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Category: GlobeNewswire

  • MIL-OSI: Šiaulių Bankas invitation to Q3 2024 Financial Results webinar

    Source: GlobeNewswire (MIL-OSI)

    Šiaulių Bankas (SAB1L) invites shareholders, investors, analysts and other stakeholders to join its Investors Webinar for Q3 2024 Financial Results and highlights scheduled on 31 October, 2024 at 8:30 am (EET). The presentation will be held online in English.

    The webinar will be hosted by Vytautas Sinius, CEO, Tomas Varenbergas, Head of Investment Management Division and Tautvydas Mėdžius, Strategy Partner, who will discuss the bank’s financial results for the third quarter of 2024, recent developments, and will take questions from participants.

    Please send your questions in advance to investors@sb.lt   

    How to join the webinar?

    To join the webinar, please register via following link https://sb.zoomtv.lt. After successful registration You will be provided with the webinar link. The webinar will be recorded and available online for everyone at Šiaulių Bankas website www.sb.lt/en/investors 

    Additional information:
    Tomas Varenbergas
    Head of Investment Management Division
    tomas.varenbergas@sb.lt

    The MIL Network –

  • MIL-OSI: Anchor Peabody Signals Growth, Expansion with Slate of New Hires

    Source: GlobeNewswire (MIL-OSI)

    DELRAY BEACH, Fla., Oct. 28, 2024 (GLOBE NEWSWIRE) — Anchor Peabody, a leading investment banking firm for the building products and services industry, has expanded its team of senior executives and banking professionals as part of its ongoing strategy to build the leading M&A advisory team in the building, construction and home services industries.

    Chobun Hieblinger has joined Anchor Peabody as Managing Director. Mr. Hieblinger has over 17 years of financial advisory and investment banking experience, the bulk of which is in building products, including roles with the Lehman Brothers (now Barclays Investment Bank) and RBC Capital Markets. Most recently, Mr. Hieblinger was Managing Director and Head of Building Products at B. Riley Securities in Los Angeles.

    “After two years of slower demand due to higher interest rate and post-COVID dynamics, the building industry is poised for strong growth, driven by favorable demographic trends, aging housing stock, and years of under-building,” said Hieblinger. “With deep relationships, particularly in the tile and stone space, I look forward to helping owners and operators capitalize on this very positive M&A dynamic.”

    Greg Hicks has joined Anchor Peabody as Business Development Director. Mr. Hicks has nearly 20 years of investment banking, principal investing, and corporate development experience, having focused primarily on building products and general industrials. He began his professional career with Lincoln International in Chicago, with stints in Frankfurt and London.  Following Lincoln, he helped found Desco Capital, a private equity / family office. Mr. Hicks then ran Alesco Holdings, an outsourced business development firm, and most recently led M&A for W.W. Williams, one of the nation’s largest industrial distribution, repair and service companies.

    “I’m excited to align myself with Anchor Peabody, where secular tailwinds are expected to produce a robust M&A environment in the home services space for the foreseeable future. I look forward to providing thought-leadership and advice tailored to the HVAC, plumbing and electrical market and its participants,” said Hicks. “The HVAC, plumbing, and electrical M&A market is normalizing after a surge in 2021-2022, with deal volumes returning to more sustainable levels.  Private equity and strategic buyers remain active, with a focus on service-based businesses with recurring revenue streams.”

    About Anchor Peabody
    Anchor Peabody is an investment banking firm comprised of former owners, operators and investors in the building products and services industry. The firm combines over 100 years of capital and mergers & acquisition experience with a modern approach to banking to align with client objectives and eliminate banker burnout from the industry model. For more information, visit www.anchorpeabody.com.

    The MIL Network –

  • MIL-OSI: Solar Alliance signs contract for $3.7 million solar project in Kentucky

    Source: GlobeNewswire (MIL-OSI)

    TORONTO and KNOXVILLE, Tenn., Oct. 28, 2024 (GLOBE NEWSWIRE) — Solar Alliance Energy Inc. (‘Solar Alliance’ or the ‘Company’) (TSX-V: SOLR, OTC: SAENF), a leading solar energy solutions provider focused on the commercial and utility solar sectors, is pleased to announce it has signed a contract for the design, engineering and installation of a $3.7 million solar project for a customer in Kentucky. The project consists of two sites, both scheduled to begin construction in November 2024: a 553-kilowatt (“kW”) project targeted for completion by the end of 2024 and a 943-kilowatt (“kW”) project targeted for completion by the end of March 2025.

    “This project is a pertinent illustration of the growth we are encountering as a company, and the trust and reputation we are building with regional customers,” said U.S. General Manager Jon Hamilton. “Our in-depth, local expertise combined with practical, efficient execution results in an attractive solar solution for our customer. We are enabling our clients to reduce their energy costs; to secure their long-term energy requirements and to meet their sustainability and energy efficiency objectives – and this is resulting in increased sales for the Company.”

    Solar Alliance assesses the daily demands and energy use profiles of manufacturers, warehousers, retailers and data centers and provides cost-effective solar solutions that include design, engineering, installation and project management services. The Company offers a turnkey approach and simplifies the transition to solar energy.

    “Our strategy of targeting larger revenue projects is generating positive results for Solar Alliance, while lowering operating costs and delivering substantial environmental benefits to our customers,” said CEO Brian Timmons. “We have passed an inflection point and are now delivering larger commercial solar projects on a consistent basis. This project is an outstanding example of the type of project we are now targeting in the U.S. Southeast and reflects the consistent progress we continue to make.”

    Brian Timmons, CEO


    About Solar Alliance Energy Inc. (    www.solaralliance.com)

    Solar Alliance is an energy solutions provider focused on the commercial, utility and community solar sectors. Our experienced team of solar professionals reduces or eliminates customers’ vulnerability to rising energy costs, offers an environmentally friendly source of electricity generation, and provides affordable, turnkey clean energy solutions. Solar Alliance’s strategy is to build, own and operate our own solar assets while also generating stable revenue through the sale and installation of solar projects to commercial and utility customers. The technical and operational synergies from this combined business model supports sustained growth across the solar project value chain from design, engineering, installation, ownership and operations/maintenance.

    Statements in this news release, other than purely historical information, including statements relating to the Company’s future plans and objectives or expected results, constitute Forward-looking statements. The words “would”, “will”, “expected” and “estimated” or other similar words and phrases are intended to identify forward-looking information. Forward-looking information in this press release include, but is not limited to the targeted completion dates of both sites of the Kentucky solar project and the types of solar projects that the Company is now targeting. Forward-looking information is subject to known and unknown risks, uncertainties and other factors that may cause the Company’s actual results, level of activity, performance or achievements to be materially different than those expressed or implied by such forward-looking information. Such factors include but are not limited to: uncertainties related to the ability to raise sufficient capital, changes in economic conditions or financial markets, litigation, legislative or other judicial, regulatory, legislative and political competitive developments, technological or operational difficulties, the ability to maintain revenue growth, the ability to execute on the Company’s strategies, the ability to complete the Company’s current and backlog of solar projects, the ability to grow the Company’s market share, the high growth US solar industry, the ability to convert the backlog of projects into revenue, the expected timing of the construction and completion of the Company’s solar projects, the targeting of larger customers, potential corporate growth opportunities and the ability to execute on the key objectives in 2024. Consequently, actual results may vary materially from those described in the forward-looking statements.

    “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 –

  • MIL-OSI: Bitfarms Appoints Rachel Silverstein as U.S. General Counsel

    Source: GlobeNewswire (MIL-OSI)

    This news release constitutes a “designated news release” for the purposes of the Company’s prospectus supplement dated March 8, 2024, to its short form base shelf prospectus dated November 10, 2023.

    TORONTO, Ontario and BROSSARD, Québec, Oct. 28, 2024 (GLOBE NEWSWIRE) — Bitfarms Ltd. (NASDAQ/TSX: BITF), a global leader in vertically integrated Bitcoin data center operations, today announced that it has appointed Rachel Silverstein as U.S. General Counsel, a newly created role, effective November 1, 2024.

    Ms. Silverstein has been a practicing attorney for over 16 years and is one of the most experienced Bitcoin mining-focused attorneys in the U.S., having served as lead counsel on well over a gigawatt worth of Bitcoin mining transactions across multiple states and countries. She is the co-founder of Firm 21m, a law firm dedicated to representing primarily Bitcoin miners, energy companies, investors and data center builders in all manner of commercial transactions, mergers and acquisitions, strategic financings, energy supply agreements and hosting agreements. Prior to founding the firm, Ms. Silverstein held the positions of General Counsel at CleanSpark, Inc. from 2020 to 2023, and Corporate Counsel at Zappos, among others. She earned a bachelor’s degree from The George Washington University and a juris doctorate degree from William S. Boyd School of Law, University of Nevada-Las Vegas.

    “We continue to strengthen the Bitfarms team and are thrilled to have a thought leader like Rachel join our team,” stated Ben Gagnon, Chief Executive Officer. “Internalizing this function will drive improved operating efficiencies, further enhance our corporate governance and reduce legal expenses. Rachel’s extensive expertise and proven track record with Bitcoin miners and data center builders will be invaluable as we continue to scale in the U.S. We look forward to her contributions as we continue to execute on our strategic initiatives and create further shareholder value.”

    Ms. Silverstein stated, “Ben and the management team at Bitfarms are passionate, thoughtful and innovative leaders, and I am honored and excited to join the Company during such a pivotal time of growth. The Company has a compelling strategic vision, and I intend to leverage my industry acumen, deal-closing experience and operations-centric focus to execute on that vision with clarity, diligence and efficiency.”

    About Bitfarms Ltd.

    Founded in 2017, Bitfarms is a global vertically integrated Bitcoin data center company that contributes its computational power to one or more mining pools from which it receives payment in Bitcoin. Bitfarms develops, owns, and operates vertically integrated data centers with in-house management and company-owned electrical engineering, installation service, and multiple onsite technical repair centers. The Company’s proprietary data analytics system delivers best-in-class operational performance and uptime.

    Bitfarms currently has 12 operating Bitcoin data centers and two under development situated in four countries: Canada, the United States, Paraguay, and Argentina. Powered predominantly by environmentally friendly hydro-electric and long-term power contracts, Bitfarms is committed to using sustainable and often underutilized energy infrastructure.

    To learn more about Bitfarms’ events, developments, and online communities:

    www.bitfarms.com
    https://www.facebook.com/bitfarms/
    https://twitter.com/Bitfarms_io
    https://www.instagram.com/bitfarms/
    https://www.linkedin.com/company/bitfarms/

    Forward-Looking Statements

    This news release contains certain “forward-looking information” and “forward-looking statements” (collectively, “forward-looking information”) that are based on expectations, estimates and projections as at the date of this news release and are covered by safe harbors under Canadian and United States securities laws. The statements and information in this release regarding projected growth and expansion, and other statements regarding future plans and objectives of Bitfarms, improved operating efficiencies, financial performance and cost savings in general, and other statements regarding future growth, plans and objectives of the Company are forward-looking information.

    Any statements that involve discussions with respect to predictions, expectations, beliefs, plans, projections, objectives, assumptions, future events or performance (often but not always using phrases such as “expects”, or “does not expect”, “is expected”, “anticipates” or “does not anticipate”, “plans”, “budget”, “scheduled”, “forecasts”, “estimates”, “prospects”, “believes” or “intends” or variations of such words and phrases or stating that certain actions, events or results “may” or “could”, “would”, “might” or “will” be taken to occur or be achieved) are not statements of historical fact and may be forward-looking information. This forward-looking information is based on assumptions and estimates of management of Bitfarms at the time they were made, and involves known and unknown risks, uncertainties and other factors which may cause the actual results, performance, or achievements of Bitfarms to be materially different from any future results, performance or achievements expressed or implied by such forward-looking information. Such factors include, among others, risks relating to: the construction and operation of new facilities may not occur as currently planned, or at all; expansion of existing facilities may not materialize as currently anticipated, or at all; new miners may not perform up to expectations; revenue may not increase as currently anticipated, or at all; the ongoing ability to successfully mine Bitcoin is not assured; failure of the equipment upgrades to be installed and operated as planned; the availability of additional power may not occur as currently planned, or at all; expansion may not materialize as currently anticipated, or at all; the power purchase agreements and economics thereof may not be as advantageous as expected; For further information concerning these and other risks and uncertainties, refer to Bitfarms’ filings on www.sedarplus.ca (which are also available on the website of the U.S. Securities and Exchange Commission (the “SEC”) at www.sec.gov), including the MD&A for the year-ended December 31, 2023, filed on March 7, 2024 and the MD&A for the three and six months ended June 30, 2024 filed on August 8, 2024. Although Bitfarms has attempted to identify important factors that could cause actual results to differ materially from those expressed in forward-looking statements, there may be other factors that cause results not to be as anticipated, estimated or intended, including factors that are currently unknown to or deemed immaterial by Bitfarms. There can be no assurance that such statements will prove to be accurate as actual results, and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on any forward-looking information. Bitfarms undertakes no obligation to revise or update any forward-looking information other than as required by law. Trading in the securities of the Company should be considered highly speculative. No stock exchange, securities commission or other regulatory authority has approved or disapproved the information contained herein. Neither the Toronto Stock Exchange, Nasdaq, or any other securities exchange or regulatory authority accepts responsibility for the adequacy or accuracy of this release.

    Investor Relations Contact:

    Bitfarms
    Tracy Krumme
    SVP, Head of IR & Corp. Comms.
    +1 786-671-5638
    tkrumme@bitfarms.com

    Media Contact:

    Québec: Tact
    Louis-Martin Leclerc
    +1 418-693-2425
    lmleclerc@tactconseil.ca

    The MIL Network –

  • MIL-OSI: Gilat Received Over $4 Million Order from the US Department of Defense

    Source: GlobeNewswire (MIL-OSI)

    PETAH TIKVA, Israel, Oct. 28, 2024 (GLOBE NEWSWIRE) — Gilat Satellite Networks Ltd. (Nasdaq: GILT, TASE: GILT), a worldwide leader in satellite networking technology, solutions and services, announced today that the US Department of Defense awarded another contract for more than $4 million to Gilat’s US-based subsidiary, DataPath, for DKET 3421 terminals, portable satcom hubs that provide the flexibility, capacity, connectivity, and control needed to ensure mission success anywhere in the world. The orders are expected to be delivered during the first half of 2025.

    The DKET 3421 is an innovative solution to customers’ needs for a high-quality, reliable terminal for mission-critical communications. The field-proven DKET 3421 terminal supports multi-carrier operations with a scalable modem architecture (up to 32 modems). Weighing under 5000 lbs. with a reduced footprint, the DKET 3421 can be easily moved by a forklift. Deploying in less than three hours, the DKET 3421 provides a satellite network hub in the form of a single-skid with the flexibility to leverage available satellite assets.

    “We’re excited to receive another order for our innovative DKET 3421 from our valued military customer. This order highlights the strong trust in our company and our proven ability to deliver mission-critical solutions that meet demanding requirements,” said Nicole Robinson, President of DataPath. “It also demonstrates once again our ability to provide reliable, highly portable, and high-performance network hubs to address our customers’ evolving needs.”

    About Gilat

    Gilat Satellite Networks Ltd. (NASDAQ: GILT, TASE: GILT) is a leading global provider of satellite-based broadband communications. With over 35 years of experience, we create and deliver deep technology solutions for satellite, ground, and new space connectivity and provide comprehensive, secure end-to-end solutions and services for mission-critical operations, powered by our innovative technology. We believe in the right of all people to be connected and are united in our resolution to provide communication solutions to all reaches of the world.

    Our portfolio includes a diverse offering to deliver high-value solutions for multiple orbit constellations with very high throughput satellites (VHTS) and software-defined satellites (SDS). Our offering is comprised of a cloud-based platform and high-performance satellite terminals; high-performance Satellite On-the-Move (SOTM) antennas; highly efficient, high-power Solid State Power Amplifiers (SSPA) and Block Upconverters (BUC) and includes integrated ground systems for commercial and defense, field services, network management software, and cybersecurity services.

    Gilat’s comprehensive offering supports multiple applications with a full portfolio of products and tailored solutions to address key applications including broadband access, mobility, cellular backhaul, enterprise, defense, aerospace, broadcast, government, and critical infrastructure clients all while meeting the most stringent service level requirements. For more information, please visit: www.gilat.com

    Certain statements made herein that are not historical are forward-looking within the meaning of the Private Securities Litigation Reform Act of 1995. The words “estimate”, “project”, “intend”, “expect”, “believe” and similar expressions are intended to identify forward-looking statements. These forward-looking statements involve known and unknown risks and uncertainties. Many factors could cause the actual results, performance or achievements of Gilat to be materially different from any future results, performance or achievements that may be expressed or implied by such forward-looking statements, including, among others, changes in general economic and business conditions, inability to maintain market acceptance to Gilat’s products, inability to timely develop and introduce new technologies, products and applications, rapid changes in the market for Gilat’s products, loss of market share and pressure on prices resulting from competition, introduction of competing products by other companies, inability to manage growth and expansion, loss of key OEM partners, inability to attract and retain qualified personnel, inability to protect the Company’s proprietary technology and risks associated with Gilat’s international operations and its location in Israel, including those related to the current terrorist attacks by Hamas, and the war and hostilities between Israel and Hamas and Israel and Hezbollah. For additional information regarding these and other risks and uncertainties associated with Gilat’s business, reference is made to Gilat’s reports filed from time to time with the Securities and Exchange Commission. We undertake no obligation to update or revise any forward-looking statements for any reason.

    Contact:

    Gilat Satellite Networks
    Hagay Katz, Chief Products and Marketing Officer
    hagayk@gilat.com

    The MIL Network –

  • MIL-OSI: Pipe Launches Embedded Business Card for Software and Payment Companies, Expanding Their Suite of Embedded Financial Solutions

    Source: GlobeNewswire (MIL-OSI)

    SAN FRANCISCO, Oct. 28, 2024 (GLOBE NEWSWIRE) — Pipe, a fintech company partnering with software platforms to deliver embedded financial solutions for SMBs, today announced it has expanded its suite of products with the launch of Pipe Business Card1. With the Pipe Business Card, software and payments companies can now launch a new business card program for their customers without managing underwriting, capital markets, fraud, or credit risk on their own.

    77% of SMBs are concerned about capital access2 and 55% of them have reported putting business-related expenses on a personal credit card just to get by3. SMBs need spend management solutions just like mid-market and enterprise businesses have access to today.

    The Pipe Business Card is designed specifically for small to medium-sized businesses and is available as an embedded offering for Pipe’s software partners. It’s an SMB-friendly business card with up to 1.5% unlimited cash back4, up to 45 days to pay for day-to-day business expenses, and no annual fees. No personal guarantees or credit checks are required to apply for the card.

    A growing number of small businesses are obtaining capital in minutes through Pipe and its partners, based on their business performance, without the traditional lengthy and arduous application process. The launch of the Pipe Business Card is part of Pipe’s commitment to making capital and financial tools more accessible to SMBs that need them. The Pipe Business Card utilizes the same underwriting model as Pipe Capital, which is based on a customer’s revenue. It integrates directly into the software and payment applications SMBs use day-to-day. Pipe intends to roll out additional services through its partners over the next 12 to 18 months, such as spend management solutions for SMBs.

    Pipe offers software companies numerous advantages when launching the Pipe Business Card to their customers, including:

    • Speed to market – Pipe can help partners rapidly launch an embedded card program in days, not months.
    • Tailored underwriting models – Pipe’s customized underwriting models can be calibrated for partners based on revenue data from their customer base to provide optimal access to capital.
    • Comprehensive support – Pipe’s US-based customer success team handles all dispute management and resolution for partners.

    “In the six months since we launched our embedded Capital, Pipe, and its partners, have helped to finance the dreams of tens of thousands of small businesses. We will continue to develop innovative products that remove the friction from their business,” said Luke Voiles, Chief Executive Officer, Pipe. “The Pipe Business Card is the logical expansion of our suite of capital services, and we expect it to have a meaningful impact on our customers, partners, and the overall SMB market.”

    _______________
    1 Pipe Business Cards are issued by First Internet Bank of Indiana, Member FDIC, pursuant to a license from Visa ® Inc. and may be used everywhere Visa credit cards are accepted. The Pipe Business Card will be a pay-in-full charge card. Your Statement Balance must be paid in full 15 days after the close of your statement period. Any outstanding statement balance will be automatically debited from your designated payment due date. If a payment fails, your card will be locked and a percentage of your daily sales will be collected until your balance has been repaid in full.
    2Goldman Sachs 10,000 Voices Survey, January 2024.
    3WalletHub, Small Business Survey, April 2024.
    4 Cash Back refers to rewards earned as a percentage discount on eligible purchases.

    About Pipe
    Pipe makes customer-friendly capital and smart financial tools accessible to growing businesses inside the software they use every day. Our embedded solutions are built to scale and give business builders across industries the power to grow on their own terms. To learn more, visit www.pipe.com or follow us on X @pipe.

    Media Contact
    For Pipe
    Merrill Freund
    merrill@freundpr.com

    The MIL Network –

  • MIL-OSI: Legible Releases FrankensteinAI with Spellbinding AI Chat Feature Just in Time for Halloween

    Source: GlobeNewswire (MIL-OSI)

    VANCOUVER, British Columbia, Oct. 28, 2024 (GLOBE NEWSWIRE) — Legible (CSE: READ) (OTCQB: LEBGF) (FSE: D0T) (“Legible or “the Company”), a pioneer in mobile-centric eBook and audiobook entertainment, is thrilled to announce the release of FrankensteinAI, the third in its groundbreaking AI Classics series. This innovative “Living Book” seamlessly blends Mary Shelley’s iconic novel with state-of-the-art technology, offering readers an unparalleled interactive experience. The classic horror tale releases in three volumes beginning October 28th.

    FrankensteinAI breathes new life into Shelley’s masterpiece through stunning interactive artwork by renowned digital artist Mr. Remo Camerota. Each animated illustration is a dynamic fusion of Camerota’s vivid imagination and advanced AI technology, capturing the eerie atmosphere of Victor Frankenstein’s creation and enhancing the storytelling in a visually captivating manner. Mr. Camerota’s collaboration with AI technology results in visuals that not only complement but also elevate the storytelling, making every image an integral part of the narrative journey.

    FrankensteinAI also introduces a revolutionary AI chat feature that allows readers to engage in real-time conversations with the novel’s characters. Victor Frankenstein and his Creature serve as AI-driven guides, enabling readers to delve deeper into their fears, desires, and motivations as they explore the narrative. This unique interactive feature allows readers to ask questions, unravel plot intricacies, and explore themes in a way that traditional reading cannot, blending classic literature with modern technology for a uniquely immersive experience.

    “Legible has meticulously preserved the essence of Mary Shelley’s Frankenstein, ensuring that the original text remains intact and true to Shelley’s intentions. Our goal with FrankensteinAI is to honor the original narrative while enhancing the reader’s experience through technology,” stated Kaleeg Hainsworth, CEO of Legible. “By integrating interactive AI features and Remo Camerota’s mesmeric artwork, we’ve created a Living Book that remains true to Shelley’s vision while offering a fresh, immersive way to engage with this classic tale.”

    Remo Camerota commented, “My vision for FrankensteinAI was to complement Mary Shelley’s original narrative with artwork that feels alive, echoing the Creature’s journey of discovery and isolation. Through the power of AI, these illustrations become part of the reader’s journey, evolving alongside their experience with the text.” Camerota further commented, “I am looking forward to further collaborations with Legible on bringing literature to life with my art.”

    In addition to FrankensteinAI, Legible’s other AI Classics and groundbreaking original publications, such as the My Model Kitchen Living Cookbooks by former supermodel and NYT-bestselling author Ms. Cristina Ferrare, with their embedded Sous Chef AI, are exclusively available to Legible Unbound members. Join now and gain access to these innovations plus millions of eBooks and audiobooks for only US$9.99 per month, unlocking a new world of enriched reading experiences.

    About Legible
    Legible is a trailblazing, mobile-centric global company specializing in eBook and audiobook entertainment. Through extensive partnerships with four of the Big 5 Publishers, the world’s largest eBook distributors, and outstanding publishers of all sizes, Legible delivers millions of eBooks and audiobooks, transforming any smart device into a source of cutting-edge infotainment.

    Recent releases include My Model Kitchen – Vol. 2: Vegetables – The Garden of Earthly Delights, the second of 15 video-enriched Living Cookbooks by former supermodel, bestselling author, TV host, and celebrity chef Cristina Ferrare, featuring an AI Sous Chef for each recipe. The Living Cookbooks and Ms. Ferrare have been featured in various major media outlets including twice on the very popular Drew Barrymore Show, where she dazzles viewers with her culinary expertise while utilizing the AI Sous Chef interactive component.

    As a first mover in the rapidly expanding automotive infotainment market, Legible has partnered with media providers Faurecia Aptoide, Harman Ignite, LiveOne, and Visteon. Legible boasts the only Android Automotive app that can deliver both audiobooks and eBooks to drivers and passengers in tens of millions of vehicles worldwide, positioning the Company at the forefront of in-car infotainment experiences.

    Legible won the 2024 EdTech Breakthrough Award for eLearning Innovation of the Year. Committed to reshaping the digital publishing landscape, Legible is poised to gain significant market share through its innovative 21st-century publishing solutions and enriched reading experiences. Visit www.legible.com to explore how eBooks come to life.

    About Remo Camerota
    Remo Camerota is a world-renowned multidisciplinary artist blending art, pop culture, and technology through a unique visual style. Recognized as one of the top 200 digital artists globally by Lürzer’s Archive Magazine (2020-2023) and with works exhibited alongside icons like Banksy, he’s earned acclaim as a leading NFT artist, generating over $6 million in revenue in 2021-2022. Over 30 years, he’s worked across various media, winning hundreds of awards for campaigns with brands like MTV, Nikon, and Toyota and collaborating with notable figures, including Val Kilmer and Scott Page. His company, Npact, has also supported charitable projects, such as raising funds for 2,000 computers for children in need. With exhibitions in renowned venues like the Louvre and Tate, his passion for boundless creativity and storytelling continues to impact global audiences.

    Contacts

    Legible Inc.
    Ms. Deborah Harford, EVP, Global Strategic Partnerships
    Tel.: +1-604-283-2028
    Email: invest@legible.com
    Website: https://invest.legible.com

    Krupp Kommunications, Inc.
    Ms. Kathy Giaconia, VP Media Relations
    Tel.: +1-213-324-5665
    Email: kgiaconia@kruppagency.com
    Website: www.KruppAgency.com

    Cautionary Note Regarding Forward Looking Information

    This Press Release contains certain statements which constitute forward-looking statements or information (“forward-looking statements”), including statements regarding Legible’s business. Such forward-looking statements are subject to numerous risks and uncertainties, some of which are beyond Legible’s control, including the impact of general economic conditions, industry conditions, currency fluctuations, the lack of availability of qualified personnel or management, stock market volatility and the ability to access sufficient capital from internal and external sources. Although Legible believes that the expectations in its forward-looking statements are reasonable, they are based on factors and assumptions concerning future events which may prove to be inaccurate. Those factors and assumptions are based upon currently available information. Such statements are subject to known and unknown risks, uncertainties and other factors that could influence actual results or events and cause actual results or events to differ materially from those stated, anticipated or implied in the forward- looking information. As such, readers are cautioned not to place undue reliance on the forward- looking information, as no assurance can be provided as to future results, levels of activity or achievements. The forward-looking statements contained in this document are made as of the date of this document and, except as required by applicable law, Legible does not undertake any obligation to publicly update or to revise any of the included forward-looking statements, whether as a result of new information, future events or otherwise. The forward-looking statements contained in this document are expressly qualified by this cautionary statement.

    A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/98d32341-a97e-4b8c-b43a-c970ae023d46

    The MIL Network –

  • MIL-OSI: Mastering Document Verification with Reference Data: Key Insights from Regula’s Talk at INTERDOCPOL Congress

    Source: GlobeNewswire (MIL-OSI)

    RESTON, Va., Oct. 28, 2024 (GLOBE NEWSWIRE) — At the 3rd International Congress of INTERDOCPOL, Regula’s identity verification expert Inga Voronko spotlighted a breakthrough for document verification: the power of precise and comprehensive reference data. This often-overlooked resource, she explained, is key to enhancing verification accuracy and combating fraud in today’s digital-first world.

    The congress, organized by INTERDOCPOL, a non-profit association working to improve security protocols and practices, provides a platform for law-enforcement professionals and forensic experts from all over the world to collaborate on fighting document fraud. This year’s event, held on October 23 and 24, 2024 in Les Franqueses del Vallès, Spain and themed “Document Fraud: New Points of View,” brought together all-women experts from state and private organizations to share knowledge of the most effective methods of detecting forged and tampered IDs.

    Inga Voronko showcased how using a comprehensive and detailed reference system can enhance the accuracy and efficiency of document verification.

    Image: At the INTERDOCPOL International Congress, Regula’s expert highlighted the importance of using comprehensive reference data in document verification.

    While skilled professionals and advanced technology are essential, reference data also contributes a lot to the quality of identity verification. Accurate verification requires understanding exactly which security features a genuine document should have, where those features are located, how they should look, and what unique properties they possess. With thousands of different identity documents in circulation across the globe, no expert can memorize all the features of every document. This is where reference data becomes crucial.

    With over 30 years of experience in identity verification and forensic research, Regula has created one of the most advanced Information Reference Systems. It contains over 337,000 images of more than 12,000 unique identity documents from 225 states and international organizations, providing vital data for detecting fraudulent documents. In fact, it is the first reference system that covers IDs from every country and territory in the world.

    The images in Regula’s Information Reference System are captured in laboratory conditions, using forensic devices that ensure high optical resolution. This highlights the smallest nuances in security features, such as holograms, watermarks, and specific printing techniques, all of which are essential for verifying document authenticity.

    Moreover, images are captured under various light sources—such as white, infrared, and different wavelengths of ultraviolet lighting—so that verifiers can inspect documents across different spectrums and detect hidden or altered features that may not be visible to the naked eye.

    Today, it’s not enough to simply rely on what you see. Document forgery has become so sophisticated that to be able to detect it, experts need more than technologies: they need a reliable source of reference data, which is constantly updated to be as comprehensive as possible. That is what Regula has been working at for more than 30 years, accumulating deep knowledge and creating the largest digital collection in the world, containing all sorts of documents.

    About Regula

    Regula is a global developer of forensic devices and identity verification solutions. With our 30+ years of experience in forensic research and the largest library of document templates in the world, we create breakthrough technologies in document and biometric verification. Our hardware and software solutions allow over 1,000 organizations and 80 border control authorities globally to provide top-notch client service without compromising safety, security or speed. Regula was repeatedly named a Representative Vendor in the Gartner® Market Guide for Identity Verification.

    Learn more at www.regulaforensics.com.

    A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/eda18c0c-ced9-45de-a8e9-e901db370477

    The MIL Network –

  • MIL-OSI: International Petroleum Corporation Announces Results of Normal Course Issuer Bid

    Source: GlobeNewswire (MIL-OSI)

    International Petroleum Corporation (IPC or the Corporation) (TSX, Nasdaq Stockholm: IPCO) is pleased to announce that IPC repurchased a total of 111,400 IPC common shares (ISIN: CA46016U1084) during the period of October 21 to 25, 2024 under IPC’s normal course issuer bid / share repurchase program (NCIB).

    IPC’s NCIB, announced on December 1, 2023, is being implemented in accordance with the Market Abuse Regulation (EU) No 596/2014 (MAR) and Commission Delegated Regulation (EU) No 2016/1052 (Safe Harbour Regulation) and the applicable rules and policies of the Toronto Stock Exchange (TSX) and Nasdaq Stockholm and applicable Canadian and Swedish securities laws.

    During the period of October 21 to 25, 2024, IPC repurchased a total of 87,500 IPC common shares on Nasdaq Stockholm. All of these share repurchases were carried out by Pareto Securities AB on behalf of IPC.

    For more information regarding transactions under the NCIB in Sweden, including aggregated volume, weighted average price per share and total transaction value for each trading day during the period of October 21 to 25, 2024, see the following link to Nasdaq Stockholm’s website:

    www.nasdaqomx.com/transactions/markets/nordic/corporate-actions/stockholm/repurchases-of-own-shares

    A detailed breakdown of the transactions conducted on Nasdaq Stockholm during the period of October 21 to 25, 2024 according to article 5.3 of MAR and article 2.3 of the Safe Harbour Regulation is available with this press release on IPC’s website: www.international-petroleum.com/news-and-media/press-releases.

    During the same period, IPC purchased a total of 23,900 IPC common shares on the TSX. All of these share repurchases were carried out by ATB Capital Markets Inc. on behalf of IPC.

    All common shares repurchased by IPC under the NCIB will be cancelled. As at October 25, 2024, the total number of issued and outstanding IPC common shares is 120,751,038 with voting rights and IPC holds 484,000 common shares in treasury.

    Since December 5, 2023 up to and including October 25, 2024, a total of 7,957,782 IPC common shares have been repurchased under the NCIB through the facilities of the TSX and Nasdaq Stockholm. A maximum of 8,342,119 IPC common shares may be repurchased over the period of twelve months commencing December 5, 2023 and ending December 4, 2024, or until such earlier date as the NCIB is completed or terminated by IPC.

    International Petroleum Corp. (IPC) is an international oil and gas exploration and production company with a high quality portfolio of assets located in Canada, Malaysia and France, providing a solid foundation for organic and inorganic growth. IPC is a member of the Lundin Group of Companies. IPC is incorporated in Canada and IPC’s shares are listed on the Toronto Stock Exchange (TSX) and the Nasdaq Stockholm exchange under the symbol “IPCO”.

    For further information, please contact:

    Rebecca Gordon
    SVP Corporate Planning and Investor Relations
    rebecca.gordon@international-petroleum.com
    Tel: +41 22 595 10 50    		  

    Or

    		 Robert Eriksson
    Media Manager
    reriksson@rive6.ch
    Tel: +46 701 11 26 15

    This information is information that International Petroleum Corporation is required to make public pursuant to the Swedish Financial Instruments Trading Act. The information was submitted for publication, through the contact persons set out above, at 12:15 CET on October 28, 2024.

    Forward-Looking Statements
    This press release contains statements and information which constitute “forward-looking statements” or “forward-looking information” (within the meaning of applicable securities legislation). Such statements and information (together, “forward-looking statements”) relate to future events, including the Corporation’s future performance, business prospects or opportunities. Actual results may differ materially from those expressed or implied by forward-looking statements. The forward-looking statements contained in this press release are expressly qualified by this cautionary statement. Forward-looking statements speak only as of the date of this press release, unless otherwise indicated. IPC does not intend, and does not assume any obligation, to update these forward-looking statements, except as required by applicable laws.

    All statements other than statements of historical fact may be forward-looking statements. Any statements that express or involve discussions with respect to predictions, expectations, beliefs, plans, projections, forecasts, guidance, budgets, objectives, assumptions or future events or performance (often, but not always, using words or phrases such as “seek”, “anticipate”, “plan”, “continue”, “estimate”, “expect”, “may”, “will”, “project”, “forecast”, “predict”, “potential”, “targeting”, “intend”, “could”, “might”, “should”, “believe”, “budget” and similar expressions) are not statements of historical fact and may be “forward-looking statements”. Forward-looking statements include, but are not limited to, statements with respect to: the ability and willingness of IPC to continue the NCIB, including the number of common shares to be acquired and cancelled and the timing of such purchases and cancellations; and the return of value to IPC’s shareholders as a result of any common share repurchases.

    The forward-looking statements are based on certain key expectations and assumptions made by IPC, including expectations and assumptions concerning: prevailing commodity prices and currency exchange rates; applicable royalty rates and tax laws; interest rates; future well production rates and reserve and contingent resource volumes; operating costs; our ability to maintain our existing credit ratings; our ability to achieve our performance targets; the timing of receipt of regulatory approvals; the performance of existing wells; the success obtained in drilling new wells; anticipated timing and results of capital expenditures; the sufficiency of budgeted capital expenditures in carrying out planned activities; the timing, location and extent of future drilling operations; the successful completion of acquisitions and dispositions and that we will be able to implement our standards, controls, procedures and policies in respect of any acquisitions and realize the expected synergies on the anticipated timeline or at all; the benefits of acquisitions; the state of the economy and the exploration and production business in the jurisdictions in which IPC operates and globally; the availability and cost of financing, labour and services; our intention to complete share repurchases under our normal course issuer bid program, including the funding of such share repurchases, existing and future market conditions, including with respect to the price of our common shares, and compliance with respect to applicable limitations under securities laws and regulations and stock exchange policies; and the ability to market crude oil, natural gas and natural gas liquids successfully.

    Although IPC believes that the expectations and assumptions on which such forward-looking statements are based are reasonable, undue reliance should not be placed on the forward-looking statements because IPC can give no assurances that they will prove to be correct. Since forward-looking statements address future events and conditions, by their very nature they involve inherent risks and uncertainties. Actual results could differ materially from those currently anticipated due to a number of factors and risks. These include, but are not limited to: general global economic, market and business conditions; the risks associated with the oil and gas industry in general such as operational risks in development, exploration and production; delays or changes in plans with respect to exploration or development projects or capital expenditures; the uncertainty of estimates and projections relating to reserves, resources, production, revenues, costs and expenses; health, safety and environmental risks; commodity price fluctuations; interest rate and exchange rate fluctuations; marketing and transportation; loss of markets; environmental and climate-related risks; competition; innovation and cybersecurity risks related to our systems, including our costs of addressing or mitigating such risks; the ability to attract, engage and retain skilled employees; incorrect assessment of the value of acquisitions; failure to complete or realize the anticipated benefits of acquisitions or dispositions; the ability to access sufficient capital from internal and external sources; failure to obtain required regulatory and other approvals; geopolitical conflicts, including the war between Ukraine and Russia and the conflict in the Middle East, and their potential impact on, among other things, global market conditions; and changes in legislation, including but not limited to tax laws, royalties and environmental regulations. Readers are cautioned that the foregoing list of factors is not exhaustive.

    Additional information on these and other factors that could affect IPC, or its operations or financial results, are included in IPC’s annual information form for the year ended December 31, 2023 (See “Cautionary Statement Regarding Forward-Looking Information”, “Risks Factors” and “Reserves and Resources Advisory” therein), in the management’s discussion and analysis (MD&A) for the three and six months ended June 30, 2024 (See “Cautionary Statement Regarding Forward-Looking Information”, “Risks Factors” and “Reserves and Resources Advisory” therein) and other reports on file with applicable securities regulatory authorities, including previous financial reports, management’s discussion and analysis and material change reports, which may be accessed through the SEDAR+ website (www.sedarplus.ca) or IPC’s website (www.international-petroleum.com).

    Attachment

    The MIL Network –

  • MIL-OSI: Purpose Investments Inc. Announces Final October 2024 Distribution Rate for Purpose High Interest Savings Fund, Purpose US Cash Fund, Purpose Cash Management Fund, and Purpose USD Cash Management Fund

    Source: GlobeNewswire (MIL-OSI)

    TORONTO, Oct. 28, 2024 (GLOBE NEWSWIRE) — Purpose Investments Inc. announced today the final October 2024 distribution rates for Purpose High Interest Savings Fund, Purpose US Cash Fund, Purpose Cash Management Fund, and Purpose USD Cash Management Fund.

    Due to the recent interest rate cut by the Bank of Canada, the distribution levels for our Canadian cash funds have been proportionately reduced to align with this adjustment.

    The following table reflects the final distribution amounts for the month of October. Ex-distribution date is October 29, 2024.

    Open-End Fund Ticker
    Symbol    		 Final distribution
    per unit    		 Record Date Payable Date Distribution
    Frequency
    Purpose USD Cash Management Fund – ETF Units MNU.U US $ 0.4473 10/29/2024 11/04/2024 Monthly
    Purpose Cash Management Fund – ETF Units MNY $ 0.3914 10/29/2024 11/04/2024 Monthly
    Purpose High Interest Savings Fund – ETF Units PSA $ 0.1822 10/29/2024 11/04/2024 Monthly
    Purpose US Cash Fund – ETF Units PSU.U US $ 0.4275 10/29/2024 11/04/2024 Monthly


    About Purpose Investments Inc.
    Purpose Investments Inc. is an asset management company with more than $21 billion in assets under management. Purpose Investments has an unrelenting focus on client-centric innovation, and offers a range of managed and quantitative investment products. Purpose Investments is led by well-known entrepreneur Som Seif and is a division of Purpose Unlimited, an independent technology-driven financial services company.

    For further information please contact:
    Keera Hart
    Keera.Hart@kaiserpartners.com
    905-580-1257

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

    The MIL Network –

  • MIL-OSI: Territorial Bancorp Inc. Announces Third Quarter 2024 Results

    Source: GlobeNewswire (MIL-OSI)

    • The Company’s tier one leverage and risk-based capital ratios were 11.57% and 29.07%, respectively, and the Company is considered to be “well-capitalized” at September 30, 2024.
    • Ratio of non-performing assets to total assets of 0.11% at September 30, 2024.

    HONOLULU, Oct. 28, 2024 (GLOBE NEWSWIRE) — Territorial Bancorp Inc. (NASDAQ: TBNK) (the Company), headquartered in Honolulu, Hawaii, the holding company parent of Territorial Savings Bank, reported a net loss of $1,318,000, or $0.15 per diluted share, for the three months ended September 30, 2024.

    The Board of Directors approved a dividend of $0.01 per share. The dividend is expected to be paid on November 22, 2024, to stockholders of record as of November 8, 2024.

    Hope Bancorp, Inc. Merger Agreement

    As previously announced in a joint news release issued April 29, 2024, Hope Bancorp, Inc. (NASDAQ: HOPE) (Hope Bancorp) and the Company signed a definitive merger agreement. Under the terms of the merger agreement, Company stockholders will receive a fixed exchange ratio of 0.8048 share of Hope Bancorp common stock in exchange for each share of Company common stock they own, in a 100% stock-for-stock transaction valued at approximately $78.60 million, based on the closing price of Hope Bancorp’s common stock on April 26, 2024. The transaction is intended to qualify as a tax-free reorganization for Territorial stockholders.

    Upon completion of the transaction, Hope Bancorp intends to maintain the Territorial franchise in Hawaii and preserve the 100-plus year legacy of the Territorial Savings Bank brand name, culture and commitment to the local communities. The branches will continue to do business under the Territorial Savings Bank brand, as a trade name of Bank of Hope.

    The transaction is subject to regulatory approvals, the approval of Territorial stockholders, and the satisfaction of other customary closing conditions.

    Interest Income

    Net interest income decreased by $2.55 million for the three months ended September 30, 2024, compared to the three months ended September 30, 2023. Total interest income was $18.31 million for the three months ended September 30, 2024, compared to $17.38 million for the three months ended September 30, 2023. The $929,000 increase in total interest income was primarily due to an $850,000 increase in interest earned on other investments and a $343,000 increase in interest earned on loans. The increase in interest income on other investments is primarily due to a $58.03 million increase in the average cash balance with the Federal Reserve Bank of San Francisco (FRB) and a 30 basis point increase in the average interest rate paid on cash balances. The $343,000 increase in interest income on loans resulted from a 15 basis point increase in the average loan yield, partially offset by a $14.74 million decrease in the average loan balance. The increases in interest income on other investments and loans during the quarter were partially offset by a $264,000 decrease in interest on investment securities, which occurred because of a $41.07 million decrease in the average securities balance.

    Interest Expense

    As a result of prolonged increases in short-term interest rates, total interest expense increased by $3.48 million for the three months ended September 30, 2024, compared to the three months ended September 30, 2023. Interest expense on deposits increased by $3.06 million for the three months ended September 30, 2024, primarily due to an increase in interest expense on certificates of deposit (CD) and savings accounts. Interest expense on CDs rose by $2.01 million for the three months ended September 30, 2024, due to a 66 basis point increase in the average cost of CDs and a $107.30 million increase in the average CD balance. The increase in the average cost of CDs and savings accounts occurred as interest rates were raised in response to the increases in market interest rates over that period. Interest expense on savings accounts rose by $1.06 million for the three months ended September 30, 2024, due to a 65 basis point increase in the average cost of savings accounts which was partially offset by a $82.46 million decrease in the average savings account balance. The increase in the average balance of CDs and the decrease in the average balance of savings accounts occurred as customers transferred balances from lower rate savings accounts to higher rate CDs. Interest expense on FRB borrowings rose by $600,000 for the three months ended September 30, 2024, as the Company obtained a $50.00 million advance from the FRB in the fourth quarter of 2023. FRB advances were obtained in 2023 to enhance the Company’s liquidity and to fund deposit withdrawals.

    Noninterest Expense

    Noninterest expense increased by $333,000 for the three months ended September 30, 2024, compared to the three months ended September 30, 2023, primarily due to a $398,000 increase in general and administrative expenses. General and administrative expenses included $324,000 of merger-related legal and consulting expenses and the write off of $135,000 of currency destroyed in the Lahaina wildfire. Federal Deposit Insurance Corporation (FDIC) premium expense rose by $146,000 for the quarter because of an increase in the FDIC insurance premium rates. The increase in other general and administrative expenses and FDIC premiums was offset by a $277,000 decrease in salaries and employee benefits during the quarter. The decrease in salaries and employee benefits occurred primarily because of decreases in compensation expense, supplemental executive retirement plan benefits, Employee Stock Ownership Plan (ESOP) expenses, health insurance and payroll taxes. The decrease in compensation expenses, payroll taxes and health insurance expenses is primarily due to a decrease in the number of employees. The decrease in ESOP expenses is primarily due to a decline in the Company’s share price which is used to calculate the accrual. The decrease in these compensation and employee benefit expenses was partially offset by a decrease in deferred salary expense for originating new loans as fewer loans were originated during the three months ended September 30, 2024, compared to the three months ended September 30, 2023.

    Income Taxes

    Income tax benefit for the three months ended September 30, 2024 was $611,000 with an effective tax rate of (31.67)% compared to income tax expense of $335,000 with an effective tax rate of 27.57% for the three months ended September 30, 2023. The decrease in income tax expense was primarily due to a $3.14 million decrease in income before income taxes during the quarter.

    Balance Sheet

    Total assets were $2.20 billion at September 30, 2024 and $2.24 billion at December 31, 2023. Investment securities, including available for sale securities, decreased by $31.63 million to $674.27 million at September 30, 2024 from $705.90 million at December 31, 2023. The decrease in investment securities occurred because of principal repayments on mortgage-backed securities. Loans receivable decreased by $20.86 million to $1.29 billion at September 30, 2024 from $1.31 billion at December 31, 2023. The decrease in loans receivable occurred as loan repayments and sales exceeded new loan originations. Cash and cash equivalents increased by $16.47 million to $143.13 million at September 30, 2024 from $126.66 million at December 31, 2023 due to increases in deposits and principal repayments on mortgage-backed securities and on loans receivable.

    Deposits increased by $33.68 million from $1.64 billion at December 31, 2023 to $1.67 billion at September 30, 2024. The increase in deposits is primarily due to deposits from state and local governments. The increase in deposits was used with principal repayments on mortgage-backed securities and loans receivable to pay off $65.00 million of maturing Federal Home Loan Bank (FHLB) advances during the quarter. FHLB advances decreased by $65.00 million to $177.00 million at September 30, 2024 from $242.00 million at December 31, 2023.

    Asset Quality

    Credit quality continues to be extremely important as the Bank adheres to its strict underwriting standards. The Company had no delinquent mortgage loans 90 days or more past due at September 30, 2024, compared to $227,000 at December 31, 2023. Non-performing assets totaled $2.34 million at September 30, 2024, compared to $2.26 million at December 31, 2023. The ratio of non-performing assets to total assets was 0.11% at September 30, 2024, compared to 0.10% at December 31, 2023. The allowance for credit losses was $5.06 million at September 30, 2024, compared to $5.12 million at December 31, 2023, representing 0.39% of total loans for both periods. The ratio of the allowance for credit losses to non-performing loans was 216.12% at September 30, 2024, compared to 226.59% at December 31, 2023.

    About Us

    Territorial Bancorp Inc., headquartered in Honolulu, Hawaii, is the stock holding company for Territorial Savings Bank. Territorial Savings Bank is a state-chartered savings bank which was originally chartered in 1921 by the Territory of Hawaii. Territorial Savings Bank conducts business from its headquarters in Honolulu, Hawaii and has 28 branch offices in the state of Hawaii. For additional information, please visit the Company’s website at: https://www.tsbhawaii.bank.

    Additional Information and Where to Find it

    In connection with the proposed merger, Hope Bancorp, Inc. filed with the Securities and Exchange Commission (“SEC”) a Registration Statement on Form S-4 on June 21, 2024, which included a Proxy Statement of Territorial Bancorp Inc. that also constitutes a prospectus of Hope Bancorp, Inc. Territorial Bancorp stockholders are encouraged to read the Registration Statement and the Proxy Statement/Prospectus regarding the merger and any other relevant documents filed with the SEC, as well as any amendments or supplements to those documents, because they will contain important information about the proposed merger. Territorial Bancorp stockholders are able to obtain a free copy of the Proxy Statement/Prospectus, as well as other filings containing information about Hope Bancorp and Territorial Bancorp at the SEC’s Internet site (www.sec.gov).

    Forward-looking statements

    This earnings release contains forward-looking statements, which can be identified by the use of words such as “estimate,” “project,” “believe,” “intend,” “anticipate,” “plan,” “seek,” “expect,” “will,” “may” and words of similar meaning. These forward-looking statements include, but are not limited to:

    • statements of our goals, intentions and expectations;
    • statements regarding our business plans, prospects, growth and operating strategies;
    • statements regarding the asset quality of our loan and investment portfolios; and
    • estimates of our risks and future costs and benefits.

    These forward-looking statements are based on our current beliefs and expectations and are inherently subject to significant business, economic and competitive uncertainties and contingencies, many of which are beyond our control. In addition, these forward-looking statements are subject to assumptions with respect to future business strategies and decisions that are subject to change. We are under no duty to and do not take any obligation to update any forward-looking statements after the date of this earnings release.

    The following factors, among others, could cause actual results to differ materially from the anticipated results or other expectations expressed in the forward-looking statements:

    • factors related to the proposed transaction with Hope Bancorp, including the receipt of regulatory and stockholder approvals, and other customary closing conditions;
    • general economic conditions, either internationally, nationally or in our market areas, that are worse than expected;
    • competition among depository and other financial institutions;
    • inflation and changes in the interest rate environment that reduce our margins or reduce the fair value of financial instruments;
    • adverse changes in the securities markets;
    • changes in laws or government regulations or policies affecting financial institutions, including changes in regulatory fees and capital requirements;
    • changes in monetary or fiscal policies of the U.S. Government, including policies of the U.S. Treasury and the Federal Reserve Board;
    • our ability to enter new markets successfully and capitalize on growth opportunities;
    • our ability to successfully integrate acquired entities, if any;
    • changes in consumer demand, spending, borrowing and savings habits;
    • changes in accounting policies and practices, as may be adopted by the bank regulatory agencies, the Financial Accounting Standards Board, the Securities and Exchange Commission and the Public Company Accounting Oversight Board;
    • changes in our organization, compensation and benefit plans;
    • the timing and amount of revenues that we may recognize;
    • the value and marketability of collateral underlying our loan portfolios;
    • our ability to retain key employees;
    • cyberattacks, computer viruses and other technological risks that may breach the security of our websites or other systems to obtain unauthorized access to confidential information, destroy data or disable our systems;
    • technological change that may be more difficult or expensive than expected;
    • the ability of third-party providers to perform their obligations to us;
    • the ability of the U.S. Government to manage federal debt limits;
    • the quality and composition of our investment portfolio;
    • the effect of any pandemic disease, natural disaster, war, act of terrorism, accident or similar action or event;
    • changes in market and other conditions that would affect our ability to repurchase our common stock; and
    • changes in our financial condition or results of operations that reduce capital available to pay dividends.

    Because of these and a wide variety of other uncertainties, our actual future results may be materially different from the results indicated by these forward-looking statements.

    Contact:
    Walter Ida
    (808) 946-1400

       
    Territorial Bancorp Inc. and Subsidiaries  
    Consolidated Statements of Operations (Unaudited)  
    (Dollars in thousands, except per share data)  
                 
        Three Months Ended   Nine Months Ended  
        September 30,   September 30,  
        2024   2023   2024    2023   
    Interest income:                      
    Loans   $ 12,229     $ 11,886   $ 36,540   $ 35,037    
    Investment securities     4,183       4,447     12,753     13,512    
    Other investments     1,901       1,051     5,104     2,848    
    Total interest income     18,313       17,384     54,397     51,397    
                           
    Interest expense:                      
    Deposits     8,469       5,408     22,658     13,261    
    Advances from the Federal Home Loan Bank     1,714       1,896     5,330     4,782    
    Advances from the Federal Reserve Bank     600       —     1,789     —    
    Securities sold under agreements to repurchase     46       46     137     137    
    Total interest expense     10,829       7,350     29,914     18,180    
                           
    Net interest income     7,484       10,034     24,483     33,217    
    Provision (reversal of provision) for credit losses     29       (259 )   22     (147 )  
                           
    Net interest income after provision (reversal of provision) for credit losses     7,455       10,293     24,461     33,364    
                           
    Noninterest income:                      
    Service and other fees     273       298     885     1,022    
    Income on bank-owned life insurance     255       218     750     628    
    Net gain on sale of loans     19       —     19     10    
    Other     69       73     215     208    
    Total noninterest income     616       589     1,869     1,868    
                           
    Noninterest expense:                      
    Salaries and employee benefits     4,899       5,176     14,606     15,723    
    Occupancy     1,813       1,819     5,319     5,201    
    Equipment     1,335       1,263     3,987     3,878    
    Federal deposit insurance premiums     392       246     1,281     737    
    Other general and administrative expenses     1,561       1,163     4,851     3,251    
    Total noninterest expense     10,000       9,667     30,044     28,790    
                           
    (Loss) Income before income taxes     (1,929 )     1,215     (3,714 )   6,442    
    Income tax (benefit) expense     (611 )     335     (1,139 )   1,749    
    Net (loss) income   $ (1,318 )   $ 880   $ (2,575 ) $ 4,693    
                           
    Basic (loss) earnings per share   $ (0.15 )   $ 0.10   $ (0.30 ) $ 0.54    
    Diluted (loss) earnings per share   $ (0.15 )   $ 0.10   $ (0.30 ) $ 0.53    
    Cash dividends declared per common share   $ 0.01     $ 0.23   $ 0.07   $ 0.69    
    Basic weighted-average shares outstanding     8,618,155       8,577,632     8,604,082     8,656,915    
    Diluted weighted-average shares outstanding     8,618,155       8,610,289     8,604,082     8,705,784    
                           
     
    Territorial Bancorp Inc. and Subsidiaries
    Consolidated Balance Sheets (Unaudited)
    (Dollars in thousands, except per share data)
                 
        September 30,   December 31,
        2024   2023
    ASSETS            
    Cash and cash equivalents   $ 143,128     $ 126,659  
    Investment securities available for sale, at fair value     19,920       20,171  
    Investment securities held to maturity, at amortized cost (fair value of $552,222 and $568,128 at September 30, 2024 and December 31, 2023, respectively)     654,349       685,728  
    Loans receivable     1,287,688       1,308,552  
    Allowance for credit losses     (5,055 )     (5,121 )
    Loans receivable, net of allowance for credit losses     1,282,633       1,303,431  
    Federal Home Loan Bank stock, at cost     9,307       12,192  
    Federal Reserve Bank stock, at cost     3,187       3,180  
    Accrued interest receivable     6,056       6,105  
    Premises and equipment, net     7,257       7,185  
    Right-of-use asset, net     11,613       12,371  
    Bank-owned life insurance     49,388       48,638  
    Income taxes receivable     1,832       344  
    Deferred income tax assets, net     2,465       2,457  
    Prepaid expenses and other assets     7,297       8,211  
    Total assets   $ 2,198,432     $ 2,236,672  
                 
    LIABILITIES AND STOCKHOLDERS’ EQUITY            
    Liabilities:            
    Deposits   $ 1,670,281     $ 1,636,604  
    Advances from the Federal Home Loan Bank     177,000       242,000  
    Advances from the Federal Reserve Bank     50,000       50,000  
    Securities sold under agreements to repurchase     10,000       10,000  
    Accounts payable and accrued expenses     22,176       23,334  
    Lease liability     17,090       17,297  
    Advance payments by borrowers for taxes and insurance     3,148       6,351  
    Total liabilities     1,949,695       1,985,586  
                 
    Stockholders’ Equity:            
    Preferred stock, $0.01 par value; authorized 50,000,000 shares, no shares issued or outstanding     —       —  
    Common stock, $0.01 par value; authorized 100,000,000 shares; issued and outstanding            
    8,832,210 and 8,826,613 shares at September 30, 2024 and December 31, 2023, respectively     88       88  
    Additional paid-in capital     48,163       48,022  
    Unearned ESOP shares     (2,079 )     (2,447 )
    Retained earnings     208,504       211,644  
    Accumulated other comprehensive loss     (5,939 )     (6,221 )
    Total stockholders’ equity     248,737       251,086  
    Total liabilities and stockholders’ equity   $ 2,198,432     $ 2,236,672  
                 
     
      Territorial Bancorp Inc. and Subsidiaries    
      Selected Financial Data (Unaudited)    
                                 
                                 
                                 
                    Three Months Ended        
                    September 30,        
                      2024       2023          
                                 
      Performance Ratios (annualized):                    
        Return on average assets         (0.24% )     0.16%          
        Return on average equity         (2.09% )     1.39%          
        Net interest margin on average interest earning assets   1.42%       1.90%          
        Efficiency ratio (1)           123.46%       91.00%          
                                 
                    At   At        
                    September   December        
                      30, 2024       31, 2023          
                                 
      Selected Balance Sheet Data:                    
        Book value per share (2)       $ 28.16     $ 28.45          
        Stockholders’ equity to total assets       11.31%       11.23%          
                                 
                                 
      Asset Quality                        
      (Dollars in thousands):                      
        Delinquent loans 90 days past due and not accruing $ 0     $ 227          
        Non-performing assets (3)       $ 2,339     $ 2,260          
        Allowance for credit losses       $ 5,055     $ 5,121          
        Non-performing assets to total assets       0.11%       0.10%          
        Allowance for credit losses to total loans       0.39%       0.39%          
        Allowance for credit losses to non-performing assets   216.12%       226.59%          
                                 
                                 
      Note:                        
                                 
      (1) Efficiency ratio is equal to noninterest expense divided by the sum of net interest income and noninterest income                         
      (2)  Book value per share is equal to stockholders’ equity divided by number of shares issued and outstanding                         
      (3)  Non-performing assets consist of non-accrual loans and real estate owned. Amounts are net of charge-offs                         
                                 

    The MIL Network –

  • MIL-OSI: BrainHQ Awarded New Army Contract

    Source: GlobeNewswire (MIL-OSI)

    SAN FRANCISCO, Oct. 28, 2024 (GLOBE NEWSWIRE) — Posit Science, the maker of the brain health and fitness app BrainHQ, announced that it has been awarded a new contract by the U.S. Army’s Training and Doctrine Command (TRADOC).

    “We are proud to be expanding our work with the military,” said Dr. Henry Mahncke, the CEO of Posit Science. “The science has shown that our plasticity-based brain training exercises can improve cognitive performance in both top performers and in those recovering from concussions and blast exposures or even more severe brain injuries. BrainHQ brain health assessments can contribute to rapid, precise evaluations of cognitive readiness.”

    “BrainHQ is already in use by the military in a variety of settings, including military hospitals, such as the Walter Reed National Intrepid Center of Excellence, and special forces units. There’s an opportunity for the military to gain true cognitive dominance over adversaries by employing BrainHQ assessments to evaluate cognitive readiness at the individual and unit level, and to use BrainHQ’s proven cognitive training exercises to enable service members to achieve peak cognitive performance, and to recover performance after combat-related injuries,” Dr. Mahncke continued. “Over time, we expect our work with the military to contribute to readiness, resilience, and recovery.”

    For the past two decades, Posit Science has transformed applied neuroscience by designing, testing, and validating dozens of breakthrough brain exercises, which have been shown to improve neuropsychological and physical measures of cognitive performance and health across the brain, and which have been used by millions of people.

    In recent years, Posit Science has also developed and normed dozens of cognitive assessments, each of which takes about three minutes to complete. The assessments can be self-administered remotely and can be arranged to be taken one at a time or in batteries designed for different purposes. Greater use of these quick and validated assessments allows individuals and organizations to easily take a baseline of health and performance (across the brain) and to monitor changes over time.

    Because the BrainHQ assessments were developed under the same umbrella as the BrainHQ cognitive exercises, they also can provide a roadmap for which BrainHQ cognitive exercises can improve performance and, when appropriate, help drive faster and more complete recovery.

    “In the near future, we expect most of us will be able to take this type of assessment on our own, just as easily as people already measure their weight, temperature, blood pressure, or blood sugar at home,” Dr. Mahncke said. “That helps move us toward the promise of 21st Century Medicine — to be predictive, preventative, personalized, and participatory — and should improve brain health, performance, and resilience.”

    BrainHQ exercises have shown benefits in hundreds of studies. Such benefits include gains in cognition (attention, speed, memory, decision-making), in quality of life (depressive symptoms, confidence and control, health-related quality of life) and in real-world activities (health outcomes, balance, driving, workplace activities). BrainHQ is offered by leading health and Medicare Advantage plans, by leading medical centers, clinics, and communities, and by military, law enforcement, sports, and other organizations focused on peak performance. Consumers can try a BrainHQ exercise for free daily at https://www.brainhq.com.

    The MIL Network –

  • MIL-OSI: Vantage Drilling International Ltd. Schedules Third Quarter 2024 Earnings Release Date and Conference Call

    Source: GlobeNewswire (MIL-OSI)

    Dubai, Oct. 28, 2024 (GLOBE NEWSWIRE) — Vantage Drilling International Ltd. Schedules Third Quarter 2024 Earnings Release Date and Conference Call

     

     

    DUBAI, October 28, 2024 (GLOBE NEWSWIRE) — Vantage Drilling International Ltd. (“Vantage” or the “Company”) today announced that it will host a conference call at 10:00 AM Eastern Time / 4:00 PM Oslo Time / 7:00 PM Dubai Time on November 7, 2024 to discuss operating results for the third quarter of 2024. Vantage will release earnings before the market opens on November 7, 2024. Vantage’s earnings release will be posted to the Vantage website at www.vantagedrilling.com. 

    To access the conference call, click on the Call Link following the instructions below. 

    1. Click on the Call Link and complete the online registration form.
    2. Once the registration is complete you will receive an email confirmation with the call details (dial-in and a unique PIN to join the call).
    3. You will have two options to join the call.
      1. Dial-In Option: A dial in number and unique PIN are displayed to connect directly from your phone.
      2. Call Me Option: Enter your phone number and click “Call Me” for an immediate callback from the system.

    Please call five minutes ahead of time to ensure proper connection. A replay of the conference call will be available following the call and can be accessed via Webcast Link.

    Online Registration:

    https://register.vevent.com/register/BI3f198530d1ee42e386c22ba7cba67366

    About the Company

    Vantage Drilling International Ltd., a Bermuda exempted company, is an offshore drilling contractor, with a fleet of two ultra-deepwater drillships and two premium jackup drilling rigs. Vantage’s primary business is to contract drilling units, related equipment and work crews primarily on a dayrate basis to drill oil and natural gas wells globally for major, national and independent oil and gas companies. Vantage also markets, operates and provides management services in respect of drilling units owned by others. www.vantagedrilling.com

    Attachment

    The MIL Network –

  • MIL-OSI: Condor’s Workover Results Continue to Exceed Pre-Job Expectations

    Source: GlobeNewswire (MIL-OSI)

    CALGARY, Alberta, Oct. 28, 2024 (GLOBE NEWSWIRE) — Condor Energies Inc. (“Condor” or the “Company”) (TSX: CDR), a Canadian based energy transition company, is pleased to provide an operational update for its eight gas field production enhancement project in Uzbekistan.

    Two recently worked-over wells have returned to service and are providing 441 boepd of incremental production, after a combined 20 meters of previously unperforated reservoir pay was accessed. Prior to the workovers, the first well wasn’t producing and is now flowing 410 boepd based on a 24 hour production test. Although the second well is still recovering workover fluids, its incremental flow rate is already 31 boepd or a 65% increase, also based on a 24 hour test. As disclosed earlier this month, three prior workovers added a cumulative 330 boepd of incremental production.

    A second rig that was planned for delivery in early November has already begun workover activities on a well that is targeting up to 25 meters of previously unperforated reservoir. With over 100 wells in the eight fields, there is a large inventory of both producing and shut-in wells available for evaluation, recompletion and optimization opportunities to profitably grow production.

    The extensive geological evaluations performed, coupled with recent workover results, suggest that material untapped hydrocarbon potential exists within the carbonate formations of the Company’s 279 km2 license area. These carbonate platforms contain thick reservoir sections interbedded with laterally extensive evaporite layers, creating ideal conditions for hydrocarbon trapping. The reservoirs are analogous to carbonate formations in Canada’s Western Canada Sedimentary Basin (“WCSB”), such as the Charlie Lake and Midale, which continue to be successfully monetized. By leveraging this geological similarity, the Company is maturing the potential of horizontal and multi-lateral drilling, a proven method in Canada to enhance deliverability and maximize recovery from these reservoirs.

    Don Streu, President and CEO of Condor, commented: “We continue to be very pleased with the early results of our workover program and are excited to have a second service rig operating. The multiple successes of world-class developments in the WCSB showcases how carbonate reservoirs can deliver impressive production rates and recoveries. The geological characteristics in Uzbekistan – thick reservoirs interbedded with evaporites – are strikingly similar to those found in Western Canada, where decades of production have been economically sustained. By employing advanced horizontal and stacked drilling techniques, we could achieve even higher deliverability and maximize recovery from our Jurassic carbonate reservoirs, mirroring the positive Canadian analogue outcomes.”

    ABOUT CONDOR ENERGIES INC

    Condor Energies Inc is a TSX-listed energy transition company that is uniquely positioned on the doorstep of European and Asian markets with three distinct first-mover initiatives: increasing natural gas and condensate production from its existing fields in Uzbekistan; an ongoing project to construct and operate Central Asia’s first LNG facility in Kazakhstan; and a separate initiative to develop and produce lithium brine in Kazakhstan. Condor has already built a strong foundation for reserves, production and cashflow growth while also striving to minimize its environmental footprint.

    FORWARD-LOOKING STATEMENTS

    Certain statements in this news release constitute forward-looking statements under applicable securities legislation. Such statements are generally identifiable by the terminology used, such as “anticipate”, “appear”, “believe”, “intend”, “expect”, “plan”, “estimate”, “budget”, “outlook”, “scheduled”, “may”, “will”, “should”, “could”, “would”, “in the process of” or other similar wording. Forward-looking information in this news release includes, but is not limited to, information concerning: the timing and ability to perforate up to 25 meters of previously unperforated reservoir; the timing and ability for material untapped hydrocarbon potential to exist within the carbonate formations of the Company’s license area; the timing and ability for carbonate platforms to contain thick reservoir sections interbedded with laterally extensive evaporite layers to create ideal conditions for hydrocarbon trapping; the timing and ability for the Company’s reservoirs to be analogous to carbonate formations in Canada’s Western Canada Sedimentary Basin; the timing and ability to mature the potential of horizontal and multi-lateral drilling to maximize recovery; the timing and ability to employ advanced horizontal and stacked drilling techniques; the timing and ability to drill new wells and the ability of the drilled wells to become producing wells; projections and timing with respect to production; the timing and ability to obtain future funding on favorable terms, if at all; the timing and ability to increase production by executing the planned drilling and workover programs; and the timing and ability to obtain various approvals and conduct the Company’s planned development activities.

    ABBREVIATIONS

    The following is a summary of abbreviations used in this news release:

    boe Barrels of oil equivalent*
    boepd Barrels of oil equivalent per day
    km2 Square kilometers
    Mscf  Thousand standard cubic feet of gas
       

    * Barrels of oil equivalent (“boe”) are derived by converting gas to oil in the ratio of six thousand standard cubic feet (“Mscf”) of gas to one barrel of oil based on an energy conversion method primarily applicable at the burner tip and does not represent a value equivalency at the wellhead. Given the value ratio based on the current price of crude oil as compared to natural gas is significantly different from the energy equivalency of 6 Mscf to 1 barrel, utilizing a conversion ratio at 6 Mscf to 1 barrel may be misleading as an indication of value, particularly if used in isolation.

    The TSX does not accept responsibility for the adequacy or accuracy of this news release.

    For further information, please contact Don Streu, President and CEO or Sandy Quilty, Vice President of Finance and CFO at 403-201-9694.

    The MIL Network –

  • MIL-OSI: Primech AI, a Subsidiary of Primech Holdings, Launches AI-Powered Automated Toilet Cleaning Robot, Hytron

    Source: GlobeNewswire (MIL-OSI)

                                                                                       

    Hytron Enhances Hygiene Standards at Temasek Polytechnic, Marks a Monumental Leap in Cleaning Technology

    SINGAPORE, Oct. 28, 2024 (GLOBE NEWSWIRE) — Primech AI Pte. Ltd., a subsidiary of Primech Holdings Limited (Nasdaq: PMEC), announces the launch of Hytron, a cutting-edge AI-powered automated toilet cleaning robot, now operational and enhancing hygiene standards at Temasek Polytechnic. This innovative technology introduces unprecedented levels of cleaning efficiency, setting new benchmarks in the industry.

    (Primech AI’s COO, Charles Ng, and CTO, Richard Zhang, proudly commemorate the successful deployment of the Hytron robot at Temasek Polytechnic. Image: Primech AI)

    Hytron is engineered to address the high demands for cleanliness in high-traffic areas such as offices, malls, and hospitals. Equipped with advanced AI, Hytron autonomously navigates and cleans toilet fixtures with a precision down to less than one millimeter, surpassing conventional cleaning methods. Its ability to navigate in three-dimensional spaces and perform touch-based cleaning allows it to remove stubborn stains effectively, ensuring a thorough and consistent clean every time.

    The technical superiority of Hytron lies in its integration of force-sensitive sensors and 3D recognition technologies, enabling it to adapt and respond to the nuances of different cleaning environments. This level of precision and adaptability sets Hytron apart from competitors, highlighting its unique position in the market.

    “The launch of Hytron at Temasek Polytechnic has already shown fantastic results, with significant improvements in restroom cleanliness and overall hygiene,” said Charles Ng, Vice President of Innovation and Technology at Primech Holdings and Co-Founder COO of Primech AI. “Hytron not only elevates the standard of cleanliness but also enhances the operational efficiency for facilities managers, offering a scalable solution that meets the growing global demands for hygiene.”

    The market potential for restroom-cleaning robots like Hytron is vast. With the global commercial cleaning products market projected to reach USD 121.29 billion by 2023, according to data from market research and consulting firm Grand View Research, growing at a CAGR of 7.91% from 2024 to 2030, the introduction of automated solutions like Hytron is timely. This growth is driven by increasing hygiene awareness and the need for more efficient cleaning solutions in public and private spaces worldwide.

    Primech AI, in collaboration with Temasek Polytechnic, plans to expand this cleaning initiative by introducing more robots to clean more toilets on campus, modernizing, streamlining, and humanizing toilet cleaning processes. Hytron’s successful deployment marks the beginning of its potential expansion into other cleaning applications, reinforcing Primech AI’s position as a leader in the field of robotic cleaning solutions. This technology not only promises to revolutionize the way cleaning tasks are approached but also offers substantial cost savings and health benefits, making it a game-changer in the cleaning industry.

    Additional images of Hytron in operation can be found at https://primech.ai/

    See Hytron in action at https://www.youtube.com/watch?v=HBFBTs5vRjs

    (Hytron being deployed at Temasek Polytechnic, autonomously executing a restroom cleaning cycle, leveraging advanced AI algorithms for precise positioning and optimal task completion.Image:Primech AI)

    About Primech Holdings Limited
    Headquartered in Singapore, Primech Holdings Limited is a leading provider of comprehensive technology-driven facilities services, predominantly serving both public and private sectors throughout Singapore, with expanding operations in Malaysia. With a legacy of excellence and innovation in the facility services industry, Primech’s operating subsidiary, Primech A & P, offers an extensive range of services tailored to meet the complex demands of its diverse clientele. Services include advanced general facility maintenance services, specialized cleaning solutions such as marble polishing and facade cleaning, meticulous stewarding services, and targeted cleaning services for offices and homes. Additionally, CSG Industries Pte Ltd, a subsidiary of Primech Holdings, manufactures and supplies various high-quality cleaning products under its brand, extending its reach and capabilities within the industry. Known for its commitment to sustainability and cutting-edge technology, Primech integrates eco-friendly practices and smart technology solutions to enhance operational efficiency and client satisfaction. This strategic approach positions Primech Holdings as a leader in the industry and a proactive contributor to advancing industry standards and practices in Singapore and beyond. For more information, visit www.primechholdings.com.   

    About Primech AI
    Primech AI is a leading robotics company dedicated to pushing the boundaries of innovation in technology. With a team of passionate individuals and a commitment to collaboration, Primech AI is poised to revolutionize the robotics industry with groundbreaking solutions that make a meaningful impact on society. For more information, visit www.primech.ai.

    Forward-Looking Statements
    Certain statements in this announcement are forward-looking statements, including, for example, statements about completing the acquisition, anticipated revenues, growth, and expansion. These forward-looking statements involve known and unknown risks and uncertainties and are based on the Company’s current expectations and projections about future events that the Company believes may affect its financial condition, results of operations, business strategy, and financial needs. These forward-looking statements are also based on assumptions regarding the Company’s present and future business strategies and the environment in which the Company will operate in the future. Investors can find many (but not all) of these statements by the use of words such as “may,” “will,” “expect,” “anticipate,” “aim,” “estimate,” “intend,” “plan,” “believe,” “likely to” or other similar expressions. The Company undertakes no obligation to update or revise publicly any forward-looking statements to reflect subsequent occurring events or circumstances or changes in its expectations, except as may be required by law. Although the Company believes that the expectations expressed in these forward-looking statements are reasonable, it cannot assure that such expectations will be correct. The Company cautions investors that actual results may differ materially from the anticipated results and encourages investors to review other factors that may affect its future results in the Company’s registration statement and other filings with the SEC.

    Company Contact:
    Email: ir@primech.com.sg

    Investor Relations Contact:        
    Matthew Abenante, IRC
    President                                        
    Strategic Investor Relations, LLC                                         
    Tel: 347-947-2093
    Email: matthew@strategic-ir.com

    The MIL Network –

  • MIL-OSI: NANO Nuclear Energy Announces Closing of Upsized $36 Million Underwritten Offering

    Source: GlobeNewswire (MIL-OSI)

    Additional capital following public offerings in May and July 2024 to fund technology advancements and growth opportunities

    New York, N.Y., Oct. 28, 2024 (GLOBE NEWSWIRE) — NANO Nuclear Energy Inc. (NASDAQ: NNE) (“NANO Nuclear”), a leading vertically integrated advanced nuclear energy and technology company developing portable clean nuclear energy solutions, today announced that it has closed its previously announced upsized $36 million firm commitment, registered underwritten public offering.

    In the offering, NANO Nuclear sold 2,117,646 shares of common stock and warrants to purchase 1,217,646 shares of common stock at $17.00 per share and associated warrant, less underwriting discounts and expenses. Such warrants include warrants to purchase 158,823 shares of common stock which were purchased by the underwriter at closing pursuant to a partial exercise of its offering over-allotment option. The underwriter retains an option through November 22, 2024, to purchase an additional 317,646 shares of common stock. The warrants are exercisable immediately, have a term of five years, and have an exercise price of $17.00 per share. The warrants will not trade on any market.

    This offering follows NANO Nuclear’s initial public offering which closed on May 10, 2024, and its underwritten follow-on offering which closed on July 15, 2024, from which NANO Nuclear received total gross proceeds of over $30 million.

    NANO Nuclear expects its net proceeds from the offering, after underwriting commissions and offering expenses, will be approximately $32.6 million. NANO Nuclear intends to use the net proceeds from this offering for (i) research and development of its products and technologies, including its ‘ZEUS’ and ‘ODIN’ microreactors and nuclear fuel transportation design optimization, fuel facility investigations and development, test work and scoping studies, and other technology research and development; (ii) marketing, promotion and business development activities; and (iii) regulatory compliance, intellectual property protection, hiring additional employees, retaining additional contractors and building out NANO Nuclear’s new Nuclear Technology Headquarters in Oak Ridge, Tennessee. NANO Nuclear will also use the proceeds for general working capital and may also use a portion of the net proceeds to acquire, license and invest in complementary products, technologies, or additional businesses, although NANO Nuclear currently has no agreements or commitments with respect to any such transaction.

    “We have worked extremely hard to establish NANO Nuclear as one of the leaders in the U.S. advanced nuclear energy market. It is incredibly gratifying to see the continued support from our current shareholder base as well as new fundamental and institutional investors in this oversubscribed financing round, which will fuel our efforts to further develop and refine our proprietary technologies,” said Jay Yu, Founder and Chairman of NANO Nuclear Energy. “With over $65 million raised in under 6 months as a public company, we are positioned to drive shareholder value and realize our vision of becoming a leading, diversified, and vertically integrated nuclear energy company.”

    The Benchmark Company, LLC acted as the sole book-running representative for the offering. Ellenoff Grossman & Schole LLP acted as counsel to NANO Nuclear. Lucosky Brookman LLP acted as counsel to The Benchmark Company. Withum Smith+Brown PC are NANO Nuclear’s registered independent auditors.

    Registration statements relating to this public offering were filed with the Securities and Exchange Commission and declared. This registration statement can be obtained by visiting the SEC website at www.sec.gov. Please see such registration statement for additional information regarding NANO Nuclear.

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

    About NANO Nuclear Energy Inc.

    NANO Nuclear Energy Inc. (NASDAQ: NNE) is an advanced technology-driven nuclear energy company seeking to become a commercially focused, diversified, and vertically integrated company across four business lines: (i) cutting edge portable microreactor technology, (ii) nuclear fuel fabrication, (iii) nuclear fuel transportation and (iv) nuclear industry consulting services. NANO Nuclear believes it is the first portable nuclear microreactor company to be listed publicly in the U.S.

    Led by a world-class nuclear engineering team, NANO Nuclear’s products in technical development are “ZEUS”, a solid core battery reactor, and “ODIN”, a low-pressure coolant reactor, each representing advanced developments in clean energy solutions that are portable, on-demand capable, advanced nuclear microreactors.

    Advanced Fuel Transportation Inc. (AFT), a NANO Nuclear subsidiary, is led by former executives from the largest transportation company in the world aiming to build a North American transportation company that will provide commercial quantities of HALEU fuel to small modular reactors, microreactor companies, national laboratories, military, and DOE programs. Through NANO Nuclear, AFT is the exclusive licensee of a patented high-capacity HALEU fuel transportation basket developed by three major U.S. national nuclear laboratories and funded by the Department of Energy. Assuming development and commercialization, AFT is expected to form part of the only vertically integrated nuclear fuel business of its kind in North America.

    HALEU Energy Fuel Inc. (HEF), a NANO Nuclear subsidiary, is focusing on the future development of a domestic source for a High-Assay, Low-Enriched Uranium (HALEU) fuel fabrication pipeline for NANO Nuclear’s own microreactors as well as the broader advanced nuclear reactor industry.

    NANO Nuclear Space Inc. (NNS), a NANO Nuclear subsidiary, is exploring the potential commercial applications of NANO Nuclear’s developing micronuclear reactor technology in space. NNS is focusing on applications such as power systems for extraterrestrial projects and human sustaining environments, and potentially propulsion technology for long haul space missions. NNS’ initial focus will be on cis-lunar applications, referring to uses in the space region extending from Earth to the area surrounding the Moon’s surface.

    For further information, please contact:

    Email: IR@NANONuclearEnergy.com
    Business Tel: (212) 634-9206

    Cautionary Note Regarding Forward Looking Statements

    This news release and statements of NANO Nuclear’s management in connection with this news release or related events contain or may contain “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 (including statements related to the public offering and the proposed use of proceeds from such offering, as described herein) related to future events, which may impact our expected future business and financial performance, and often contain words such as “seek,” “expects”, “anticipates”, “intends”, “plans”, “believes”, “potential”, “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 significant known and unknown risks, uncertainties and other factors, some of which may be beyond our control. Readers are cautioned that actual results may differ materially and adversely from the results implied in forward-looking statements. For NANO Nuclear, 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: (i) risks related to our U.S. Department of Energy (“DOE”) or related state nuclear fuel licensing submissions, (ii) risks related the development of new or advanced technology, including difficulties with design and testing, cost overruns, regulatory delays and the development of competitive technology, (iii) our ability to obtain contracts and funding to be able to continue operations, (iv) risks related to uncertainty regarding our ability to technologically develop and commercially deploy a competitive advanced nuclear reactor or other technology in the timelines we anticipate, if ever, (v) risks related to the impact of government regulation and policies including by the DOE and the U.S. Nuclear Regulatory Commission, including those associated with the recently enacted ADVANCE Act, and (vi) similar risks and uncertainties associated with the business of a start-up business operating a highly regulated industry. 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 of the factors that could cause actual results to differ from those discussed in any forward-looking statement, and the Company therefore encourages investors to review other factors that may affect future results in the Company’s filings with the SEC, which are available for review at www.sec.gov and at https://ir.nanonuclearenergy.com/financial-information/sec-filings. Readers are cautioned not to place undue reliance on forward-looking statements, which apply only as of the date of this news release, and 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.

    The MIL Network –

  • MIL-OSI: CareCloud Pays Off Credit Line, Signs an Updated Credit Facility Agreement

    Source: GlobeNewswire (MIL-OSI)

    SOMERSET, N.J., Oct. 28, 2024 (GLOBE NEWSWIRE) — — CareCloud, Inc. (the “Company”) (Nasdaq: CCLD, CCLDO, CCLDP), a leader in healthcare technology solutions for medical practices and health systems nationwide, today announced that it has fully paid down its credit facility line with Silicon Valley Bank (“SVB”), achieving a key 2024 objective. Additionally, CareCloud requested and secured a reduction in its borrowing fees and lowered its overall revolving credit facility limit.

    “We are thrilled to have reached this important strategic milestone,” said Norm Roth, Interim CFO and Corporate Controller of CareCloud. “We started 2024 with a $10 million outstanding balance and a clear goal to significantly increase our free cash flow, allowing us to fully pay down this debt. We are pleased to have accomplished this ahead of schedule, achieving a zero balance at the end of the third quarter.”

    “Along with eliminating the credit facility balance — which had been incurring interest expense since the beginning of the year — we sought and achieved a reduction in the available amount of our credit line. This reduction will lower the annual anniversary and unused revolving line facility fees. These savings amount to approximately $140,000 on an annual basis. Moreover, these cost reductions are a small part of a larger plan to accelerate free cashflow and revitalize our business model as we continue to strategically drive efficiencies across the organization,” said Roth.

    Pursuant to the Company’s Ninth Loan Modification Agreement, dated October 25, 2024, with Silicon Valley Bank, a division of First-Citizens Bank & Trust Company (the “Agreement”), the Company continues to maintain an unused, but available, credit facility line of $10 million. The information contained in this press release is a summary of certain relevant portions of the Agreement and Form 8-K, which are filed with Securities and Exchange Commission.

    About CareCloud

    CareCloud brings disciplined innovation to the business of healthcare. Our suite of technology-enabled solutions helps clients increase financial and operational performance, streamline clinical workflows and improve the patient experience. More than 40,000 providers count on CareCloud to help them improve patient care while reducing administrative burdens and operating costs. Learn more about our products and services including revenue cycle management (RCM), practice management (PM), electronic health records (EHR), business intelligence, patient experience management (PXM) and digital health at www.carecloud.com.

    Follow CareCloud on LinkedIn, X and Facebook.

    Forward-Looking Statements

    This press release contains various forward-looking statements within the meaning of the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995. These statements relate to anticipated future events, future results of operations or future financial performance. In some cases, you can identify forward-looking statements by terminology such as “may,” “might,” “will,” “shall,” “should,” “could”, “intends,” “expects,” “plans,” “goals,” “projects,” “anticipates,” “believes,” “seeks,” “estimates,” “predicts,” “possible,” “potential,” “target,” or “continue” or the negative of these terms or other comparable terminology.

    Our operations involve risks and uncertainties, many of which are outside our control, and any one of which, or a combination of which, could materially affect our results of operations and whether the forward-looking statements ultimately prove to be correct. Forward-looking statements in this press release include, without limitation, statements reflecting management’s expectations for future financial performance and operating expenditures, expected growth, profitability and business outlook, the impact of pandemics on our financial performance and business activities, and the expected results from the integration of our acquisitions.

    These forward-looking statements are neither historical facts nor assurances of future performance. Instead, they are only predictions, are uncertain and involve substantial known and unknown risks, uncertainties and other factors which may cause our (or our industry’s) actual results, levels of activity or performance to be materially different from any future results, levels of activity or performance expressed or implied by these forward-looking statements. We do not have an ongoing obligation to update shareholders regarding future proxy or vote trends, even if they are materially different from those experienced to date. New risks and uncertainties emerge from time to time, and it is not possible for us to predict all of the risks and uncertainties that could have an impact on the forward-looking statements, including without limitation, risks and uncertainties relating to the Company’s ability to manage growth, migrate newly acquired customers and retain new and existing customers, maintain cost-effective global operations, increase operational efficiency and reduce operating costs, predict and properly adjust to changes in reimbursement and other industry regulations and trends, retain the services of key personnel, develop new technologies, upgrade and adapt legacy and acquired technologies to work with evolving industry standards, compete with other companies products and services competitive with ours, and other important risks and uncertainties referenced and discussed under the heading titled “Risk Factors” in the Company’s filings with the Securities and Exchange Commission.

    The statements in this press release are made as of the date of this press release, even if subsequently made available by the Company on its website or otherwise. The Company does not assume any obligations to update the forward-looking statements provided to reflect events that occur or circumstances that exist after the date on which they were made.

    SOURCE CareCloud

    Company and Investor Contact:
    Stephen Snyder
    President
    CareCloud, Inc.
    ir@carecloud.com

    The MIL Network –

  • MIL-OSI: Avid Capital Partners Unveils Comprehensive Financial Services Suite, Launches Disruptive Newsletter

    Source: GlobeNewswire (MIL-OSI)

    NEW YORK, Oct. 28, 2024 (GLOBE NEWSWIRE) — Avid Capital Partners, an innovative financial services firm, today announced the launch of its comprehensive suite of services designed to level the playing field between retail, high-net-worth individuals, public and private companies, and institutional investors.

    Avid Capital Partners brings together a proven combination of digital marketing prowess, strategic investment banking capabilities, and expert consulting services. The firm’s unique approach leverages its vast network and proven track record to identify and capitalize on under-the-radar investment opportunities.

    Avid Capital Partners is not your typical Wall Street firm. Our team has consistently outperformed the market by identifying hidden gems before they hit the mainstream. Many of our early investments have generated 100% returns with some reaching many multiples higher.

    Avid Capital Partners’ service offerings include:

    1. Digital Marketing: With a network of over 20,000 followers across social media platforms, Avid Capital Partners can produce and distribute compelling, targeted content, precisely conveying company messaging to a wide audience of investors.
    2. Strategic Partnerships: We maintain relationships with select investment banks and family offices, allowing us to facilitate introductions for companies seeking funding opportunities. Our role is to connect promising businesses with appropriate financial institutions while ensuring alignment of interests for all parties involved. We prioritize building long-term partnerships that create mutual value for all parties involved.
    3. Consulting: Avid Capital Partners offers comprehensive advisory services for high-net-worth investors, public and private companies, and institutions. The firm’s expertise includes fundamental and technical analysis, portfolio management, and assessment of company holdings.

    Avid Capital Partners recently launched their second newsletter, 6 Reasons This Tiny Biotech Could Surge Later This Month — Avid Capital Partners. The publication alerted investors to an opportunity that has now yielded a double in three weeks (+115% low to high).

    At Avid Capital, our track record speaks volumes – we encourage you to review our performance and see the results for yourself.

    About Avid Capital Partners

    Avid Capital Partners is a forward-thinking financial services firm that combines innovative digital marketing, strategic investment banking, and expert consulting services. With a focus on identifying under-the-radar investment opportunities and fostering long-term relationships, Avid Capital Partners is committed to delivering exceptional value to its diverse clientele of high-net-worth individuals, public and private companies, and institutional investors.

    For more information, please visit https://avidcapital.co

    Contact us: Info@AvidCapital.co

    The MIL Network –

  • MIL-OSI: Silicon Motion Announces Annual Cash Dividend Payable Quarterly

    Source: GlobeNewswire (MIL-OSI)

    TAIPEI, Taiwan and MILPITAS, Calif., Oct. 28, 2024 (GLOBE NEWSWIRE) — Silicon Motion Technology Corporation (NasdaqGS: SIMO)(“Silicon Motion” or the “Company”), a global leader in designing and marketing NAND flash controllers for solid state storage devices, announces today its annual cash dividend of $2.00 per ADS.

    The Board of Directors of the Company has declared an annual dividend of $2.00 per ADS1,2 which will be paid in four quarterly installments of $0.50 per ADS3 according to the following anticipated record and payment dates:

    Record Date Payment Date
    November 14, 2024 November 27, 2024
    February 13, 2025 February 27, 2025
    May 8, 2025 May 22, 2025
    August 7, 2025 August 21, 2025
       

    The Company’s depository bank’s DR books will be closed for issuance and cancellation on each of the record dates.

    “Silicon Motion’s business outlook and our ability to generate free cash flow remains strong. Our focus continues to be in distributing a meaningful portion of this to our shareholders as dividend,” said Wallace Kou, President and CEO of Silicon Motion.

    The payment of the annual dividend to be paid in quarterly installments will be made according to the anticipated record and payment dates unless subsequently changed by the Board. The declaration and payment of future cash dividends is subject to the Board’s continuing determination that the payment of dividends is in the best interests of the Company’s shareholders and is in compliance with all laws and agreements of the Company applicable to the declaration and payment of cash dividends.

    ABOUT SILICON MOTION:

    We are the global leader in supplying NAND flash controllers for solid state storage devices.  We supply more SSD controllers than any other company in the world for servers, PCs and other client devices and are the leading merchant supplier of eMMC and UFS embedded storage controllers used in smartphones, IoT devices and other applications.  We also supply customized high-performance hyperscale data center and specialized industrial and automotive SSD solutions.  Our customers include most of the NAND flash vendors, storage device module makers and leading OEMs.  For further information on Silicon Motion, visit us at www.siliconmotion.com.

    FORWARD-LOOKING STATEMENTS:

    This press release contains “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. In some cases, you can identify forward-looking statements by terminology such as “may,” “will,” “should,” “expect,” “intend,” “plan,” “anticipate,” “believe,” “estimate,” “predict,” “potential,” “continue,” or the negative of these terms or other comparable terminology. Although such statements are based on our own information and information from other sources we believe to be reliable, you should not place undue reliance on them. These statements involve risks and uncertainties, and actual market trends or our actual results of operations, financial condition or business prospects may differ materially from those expressed or implied in these forward-looking statements for a variety of reasons. Potential risks and uncertainties include, but are not limited to the unpredictable volume and timing of customer orders, which are not fixed by contract but vary on a purchase order basis; the loss of one or more key customers or the significant reduction, postponement, rescheduling or cancellation of orders from one or more customers; general economic conditions or conditions in the semiconductor or consumer electronics markets; the impact of inflation on our business and customer’s businesses and any effect this has on economic activity in the markets in which we operate; the functionalities and performance of our information technology (“IT”) systems, which are subject to cybersecurity threats and which support our critical operational activities, and any breaches of our IT systems or those of our customers, suppliers, partners and providers of third-party licensed technology; the effects on our business and our customer’s business taking into account the ongoing U.S.-China tariffs and trade disputes; the uncertainties associated with any future global or regional pandemic; the continuing tensions between Taiwan and China including enhanced military activities; decreases in the overall average selling prices of our products; changes in the relative sales mix of our products; changes in our cost of finished goods; supply chain disruptions that have affected us and our industry as well as other industries on a global basis; the payment, or non-payment, of cash dividends in the future at the discretion of our board of directors and any announced planned increases in such dividends; changes in our cost of finished goods; the availability, pricing, and timeliness of delivery of other components and raw materials used in the products we sell given the current raw material supply shortages being experienced in our industry; our customers’ sales outlook, purchasing patterns, and inventory adjustments based on consumer demands and general economic conditions; any potential impairment charges that may be incurred related to businesses previously acquired or divested in the future; our ability to successfully develop, introduce, and sell new or enhanced products in a timely manner; and the timing of new product announcements or introductions by us or by our competitors. For additional discussion of these risks and uncertainties and other factors, please see the documents we file from time to time with the U.S. Securities and Exchange Commission, including our Annual Report on Form 20-F filed with the U.S. Securities and Exchange Commission on April 30, 2024. Other than as required under the securities laws, we do not intend, and do not undertake any obligation to, update or revise any forward-looking statements, which apply only as of the date of this press release.

    _________________

    1 One ADS is equivalent to four ordinary shares.
    2 $2.00 per ADS is equivalent to $0.50 per ordinary share.
    3 $0.50 per ADS is equivalent to $0.125 per ordinary share.

    The MIL Network –

  • MIL-OSI: QuestionPro Appoints Chris Robson as Vice President, Managed Services

    Source: GlobeNewswire (MIL-OSI)

    SAN FRANCISCO, Oct. 28, 2024 (GLOBE NEWSWIRE) — QuestionPro, a global leader in online survey and research services announces Chris Robson has joined the company in the newly created position of Vice President, Managed Services. Robson will create this new division which is focused on helping QuestionPro customers get the most out of its robust research platform.

    Well known as a research industry thought-leader, Robson is a mathematician by training who has worked at both large enterprises as well as startups. Immediately prior to joining QuestionPro, he was the Global Head of Data Science at Human8, a global brand consultancy where he developed new methodologies including the application of Generative AI and LLMs. Earlier in his career he managed advanced research teams and large software teams (70+ people) at HP.

    He was also Chief Innovation Officer and Global Head of Research Science at ORC, where he led a team of analysts and statisticians to embrace and adopt new approaches for data-centered insights. Robson also co-founded and ran two successful research analytics agencies: Parametric Marketing and Deckchair Data. He holds a Bachelor of Science with Honors in Mathematics from the Brunel University of London.

    Robson will have overall responsibility for establishing and growing QuestionPro’s Managed Services Group which provides services to clients who need assistance to go above and beyond the capabilities of the company’s existing suite of research platforms. This can include project management, study design, custom programming, reporting and analytics. Whether it is providing end-to-end project support, simply customizing the appearance of a single question or running advanced analytic methods the group ensures that clients can get the answers they need for their business decisions.

    In particular, Robson will apply his deep expertise in Artificial Intelligence (AI) to not only integrate AI across the QuestionPro platform, but also leverage it for new ways to drive consumer insights through emerging techniques like synthetic data.

    “I’ve known and worked with Chris for close to 20 years,” said Vivek Bhaskaran, founder and CEO of QuestionPro. “In fact, he helped build some of our early features like MaxDiff and others. It’s great to have him on board full time to launch a new division and also ensure our customers benefit from the application of AI across our platform.”

    About QuestionPro:
    Founded in 2006, QuestionPro is a global provider of online survey and research services that help companies make better decisions through data. Our fully integrated online platform includes surveys, research & insights, customer experience (CX) and workforce/employee experience software. We additionally offer polling, journey mapping, employee 360s and data visualization. Our clientele ranges from small businesses to Fortune 100 companies, who rely on us for insights about customers, employees, and the marketplace. With offices in the US, Canada, Mexico, U.K., Germany, Japan, Australia, the United Arab Emirates and India, we offer customers 24-7 access to highly trained support specialists and engineers. More information is available at www.questionpro.com.

    A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/c9035859-cb80-41e3-be32-21eab55be2d3

    The MIL Network –

  • MIL-OSI: Viewpointsystem Joins the AR Alliance for Augmented Reality Wearable Devices

    Source: GlobeNewswire (MIL-OSI)

    PISCATAWAY, N.J., Oct. 28, 2024 (GLOBE NEWSWIRE) — The AR Alliance announces that Viewpointsystem, a leader in the development of advanced eye tracking and gaze tracking solutions, including eye-tracking-based smart glasses, has joined the alliance as an associate member.

    The AR Alliance provides a supportive and neutral environment for organizations of all sizes to take an active role in advancing and strengthening the augmented reality hardware development ecosystem. Diverse organizations across the expanding, global AR ecosystem work together through the AR Alliance to speed innovation of breakthrough technologies and processes for building AR wearables and devices that create a meaningful and positive experience for users.

    “We are building AR together,” said Dr. Bharath Rajagopalan, Chair, AR Alliance, and Director of Strategic Marketing, STMicroelectronics. “The promise of AR and its potential market are so vast that there is ample room for all our member companies to succeed together. The AR Alliance is the place where concrete work takes place to harmonize approaches for advancing, unifying, and growing the global AR supply chain and accelerating innovation. We are excited for Viewpointsystem to join us in this important work and bring their technology leadership in eye tracking to help enable the AR market.”

    “Eye tracking is one of the most promising technologies to unlock the full potential of AR,” explained Nils Berger, CEO and Founder of Viewpointsystem. “It already enhances AR experiences with intuitive controls, like selecting objects with your eyes. But its potential goes far beyond that, enabling the detection of cognitive load and emotional states, allowing devices to respond seamlessly to users’ needs. At Viewpointsystem, we’ve moved eye tracking from the lab to real-world applications, showing its readiness for future mass-market AR devices.”

    About the AR Alliance
    The AR Alliance Founding Board Members are represented by STMicroelectronics, META, Essilor Luxottica, Corning, Dispelix, Optofidelity, MICROOLED, Google, and Qualcomm.

    Organizations of every size and at any spot in the ecosystem are respected, heard, and advocated for via the AR Alliance’s non-competitive environment. Flexible membership levels allow companies of varying strategies, maturity, and resources to engage.

    To learn more about membership in the AR Alliance, please visit www.thearalliance.org.

    About Viewpointsystem
    Viewpointsystem, an innovative deep-tech company based in Vienna, Austria, is at the forefront of integrating eye tracking into industrial and commercial applications. Specializing in enhancing operational efficiency, the company develops internationally award-winning smart glasses used by enterprise customers worldwide.

    Their technology is particularly valuable in areas like manufacturing, maintenance, and training, where it aids in real-time guidance and decision-making. With experience from over 200 use cases across five verticals, Viewpointsystem helps businesses streamline processes, reduce errors, and improve overall productivity.

    Viewpointsystem’s integration technology, Digital Iris Inside, sets a new industry benchmark by providing proven, best-in-class eye tracking and human insight technology ready for integration into external devices. Viewpointsystem continues to lead the way in evolving the technology from mere eye tracking to comprehensive perception and emotional analysis in human-machine interaction​.

    MEDIA CONTACTS

    Areeb Lakhani
    Program Manager – The AR Alliance
    Areeb.Lakhani@ieee-isto.org

    Jana Riethausen
    PR & Communications Lead – Viewpointsystem
    j.riethausen@viewpointsystem.com

    The MIL Network –

  • MIL-OSI: Baker Hughes Awarded Contracts to Supply Petrobras with Flexible Pipe Systems, Associated Services across Several Fields

    Source: GlobeNewswire (MIL-OSI)

    • Company to support projects in Brazil’s pre-salt fields, reinforcing position as a leading provider of flexible pipe for deepwater and high CO2projects
    • Local manufacturing boost Brazilian economy, strengthen energy supply chain

    HOUSTON and LONDON, Oct. 28, 2024 (GLOBE NEWSWIRE) — Baker Hughes (NASDAQ: BKR), an energy technology company, announced Monday significant contracts with Petrobras to provide 77 km of flexible pipe systems to be deployed in Brazil’s pre-salt fields. The agreement was signed Oct. 15, 2024, following an open tender.

    The multi-year project includes risers and flowlines for hydrocarbon production and associated gas and water injection with support for equipment storage, maintenance and installation. Delivery is scheduled to begin in mid-2026, and the equipment will be utilized across Petrobras’ Búzios, Libra, Berbigão, Sururu and Sépia fields.

    These systems will also address the critical issue of stress-induced corrosion cracking from CO2 (SCC-CO2), which can affect flexible pipes in pre-salt fields with high concentrations of the gas. Baker Hughes’ flexible pipes have proven effective at mitigating this issue, which can arise as gas is reinjected into wells to reduce flaring and enhance oil recovery. Petrobras has committed to limiting CO2 emissions to the atmosphere in their operations, and CO2 storage is an important tool for producing lower-carbon barrels.

    “Brazil’s Santos Basin contains incredible potential to help power Latin America into the future,” said Amerino Gatti, executive vice president, Oilfield Services & Equipment at Baker Hughes. “Operating in deep waters with high CO2 concentrations presents unique challenges. Baker Hughes’ combination of industry-leading subsea technology and engineering, expertise in offshore operations, and extensive experience in the region will assist Petrobras to unlock and develop this potential, delivering these vital resources safely and efficiently.”

    Baker Hughes has been deeply involved in the development of Brazil’s offshore oil and gas fields for decades, and its localization strategy contributes to the nation’s economy while strengthening its energy supply chain. The company’s plant in Niteroi, Brazil, where these systems will be manufactured, is a major supplier of flexible pipe systems for the industry and employs hundreds of people in the state of Rio de Janeiro.

    The company has announced several agreements with Petrobras throughout 2024, including additional contracts for 69.1 km of flexible pipe systems and associated services in the third quarter. Other awards have included integrated well construction services in the Buzios field and integrated solutions for workover and plug and abandonment services across Petrobras’ pre-salt and post-salt fields.

    About Baker Hughes
    Baker Hughes (NASDAQ: BKR) is an energy technology company that provides solutions to energy and industrial customers worldwide. Built on a century of experience and conducting business in over 120 countries, our innovative technologies and services are taking energy forward – making it safer, cleaner and more efficient for people and the planet. Visit us at bakerhughes.com.

    For more information, please contact:

    Media Relations

    Brian Reynolds
    +1 346-315-6663
    brian.reynolds@bakerhughes.com

    Investor Relations

    Chase Mulvehill
    +1 346-297-2561
    investor.relations@bakerhughes.com

    The MIL Network –

  • MIL-OSI: Franklin Electric Declares Quarterly Dividend of $0.25 Per Share

    Source: GlobeNewswire (MIL-OSI)

    FORT WAYNE, Ind., Oct. 28, 2024 (GLOBE NEWSWIRE) — Franklin Electric Co., Inc. (NASDAQ: FELE) announced today that its Board of Directors declared a quarterly cash dividend of $0.25 per share payable November 21, 2024, to shareholders of record on November 7, 2024.

    About Franklin Electric
    Franklin Electric is a global leader in the production and marketing of systems and components for the movement of water and energy. Recognized as a technical leader in its products and services, Franklin Electric serves customers around the world in residential, commercial, agricultural, industrial, municipal, and fueling applications. Franklin Electric is proud to be named in Newsweek’s lists of America’s Most Responsible Companies and Most Trustworthy Companies for 2023 and America’s Climate Leaders 2023 by USA Today.

    “Safe Harbor” Statement under the Private Securities Litigation Reform Act of 1995. Any forward-looking statements contained herein, including those relating to market conditions or the Company’s financial results, costs, expenses or expense reductions, profit margins, inventory levels, foreign currency translation rates, liquidity expectations, business goals and sales growth, involve risks and uncertainties, including but not limited to, risks and uncertainties with respect to general economic and currency conditions, various conditions specific to the Company’s business and industry, weather conditions, new housing starts, market demand, competitive factors, changes in distribution channels, supply constraints, effect of price increases, raw material costs, technology factors, integration of acquisitions, litigation, government and regulatory actions, the Company’s accounting policies, future trends, epidemics and pandemics, and other risks which are detailed in the Company’s Securities and Exchange Commission filings, included in Item 1A of Part I of the Company’s Annual Report on Form 10-K for the fiscal year ending December 31, 2023, Exhibit 99.1 attached thereto and in Item 1A of Part II of the Company’s Quarterly Reports on Form 10-Q. These risks and uncertainties may cause actual results to differ materially from those indicated by the forward-looking statements. All forward-looking statements made herein are based on information currently available, and the Company assumes no obligation to update any forward-looking statements.

    The MIL Network –

  • MIL-OSI: SWA Lithium and Koch Technology Solutions Sign License for First Commercial DLE Project in North America

    Source: GlobeNewswire (MIL-OSI)

    EL DORADO, Ark., Oct. 28, 2024 (GLOBE NEWSWIRE) — SWA Lithium, the Joint Venture between Standard Lithium and Equinor which is developing the South West Arkansas Project (“SWA” or the “Project”), is pleased to announce that it has entered into a license agreement with Koch Technology Solutions LLC (“KTS”) to deploy and use KTS’ Li-ProTM Lithium Selective Sorption (“Li-Pro LSS”) technology at the JV’s commercial plant for the SWA Phase 1 Project.

    The license agreement allows the JV to utilize KTS’ technology for the lifetime of the first phase of the Project, with an option for utilization in subsequent phases of the Project. Considerations and benefits of the license agreement include:

    • Rights to use the Li-Pro LSS technology for subsequent phases of the JV’s SWA Project;
    • Certain technology performance guarantees for lithium recovery, contaminant rejection and water use;
      • Lithium recovery ≥ 95.00%
      • Impurity rejection Calcium, Sodium, Potassium & Magnesium ≥ 99%
    • Technical support from KTS to fully integrate the Li-Pro LSS technology into overall process plant design;
    • Continued exclusive joint development of the technology in the Smackover Formation;
    • Technical support from KTS during commissioning and startup;
    • License payment phased over several milestones; and
    • Continued collaboration and technology refinement between SWA Lithium and KTS.

    Standard Lithium’s Director, President & COO, Dr. Andy Robinson commented: “Signing this license agreement is the culmination of over two years of close work with the KTS team to refine the direct lithium extraction (‘DLE’) technology and integrate it into the JV’s flowsheet. The Li-Pro LSS technology is now sufficiently scaled-up, tested and derisked, so not only is the JV comfortable committing to its use at commercial scale, but KTS is also able to offer performance guarantees for its commercial deployment. We view this as a significant derisking event for the Project, and it points to the successful ongoing partnership with the KTS team.”

    Garrett Krall, Business Leader for Koch Technology Solutions, said: “This license agreement for use of our Li-Pro LSS technology is another key milestone in the development of DLE as a commercially viable, economic and environmentally responsible solution to deliver against future lithium demand.”

    UPDATED PERFORMANCE OF COMMERCIAL-SCALE DLE COLUMN

    Standard Lithium is also pleased to announce the continued successful operation of the commercial-scale DLE column at its wholly-owned Demonstration Plant (“Demo Plant”) near El Dorado, Arkansas. The Company installed a commercial-scale DLE column in late March 2024 and has been operating the column continuously. The column is a Li-Pro LSS unit, supplied by KTS and identical to those currently being integrated into the front-end engineering and design (FEED) study for the SWA Project.

    Since commissioning, the column has exceeded the targeted design parameters for lithium recovery and rejection of impurities. Key technical highlights of the commercial-scale DLE column are provided below:

    • Lithium recovery efficiency of 95.4%: During a four-month continuous operating period (1st April to 31st July 2024), the Li-Pro LSS process achieved an average lithium recovery (i.e. after loading and elution) of 95.4% from the 90 gallons per minute (gpm) incoming brine flow (the average incoming brine contained 183 mg/L lithium during the same period).
    • Excellent contamination rejection rate: During the same period, the DLE process rejected, on average;
      • Sodium – 99.9%
      • Calcium – 99.6%
      • Magnesium – 99.2%
      • Potassium – 99.7%
      • Boron – 95.4%
        High and consistent contaminant rejection at the DLE stage means that the eluate (the initial lithium chloride solution) is easier and cheaper to further refine and concentrate using tested and proven steps to make a concentrated and purified lithium chloride solution. This solution can then be converted to a battery quality carbonate, as has been demonstrated multiple times and at several different scales, both at the Demo Plant and off-site with various third-party vendors.
    • Nearly 10,000 operational cycles for the Li-Pro LSS technology: The commercial-scale Li-Pro LSS column has completed over 725 operational cycles, and the Li-Pro LSS technology has completed over 9,740 operational cycles at the Demo Plant (as of early October 2024).
    • Over 24 million gallons of brine processed: As of the end of September 2024, the Demo Plant had processed 24,446,306 gallons (92,539,335 litres) of Smackover brine, produced directly from the formation and reinjected continuously back into the same formation.

    Figure 1 – Side elevation of operators working on the commercial-scale DLE column at Standard Lithium’s Demonstration Plant near El Dorado, Arkansas.

    About Standard Lithium Ltd.

    Standard Lithium is a leading near-commercial lithium development company focused on the sustainable development of a portfolio of large, high-grade lithium-brine properties in the United States. The Company prioritizes projects characterized by the highest quality resources, robust infrastructure, skilled labor, and streamlined permitting. Standard Lithium aims to achieve sustainable, commercial-scale lithium production via the application of a scalable and fully integrated Direct Lithium Extraction (“DLE”) and purification process. The Company’s flagship projects are located in the Smackover Formation, a world-class lithium brine asset, focused in Arkansas and Texas. In partnership with global energy leader Equinor ASA, Standard Lithium is advancing the South West Arkansas project, a greenfield project located in southern Arkansas, and actively exploring promising lithium brine prospects in East Texas. Additionally, the Company is advancing the Phase 1A project in partnership with LANXESS Corporation, a brownfield development project located in southern Arkansas. Standard Lithium also holds an interest in certain mineral leases in the Mojave Desert in San Bernardino County, California.

    Standard Lithium trades on both the TSX Venture Exchange and the NYSE American under the symbol “SLI”; and on the Frankfurt Stock Exchange under the symbol “S5L”. Please visit the Company’s website at www.standardlithium.com.

    About Equinor

    Equinor is an international energy company committed to long-term value creation in a low-carbon future. Our purpose is to turn natural resources into energy for people and progress for society. Equinor’s portfolio of projects encompasses oil and gas, renewables and low-carbon solutions, with an ambition of becoming a net-zero energy company by 2050. Headquartered in Stavanger (Norway), Equinor is the leading operator on the Norwegian continental shelf. We are present in around 30 countries worldwide.

    About Koch Technology Solutions (KTS)

    Koch Technology Solutions is the technology licensing business of Koch Engineered Solutions (KES). KTS creates value for its customers across a growing portfolio of technologies including direct lithium extraction, the polyester value chain, and 1,4-Butananediol plus its derivates. KTS combines its exclusive technologies, expertise, and capabilities with those of other KES companies to provide overall solutions to optimize customer’s capital investments and existing manufacturing assets.

    Qualified Person

    Marek Dworzanowski, EUR ING, CEng, HonFSAIMM, FIMMM, a qualified person as defined by National Instrument 43 -101 – Technical Report Standards of Disclosure for Mineral Projects, and a Consulting Metallurgical Engineer who is independent of the Company, has reviewed and approved the relevant scientific and technical information in this news release.

    Twitter: @standardlithium
    LinkedIn: https://www.linkedin.com/company/standard-lithium/

    Neither the TSXV nor its Regulation Services Provider (as that term is defined in policies of the TSXV) accepts responsibility for the adequacy or accuracy of this release. This news release may contain certain “forward-looking statements” within the meaning of the United States Private Securities Litigation Reform Act of 1995 and “forward looking information” within the meaning of applicable Canadian securities laws. When used in this news release, the words “anticipate”, “believe”, “estimate”, “expect”, “target, “plan”, “forecast”, “may”, “schedule” and other similar words or expressions identify forward-looking statements or information. These forward-looking statements or information may relate to intended development timelines, future prices of commodities, accuracy of mineral or resource exploration activity, reserves or resources, continued operation of the LSS column, regulatory or government requirements or approvals, the reliability of third party information, the continued accuracy of current contaminant rejection rates, continued access to mineral properties or infrastructure, fluctuations in the market for lithium and its derivatives, changes in exploration costs and government regulation in Canada and the United States, and other factors or information. Such statements represent the Company’s current views with respect to future events and are necessarily based upon a number of assumptions and estimates that, while considered reasonable by the Company, are inherently subject to significant business, economic, competitive, political and social risks, contingencies and uncertainties. Many factors, both known and unknown, could cause results, performance or achievements to be materially different from the results, performance or achievements that are or may be expressed or implied by such forward-looking statements. The Company does not intend, and does not assume any obligation, to update these forward-looking statements or information to reflect changes in assumptions or changes in circumstances or any other events affecting such statements and information other than as required by applicable laws, rules and regulations.

    A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/0c4dea63-0750-44b2-bea8-e287cc9be29c

    The MIL Network –

  • MIL-OSI: FlexShopper Announces a Purchase Option for 91% of its Outstanding Series 2 Preferred Stock at a 50+% Discount to Liquidation Preference

    Source: GlobeNewswire (MIL-OSI)

    BOCA RATON, Fla., Oct. 28, 2024 (GLOBE NEWSWIRE) — FlexShopper, Inc. (Nasdaq: FPAY), (“the Company”), a leading online lease-to-own retailer and payment solutions provider, today announced that it has entered into a purchase option agreement with the majority holder of the Company’s Series 2 Preferred Stock (the “Preferred Stock”), in which FlexShopper has the option to redeem 91% of FlexShopper’s Preferred Stock at a 50+% discount to the second quarter of 2024 liquidation preference of approximately $43 million. The discount is based upon the date of repayment and the option to purchase lasts for a one-year period. In addition, further payments to the seller of the Preferred Stock may be required based upon the purchase price in a change of control in the next 12 months or patent settlement announcements in the next 24 months.

    “We are excited to pursue options to redeem over 90% of our outstanding Series 2 Preferred Stock at a significant discount to its liquidation preference. We believe this opportunity will enhance shareholder value by improving our cost of capital, simplifying our capital structure and transferring $23 million of equity value to our common shareholders, representing approximately $1 per share. In addition, the redemption of our Series 2 Preferred Stock at a 50%+ discount will be highly accretive to earnings and will contribute approximately $4 million to annual operating income,” said Russ Heiser, CEO of FlexShopper.

    Expected Benefits of the Redemption of FlexShopper’s Series 2 Preferred Stock owned by PIMCO:

    Highly Accretive to Earnings. The Company expects to save approximately $4 million in annual payment-in-kind (PIK) dividends. As a result, FlexShopper expects the repurchase transaction to be highly accretive to net income to common and Preferred Series 1 shareholders once completed.

    Material Discount in Liquidation Preference Price: As part of the agreement, FlexShopper has the option to repurchase its Series 2 Preferred Stock at a 50+% discount to its liquidation preference. The current liquidation preference, as of the end of the second quarter of 2024, is valued at approximately $43 million, with an option to purchase at approximately $20 million.

    Increase in Common Equity Value: By redeeming 91% of the Preferred Stock, the approximately $23 million of savings would benefit common shareholders. The savings are equivalent to ~$1 per share in value, based on the Company’s share count at June 30, 2024.

    Illustrative Non-GAAP Changes in FlexShopper’s Enterprise Value and Stock Price Based on 91% Redemption of FlexShopper’s Series 2 Preferred Stock

        Actual
    Valuation at
    June 30,
    2024    		     Pro-forma
    Valuation at
    June 30,
    2024    		     Expected
    change ($)    		     Expected
    change (%)    		  
    Common Equity   $ 30,057,074 (1)   $ 52,917,027 (7)   $ 22,859,953       76 %
    Net Debt   $ 132,086,383 (2)   $ 132,086,383 (2)     –       –  
    Series 1 Preferred Stock   $ 288,296 (3)   $ 288,296 (3)     –       –  
    Series 2 Preferred Stock   $ 47,301,212 (4)   $ 24,441,259 (8)   $ (22,859,953 )     (48 )%
    Total Enterprise Value   $ 209,732,965 (5)   $ 209,732,965 (5)     –       –  
    Share Price   $ 1.28 (6)   $ 2.25 (9)   $ 0.97       76 %

      

    (1) Common Shares Equivalent(1.1) times Actual Share Price at June 30, 2024.
       
    (1.1) Common shares outstanding at June 30, 2024 plus common shares increased using the Treasury Stock Method upon exercise of warrants, stock options and performance share units at June 30, 2024.
       
    (2) Short- and long-term loans minus cash at June 30, 2024.
       
    (3) Common shares upon conversion of Series 1 Preferred Stock at June 30, 2024 times Actual Share Price at June 30, 2024.
       
    (4) Series 2 Preferred Stock at liquidation preference at June 30, 2024 which includes the balance sheet amount and accrued dividends.
       
    (5) Actual Valuation at June 30, 2024 of Common Equity plus Actual Valuation at June 30, 2024 of Net Debt plus Actual Valuation at June 30, 2024 of Series 1 Preferred Stock plus Actual Valuation at June 30, 2024 of Series 2 Preferred Stock.
       
    (6) Share Price of Common Stock at June 30, 2024.
       
    (7) Actual Valuation at June 30, 2024 of Total Enterprise Value minus Pro-forma Valuation at June 30, 2024 of Series 2 Preferred Stock, minus Pro-forma Valuation at June 30, 2024 of Series 1 Preferred Stock, minus Pro-forma Valuation at June 30, 2024 of Net Debt.
       
    (8) Series 2 Preferred Stock, after the redemption of the Series 2 Preferred Stock owned by the majority holder, at liquidation preference at June 30, 2024 plus the current purchase price per the purchase option
       
    (9) Pro-forma Valuation at June 30, 2024 of Common Equity divided by Common Shares Equivalent (as defined in 1.1)


    About FlexShopper

    FlexShopper, Inc. is a leading national financial technology company that offers innovative payment options to consumers. FlexShopper provides a variety of flexible funding options for underserved consumers through its direct-to-consumer online marketplace at Flexshopper.com and in partnership with merchants both online and at brick-and-mortar locations. FlexShopper’s solutions are crafted to meet the needs of a wide range of consumer segments through lease-to-own and lending products.

    Forward-Looking Statements

    All statements in this release that are not based on historical fact are “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Forward-looking statements, which are based on certain assumptions and describe our future plans, strategies and expectations, can generally be identified by the use of forward-looking terms such as “believe,” “expect,” “may,” “will,” “should,” “could,” “seek,” “intend,” “plan,” “goal,” “estimate,” “anticipate,” or other comparable terms. Examples of forward-looking statements include, among others, statements we make regarding expectations of the redemption of over 90% of the Company’s outstanding Series 2 Preferred Stock, the expectation that the redemption of our Series 2 Preferred Stock would be highly accretive to earnings or would improve our company’s share price, lease originations, the expansion of our lease-to-own program; expectations concerning our partnerships with retail partners; investments in, and the success of, our underwriting technology and risk analytics platform; our ability to collect payments due from customers; expected future operating results and expectations concerning our business strategy. Forward-looking statements involve inherent risks and uncertainties which could cause actual results to differ materially from those in the forward-looking statements, as a result of various factors including, among others, the following: our ability to obtain adequate financing to fund our business operations in the future; the failure to successfully manage and grow our FlexShopper.com e-commerce platform; our ability to maintain compliance with financial covenants under our credit agreement; our dependence on the success of our third-party retail partners and our continued relationships with them; our compliance with various federal, state and local laws and regulations, including those related to consumer protection; the failure to protect the integrity and security of customer and employee information; and the other risks and uncertainties described in the Risk Factors and in Management’s Discussion and Analysis of Financial Condition and Results of Operations sections of our Annual Report on Form 10-K and subsequently filed Quarterly Reports on Form 10-Q. The forward-looking statements made in this release speak only as of the date of this release, and FlexShopper assumes no obligation to update any such forward-looking statements to reflect actual results or changes in expectations, except as otherwise required by law.

    Contacts

    For FlexShopper:
    Investor Relations
    ir@flexshopper.com

    Investor and Media Contact:
    Andrew Berger, Managing Director
    SM Berger & Company, Inc.
    Tel: (216) 464-6400
    andrew@smberger.com

    The MIL Network –

  • MIL-OSI: Newly Published Research Shows 14-Day Monitoring Detected Almost Three Times More Nonsustained Ventricular Tachycardia Than Standard 48-Hour Monitoring in Patients with Hypertrophic Cardiomyopathy

    Source: GlobeNewswire (MIL-OSI)

    • Hypertrophic cardiomyopathy (HCM) is a genetic heart condition affecting about 1 in 500 people and is one of the leading causes of sudden cardiac death (SCD) in people under 35, including among athletes.1
    • NSVT (nonsustained ventricular tachycardia), a known marker for increased risk of SCD in HCM, was detected in nearly 50% of HCM patients in the study undergoing long-term continuous ambulatory ECG monitoring of up to 14 days with a Zio®XT LTCM ECG patch device; 63% of NSVT episodes detected only after 48 hours, suggesting that Holter monitoring would miss the majority of episodes.
    • NSVT episodes clinically judged to be higher risk were identified in 24% of the study population and were detected more frequently during 14-day monitoring (3-fold greater diagnostic yield vs 48 hours).

    SAN FRANCISCO, Oct. 28, 2024 (GLOBE NEWSWIRE) — iRhythm Technologies, Inc. (NASDAQ:IRTC), a leading digital health company focused on creating trusted solutions that detect, predict, and prevent disease, today announced that the results of the Extended Ambulatory ECG Monitoring Enhances Identification of Higher-Risk Ventricular Tachyarrhythmias in Patients with Hypertrophic Cardiomyopathy (EXAMINE-HCM) study have been published in Heart Rhythm Journal. The findings were also presented at the Heart Rhythm Society’s annual meeting in 2023, and most recently, at the International HCM Summit 8 in Boston, MA (October 25-28, 2024).

    The newly published research highlights the value of 14-day long-term, uninterrupted2 continuous monitoring (LTCM), using a Zio® XT patch ECG device, for detecting nonsustained ventricular tachycardia (NSVT), a known marker for sudden cardiac death (SCD) in patients with hypertrophic cardiomyopathy (HCM). The findings support more informed decisions about care pathways and interventions, particularly by capturing arrhythmias that would go undetected by standard 48-hour monitoring, such as with a conventional Holter device monitoring period. Prior research has demonstrated that NSVT episodes occurring with higher heart rate, longer duration, and greater frequency are associated with increased risk of SCD3 and practice guidelines place greater emphasis on these episodes (8 consecutive beats, >200 bpm, 2 runs in consecutive 2-day period) in clinical decision-making regarding use of primary prevention implantable cardioverter-defibrillator (ICD).4 These NSVT episodes clinically judged to be higher risk were detected in only 8% of the study population through 48 hours, but in 24% of patients through 14-days.       

    “The EXAMINE-HCM study provides important new insights into how we manage patients with hypertrophic cardiomyopathy identified with ventricular arrhythmias,” said Martin S. Maron, MD, study lead investigator, HCM expert, and Medical Director, Hypertrophic Cardiomyopathy Center, Lahey Hospital and Medical Center. “By extending the monitoring period beyond the traditional 48 hours, we have been able to detect nonsustained ventricular tachycardia episodes that may have otherwise gone undetected with traditional shorter monitoring periods, which may offer the potential to inform more tailored clinical decision-making to help prevent sudden cardiac death in this high-risk population.”

    Overall, the study authors concluded that traditional 48-hour short-term cardiac monitoring is significantly less effective compared to extended 14-day continuous monitoring for both NSVT and NVST detection with features judged to be high risk in patients with HCM. These data support the need for additional clinical studies to evaluate the significance of longer-term monitoring for NSVT detection and relationship to future risk for sudden death in HCM.

    Key findings from the Extended Ambulatory ECG Monitoring Enhances Identification of Higher-Risk Ventricular Tachyarrhythmias in Patients with Hypertrophic Cardiomyopathy study:

    • 48% of study patients (n=114) with HCM experienced NSVT episodes, and high-risk NSVT was detected in 24% (n=56) of study patients during the 14-day monitoring period.
    • 63% of NSVT episodes (n=72) were detected during a 3 to 14-day continuous monitoring period, compared to 37% (n=42) of NSVT episodes detected during the standard 48-hour Holter monitoring period. This resulted in a 2.7-fold higher diagnostic yield for detecting NSVT during the 14-day extended monitoring period compared to the initial 48 hours (48% vs. 18%; p<0.001).
    • 64% of NSVT episodes clinically judged to be higher risk (n=36); 8 consecutive beats, >200 bpm, 2 runs in consecutive 2-day period)) were detected during a 3 to 14-day continuous monitoring period, compared to 36% (n=20) of high-risk NSVT episodes detected during the standard 48-hour Holter monitoring period. Therefore, the diagnostic yield of high-risk NSVT was 3.0-fold greater over the entire 2 weeks of monitoring vs. only the first 48 hours (24% vs. 8%; p<0.001).
    • 17% of patient profiles were re-classified with respect to risk of sudden cardiac death (n=40) based on their extended 14-day continuous monitoring period. The number of patients at high-risk for SCD increased 2.3-fold (95% CI: 1.2, 4.3) vs. 48-hour monitoring, with 18 (8%) of study patients reclassified from low- or intermediate-risk to high-risk for SCD. In addition, 22 (9%) of patients were reclassified from low to intermediate risk.

    Importance of Detecting NSVT in HCM Patients

    HCM is a genetic condition that affects approximately 1 in 500 people and one of the leading causes of sudden cardiac death (SCD), especially in individuals under 35, including among athletes. HCM is caused by mutations in genes controlling the production of heart muscle proteins, resulting in thickening of the left ventricle wall. These changes can impair the heart’s ability to pump blood efficiently and disrupt its electrical signaling. Nonsustained ventricular tachycardia (NSVT) is a well-recognized marker for SCD risk in patients with HCM.

    Standard Holter monitoring captures only up to 48 hours of data, potentially missing episodes of NSVT that can occur later. This study shows that extended monitoring can detect NSVT that would otherwise go unnoticed, providing clinicians with clinical actionable information needed to make timely interventions such as implantable cardioverter-defibrillators (ICDs).

    The findings underscore the importance of long-term continuous monitoring (LTCM) for patients with HCM. By detecting NSVT that would otherwise go undetected, clinicians are better equipped to assess sudden cardiac death (SCD) risk and recommend interventions like ICD placement.

    This study highlights the value of extended monitoring as an important tool for risk stratification in HCM patients, complementing current American Heart Association/American College of Cardiology guidelines, which recommend monitoring every 1 to 2 years but do not yet specify the optimal duration for detecting arrhythmias.

    “There is an abundance of clinical evidence demonstrating that uninterrupted, continuous, patch-based monitoring with the Zio® long-term continuous monitoring service leads to increased diagnostic yield of Afib, atrial arrhythmias, ventricular arrhythmias, more accurate ectopic burden estimation, and lower rates of retesting,”5 said Mintu Turakhia, MD, iRhythm’s Chief Medical and Scientific Officer and EVP, Product Innovation. “This study adds to the evidence by showing how ascertainment of NSVT could be missed during risk stratification, in this case specifically for hypertrophic cardiomyopathy, depending on the diagnostic test being used.”

    About the Study

    The EXAMINE-HCM study was a single-center, prospective study focused on patients with hypertrophic cardiomyopathy (HCM), a common genetic heart disease and a leading cause of sudden cardiac death (SCD) in young adults. The study aimed to evaluate the prevalence and clinical profile of nonsustained ventricular tachycardia (NSVT), a key marker for SCD risk, using extended continuous ambulatory ECG monitoring. The primary goal was to assess the benefit of long-term monitoring compared to traditional 48-hour Holter monitoring, with a focus on NSVT episodes of longer duration, greater frequency, and occurring with a higher heart rate, which have been associated greater risk of SCD.

    The study enrolled 236 consecutive adult patients diagnosed with HCM (mean age 49 ± 12 years; 72% male), none of whom had prior implantable cardioverter-defibrillators (ICDs) or permanent pacemakers. These patients were being evaluated for SCD risk stratification. Participants wore the Zio® XT long-term continuous (LTCM) patch ECG device (iRhythm Technologies, Inc.), a long-term continuous monitoring ECG patch device, for 14 days. The Zio patch recorded ECG data continuously, offering an extended wear time compared to traditional 48-hour Holter monitors. After the 14-day monitoring period, patients returned the device for data analysis, which was performed using artificial intelligence (AI)-powered algorithms and validated by certified cardiographic technicians.

    NSVT was defined as more than 3 consecutive ventricular beats at a rate of ≥120 beats per minute (bpm) lasting for less than 30 seconds and terminating spontaneously. High-risk NSVT episodes were defined as those with one or more of the following: ≥8 consecutive beats, a rate of >200 bpm, or ≥2 runs within a 48-hour period, all of which are associated with a higher risk of SCD.

    The study’s primary objective was to compare the prevalence, burden, speed, and length of NSVT episodes detected during the initial 48-hour period (standard Holter monitoring) versus the full 14-day extended monitoring period.

    Key outcomes included the detection of NSVT with features judged to be higher risk and its potential impact on SCD risk stratification. The European Society of Cardiology (ESC) SCD risk score was calculated based on both the 48-hour and full 14-day data, and patients were stratified into low, intermediate, and high-risk SCD categories over a 5-year period.

    This project was supported by an investigator-initiated grant from iRhythm Technologies, Inc. Results presented are scientific data and not product or marketing claims.

    Zio XT is indicated for use on patients who may be asymptomatic or who may suffer from transient symptoms such as palpitations, shortness of breath, dizziness, light-headedness, pre-syncope, syncope, fatigue or anxiety.

    To learn more about the study, visit Heart Rhythm. To learn more about the value of the Zio LTCM service, which has been demonstrated in over 100 original scientific research manuscripts6, visit iRhythmTech.com..

    About iRhythm Technologies, Inc.
    iRhythm is a leading digital health care company that creates trusted solutions that detect, predict, and prevent disease. Combining wearable biosensors and cloud-based data analytics with powerful proprietary algorithms, iRhythm distills data from millions of heartbeats into clinically actionable information. Through a relentless focus on patient care, iRhythm’s vision is to deliver better data, better insights, and better health for all. To learn more about iRhythm, including its portfolio of Zio products and services, please visit irhythmtech.com.

    Media Contact:
    Kassandra Perry
    irhythm@highwirepr.com

    Investor Relations Contact:
    Stephanie Zhadkevich
    investors@irhythmtech.com

    1“Hypertrophic Cardiomyopathy (HCM).” Www.Heart.Org, American Heart Association, Aug. 2024, www.heart.org/en/health-topics/cardiomyopathy/what-is-cardiomyopathy-in-adults/hypertrophic-cardiomyopathy.

    2“Uninterrupted” refers to uninterrupted ECG recording.

    3Wang W, Lian Z, Rowin EJ, Maron BJ, Maron MS, Link MS. Prognostic implications of nonsustained ventricular tachycardia in high-risk patients with hypertrophic cardiomyopathy. Circ Arrhythm Electrophysiol. 2017;10.

    4Ommen et al. 2024 AHA/ACC/AMSSM/HRS/PACES/SCMR Guideline for the Management of Hypertrophic Cardiomyopathy: A Report of the American Heart Association/American College of Cardiology Joint Committee on Clinical Practice Guidelines. Circulation. 2024 Jun 4;149(23):e1239-e1311.

    5Reynolds et al. Comparative effectiveness and healthcare utilization for ambulatory cardiac monitoring strategies in Medicare beneficiaries. Am Heart J. 2024;269:25–34. Accessed January 2, 2024. https://doi.org/10.1016/j.ahj.2023.12.002

    6Data on file. iRhythm Technologies, 2023: https://www.irhythmtech.com/providers/evidence/list-of-clinical-articles

    The MIL Network –

  • MIL-OSI: NEWTON GOLF Company Provides Preliminary Financial Results for Third Quarter of 2024

    Source: GlobeNewswire (MIL-OSI)

    CAMARILLO, CA, Oct. 28, 2024 (GLOBE NEWSWIRE) — NEWTON GOLF Company (Nasdaq: SPGC) (“NEWTON GOLF” or the “Company”), a technology-forward golf company with a growing portfolio of golf products, including putters, golf shafts, golf grips, and other golf-related accessories, reports preliminary financial results for the third quarter of 2024 (three months ended September 30, 2024) ahead of its quarterly filing.

    Financial Highlights for Third Quarter 2024

    • Revenue of $1,150,000 – $1,250,000 in 3Q24, an increase of 1,163% at the midpoint of the range over $95,000 in 3Q23 and a sequential increase of 48% at the midpoint of the range over $813,000 in 2Q24.
    • Gross margin of 63-67% in 3Q24 was driven by increased volume in manufacturing and compares to 41% in 3Q23.
    • Announced a complete rebranding of the Company.
    • Launched the new Gravity Premium putter line with the introduction of five models.
    • Expanded the Company’s global presence with the launch of the Newton Motion shafts in Japan in 50 of its largest golf retail locations.
    • Closed on $732,000 of underwritten public offering of shares of common stock.
    • Increased the number of professionals using the Newton Motion Shafts on the PGA TOUR Champions to 34, generating greater exposure.
    • Executed successful digital campaigns.
    • Introduced the new advanced performance shafts for higher swing speeds.

    NEWTON GOLF Company Executive Chairman Greg Campbell commented, “Our third quarter was marked by continued momentum in the sales of our Newton Motion replacement driver shafts and the first full quarter of revenue from our fairway woods replacement shafts. The continued traction we are seeing from professional golfers, highlighted by 34 Champions TOUR players now using the Newton Motion shafts, gives us confidence that our technology-forward approach to design is the proper cornerstone of our product development strategy. Additionally, a recent launch of our putter line that now carries the NEWTON GOLF Gravity brand can potentially add to our growth trajectory.”

    This press release contains preliminary estimated financial results for the quarter ended September 30, 2024, and may change as a result of management’s continued review. The preliminary financial information included in this press release reflects the Company’s current estimates based on information available as of the date of this press release and has been prepared by Company management. This preliminary financial and operational information should not be viewed as a substitute for full financial statements and is not necessarily indicative of the results to be achieved for any future periods. This preliminary financial and operational information could be impacted by the effects of financial closing procedures, final adjustments, and other developments.

    About NEWTON GOLF: A Sacks Parente Company

    NEWTON GOLF: A Sacks Parente Company, is a technology-forward golf company that help golfers elevate their game. With a growing portfolio of golf products, including putters, golf shafts, golf grips, and other golf-related accessories, the Company’s innovative accomplishments include: the First Vernier Acuity putter, patented Ultra-Low Balance Point (ULBP) putter technology, weight-forward Center-of-Gravity (CG) design, and pioneering ultra-light carbon fiber putter shafts.

    In consideration of its growth opportunities in golf shaft technologies, the Company expanded its manufacturing business in April of 2022 to develop the advanced Newton brand of premium golf shafts by opening a new shaft manufacturing facility in St. Joseph, MO. It is the Company’s intent to manufacture and assemble substantially all products in the United States, while also expanding into golf apparel and other golf-related product lines to enhance its growth.

    The Company’s future expansions may include broadening its offerings through mergers, acquisitions or internal developments of product lines that are complementary to its premium brand. The Company currently sells its products through resellers, the Company’s websites, Club Champion retail stores, and distributors in the United States, Japan, and South Korea.

    For more information, please visit the Company’s website at www.newtongolfco.com or on social media at @newtongolfco.com, @newtonshafts, or @gravityputters.

    Investor Contact for NEWTON GOLF
    CORE IR
    516-222-2560
    investors@sacksparente.com

    The MIL Network –

  • MIL-OSI: Norwood Financial Corp Announces Third Quarter 2024 Results

    Source: GlobeNewswire (MIL-OSI)

    Quarterly Highlights:

    • Net interest margin increased 19 basis points vs. the prior quarter and 7 basis points over the prior year.
    • Loans grew at an 8% annualized rate during the 3rd quarter.
    • Capital continues to improve as the negative mark-to-market effect lessens 42% since last year.

    HONESDALE, Pa., Oct. 28, 2024 (GLOBE NEWSWIRE) — Norwood Financial Corp (Nasdaq Global Market-NWFL) and its subsidiary, Wayne Bank, announced earnings for the three months ended September 30, 2024 of $3.8 million, which was $275 thousand lower than the same three-month period of last year. Net interest income was up by $892 thousand which was offset by increases in operating expense and the provision for credit losses. Earnings per share (fully diluted) were $0.48 in the three months ended September 30, 2024, compared to $0.51 in the same period of last year. The annualized return on average assets for the three months ended September 30, 2024, was 0.68%, while the annualized return on average tangible equity was 9.58%.

    Net income for the nine months ended September 30, 2024, was $12.5 million, which is $3.9 million lower than the same nine-month period of 2023, due to a decrease in net interest income, an increase in the provision for credit losses, and an increase in operating expenses, partially offset by an increase in total other income. Earnings per share (fully diluted) for the nine months ended September 30, 2024, were $1.55, compared to $2.03 for the nine months ended September 30, 2023. The annualized return on average assets for the nine months ended September 30, 2024 was 0.75%. The annualized return on average tangible equity for the nine months ended September 30, 2024 was 10.82%.

    Total assets as of September 30, 2024 were $2.280 billion, compared to $2.180 billion at September 30, 2023. At September 30, 2024, loans receivable were $1.675 billion, total deposits were $1.855 billion and stockholders’ equity was $195.7 million.

    For the three months ended September 30, 2024, net interest income, on a fully-taxable equivalent basis (fte), totaled $16.1 million, an increase of $914 thousand compared to the same period in 2023. A $77.5 million increase in average interest-earning assets, generated an increase in interest income of $4.0 million. Interest expense increased $3.1 million mainly due to higher deposit balances and higher rates on those deposits. Net interest margin (fte) for the three months ended September 30, 2024 was 2.99%, compared to 2.92% in the same period of 2023. The tax-equivalent yield on interest-earning assets increased 58 basis points to 5.31% during the three months ended September 30, 2024, compared to the same prior year period, while the cost of interest-bearing liabilities increased 62 basis points to 3.09%.

    Net interest income (fte) for the nine-months ended September 30, 2024 totaled $45.6 million, which was $1.2 million lower than the same period in 2023, due primarily to a $14.8 million increase in the cost of interest-bearing liabilities. The net interest margin (fte) was 2.87% for the nine-months ended September 30, 2024, as compared to 3.10% for the nine-months ended September 30, 2023.

    Other income for the three months ended September 30, 2024, totaled $2.3 million, compared to $2.3 million for the same period in 2023. For the nine-months ended September 30, 2024, other income totaled $6.5 million, compared to $6.0 million for the nine-months ended September 30, 2023.

    Other expenses totaled $12.0 million for the three months ended September 30, 2024, an increase of $755 thousand, compared to the $11.3 million for the same period of 2023. For the nine-months ended September 30, 2024, other expenses totaled $35.2 million, compared to $32.6 million for the same period in 2023, due primarily to an increase in salaries and benefits, professional fees, data processing costs and FDIC insurance.

    Jim Donnelly President and CEO of Norwood Financial Corp and Wayne Bank, stated, “We are pleased to present our result of operations for the third quarter. Although strong loan growth caused an increase in our provision for credit losses we welcome the ongoing opportunity to serve our customers. Net interest margin (fte) for this quarter eclipsed the margin for last year, something that hasn’t happened since the Federal Reserve began raising interest rates. Our capital base remains above “Well-Capitalized” targets and we continue to show less impact from the market value of our bond portfolio. Additionally, our credit quality metrics remained strong during the third quarter, which we believe should benefit future performance. We appreciate the opportunity to serve our Wayne Bank customers and our customers at the Bank of the Finger Lakes and Bank of Cooperstown locations. We continue to look for opportunities available to us as we service our growing base of stockholders and customers.”

    Norwood Financial Corp is the parent company of Wayne Bank, which operates from fourteen offices throughout Northeastern Pennsylvania and fifteen offices in 4 Delaware, Sullivan, Ontario, Otsego and Yates Counties, New York. The Company’s stock trades on the Nasdaq Global Market under the symbol “NWFL”.

    Forward-Looking Statements

    The Private Securities Litigation Reform Act of 1995 contains safe harbor provisions regarding forward-looking statements. When used in this discussion, the words “believes”, “anticipates”, “contemplates”, “expects”, “bode”, “future performance” and similar expressions are intended to identify forward-looking statements. Such statements are subject to certain risks and uncertainties, which could cause actual results to differ materially from those projected. Those risks and uncertainties include, among other things, changes in federal and state laws, changes in interest rates, our ability to maintain strong credit quality metrics, our ability to have future performance, our ability to control core operating expenses and costs, demand for real estate, government fiscal and trade policies, cybersecurity and general economic conditions. The Company undertakes no obligation to publicly release the results of any revisions to those forward-looking statements which may be made to reflect events or circumstances after the date hereof or to reflect the occurrence of unanticipated events.

    Non-GAAP Financial Measures

    This release references net interest income on a fully taxable-equivalent basis (fte), which is a non-GAAP (Generally Accepted Accounting Principles) financial measure. Fully taxable-equivalent net interest income was derived from GAAP interest income and net interest income using an assumed tax rate of 21%. We believe the presentation of net interest income on a fully taxable-equivalent basis ensures comparability of net interest income arising from both taxable and tax-exempt sources and is consistent with industry practice.

    The following table reconciles net interest income to net interest income on a fully taxable-equivalent basis:

         
    (dollars in thousands) Three months ended Nine months ended
    September 30 September 30
        2024     2023     2024     2023
    Net Interest Income $         15,931   $         15,039   $         45,566   $         46,774
    Taxable equivalent basis
    adjustment using 21% marginal
    tax rate    		   207     185     601     554
    Net interest income on a fully
    taxable equivalent basis    		 $ 16,138   $ 15,224   $ 46,167   $ 47,328
                           

    This release also references average tangible equity, which is also a non-GAAP financial measure. Average tangible equity is calculated by deducting average goodwill and other intangible assets from average stockholders’ equity. The Company believes that disclosure of tangible equity ratios enhances investor understanding of our financial position and improves the comparability of our financial data.

    The following table reconciles average equity to average tangible equity:

           
      Three months ended   Nine months ended
    (dollars in thousands) September 30   September 30
        2024      2023     2024     2023
    Average equity $ 189,135   $ 175,224   $ 183,593    $ 174,943
    Average goodwill and other
    intangibles    		    (29,440)     (29,514)      (29,457)     (29,536)
    Average tangible equity $ 159,695   $ 145,710   $ 154,136   $ 145,407
                           

    Contact: John M. McCaffery
    Executive Vice President &
    Chief Financial Officer
    NORWOOD FINANCIAL CORP
    272-304-3003
    www.waynebank.com

     
    NORWOOD FINANCIAL CORP
    Consolidated Balance Sheets
    (dollars in thousands, except share and per share data)
    (unaudited)
      September 30
        2024
    		   2023
    		  
    ASSETS              
    Cash and due from banks $  47,072     $ 41,141  
    Interest-bearing deposits with banks   35,808       13,005  
    Cash and cash equivalents   82,880       54,146  
                   
    Securities available for sale   396,891       380,499  
    Loans receivable   1,675,139       1,611,069  
    Less: Allowance for credit losses   18,699       16,086  
    Net loans receivable   1,656,440       1,594,983  
    Regulatory stock, at cost   6,329       8,843  
    Bank premises and equipment, net   18,503       17,254  
    Bank owned life insurance   46,382       46,197  
    Foreclosed real estate owned   0       290  
    Accrued interest receivable   8,062       7,759  
    Deferred tax assets, net   18,818       25,610  
    Goodwill   29,266       29,266  
    Other intangible assets   167       240  
    Other assets   16,013       14,911  
    TOTAL ASSETS $         2,279,751     $         2,179,998  
               
    LIABILITIES          
    Deposits:          
    Non-interest bearing demand $ 420,967     $ 430,242  
    Interest-bearing   1,434,284       1,316,582  
    Total deposits   1,855,251       1,746,824  
    Short-term borrowings   52,453       103,881  
    Other borrowings   144,959       137,447  
    Accrued interest payable   12,688       8,605  
    Other liabilities   18,746       18,539  
    TOTAL LIABILITIES   2,084,097       2,015,296  
                   
    STOCKHOLDERS’ EQUITY
    Preferred Stock, no par value per share, authorized 5,000,000 shares    		   –       –  
    Common Stock, $.10 par value per share,              
    authorized: 20,000,000 shares,
    issued: 2024: 8,311,851 shares, 2023: 8,291,401 shares    		   831       829  
    Surplus   98,330       97,449  
    Retained earnings   140,489       137,363  
    Treasury stock, at cost: 2024: 221,140 shares, 2023: 222,051 shares   (5,969 )     (5,957 )
    Accumulated other comprehensive loss   (38,027 )     (64,982 )
    TOTAL STOCKHOLDERS’ EQUITY   195,654       164,702  
    TOTAL LIABILITIES AND
    STOCKHOLDERS’ EQUITY    		 $ 2,279,751     $ 2,179,998  
             
    NORWOOD FINANCIAL CORP
    Consolidated Statements of Income
    (dollars in thousands, except per share data)
    (unaudited)    		        
        Three Months Ended September 30,   Nine Months Ended September 30,
        2024  2023     2024       2023  
    INTEREST INCOME                      
    Loans receivable, including fees $ 25,464   $  22,021   $ 73,266   $ 61,881  
    Securities   2,526     2,433     7,635     7,418  
    Other   497     54     2,194     156  
    Total Interest income   28,487     24,508     83,095     69,455  
                         
    INTEREST EXPENSE                    
    Deposits   10,553     7,017     31,349     17,119  
    Short-term borrowings   323     1,126     1,015     2,702  
    Other borrowings   1,680     1,326     5,165     2,860  
    Total Interest expense   12,556     9,469     37,529     22,681  
    NET INTEREST INCOME   15,931     15,039     45,566     46,774  
    PROVISION FOR CREDIT LOSSES   1,345   $ 882   $         1,069   $ (568 )
    NET INTEREST INCOME AFTER PROVISION FOR CREDIT LOSSES   14,586     14,157     44,497     47,342  
                         
    OTHER INCOME                    
    Service charges and fees   1,517     1,527     4,364     4,192  
    Income from fiduciary activities   256     246     719     688  
    Net realized (losses) gains on sales of securities   –     –     –     (209 )
    Gains on sales of loans, net   103     18     145     27  
    Gains on sales of foreclosed real estate owned   –     13     32     13  
    Earnings and proceeds on life insurance policies   261     328     781     770  
    Other   158     174     467     520  
    Total other income   2,295     2,306     6,508     6,001  
                         
    OTHER EXPENSES                    
    Salaries and employee benefits   6,239     6,083     18,328     17,893  
    Occupancy, furniture and equipment   1,269     1,242     3,758     3,818  
    Data processing and related operations   1,162     876     3,208     2,465  
    Taxes, other than income   179     167     452     490  
    Professional fees   576     524     1,669     1,132  
    FDIC Insurance assessment   339     254     1,009     699  
    Foreclosed real estate   9     9     45     112  
    Amortization of intangibles   16     20     54     66  
    Other   2,242     2,101     6,683     5,974  
    Total other expenses   12,031     11,276     35,206     32,649  
                             
    INCOME BEFORE TAX   4,850     5,187     15,799     20,694  
    INCOME TAX EXPENSE   1,006     1,068     3,308     4,289  
    NET INCOME $ 3,844   $ 4,119   $ 12,491   $ 16,405  
                             
    Basic earnings per share $ 0.48   $ 0.51   $ 1.55   $ 2.03  
                             
    Diluted earnings per share $ 0.48   $ 0.51   $ 1.55   $ 2.03  
                   
    NORWOOD FINANCIAL CORP
    Financial Highlights (Unaudited)
    (dollars in thousands, except per share data)    		              
    For the Three Months Ended September 30   2024       2023  
    Net interest income $         15,931     $         15,039  
    Net income   3,844       4,119  
                   
    Net interest spread (fully taxable equivalent)   2.23 %     2.26 %
    Net interest margin (fully taxable equivalent)   2.99 %     2.92 %
    Return on average assets   0.68 %     0.76 %
    Return on average equity   8.09 %     9.33 %
    Return on average tangible equity   9.58 %     11.22 %
    Basic earnings per share $         0.48     $         0.51  
    Diluted earnings per share $         0.48     $         0.51  
                   
    For the Nine Months Ended September 30   2024       2023  
    Net interest income $         45,566     $         46,774  
    Net income   12,491       16,405  
                   
    Net interest spread (fully taxable equivalent)   2.12 %     2.56 %
    Net interest margin (fully taxable equivalent)   2.87 %     3.10 %
    Return on average assets   0.75 %     1.04 %
    Return on average equity   9.09 %     12.54 %
    Return on average tangible equity   10.82 %     15.08 %
    Basic earnings per share $         1.55     $         2.03  
    Diluted earnings per share $         1.55     $         2.03  
                   
    As of September 30   2024       2023  
    Total assets $         2,279,751     $         2,179,998  
    Total loans receivable   1,675,139       1,611,069  
    Allowance for credit losses   18,699       16,086  
    Total deposits   1,855,251       1,746,824  
    Stockholders’ equity   195,654       164,702  
    Trust assets under management   209,857       185,913  
                   
    Book value per share $         24.92     $         21.15  
    Tangible book value per share $         21.28     $         17.49  
    Equity to total assets   8.58 %     7.56 %
    Allowance to total loans receivable   1.12 %     1.00 %
    Nonperforming loans to total loans   0.47 %     0.65 %
    Nonperforming assets to total assets   0.35 %     0.50 %
     
    NORWOOD FINANCIAL CORP
    Consolidated Balance Sheets (unaudited)
    (dollars in thousands)
      September 30
    2024    		 June 30
    2024    		 March 31
    2024    		 December 31
    2023    		 September 30
    2023
    ASSETS          
    Cash and due from banks $         47,072   $         29,903   $         19,519   $         28,533   $         41,141  
    Interest-bearing deposits with banks    35,808     39,492     92,444     37,587     13,005  
    Cash and cash equivalents   82,880     69,395     111,963     66,120     54,146  
                                   
    Securities available for sale   396,891     397,578     398,374     406,259     380,499  
    Loans receivable   1,675,139     1,641,356     1,621,448     1,603,618     1,611,069  
    Less: Allowance for credit losses   18,699     17,807     18,020     18,968     16,086  
    Net loans receivable   1,656,440     1,623,549     1,603,428     1,584,650     1,594,983  
    Regulatory stock, at cost   6,329     6,443     6,545     7,318     8,843  
    Bank owned life insurance   46,382     46,121     45,869     46,439     46,197  
    Bank premises and equipment, net   18,503     18,264     18,057     17,838     17,254  
    Foreclosed real estate owned   0     0     97     97     290  
    Goodwill and other intangibles   29,433     29,449     29,468     29,487     29,506  
    Other assets   42,893     44,517     46,622     42,871     48,280  
    TOTAL ASSETS $         2,279,751   $         2,235,316   $         2,260,423   $         2,201,079   $         2,179,998  
               
    LIABILITIES          
    Deposits              
    Non-interest bearing demand $         420,967   $         391,849   $         383,362   $         399,545   $         430,242  
    Interest-bearing deposits   1,434,284     1,419,323     1,455,636     1,395,614     1,316,582  
    Total deposits   1,855,251     1,811,172     1,838,998     1,795,159     1,746,824  
    Borrowings   197,412     210,422     211,234     198,312     241,328  
    Other liabilities   31,434     31,534     28,978     26,538     27,144  
    TOTAL LIABILITIES   2,084,097     2,053,128     2,079,210     2,020,009     2,015,296  
                                   
    STOCKHOLDERS’ EQUITY   195,654     182,188     181,213     181,070     164,702  
                                   
    TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY $         2,279,751   $         2,235,316   $         2,260,423   $         2,201,079   $         2,179,998  
                 
    NORWOOD FINANCIAL CORP
    Consolidated Statements of Income (unaudited)
    (dollars in thousands, except per share data)    		        
                 
        September 30
    2024    		 June 30
    2024    		 March 31
    2024    		 December 31
    2023    		 September 30
    2023
    Three months ended  
    INTEREST INCOME            
    Loans receivable, including fees $ 25,464   $ 24,121   $ 23,681   $ 23,328   $ 22,021  
    Securities   2,526     2,584     2,526     2,504     2,433  
    Other   497     966     731     253     54  
    Total interest income   28,487     27,671     26,938     26,085     24,508  
                                   
    INTEREST EXPENSE            
    Deposits   10,553     10,687     10,110     8,910     7,017  
    Borrowings   2,003     2,059     2,118     1,882     2,452  
    Total interest expense   12,556     12,746     12,228     10,792     9,469  
    NET INTEREST INCOME   15,931     14,925     14,710     15,293     15,039  
    (RELEASE OF) PROVISION FOR CREDIT LOSSES   1,345     347     (624 )    6,116     882  
    NET INTEREST INCOME AFTER (RELEASE OF)
    PROVISION FOR CREDIT LOSSES    		            
    14,586     14,578     15,334     9,177     14,157  
                 
    OTHER INCOME                              
    Service charges and fees   1,517     1,504     1,343     1,421     1,527  
    Income from fiduciary activities   256     225     238     210     246  
    Net realized (losses) gains on sales of securities   –     –     –     –     –  
    Gains on sales of loans, net   103     36     6     36     18  
    Gains on sales of foreclosed real estate owned   –     32     –     66     13  
    Earnings and proceeds on life insurance policies   261     253     268     242     328  
    Other   158     157     151     148     174  
    Total other income   2,295     2,207     2,006     2,123     2,306  
                                   
    OTHER EXPENSES            
    Salaries and employee benefits   6,239     5,954     6,135     5,672     6,083  
    Occupancy, furniture and equipment, net   1,269     1,229     1,261     1,265     1,242  
    Foreclosed real estate   9     15     21     17     9  
    FDIC insurance assessment   339     309     361     287     254  
    Other   4,175     3,937     3,954     3,608     3,688  
    Total other expenses   12,031     11,444     11,732     10,849     11,276  
                                   
    INCOME BEFORE TAX   4,850     5,341     5,608     451     5,187  
    INCOME TAX EXPENSE   1,006     1,128     1,175     96     1,068  
    NET INCOME $ 3,844   $ 4,213   $ 4,433   $ 355   $ 4,119  
                                   
    Basic earnings per share $ 0.48   $ 0.52   $ 0.55   $ 0.04   $ 0.51  
                                   
    Diluted earnings per share $ 0.48   $ 0.52   $ 0.55   $ 0.04   $ 0.51  
                                   
    Book Value per share $ 24.92   $ 23.26   $ 23.01   $ 22.99   $ 21.15  
    Tangible Book Value per share   21.28     19.62     19.38     19.36     17.49  
                                   
    Return on average assets (annualized)   0.68 %   0.75 %   0.80 %   0.06 %    0.76 %
    Return on average equity (annualized)   8.09 %   9.41 %    9.79 %    0.84 %    9.33 %
    Return on average tangible equity (annualized)   9.58 %   11.26 %    11.68 %    1.01 %    11.22 %
                                   
    Net interest spread (fte)   2.23 %   2.05 %    2.07 %    2.24 %    2.28 %
    Net interest margin (fte)   2.99 %   2.79 %    2.79 %    2.95 %    2.94 %
                                   
    Allowance for credit losses to total loans   1.12 %   1.08 %    1.11 %    1.18 %    1.00 %
    Net charge-offs to average loans (annualized)   0.08 %   0.13 %    0.08 %    0.79 %    0.59 %
    Nonperforming loans to total loans   0.47 %   0.47 %    0.23 %    0.48 %    0.65 %
    Nonperforming assets to total assets   0.35 %   0.34 %    0.17 %    0.35 %    0.50 %
    NORWOOD FINANCIAL CORP
    NET INTEREST MARGIN ANALYSIS
    (dollars in thousands)
      For the Quarter Ended
      September 30, 2024 For the Quarter Ended June 30, 2024 September 30, 2023
    Average
    Balance
    (2)    		 Interest
    (1) 
    		 Average
    Rate
    (3)    		 Average
    Balance
    (2)    		 Interest
    (1)    		 Average
    Rate
    (3)    		 Average
    Balance
    (2)    		 Interest
    (1) 
    		 Average
    Rate
     (3)
    Assets                      
    Interest-earning assets:                      
    Interest-bearing deposits with banks $ 36,221   $ 497   5.46 % $ 69,173   $ 967   5.62 % $ 3,675   $ 54   5.83 %
    Securities available for sale:                      
    Taxable   392,168     2,161   2.19     401,014     2,206   2.21     406,962     2,052   2.00  
    Tax-exempt (1)   67,563     461   2.71     69,126     477   2.78     70,219     483   2.73  
    Total securities available for sale (1)   459,731     2,622   2.27     470,140     2,683   2.30     477,181     2,535   2.11  
    Loans receivable (1) (4) (5)   1,651,921     25,575   6.16     1,629,283     24,220   5.98     1,589,474     22,104   5.52  
    Total interest-earning assets   2,147,873     28,694   5.31     2,168,596     27,870   5.17     2,070,330     24,693   4.73  
    Non-interest earning assets:                      
    Cash and due from banks   28,193           26,422           27,910      
    Allowance for credit losses   (17,944 )         (18,023 )         (17,262 )    
    Other assets   78,344           69,718           65,863      
    Total non-interest earning assets   88,593           78,117           76,511      
    Total Assets $ 2,236,466         $ 2,246,713         $ 2,146,841      
    Liabilities and Stockholders’ Equity                      
    Interest-bearing liabilities:                      
                           
    Interest-bearing demand and money market $ 461,897   $ 2,782   2.40   $ 450,918   $ 2,397   2.14   $ 439,255   $ 1,647   1.49  
    Savings   221,366     13   0.02     233,676     286   0.49     238,493     77   0.13  
    Time   734,235     7,758   4.20     755,224     8,004   4.26     611,607     5,293   3.43  
    Total interest-bearing deposits   1,417,498     10,553   2.96     1,439,818     10,687   2.99     1,289,355     7,017   2.16  
    Short-term borrowings   53,622     323   2.40     61,689     356   2.32     116,470     1,126   3.84  
    Other borrowings   146,357     1,680   4.57     149,442     1,703   4.58     116,700     1,326   4.51  
    Total interest-bearing liabilities   1,617,477     12,556   3.09     1,650,949     12,746   3.11     1,522,525     9,469   2.47  
    Non-interest bearing liabilities:                      
    Demand deposits   400,314           387,962           425,216      
    Other liabilities   29,540           28,308           23,876      
    Total non-interest bearing liabilities   429,854           416,270           449,092      
    Stockholders’ equity   189,135           179,494           175,224      
    Total Liabilities and Stockholders’ Equity $ 2,236,466         $ 2,246,713         $ 2,146,841      
    Net interest income/spread (tax equivalent basis)     16,138   2.23 %     15,124   2.06 %     15,224   2.26 %
    Tax-equivalent basis adjustment     (207 )         (199 )         (185 )  
    Net interest income   $ 15,931         $ 14,925         $ 15,039    
    Net interest margin (tax equivalent basis)     2.99 %     2.80 %     2.92 %
                             

    (1) Interest and yields are presented on a tax-equivalent basis using a marginal tax rate of 21%.
    (2) Average balances have been calculated based on daily balances.
    (3) Annualized
    (4) Loan balances include non-accrual loans and are net of unearned income.
    (5) Loan yields include the effect of amortization of deferred fees, net of costs.

    The MIL Network –

  • MIL-OSI: VERB Regains Nasdaq Listing Compliance

    Source: GlobeNewswire (MIL-OSI)

    LOS ALAMITOS, Calif. and LAS VEGAS, Oct. 28, 2024 (GLOBE NEWSWIRE) — Verb Technology Company, Inc. (Nasdaq: VERB) (“VERB” or the “Company”), the company behind MARKET.live, a leading livestream social shopping platform, and GO FUND YOURSELF!, a TV show and innovative new platform disrupting the crowd funding industry, today announced that on October 23, 2024, the Company received a letter from the Nasdaq Stock Market stating that the Company had regained compliance with the minimum bid price requirement of $1.00 per share for continued listing on the Nasdaq Stock Market, as set forth in Nasdaq Listing Rule 5550(a)(2).

    Separately, the Company today announces that it has begun an investigation of apparent price manipulation in the trading of its shares following the Company’s announcement of a stockholder approved reverse stock split.

    On October 4, 2024, the Company announced that its stockholders had voted to authorize its Board to implement a 1-for-200 reverse stock split in order to retain the Company’s Nasdaq listing and that the shares would begin trading on a split-adjusted basis on October 9, 2024.

    Prior to the foregoing announcement, the Company estimates that there were approximately 40,000 beneficial owners of the Company’s stock. Assuming every single shareholder was entitled to a round-up share, which is highly unlikely, that would mean the Company would issue 40,000 shares to address any stockholders left with a fractional share following the reverse split. However, post-split, certain recently identified brokerage firms and clearing houses have requested roundup shares totaling more than 260,000 shares of the Company’s common stock – notwithstanding the fact that the Company’s total public float immediately post-split was less than 800,000.

    Not coincidentally, the Company became aware of a significant increase in short positions in its stock at or around the same time – and around the same number of round-up shares as those requested by these brokerages and clearing houses.

    And VERB is not the only company who has been subject to this same apparent manipulation. The Company knows of at least two other companies who are experiencing the same thing. The Company’s management is in communication with leadership at other affected companies and is seeking to coordinate efforts while actively pursuing the engagement of securities fraud counsel to investigate the facts, determine if there has been illicit activity affecting the Company, and if so, moving aggressively to hold those responsible accountable through swift private legal action as well as through the intervention of securities regulators.

    “Do not underestimate our resolve to protect our company and our stockholders,” stated Rory J. Cutaia, VERB Chairman & CEO. “For those of you waiting to receive your 260,000 round-up shares, here’s some advice, don’t hold your breath.”

    About VERB Technology Company 
    Verb Technology Company, Inc. (NASDAQ: VERB), is the innovative force behind interactive video-based social commerce. The Company’s MARKET.live platform is a multi-vendor, livestream social shopping destination at the forefront of the convergence of ecommerce and entertainment, where brands, retailers, creators, and influencers engage their customers, clients, fans, and followers across multiple social media channels simultaneously. GO FUND YOURSELF!, is a revolutionary interactive social crowd funding platform for public and private companies seeking broad-based exposure across social media channels for their crowd-funded Regulation CF and Regulation A offerings. The platform combines a ground-breaking interactive TV show with MARKET.live’s back-end capabilities allowing viewers to tap on their screen to facilitate an investment, in real time, as they watch companies presenting before the show’s panel of “Titans”. Presenting companies that sell consumer products are able to offer their products directly to viewers during the show in real time through shoppable onscreen icons. The Company is headquartered in Las Vegas, NV and operates full-service production and creator studios in Los Alamitos, California and Philadelphia, PA. 

    FORWARD-LOOKING STATEMENTS  
    This communication contains “forward-looking statements” as that term is defined in the Private Securities Litigation Reform Act of 1995. Forward-looking statements involve risks and uncertainties and include, without limitation, any statement that may predict, forecast, indicate or imply future results, performance, or achievements. 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 include, among others, those identified in our filings with the Securities and Exchange Commission (the “SEC”), including our annual, quarterly and current reports filed with the SEC and the risk factors included in our annual report on Form 10-K filed with the SEC on April 1, 2024. Any forward-looking statement made by us herein is based only on information currently available to us and speaks only as of the date on which it is made. We undertake no obligation to publicly update any forward-looking statement whether as a result of new information, future developments or otherwise.

    Investor Relations:
    investors@verb.tech

    The MIL Network –

  • MIL-OSI: Wearable Devices Regains Compliance with Nasdaq Minimum Bid Price Rule

    Source: GlobeNewswire (MIL-OSI)

    YOKNEAM ILLIT, ISRAEL, Oct. 28, 2024 (GLOBE NEWSWIRE) — Wearable Devices Ltd. (Nasdaq: WLDS, WLDSW) (“Wearable Devices” or the “Company”), a technology growth company specializing in artificial intelligence (“AI”)-powered touchless sensing wearables, today announced that it has received a written notice from Nasdaq Stock Market LLC (“Nasdaq”), indicating that the Company has regained compliance with the minimum bid price requirement for continued listing set forth in Nasdaq Listing Rule 5550(a)(2), which requires listed securities to maintain a minimum bid price of $1.00 per share.

    The Nasdaq staff made this determination of compliance after the closing bid price of the Company’s ordinary shares was at $1.00 per share or greater for the last 10 consecutive business days. Accordingly, the Company has regained compliance with Nasdaq Listing Rule 5550(a)(2) and Nasdaq considers the prior bid price deficiency matter now closed.

    About Wearable Devices Ltd.

    Wearable Devices Ltd. is a growth company developing AI-based neural input interface technology for the B2C and B2B markets. The Company’s flagship product, the Mudra Band for Apple Watch, integrates innovative AI-based technology and algorithms into a functional, stylish wristband that utilizes proprietary sensors to identify subtle finger and wrist movements allowing the user to “touchlessly” interact with connected devices. The Company also markets a B2B product, which utilizes the same technology and functions as the Mudra Band and is available to businesses on a licensing basis. Wearable Devices Is committed to creating disruptive, industry leading technology that leverages AI and proprietary algorithms, software, and hardware to set the input standard for the Extended Reality, one of the most rapidly expanding landscapes in the tech industry. The Company’s ordinary shares and warrants trade on the Nasdaq market under the symbols “WLDS” and “WLDSW”, respectively.

    Investor Relations Contact

    Walter Frank
    IMS Investor Relations
    203.972.9200
    wearablesdevices@imsinvestorrelations.com

    The MIL Network –