

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Telephone: 800-388-5492
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Forward Looking Statements

This news release contains “forward-looking statements” within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended, and the Private Securities Litigation Reform Act of 1995. In this context, forward-looking statements mean statements related to future events, which may impact our expected future business and financial performance, and often contain words such as “expects”, “anticipates”, “intends”, “plans”, “believes”, “will”, “should”, “could”, “would” or “may” and other words of similar meaning. These forward-looking statements are based on information available to us as of the date of this news release and represent management’s current views and assumptions. Forward-looking statements are not guarantees of future performance, events or results and involve known and unknown risks, uncertainties and other factors, which may be beyond our control. For LIS Technologies Inc., particular risks and uncertainties that could cause our actual future results to differ materially from those expressed in our forward-looking statements include but are not limited to the following which are, and will be, exacerbated by any worsening of global business and economic environment: (i) risks related to the development of new or advanced technology, including difficulties with design and testing, cost overruns, development of competitive technology, loss of key individuals and uncertainty of success of patent filing, (ii) our ability to obtain contracts and funding to be able to continue operations and (iii) risks related to uncertainty regarding our ability to commercially deploy a competitive laser enrichment technology, (iv) risks related to the impact of government regulation and policies including by the DOE and the U.S. Nuclear Regulatory Commission; and other risks and uncertainties discussed in this and our other filings with the SEC. Only after successful completion of our Phase 2 Pilot Plant demonstration will LIS Technologies be able to make realistic economic predictions for a Commercial Facility. Readers are cautioned not to place undue reliance on these forward-looking statements, which apply only as of the date of this news release. These factors may not constitute all factors that could cause actual results to differ from those discussed in any forward-looking statement. Accordingly, forward-looking statements should not be relied upon as a predictor of actual results. We do not undertake to update our forward-looking statements to reflect events or circumstances that may arise after the date of this news release, except as required by law.

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The MIL Network –

February 12, 2025

MIL-OSI: Jones Healthcare and Technology Innovation Conference Set to Take Place at the Venetian Resort in Las Vegas, NV, April 8-9, 2025

Source: GlobeNewswire (MIL-OSI)

LOS ANGELES and NEW YORK,, Feb. 11, 2025 (GLOBE NEWSWIRE) — The highly anticipated Jones Healthcare and Technology Innovation Conference will take place on April 8-9, 2025, at The Venetian Resort in Las Vegas, Nevada. This premier event will bring together leading Healthcare and Technology companies, institutional investors, and key opinion leaders to discuss the latest trends and innovations shaping both industries. We are honored to announce Eric F. Trump as our keynote speaker for the conference, with additional speakers to be announced.

Over the course of the two-day conference, participants will have the opportunity to engage in expert-led panels, corporate presentations, dynamic fireside chats and one-on-one meetings covering the latest developments in Healthcare and Technology. The event will serve as a platform for insightful discussions on the future of these rapidly evolving sectors, offering valuable networking opportunities for investors and innovators.

“We are thrilled to host the Jones Healthcare and Technology Innovation Conference in Las Vegas,” said Alan Hill, CEO of Jones. “This conference will provide a unique forum for collaboration, offering a deep dive into the cutting-edge innovations in healthcare and technology. As these industries continue to converge, the event will highlight the tremendous opportunities and challenges that lie ahead for both sectors.”

Moe Cohen, Head of Investment Banking at Jones, added, “Our goal is to foster meaningful discussions that will drive forward-thinking solutions in the healthcare and technology sectors. We are excited to bring together some of the brightest minds and most influential leaders to tackle the most pressing issues and unlock the next wave of breakthroughs in these dynamic industries.”

If you are interested in attending, please contact your Jones representative to inquire about an invitation.

For more information about the conference, sponsorship opportunities, or to register, please email mdoyle@jonestrading.com.

About Jones:

JonesTrading Institutional Services, LLC (“Jones”) is a leading full-service investment banking firm, providing a comprehensive suite of services, including capital markets, M&A, and strategic advisory to corporate clients. The firm is dedicated to building lasting partnerships by delivering innovative solutions, deep industry expertise, and tailored strategies that drive value and success. Founded in 1975, Jones has established itself as the global leader in block trading and a premier liquidity provider to institutional investors. The firm’s offerings also include derivatives trading, outsourced trading, electronic trading, prime services, private markets trading, and research/market intelligence. Member FINRA and SIPC.

For more information, please visit jonestrading.com

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The MIL Network –

February 12, 2025

Category: GlobeNewswire