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Category: GlobeNewswire

  • MIL-OSI: Bank of Åland Plc: Targeted issue as part of the Bank of Åland’s share saving programme for employees

    Source: GlobeNewswire (MIL-OSI)

    Bank of Åland Plc
    Stock Exchange Release
    October 23, 2024, 18.00 EET

    Targeted issue as part of the Bank of Åland’s share saving programme for employees

     On October 23, 2024, based on the authorisation granted by the Annual General Meeting on 26 March 2024, the Board of Directors of Bank of Åland Plc (Ålandsbanken Abp) decided on a targeted share issue as follows:

    The Board of Directors has decided to issue 22,912 Series B shares for the fulfilment of the Bank’s commitments as part of the Bank of Åland’s share savings programme for employees.

    The Bank of Åland’s share savings programme is a voluntary savings programme enabling employees to save a maximum of five per cent of their monthly salary in order to subscribe for twice-yearly targeted issues of Series B shares. The programme was introduced in 2023 as a one-year programme.

    Employees subscribe for Series B shares at a price that is 10 per cent below the average stock market price during September 2024. The issue is related to the savings period March 1, 2024 – August 30, 2024.

    Three years after each respective share issue, the Bank of Åland will distribute one matching share for each share acquired in the targeted share issues to those who have participated in the share issues, who are still employed by the Bank of Åland Group and who own the shares that were issued.

    After the share issue, the Bank of Åland´s share capital will remain unchanged at EUR 42,029,289.89, with the number of Series A shares totalling 6,476,138 (representing 129,522,760 votes) and the number of Series B shares totalling 8,890,781 (representing 8,890,781 votes). 

    For further information, please contact:

    Peter Wiklöf, Managing Director and Chief Executive, Bank of Åland Plc, tel. +358 40 512 7505

    The MIL Network –

  • MIL-OSI: MiddleGround Capital secures 83.54 percent of all shares in Takeover Offer for STEMMER IMAGING AG

    Source: GlobeNewswire (MIL-OSI)

    THIS ANNOUNCEMENT IS NOT AN OFFER, WHETHER DIRECTLY OR INDIRECTLY, IN THE UNITED STATES OF AMERICA, AUSTRALIA, CANADA, HONG KONG, JAPAN, NEW ZEALAND, RUSSIA, SINGAPORE, OR SOUTH AFRICA OR IN ANY OTHER JURISDICTION WHERE SUCH OFFER PURSUANT TO LEGISLATION AND REGULATIONS IN SUCH RELEVANT JURISDICTION WOULD BE PROHIBITED BY APPLICABLE LAW.

    LEXINGTON, Ky., Oct. 23, 2024 (GLOBE NEWSWIRE) — Ventrifossa BidCo AG (the “Bidder”), a holding company controlled by MiddleGround Capital (“MiddleGround“) has secured 10.00 percent of all shares of STEMMER IMAGING AG (“STEMMER”; ISIN DE000A2G9MZ9 / GSIN A2G9MZ) in its voluntary public takeover offer for STEMMER (“Takeover Offer”). The additional acceptance period ended on October 18, 2024. In addition, the Bidder has signed a purchase agreement for approximately 69.36 percent of the shares with the majority shareholder of STEMMER, PRIMEPULSE SE. Together, with the shares it already holds, the Bidder has now secured a total of 83.54 percent of STEMMER shares.

    All required merger control and foreign direct investment clearances have been obtained and the Takeover Offer is not subject to any further conditions. The settlement of the Takeover Offer is currently expected to occur on November 5, 2024.

    About MiddleGround
    MiddleGround Capital is a private equity firm based in Lexington, Kentucky with over $3.7 billion of assets under management. MiddleGround makes majority investments in middle market B2B industrial and specialty distribution businesses. MiddleGround works with its portfolio companies to create value through a hands-on operational approach and partners with its management teams to support long-term growth strategies. For more information, please visit: https://middleground.com.

    About STEMMER IMAGING AG
    STEMMER IMAGING AG is the leading international systems house for machine vision technology. With a background of all-round engineering expertise, STEMMER IMAGING AG delivers the entire spectrum of machine vision services for both, industrial and non-industrial applications – from value-added services to the development of subsystems and its own products, based on an extensive commercial range of products. For more information, please visit: https://www.stemmer-imaging.com/.

    Media Contacts:

    International media inquiries
    Stephan Göttel
    Kekst CNC
    Stephan.Goettel@kekstcnc.com   
    +49 162 269 4588

    US media inquiries
    Doug Allen/Maya Hanowitz
    Dukas Linden Public Relations
    MiddleGround@dlpr.com
    +1 (646) 722-6530

    Important Note

    This announcement is neither an offer to purchase nor a solicitation of an offer to sell shares in STEMMER, whether directly or indirectly in or into the United States of America, Australia, Canada, Hong Kong, Japan, New Zealand, Russia, Singapore or South Africa, in jurisdictions where such offer pursuant to legislation and regulations in such relevant jurisdictions would be prohibited by applicable law.

    The Takeover Offer itself as well as its terms and conditions and further provisions concerning the Takeover Offer is set out in in detail in the offer document as approved by the German Federal Financial Supervisory Authority (Bundesanstalt für Finanzdienstleistungsaufsicht). Investors and holders of shares in STEMMER are strongly advised to thoroughly read the offer document and all other relevant documents regarding the Takeover Offer since they will contain important information. Shareholders not resident in Germany wanting to accept the Offer must make inquiries on relevant and applicable legislation, including but not limited to whether governmental consent is required and possible tax consequences. The Takeover Offer is not made, directly or indirectly, and sale will not be accepted from, or on behalf of, shareholders in any jurisdiction where presenting the Takeover Offer or acceptance thereof would be in conflict with the laws of such jurisdictions.

    The Takeover Offer is exclusively subject to the laws of the Federal Republic of Germany. Any agreement that is entered into as a result of accepting the Takeover Offer will be exclusively governed by the laws of the Federal Republic of Germany and is to be interpreted in accordance with such laws.

    The Takeover Offer and the information and documents contained in the offer document are not being made and have not been approved by an “authorized person” for the purposes of section 21 of the UK Financial Services and Markets Act 2000 (the “FSMA“). Accordingly, the information and documents contained in the offer document are not being distributed to, and must not be passed on to, the general public in the United Kingdom unless an exemption applies. The communication of the information and documents contained in the offer document is exempt from the restriction on financial promotions under section 21 of the FSMA on the basis that it is a communication by or on behalf of a body corporate which relates to a transaction to acquire day to day control of the affairs of a body corporate; or to acquire 50 per cent or more of the voting shares in a body corporate, within article 62 of the FSMA (Financial Promotion) Order 2005.

    The Takeover Offer described herein is made on the basis of the exemptions to publish a prospectus in Switzerland set out in article 36 para. 1 lit. b of the Swiss Financial Services Act (“FinSA“). None of the offering documentation or information relating to the Takeover Offer constitutes a prospectus pursuant to the FinSA. No such documentation or information has been nor will be filed with or approved by any Swiss regulatory authority.

    The MIL Network –

  • MIL-OSI: Oriental Rise Holding Limited Announces Full Exercise of Underwriter’s Over-Allotment Option

    Source: GlobeNewswire (MIL-OSI)

    Ningde, China, Oct. 23, 2024 (GLOBE NEWSWIRE) — Oriental Rise Holding Limited (“Oriental Rise” or the “Company”) (NasdaqCM: ORIS), an integrated supplier of tea products in mainland China, today announced US Tiger Securities, Inc. (“US Tiger”), who acted as the underwriter and sole book-runner of the Company’s underwritten initial public offering (“IPO”), has exercised the full over-allotment option and purchased an additional 262,500 ordinary shares of the Company at the IPO price of $4.00 per share. As a result, the Company has raised $8.05 million in gross proceeds, before underwriting discounts and other related expenses, through the issuance of a total of 2,012,500 ordinary shares in the IPO.

    US Tiger acted as sole book runner for the Offering. The Crone Law Group served as counsel to the Company. VCL Law LLP served as counsel to the underwriter.

    A registration statement on Form F-1, as amended (File No. 333-274976) relating to the Offering was previously filed with the Securities and Exchange Commission (“SEC”) by the Company, and subsequently declared effective by the SEC on September 30, 2024. The Offering is being made only by means of a prospectus, forming a part of the registration statement. A final prospectus relating to the Offering was filed with the SEC on October 17, 2024 and is available on the SEC’s website at www.sec.gov. Electronic copies of the final prospectus related to the Offering may be obtained, when available, from US Tiger Securities, Inc., 437 Madison Avenue, 27th Floor, New York, New York 10022, or by telephone at +1 646-978-5188.

    This press release shall not constitute an offer to sell or the solicitation of an offer to buy the securities described herein, 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 Oriental Rise Holding Limited

    Oriental Rise Holding Limited is an integrated supplier of tea products in mainland China. Our major tea products include (i) primarily-processed tea consisting of white tea and black tea, and (ii) refined white tea and black tea. Our business operations are vertically integrated, covering cultivation, processing of tea leaves and the sale of tea products to tea business operators (such as wholesale distributors) and end-user retail customers in mainland China. We operate tea gardens located in Zherong County, Ningde City in Fujian Province of mainland China. For more information, visit the Company’s website at https://ir.mdhtea.cn/.

    Forward-Looking Statements

    All statements other than statements of historical fact in this announcement are forward-looking statements. These forward-looking statements involve known and unknown risks and uncertainties and are based on current expectations and projections about future events and financial trends that the Company believes may affect its financial condition, results of operations, business strategy and financial needs, including the expectation that the Offering will be successfully completed. Investors can identify these forward-looking statements by words or phrases such as “may,” “will,” “expect,” “anticipate,” “aim,” “estimate,” “intend,” “plan,” “believe,” “potential,” “continue,” “is/are likely to” or other similar expressions. The Company undertakes no obligation to update forward-looking statements to reflect subsequent occurring events or circumstances, or changes in its expectations, except as may be required by law. Although the Company believes that the expectations expressed in these forward-looking statements are reasonable, it cannot assure you that such expectations will turn out to be correct, and the Company cautions investors that actual results may differ materially from the anticipated results and encourages investors to review other factors that may affect its future results in the Company’s registration statement and in its other filings with the SEC.

    For more information, please contact:

    Investor Relations:
    Sherry Zheng
    Weitian Group LLC
    Phone: 718-213-7386
    Email: shunyu.zheng@weitian-ir.com

    The MIL Network –

  • MIL-OSI: 45.5 million in financing to accelerate Laserax’s international growth

    Source: GlobeNewswire (MIL-OSI)

    QUEBEC CITY, Oct. 23, 2024 (GLOBE NEWSWIRE) — Laserax announces the raising of $45.5 million in its Series C financing led by the Business Development Bank of Canada, BDC, through its Industrial Innovation Venture Fund, with significant participation from existing investors Investissement Québec (IQ), Desjardins Capital. The package also includes a new credit facility from Desjardins Technologie & Innovation and support from the National Research Council of Canada (NRC-IRAP). This achievement testifies to the investors’ confidence in the Québec-based company’s ability to materialize its ambitious growth plan aimed at making it a world leader in the industrial laser technology sector.

    “In an ecosystem where successful start-ups are too often bought by foreign multinationals, this round of financing sends a strong message to our industry that Laserax is fully committed to its ambition to conquer and dominate the market. Beyond this investment, which will substantially accelerate our organic growth, we intend to rapidly add other financial tools to make strategic acquisitions in order to strengthen our geographic positioning and diversify our technological portfolio”, says Xavier Godmaire, President of Laserax.

    A PLAYER IN THE ENERGY TRANSITION

    Through its many innovations, Laserax is actively participating in the transition to a greener, more efficient economy by developing laser technologies that have a major impact on the productivity and carbon footprint reduction of its manufacturing customers.

    The company is particularly active in the transportation electrification and renewable energy production markets. Laserax has a strong intellectual property position, guaranteeing protection and differentiation of its technologies. The new investments will be used in particular to accelerate Laserax’s innovation velocity through the hiring of new talent and the acquisition of specialized equipment.

    “Over the past 14 years, Laserax has built strong relationships with leaders in the transition to electric vehicles (EVs) and battery manufacturers. We have a team of brilliant professionals, and I’m very proud to be pushing the boundaries of laser with them to propel Laserax to new heights,” insists Alex Fraser, CTO and co-founder of Laserax.

    QUOTES

    “Laserax continues to assert its leadership in industrial laser solutions. With an experienced management team and exceptional technological know-how, the company is well-positioned to seize significant market share in a rapidly transforming sector. BDC is proud to lead this round of financing and contribute to the energy transition by supporting the development of more sustainable industrial innovations.”
    Geneviève Bouthillier, Executive Vice President, BDC Capital

    “With its innovative technologies, Laserax plays an important role in the manufacture of electric vehicles and batteries that are at the heart of Quebec’s energy transition. We’re proud to support this dynamic company in its initiatives to enhance its performance and make its ingenuity more widely known in industries committed to decarbonizing our economy.”
    Christine Fréchette, Minister of the Economy, Innovation and Energy, Minister responsible for Regional Economic Development and Minister responsible for the Greater Montreal Area

    “Laserax continues to grow in the Capitale-Nationale region with this major investment project. Already recognized for its expertise in technological innovation, the company is taking another step forward to strengthen its competitiveness and accelerate the production of its laser solutions, which are assets for the electrification of transportation and energy storage in all our regions.”
    Jonathan Julien, Minister responsible for Infrastructure and Minister responsible for the National Capital Region

    “As a financial partner of Laserax since 2013, Desjardins Capital is proud to once again support Laserax in its growth. From its modest beginnings as a startup with a few employees in the basement of Laval University, Laserax has become a young multinational. It is now a major player in the automotive industry. Laserax embodies our ability to support Quebec entrepreneurs at every stage of their growth.
    Nathalie Bernard, Chief Operating Officer, Desjardins Capital

    ABOUT LASERAX

    Founded in 2010, Laserax is an innovative company specializing in industrial laser solutions. With over 115 employees, the company has recorded an average annual growth rate of 60% in recent years, and is forecasting revenues of $100 million in 2026-2027. Headquartered in Quebec City, the company also operates facilities in Michigan, Germany and Japan.

    SOURCE

    info@laserax.com

    Laserax | LinkedIn | Facebook | YouTube

    MEDIA CONTACT :

    Anne-Marie-A. Savoie | annemarie@fernandezcom.ca | C 418 934-7448

    The MIL Network –

  • MIL-OSI: CoinDepo Revolutionizes Crypto Investments with Simplicity and Security

    Source: GlobeNewswire (MIL-OSI)

    LONDON, Oct. 23, 2024 (GLOBE NEWSWIRE) —  CoinDepo, a cryptocurrency investment platform established in 2021, has gained recognition in the digital asset market, owing to its unique approach to simplifying investments and focusing on user security. Notably, CoinDepo has positioned itself as a reliable platform for those seeking an accessible yet profitable way to invest in cryptocurrencies and stablecoins.

    Committed to security and transparency, the company is carving out a niche in the highly competitive crypto market, aiming to make digital assets a more approachable investment option for everyone.

    At its core, CoinDepo’s mission is to offer investment opportunities that are as simple and straightforward as traditional banking deposits but with the added benefit of significantly higher returns. By eliminating the complexities and risks of active trading and staking with fluctuating interest rates across various platforms, CoinDepo ensures that even newcomers to the crypto world can confidently start earning on their crypto assets. With fixed annual interest rates on crypto savings accounts ranging from 12% to 24% APR, combined with compound interest, CoinDepo offers a compelling alternative to the often minimal returns found in traditional savings accounts.

    The CoinDepo platform is expanding rapidly, currently managing over $75 million in user assets across various cryptocurrencies and boasting a steadily growing user base of more than 20,000 private and institutional investors worldwide.

    A Focus on Security and Stability

    Since its inception, CoinDepo has made security one of its core values. The platform integrates cutting-edge technologies, including secure cloud and cold wallets, as well as enterprise-grade multi-layer security powered by Fireblocks, a leading provider of custodial solutions for banks and crypto platforms. This ensures users can safely store and manage their crypto assets. In a crypto market where cyber threats are an ongoing concern, CoinDepo has proven that security is not secondary but a foundational aspect of the user experience.

    Moreover, CoinDepo has developed and implemented the “Overcollateralization Mechanism,” which guarantees that all user assets deposited on the platform are fully insured and backed by additional liquidity provided by guarantors in exchange for rewards. This makes CoinDepo an even more reliable and trustworthy option compared to many other platforms in the industry.

    Looking Ahead: Expansion and New Services

    As CoinDepo looks to the future, the company has an ambitious roadmap. One of the key milestones on the horizon is the upcoming launch of the native COINDEPO token, scheduled for Q2 2025. This utility token will offer various benefits for platform users, including the ability to earn interest rewards for holding tokens.

    What sets the COINDEPO token apart is its unique feature of automatic staking on the platform immediately after purchasing the token during the Private Sale and Pre-sale phases. This allows buyers to earn daily compound interest even before the token is officially launched—a feature designed to make early participation even more attractive. Additionally, those purchasing the token early will enjoy a substantial discount off the listing price.

    Beyond the token launch, CoinDepo has other major plans for 2025. The platform is preparing to introduce a crypto lending service with unsecured microloans in cryptocurrencies and stablecoins. This will simplify access to liquidity for individuals and businesses when they need it most. CoinDepo is also working on launching a crypto credit card service, enabling users to make fiat payments within a credit line, without the need to sell their crypto assets.

    Another exciting development is the upcoming service for direct instant swaps between any supported assets on the platform. This will allow users to easily and flexibly switch between cryptocurrencies, avoiding additional fees typically incurred when trading on crypto exchanges.

    One of the company’s more immediate goals is to expand its payment options for the European market, something customers have been actively requesting. By adding more payment providers in this region, CoinDepo aims to make its services even more accessible and user-friendly.

    The Human Side of CoinDepo

    Beyond technical innovations, CoinDepo takes pride in its commitment to human values. In a world where the crypto space is often associated with quick profits and high-risk ventures, CoinDepo has chosen a different approach.

    The company is involved in several charitable initiatives, including supporting educational programs for children in Africa. These programs aim to improve the lives of underprivileged communities by providing children with access to education and new opportunities. CoinDepo sees these efforts as an extension of its mission to help people, whether they are customers, colleagues, or new startups in the crypto space.

    As CoinDepo continues to grow and evolve, it strives to be more than just a profit-driven business. By combining financial innovation with social responsibility, the company has positioned itself as a leader in the evolving world of crypto finance.

    A Look at CoinDepo’s Current Promotions

    To attract new users and expand its community, CoinDepo is currently running a limited-time promotion offering a $50 bonus in COINDEPO Tokens for anyone who signs up. This initiative is part of the company’s broader strategy to build a loyal user base while also preparing for the future launch of its native token, COINDEPO.

    The $50 bonus is available for all new users who register on the platform before the end of October 2024. It’s an exciting opportunity for new users to start exploring the platform with an immediate boost to their deposit balance.

    In conclusion, while CoinDepo’s features and security measures are impressive, what truly sets the platform apart is its balanced approach to crypto investments. It offers a simple, reliable, and secure way to earn passive income in a volatile crypto market while also giving back to the community.

    About Us

    CoinDepo operates under the stringent security protocols of Fireblock and is supported by a seasoned team of industry professionals. Through its active involvement in charitable initiatives that underscore its commitment to social responsibility and sustainable growth, the platform has further distinguished itself. CoinDepo has a robust ecosystem that includes innovative offerings, including a micro-credit crypto service that lends out cryptocurrencies and stablecoins, a crypto credit card that enables users to easily spend their profits, and, most importantly, a breakthrough DeFi aggregator.

    Contact

    Name: Christian d’Ippolito
    Email: info@coindepo.com
    Website: https://coindepo.com/

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

    A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/e59df7be-f227-4b0b-a479-cd3082b03fac

    The MIL Network –

  • MIL-OSI: Strata’s Annual User Summit Highlights Challenges and Solutions Associated with Rising Costs and Ongoing Labor Pressures Across Healthcare

    Source: GlobeNewswire (MIL-OSI)

    CHICAGO, Oct. 23, 2024 (GLOBE NEWSWIRE) — Strata Decision Technology (Strata), a leader in the development of cloud-based enterprise performance management tools, unveiled the company’s new and expanded capabilities at LIFT24: The Strata Users Virtual Summit (LIFT24) on Oct. 22-23, 2024. As part of the two-day virtual event, over 2,800 healthcare leaders came together to share best practices, advancements, and advice for tackling the industry’s biggest challenges. Uniting healthcare providers from across the country, LIFT24 enabled collective knowledge sharing amongst over 600 healthcare organizations.

    Led by Strata leaders and customer organizations, LIFT24 sessions explored healthcare industry trends and best practices in financial planning, analytics, and performance management. During the event, the company also showcased the latest product innovations and optimizations, such as incorporating AI and machine learning into their solutions and expanding their data and intelligence capabilities. Additionally, sessions highlighted the enhanced Real-Time Labor Performance solution and Payor Rate Transparency data set.

    “Amid margin pressure, changing patient volumes, and increases in labor and non-labor expenses, today’s hospitals and healthcare systems face increasingly complex challenges,” said Strata Chief Executive Officer John Martino. “At Strata, we are committed to helping our customers accelerate decision-making and elevate their performance to overcome these challenges and drive their missions. We are excited for the opportunity to bring our network of healthcare finance leaders together for LIFT24 to exchange valuable insights and strategies to navigate an ever-changing healthcare environment.”

    Expanded Data & Intelligence Capabilities
    Strata continues to build upon its extensive data sets – spanning financial, operational, clinical, and claims data – to help customers benchmark their organizations’ performance relative to data from broader markets, competitors, and peer organizations. This year, Strata integrated data sets from its Comparative Analytics and StrataSphere® data sets to enable one of the industry’s most robust data and analytics platforms. Adding hundreds of hospitals to thousands of metrics for comparison, the company now provides customers with a data set that draws timely market and financial performance data from more than 1,600 hospitals nationwide. Available in both Axiom and StrataJazz enterprise performance management tools, this data spans hospital operating margins, revenues, expenses, and patient volumes, as well as physician practice performance, and other metrics.

    In addition, Strata invested in its Reimbursement Intelligence offerings to improve the ways organizations can benchmark and optimize their reimbursements. With an expanded offering for all payor claims remittance data, and a new offering of Payor Rate Transparency data, Strata now gives customers the ability to see actual and negotiated reimbursement rates across their market at the payor, provider, and procedure levels.

    Strata Innovation: Payor Rate Transparency and StrataJazz Real-Time Labor Performance
    At LIFT24, the company highlighted two recent enhancements to support customers tackling key industry challenges: payor negotiations and rising labor expenses.

    • Payor Rate Transparency: Armed with timely, accurate insights on current market rates, healthcare organizations can negotiate more competitive rates with payors, assess opportunities to enter new markets, and define competitive pricing strategies. Strata’s Payor Rate Transparency data set leverages advanced data science techniques to deliver a solution that empowers hospital leaders with normalized, consistent, and easy-to-analyze data.
    • StrataJazz Real-Time Labor Performance: Today’s labor expenses in healthcare cannot be attributed to a single cause. Addressing the issue requires collaboration across functions and levels of management, as well as labor performance data integrated with other systems to enable accountability and the ability to act. StrataJazz Real-Time Labor Performance helps organizations reduce labor expenses with utilization improvements through insights, interventions, and outcomes, improving visibility and trust in data.

    Agenda Highlights: Peer-led and CPE-Accredited Thought Leadership Sessions at LIFT24
    This year, LIFT24 showcased healthcare providers and their use of Strata’s StrataJazz and Axiom for Healthcare enterprise performance management tools. The LIFT24 agenda included more than 10 CPE-accredited sessions on Strata’s latest product innovations, industry trends, and financial planning and analysis strategies such as minimizing patient leakage across provider networks, engaging operations in variance reporting, optimizing capital planning and management, service line planning, and more. Key sessions included:

    Customer Achievement: 2024 LEAP Award Winners
    As part of the two-day event, Strata also recognized two leading healthcare organizations for their outstanding performance in the areas of financial analytics, business intelligence, and decision support. Awarded each year, the LEAP (Lead, Excel, Achieve, and Progress) Award honors exceptional healthcare providers in the Strata network that are solving real-world problems using the company’s enterprise performance management tools and services, driving real, lasting change that benefits their organizations and the patients and communities they serve.

    The winners of the 2024 Strata LEAP Award are:

    Intermountain Health
    As part of its nearly 20-year partnership with Strata, Intermountain Health has continued to find new ways to support and invest in the communities it serves. Using the full StrataJazz platform, Intermountain has leveraged continuous improvement, decision support, and financial planning tools. Adopting StrataJazz Capital Planning in 2006, Intermountain developed increased rigor around the capital planning process by involving leaders at each step. Later in 2019, the organization tackled the challenges of using an annual budget by adopting StrataJazz Financial Planning and the Dynamic Planning methodology. Over the last year, Intermountain has leveraged StrataJazz Continuous Improvement to identify opportunities for cost savings and bridge the gap between the organization’s cost stewardship team and clinical program leaders. To learn more about Intermountain Health’s journey to the LEAP Award, visit: https://www.stratadecision.com/leap-award/.

    Based in Salt Lake City, Utah, Intermountain Health serves patients and communities as the largest nonprofit health system in the Intermountain West, including Utah, Nevada, Colorado, Montana, and Wyoming. Intermountain provides care at 34 hospitals and 400 clinics, while also providing telehealth services for over 3 million patients.

    Monument Health
    Like many organizations today, Monument Health continued to feel the impacts of labor shortages coupled with rising labor costs and other related challenges. With workforce optimizations top of mind, the organization leveraged Axiom Performance Reporting and Productivity and Comparative Analytics to develop a new, electronic position control process. Using the Axiom tool, Monument was able to build a cross-discipline dashboard to integrate employee and recruiting data with budget data, enabling more clarity and transparency. Incorporating external benchmarks from Strata’s Comparative Analytics tool, Monument was able to use data to underpin its position requisition process. To learn more about Monument Health’s journey to the LEAP Award, visit: https://www.stratadecision.com/leap-award/.

    Headquartered in Rapid City, South Dakota, Monument Health is a community-based healthcare system with a mission to make a difference every day. This system offers care in 31 medical specialties and serves 12 communities across western South Dakota. With over 5,000 physicians and caregivers, Monument Health is composed of five hospitals and more than 40 medical clinics and specialty centers, and is a member of the Mayo Clinic Care Network.

    About Strata Decision Technology 
    Strata Decision Technology, LLC provides an innovative, cloud-based platform for software, and data and service solutions to help healthcare organizations acquire insights, accelerate decisions, and enhance performance in support of their missions. More than 2,300 organizations rely on Strata’s StrataJazz and Axiom solutions for market-leading service and enterprise performance management software, data, and intelligence solutions. To learn more about Strata and why the company has been named the market leader for Business Decision Support for more than 15 consecutive years, please go to www.stratadecision.com.     

    Strata Social Networks 
    LinkedIn: Strata Decision Technology

    Media contact: 
    Sally Brown, Inkhouse 
    strata@inkhouse.com

    The MIL Network –

  • MIL-OSI: Community Savings Launches AnXin, the first credit union brand for Chinese Canadians and Chinese-Language communities in BC

    Source: GlobeNewswire (MIL-OSI)

    VANCOUVER, BC / Unceded Territories of the Musqueam, Squamish and Tsleil-Waututh Nations, Oct. 23, 2024 (GLOBE NEWSWIRE) — Today, Community Savings is proud to announce the launch of AnXin Community Savings, the first credit union brand dedicated to Chinese Canadians and Chinese-language communities in BC. AnXin is located in downtown Richmond, and offers specialized, diverse and reliable financial products in Mandarin, Cantonese and other Chinese dialects.

    AnXin is led by Katrina Chen, former Member of the Legislative Assembly for Burnaby-Lougheed and Minister of State for Child Care. During her time in office, Katrina has played an active role in various social justice issues, including housing affordability, child care and racial equity and she continues engaging the local community. A proud immigrant who moved to Canada from Taiwan on her own, Katrina knows first hand the need for culturally tailored financial services.

    “Supporting newcomers, immigrant families and Chinese-language communities is immensely meaningful to me. Over the years, I’ve learned that financial services need to be accessible, diverse and community-driven. With AnXin, I am grateful to take my experience and layer it with a grassroots based approach to serve our community. AnXin’s values and virtue of prioritizing members over profits will build a stronger community”, said Katrina Chen, President, AnXin Community Savings.

    Close to 30% of the population in Metro Vancouver are Chinese-language speaking communities, and in the city of Richmond, 44% of the population speak Chinese-languages as their first language. This community credit union will specifically cater to the unique cultural and linguistic needs of the community. This is especially important for newcomers that can benefit from additional guidance and support to establish financial security in a new country. AnXin Community Savings will provide a trusted space that is developed on a shared mission with the Chinese Canadian and Chinese-language communities of delivering innovative, progressive, diverse and tailored banking products.

    Mike Schilling, President & CEO, Community Savings said, “The launch of AnXin Community Savings is a significant milestone in support of our Chinese Canadians and Chinese-language communities in Vancouver. These groups have long experienced discrimination and systemic financial inequities and I’m proud that AnXin is offering inclusive and culturally relevant financial services. Credit unions are grounded in the community. They are owned by the members and this credit union will be the same. For the community, and by the community. I know that with Katrina Chen’s leadership, AnXin will fulfil its mission of enriching BC’s financial sector and addressing systemic inequities.”
    AnXin is a new brand of Community Savings – one of the fastest growing credit unions in BC. AnXin draws on Community Savings’ 80 years of long-standing expertise to offer leading personal banking products and services such as lending, deposits, mortgages, no-fee transactions and more. Its first branch is located at 175-6386 No. 3 Road, Richmond, BC. The branch will provide full-service banking to members by Spring 2025.

    If you’re looking to bank with a community-driven financial institution dedicated to serving Chinese Canadian and Chinese-language communities, sign up here: www.anxinsavings.com

    About AnXin (安信) Community Savings:
    AnXin Community Savings is founded to address the financial needs of Chinese Canadians and Chinese-language communities. With specialized, diverse and reliable financial products, services in Mandarin, Cantonese and other Chinese dialects, and investments in local community initiatives, AnXin Community Savings aims to unite the Chinese Canadian and Chinese-language communities in British Columbia. Through AnXin Community Savings, we seek to expand tangible financial opportunities while advancing diversity and equity.

    AnXin is part of Community Savings Credit Union, a leading BC-based financial institution.

    About Community Savings:
    Community Savings Credit Union is driven by its purpose to unite working people to build a just world. As BC’s largest fully unionized credit union, Community Savings provides best-in-class personal and business banking.

    Community Savings operates six branches across the Lower Mainland and Victoria. It lives by its values, from being the first financial institution to become a Living Wage employer in 2010 to winning the 2022 BCBusiness Business of Good Workplace Wellness Award for its innovative staff wellness programs. For more about Community Savings, visit www.comsavings.com.

    Media Contact
    Yulu Public Relations
    cscu@yulupr.com

    The MIL Network –

  • MIL-OSI: WISeKey Enters Into $30 Million Convertible Notes Subscription Agreements

    Source: GlobeNewswire (MIL-OSI)

    WISeKey Enters Into $30 Million Convertible Notes Subscription Agreements

    Geneva, Switzerland – October 23, 2024: – Ad-Hoc announcement pursuant to Art. 53 of SIX Listing Rules – WISeKey International Holding Ltd. (“WISeKey”) (SIX: WIHN, NASDAQ: WKEY), a global leader in cybersecurity, digital identity and Internet of Things (IoT) innovations operating as a holding company, today announced that it has signed Convertible Notes Subscription Agreements (“Agreements”) for up to $30 million, via private placements with a select group of institutional investors (the “Investors”).

    Under terms of the Agreements, WISeKey will initially issue convertible notes in the aggregate principal amount of $2,500,000 for subscription by the Investors. WISeKey has the right to request the Investors to subscribe for additional tranches, each additional tranche will be in the aggregate principal total amount of $1,250,000 per Investor, at the date and time determined by WISeKey, subject to certain cool-down and volume-related criteria. Each of the convertible notes under the Agreements has a maturity date of 12 months after the relevant issue date and is convertible at any time at the election of the Investors into WISeKey Class B Shares. The conversion price under the Agreements is equal to the lower of a fixed conversion price as determined in the Agreements and 94% of the lowest daily VWAPs of one Class B Share, as applicable, during the ten (10) consecutive trading days preceding the relevant conversion date.

    Carlos Moreira, Founder and CEO of WISeKey noted, “This new funding provides WISeKey with flexible financing at a competitive cost, which is particularly valuable in the current market environment. It enables us to continue funding the growth and development of our core cybersecurity business and strategic initiatives at each of our subsidiaries. Specifically, WISeSat.Space remains focused on key projects, including the deployment of a low-orbit satellite constellation by 2027 by leveraging cutting-edge technological innovations, and SEALSQ is on track to launch its next-generation post-quantum semiconductors in 2025. Additionally, this financing will support our ongoing work on SEALCOIN, with a second Proof of Concept set for January 2025, which will demonstrate the transfer of tokens via satellite to IoT devices thus accelerating the token’s broader availability on digital exchanges in 2025.” 

    Maxim Group LLC served as the sole placement agent for these private placements.

    About WISeKey
    WISeKey is a Swiss-based computer infrastructure company specializing in cybersecurity, digital identity, blockchain, Internet of Things (IoT) solutions, and post-quantum semiconductors. As a computer infrastructure company, WISeKey provides secure platforms for data and device management across industries like finance, healthcare, and government. It leverages its Public Key Infrastructure (PKI) to ensure encrypted communications and authentication, while also focusing on next-generation security through post-quantum cryptography.

    WISeKey’s work with post-quantum semiconductors is aimed at future-proofing its security solutions against the threats posed by quantum computing. These advanced semiconductors support encryption that can withstand the computational power of quantum computers, ensuring the long-term security of connected devices and critical infrastructure. Combined with its expertise in blockchain and IoT, WISeKey’s post-quantum technologies provide a robust foundation for secure digital ecosystems at the hardware, software, and network levels.

    Disclaimer
    This communication expressly or implicitly contains certain forward-looking statements concerning WISeKey International Holding Ltd and its business. Such statements involve certain known and unknown risks, uncertainties and other factors, which could cause the actual results, financial condition, performance or achievements of WISeKey International Holding Ltd to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. WISeKey International Holding Ltd is providing this communication as of this date and does not undertake to update any forward-looking statements contained herein as a result of new information, future events or otherwise.

    This press release does not constitute an offer to sell, or a solicitation of an offer to buy, any securities, and it does not constitute an offering prospectus within the meaning of the Swiss Financial Services Act (“FinSA”), the FinSa’s predecessor legislation or advertising within the meaning of the FinSA. Investors must rely on their own evaluation of WISeKey and its securities, including the merits and risks involved. Nothing contained herein is, or shall be relied on as, a promise or representation as to the future performance of WISeKey.

    Press and Investor Contacts

    WISeKey International Holding Ltd
    Company Contact: Carlos Moreira
    Chairman & CEO
    Tel: +41 22 594 3000
    info@wisekey.com     		 WISeKey Investor Relations (US) 
    The Equity Group Inc.
    Lena Cati
    Tel: +1 212 836-9611 / lcati@equityny.com
    Katie Murphy
    Tel: +1 212 836-9612 / kmurphy@equityny.com

    The MIL Network –

  • MIL-OSI: Hybrid Software delivers consistent performance in third quarter

    Source: GlobeNewswire (MIL-OSI)

    PRESS RELEASE – REGULATED INFORMATION

    HYBRID SOFTWARE DELIVERS CONSISTENT PERFORMANCE IN THIRD QUARTER
               
    Cambridge (UK) 23 October 2024 (18.00 CEST) – Hybrid Software Group PLC (Euronext: HYSG) provides a trading update for the nine months ended 30 September 2024.

    CEO Mike Rottenborn comments, “Our operating performance for the third quarter was consistent with our performance in the third quarter of last year, with revenue for the period of €11.57 million versus €11.64 million in 2023 and an adjusted operating result for the period of €0.70 million or 6% of revenue versus €0.66 million in 2023.  Q3 is normally our weakest quarter in end-user sales because of the summer holiday period, and this year was no exception.  However, all of our business segments have experienced year-over-year sales growth for the first nine months of 2024, with consolidated revenues 5.3% higher than the first nine months of 2023. The cost optimizations completed last year contributed to more than €5 million in adjusted operating profit for the first nine months of the year, up 133% from last year.  With a busy fourth quarter of trade shows and industry events, as well as continuing momentum from the Drupa show, we anticipate continued good results for the remainder of 2024.”

    Sales in the Printhead Solutions segment for the third quarter grew 6.7% over the third quarter of 2023 and 8.3% over the first nine months, continuing the recovery which began last year after the component shortages of 2022 and against a backdrop of industrial sectors experiencing cyclical headwinds, increasing the breadth of its customer base in the process.

    The Enterprise Software segment quarterly revenues were in line last year with revenues for the first nine months up 6.1%, with increased sales in the largest regions of DACH and North America to power further growth in the future.

    The Printing Software segment saw its third quarter sales decline with 11.5% compared to 2023 but for the first nine months of the year saw its income increase with 2%, as sales of its new Digital Front End, SmartDFE, continues to gain traction. Printing Software has contributed to more than €3 million in adjusted operating profit for the first nine months of the year, up 624% from last year. 

    Increased sales coupled with continued vigilance on expenses resulted in an EBITDA growth of 50% year-over-year, from 15% of revenue to 22% of revenue.

    Financial highlights for the nine months ended 30 September 2024

    The following information is unaudited.

    For the quarter ended 30 September 2024:

    • Revenue for the period was €11.57 million (2023: €11.64 million)
    • EBITDA for the period was €2.01 million, or 17% of revenue (2023: €1.95 million, 17% of revenue)
    • Operating result for the period was €0.75 million, or 6% of revenue (2023: €0.99 million, 8% of revenue)
    • Adjusted operating result for the period was €0.70 million, or 6% of revenue (2023: €0.66 million, 6% of revenue)

    For the nine months ended 30 September 2024:

    • Revenue for the period was €38.49 million (2023: €36.54 million)
    • EBITDA for the period was €8.50 million, or 22% of revenue (2023: €5.66 million, 15% of revenue)
    • Operating result for the period was €4.87 million, or 13% of revenue (2023: €2.69 million, 7% of revenue)
    • Adjusted operating result for the period was €5.08 million, or 13% of revenue (2023: €2.18 million, 6% of revenue)

    Segment analysis

    The following tables provide unaudited information about revenue from external customers, EBITDA, operating result and adjusted operating result for the Group’s operating segments for the current and previous financial years.

    For the quarter ended 30 September 2024:

    In millions of euros (unaudited) Enterprise Software Printhead Solutions Printing Software Group Total
               
    Revenue from external customers 5.62 3.17 2.78 – 11.57
               
    Segment EBITDA 1.02 0.71 0.69 (0.41) 2.01
    as a % of revenue 18% 22% 25% – 17%
               
    Segment Operating result 0.58 0.56 0.02 (0.41) 0.75
    as a % of revenue 10% 18% 0% – 6%
               
    Segment Adjusted operating result 0.58 0.52 (0.15) (0.25) 0.70
    as a % of revenue 10% 16% (1%) – 6%

    For the quarter ended 30 September 2023:

    In millions of euros (unaudited) Enterprise Software Printhead Solutions Printing Software Group Total
               
    Revenue from external customers 5.53 2.97 3.14 – 11.64
               
    Segment EBITDA 1.16 0.62 0.30 (0.13) 1.95
    as a % of revenue 21% 21% 10% – 17%
               
    Segment Operating result 0.90 0.39 (0.17) (0.13) 0.99
    as a % of revenue 16% 13% (5%) – 8%
               
    Segment Adjusted operating result 0.69 0.40 (0.30) (0.13) 0.66
    as a % of revenue 12% 13% (10%) – 6%

    For the nine months ended 30 September 2024:

    In millions of euros (unaudited) Enterprise Software Printhead Solutions Printing Software Group Total
               
    Revenue from external customers 17.40 9.13 11.96 – 38.49
               
    Segment EBITDA 3.36 1.70 4.34 (0.90) 8.50
    as a % of revenue 19% 19% 36% – 22%
               
    Segment Operating result 2.03 1.21 2.53 (0.90) 4.87
    as a % of revenue 12% 13% 21% – 13%
               
    Segment Adjusted operating result 1.96 1.00 3.04 (0.92) 5.08
    as a % of revenue 11% 11% 25% – 13%

    For the nine months ended 30 September 2023:

    In millions of euros (unaudited) Enterprise Software Printhead Solutions Printing Software Group Total
               
    Revenue from external customers 16.40 8.43 11.72 – 36.54
               
    Segment EBITDA 3.16 1.22 1.95 (0.67) 5.66
    as a % of revenue 19% 15% 17% – 15%
               
    Segment Operating result 2.29 0.78 0.29 (0.67) 2.69
    as a % of revenue 14% 9% 2% – 7%
               
    Segment Adjusted operating result 1.78 0.64 0.42 (0.66) 2.18
    as a % of revenue 11% 8% 4% – 6%

    For more information about the Group’s operating segments, refer to the annual report for the year ended 31 December 2023, which is available from: https://www.hybridsoftware.group/investors/financial-reports.

    EBITDA is calculated by adding back interest, tax, depreciation and amortisation to net profit.

    Adjusted operating result is calculated starting from IFRS reported operating (loss)/profit from continuing operations and deducting other expenses and capitalised development expenses, and adding back other income, amortisation of acquired intangibles and capitalised development expenses and other non-recurring items in nature.

    About Hybrid Software Group
    Through its operating subsidiaries, Hybrid Software Group PLC (Euronext: HYSG) is a leading developer of enterprise software for industrial print manufacturing. Customers include press manufacturers such as HP, Canon, Durst, Roland, Hymmen, and hundreds of packaging printers, trade shops, and converters worldwide.

    Hybrid Software Group PLC is headquartered in Cambridge UK. Its subsidiary companies are colour technology experts ColorLogic, printing software developers Global Graphics Software, enterprise software developer HYBRID Software, 3D design and modelling software developers iC3D, the industrial printhead driver solutions specialists Meteor Inkjet, and pre-press workflow developer Xitron.

    Contacts

    Attachment

    The MIL Network –

  • MIL-OSI: Landmark Bancorp, Inc. Announces Conference Call to Discuss Third Quarter 2024 Earnings

    Source: GlobeNewswire (MIL-OSI)

    Manhattan, KS, Oct. 23, 2024 (GLOBE NEWSWIRE) — Landmark Bancorp, Inc. (Nasdaq: LARK) announced that it will release earnings for the third quarter of 2024 after the market closes on Wednesday, October 30, 2024. The Company will host a conference call to discuss these results on Thursday, October 31, 2024 at 10:00 am (CT). Investors may listen to the Company’s earnings call via telephone by dialing (833) 470-1428 and using access code 242414. Investors are encouraged to call the dial-in number at least 5 minutes prior to the scheduled start of the call.

    A replay of the earnings call will be available through November 30, 2024, by dialing (866) 813-9403 and using access code 908094.
            
    About Landmark

    Landmark Bancorp, Inc., the holding company for Landmark National Bank, is listed on the NASDAQ Global Market under the symbol “LARK.” Headquartered in Manhattan, Kansas, Landmark National Bank is a community banking organization dedicated to providing quality financial and banking services. Landmark National Bank has 30 locations in 24 communities across Kansas: Manhattan (2), Auburn, Dodge City (2), Fort Scott (2), Garden City, Great Bend (2), Hoisington, Iola, Junction City, Kincaid, LaCrosse, Lawrence (2), Lenexa, Louisburg, Mound City, Osage City, Osawatomie, Overland Park, Paola, Pittsburg, Prairie Village, Topeka (2), Wamego and Wellsville, Kansas. Visit www.banklandmark.com for more information.

    Contact:
    Mark A. Herpich
    Chief Financial Officer
    (785) 565-2000

    The MIL Network –

  • MIL-OSI: Canadian Large Cap Leaders Split Corp. Declares Distribution

    Source: GlobeNewswire (MIL-OSI)

    TORONTO, Oct. 23, 2024 (GLOBE NEWSWIRE) — (TSX: NPS) – Canadian Large Cap Leaders Split Corp. (the “Company”) announces distribution payable on November 14, 2024, to Class A Shareholders of record at the close of business on October 31, 2024.

    Share Class Ticker Amount Per Share
    Class A Shares NPS 0.12500
       

    The Company offers distribution reinvestment plan (“DRIP”) for Class A Shareholders which provides Class A Shareholders with the ability to automatically reinvest distributions, commission free, and realize the benefits of compound growth. Class A shareholders can enroll in a DRIP program by contacting their investment advisor.

    About Ninepoint Partners

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

    For more information on Ninepoint, please visit www.ninepoint.com or contact us at 416-362-7172 or 1-888-362-7172 or invest@ninepoint.com.

    Sales Inquiries:

    Ninepoint Partners LP
    Neil Ross
    416-945-6227
    nross@ninepoint.com 

    The MIL Network –

  • MIL-OSI: Anitian Unveils FedRAMP Insights on the AWS Marketplace, Enabling Faster, More Effective Compliance for Cloud Service Providers

    Source: GlobeNewswire (MIL-OSI)

    PALO ALTO, Calif., Oct. 23, 2024 (GLOBE NEWSWIRE) — Anitian, a market leader in compliance automation, today announced the launch of FedRAMP Insights, now available in the AWS Marketplace. This innovative diagnostic tool is designed to simplify the FedRAMP compliance process for Cloud Service Providers (CSPs) by providing immediate, actionable insights into compliance gaps and a clear path toward remediation and authorization.

    Navigating FedRAMP’s complex requirements can be a time-intensive and challenging task. FedRAMP Insights changes the game by offering AWS users a faster, more effective way to assess their compliance status and prioritize the steps needed for a successful authorization journey.

    “Achieving FedRAMP compliance can be a daunting process, but FedRAMP Insights significantly reduces the complexity by delivering real-time data and clear guidance,” said Chris Finan, President at Anitian. “AWS users can now take advantage of this powerful tool to streamline their compliance efforts, ensuring they stay on track and reduce time to authorization.”

    Key Features of FedRAMP Insights and Why It Matters for AWS Users

    For Cloud Service Providers (CSPs) looking to secure federal contracts, FedRAMP compliance is critical, but it can also be complex and time-consuming. FedRAMP Insights, now available in the AWS Marketplace, simplifies this process with several powerful features that ensure CSPs can move faster toward authorization with less effort:

    • Instant Gap Analysis: With just a few clicks, FedRAMP Insights scans AWS cloud environments and provides an immediate report on compliance status, highlighting areas that need attention.
    • Tailored Remediation Guidance: The tool delivers precise, step-by-step instructions to address identified gaps, helping teams stay on track and take the right actions to meet compliance requirements.
    • Prioritized Task Management: Tasks are categorized by severity (High, Moderate, Low), allowing teams to focus on the most pressing issues first and maintain momentum in their compliance efforts.
    • Real-Time Progress Monitoring: Track remaining tasks and overall system readiness through a clear, up-to-date dashboard that ensures visibility and transparency throughout the compliance process.

    Designed for easy deployment within AWS environments, FedRAMP Insights enables CSPs to begin scanning and evaluating their applications quickly, without extensive customization or setup. This streamlined approach positions AWS users for faster time to market and access to federal opportunities.

    “FedRAMP Insights is a game-changer for AWS customers,” said Alex Degitz, Director of Product at Anitian. “By seamlessly integrating into their existing AWS cloud, CSPs can accelerate their compliance journey with an extensive range of automated rules across all regions including GovCloud, unlocking new opportunities in the federal sector.”

    Anitian: Accelerating Your Entire FedRAMP Journey

    FedRAMP Insights is just one part of Anitian’s comprehensive suite of compliance solutions, also available through the AWS marketplace, designed to help SaaS companies navigate the FedRAMP process efficiently. Our full solution accelerates time-to-revenue, enabling audit-readiness within 4-6 months, while reducing preparation costs by over 50%.

    Anitian’s approach allows you to maintain control of your technical stack, empowering you to own your Authorization to Operate (ATO) and secure your own dedicated FedRAMP marketplace listing, positioning you to unlock lucrative government contracts and significant public sector growth by 2025.

    With Anitian, achieving FedRAMP compliance becomes a strategic advantage, driving faster time to revenue and fostering growth in the federal marketplace. To learn more about how Anitian can accelerate your compliance journey please book time to speak with the team here.

    Media Contact:
    Emily Bertrand
    Head of Marketing
    emily.bertrand@anitian.com

    The MIL Network –

  • MIL-OSI: PCBB and Finzly Partnership Boosts International Payment Services

    Source: GlobeNewswire (MIL-OSI)

    WALNUT CREEK, Calif., Oct. 23, 2024 (GLOBE NEWSWIRE) — PCBB and Finzly, two leading innovators in the financial payments industry, have formed a strategic partnership to deliver enhanced international payment services to Finzly’s customers. PCBB is the first bankers’ bank to provide services to Finzly BankOS, a 24/7 real-time platform designed to help financial institutions accelerate their payment transformation.

    Integrating with PCBB’s payment services means access to straight-through processing of foreign wire transfers, Swift GPI tracking, and enhanced transparency into payment statuses. As a result, Finzly customers can process international wires faster, more easily, and with greater efficiency for a seamless cross-border payment experience.

    “We’re excited to enable integration of our services with Finzly BankOS. This collaboration not only enhances the payment capabilities of our partners, but also reinforces our position as a leading solutions provider in the financial services industry,” said Sheila Noll, Chief Operating Officer at PCBB. “We are continuously building strategic relationships that are focused on delivering seamless solutions to help financial institutions stay ahead in an evolving market.”

    Finzly equips financial institutions with speed and agility to transform their payment operations through its award-winning Finzly BankOS platform. Booshan Rengachari, founder and CEO of Finzly stated, “This partnership with PCBB perfectly aligns with our mission to empower customers to innovate and compete through customer-centric solutions. By broadening our partner ecosystem, we’re providing our customers with greater flexibility and control over their international payments, particularly in areas like pricing and liquidity management.”

    This new partnership underscores PCBB’s commitment to expanding the reach of its solutions with strategic API enablement. While this integration focuses on foreign wires, it taps into just one of the many APIs PCBB offers its customers, including domestic wires and international cash letter clearing. This latest integration aligns with PCBB’s goal of meeting customers where they are, offering flexibility and accessibility, while enhancing the overall experience for their end users. It’s another key step in advancing PCBB’s vision to deliver scalable and integrated financial solutions, including through innovative technology partnerships.

    About Finzly
    Finzly helps banks and credit unions thrive in a real-time, connected world with its BankOS platform. Financial institutions can quickly launch instant payments on FedNow and RTP, modernize ACH and wire transfers, and orchestrate payments through a unified API and ISO 20022-native payment hub. Finzly, recognized with multiple awards, also offers advanced FX solutions to help banks attract corporate and enterprise treasury customers. For more information, visit www.finzly.com.

    About PCBB
    PCBB believes in the power of local financial institutions to be the catalyst of small business growth and to enable communities to thrive. Our team is committed to providing not only the tools and knowledge our customers need to serve their clients, but also the partnership and trust they deserve. Our robust suite of competitive services includes cash management and international services, lending solutions, and profitability and risk management advisory services. These solutions help community financial institutions maximize revenue, increase efficiency, and manage risk. For more information, visit www.pcbb.com.

    Media Contact:
    Nancy Ozawa
    PCBB
    nozawa@pcbb.com
    (888) 399-1930 x177

    The MIL Network –

  • MIL-OSI: Transom Capital-backed Artivo Surfaces Acquires Tom Duffy Company

    Source: GlobeNewswire (MIL-OSI)

    LIVONIA, Mich. and LOS ANGELES, Oct. 23, 2024 (GLOBE NEWSWIRE) — Artivo Surfaces, the Transom Capital-backed parent company of Virginia Tile, Galleher, and Trinity Hardwood, is acquiring Tom Duffy Company, a strategic move that significantly strengthens Artivo’s position as a market leader in the tile and flooring industry. With its extensive portfolio of installation materials, hardwood, luxury vinyl tile (LVT), and tile solutions, Tom Duffy brings valuable expertise and a diverse product offering to Artivo’s growing family of products and capabilities.

    “For over 70 years, Tom Duffy has earned its place as a trusted partner in the flooring industry,” said Sunil Palakodati, CEO of Artivo Surfaces. “This acquisition expands Artivo’s platform and strengthens our core capabilities. By bringing together Tom Duffy’s exceptional team, strong industry relationships, and loyal customer base, we’re enhancing our ability to serve residential and commercial markets across the country with a broader range of flooring solutions.”

    Anne Funsten, President, and CEO of Tom Duffy Company expressed her enthusiasm about joining Artivo Surfaces: “We are thrilled to become part of Artivo Surfaces. This partnership not only enables us to scale our business but also preserves the legacy we have built in an ever-changing market. Artivo’s forward-thinking vision and robust resources create the perfect foundation for our continued growth while allowing us to strengthen the trusted relationships we have nurtured over the decades.”

    “This acquisition marks an exciting milestone as Artivo continues to expand its reach and capabilities,” said Steve Kim, Principal at Transom Capital Group. “Tom Duffy has been well known in the West Coast for decades, and their inclusion in the Artivo family strengthens its ability to provide customers with even more comprehensive and innovative solutions. Tom Duffy is Transom Capital’s third acquisition in less than twelve months in this vertical, and we are proud to support Sunil and his leadership team in building a premier surfaces platform.”

    Kirkland & Ellis LLP served as legal advisor to Transom Capital and PNC Bank, N.A. and Blue Torch Capital provided debt financing for the transaction. Wood Warren served as the exclusive financial advisor and Sheppard, Mullin, Richter & Hampton LLP served as legal advisor to Tom Duffy.

    About Artivo Surfaces
    Artivo Surfaces is a multi-regional flooring company and parent company to the Virginia Tile, Galleher LLC, Trinity Hardwood Flooring and Tom Duffy brands. The company’s network covers 48 locations in over 18 states, and they provide a comprehensive range of flooring solutions from coast to coast. Its extensive portfolio features a diverse selection of ceramic, porcelain, natural stone, hardwood, luxury vinyl, and all necessary installation materials. Combining a century of expertise with innovative design and premium products, serving both residential and commercial markets. Artivo’s scale enables it to deliver industry-leading products and solutions while preserving the personalized, high-touch service its customers depend on. 

    About Transom Capital Group
    Transom Capital Group is an operations-focused private equity firm focused on investing in the middle market. The firm strives to create long-term value by partnering with established businesses and helping them navigate transformative growth. Transom’s functional pattern recognition, access to capital, and ARMORSM Value Creation Process, combined with management’s industry expertise, drive improved operational efficiency, top-line growth, cultural transformation, and distinctive outcomes. Transom is headquartered in Los Angeles, California.

    Media Contact
    Sam Butler for Transom Capital
    sam@35thAvenuePartners.com

    The MIL Network –

  • MIL-OSI: .ws Is the First Country Code TLD to be Mirrored On-Chain via Freename and WebUnited Technology

    Source: GlobeNewswire (MIL-OSI)

    Zürich, Switzerland, Oct. 23, 2024 (GLOBE NEWSWIRE) — Domains Cost Club is the first registrar in the world to offer the mirroring of traditional .ws domains on Web3. This is made possible through technologies provided by Freename and WebUnited, enabling the creation of an on-chain twin of the traditional domain. The .ws is the first Country Code TLD (ccTLD) to be mirrored on-chain, marking a major innovation in the domain industry.

    Web3 Utilities for Mirrored .ws Domains

    On Domains Cost Club, .ws domains can be mirrored on-chain when users choose to purchase the Web3 version of the traditional domain. Once the on-chain version of the .ws domain is created, users can manage Web3 utilities, including wallet address resolution. This allows .ws domains to be used in Web3 for activities such as sending and receiving cryptocurrency payments or building decentralized websites in addition to traditional ones. The domain now serves as an aggregator of the user’s digital identity, seamlessly bridging both Web2 and Web3.

    How Registrars Can Mirror Traditional Domains

    Today, any registrar can mirror domain names on the blockchain and offer the Web3 version to their customers. This is made possible through the plug-and-play mirroring APIs from Freename and WebUnited. .ws is the first extension to be mirrored on-chain by a registrar, but many more extensions will follow soon, allowing more users to leverage their favorite domain names in Web3. Registrars interested in this service can contact partners@freename.io to start their journey toward domain innovation today.

    Lars Jensen, CEO of ShortDot and Co-CEO of WebUnited, highlighted the innovation: “WebUnited’s domain mirroring seamlessly connects Web2 and Web3, allowing users to keep their existing domains while accessing the blockchain—offering a glimpse into the future of online presence.”

    Davide Vicini, CEO of Freename and Co-CEO of WebUnited, added: “This is just the beginning. Our partnership with Domain Cost Club and .ws signals the domain industry’s shift towards a more decentralized, innovative future. We’re proud to lead this transformation.”

    About Freename: Freename is the leading multichain Web3 Namespace where users can register and mint their own Web3 domains on their preferred chain.

    About .WS

    As Samoa’s digital identifier, .WS is more than a domain; it’s a commitment to innovation and reliability. .WS is managed by Global Domains International and dedicated to advancing domain services, ensuring they meet the needs of today’s internet users.

    About WebUnited

    WebUnited is at the forefront of integrating blockchain technology with domain services, intending to provide a new internet experience. The objective is to transform digital domains into more than just web addresses by making them secure, efficient, and flexible tools for the digital age.

    The MIL Network –

  • MIL-OSI: Canadian Net REIT Announces the Acquisition of a Grocery Store Property in Nova Scotia

    Source: GlobeNewswire (MIL-OSI)

    MONTRÉAL, Oct. 23, 2024 (GLOBE NEWSWIRE) — Canadian Net Real Estate Investment Trust (“Canadian Net” or the “Trust”) (TSX-V: NET.UN) is pleased to announce the acquisition of a grocery store property operated under the Sobeys banner in Truro, Nova Scotia. The total consideration paid was $9,000,000 (excluding transaction costs) and was settled in cash.

    “We are excited to announce the acquisition of a single-tenant grocery store, a strategic fit within our business model focused on high-quality, triple net and management-free assets,” said Kevin Henley, President and CEO. “This acquisition comes shortly after our announcement of recent dispositions, highlighting our ability to act swiftly in a dynamic market environment. We are seeing more opportunities emerge within our highly fragmented niche, alongside the advantages of lower interest rates. As a result, we remain focused on executing our disciplined growth strategy.”

    About Canadian Net – Canadian Net Real Estate Investment Trust is an open-ended trust that acquires and owns high-quality triple net and management-free commercial real estate properties.

    Forward-Looking Statements – This press release contains forward-looking statements and information as defined by applicable securities laws. Canadian Net warns the reader that actual events may differ materially from current expectations due to known and unknown risks, uncertainties and other factors that could cause actual results to differ materially from the results anticipated in such statements. Among these include the risks related to economic conditions, the risks associated with the local real estate market, the dependence to the financial condition of tenants, the uncertainties related to real estate activities, the changes in interest rates, the availability of financing in the form of debt or equity, the effects related to the adoption of new standards, as well as other risks and factors described from time to time in the documents filed by Canadian Net with securities regulators, including the management report. Canadian Net does not intend or undertake to update or modify its forward-looking statements even if future events occur or for any other reason, unless required by law or any regulatory authority.

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

    For further information please contact Kevin Henley at (450) 536-5328.

    The MIL Network –

  • MIL-OSI: UPDATE – Talen Energy to Report Third Quarter 2024 Financial Results on November 14, 2024

    Source: GlobeNewswire (MIL-OSI)

    Reflects Update to Previously Announced Date to Accommodate Schedules in the Investor Community, New Event Links Included

    HOUSTON, Oct. 23, 2024 (GLOBE NEWSWIRE) — Talen Energy Corporation (“Talen”) (NASDAQ: TLN) plans to release its third quarter 2024 financial results on Thursday, November 14, 2024, before market open. President and Chief Executive Officer Mac McFarland and Chief Financial Officer Terry Nutt will discuss the financial and operating results during an earnings call at 10:00 a.m. EST (9:00 a.m. CST) on November 14, 2024.

    To listen to the earnings call, please register in advance for the webcast here. For participants joining the call via phone, please register here prior to the start time to receive dial-in information. For those unable to participate in the live event, a digital replay of the earnings call will be archived for approximately one year and available on Talen’s Investor Relations website at https://ir.talenenergy.com/news-events/events.

    About Talen
    Talen Energy (NASDAQ: TLN) is a leading independent power producer and energy infrastructure company dedicated to powering the future. We own and operate approximately 10.7 gigawatts of power infrastructure in the United States, including 2.2 gigawatts of nuclear power and a significant dispatchable fossil fleet. We produce and sell electricity, capacity, and ancillary services into wholesale U.S. power markets, with our generation fleet principally located in the Mid-Atlantic and Montana. Our team is committed to generating power safely and reliably, delivering the most value per megawatt produced and driving the energy transition. Talen is also powering the digital infrastructure revolution. We are well-positioned to capture this significant growth opportunity, as data centers serving artificial intelligence increasingly demand more reliable, clean power. Talen is headquartered in Houston, Texas. For more information, visit https://www.talenenergy.com/.

    Investor Relations:
    Ellen Liu
    Senior Director, Investor Relations
    InvestorRelations@talenenergy.com

    Media:
    Taryne Williams
    Director, Corporate Communications
    Taryne.Williams@talenenergy.com

    Forward-Looking Statements
    This communication contains forward-looking statements within the meaning of the federal securities laws, which statements are subject to substantial risks and uncertainties. These forward-looking statements are intended to qualify for the safe harbor from liability established by the Private Securities Litigation Reform Act of 1995. All statements other than statements of historical fact included in this communication, or incorporated by reference into this communication, are forward-looking statements. Throughout this communication, we have attempted to identify forward-looking statements by using words such as “anticipate,” “believe,” “continue,” “could,” “estimate,” “expect,” “forecasts,” “goal,” “intend,” “may,” “plan,” “potential,” “predict,” “project,” “seek,” “should,” “will,” or other forms of these words or similar words or expressions or the negative thereof, although not all forward-looking statements contain these terms. Forward-looking statements address future events and conditions concerning, among other things capital expenditures, earnings, litigation, regulatory matters, hedging, liquidity and capital resources and accounting matters. Forward-looking statements are subject to substantial risks and uncertainties that could cause our future business, financial condition, results of operations or performance to differ materially from our historical results or those expressed or implied in any forward-looking statement contained in this communication. All of our forward-looking statements include assumptions underlying or relating to such statements that may cause actual results to differ materially from expectations, and are subject to numerous factors that present considerable risks and uncertainties.

    The MIL Network –

  • MIL-OSI: Real Estate Split Corp. Announces Overnight Offering

    Source: GlobeNewswire (MIL-OSI)

    Not for distribution to U.S. Newswire Services or for dissemination in the United States.

    TORONTO, Oct. 23, 2024 (GLOBE NEWSWIRE) — Real Estate Split Corp. (TSX: RS and RS.PR.A) (the “Company”), is pleased to announce that the Company is undertaking an overnight treasury offering of class A and preferred shares (the “Class A Shares” and “Preferred Shares”, respectively).

    The sales period for this overnight offering will end at 9:00 a.m. (ET) on Thursday, October 24, 2024. The offering is expected to close on or about October 31, 2024 and is subject to certain closing conditions including approval by the Toronto Stock Exchange (“TSX”).

    The Class A Shares will be offered at a price of $12.90 per Class A Share to yield 12.1% and the Preferred Shares will be offered at a price of $10.10 per Preferred Share to yield 4.4% to maturity. The closing price on the TSX for each of the Class A Shares and Preferred Shares on October 22, 2024 was $13.21 and $10.16, respectively. The Class A Share and Preferred Share offering prices were determined so as to be non-dilutive to the most recently calculated net asset value per unit of the Company (calculated as at October 22, 2024), as adjusted for dividends and certain expenses to be accrued prior to or upon settlement of the offering.

    The Company has been designed to provide investors with a diversified, actively managed, high conviction portfolio comprised of securities of leading North American real estate companies.

    The Company’s investment objectives for the:

    Class A Shares are to provide holders with:

    (i) non-cumulative monthly cash distributions; and
    (ii) the opportunity for capital appreciation through exposure to the portfolio

    Preferred Shares are to:

    (i) provide holders with fixed cumulative preferential quarterly cash distributions; and
    (ii) return the original issue price of $10.00 to holders upon maturity.

    Middlefield Capital Corporation provides investment management advice to the Company.

    The syndicate of agents for the offering is being co-led by CIBC Capital Markets, RBC Capital Markets, and Scotiabank.

    For further information, please visit our website at www.middlefield.com or contact Nancy Tham in our Sales and Marketing Department at 1.888.890.1868.

    A short form base shelf prospectus containing important detailed information about the securities being offered has been filed with securities commissions or similar authorities in each of the provinces and territories of Canada. Copies of the short form base shelf prospectus may be obtained from a member of the syndicate. The Company intends to file a supplement to the short form base shelf prospectus, and investors should read the short form base shelf prospectus and the prospectus supplement before making an investment decision. There will not be any sale or any acceptance of an offer to buy the securities being offered until the prospectus supplement has been filed with the securities commissions or similar authorities in each of the provinces and territories of Canada.

    The MIL Network –

  • MIL-OSI: TAG Oil Announces Pricing of Public Offering of Units

    Source: GlobeNewswire (MIL-OSI)

    NOT FOR DISSEMINATION IN THE UNITED STATES

    VANCOUVER, British Columbia, Oct. 23, 2024 (GLOBE NEWSWIRE) — TAG Oil Ltd. (TSXV:TAO, OTCQX:TAOIF, and FSE:T0P) (“TAG Oil” or the “Company”) announces pricing of its previously announced $10 million marketed public offering of units of the Company (the “Units”) at a price of $0.17 per Unit (the “Offering”).

    Certain members of management and directors of the Company intend to participate alongside investors in the Offering.

    The Offering is being led by Research Capital Corporation, as lead agent and sole bookrunner, on behalf of a syndicate of agents, including Beacon Securities Limited, Canaccord Genuity Corp., Haywood Securities Inc., Ventum Financial Corp. and Tennyson Securities (collectively, the “Agents”).

    Each Unit will consist of one common share of the Company (“Common Share”) and one Common Share purchase warrant (a “Warrant”). Each Warrant entitles the holder thereof to purchase one Common Share (a “Warrant Share”) at an exercise price equal to $0.25 per Warrant Share at any time up to 24 months following the closing of the Offering.

    The Company intends to use the net proceeds of the Offering to advance appraisal and development activities in the Western Desert, Egypt, at both the Badr Oil Field and strategic new 512,000-acre concession and for working capital and general corporate purposes. Activities to be advanced with the proceeds include executing re-entry work on multiple existing wells to recomplete and/or drill a sidetrack into existing conventional oil reservoirs, the drilling of new vertical delineation wells in the unconventional Abu Roash “F” (ARF) resource play targeting high intensity natural fractured areas, and the planning of the next horizontal well with multi-stage frac.

    In addition, the Company plans to also complete a third-party resource report on the new strategic 512,000-acre concession that is in the process of being acquired and conduct a potential strategic joint venture partnership process.

    The Company has granted the Agents an option, exercisable in whole or in part, at the sole discretion of the Agents, at any time, from time to time, for a period of 30 days from and including the closing of the Offering, to purchase from the Company up to an additional 15% of the Units sold under the Offering, and/or the components thereof, on the same terms and conditions of the Offering to cover over-allotments, if any, and for market stabilization purposes.

    The Offering is expected to close on or about the week of November 13, 2024, or such other date as the Company and the Agents may agree. Closing of the Offering is subject to customary closing conditions, including, but not limited to, the receipt of all necessary regulatory approvals, including the approval of the securities regulatory authorities and the TSX Venture Exchange.

    The Company will file an amended and restated preliminary short form prospectus for up to 58,823,529 Units at the price of $0.17 per Unit for aggregate gross proceeds of up to $10 million (the “Amended and Restated Preliminary Prospectus”) with the securities regulatory authorities in each of the provinces of Canada (other than Québec) amending and restating the preliminary short form prospectus filed on October 21, 2024 setting out the terms of the Offering. The Amended and Restated Preliminary Prospectus will be available on SEDAR+ at www.sedarplus.com. The Units are being offered in each of the provinces of Canada (except Québec) and may be offered in the United States on a private placement basis pursuant to an appropriate exemption from the registration requirements under applicable U.S. law, and outside of Canada and the United States on a private placement or equivalent basis. Prospective investors should read the Amended and Restated Preliminary Prospectus and other documents the Company has filed before making an investment decision.

    This news release does not constitute an offer to sell or a solicitation of an offer to buy any of securities in the United States. The securities have not been and will not be registered under the U.S. Securities Act or any state securities laws and may not be offered or sold within the United States or to U.S. Persons unless registered under the U.S. Securities Act and applicable state securities laws or an exemption from such registration is available.

    About TAG Oil Ltd.

    TAG Oil (http://www.tagoil.com/) is a Canadian based international oil and gas exploration company with a focus on operations and opportunities in the Middle East and North Africa.

    For further information:

    Toby Pierce, Chief Executive Officer
    Phone: 1 604 609 3355

    Email: info@tagoil.com
    Website: http://www.tagoil.com/
    LinkedIn: https://www.linkedin.com/company/tag-oil-ltd
    X: https://twitter.com/tagoilltd

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

    Forward-Looking Statements

    This news release includes certain statements and information that constitute forward-looking information within the meaning of applicable Canadian securities laws. All statements in this news release, other than statements of historical facts are forward-looking statements. Such forward-looking statements and forward-looking information specifically include, but are not limited to, statements that relate to the completion of the Offering and the timing in respect thereof, participation by management of the Company in the Offering, the use of proceeds of the Offering, timely receipt of all necessary approvals, including the approval of the Exchange, the filing of the Amended and Restated Preliminary Prospectus and the proposed completion of a third party resource report.

    Statements contained in this release that are not historical facts are forward-looking statements that involve various risks and uncertainty affecting the business of TAG Oil. Such statements can generally, but not always, be identified by words such as “expects”, “plans”, “anticipates”, “intends”, “estimates”, “forecasts”, “schedules”, “prepares”, “potential” and similar expressions, or that events or conditions “will”, “would”, “may”, “could” or “should” occur. All statements that describe the Company’s plans relating to operations and potential strategic opportunities are forward-looking statements under applicable securities laws. These statements address future events and conditions and are reliant on assumptions made by the Company’s management, and so involve inherent risks and uncertainties, as disclosed in the Company’s periodic filings with Canadian securities regulators. As a result of these risks and uncertainties, and the assumptions underlying the forward-looking information, actual results could materially differ from those currently projected, and there is no representation by TAG Oil that the actual results realized in the future will be the same in whole or in part as those presented herein. TAG Oil disclaims any intent or obligation to update forward-looking statements or information except as required by law. Readers are referred to the additional information regarding TAG Oil’s business contained in TAG Oil’s reports filed with the securities regulatory authorities in Canada. Although the Company has attempted to identify important factors that could cause actual actions, events, or results to differ materially from those described in forward-looking statements, there may be other factors that could cause actions, events or results not to be as anticipated, estimated or intended. For more information on TAG Oil and the risks and challenges of its business, investors should review TAG Oil’s filings that are available at www.sedarplus.ca.

    TAG Oil provides no assurance that forward-looking statements and information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements or information. Accordingly, readers should not place undue reliance on forward-looking statements or information.

    Exploration for hydrocarbons is a speculative venture necessarily involving substantial risk. The Company’s future success in exploiting and increasing its current reserve base will depend on its ability to develop its current properties and on its ability to discover and acquire properties or prospects that are capable of commercial production. However, there is no assurance that the Company’s future exploration and development efforts will result in the discovery or development of additional commercial accumulations of oil and natural gas.

    The MIL Network –

  • MIL-OSI: Nokia Corporation: Repurchase of own shares on 23.10.2024

    Source: GlobeNewswire (MIL-OSI)

    Nokia Corporation
    Stock Exchange Release
    23 October 2024 at 22:30 EET

    Nokia Corporation: Repurchase of own shares on 23.10.2024

    Espoo, Finland – On 23 October 2024 Nokia Corporation (LEI: 549300A0JPRWG1KI7U06) has acquired its own shares (ISIN FI0009000681) as follows:

    Trading venue (MIC Code) Number of shares Weighted average price / share, EUR*
    XHEL 1,334,469 4.34
    CEUX 394,178 4.34
    BATE – –
    AQEU – –
    TQEX – –
    Total 1,728,647 4.34

    * Rounded to two decimals

    On 25 January 2024, Nokia announced that its Board of Directors is initiating a share buyback program to return up to EUR 600 million of cash to shareholders in tranches over a period of two years. The first phase of the share buyback program started on 20 March 2024. On 19 July 2024, Nokia decided to accelerate the share buybacks by increasing the number of shares to be repurchased during the year 2024. The post-increase repurchases in compliance with the Market Abuse Regulation (EU) 596/2014 (MAR), the Commission Delegated Regulation (EU) 2016/1052 and under the authorization granted by Nokia’s Annual General Meeting on 3 April 2024 started on 22 July 2024 and end by 31 December 2024 with a maximum aggregate purchase price of EUR 600 million for all purchases during 2024.

    Total cost of transactions executed on 23 October 2024 was EUR 7,504,921. After the disclosed transactions, Nokia Corporation holds 181,887,229 treasury shares.

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

    On behalf of Nokia Corporation

    BofA Securities Europe SA

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

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

    Service providers, enterprises and partners worldwide trust Nokia to deliver secure, reliable and sustainable networks today – and work with us to create the digital services and applications of the future.

    Inquiries:

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

    Nokia Investor Relations
    Phone: +358 40 803 4080
    Email: investor.relations@nokia.com

    Attachment

    The MIL Network –

  • MIL-OSI: Greenway Technologies Announces Gas to Hydrogen System H-Reformer®

    Source: GlobeNewswire (MIL-OSI)

    ARLINGTON, Texas, Oct. 23, 2024 (GLOBE NEWSWIRE) — Greenway Technologies, Inc. (OTC: GWTI), (“Greenway”), is an advanced gas-to-liquids (“GTL”) and gas-to-hydrogen (“GTH”) technology development company. Greenway has developed and marketed a patented system, the G-Reformer®, that converts natural gas (methane) from various sources to a mixture of hydrogen and carbon monoxide (syngas). Continued ongoing research has developed a new version of the G-Reformer®, named the “H-Reformer®,” which converts natural gas to hydrogen and carbon dioxide. The H-Reformer® system is modular and small enough to be deployed in areas close to consumption, eliminating the cost of compressing and transporting the resultant hydrogen while separating and removing created carbon dioxide.

    Two significant changes have been made to the original G-Reformer® to make a reforming system focused on hydrogen creation rather than syngas creation. First, enhancements to the controlling software have modified the G-Reformer® to convert approximately 50% of the created carbon monoxide to carbon dioxide while also producing additional hydrogen. The H-Reformer® also includes an extension to the reforming vessel used in the G-Reformer®. This module will house the physical components needed to convert the remaining carbon monoxide to hydrogen and carbon dioxide within the reforming unit. The result is the generation of considerably more hydrogen per unit of natural gas input than the original G-Reformer® produces and high conversion of carbon monoxide to carbon dioxide. Carbon dioxide is externally separated from resultant hydrogen by commercially available processes, yielding highly pure hydrogen and liquid carbon dioxide, which will be removed, sold, or sequestered. This new reforming system is named the H-Reformer®.

    Created hydrogen will be available for use at the point of manufacture. Hydrogen compression or liquefaction costs are also eliminated for applications that do not need compressed hydrogen (e.g., electrical power generation). In cases where compressed hydrogen is required, the hydrogen can undergo the compression process at the consumption site while eliminating hydrogen transportation.

    Unlike other natural gas-to-hydrogen technologies, the Greenway reforming process does not require external heating sources, resulting in a highly efficient and lower carbon-generating process. When pipeline-quality fossil natural gas is the input, the system will make “blue hydrogen.” When renewable pipeline-quality methane is the input, the system will make “green hydrogen.” These distinctions are important for associated clean air credits, which depend on the input natural gas source and the resultant carbon’s disposition.

    The Greenway system is modular and can be scaled by adding additional H-Reformer® modules. The system produces hydrogen at an extremely low cost per unit compared to other technologies.

    Currently, Greenway is in discussions with several prospective parties interested in creating hydrogen for various potential uses.

    Notice Regarding Forward-Looking Statements:

    This news release contains “forward-looking statements,” as that term is defined in Section 27A of the United States Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Statements in this news release which are not purely historical are forward-looking statements and include any statements regarding beliefs, plans, expectations or intentions regarding the future. Such forward-looking statements include, among other things, the ongoing effects of the pandemic on delays and orders regarding Greenway’s proprietary gas-to-liquids system, potential business developments and future interest in our clean fuel technologies.

    Actual results could differ from those projected in any forward-looking statements due to numerous factors. Such factors include, among others, general economic and political conditions, the continuation of the JV withThe University of Texas at Arlington, and the ongoing impact of the pandemic. These forward-looking statements are made as of the date of this news release, and we assume no obligation to update the forward-looking statements, or to update the reasons why actual results could differ from those projected in the forward-looking statements. Although we believe that the beliefs, plans, expectations and intentions contained in this news release are reasonable, there can be no assurance that such beliefs, plans, expectations or intentions will prove to be accurate. Investors should consult all the information set forth herein and should also refer to the risk factors disclosure outlined in our annual report on Form 10-K for the most recent fiscal year, our quarterly reports on Form 10-Q and other periodic reports filed from time-to-time with the Securities and Exchange Commission.

    CONTACT:
    Robert Kevin Jones
    Greenway Technologies, Inc.
    kevin.jones@gwtechinc.com

    For more information, visit GWTI’s website: www.gwtechinc.com

    The MIL Network –

  • MIL-OSI: Hanover Bancorp, Inc. Reports Third Quarter 2024 Results and Declares $0.10 Quarterly Cash Dividend

    Source: GlobeNewswire (MIL-OSI)

    Third Quarter Performance Highlights

    • Net Income: Net income for the quarter ended September 30, 2024 totaled $3.5 million or $0.48 per diluted share (including Series A preferred shares). Adjusted (non-GAAP) net income (excluding severance and retirement expenses) was $3.7 million or $0.50 per diluted share for the quarter ended September 30, 2024.
    • Record Non-interest Income: The Company reported record non-interest income of $4.0 million for the quarter ended September 30, 2024, an increase of $0.3 million or 9.17% from the quarter ended June 30, 2024 and $0.2 million or 6.66% from the quarter ended September 30, 2023.
    • Net Interest Income: Net interest income was $13.1 million for the quarter ended September 30, 2024, an increase of $1.3 million, or 11.04% from the September 30, 2023 quarter.
    • Net Interest Margin: The Company’s net interest margin during the quarter ended September 30, 2024 increased to 2.37% from 2.29% in the quarter ended September 30, 2023.
    • Strong Liquidity Position: At September 30, 2024, undrawn liquidity sources, which include cash and unencumbered securities and secured and unsecured funding capacity, totaled $637.1 million or approximately 240% of uninsured deposit balances.
    • Deposit Activity: Core deposits, consisting of Demand, NOW, Savings and Money Market, increased $71.0 million or 5.14% from December 31, 2023. Total deposits increased $52.9 million or 2.78% from December 31, 2023. Insured and collateralized deposits, which include municipal deposits, accounted for approximately 86% of total deposits at September 30, 2024.
    • Loan Growth: Loans totaled $2.01 billion, a net increase of $48.6 million or 3.31% annualized, from December 31, 2023. The Company’s commercial real estate concentration ratio continued to improve, decreasing to 397% of capital at September 30, 2024 from 432% of capital at December 31, 2023 and 448% of capital at September 30, 2023. The Company continues to focus loan growth primarily in residential loan products originated for sale to specific buyers in the secondary market, C&I and SBA loans, which strategically enhances our management of liquidity and capital while producing additional non-interest income.
    • Asset Quality: At September 30, 2024, the Bank’s asset quality remained solid with non-performing loans totaling $15.5 million, representing 0.77% of the total loan portfolio, and the allowance for credit losses equaling 1.17% of total loans. Loans secured by office space accounted for 2.27% of the total loan portfolio with a total balance of $45.5 million, of which less than 1% is located in Manhattan.
    • Banking Initiatives: At September 30, 2024, the Company’s banking initiatives reflected continuing momentum:
      • SBA & USDA Banking: Gains on sale of SBA loans totaled $2.4 million for the quarter ended September 30, 2024, representing a 63.83% increase over the comparable 2023 quarter. Total SBA loans sold were $27.1 million for the quarter ended September 30, 2024, representing a 47.00% increase over the comparable 2023 quarter. Premiums earned on the sale of SBA loans increased to 9.59% for the quarter ended September 30, 2024 from 8.66% for the quarter ended September 30, 2023.
      • C&I Banking/Hauppauge Business Banking Center: The C&I Banking Team and the Hauppauge Business Banking Center increased deposits to $96.0 million as of September 30, 2024 from $36.1 million at September 30, 2023. Loan originations tied to this office were $8 million during the quarter. Momentum continues to build with current deposits of $105 million and deposit and C&I loan pipelines related to this office of $43 million and $104 million, respectively.
      • Residential Lending: The Bank continues to originate loans for its portfolio while developing the flow origination program launched in late 2023. Of the $27.3 million in closed loans originated in the quarter ended September 30, 2024, $7.4 million were originated for the Bank’s portfolio and reflected a weighted average yield of 7.59% before origination and other fees, which average 50-100 bps per loan, and a weighted average LTV of 61%.
    • Tangible Book Value Per Share: Tangible book value per share (including Series A preferred shares) was $23.28 at September 30, 2024 compared to $22.51 at December 31, 2023.  
    • Quarterly Cash Dividend: The Company’s Board of Directors approved a $0.10 per share cash dividend on both common and Series A preferred shares payable on November 13, 2024 to stockholders of record on November 6, 2024.
    • Port Jefferson Branch: The Company has received regulatory approval for the opening of a full-service branch in Port Jefferson, New York. Business development staff have already joined the Company in anticipation of the opening of this location. The Bank expects this site to be fully operational in the first quarter of 2025.

    MINEOLA, N.Y., Oct. 23, 2024 (GLOBE NEWSWIRE) — Hanover Bancorp, Inc. (“Hanover” or “the Company” – NASDAQ: HNVR), the holding company for Hanover Community Bank (“the Bank”), today reported results for the quarter ended September 30, 2024 and the declaration of a $0.10 per share cash dividend on both common and Series A preferred shares payable on November 13, 2024 to stockholders of record on November 6, 2024.

    Earnings Summary for the Quarter Ended September 30, 2024

    The Company reported net income for each of the quarters ended September 30, 2024 and 2023 of $3.5 million or $0.48 per diluted share (including Series A preferred shares). The Company recorded adjusted (non-GAAP) net income (excluding severance and retirement expenses) of $3.7 million or $0.50 per diluted share in the quarter ended September 30, 2024, versus adjusted (non-GAAP) net income (excluding a litigation settlement payment) of $2.8 million or $0.38 per diluted share in the comparable 2023 quarter. Returns on average assets, average stockholders’ equity and average tangible equity were 0.62%, 7.35% and 8.19%, respectively, for the quarter ended September 30, 2024, versus 0.66%, 7.58% and 8.47%, respectively, for the comparable quarter of 2023.   Adjusted (non-GAAP) returns, exclusive of severance and retirement expenses on average assets, average stockholders’ equity and average tangible equity were 0.65%, 7.69% and 8.56%, respectively, in the quarter ended September 30, 2024, versus 0.53%, 6.00% and 6.71%, respectively, in the comparable 2023 quarter, exclusive of a litigation settlement payment.

    While net interest income and non-interest income increased during the quarter ended September 30, 2024 compared to the September 30, 2023 quarter, this was offset by an increase in non-interest expenses, particularly compensation and benefits, resulting in flat earnings between these periods.   The increase in non-interest income is primarily related to the increase in the gain on sale of loans held-for-sale which was partially offset by a decrease in other operating income. In the September 30, 2023 quarter, the Company settled ongoing litigation and received a settlement payment of $975 thousand which was recorded in other operating income. Included in compensation and benefits expense in the third quarter of 2024 was expense related to additional staff for the SBA, C&I Banking and Operations teams and severance payments in August 2024 paid in connection with a loan personnel restructuring initiative. These expenses were offset by lower incentive compensation expense resulting from reduced projected lending activity and lower deferred loan origination costs.

    Net interest income was $13.1 million for the quarter ended September 30, 2024, an increase of $1.3 million, or 11.04%, versus the comparable 2023 quarter due to improvement of the Company’s net interest margin to 2.37% in the 2024 quarter from 2.29% in the comparable 2023 quarter. The yield on interest earning assets increased to 6.17% in the 2024 quarter from 5.61% in the comparable 2023 quarter, an increase of 56 basis points that was partially offset by a 58 basis point increase in the cost of interest-bearing liabilities to 4.53% in 2024 from 3.95% in the third quarter of 2023.

    Earnings Summary for the Nine Months Ended September 30, 2024

    For the nine months ended September 30, 2024, the Company reported net income of $8.4 million or $1.14 per diluted share (including Series A preferred shares), versus $9.8 million or $1.33 per diluted share (including Series A preferred shares) in the comparable 2023 nine-month period.   The Company recorded adjusted (non-GAAP) net income (excluding severance and retirement expenses) of $8.6 million or $1.16 per diluted share for the nine months ended September 30, 2024, versus adjusted (non-GAAP) net income (excluding severance and retirement expenses and a litigation settlement payment) of $9.4 million or $1.27 per diluted share in the comparable 2023 nine-month period.

    The decrease in net income recorded for the nine months ended September 30, 2024 from the comparable 2023 period resulted from an increase in the provision for credit losses and an increase in non-interest expense, which were partially offset by an increase in non-interest income, consisting primarily of gain on sale of loans held-for-sale. The increase in non-interest expense was primarily attributed to additional staff for the SBA, C&I Banking and Operations teams.   The Company’s effective tax rate decreased to 24.50% for the nine months ended September 30, 2024 from 26.03% in the comparable 2023 period.

    Net interest income was $39.3 million for the nine months ended September 30, 2024, a slight increase of $0.1 million, or 0.14% from the comparable 2023 period. The Company’s net interest margin was 2.41% in the 2024 period and 2.65% in the comparable 2023 period. The yield on interest earning assets increased to 6.14% in the 2024 period from 5.58% in the comparable 2023 period, an increase of 56 basis points that was offset by a 95 basis point increase in the cost of interest-bearing liabilities to 4.45% in 2024 from 3.50% in the comparable 2023 period due to the rapid and significant rise in interest rates.

    Michael P. Puorro, Chairman and Chief Executive Officer, commented on the Company’s quarterly results: “We are pleased with third-quarter results, which reflect the benefits of our diversified revenue streams. Strategic expansion of our C&I banking and government guaranteed lending initiatives continue to deliver sustained results. The success of our Hauppauge Business Banking Center over the last 16 months has yielded exceptional results as evidenced by over $100 million in deposits. Our investment in diversifying our residential lending activities from portfolio originations to including flow originations is gaining momentum. The continued decline in interest rates forecast by many economists is expected to provide sustained net interest margin expansion over the near term, having an anticipated positive impact on earnings. We believe these factors, coupled with our commitment to efficiency across our organization, position us for continued growth and opportunity, particularly in a market with continued consolidation. We continue to strategically seek opportunities to recruit talent and expand our footprint in the underserved Long Island community and wider New York City markets.”

    Balance Sheet Highlights

    Total assets at September 30, 2024 were $2.33 billion versus $2.27 billion at December 31, 2023. Total securities available for sale at September 30, 2024 were $98.4 million, an increase of $36.9 million from December 31, 2023, primarily driven by growth in U.S. Treasury securities, corporate bonds and mortgage-backed securities.

    Total deposits at September 30, 2024 were $1.96 billion, an increase of $52.9 million or 2.78%, compared to $1.90 billion at December 31, 2023. Our loan to deposit ratio was 102% at September 30, 2024 and 103% at December 31, 2023.

    Although core deposits, comprised of Demand, NOW, Savings and Money Market, grew to $1.45 billion as of September 30, 2024 from $1.38 billion as of December 31, 2023, Demand deposit balances decreased from $207.8 million to $206.3 million during the same period. This decrease was confined to deposits made by residential loan borrowers in anticipation of residential loan closings. These funds comprise the equity residential borrowers are required to contribute to residential loan closings. The volume of these deposits rise and fall in proportion to the volume of anticipated residential loan closings. As the pace of residential lending increases, the volume of Demand deposits will increase accordingly. Demand deposits, net of balances related to residential loan closings, grew to $181.8 million as of September 30, 2024 from $166.4 million as of December 31, 2023, an increase of 9.28%, underscoring the continued success of our C&I Banking vertical.

    The Company had $366.2 million in total municipal deposits at September 30, 2024, at a weighted average rate of 4.24% versus $528.1 million at a weighted average rate of 4.62% at December 31, 2023. The Company’s municipal deposit program is built on long-standing relationships developed in the local marketplace. This core deposit business will continue to provide a stable source of funding for the Company’s lending products at costs lower than those of consumer deposits and market-based borrowings.   The Company continues to broaden its municipal deposit base and currently services 39 customer relationships.

    Total borrowings at September 30, 2024 were $125.8 million, with a weighted average rate and term of 4.25% and 22 months, respectively. At September 30, 2024 and December 31, 2023, the Company had $107.8 million and $126.7 million, respectively, of term FHLB advances outstanding. The Company had $18.0 million of FHLB overnight borrowings outstanding at September 30, 2024 and none at December 31, 2023. At September 30, 2024 and December 31, 2023, the Company’s borrowings from the Federal Reserve’s Paycheck Protection Program Liquidity Facility (“PPPLF”) were $0 and $2.3 million, respectively.   The Company had no borrowings outstanding under lines of credit with correspondent banks at September 30, 2024 and December 31, 2023.   The Company utilizes a number of strategies to manage interest rate risk, including interest rate swap agreements which currently provide a benefit to net interest income.

    Stockholders’ equity was $192.3 million at September 30, 2024 compared to $184.8 million at December 31, 2023. The $7.5 million increase was primarily due to an increase of $6.2 million in retained earnings and a decrease of $0.3 million in accumulated other comprehensive loss. The increase in retained earnings was due primarily to net income of $8.4 million for the nine months ended September 30, 2024, which was offset by $2.2 million of dividends declared. The accumulated other comprehensive loss at September 30, 2024 was 1.10% of total equity and was comprised of a $1.0 million after tax net unrealized loss on the investment portfolio and a $1.1 million after tax net unrealized loss on derivatives.

    Loan Portfolio

    For the nine months ended September 30, 2024, the Bank’s loan portfolio grew to $2.01 billion, for an increase of $48.6 million or 3.31% annualized. Growth was concentrated primarily in residential, SBA and C&I loans. At September 30, 2024, the Company’s residential loan portfolio (including home equity) amounted to $745.9 million, with an average loan balance of $483 thousand and a weighted average loan-to-value ratio of 57%. Commercial real estate and multifamily loans totaled $1.09 billion at September 30, 2024, with an average loan balance of $1.5 million and a weighted average loan-to-value ratio of 59%. As will be discussed below, only approximately 37% of the multifamily portfolio is subject to rent regulation. The Company’s commercial real estate concentration ratio continued to improve, decreasing to 397% of capital at September 30, 2024 from 432% of capital at December 31, 2023, with loans secured by office space accounting for 2.27% of the total loan portfolio and totaling $45.5 million. The Company’s loan pipeline with executed term sheets at September 30, 2024 is approximately $142 million, with approximately 97% being niche-residential, conventional C&I and SBA and USDA lending opportunities.  

    Historically, the Bank generated additional income by strategically originating and selling residential and government guaranteed loans to other financial institutions at premiums, while also retaining servicing rights in some sales. However, with the rapid increases in interest rates in recent years, the appetite among the Bank’s purchasers of residential loans for acquiring pools of loans declined, eliminating the Bank’s ability to sell residential loans in its portfolio on desirable terms. Commencing in late 2023, the Bank initiated development of a flow origination program under which the Bank originates individual loans for sale to specific buyers, thereby positioning the Bank to resume residential loan sales and generate fee income to complement sale premiums earned from the sale of the guaranteed portion of SBA loans. During the quarter ended September 30, 2024, the Company sold $16.5 million of residential loans under this program and recorded gains on sale of loans held-for-sale of $0.4 million. We expect the volume of activity to increase as the year progresses and our flow pipeline continues to build. Because we continue to prioritize the management of liquidity and capital, new business development is largely focused on flow originations over portfolio growth.

    The Bank’s investment in government guaranteed lending continues to yield results. During the quarters ended September 30, 2024 and 2023, the Company sold approximately $27.1 million and $18.4 million, respectively, in the government guaranteed portion of SBA loans and recorded gains on sale of loans held-for-sale of $2.4 million and $1.5 million, respectively.

    Commercial Real Estate Statistics

    A significant portion of the Bank’s commercial real estate portfolio consists of loans secured by Multi-Family and CRE-Investor owned real estate that are predominantly subject to fixed interest rates for an initial period of 5 years. The Bank’s exposure to Land/Construction loans is minor at $9.5 million, all at floating interest rates, and CRE-owner occupied loans have a sizable mix of floating rates. As shown below, these two portfolios have only 11% combined of loans maturing through the balance of 2024 and 2025, with 55% maturing in 2027 alone.

    Multi-Family Market Rent Portfolio Fixed Rate Reset/Maturity Schedule   Multi-Family Stabilized Rent Portfolio Fixed Rate Reset/Maturity Schedule
    Calendar Period
    (loan data as of
    9/30/24)    		   #
    Loans    		   Total O/S
    ($000’s
    omitted)    		   Avg O/S
    ($000’s
    omitted)    		   Avg Interest
    Rate    		   Calendar Period
    (loan data as of
    9/30/24)    		   #
    Loans    		   Total O/S
    ($000’s
    omitted)    		   Avg O/S
    ($000’s
    omitted)    		   Avg Interest
    Rate
                                                     
    2024   3   $ 1,861   $ 620   7.07 %   2024   4   $ 4,014   $ 1,004   5.43 %
    2025   9     15,977     1,775   4.16 %   2025   14     19,438     1,388   4.57 %
    2026   36     119,170     3,310   3.66 %   2026   20     43,147     2,157   3.67 %
    2027   72     178,368     2,477   4.31 %   2027   53     125,417     2,366   4.22 %
    2028   18     29,980     1,666   6.16 %   2028   11     9,966     906   7.12 %
    2029+   8     5,647     706   7.32 %   2029+   5     2,326     465   6.40 %
    Fixed Rate   146     351,003     2,404   4.30 %   Fixed Rate   107     204,308     1,909   4.33 %
    Floating Rate   3     457     152   9.56 %   Floating Rate   1     1,804     1,804   6.25 %
    Total   149   $ 351,460   $ 2,359   4.32 %   Total   108   $ 206,112   $ 1,908   4.34 %
    CRE Investor Portfolio Fixed Rate Reset/Maturity Schedule
    Calendar Period
    (loan data as of
    9/30/24)    		   #
    Loans    		   Total O/S
    ($000’s omitted)    		   Avg O/S
    ($000’s omitted)    		   Avg Interest
    Rate
                           
    2024   18   $ 30,965   $ 1,720   5.56 %
    2025   27     18,259     676   5.11 %
    2026   33     45,806     1,388   4.85 %
    2027   87     149,261     1,716   4.75 %
    2028   32     32,826     1,026   6.65 %
    2029+   16     6,519     407   6.15 %
    Fixed Rate   213     283,636     1,332   5.13 %
    Floating Rate   3     12,368     4,123   8.80 %
    Total CRE-Inv.   216   $ 296,004   $ 1,370   5.28 %


    Rental breakdown of Multi-Family portfolio

    The table below segments our portfolio of loans secured by Multi-Family properties based on rental terms and location. As shown below, 63% of the combined portfolio is secured by properties subject to free market rental terms, the dominant tenant type, and both the Market Rent and Stabilized Rent segments of our portfolio present very similar average borrower profiles. The portfolio is primarily located in the New York City boroughs of Brooklyn, the Bronx and Queens. 

    Multi-Family Loan Portfolio – Loans by Rent Type
    Rent Type   # of Notes   Outstanding
    Loan Balance    		   % of Total
    Multi-Family    		   Avg Loan
    Size    		   LTV   Current
    DSCR    		   Avg #
    of Units
            ($000’s omitted)         ($000’s omitted)              
                                         
    Market   149   $ 351,460   63 % $ 2,359   61.8 % 1.40   11
    Location                                    
    Manhattan   7   $ 17,911   3 % $ 2,559   52.0 % 1.63   15
    Other NYC   94   $ 246,140   44 % $ 2,619   61.5 % 1.39   10
    Outside NYC   48   $ 87,409   16 % $ 1,821   64.8 % 1.40   12
                                         
    Stabilized   108   $ 206,112   37 % $ 1,908   63.1 % 1.38   11
    Location                                    
    Manhattan   7   $ 10,892   2 % $ 1,556   53.5 % 1.49   15
    Other NYC   89   $ 176,115   32 % $ 1,979   63.5 % 1.38   11
    Outside NYC   12   $ 19,105   3 % $ 1,592   64.7 % 1.40   16


    Office Property Exposure

    The Bank’s exposure to the Office market is minor at $45 million (2% of all loans), has a 1.8x weighted average DSCR, a 54% weighted average LTV and less than $400 thousand of exposure in Manhattan. The portfolio has no delinquencies, defaults or modifications.

    Asset Quality and Allowance for Credit Losses

    The Bank’s asset quality ratios remain solid. At September 30, 2024, the Company reported $15.5 million in non-performing loans which represented 0.77% of total loans outstanding. Non-performing loans were $14.5 million at December 31, 2023 and $15.8 million at June 30, 2024.

    During the third quarter of 2024, the Bank recorded a provision for credit losses expense of $0.2 million. The September 30, 2024, allowance for credit losses balance was $23.4 million versus $19.7 million at December 31, 2023 and $23.6 million at June 30, 2024. The allowance for credit losses as a percent of total loans was 1.17% at September 30 and June 30, 2024, inclusive of a $2.5 million allowance on an individually analyzed loan, versus 1.00% at December 31, 2023, which does not include the aforementioned $2.5 million allowance.  

    Net Interest Margin

    The Bank’s net interest margin increased to 2.37% for the quarter ended September 30, 2024 from 2.29% in the quarter ended September 30, 2023. The increase from the prior year quarter was primarily related to the increase in the average yield on loans, partially offset by the increase in the average total cost of funds. The Bank’s net interest margin was 2.46% in the quarter ended June 30, 2024, inclusive of $321 thousand or 6 bps related to an interest recovery on the sale of a non-performing loan. There were no such recoveries in the current quarter. Further, contributing to the decrease from the prior linked quarter was an increase in the total cost of interest-bearing deposits primarily related to the delayed timing of the Fed rate cut and our decision to ensure deposit retention via shorter duration products. Despite the linked quarter margin compression, we believe the Company is well positioned for the current or more favorable interest rate environments.

    About Hanover Community Bank and Hanover Bancorp, Inc.

    Hanover Bancorp, Inc. (NASDAQ: HNVR), is the bank holding company for Hanover Community Bank, a community commercial bank focusing on highly personalized and efficient services and products responsive to client needs. Management and the Board of Directors are comprised of a select group of successful local businesspeople who are committed to the success of the Bank by knowing and understanding the metro-New York area’s financial needs and opportunities. Backed by state-of-the-art technology, Hanover offers a full range of financial services. Hanover offers a complete suite of consumer, commercial, and municipal banking products and services, including multi-family and commercial mortgages, residential loans, business loans and lines of credit. Hanover also offers its customers access to 24-hour ATM service with no fees attached, free checking with interest, telephone banking, advanced technologies in mobile and internet banking for our consumer and business customers, safe deposit boxes and much more. The Company’s corporate administrative office is located in Mineola, New York where it also operates a full-service branch office along with additional branch locations in Garden City Park, Hauppauge, Forest Hills, Flushing, Sunset Park, Rockefeller Center and Chinatown, New York, and Freehold, New Jersey, with a new branch opening in Port Jefferson, New York in the first quarter of 2025.

    Hanover Community Bank is a member of the Federal Deposit Insurance Corporation and is an Equal Housing/Equal Opportunity Lender. For further information, call (516) 548-8500 or visit the Bank’s website at www.hanoverbank.com.

    Non-GAAP Disclosure

    This discussion, including the financial statements attached thereto, includes non-GAAP financial measures which include the Company’s adjusted net income, adjusted basic and diluted earnings per share, adjusted return on average assets, adjusted return on average equity, tangible common equity (“TCE”) ratio, TCE, tangible assets, tangible book value per share, return on average tangible equity and efficiency ratio. A non-GAAP financial measure is a numerical measure of historical or future performance, financial position or cash flows that excludes or includes amounts that are required to be disclosed in the most directly comparable measure calculated and presented in accordance with generally accepted accounting principles in the United States (“U.S. GAAP”). The Company’s management believes that the presentation of non-GAAP financial measures provides both management and investors with a greater understanding of the Company’s operating results and trends in addition to the results measured in accordance with GAAP, and provides greater comparability across time periods. While management uses non-GAAP financial measures in its analysis of the Company’s performance, this information is not meant to be considered in isolation or as a substitute for the numbers prepared in accordance with U.S. GAAP or considered to be more important than financial results determined in accordance with U.S. GAAP. The Company’s non-GAAP financial measures may not be comparable to similarly titled measures used by other financial institutions.

    With respect to the calculations of and reconciliations of adjusted net income, TCE, tangible assets, TCE ratio and tangible book value per share, reconciliations to the most comparable U.S. GAAP measures are provided in the tables that follow.

    Forward-Looking Statements

    This release may contain certain “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995 and may be identified by the use of such words as “may,” “believe,” “expect,” “anticipate,” “should,” “plan,” “estimate,” “predict,” “continue,” and “potential” or the negative of these terms or other comparable terminology. Examples of forward-looking statements include, but are not limited to, estimates with respect to the financial condition, results of operations and business of Hanover Bancorp, Inc. Any or all of the forward-looking statements in this release and in any other public statements made by Hanover Bancorp, Inc. may turn out to be incorrect. They can be affected by inaccurate assumptions that Hanover Bancorp, Inc. might make or by known or unknown risks and uncertainties, including those discussed in our Annual Report on Form 10-K under Item 1A – Risk Factors, as updated by our subsequent filings with the Securities and Exchange Commission. Further, the adverse effect of health emergencies or natural disasters on the Company, its customers, and the communities where it operates may adversely affect the Company’s business, results of operations and financial condition for an indefinite period of time. Consequently, no forward-looking statement can be guaranteed. Hanover Bancorp, Inc. does not intend to update any of the forward-looking statements after the date of this release or to conform these statements to actual events.

    HANOVER BANCORP, INC.
    STATEMENTS OF CONDITION (unaudited)
    (dollars in thousands)
                 
        September 30,   June 30,   December 31,
          2024       2024       2023  
    Assets            
    Cash and cash equivalents $ 141,231     $ 141,115     $ 177,207  
    Securities-available for sale, at fair value   98,359       98,813       61,419  
    Investments-held to maturity   3,828       3,902       4,041  
    Loans held for sale   16,721       11,615       8,904  
                 
    Loans, net of deferred loan fees and costs   2,005,813       2,012,954       1,957,199  
    Less: allowance for credit losses   (23,406 )     (23,644 )     (19,658 )
    Loans, net   1,982,407       1,989,310       1,937,541  
                 
    Goodwill     19,168       19,168       19,168  
    Premises & fixed assets   16,373       16,541       15,886  
    Operating lease assets   8,776       9,210       9,754  
    Other assets   40,951       41,424       36,140  
      Assets $ 2,327,814     $ 2,331,098     $ 2,270,060  
                 
    Liabilities and stockholders’ equity          
    Core deposits $ 1,453,444     $ 1,477,824     $ 1,382,397  
    Time deposits   504,100       464,105       522,198  
    Total deposits   1,957,544       1,941,929       1,904,595  
                 
    Borrowings   125,805       148,953       128,953  
    Subordinated debentures   24,675       24,662       24,635  
    Operating lease liabilities   9,472       9,911       10,459  
    Other liabilities   17,979       15,571       16,588  
      Liabilities   2,135,475       2,141,026       2,085,230  
                 
    Stockholders’ equity   192,339       190,072       184,830  
      Liabilities and stockholders’ equity $ 2,327,814     $ 2,331,098     $ 2,270,060  
    HANOVER BANCORP, INC.
    CONSOLIDATED STATEMENTS OF INCOME (unaudited)
    (dollars in thousands, except per share data)
                       
        Three Months Ended   Nine Months Ended  
        9/30/2024   9/30/2023   9/30/2024   9/30/2023  
                       
    Interest income $ 34,113   $ 28,952   $ 99,965   $ 82,471  
    Interest expense   21,011     17,153     60,681     43,243  
      Net interest income   13,102     11,799     39,284     39,228  
    Provision for credit losses (1)   200     500     4,540     1,932  
      Net interest income after provision for credit losses   12,902     11,299     34,744     37,296  
                       
    Loan servicing and fee income   960     681     2,709     2,031  
    Service charges on deposit accounts   123     75     333     212  
    Gain on sale of loans held-for-sale   2,834     1,468     7,926     3,515  
    Gain on sale of investments   –     –     4     –  
    Other operating income   37     1,483     180     1,679  
      Non-interest income   3,954     3,707     11,152     7,437  
                       
    Compensation and benefits   6,840     5,351     18,901     16,320  
    Occupancy and equipment   1,799     1,758     5,412     4,882  
    Data processing   547     516     1,560     1,533  
    Professional fees   762     800     2,297     2,462  
    Federal deposit insurance premiums   360     386     1,043     1,101  
    Other operating expenses   1,930     1,506     5,499     5,152  
      Non-interest expense   12,238     10,317     34,712     31,450  
                       
      Income before income taxes   4,618     4,689     11,184     13,283  
    Income tax expense   1,079     1,166     2,740     3,457  
                       
      Net income $ 3,539   $ 3,523   $ 8,444   $ 9,826  
                       
    Earnings per share (“EPS”):(2)                
    Basic $ 0.48   $ 0.48   $ 1.14   $ 1.34  
    Diluted $ 0.48   $ 0.48   $ 1.14   $ 1.33  
                       
    Average shares outstanding for basic EPS (2)(3)   7,411,064     7,327,345     7,395,758     7,327,836  
    Average shares outstanding for diluted EPS (2)(3)   7,436,068     7,407,483     7,420,415     7,407,954  
                       
    (1) CECL was adopted effective 10/1/23. Prior periods were based on the incurred loss methodology.
    (2) Calculation includes common stock and Series A preferred stock.
    (3) Average shares outstanding before subtracting participating securities.
                       
    Note: Prior period information has been adjusted to conform to current period presentation.
    HANOVER BANCORP, INC.
    CONSOLIDATED STATEMENTS OF INCOME (unaudited)
    QUARTERLY TREND
    (dollars in thousands, except per share data)
                         
        Three Months Ended
        9/30/2024   6/30/2024   3/31/2024   12/31/2023   9/30/2023
                         
    Interest income $ 34,113   $ 33,420   $ 32,432   $ 31,155   $ 28,952
    Interest expense   21,011     20,173     19,497     18,496     17,153
      Net interest income   13,102     13,247     12,935     12,659     11,799
    Provision for credit losses (1)   200     4,040     300     200     500
      Net interest income after provision for credit losses   12,902     9,207     12,635     12,459     11,299
                         
    Loan servicing and fee income   960     836     913     778     681
    Service charges on deposit accounts   123     114     96     85     75
    Gain on sale of loans held-for-sale   2,834     2,586     2,506     2,326     1,468
    Gain on sale of investments   –     4     –     –     –
    Other operating income   37     82     61     65     1,483
      Non-interest income   3,954     3,622     3,576     3,254     3,707
                         
    Compensation and benefits   6,840     6,499     5,562     5,242     5,351
    Occupancy and equipment   1,799     1,843     1,770     1,746     1,758
    Data processing   547     495     518     530     516
    Professional fees   762     717     818     729     800
    Federal deposit insurance premiums   360     365     318     375     386
    Other operating expenses   1,930     1,751     1,818     2,048     1,506
      Non-interest expense   12,238     11,670     10,804     10,670     10,317
                         
      Income before income taxes   4,618     1,159     5,407     5,043     4,689
    Income tax expense   1,079     315     1,346     1,280     1,166
                         
      Net income $ 3,539   $ 844   $ 4,061   $ 3,763   $ 3,523
                         
    Earnings per share (“EPS”):(2)                  
    Basic $ 0.48   $ 0.11   $ 0.55   $ 0.51   $ 0.48
    Diluted $ 0.48   $ 0.11   $ 0.55   $ 0.51   $ 0.48
                         
    Average shares outstanding for basic EPS (2)(3)   7,411,064     7,399,816     7,376,227     7,324,133     7,327,345
    Average shares outstanding for diluted EPS (2)(3)   7,436,068     7,449,110     7,420,926     7,383,529     7,407,483
                         
    (1) CECL was adopted effective 10/1/23. Prior periods were based on the incurred loss methodology.
    (2) Calculation includes common stock and Series A preferred stock.
    (3) Average shares outstanding before subtracting participating securities.
                         
    Note: Prior period information has been adjusted to conform to current period presentation.
    HANOVER BANCORP, INC.
    CONSOLIDATED NON-GAAP FINANCIAL INFORMATION (1)(unaudited)
    (dollars in thousands, except per share data)
                   
      Three Months Ended   Nine Months Ended
      9/30/2024   9/30/2023   9/30/2024   9/30/2023
                   
    ADJUSTED NET INCOME:              
    Net income, as reported $ 3,539     $ 3,523     $ 8,444     $ 9,826  
    Adjustments:              
    Litigation settlement payment   –       (975 )     –       (975 )
    Severance and retirement expenses   219       –       219       456  
    Total adjustments, before income taxes   219       (975 )     219       (519 )
    Adjustment for reported effective income tax rate   55       (243 )     55       (138 )
    Total adjustments, after income taxes   164       (732 )     164       (381 )
    Adjusted net income $ 3,703     $ 2,791     $ 8,608     $ 9,445  
    Basic earnings per share – adjusted $ 0.50     $ 0.38     $ 1.16     $ 1.29  
    Diluted earnings per share – adjusted $ 0.50     $ 0.38     $ 1.16     $ 1.27  
                   
    ADJUSTED OPERATING EFFICIENCY RATIO(2):              
    Operating efficiency ratio, as reported   71.75 %     66.53 %     68.83 %     67.39 %
    Adjustments:              
    Litigation settlement payment   0.00 %     4.47 %     0.00 %     1.44 %
    Severance and retirement expenses   -1.28 %     0.00 %     -0.43 %     -0.98 %
    Adjusted operating efficiency ratio   70.47 %     71.00 %     68.40 %     67.85 %
                   
    ADJUSTED RETURN ON AVERAGE ASSETS   0.65 %     0.53 %     0.51 %     0.62 %
    ADJUSTED RETURN ON AVERAGE EQUITY   7.69 %     6.00 %     6.04 %     6.93 %
    ADJUSTED RETURN ON AVERAGE TANGIBLE EQUITY   8.56 %     6.71 %     6.73 %     7.77 %
                   
    (1)  A non-GAAP financial measure is a numerical measure of historical or future financial performance, financial position or cash flows that excludes or includes amounts that are required to be disclosed in the most directly comparable measure calculated and presented in accordance with generally accepted accounting principles in the United States (“U.S. GAAP”). The Company’s management believes the presentation of non-GAAP financial measures provide investors with a greater understanding of the Company’s operating results in addition to the results measured in accordance with U.S. GAAP. While management uses non-GAAP measures in its analysis of the Company’s performance, this information should not be viewed as a substitute for financial results determined in accordance with U.S. GAAP or considered to be more important than financial results determined in accordance with U.S. GAAP.
                   
    (2) Excludes gain on sale of securities available for sale.
    HANOVER BANCORP, INC.
    SELECTED FINANCIAL DATA (unaudited)
    (dollars in thousands)
                   
      Three Months Ended   Nine Months Ended
      9/30/2024   9/30/2023   9/30/2024   9/30/2023
    Profitability:              
    Return on average assets   0.62 %     0.66 %     0.50 %     0.64 %
    Return on average equity (1)   7.35 %     7.58 %     5.93 %     7.21 %
    Return on average tangible equity (1)   8.19 %     8.47 %     6.60 %     8.08 %
    Pre-provision net revenue to average assets   0.85 %     0.98 %     0.94 %     1.00 %
    Yield on average interest-earning assets   6.17 %     5.61 %     6.14 %     5.58 %
    Cost of average interest-bearing liabilities   4.53 %     3.95 %     4.45 %     3.50 %
    Net interest rate spread (2)   1.64 %     1.66 %     1.69 %     2.08 %
    Net interest margin (3)   2.37 %     2.29 %     2.41 %     2.65 %
    Non-interest expense to average assets   2.15 %     1.94 %     2.08 %     2.06 %
    Operating efficiency ratio (4)   71.75 %     66.53 %     68.83 %     67.39 %
                   
    Average balances:              
    Interest-earning assets $ 2,201,068     $ 2,046,502     $ 2,175,478     $ 1,975,584  
    Interest-bearing liabilities   1,847,177       1,723,235       1,822,613       1,653,908  
    Loans   2,019,384       1,840,900       2,006,142       1,802,349  
    Deposits   1,891,132       1,638,777       1,835,862       1,644,964  
    Borrowings   150,770       259,549       181,445       186,187  
                   
                   
    (1) Includes common stock and Series A preferred stock.
    (2) Represents the difference between the yield on average interest-earning assets and the cost of average interest-bearing liabilities.
    (3) Represents net interest income divided by average interest-earning assets.
    (4) Represents non-interest expense divided by the sum of net interest income and non-interest income excluding gain on sale of securities available for sale.
    HANOVER BANCORP, INC.
    SELECTED FINANCIAL DATA (unaudited)
    (dollars in thousands, except share and per share data)
                   
      At or For the Three Months Ended
      9/30/2024   6/30/2024   3/31/2024   12/31/2023
    Asset quality:              
    Provision for credit losses – loans (1) $ 200     $ 3,850     $ 300     $ 200  
    Net (charge-offs)/recoveries   (438 )     (79 )     (85 )     677  
    Allowance for credit losses   23,406       23,644       19,873       19,658  
    Allowance for credit losses to total loans (2)   1.17 %     1.17 %     0.99 %     1.00 %
    Non-performing loans $ 15,469     $ 15,828     $ 14,878     $ 14,451  
    Non-performing loans/total loans   0.77 %     0.79 %     0.74 %     0.74 %
    Non-performing loans/total assets   0.66 %     0.68 %     0.64 %     0.64 %
    Allowance for credit losses/non-performing loans   151.31 %     149.38 %     133.57 %     136.03 %
                   
    Capital (Bank only):              
    Tier 1 Capital $ 198,196     $ 195,703     $ 195,889     $ 193,324  
    Tier 1 leverage ratio   8.85 %     8.89 %     8.90 %     9.08 %
    Common equity tier 1 capital ratio   12.99 %     12.78 %     12.99 %     13.17 %
    Tier 1 risk based capital ratio   12.99 %     12.78 %     12.99 %     13.17 %
    Total risk based capital ratio   14.24 %     14.21 %     14.19 %     14.31 %
                   
    Equity data:              
    Shares outstanding (3)   7,428,366       7,402,163       7,392,412       7,345,012  
    Stockholders’ equity $ 192,339     $ 190,072     $ 189,543     $ 184,830  
    Book value per share (3)   25.89       25.68       25.64       25.16  
    Tangible common equity (3)   172,906       170,625       170,080       165,351  
    Tangible book value per share (3)   23.28       23.05       23.01       22.51  
    Tangible common equity (“TCE”) ratio (3)   7.49 %     7.38 %     7.43 %     7.35 %
                   
    (1) Excludes $0, $190 thousand, $0 and $0 provision for credit losses on unfunded commitments for the quarters ended 9/30/24, 6/30/24, 3/31/24 and 12/31/23, respectively.
    (2) Calculation excludes loans held for sale.
    (3) Includes common stock and Series A preferred stock.
                   
    Note: Prior period information has been adjusted to conform to current period presentation.        
    HANOVER BANCORP, INC.
    STATISTICAL SUMMARY
    QUARTERLY TREND
    (unaudited, dollars in thousands, except share data)
                   
      9/30/2024   6/30/2024   3/31/2024   12/31/2023
                   
    Loan distribution (1):              
    Residential mortgages $ 719,037     $ 733,040     $ 730,017     $ 689,211  
    Multifamily   557,634       562,503       568,043       572,849  
    Commercial real estate   529,948       549,725       556,708       561,183  
    Commercial & industrial   171,899       139,209       123,419       107,912  
    Home equity   26,825       27,992       26,879       25,631  
    Consumer   470       485       449       413  
                   
      Total loans $ 2,005,813     $ 2,012,954     $ 2,005,515     $ 1,957,199  
                   
    Sequential quarter growth rate   -0.35 %     0.37 %     2.47 %     4.41 %
                   
    CRE concentration ratio   397 %     403 %     416 %     432 %
                   
    Loans sold during the quarter $ 43,537     $ 35,302     $ 26,735     $ 29,740  
                   
    Funding distribution:              
    Demand $ 206,327     $ 199,835     $ 202,934     $ 207,781  
    N.O.W.   621,880       661,998       708,897       661,276  
    Savings   53,024       44,821       48,081       47,608  
    Money market   572,213       571,170       493,123       465,732  
    Total core deposits   1,453,444       1,477,824       1,453,035       1,382,397  
    Time   504,100       464,105       464,227       522,198  
    Total deposits   1,957,544       1,941,929       1,917,262       1,904,595  
    Borrowings   125,805       148,953       148,953       128,953  
    Subordinated debentures   24,675       24,662       24,648       24,635  
                   
      Total funding sources $ 2,108,024     $ 2,115,544     $ 2,090,863     $ 2,058,183  
                   
    Sequential quarter growth rate – total deposits   0.80 %     1.29 %     0.67 %     9.77 %
                   
    Period-end core deposits/total deposits ratio   74.25 %     76.10 %     75.79 %     72.58 %
                   
    Period-end demand deposits/total deposits ratio   10.54 %     10.29 %     10.58 %     10.91 %
                   
    (1) Excluding loans held for sale
    HANOVER BANCORP, INC.
    RECONCILIATION OF NON-GAAP FINANCIAL MEASURES (1)(unaudited)
    (dollars in thousands, except share and per share amounts)
                       
      9/30/2024   6/30/2024   3/31/2024   12/31/2023   9/30/2023
    Tangible common equity                  
    Total equity (2) $ 192,339     $ 190,072     $ 189,543     $ 184,830     $ 185,907  
    Less: goodwill   (19,168 )     (19,168 )     (19,168 )     (19,168 )     (19,168 )
    Less: core deposit intangible   (265 )     (279 )     (295 )     (311 )     (327 )
    Tangible common equity (2) $ 172,906     $ 170,625     $ 170,080     $ 165,351     $ 166,412  
                       
    Tangible common equity (“TCE”) ratio                
    Tangible common equity (2) $ 172,906     $ 170,625     $ 170,080     $ 165,351     $ 166,412  
    Total assets   2,327,814       2,331,098       2,307,508       2,270,060       2,149,632  
    Less: goodwill   (19,168 )     (19,168 )     (19,168 )     (19,168 )     (19,168 )
    Less: core deposit intangible   (265 )     (279 )     (295 )     (311 )     (327 )
    Tangible assets $ 2,308,381     $ 2,311,651     $ 2,288,045     $ 2,250,581     $ 2,130,137  
    TCE ratio (2)   7.49 %     7.38 %     7.43 %     7.35 %     7.81 %
                       
    Tangible book value per share                  
    Tangible equity (2) $ 172,906     $ 170,625     $ 170,080     $ 165,351     $ 166,412  
    Shares outstanding (2)   7,428,366       7,402,163       7,392,412       7,345,012       7,320,419  
    Tangible book value per share (2) $ 23.28     $ 23.05     $ 23.01     $ 22.51     $ 22.73  
                       
    (1)  A non-GAAP financial measure is a numerical measure of historical or future financial performance, financial position or cash flows that excludes or includes amounts that are required to be disclosed in the most directly comparable measure calculated and presented in accordance with generally accepted accounting principles in the United States (“U.S. GAAP”). The Company’s management believes the presentation of non-GAAP financial measures provide investors with a greater understanding of the Company’s operating results in addition to the results measured in accordance with U.S. GAAP. While management uses non-GAAP measures in its analysis of the Company’s performance, this information should not be viewed as a substitute for financial results determined in accordance with U.S. GAAP or considered to be more important than financial results determined in accordance with U.S. GAAP.
                       
    (2)  Includes common stock and Series A preferred stock.
    HANOVER BANCORP, INC.
    NET INTEREST INCOME ANALYSIS
    For the Three Months Ended September 30, 2024 and 2023
    (unaudited, dollars in thousands)
                           
      2024
    		   2023
      Average       Average   Average       Average
      Balance   Interest   Yield/Cost   Balance   Interest   Yield/Cost
                           
    Assets:                      
    Interest-earning assets:                      
    Loans $ 2,019,384   $ 31,356   6.18 %   $ 1,840,900   $ 26,059   5.62 %
    Investment securities   103,870     1,619   6.20 %     15,232     198   5.16 %
    Interest-earning cash   69,204     934   5.37 %     176,884     2,391   5.36 %
    FHLB stock and other investments   8,610     204   9.43 %     13,486     304   8.94 %
    Total interest-earning assets   2,201,068     34,113   6.17 %     2,046,502     28,952   5.61 %
    Non interest-earning assets:                      
    Cash and due from banks   9,360             6,700        
    Other assets   50,730             53,638        
    Total assets $ 2,261,158           $ 2,106,840        
                           
    Liabilities and stockholders’ equity:                      
    Interest-bearing liabilities:                      
    Savings, N.O.W. and money market deposits $ 1,209,030   $ 13,941   4.59 %   $ 985,625   $ 10,186   4.10 %
    Time deposits   487,377     5,546   4.53 %     478,061     4,060   3.37 %
    Total savings and time deposits   1,696,407     19,487   4.57 %     1,463,686     14,246   3.86 %
    Borrowings   126,104     1,198   3.78 %     234,936     2,604   4.40 %
    Subordinated debentures   24,666     326   5.26 %     24,613     303   4.88 %
    Total interest-bearing liabilities   1,847,177     21,011   4.53 %     1,723,235     17,153   3.95 %
    Demand deposits   194,725             175,091        
    Other liabilities   27,826             23,994        
    Total liabilities   2,069,728             1,922,320        
    Stockholders’ equity   191,430             184,520        
    Total liabilities & stockholders’ equity $ 2,261,158           $ 2,106,840        
    Net interest rate spread         1.64 %           1.66 %
    Net interest income/margin     $ 13,102   2.37 %       $ 11,799   2.29 %
                           
    HANOVER BANCORP, INC.
    NET INTEREST INCOME ANALYSIS
    For the Nine Months Ended September 30, 2024 and 2023
    (unaudited, dollars in thousands)
                           
      2024   2023
      Average       Average   Average       Average
      Balance   Interest   Yield/Cost   Balance   Interest   Yield/Cost
                           
    Assets:                      
    Interest-earning assets:                      
    Loans $ 2,006,142   $ 92,217   6.14 %   $ 1,802,349   $ 75,581   5.61 %
    Investment securities   99,363     4,610   6.20 %     15,837     594   5.01 %
    Interest-earning cash   60,202     2,445   5.42 %     147,423     5,673   5.14 %
    FHLB stock and other investments   9,771     693   9.47 %     9,975     623   8.35 %
    Total interest-earning assets   2,175,478     99,965   6.14 %     1,975,584     82,471   5.58 %
    Non interest-earning assets:                      
    Cash and due from banks   8,431             8,238        
    Other assets   50,593             53,720        
    Total assets $ 2,234,502           $ 2,037,542        
                           
    Liabilities and stockholders’ equity:                      
    Interest-bearing liabilities:                      
    Savings, N.O.W. and money market deposits $ 1,162,587   $ 39,541   4.54 %   $ 1,026,164   $ 27,883   3.63 %
    Time deposits   478,581     15,418   4.30 %     441,557     9,657   2.92 %
    Total savings and time deposits   1,641,168     54,959   4.47 %     1,467,721     37,540   3.42 %
    Borrowings   156,792     4,744   4.04 %     161,588     4,732   3.92 %
    Subordinated debentures   24,653     978   5.30 %     24,599     971   5.28 %
    Total interest-bearing liabilities   1,822,613     60,681   4.45 %     1,653,908     43,243   3.50 %
    Demand deposits   194,694             177,243        
    Other liabilities   26,944             24,253        
    Total liabilities   2,044,251             1,855,404        
    Stockholders’ equity   190,251             182,138        
    Total liabilities & stockholders’ equity $ 2,234,502           $ 2,037,542        
    Net interest rate spread         1.69 %           2.08 %
    Net interest income/margin     $ 39,284   2.41 %       $ 39,228   2.65 %

    Investor and Press Contact:
    Lance P. Burke
    Chief Financial Officer
    (516) 548-8500

    The MIL Network –

  • MIL-OSI: TeraWulf Inc.’s Board of Directors Authorizes $200 Million Share Repurchase Program

    Source: GlobeNewswire (MIL-OSI)

    EASTON, Md., Oct. 23, 2024 (GLOBE NEWSWIRE) — TeraWulf Inc. (Nasdaq: WULF) (“TeraWulf” or the “Company”), a leading owner and operator of vertically integrated, next-generation digital infrastructure powered by predominantly zero-carbon energy, today announced that its Board of Directors approved a share repurchase program authorizing the Company to repurchase up to $200 million of the Company’s outstanding shares of common stock through December 31, 2025.

    The share repurchase program reflects the Company’s confidence in its business strategy and financial health. TeraWulf intends to repurchase shares using excess cash, prioritizing this initiative after disciplined capital expenditures aimed at supporting organic growth in HPC/AI and evaluating strategic opportunities, such as potential site acquisitions.

    “We have taken decisive steps to strengthen our balance sheet, including fully retiring our debt earlier this year, while making substantial progress in executing our business strategy,” said Paul Prager, Chief Executive Officer of TeraWulf. “These achievements reinforce our confidence in TeraWulf’s long-term vision. With a stronger financial foundation, we are well-positioned to optimize our capital allocation. The Board’s approval of a $200 million share repurchase program over the next year highlights our commitment to creating value for stockholders and driving profitable growth, all while delivering strong returns.”

    When determining the amount of capital to be allocated to share repurchases, TeraWulf will consider various factors, including historical and projected business performance, cash flow, liquidity, and prevailing global economic and market conditions. The Company will also assess the market price of its common stock.

    The timing, method, price, and volume of any share repurchases will be at the Company’s discretion. Purchases may be made through open market transactions, privately negotiated transactions, or through investment banking structures, among other avenues, subject to applicable laws. The Company is not obligated to repurchase a specific number of shares and retains the right to modify, suspend, or discontinue the program at any time.

    About TeraWulf

    TeraWulf develops, owns, and operates environmentally sustainable, next-generation data center infrastructure in the United States, specifically designed for Bitcoin mining and high-performance computing. Led by a team of seasoned energy entrepreneurs, the Company owns and operates the Lake Mariner facility situated on the expansive site of a now retired coal plant in Western New York. Currently, TeraWulf generates revenue primarily through Bitcoin mining, leveraging predominantly zero-carbon energy sources, including nuclear and hydroelectric power. Committed to environmental, social, and governance (ESG) principles that align with its business objectives, TeraWulf aims to deliver industry-leading economics in mining and data center operations at an industrial scale.

    Forward-Looking Statements

    This press release contains forward-looking statements within the meaning of the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995, as amended. Such forward-looking statements include statements concerning anticipated future events and expectations that are not historical facts. All statements, other than statements of historical fact, are statements that could be deemed forward-looking statements. In addition, forward-looking statements are typically identified by words such as “plan,” “believe,” “goal,” “target,” “aim,” “expect,” “anticipate,” “intend,” “outlook,” “estimate,” “forecast,” “project,” “continue,” “could,” “may,” “might,” “possible,” “potential,” “predict,” “should,” “would” and other similar words and expressions, although the absence of these words or expressions does not mean that a statement is not forward-looking. Forward-looking statements are based on the current expectations and beliefs of TeraWulf’s management and are inherently subject to a number of factors, risks, uncertainties and assumptions and their potential effects. There can be no assurance that future developments will be those that have been anticipated. Actual results may vary materially from those expressed or implied by forward-looking statements based on a number of factors, risks, uncertainties and assumptions, including, among others: (1) conditions in the cryptocurrency mining industry, including fluctuation in the market pricing of bitcoin and other cryptocurrencies, and the economics of cryptocurrency mining, including as to variables or factors affecting the cost, efficiency and profitability of cryptocurrency mining; (2) competition among the various providers of cryptocurrency mining services; (3) changes in applicable laws, regulations and/or permits affecting TeraWulf’s operations or the industries in which it operates, including regulation regarding power generation, cryptocurrency usage and/or cryptocurrency mining, and/or regulation regarding safety, health, environmental and other matters, which could require significant expenditures; (4) the ability to implement certain business objectives and to timely and cost-effectively execute integrated projects; (5) failure to obtain adequate financing on a timely basis and/or on acceptable terms with regard to growth strategies or operations; (6) loss of public confidence in bitcoin or other cryptocurrencies and the potential for cryptocurrency market manipulation; (7) adverse geopolitical or economic conditions, including a high inflationary environment; (8) the potential of cybercrime, money-laundering, malware infections and phishing and/or loss and interference as a result of equipment malfunction or break-down, physical disaster, data security breach, computer malfunction or sabotage (and the costs associated with any of the foregoing); (9) the availability, delivery schedule and cost of equipment necessary to maintain and grow the business and operations of TeraWulf, including mining equipment and infrastructure equipment meeting the technical or other specifications required to achieve its growth strategy; (10) employment workforce factors, including the loss of key employees; (11) litigation relating to TeraWulf and/or its business; and (12) other risks and uncertainties detailed from time to time in the Company’s filings with the Securities and Exchange Commission (“SEC”). Potential investors, stockholders and other readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date on which they were made. TeraWulf does not assume any obligation to publicly update any forward-looking statement after it was made, whether as a result of new information, future events or otherwise, except as required by law or regulation. Investors are referred to the full discussion of risks and uncertainties associated with forward-looking statements and the discussion of risk factors contained in the Company’s filings with the SEC, which are available at www.sec.gov.

    Investors:
    Investors@terawulf.com

    Media:
    media@terawulf.com

    The MIL Network –

  • MIL-OSI: Goosehead Insurance, Inc. Announces Third Quarter 2024 Results

    Source: GlobeNewswire (MIL-OSI)

    –   Total Revenue Increased 10% and Core Revenue* Grew 16% over the Prior-Year Period –

    –   Total Written Premium increased 28% to $1.03 billion over the Prior-Year Period –

    –   Net Income of $12.6 million versus Net Income of $11.3 million a year ago –

    –   Adjusted EBITDA* of $26.1 million versus $22.4 million in the Prior-Year Period –

    WESTLAKE, Texas, Oct. 23, 2024 (GLOBE NEWSWIRE) — Goosehead Insurance, Inc. (“Goosehead” or the “Company”) (NASDAQ: GSHD), a rapidly growing independent personal lines insurance agency, today announced results for the third quarter ended September 30, 2024.

    Third Quarter 2024 Highlights

    • Total Revenues grew 10% over the prior-year period to $78.0 million in the third quarter of 2024
    • Third quarter Core Revenues* of $73.5 million increased 16% over the prior-year period
    • Third quarter net income of $12.6 million improved from net income of $11.3 million a year ago
    • EPS of $0.31 per share increased from $0.29 in the prior-year period, and Adjusted EPS* of $0.50 per share increased 10% over the prior-year period
    • Net Income Margin for the third quarter was 16%
    • Adjusted EBITDA* of $26.1 million increased from $22.4 million in the prior-year period
    • Adjusted EBITDA Margin* increased versus the prior-year period to 34%
    • Total Written Premiums placed for the third quarter increased 28% over the prior-year period to $1.03 billion
    • Policies in Force increased 12% from the prior-year period to approximately 1,636,000
    • Corporate agent headcount of 458 was up 45% compared to the prior-year period
    • Total franchise producers of 2,093 increased 4% from the prior-year period and 5% compared to second quarter 2024

    *Core Revenue, Adjusted EPS, Adjusted EBITDA, and Adjusted EBITDA Margin are non-GAAP measures. Reconciliations of Core Revenue to total revenues, Adjusted EPS to basic earnings per share and Adjusted EBITDA to net income, the most directly comparable financial measures presented in accordance with GAAP, are set forth in the reconciliation table accompanying this release.

    “We delivered an outstanding third quarter result in the face of continued macro headwinds related to product availability and real estate as well as severe weather events which temporarily impacted production across several large states,” stated Mark Miller, President and CEO. “For the quarter, total revenue grew 10%, core revenue grew 16%, net income margin was 16% and adjusted EBITDA margin expanded to 34%, up from 32% in the year ago quarter. This marked the first time we have generated over $1 billion of premium in a single quarter, with 28% growth over the prior year, a great milestone for the company. We are seeing strong momentum in a number of our key performance indicators that we expect will drive future growth, including franchise productivity, total producer headcount and policy in force growth rates. We have also stabilized our client retention levels in the quarter at 84%, despite continued market challenges. I’m extremely pleased with the tremendous accomplishments of the organization over the past 2 years driven by our exceptional people and industry leading technology. We are well positioned for a strong finish to 2024 and faster growth in 2025 and beyond as we progress to our goal of being the largest distributor of personal lines in the US.”

    Third Quarter 2024 Results
    For the third quarter of 2024, revenues were $78.0 million, an increase of 10% compared to the corresponding period in 2023. Core Revenues, a non-GAAP measure which excludes contingent commissions, initial franchise fees, interest income, and other income, were $73.5 million, a 16% increase from $63.1 million in the prior-year period. Core Revenues are the most reliable revenue stream for the Company, consisting of New Business Commissions, Agency Fees, New Business Royalty Fees, Renewal Commissions, and Renewal Royalty Fees. Core Revenue growth was driven by improved franchise productivity, increased corporate agent headcount, client retention of 84%, and rising premium rates. The Company grew total written premiums, which we consider to be the leading indicator of future revenue growth, by 28% in the third quarter.

    Total operating expenses, excluding equity-based compensation, depreciation and amortization, and impairment expenses for the third quarter of 2024 were $51.9 million, up 7% from $48.6 million in the prior-year period. The increase from the prior period was due to increased employee compensation and benefits expenses related to investments in corporate producers, partnership, technology, and service functions. General and administrative expenses, excluding impairment, increased to $15.2 million from $14.8 million primarily due to investments in technology and systems to drive growth and continue to improve the client experience. Equity-based compensation increased to $7.1 million for the period, compared to $6.5 million a year ago. Bad debt expense of $0.6 million decreased from $0.8 million a year ago.

    Net income in the third quarter of 2024 was $12.6 million versus net income of $11.3 million a year ago. Earnings per share and Net Income Margin for the third quarter of 2024 were $0.31 and 16%, respectively. Adjusted EPS for the third quarter of 2024, which excludes equity-based compensation and impairment expense, was $0.50 per share. Total Adjusted EBITDA was $26.1 million for the third quarter of 2024 compared to $22.4 million in the prior-year period. Adjusted EBITDA Margin of 34% increased compared to the prior-year period.

    Liquidity and Capital Resources
    As of September 30, 2024, the Company had cash and cash equivalents of $47.5 million. We had an unused line of credit of $74.8 million as of September 30, 2024. Total outstanding term note payable balance was $95.6 million as of September 30, 2024. During the quarter ended September 30, 2024, the Company did not repurchase any shares of Class A common stock. As of September 30, 2024, $36.8 million remains available under the share repurchase authorization.

    2024 Outlook
    The Company is raising its guidance for full year 2024 as follows:

    • Total written premiums placed for 2024 are expected to be between $3.70 billion and $3.82 billion, representing growth of 25% on the low end of the range to 29% on the high end of the range.
    • Total revenues for 2024 are expected to be between $295 million and $310 million, representing growth of 13% on the low end of the range to 19% on the high end of the range.
    • Adjusted EBITDA Margin is expected to expand for the full year 2024.

    Conference Call Information
    Goosehead will host a conference call and webcast today at 4:30 PM ET to discuss these results.

    To access the call by phone, participants should go to this link (registration link), and you will be provided with the dial in details.

    In addition, a live webcast of the conference call will also be available on Goosehead’s investor relations website at http://ir.goosehead.com.

    A webcast replay of the call will be available at http://ir.goosehead.com for one year following the call.

    About Goosehead

    Goosehead (NASDAQ: GSHD) is a rapidly growing and innovative independent personal lines insurance agency that distributes its products and services through corporate and franchise locations throughout the United States. Goosehead was founded on the premise that the consumer should be at the center of our universe and that everything we do should be directed at providing extraordinary value by offering broad product choice and a world-class service experience. Goosehead represents over 150 insurance companies that underwrite personal and commercial lines. For more information, please visit goosehead.com or goosehead.com/become-a-franchisee.

    Forward-Looking Statements

    This press release may contain various “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995, which represent Goosehead’s expectations or beliefs concerning future events. Forward-looking statements are statements other than historical facts and may include statements that address future operating, financial or business performance or Goosehead’s strategies or expectations. In some cases, you can identify these statements by forward-looking words such as “may”, “might”, “will”, “should”, “expects”, “plans”, “anticipates”, “believes”, “estimates”, “predicts”, “projects”, “potential”, “outlook” or “continue”, or the negative of these terms or other comparable terminology. Forward-looking statements are based on management’s current expectations and beliefs and involve significant risks and uncertainties that could cause actual results, developments and business decisions to differ materially from those contemplated by these statements.

    Factors that could cause actual results or performance to differ from the expectations expressed or implied in such forward-looking statements include, but are not limited to, conditions impacting insurance carriers or other parties with which Goosehead does business, the loss of one or more key executives or an inability to attract and retain qualified personnel and the failure to attract and retain highly qualified franchisees. These risks and uncertainties also include, but are not limited to, those described under the captions “1A. Risk Factors” in Goosehead’s Annual Report on Form 10-K for the year ended December 31, 2023 and in Goosehead’s other filings with the SEC, which are available free of charge on the Securities Exchange Commission’s website at: www.sec.gov. Should one or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those indicated. All forward-looking statements and all subsequent written and oral forward-looking statements attributable to Goosehead or to persons acting on behalf of Goosehead are expressly qualified in their entirety by reference to these risks and uncertainties. You should not place undue reliance on forward-looking statements. Forward-looking statements speak only as of the date they are made, and Goosehead does not undertake any obligation to update them in light of new information, future developments or otherwise, except as may be required under applicable law.

    Contacts
    Investor Contact:
    Dan Farrell
    Goosehead Insurance – VP Capital Markets
    Phone: (214) 838-5290
    Email: dan.farrell@goosehead.com; IR@goosehead.com;

    PR Contact:
    Mission North for Goosehead Insurance
    Email: goosehead@missionnorth.com; PR@goosehead.com

     
    Goosehead Insurance, Inc.
    Condensed Consolidated Statements of Operations
    (Unaudited)
    (In thousands, except per share amounts)
             
        Three Months Ended
    September 30,    		   Nine Months Ended
    September 30,
        2024   2023   2024   2023
    Revenues:                
    Commissions and agency fees   $ 30,942     $ 31,980     $ 88,782     $ 88,637  
    Franchise revenues     46,862       38,729       131,076       108,490  
    Interest income     231       321       725       1,135  
    Total revenues     78,035       71,030       220,583       198,262  
    Operating Expenses:                
    Employee compensation and benefits     43,217       39,436       127,898       113,801  
    General and administrative expenses     15,201       14,831       49,236       48,019  
    Bad debts     565       797       2,345       3,352  
    Depreciation and amortization     2,614       2,352       7,814       6,817  
    Total operating expenses     61,597       57,416       187,293       171,989  
    Income from operations     16,438       13,614       33,290       26,273  
    Other Income:                
    Interest expense     (2,060 )     (1,617 )     (5,529 )     (5,057 )
    Other income (expense)     544       —       (5,742 )     —  
    Income before taxes     14,922       11,997       22,019       21,216  
    Tax (benefit) expense     2,315       724       (3,272 )     2,944  
    Net income     12,607       11,273       25,291       18,272  
    Less: net income attributable to non-controlling interests     5,048       4,339       9,720       7,753  
    Net income attributable to Goosehead Insurance, Inc.   $ 7,559     $ 6,934     $ 15,571     $ 10,519  
    Earnings per share:                
    Basic   $ 0.31     $ 0.29     $ 0.63     $ 0.44  
    Diluted   $ 0.29     $ 0.28     $ 0.58     $ 0.43  
    Weighted average shares of Class A common stock outstanding                
    Basic     24,293       24,124       24,689       23,674  
    Diluted     37,942       24,891       38,269       24,274  
                                     
     
    Goosehead Insurance, Inc.
    Condensed Consolidated Statements of Operations
    (Unaudited)
    (In thousands, except per share amounts)
             
        Three Months Ended
    September 30,    		   Nine Months Ended
    September 30,
        2024   2023   2024   2023
    Revenues:                
    Core Revenue:                
    Renewal Commissions(1)   $ 20,215     $ 19,036     $ 56,767     $ 53,395  
    Renewal Royalty Fees(2)     38,070       30,040       103,951       80,344  
    New Business Commissions(1)     6,249       6,125       18,612       17,899  
    New Business Royalty Fees(2)     6,994       5,910       20,396       17,819  
    Agency Fees(1)     1,989       2,008       6,036       6,642  
    Total Core Revenue     73,516       63,119       205,762       176,099  
    Cost Recovery Revenue:                
    Initial Franchise Fees(2)     1,413       2,430       5,288       8,780  
    Interest Income     231       321       725       1,135  
    Total Cost Recovery Revenue     1,644       2,751       6,013       9,915  
    Ancillary Revenue:                
    Contingent Commissions(1)     2,490       4,811       7,367       10,701  
    Other Franchise Revenues(2)     385       349       1,440       1,547  
    Total Ancillary Revenue     2,875       5,160       8,808       12,248  
    Total Revenues     78,035       71,030       220,583       198,262  
    Operating Expenses:                
    Employee compensation and benefits, excluding equity-based compensation     36,124       32,977       106,816       94,850  
    General and administrative expenses, excluding impairment     15,201       14,831       48,889       44,391  
    Bad debts     565       797       2,345       3,352  
    Total     51,890       48,605       158,050       142,593  
    Adjusted EBITDA     26,145       22,425       62,533       55,669  
    Adjusted EBITDA Margin     34 %     32 %     28 %     28 %
                     
    Interest expense     (2,060 )     (1,617 )     (5,529 )     (5,057 )
    Depreciation and amortization     (2,614 )     (2,352 )     (7,814 )     (6,817 )
    Tax benefit (expense)     (2,315 )     (724 )     3,272       (2,944 )
    Equity-based compensation     (7,093 )     (6,459 )     (21,082 )     (18,951 )
    Impairment expense     —       —       (347 )     (3,628 )
    Other income (expense)     544       —       (5,742 )     —  
    Net Income   $ 12,607     $ 11,273     $ 25,291     $ 18,272  
    Net Income Margin     16 %     16 %     11 %     9 %
                                     

    (1) Renewal Commissions, New Business Commissions, Agency Fees, and Contingent Commissions are included in “Commissions and agency fees” as shown on the Condensed Consolidated Statements of Operations within Goosehead’s Form 10-Q for the three and nine months ended September 30, 2024 and 2023.
    (2) Renewal Royalty Fees, New Business Royalty Fees, Initial Franchise Fees, and Other Franchise Revenues are included in “Franchise revenues” as shown on the Condensed Consolidated Statements of Operations within Goosehead’s Form 10-Q for the three and nine months ended September 30, 2024 and 2023.

     
    Goosehead Insurance, Inc.
    Condensed Consolidated Balance Sheets
    (Unaudited)
    (In thousands, except per share amounts)
             
        September 30,   December 31,
        2024   2023
    Assets        
    Current Assets:        
    Cash and cash equivalents   $ 47,544     $ 41,956  
    Restricted cash     2,568       2,091  
    Commissions and agency fees receivable, net     9,679       12,903  
    Receivable from franchisees, net     11,261       9,720  
    Prepaid expenses     5,701       7,889  
    Total current assets     76,753       74,559  
    Receivable from franchisees, net of current portion     3,644       9,269  
    Property and equipment, net of accumulated depreciation     25,369       30,316  
    Right-of-use asset     34,134       38,406  
    Intangible assets, net of accumulated amortization     23,230       17,266  
    Deferred income taxes, net     190,368       181,209  
    Other assets     4,565       3,867  
    Total assets   $ 358,063     $ 354,892  
    Liabilities and Stockholders’ Equity        
    Current Liabilities:        
    Accounts payable and accrued expenses   $ 19,259     $ 16,398  
    Premiums payable     2,568       2,091  
    Lease liability     9,297       8,897  
    Contract liabilities     3,337       4,129  
    Note payable     10,063       9,375  
    Liabilities under tax receivable agreement     4,948       —  
    Total current liabilities     49,472       40,890  
    Lease liability, net of current portion     50,249       57,382  
    Note payable, net of current portion     84,639       67,562  
    Contract liabilities, net of current portion     15,710       22,970  
    Liabilities under tax receivable agreement, net of current portion     155,748       149,302  
    Total liabilities     355,818       338,106  
    Class A common stock, $0.01 par value per share – 300,000 shares authorized, 24,369 shares issued and outstanding as of September 30, 2024, 24,966 shares issued and outstanding as of December 31, 2023     244       250  
    Class B common stock, $0.01 par value per share – 50,000 shares authorized, 12,722 issued and outstanding as of September 30, 2024, 12,954 shares issued and outstanding as of December 31, 2023     127       130  
    Additional paid in capital     89,005       103,228  
    Accumulated deficit     (31,029 )     (47,056 )
    Total stockholders’ equity     58,347       56,552  
    Non-controlling interests     (56,102 )     (39,766 )
    Total equity     2,245       16,786  
    Total liabilities and equity   $ 358,063     $ 354,892  
                     

    Goosehead Insurance, Inc.
    Reconciliation Non-GAAP Measures to GAAP

    This release includes Core Revenue, Cost Recovery Revenue, Ancillary Revenue, Adjusted EBITDA, Adjusted EBITDA Margin and Adjusted EPS that are not required by, nor presented in accordance with, generally accepted accounting principles in the United States (“GAAP”). The Company refers to these measures as “non-GAAP financial measures.” The Company uses these non-GAAP financial measures when planning, monitoring and evaluating its performance and considers these non-GAAP financial measures to be useful metrics for management and investors to facilitate operating performance comparisons from period to period by excluding potential differences caused by variations in capital structures, tax position, depreciation, amortization and certain other items that the Company believes are not representative of its core business. The Company uses Core Revenue, Cost Recovery Revenue, Ancillary Revenue, Adjusted EBITDA, Adjusted EBITDA Margin and Adjusted EPS for business planning purposes and in measuring its performance relative to that of its competitors.

    These non-GAAP financial measures are defined by the Company as follows:

    • “Core Revenue” is a supplemental measure of our performance and includes Renewal Commissions, Renewal Royalty Fees, New Business Commissions, New Business Royalty Fees, and Agency Fees. We believe that Core Revenue is an appropriate measure of operating performance because it summarizes all of our revenues from sales of individual insurance policies.
    • “Cost Recovery Revenue” is a supplemental measure of our performance and includes Initial Franchise Fees and Interest Income. We believe that Cost Recovery Revenue is an appropriate measure of operating performance because it summarizes revenues that are viewed by management as cost recovery mechanisms.
    • “Ancillary Revenue” is a supplemental measure of our performance and includes Contingent Commissions and Other Income. We believe that Ancillary Revenue is an appropriate measure of operating performance because it summarizes revenues that are ancillary to our core business.
    • “Adjusted EBITDA” is a supplemental measure of the Company’s performance. We believe that Adjusted EBITDA is an appropriate measure of operating performance because it eliminates the impact of items that do not relate to business performance. Adjusted EBITDA is defined as net income (the most directly comparable GAAP measure) before interest, income taxes, depreciation and amortization, adjusted to exclude equity-based compensation, impairment expense, and other non-operating items, including, among other things, certain non-cash charges and certain non-recurring or non-operating gains or losses.
    • “Adjusted EBITDA Margin” is Adjusted EBITDA as defined above, divided by total revenue excluding other non-operating items. Adjusted EBITDA Margin is helpful in measuring profitability of operations on a consolidated level.
    • “Adjusted EPS” is a supplemental measure of our performance, defined as earnings per share (the most directly comparable GAAP measure) before non-recurring or non-operating income and expenses. Adjusted EPS is a useful measure to management because it eliminates the impact of items that do not relate to business performance and helps measure our profitability on a consolidated level.

    While the Company believes that these non-GAAP financial measures are useful in evaluating its business, this information should be considered as supplemental in nature and is not meant as a substitute for revenues, net income, or earnings per share, in each case as recognized in accordance with GAAP. In addition, other companies, including companies in the Company’s industry, may calculate such measures differently, which reduces their usefulness as comparative measures.

    The following tables show a reconciliation from total revenues to Core Revenue, Cost Recovery Revenue, and Ancillary Revenue (non-GAAP basis) for the three and nine months ended September 30, 2024 and 2023 (in thousands):

      Three Months Ended
    September 30,    		   Nine Months Ended
    September 30,
      2024
    		   2023
    		   2024
    		   2023
    Total Revenues $ 78,035     $ 71,030     $ 220,583     $ 198,262  
                   
    Core Revenue:              
    Renewal Commissions(1) $ 20,215     $ 19,036     $ 56,767     $ 53,395  
    Renewal Royalty Fees(2)   38,070       30,040       103,951       80,344  
    New Business Commissions(1)   6,249       6,125       18,612       17,899  
    New Business Royalty Fees(2)   6,994       5,910       20,396       17,819  
    Agency Fees(1)   1,989       2,008       6,036       6,642  
    Total Core Revenue   73,516       63,119       205,762       176,099  
    Cost Recovery Revenue:              
    Initial Franchise Fees(2)   1,413       2,430       5,288       8,780  
    Interest Income   231       321       725       1,135  
    Total Cost Recovery Revenue   1,644       2,751       6,013       9,915  
    Ancillary Revenue:              
    Contingent Commissions(1)   2,490       4,811       7,367       10,701  
    Other Franchise Revenues(2)   385       349       1,440       1,547  
    Total Ancillary Revenue   2,875       5,160       8,808       12,248  
    Total Revenues $ 78,035     $ 71,030     $ 220,583     $ 198,262  
                                   

    (1) Renewal Commissions, New Business Commissions, Agency Fees, and Contingent Commissions are included in “Commissions and agency fees” as shown on the Condensed Consolidated Statements of Operations.
    (2) Renewal Royalty Fees, New Business Royalty Fees, Initial Franchise Fees, and Other Franchise Revenues are included in “Franchise revenues” as shown on the Condensed Consolidated Statements of Operations.

    The following tables show a reconciliation from net income to Adjusted EBITDA and Adjusted EBITDA Margin (non-GAAP basis) for the three and nine months ended September 30, 2024 and 2023 (in thousands):

        Three Months Ended
    September 30,    		   Nine Months Ended
    September 30,
        2024   2023   2024   2023
    Net Income   $ 12,607     $ 11,273     $ 25,291     $ 18,272  
    Interest expense     2,060       1,617       5,529       5,057  
    Depreciation and amortization     2,614       2,352       7,814       6,817  
    Tax (benefit) expense     2,315       724       (3,272 )     2,944  
    Equity-based compensation     7,093       6,459       21,082       18,951  
    Impairment expense     —       —       347       3,628  
    Other (income) expense     (544 )     —       5,742       —  
    Adjusted EBITDA   $ 26,145     $ 22,425     $ 62,533     $ 55,669  
    Net Income Margin(1)     16 %     16 %     11 %     9 %
    Adjusted EBITDA Margin(2)     34 %     32 %     28 %     28 %
                                     

    (1) Net Income Margin is calculated as Net Income divided by Total Revenue ($12,607/$78,035) and ($11,273/$71,030) for the three months ended September 30, 2024 and 2023. Net Income Margin is calculated as Net Income divided by Total Revenue ($25,291/$220,583) and ($18,272/$198,262) for the nine months ended September 30, 2024 and 2023.
    (2) Adjusted EBITDA Margin is calculated as Adjusted EBITDA divided by Total Revenue ($26,145/$78,035), and ($22,425/$71,030) for the three months ended September 30, 2024 and 2023, respectively. Adjusted EBITDA Margin is calculated as Adjusted EBITDA divided by Total Revenue ($62,533/$220,583), and ($55,669/$198,262) for the nine months ended September 30, 2024 and 2023.

    The following tables show a reconciliation from basic earnings per share to Adjusted EPS (non-GAAP basis) for the three and nine months ended September 30, 2024 and 2023. Note that totals may not sum due to rounding:

        Three Months Ended
    September 30,    		   Nine Months Ended
    September 30,
        2024
    		   2023
    		   2024
    		   2023
    Earnings per share – basic (GAAP)   $ 0.31     $ 0.29     $ 0.63     $ 0.44  
    Add: equity-based compensation(1)     0.19       0.17       0.56       0.50  
    Add: impairment expense(2)     —       —       0.01       0.10  
    Adjusted EPS (non-GAAP)   $ 0.50     $ 0.46     $ 1.20     $ 1.04  
                                     

    (1) Calculated as equity-based compensation divided by sum of weighted average Class A and Class B shares [$7.1 million/(24.3 million + 12.7 million)] for the three months ended September 30, 2024 and [$6.5 million/ (24.1 million + 13.6 million)] for the three months ended September 30, 2023. Calculated as equity-based compensation divided by sum of weighted average Class A and Class B shares [$21.1 million/(24.7 million + 12.8 million)] for the nine months ended September 30, 2024 and [$19.0 million/ (23.7 million + 14.0 million)] for the nine months ended September 30, 2023.
    (2) Calculated as impairment expense divided by sum of weighted average Class A and Class B shares [$0.3 million/(24.7 million + 12.8 million)] for the nine months ended September 30, 2024. Calculated as impairment expense divided by sum of weighted average Class A and Class B shares [$3.6 million/(23.7 million + 14.0 million)] for the nine months ended September 30, 2023. No impairment was recorded for the three months ended September 30, 2024 and three months ended September 30, 2023.

     
    Goosehead Insurance, Inc.
    Key Performance Indicators
                 
        September 30, 2024   December 31, 2023   September 30, 2023
    Corporate sales agents < 1 year tenured     277       135       132  
    Corporate sales agents > 1 year tenured     181       165       184  
    Operating franchises < 1 year tenured     93       183       254  
    Operating franchises > 1 year tenured     1,023       1,043       1,031  
    Total Franchise Producers     2,093       1,957       2,008  
    QTD Corporate Agent Productivity < 1 Year(1)   $ 15,570     $ 13,789     $ 16,266  
    QTD Corporate Agent Productivity > 1 Year(1)   $ 28,887     $ 25,738     $ 28,963  
    QTD Franchise Productivity < 1 Year(2)   $ 22,303     $ 10,975     $ 9,583  
    QTD Franchise Productivity > 1 Year(2)   $ 29,950     $ 21,103     $ 22,305  
    Policies in Force     1,636,000       1,486,000       1,456,000  
    Client Retention     84 %     86 %     87 %
    Premium Retention     99 %     101 %     102 %
    QTD Written Premium (in thousands)   $ 1,028,736     $ 756,082     $ 802,939  
    Net Promoter Score (“NPS”)     90       92       92  
                             

    (1) – Corporate Productivity is New Business Production per Agent (Corporate): The New Business Revenue collected related to corporate sales, divided by the average number of full-time corporate sales agents for the same period. This calculation excludes interns, part-time sales agents and partial full-time equivalent sales managers.
    (2) – Franchise Productivity is New Business Production per Franchise: The gross commissions paid by Carriers and Agency Fees received related to policies in their first term sold by franchise sales agents, divided by the average number of franchises for the same period, prior to paying Royalty Fees to the Company.

    The MIL Network –

  • MIL-OSI: Credit Acceptance Announces Timing of Third Quarter 2024 Earnings Release and Webcast

    Source: GlobeNewswire (MIL-OSI)

    Southfield, Michigan, Oct. 23, 2024 (GLOBE NEWSWIRE) — Credit Acceptance Corporation (Nasdaq: CACC) (referred to as the “Company”, “Credit Acceptance”, “we”, “our”, or “us”) announced today that we expect to issue a news release with our third quarter 2024 earnings on Wednesday, October 30, 2024, after the market closes. A webcast is scheduled for Thursday, October 31, 2024, at 8:30 a.m. Eastern Time to discuss third quarter 2024 earnings.  

    Conference Call and Webcast Information:
    Date: Thursday, October 31, 2024
    Time: 8:30 a.m. Eastern Time

    Telephone Access: 

    Only persons accessing the webcast by telephone will be able to pose questions to the presenters during the webcast. To participate by telephone, you must pre-register using the following link:

    https://register.vevent.com/register/BIc3f0d088751f49af853a2c2511fe2362

    or through the link posted on the “Investor Relations” section of our website at ir.creditacceptance.com. Upon registering you will be provided with the dial-in number and a unique PIN to access the webcast by telephone.

    Webcast Access:
    The webcast can also be accessed live by visiting the “Investor Relations” section of our website at ir.creditacceptance.com.

    Additionally, a replay and transcript of the webcast will be archived in the “Investor Relations” section of our website.

    Description of Credit Acceptance Corporation

    We make vehicle ownership possible by providing innovative financing solutions that enable automobile dealers to sell vehicles to consumers regardless of their credit history. Our financing programs are offered through a nationwide network of automobile dealers who benefit from sales of vehicles to consumers who otherwise could not obtain financing; from repeat and referral sales generated by these same customers; and from sales to customers responding to advertisements for our financing programs, but who actually end up qualifying for traditional financing.

    Without our financing programs, consumers are often unable to purchase vehicles or they purchase unreliable ones. Further, as we report to the three national credit reporting agencies, an important ancillary benefit of our programs is that we provide consumers with an opportunity to improve their lives by improving their credit score and move on to more traditional sources of financing. Credit Acceptance is publicly traded on the Nasdaq Stock Market under the symbol CACC. For more information, visit creditacceptance.com.

    The MIL Network –

  • MIL-OSI: TeraWulf Inc. Announces Proposed Private Offering of $350 Million of Convertible Notes

    Source: GlobeNewswire (MIL-OSI)

    EASTON, Md., Oct. 23, 2024 (GLOBE NEWSWIRE) — TeraWulf Inc. (Nasdaq: WULF) (“TeraWulf” or the “Company”), a leading owner and operator of vertically integrated, next-generation digital infrastructure powered by predominantly zero-carbon energy, today announced that it intends to offer, subject to market conditions and other factors, $350 million aggregate principal amount of convertible senior notes due 2030 (the “Convertible Notes”) in a private offering to persons reasonably believed to be qualified institutional buyers in reliance on Rule 144A under the Securities Act of 1933, as amended (the “Securities Act”).

    TeraWulf also expects to grant the initial purchasers of the Convertible Notes an option to purchase, within a 13-day period beginning on, and including the date on which the Convertible Notes are first issued, up to an additional $75 million aggregate principal amount of the Convertible Notes. The offering is subject to market and other conditions, and there can be no assurance as to whether, when or on what terms the offering may be completed. 

    The Company intends to use the net proceeds from the offering to pay the cost of the capped call transactions (as described below), to repurchase shares of the Company’s common stock (the “common stock”) and for general corporate purposes.

    The Convertible Notes will be senior unsecured obligations of the Company and will accrue interest at a rate payable semi-annually in arrears on May 1 and November 1 of each year, beginning on May 1, 2025. The Convertible Notes will mature on February 1, 2030, unless earlier repurchased, redeemed or converted in accordance with their terms. Prior to November 1, 2029, the Convertible Notes will be convertible only upon satisfaction of certain conditions and during certain periods, and thereafter, the Convertible Notes will be convertible at any time until the close of business on the second scheduled trading day immediately preceding the maturity date.

    The Convertible Notes will be convertible into cash in respect of the aggregate principal amount of the Convertible Notes to be converted and cash, shares of the common stock or a combination of cash and shares of the common stock, at the Company’s election, in respect of the remainder, if any, of the Company’s conversion obligation in excess of the aggregate principal amount of the Convertible Notes being converted. The initial conversion rate, interest rate and other terms of the Convertible Notes will be determined at the time of pricing in negotiations with the initial purchasers of the Convertible Notes.

    In connection with the pricing of the Convertible Notes, the Company expects to enter into privately negotiated capped call transactions with one or more of the initial purchasers of the Convertible Notes and/or other financial institutions (the “option counterparties”). If the initial purchasers of the Convertible Notes exercise their option to purchase additional Convertible Notes, the Company expects to use a portion of the net proceeds from the sale of the additional Convertible Notes to enter into additional capped call transactions with the option counterparties.

    The capped call transactions are expected generally to reduce potential dilution to the common stock upon conversion of any Convertible Notes and/or offset any cash payments the Company is required to make in excess of the principal amount of converted Convertible Notes, as the case may be, with such reduction and/or offset subject to a cap.

    In connection with establishing their initial hedges of the capped call transactions, the Company expects the option counterparties or their respective affiliates to purchase shares of the common stock and/or enter into various derivative transactions with respect to the common stock concurrently with or shortly after the pricing of the Convertible Notes. This activity could increase (or reduce the size of any decrease in) the market price of the common stock or the Convertible Notes at that time. In addition, the option counterparties or their respective affiliates may modify their hedge positions by entering into or unwinding various derivatives with respect to the common stock and/or purchasing or selling shares of the common stock or other securities of the Company in secondary market transactions following the pricing of the Convertible Notes and prior to the maturity of the Convertible Notes (and are likely to do so on each exercise date for the capped call transactions or following any termination of any portion of the capped call transactions in connection with any repurchase, redemption or early conversion of the Convertible Notes). This activity could also cause or avoid an increase or decrease in the market price of the common stock or the Convertible Notes, which could affect holders of the Convertible Notes’ ability to convert the Convertible Notes and, to the extent the activity occurs following conversion of the Convertible Notes or during any observation period related to a conversion of the Convertible Notes, it could affect the amount and value of the consideration that holders of the Convertible Notes will receive upon conversion of such Convertible Notes.

    The Company expects to repurchase the shares of common stock from purchasers of the Convertible Notes in privately negotiated transactions effected concurrently with the pricing of the Convertible Notes, and the Company expects the purchase price per share of the common stock repurchased in such transactions to equal the closing price per share of the common stock on the date the offering of the Convertible Notes is priced.

    The Convertible Notes and any shares of common stock issuable upon conversion of the Convertible Notes, if any, have not been registered under the Securities Act, securities laws of any other jurisdiction, and the Convertibles Notes and such shares of common stock may not be offered or sold in the United States absent registration or an applicable exemption from registration under the Securities Act and any applicable state securities laws. The Convertible Notes will be offered only to persons reasonably believed to be qualified institutional buyers under Rule 144A under the Securities Act.

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

    About TeraWulf

    TeraWulf develops, owns, and operates environmentally sustainable, next-generation data center infrastructure in the United States, specifically designed for Bitcoin mining and high-performance computing. Led by a team of seasoned energy entrepreneurs, the Company owns and operates the Lake Mariner facility situated on the expansive site of a now retired coal plant in Western New York. Currently, TeraWulf generates revenue primarily through Bitcoin mining, leveraging predominantly zero-carbon energy sources, including nuclear and hydroelectric power. Committed to environmental, social, and governance (ESG) principles that align with its business objectives, TeraWulf aims to deliver industry-leading economics in mining and data center operations at an industrial scale.

    Forward-Looking Statements

    This press release contains forward-looking statements within the meaning of the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995, as amended. Such forward-looking statements include statements concerning anticipated future events and expectations that are not historical facts, such as statements concerning the proposed terms of the notes and the capped call transactions, the completion, timing and size of the proposed offering of the notes and the capped call transactions, and the anticipated use of proceeds from the proposed offering (including the proposed share repurchases). All statements, other than statements of historical fact, are statements that could be deemed forward-looking statements. In addition, forward-looking statements are typically identified by words such as “plan,” “believe,” “goal,” “target,” “aim,” “expect,” “anticipate,” “intend,” “outlook,” “estimate,” “forecast,” “project,” “continue,” “could,” “may,” “might,” “possible,” “potential,” “predict,” “should,” “would” and other similar words and expressions, although the absence of these words or expressions does not mean that a statement is not forward-looking. Forward-looking statements are based on the current expectations and beliefs of TeraWulf’s management and are inherently subject to a number of factors, risks, uncertainties and assumptions and their potential effects. There can be no assurance that future developments will be those that have been anticipated. Actual results may vary materially from those expressed or implied by forward-looking statements based on a number of factors, risks, uncertainties and assumptions, including, among others: (1) conditions in the cryptocurrency mining industry, including fluctuation in the market pricing of bitcoin and other cryptocurrencies, and the economics of cryptocurrency mining, including as to variables or factors affecting the cost, efficiency and profitability of cryptocurrency mining; (2) competition among the various providers of cryptocurrency mining services; (3) changes in applicable laws, regulations and/or permits affecting TeraWulf’s operations or the industries in which it operates, including regulation regarding power generation, cryptocurrency usage and/or cryptocurrency mining, and/or regulation regarding safety, health, environmental and other matters, which could require significant expenditures; (4) the ability to implement certain business objectives and to timely and cost-effectively execute integrated projects; (5) failure to obtain adequate financing on a timely basis and/or on acceptable terms with regard to growth strategies or operations; (6) loss of public confidence in bitcoin or other cryptocurrencies and the potential for cryptocurrency market manipulation; (7) adverse geopolitical or economic conditions, including a high inflationary environment; (8) the potential of cybercrime, money-laundering, malware infections and phishing and/or loss and interference as a result of equipment malfunction or break-down, physical disaster, data security breach, computer malfunction or sabotage (and the costs associated with any of the foregoing); (9) the availability, delivery schedule and cost of equipment necessary to maintain and grow the business and operations of TeraWulf, including mining equipment and infrastructure equipment meeting the technical or other specifications required to achieve its growth strategy; (10) employment workforce factors, including the loss of key employees; (11) litigation relating to TeraWulf and/or its business; and (12) other risks and uncertainties detailed from time to time in the Company’s filings with the Securities and Exchange Commission (“SEC”). Potential investors, stockholders and other readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date on which they were made. TeraWulf does not assume any obligation to publicly update any forward-looking statement after it was made, whether as a result of new information, future events or otherwise, except as required by law or regulation. Investors are referred to the full discussion of risks and uncertainties associated with forward-looking statements and the discussion of risk factors contained in the Company’s filings with the SEC, which are available at www.sec.gov.

    Investors:
    Investors@terawulf.com

    Media:
    media@terawulf.com

    The MIL Network –

  • MIL-OSI: CORRECTION — Real Estate Split Corp. Announces Overnight Offering

    Source: GlobeNewswire (MIL-OSI)

    In a release issued earlier today under the same headline by Real Estate Split Corp. (TSX: RS and RS.PR.A), please note that in the second sentence of the second paragraph, the closing date should be October 30, not October 31. The corrected release follows:

    Not for distribution to U.S. Newswire Services or for dissemination in the United States.

    TORONTO, Oct. 23, 2024 (GLOBE NEWSWIRE) — Real Estate Split Corp. (TSX: RS and RS.PR.A) (the “Company”), is pleased to announce that the Company is undertaking an overnight treasury offering of class A and preferred shares (the “Class A Shares” and “Preferred Shares”, respectively).

    The sales period for this overnight offering will end at 9:00 a.m. (ET) on Thursday, October 24, 2024. The offering is expected to close on or about October 30, 2024 and is subject to certain closing conditions including approval by the Toronto Stock Exchange (“TSX”).

    The Class A Shares will be offered at a price of $12.90 per Class A Share to yield 12.1% and the Preferred Shares will be offered at a price of $10.10 per Preferred Share to yield 4.4% to maturity. The closing price on the TSX for each of the Class A Shares and Preferred Shares on October 22, 2024 was $13.21 and $10.16, respectively. The Class A Share and Preferred Share offering prices were determined so as to be non-dilutive to the most recently calculated net asset value per unit of the Company (calculated as at October 22, 2024), as adjusted for dividends and certain expenses to be accrued prior to or upon settlement of the offering.

    The Company has been designed to provide investors with a diversified, actively managed, high conviction portfolio comprised of securities of leading North American real estate companies.

    The Company’s investment objectives for the:

    Class A Shares are to provide holders with:

    (i) non-cumulative monthly cash distributions; and
    (ii) the opportunity for capital appreciation through exposure to the portfolio

    Preferred Shares are to:

    (i) provide holders with fixed cumulative preferential quarterly cash distributions; and
    (ii) return the original issue price of $10.00 to holders upon maturity.

    Middlefield Capital Corporation provides investment management advice to the Company.

    The syndicate of agents for the offering is being co-led by CIBC Capital Markets, RBC Capital Markets, and Scotiabank.

    For further information, please visit our website at www.middlefield.com or contact Nancy Tham in our Sales and Marketing Department at 1.888.890.1868.

    A short form base shelf prospectus containing important detailed information about the securities being offered has been filed with securities commissions or similar authorities in each of the provinces and territories of Canada. Copies of the short form base shelf prospectus may be obtained from a member of the syndicate. The Company intends to file a supplement to the short form base shelf prospectus, and investors should read the short form base shelf prospectus and the prospectus supplement before making an investment decision. There will not be any sale or any acceptance of an offer to buy the securities being offered until the prospectus supplement has been filed with the securities commissions or similar authorities in each of the provinces and territories of Canada.

    The MIL Network –

  • MIL-OSI: NVE Corporation Reports Second-Quarter Results and Announces Quarterly Dividend

    Source: GlobeNewswire (MIL-OSI)

    EDEN PRAIRIE, Minn., Oct. 23, 2024 (GLOBE NEWSWIRE) — NVE Corporation (Nasdaq: NVEC) announced today financial results for the quarter ended September 30, 2024.

    Total revenue for the second quarter of fiscal 2025 decreased 5% to $6.76 million from $7.13 million for the prior-year quarter. The decrease was due to a 14% decrease in product sales partially offset by a 3,950% increase in contract research and development revenue. Net income for the second quarter of fiscal 2025 decreased 15% to $4.03 million, or $0.83 per diluted share, compared to $4.72 million, or $0.98 per share, for the prior-year quarter.

    For the first six months of fiscal 2025, total revenue decreased 15% to $13.5 million from $16.0 million for the first six months of the prior year. The decrease was due to a 20% decrease in product sales partially offset by a 457% increase in contract research and development revenue. Net income decreased 11% to $8.12 million, or $1.68 per diluted share, from $9.13 million, or $1.89 per share, for the first half of fiscal 2024.

    The company also announced a quarterly cash dividend to shareholders of $1.00 per share of common stock, payable November 29, 2024, to shareholders of record as of November 4, 2024.

    “We are pleased to report solid earnings for the quarter despite a slow industry recovery,” said NVE President and Chief Executive Officer Daniel A. Baker, Ph.D.

    NVE is a leader in the practical commercialization of spintronics, a nanotechnology that relies on electron spin rather than electron charge to acquire, store, and transmit information. The company manufactures high-performance spintronic products including sensors and couplers that are used to acquire and transmit data.

    Statements used in this press release that relate to future plans, events, financial results, or performance are forward-looking statements that are subject to certain risks and uncertainties including, among others, such factors as our reliance on several large customers for a significant percentage of revenue, uncertainties related to the economic environments in the industries we serve, uncertainties related to future sales and revenues, risks and uncertainties related to future dividend payments, as well as the risk factors listed from time to time in our filings with the SEC, including our Annual Report on Form 10-K for the fiscal year ended March 31, 2024.

    ###

    NVE CORPORATION
    STATEMENTS OF INCOME
    QUARTERS ENDED SEPTEMBER 30, 2024 AND 2023
    (unaudited) 
      Quarter Ended Sept. 30,
      2024   2023
    Revenue
    Product sales $    6,104,433       $   7,117,122  
    Contract research and development   654,257       16,154  
    Total revenue   6,758,690       7,133,276  
    Cost of sales   947,254       1,599,866  
    Gross profit   5,811,436       5,533,410  
    Expenses              
    Research and development   847,603       683,208  
    Selling, general, and administrative   568,241       433,785  
    Recovery of credit losses   –       (202,926 )
    Total expenses   1,415,844       914,067  
    Income from operations   4,395,592       4,619,343  
    Interest income   464,429       512,092  
    Income before taxes   4,860,021       5,131,435  
    Provision for income taxes   833,876       407,869  
    Net income $ 4,026,145     $ 4,723,566  
    Net income per share – basic $ 0.83     $ 0.98  
    Net income per share – diluted $ 0.83     $ 0.98  
    Cash dividends declared per common share $ 1.00     $ 1.00  
    Weighted average shares outstanding              
    Basic   4,833,855       4,833,401  
    Diluted   4,839,291       4,840,770  
    NVE CORPORATION
    STATEMENTS OF INCOME
    SIX MONTHS ENDED SEPTEMBER 30, 2024 AND 2023
     (unaudited)
      Six Months Ended Sept. 30,
      2024   2023
    Revenue
    Product sales $ 12,720,292       $ 15,817,214  
    Contract research and development   821,642       147,476  
    Total revenue   13,541,934       15,964,690  
    Cost of sales   1,922,748       3,679,489  
    Gross profit   11,619,186       12,285,201  
    Expenses              
    Research and development   1,726,131       1,379,200  
    Selling, general, and administrative   1,108,645       908,900  
    Provision for credit losses   –       9,514  
    Total expenses   2,834,776       2,297,614  
    Income from operations   8,784,410       9,987,587  
    Interest income   958,388       948,618  
    Income before taxes   4,882,777       10,936,205  
    Provision for income taxes   1,619,066       1,808,909  
    Net income $ 8,123,732     $ 9,127,296  
    Net income per share – basic $ 1.68     $ 1.89  
    Net income per share – diluted $ 1.68     $ 1.89  
    Cash dividends declared per common share $ 2.00     $ 2.00  
    Weighted average shares outstanding              
    Basic   4,833,766       4,832,786  
    Diluted   4,839,145       4,840,688  
    NVE CORPORATION
    BALANCE SHEETS
    SEPTEMBER 30 AND MARCH 31, 2024
     
      Sept. 30, 2024   March 31, 2024
    ASSETS
    Current assets
    Cash and cash equivalents $ 3,096,179       $ 10,283,550  
    Marketable securities, short-term
    (amortized cost of $20,002,199 as of September 30, 2024, and $12,283,630 as of March 31, 2024)    		   19,836,293       11,917,779  
    Accounts receivable, net of allowance for credit losses of $15,000   2,952,431       3,144,833  
    Inventories   7,417,611       7,158,585  
    Prepaid expenses and other assets   533,233       689,349  
    Total current assets   33,835,747       33,194,096  
    Fixed assets              
    Machinery and equipment    11,626,533       10,501,096  
    Leasehold improvements   1,956,309       1,956,309  
        13,582,842       12,457,405  
    Less accumulated depreciation and amortization    11,560,984       11,403,383  
    Net fixed assets   2,021,858       1,054,022  
    Deferred tax assets   1,518,646       1,453,704  
    Marketable securities, long-term
    (amortized cost of $28,203,595 as of September 30, 2024, and $31,417,890 as of March 31, 2024)    		   28,281,803       30,788,301  
    Right-of-use asset – operating lease   219,747       289,910  
    Total assets $  65,877,801     $  66,780,033  
     
    LIABILITIES AND SHAREHOLDERS’ EQUITY
    Current liabilities
    Accounts payable $ 170,077     $ 127,154  
    Accrued payroll and other   580,274       729,215  
    Operating lease   181,159       179,372  
    Total current liabilities   931,510       1,035,741  
    Operating lease   88,651       175,775  
    Total liabilities   1,020,161       1,211,516  
                   
    Shareholders’ equity              
    Common stock   48,340       48,337  
    Additional paid-in capital   19,678,425       19,554,812  
    Accumulated other comprehensive income   (68,510 )     (777,637 )
    Retained earnings   45,199,385       46,743,005  
    Total shareholders’ equity   64,857,640       65,568,517  
    Total liabilities and shareholders’ equity $ 65,877,801     $ 66,780,033  

    The MIL Network –

  • MIL-OSI: StepStone Group to Announce Second Quarter Fiscal 2025 Results on November 7, 2024

    Source: GlobeNewswire (MIL-OSI)

    NEW YORK, Oct. 23, 2024 (GLOBE NEWSWIRE) — StepStone Group Inc. (Nasdaq: STEP) today announced that the Company will release its results for the quarter ended September 30, 2024, after the market closes on Thursday, November 7, 2024. This represents results for the second quarter of the fiscal year ending March 31, 2025.

    Webcast and Earnings Conference Call

    Management will host a webcast and conference call on Thursday, November 7, 2024, at 5:00 pm ET to discuss the Company’s results for the second quarter of the fiscal year ending March 31, 2025. The webcast will be made available on the Shareholders section of the Company’s website at https://shareholders.stepstonegroup.com. To listen to a live broadcast, go to the site at least 15 minutes prior to the scheduled start time to register. A replay will also be available on the shareholders website approximately two hours after the conclusion of the event.

    To join as a live participant in the question and answer portion of the call, participants must register at https://register.vevent.com/register/BI6beb1f9d540a4ca3965ff36afb3a4ae0. Upon registering you will receive the dial-in number and a PIN to join the call as well as an email confirmation with the details.

    About StepStone

    StepStone Group Inc. (Nasdaq: STEP) is a global private markets investment firm focused on providing customized investment solutions and advisory and data services to its clients. As of June 30, 2024, StepStone was responsible for approximately $701 billion of total capital, including $169 billion of assets under management. StepStone’s clients include some of the world’s largest public and private defined benefit and defined contribution pension funds, sovereign wealth funds and insurance companies, as well as prominent endowments, foundations, family offices and private wealth clients, which include high-net-worth and mass affluent individuals. StepStone partners with its clients to develop and build private markets portfolios designed to meet their specific objectives across the private equity, infrastructure, private debt and real estate asset classes.

    Contacts

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

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

    The MIL Network –

  • MIL-OSI: American Coastal Insurance Corporation Provides Hurricane Loss Updates and Schedules Release of Third Quarter 2024 Financial Results and Conference Call

    Source: GlobeNewswire (MIL-OSI)

    ST. PETERSBURG, Fla., Oct. 23, 2024 (GLOBE NEWSWIRE) — American Coastal Insurance Corporation (Nasdaq Ticker: ACIC) (“the Company”, “American Coastal” or “ACIC”) the insurance holding company of American Coastal Insurance Company (“AmCoastal”), announced estimated hurricane losses for the 2024 third and fourth quarters. The Company also expects to release its financial results for the third quarter ended September 30, 2024, on Wednesday, November 6, 2024, after the close of the market, and will conduct its quarterly conference call at 5:00 p.m. ET.

    2024 Third Quarter Update:

    The Company estimates net current accident quarter catastrophe losses incurred stemming from Hurricanes Debby and Helene in the third quarter of 2024 to be approximately $3.8 million, net of tax impacts. $2.4 million of this impact from Helene is retained by AmCoastal, with $1.4 million being retained by the Company’s captive reinsurance entity. The Company does not expect losses from Debby or Helene to reach the excess of loss layers of AmCoastal’s reinsurance program and expects to deliver positive net income for the third quarter of 2024.

    2024 Fourth Quarter Update:

    The Company estimates net current accident quarter catastrophe losses incurred stemming from Hurricane Milton in the fourth quarter of 2024 to be approximately $16.2 million, net of tax impacts. $7.9 million of this impact from Milton is retained by AmCoastal, with $8.3 million being retained by the Company’s captive reinsurance entity. The Company also expects to incur approximately $13 million of reinstatement premiums that will be amortized as ceded premiums earned over the remaining eight month coverage period, from October 2024 through May 2025.

    “Hurricanes Helene and Milton were severe storms with devastating impact, and our primary focus is on servicing our policyholders. ACIC’s underwriting discipline and robust reinsurance program serve to protect AmCoastal’s balance sheet and reduce volatility from the active Atlantic hurricane season. We estimate a gross loss between $150 and $200 million from Milton, leaving 100 percent of AmCoastal’s $1.26 billion occurrence based reinsurance tower available for subsequent catastrophe events. With AmCoastal’s reinsurance tower fully intact and a lower $10.3 million retention on potential second and third events, net of tax impacts, the Company remains strongly positioned for the remainder of the 2024 Atlantic hurricane season, and is expected to remain profitable in the fourth quarter, despite Milton’s impact,” said Brad Martz, President of American Coastal.

    Third Quarter 2024 Conference Call Details:

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

    Wednesday, November 6, 2024 – 5:00 p.m. ET

    Participant Dial-In Numbers:

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

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

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

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

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

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