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Category: GlobeNewswire

  • MIL-OSI: D. Boral Capital Acted as Joint Bookrunner to Decent Holding Inc. (Nasdaq: DXST) in connection with its $5.0 Million Initial Public Offering

    Source: GlobeNewswire (MIL-OSI)

    NEW YORK, Jan. 24, 2025 (GLOBE NEWSWIRE) — On Jan. 23, 2025, Decent Holding Inc. (Nasdaq: DXST) (the “Company”), an established wastewater treatment services provider in China, announced the closing of its initial public offering (the “Offering”) of 1,250,000 ordinary shares (the “Ordinary Shares”) at a public offering price of $4.00 per share for aggregate gross proceeds of $5 million, before deducting underwriting discounts and other offering expenses. The Ordinary Shares commenced trading on Nasdaq Capital Market on January 22, 2025, under the ticker symbol “DXST.” The Offering closed on January 23, 2025.

    In addition, the Company has granted the underwriters an option, exercisable within 45 days from the closing date of the Offering, to purchase up to an additional 187,500 Ordinary Shares at the public offering price, less underwriting discounts, to cover over-allotments, if any.

    The Company intends to use the net proceeds from the Offering for (i) business expansion; (ii) research and development; (iii) promoting the river water quality management service and expanding the treatment scope of river water; (iv) development and upgrade of wastewater treatment technology; and (v) recruiting talents in research and development and management.

    The Offering was conducted on a firm commitment basis. Craft Capital Management LLC and D. Boral Capital LLC acted as underwriters (the “Underwriters”) for the Offering. Ortoli Rosenstadt LLP acted as U.S. securities counsel to the Company, and The Crone Law Group, P.C. acted as U.S. securities counsel to the Underwriters, in connection with the Offering.

    A registration statement on Form F-1 (File No. 333-282509) relating to the Offering, as amended, was previously filed with the U.S. Securities and Exchange Commission (the “SEC“) and was declared effective by the SEC on January 21, 2025. The Offering is being made only by means of a prospectus. Copies of the prospectus related to the Offering may be obtained from Craft Capital Management LLC by standard mail to Craft Capital Management LLC, 377 Oak St, Lower Concourse, Garden City, NY 11530, or via email at info@craftcm.com or by telephone at +1 (800) 550-8411; or from D. Boral Capital LLC by standard mail to D. Boral Capital LLC, 590 Madison Ave 39th Floor, New York, NY 10022, or by email at info@dboralcapital.com, or by telephone at +1 (212) 970-5150. In addition, a copy of the final prospectus relating to the Offering, dated January 21, 2025, can also be obtained via the SEC’s website at http://www.sec.gov.

    Before you invest, you should read the prospectus and other documents the Company has filed or will file with the SEC for more information about the Company and the Offering. This press release has been prepared for informational purposes only and 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 Decent Holding Inc.

    Decent Holding Inc. specializes in the provision of wastewater treatment by cleansing the industrial wastewater, ecological river restoration and river ecosystem management by enhancing the water quality, as well as microbial products primarily used for pollutant removal and water quality enhancement, through the Company’s subsidiary, Shandong Dingxin Ecology Environmental Co., Ltd.

    For more information, please visit: https://ir.dxshengtai.com.

    Forward-Looking Statement

    This press release contains forward-looking statements. Forward-looking statements include statements concerning plans, objectives, goals, strategies, future events or performance, and underlying assumptions and other statements that are other than statements of historical facts. When the Company uses words such as “may, “will, “intend,” “should,” “believe,” “expect,” “anticipate,” “project,” “estimate” or similar expressions that do not relate solely to historical matters, it is making forward-looking statements. These forward-looking statements include, without limitation, the Company’s statements regarding the expected trading of its Ordinary Shares on the Nasdaq Capital Market and the closing of the Offering. Forward-looking statements are not guarantees of future performance and involve risks and uncertainties that may cause the actual results to differ materially from the Company’s expectations discussed in the forward-looking statements. These statements are subject to uncertainties and risks including, but not limited to, the uncertainties related to market conditions and the completion of the initial public offering on the anticipated terms or at all, and other factors discussed in the “Risk Factors” section of the registration statement filed with the SEC. For these reasons, among others, investors are cautioned not to place undue reliance upon any forward-looking statements in this press release. Additional factors are discussed in the Company’s filings with the SEC, which are available for review at http://www.sec.gov. The Company undertakes no obligation to publicly revise these forward-looking statements to reflect events or circumstances that arise after the date hereof.

    Contact Us:

    D. Boral Capital
    590 Madison Avenue, 39th Floor
    New York, NY 10022
    Main Phone: +1 (212) 970-5150
    http://www.dboralcapital.com
    info@dboralcapital.com

    The MIL Network –

  • MIL-OSI: Willis Lease Finance Corporation Announces Quarterly Dividend Reflecting Strong Performance

    Source: GlobeNewswire (MIL-OSI)

    COCONUT CREEK, Fla., Jan. 24, 2025 (GLOBE NEWSWIRE) — Willis Lease Finance Corporation (NASDAQ: WLFC) (“WLFC” or the “Company”) declared a quarterly dividend of $0.25 per share on outstanding shares of WLFC common stock. The dividend is expected to be paid on February 21, 2025 to stockholders of record at the close of business on February 12, 2025.

    “This is our third consecutive regular quarterly dividend since June of 2024,” said Austin C. Willis, Chief Executive Officer of WLFC. “We believe that our dividend policy speaks to the overall strength of our business model.”

    Willis Lease Finance Corporation

    WLFC leases large and regional spare commercial aircraft engines, auxiliary power units and aircraft to airlines, aircraft engine manufacturers and maintenance, repair, and overhaul providers worldwide. These leasing activities are integrated with engine and aircraft trading, engine lease pools and asset management services through Willis Asset Management Limited, as well as various end-of-life solutions for engines and aviation materials provided through Willis Aeronautical Services, Inc. Through Willis Engine Repair Center®, Jet Centre by Willis, and Willis Aviation Services Limited, the Company’s service offerings include Part 145 engine maintenance, aircraft line and base maintenance, aircraft disassembly, parking and storage, airport FBO and ground and cargo handling services.

    Except for historical information, the matters discussed in this press release contain forward-looking statements that involve risks and uncertainties. Do not unduly rely on forward-looking statements, which give only expectations about the future and are not guarantees. By their nature, forward-looking statements involve a number of inherent risks, uncertainties and assumptions and are subject to change in circumstances that are difficult to predict and many of which are outside of our control. These risks, uncertainties and assumptions could adversely affect the outcome and financial effects of the plans and events described herein. Forward-looking statements speak only as of the date they are made, and we undertake no obligation to update them to reflect any change in the Company’s expectations or any change in events, conditions or circumstances on which the forward-looking statement is based, except as required by law. Our actual results may differ materially from the results discussed, either expressly or implicitly, in forward-looking statements. Factors that might cause such a difference include, but are not limited to: the effects on the airline industry and the global economy of events such as war, terrorist activity and natural disasters; changes in oil prices, rising inflation and other disruptions to world markets; trends in the airline industry and our ability to capitalize on those trends, including growth rates of markets and other economic factors; risks associated with owning and leasing jet engines and aircraft; our ability to successfully negotiate equipment purchases, sales and leases, to collect outstanding amounts due and to control costs and expenses; changes in interest rates and availability of capital, both to us and our customers; our ability to continue to meet changing customer demands; regulatory changes affecting airline operations, aircraft maintenance, accounting standards and taxes; the market value of engines and other assets in our portfolio; and risks detailed in the Company’s Annual Report on Form 10-K and other continuing and current reports filed with the Securities and Exchange Commission. It is advisable, however, to consult any further disclosures the Company makes on related subjects in such filings. These statements constitute the Company’s cautionary statements under the Private Securities Litigation Reform Act of 1995.

       
     CONTACT: Scott B. Flaherty
      Executive Vice President & Chief Financial Officer
      sflaherty@willislease.com
      561.413.0112
       

    The MIL Network –

  • MIL-OSI: Feather Your Trades: Bounce Back Stronger from Trading Losses

    Source: GlobeNewswire (MIL-OSI)

    NICOSIA, Cyprus, Jan. 24, 2025 (GLOBE NEWSWIRE) — PU Prime is launching Feather Your Trades, a promotion designed to help traders recover from losses and trade with confidence. From 15 January to 15 February 2025, clients can redeem up to $30 in Trade Loss Vouchers to offset losses on selected closed trades.

    How It Works:

    1. Claim Your Vouchers: Redeem $30 worth of Trade Loss Vouchers ($5 x 6) via the PU Prime App.
    2. Apply to Closed Trades: Use the vouchers to partially cover your trading losses.
    3. Bounce Back Smarter: Regain momentum and refine your strategies.

    Eligibility:

    Available to new and existing clients with Standard or Islamic Standard Accounts. Each client can redeem the vouchers once during the promotion.

    Why Join?

    • Easy to Use: Redeem and apply vouchers directly through the app.
    • Boost Confidence: Offset losses and trade with a clearer mindset.
    • Inclusive: Open to traders of all experience levels.

    Take advantage of Feather Your Trades and bounce back stronger. Visit the PU Prime App or website to learn more and redeem your vouchers!

    For media inquiries, please contact the PR team via media@puprime.com.

    About PU Prime

    Founded in 2015, PU Prime is a leading global fintech company providing innovative online trading solutions. Today, we offer regulated financial products across various asset classes, including forex, commodities, indices, and cryptocurrencies. Committed to providing advanced technology and educational resources, PU Prime supports traders and investors at every stage, from beginner to professional. With a presence in over 120 countries and exceeding 40 million app downloads, PU Prime is dedicated to enabling financial success and fostering a global community of empowered traders.

    Organization: PU Prime
    Contact Person Name: Qianyi Hong
    Website: https://www.puprime.com/
    Email: media@puprime.com
    Phone No.: 3571 1111 111
    Address 01: 62 Athalassas, Mezzanine, Strovolos, 2012, Nicosia, Cyprus

    Disclaimer: This content is provided by the PU Prime. The statements, views, and opinions expressed in this column are solely those of the content provider. The information shared in this press release is not a solicitation for investment, nor is it intended as investment, financial, or trading advice. It is strongly recommended that you conduct thorough research and consult with a professional financial advisor before making any investment or trading decisions. 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/67ec54b3-5b59-4e7b-a12f-8f323577be1f

    The MIL Network –

  • MIL-OSI: Tai and RoadSync Join Forces to Revolutionize Payment Processing in Logistics

    Source: GlobeNewswire (MIL-OSI)

    HUNTINGTON BEACH, Calif., Jan. 24, 2025 (GLOBE NEWSWIRE) — Tai Software has announced a strategic partnership with RoadSync, a leading technology company specializing in freight payment solutions. This alliance is designed to improve payment processing and simplify back-office operations for freight brokers and third-party logistics providers (3PLs), enhancing overall productivity.

    “Our collaboration with Tai delivers cutting-edge payment infrastructure for carriers, accelerating transactions and simplifying operations for brokers,” said Robin Gregg, CEO of RoadSync. “This integration underscores our dedication to advancing payments across the logistics industry, making processes faster, smarter, and more reliable.”

    RoadSync’s best-in-class technology enables digital payments in under 60 seconds, significantly reducing the turnaround time between carrier invoice and final settlement. When integrated with Tai’s TMS, brokers gain seamless synchronization of carrier profiles, automatic payment recording, and instant shipment data integration. These features help eliminate costly and time-consuming reconciliation challenges, minimize manual data entry, and offer visibility into potential issues upfront.

    “At Tai, we remain focused on empowering freight brokers and 3PLs with technology that simplifies operations and enhances efficiency,” said Daniel Ely, CPO at Tai Software. “Our partnership with RoadSync brings transformative payment capabilities directly into the Tai platform, allowing our customers to expedite workflows, improve transparency, and concentrate on driving their businesses forward. Together, we’re reshaping what’s possible in logistics payment processing.”

    Through this partnership, freight brokers will benefit from the combined capabilities of two software powerhouses dedicated to helping clients save time, reduce costs, and elevate the value of their technology solutions.

    To learn more about Tai Software, visit http://www.taisoftware.com. To learn more about RoadSync, please visit https://roadsync.com/. For more information about the Tai-RoadSync integration, please contact Vanessa Galvis, Marketing Director, at vanessa.galvis@tai-software.com.

    About Tai
    Tai Software is a fully integrated freight management platform that drives brokers’ efficiency and growth. Tai TMS automates operations for both Full Truckload (FTL) and Less-than-Truckload (LTL) shipments, integrating seamlessly with major carriers and technology partners. With over 500 tool integrations and over 20 years of industry innovation, freight brokers trust Tai TMS to simplify their processes and focus on strategic business growth.

    About RoadSync
    RoadSync is the digital financial platform for the logistics industry. By removing paper and phone calls from business transactions, RoadSync offers a fast, convenient, and secure way to move and manage money and conduct business, dramatically reducing payment processing time and maximizing revenue collection. RoadSync offers payment products for warehouses, carriers, brokers, repair/tow merchants, and drivers, integrating and automating the financial systems fueling the logistics industry. For more information, visit http://www.roadsync.com.

    The MIL Network –

  • MIL-OSI: LambdaTest Rolls Out Major Updates to KaneAI, Transforming the end-to-end Software Testing Experience

    Source: GlobeNewswire (MIL-OSI)

    Noida/San Francisco, Jan. 24, 2025 (GLOBE NEWSWIRE) — LambdaTest, a leading cloud-based unified testing platform announced the latest updates to Kane AI, the world’s first end-to-end software testing agent. These enhancements redefine how teams approach end-to-end test automation, offering powerful capabilities to streamline testing processes and improve efficiency.

    Major new features include support for native app testing on Android and iOS real devices, enabling seamless testing across mobile platforms. KaneAI now allows users to author a test case once and execute it across thousands of configurations for desktop browsers and real devices. With integrated support for CI/CD frameworks such as Jenkins and GitHub Actions, teams can ensure smooth automation workflows without disruptions.

    KaneAI also introduced data-driven testing, enabling users to upload datasets via CSV files or leverage AI for dynamic data generation. This addition simplifies the testing of complex scenarios and ensures greater coverage with minimal effort. API testing capabilities have been enhanced with support for all REST methods, allowing teams to perform thorough backend validations alongside front-end testing.

    KaneAI also now extends support for popular open-source frameworks, including Selenium, Playwright, Cypress, and WebdriverIO for web testing, and Appium for native apps. The introduction of reusable modules ensures that common test steps, once defined, can be applied across multiple test cases, significantly reducing maintenance overhead and effort.

    Mayank Bhola, Co-Founder and Head of Product at LambdaTest shared, “We’re constantly striving to make testing easier and more effective. With these updates to KaneAI, we’ve focused on giving teams the flexibility to run their tests smarter and faster, ultimately saving time and improving the quality of their applications.”

    These features solidify KaneAI’s position as a comprehensive end-to-end testing platform, enabling teams to deliver faster, more reliable releases while improving product quality.

    To learn more about the latest features, visit https://www.lambdatest.com/kane-ai.

    About LambdaTest
    LambdaTest is an intelligent and omnichannel software quality assurance platform that enables businesses to accelerate time to market through AI-powered cloud-based test authoring, orchestration, and execution. Over 10,000+ enterprise customers and 2+ million users across 130+ countries rely on LambdaTest for their testing needs.

    •  Browser & App Testing Cloud allows users to run both manual and automated tests of web and mobile apps across 5000+ different browsers, real devices, and operating system environments.

    •  HyperExecute helps customers run and orchestrate test grids in the cloud for any framework and programming language at blazing-fast speeds to reduce quality test time, helping developers build software faster.

    For more information, please visit, https://lambdatest.com

    The MIL Network –

  • MIL-OSI: Fidelity D & D Bancorp, Inc. First Quarter 2025 Dividend

    Source: GlobeNewswire (MIL-OSI)

    DUNMORE, Pa., Jan. 24, 2025 (GLOBE NEWSWIRE) — The Board of Directors of Fidelity D & D Bancorp, Inc. (NASDAQ: FDBC), parent company of The Fidelity Deposit and Discount Bank, announce their declaration of the Company’s 2025 first quarter dividend of $0.40 per share, a 5% increase above the prior year’s first quarter dividend paid of $0.38 per share. The dividend is payable March 10, 2025 to shareholders of record at the close of business on February 14, 2025.

    Fidelity D & D Bancorp, Inc. serves Lackawanna, Luzerne, Northampton and Lehigh Counties through The Fidelity Deposit and Discount Bank’s 21 full-service community banking offices, along with the Fidelity Bank Wealth Management Minersville Office in Schuylkill County. Fidelity Bank provides a digital and virtual experience via digital services and digital account opening through Online Banking and the Fidelity Mobile Banking app.

    For more information visit our investor relations web site through http://www.bankatfidelity.com.

    This press release may contain forward-looking statements as defined in the Private Securities Litigation Reform Act of 1995. Actual results and trends could differ materially from those set forth in such statements due to various factors. These factors include the possibility that increased demand or prices for the company’s financial services and products may not occur, changing economic, interest rate and competitive conditions, technological developments and other risks and uncertainties, including those detailed in the company’s filings with the Securities and Exchange Commission.
     
    Contacts:              
    Daniel J. Santaniello
    President and Chief Executive Officer
    570-504-8035    		   Salvatore R. DeFrancesco, Jr.
    Treasurer and Chief Financial Officer
    570-504-8000
         

    The MIL Network –

  • MIL-OSI: Liquid NFT Marketplace Launches to Transform the NFT Industry with Added Liquidity

    Source: GlobeNewswire (MIL-OSI)

    LONDON, Jan. 24, 2025 (GLOBE NEWSWIRE) — CMC Group of Companies Ltd introduces Liquid NFTs, a platform aimed at addressing the challenge of limited liquidity in the NFT market. This innovative marketplace is poised to empower creators, investors, and collectors by making NFT trading more accessible, seamless, and efficient, utilizing a system of injecting liquidity directly into the NFTs that people buy.

    The NFT (Non-Fungible Token) industry has grown exponentially over the past few years, yet liquidity remains a critical challenge. Unlike traditional assets, NFTs often lack mechanisms to quickly buy, sell, or trade without significant value loss. The Liquid NFT Marketplace works to solve this problem by introducing cutting-edge solutions that ensure users can unlock the full potential of their digital assets.

    Key Features of Liquid NFTs:

    • Enhanced Liquidity: The platform incorporates advanced financial tools and mechanisms, such as fractional ownership and instant liquidity pools, enabling users to trade NFTs like traditional financial instruments.
    • User-Friendly Experience: Intuitive design and tools make it easy for creators and investors to list, trade, and manage their NFT portfolios.
    • Global Accessibility: As a fully decentralized platform, Liquid NFT Marketplace provides access to NFT trading for users worldwide, fostering an inclusive digital economy.
    • Security and Trust: Backed by The CMC Group of Companies Ltd, the marketplace ensures robust security protocols, offering a safe environment for all transactions.

    “Liquid NFT Marketplace represents a significant step forward for the NFT industry,” said a spokesperson from the CMC Group. “By addressing the liquidity issue, we’re unlocking new opportunities for growth and innovation, ensuring NFTs become a mainstream asset class accessible to all.”

    The Liquid platform seems to be in very capable hands, with an impressive list of names behind it, such as Nathan Hill, Colin Woolley, Tokin Trip, and David Aerdrop, who have all had their names behind some incredibly successful web3 brands over the years.

    The CMC Group of Companies, known for its marketing and media experience currently owns many web3-focused brands, such as The Crypto Magazine, Crypto Weekly, and the Crypto Marketing Company, which are all supported by its native cryptocurrency “CMC Coin/$CMCC”. They have been pioneering ventures in technology and finance and have solidified their reputation as a leader in the digital economy. With the launch of the Liquid NFT platform, the company further cements its commitment to driving innovation and providing meaningful solutions to the challenges facing emerging markets.

    NFT creators and collectors are invited to explore the platform and discover its innovative features. To mark the launch, the marketplace will provide exclusive incentives for early adopters.

    Users can visit liquidnfts.finance to explore the platform and engage in the next phase of NFT trading.

    About CMC Group of Companies Ltd

    CMC Group of Companies Ltd is a global leader in innovation and business excellence, specializing in cutting-edge solutions across various industries. With a commitment to driving progress and enhancing market dynamics, CMC continues to lead the charge in digital transformation.

    Users can follow the Liquid NFT journey:

    Telegram – https://t.me/liquidnftsales

    Twitter/X – https://x.com/LiquidNftMarket

    Contact

    CEO

    Nathan hill

    The cmc group of companies

    nathan@thecmccompany.com

    A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/5f80c994-7bed-4c12-96cb-657ef9a04263

    The MIL Network –

  • MIL-OSI: Toobit Launches Toobit Earn, Offers Over 250,000 USDT in Staking Rewards

    Source: GlobeNewswire (MIL-OSI)

    GEORGE TOWN, Cayman Islands, Jan. 24, 2025 (GLOBE NEWSWIRE) — Global digital asset trading platform Toobit launches today the first phase of Toobit Earn, a new staking platform for its traders to grow their digital assets.

    Developed to address the crypto market’s growing demand for passive income, the introductory stage will see the exchange issuing 7-day USDT 100% Annual Percentage Rate (APR) products. With a total staking pool over 250,000 USDT and an entry point of just 1 USDT, traders can lock in up to 500 USDT and receive rewards on their stake after 7 days.

    “We want traders of all experience levels to participate in the crypto ecosystem,” said Mike Williams, Chief Communication Officer of Toobit. “Digital assets have long offered an alternative route to financial success, and Toobit Earn is really just the next step in our journey to empower them with smarter, more accessible opportunities.”

    The leading exchange does not intend to stop with simple APR products; it plans to offer more complex instruments in its coming phases. Members will soon be able to choose from 2 distinct staking products: Flexible Earning, which offers liquidity and dynamic interest rates, and Fixed Earning, which allows users to lock in their assets for higher returns.

    With options ranging across the gamut of popular cryptocurrencies, Toobit Earn is intended as a safe and stable avenue for traders of different risk appetites and experience to earn competitive interest rates on their otherwise idle crypto holdings.

    This is not the exchange’s first easy-to-use financial product. More recently, the exchange made headlines with the launch of its Telegram mini-app.

    For more information about Toobit Earn and how to get started, visit Toobit’s Earn portal at https://www.toobit.com/en-US/earn

    About Toobit
    Toobit is a global crypto exchange dedicated to providing fair and transparent trading experiences. With ample liquidity and market depth, Toobit ensures efficient and secure transactions for traders worldwide and is committed to providing a secure and user-friendly environment for trading a diverse range of digital assets.

    For more information about Toobit, visit: Website | X | Telegram | LinkedIn | Discord | Instagram

    Contact: Davin C.
    Email: market@toobit.com
    Website: http://www.toobit.com

    Disclaimer: This content is provided by “Toobit”. 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/e50154b8-223e-420a-89c7-b3daeed6aa47

    The MIL Network –

  • MIL-OSI: CORRECTION: Nano Labs Announces Results of Annual General Meeting of Shareholders

    Source: GlobeNewswire (MIL-OSI)

    HANGZHOU, China, Oct. 25, 2024 (GLOBE NEWSWIRE) — In the news release “Nano Labs Announces Results of Extraordinary General Meeting of Shareholders,” issued October 23, 2024 by Nano Labs Ltd over GlobeNewswire, we are advised by the company that the final paragraph should be “The Share Consolidation will be effective from 5 P.M. on November 3, 2024, Eastern time. The expected market effective date of the Share Consolidation is November 4, 2024 (as of the opening of business).” The complete, corrected release follows:

    Nano Labs Ltd (Nasdaq: NA) (“we,” the “Company” or “Nano Labs”), a leading fabless integrated circuit design company and product solution provider in China, today announced the results of the Company’s Annual General Meeting (“AGM”) held at 10 A.M. on October 23, 2024, Beijing time (10 P.M., October 22, 2024, U.S. Eastern time). The proposals submitted for shareholder approval at the AGM have been approved. Specifically, the shareholders have passed the following resolutions:

    (1)   to effect a share consolidation of every ten shares with a par value of US$0.0002 each in the Company’s issued and unissued share capital into one share with a par value of US$0.002 (the “Share Consolidation”), so that immediately following the Share Consolidation and the share re-designation, the authorized share capital of the Company shall be US$50,000 divided into 25,000,000 ordinary shares of par value of US$0.002 each, comprising (i) 12,141,093 Class A ordinary shares of par value of US$0.002 each, (ii) 2,858,908 Class B ordinary shares of par value of US$0.002 each, and (iii) 9,999,999 shares of a par value of US$0.002 each of such class or classes (however designated) as the board of directors of the Company may determine in accordance with the Company’s New M&A (as defined below).
         
    (2)   to amend the Company’s memorandum and articles of association currently in effect by the adoption of a new memorandum and articles of association to reflect the Share Consolidation (after the amendment, the “New M&A”); and
         
    (3)   to approve the appointment of MaloneBailey, LLP as the Company’s independent registered public accounting firm for the fiscal year ending December 31, 2024.
         

    The Share Consolidation will be effective from 5 P.M. on November 3, 2024, Eastern time. The expected market effective date of the Share Consolidation is November 4, 2024 (as of the opening of business).

    About Nano Labs Ltd

    Nano Labs Ltd is a leading fabless integrated circuit (“IC”) design company and product solution provider in China. Nano Labs is committed to the development of high throughput computing (“HTC”) chips, high performance computing (“HPC”) chips, distributed computing and storage solutions, smart network interface cards (“NICs”) vision computing chips and distributed rendering. Nano Labs has built a comprehensive flow processing unit (“FPU”) architecture which offers solution that integrates the features of both HTC and HPC. Nano Lab’s Cuckoo series are one of the first near-memory HTC chips available in the market*. For more information, please visit the Company’s website at: ir.nano.cn.

    * According to an industry report prepared by Frost & Sullivan.

    Forward-Looking Statements

    This press release contains forward-looking statements within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended, and as defined in the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements include, without limitation, the Company’s plan to appeal the Staff’s determination, which can be identified by terminology such as “may,” “will,” “expect,” “anticipate,” “aim,” “estimate,” “intend,” “plan,” “believe,” “potential,” “continue,” “is/are likely to” or other similar expressions. Such statements are based upon management’s current expectations and current market and operating conditions, and relate to events that involve known or unknown risks, uncertainties and other factors, all of which are difficult to predict and many of which are beyond the Company’s control, which may cause the Company’s actual results, performance or achievements to differ materially from those in the forward-looking statements. Further information regarding these and other risks, uncertainties or factors is included in the Company’s filings with the Securities and Exchange Commission. The Company does not undertake any obligation to update any forward-looking statement as a result of new information, future events or otherwise, except as required under law.

    For more information, please contact:

    Nano Labs Ltd
    ir@nano.cn

    Ascent Investor Relations LLC
    Phone: +1-646-932-7242
    Email: investors@ascent-ir.com

    The MIL Network –

  • MIL-OSI: U-BX Technology Ltd. Announced Receipt of Notification Letter from Nasdaq

    Source: GlobeNewswire (MIL-OSI)

    BEIJING, Oct. 25, 2024 (GLOBE NEWSWIRE) — U-BX Technology Ltd. (the “Company” or “U-BX”) (NASDAQ:UBXG), a leading company providing value-added services using artificial intelligence-driven technology to businesses within the insurance industry, including insurance carriers and brokers, today announced that it has received written notifications (the “Notification Letters”) from the Listings Qualifications Department of The Nasdaq Stock Market LLC (“Nasdaq”) on Oct. 21, 2024. The Notification Letters advised the Company that for the last 31 consecutive business days, the minimum closing bid price per share for the Company’s ordinary shares was below the $1.00 per share requirement for continued listing under Nasdaq Listing Rule 5550(a)(2). The Notification Letters also advised the Company that for the last 30 consecutive business days, the minimum Market Value of Listed Securities (MVLS) of the Company was below the $35 million requirement for continued listing under Nasdaq Listing Rule 5550(b)(2).

    The Company would like to clarify that the Notification Letters have no current effect on the listing or trading of the Company’s securities on Nasdaq. Pursuant to Nasdaq Listing Rules 5810(c)(3)(A), the Company has been granted a compliance period of 180 calendar days, until April 21, 2025, to regain compliance with the Nasdaq Listing Rule 5550(a)(2). If, at any time during this compliance period, the closing bid price of the Company’s ordinary shares reaches US$1.00 per share or higher for a minimum of ten consecutive business days, Nasdaq will provide the Company with written confirmation of compliance, and the matter will be resolved. In the event the Company does not regain compliance by April 21, 2025, the Company may be eligible for an additional 180 calendar days. In addition, pursuant to Nasdaq Listing Rules 5810(c)(3)(C), the Company has been granted a compliance period of 180 calendar days, until April 21, 2025, to regain compliance with the Nasdaq Listing Rule 5550(b)(2). If, at any time during this compliance period, the Company’s MVLS closes at $35 million or more for a minimum of ten consecutive business days, Nasdaq will provide the Company with written confirmation of compliance, and the matter will be resolved.

    The Company intends to actively monitor the bid price for its shares and the MVLS, and will evaluate available options to regain compliance with the continued listing requirements.

    About U-BX Technology Ltd.

    Headquartered in Beijing, UB-X Technology Ltd. is a provider of insurance technology in China. The Company focuses on providing value-added services using artificial intelligence-driven technology to businesses within the insurance industry. The Company’s services and products primarily include: 1) Digital promotion services. The Company helps institutional clients boost their social media visibility and generate revenue through consumer engagement and client promotions. 2) Risk assessment services. The Company has developed a unique algorithm named “Magic Mirror” that calculates payout risks for auto insurance coverage based on vehicle information. Insurance carriers purchase the personalized risk reports generated by the algorithm. Magic Mirror utilizes AI and optical character recognition technology to produce detailed risk assessments, including accident likelihood, potential claims, and estimated settlement amounts. and 3) Value-added bundled benefits to insurance carriers. The benefits packages include auto maintenance services, auto value added services, vehicle moving notification services etc. For more information, please visit: https://www.u-bx.com/ .

    Forward-Looking Statement

    This press release contains forward-looking statements. Forward-looking statements include statements concerning plans, objectives, goals, strategies, future events or performance, and underlying assumptions and other statements that are other than statements of historical facts. When the Company uses words such as “may,” “will,” “intend,” “should,” “believe,” “expect,” “anticipate,” “project,” “estimate” or similar expressions that do not relate solely to historical matters, it is making forward-looking statements. These forward-looking statements include, without limitation, the Company’s statements regarding the expected trading of its Ordinary Shares on the Nasdaq Capital Market and the closing of the Offering. Forward-looking statements are not guarantees of future performance and involve risks and uncertainties that may cause the actual results to differ materially from the Company’s expectations discussed in the forward-looking statements. These statements are subject to uncertainties and risks including, but not limited to, the uncertainties related to market conditions and the completion of the initial public offering on the anticipated terms or at all, and other factors discussed in the “Risk Factors” section of the registration statement filed with the SEC. For these reasons, among others, investors are cautioned not to place undue reliance upon any forward-looking statements in this press release. Additional factors are discussed in the Company’s filings with the SEC, which are available for review at http://www.sec.gov. The Company undertakes no obligation to publicly revise these forward-looking statements to reflect events or circumstances that arise after the date hereof.

    For more information, please contact:

    U-BX Technology Ltd.

    Investor Relations Department

    ir@u-bx.com

    The MIL Network –

  • MIL-OSI: Stronghold Digital Mining Announces CFO Transition

    Source: GlobeNewswire (MIL-OSI)

    NEW YORK, Oct. 25, 2024 (GLOBE NEWSWIRE) — Stronghold Digital Mining, Inc. (the “Company”) today announced that Chief Financial Officer Matthew Smith will resign from his position, effective November 15, 2024, after the Company files its Quarterly Report on Form 10-Q for the third quarter of 2024. Mr. Smith will also step down from the Company’s Board of Directors at that time. Mr. Smith’s resignation was not due to any disagreement with the Company on any matter relating to the Company’s operations, policies or practices, including accounting principles and practices.

    Following his departure, the Company intends to retain Mr. Smith as a consultant to assist with the transition of his responsibilities for a period of time. Currently, the Company does not intend to fill the vacancy on the Board that will be created following the effective date of Mr. Smith’s resignation. The Company thanks Mr. Smith for his contributions over the past three years.

    About Stronghold Digital Mining, Inc.
    Stronghold is a vertically integrated Bitcoin mining company with an emphasis on environmentally beneficial operations. Stronghold houses its miners at its wholly owned and operated Scrubgrass Plant and Panther Creek Plant, both of which are low-cost, environmentally beneficial coal refuse power generation facilities in Pennsylvania.

    Forward Looking Statements of Stronghold:
    Certain statements contained in this press release, including guidance, constitute “forward-looking statements.” within the meaning of the Private Securities Litigation Reform Act of 1995. You can identify forward-looking statements because they contain words such as “believes,” “expects,” “may,” “will,” “should,” “seeks,” “approximately,” “intends,” “plans,” “estimates” or “anticipates” or the negative of these words and phrases or similar words or phrases which are predictions of or indicate future events or trends and which do not relate solely to historical matters. Forward-looking statements and the business prospects of Stronghold are subject to a number of risks and uncertainties that may cause Stronghold’s actual results in future periods to differ materially from the forward-looking statements, including with respect to its potential carbon capture initiative and with respect to completing a strategic review process or entering into a transaction. These risks and uncertainties include, among other things: the hybrid nature of our business model, which is highly dependent on the price of Bitcoin; our dependence on the level of demand and financial performance of the crypto asset industry; our ability to manage growth, business, financial results and results of operations; uncertainty regarding our evolving business model; our ability to retain management and key personnel and the integration of new management; our ability to raise capital to fund business growth; our ability to maintain sufficient liquidity to fund operations, growth and acquisitions; our substantial indebtedness and its effect on our results of operations and our financial condition; uncertainty regarding the outcomes of any investigations or proceedings; our ability to enter into purchase agreements, acquisitions and financing transactions; public health crises, epidemics, and pandemics such as the coronavirus pandemic; our ability to procure crypto asset mining equipment from foreign-based suppliers; our ability to maintain our relationships with our third-party brokers and our dependence on their performance; our ability to procure crypto asset mining equipment including to upgrade our current fleet; developments and changes in laws and regulations, including increased regulation of the crypto asset industry through legislative action and revised rules and standards applied by The Financial Crimes Enforcement Network under the authority of the U.S. Bank Secrecy Act and the Investment Company Act; the future acceptance and/or widespread use of, and demand for, Bitcoin and other crypto assets; our ability to respond to price fluctuations and rapidly changing technology; our ability to operate our coal refuse power generation facilities as planned; our ability to remain listed on a stock exchange and maintain an active trading market; our ability to avail ourselves of tax credits for the clean-up of coal refuse piles; legislative or regulatory changes, and liability under, or any future inability to comply with, existing or future energy regulations or requirements; our ability to replicate and scale the carbon capture project; our ability to manage costs related to the carbon capture project; and our ability to monetize our carbon capture project, including through the private market; our ability to qualify for, obtain, monetize or otherwise benefit from the Puro registry and Section 45Q tax credits, our ability to timely complete a strategic review process and our ability to consummate a transaction in connection with such process, in part or at all, our ability to qualify for demand response programs, our ability to qualify as PJM “In Network” load, our ability to prepare our sites for and execute on GPU computing initiatives and our ability to expand the power capacity at our sites. More information on these risks and other potential factors that could affect our financial results are included in our filings with the SEC, including in the “Risk Factors” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations” sections of our Annual Report on Form 10-K filed on March 8, 2024, and in our subsequently filed Quarterly Reports on Form 10-Q. Any forward-looking statement or guidance speaks only as of the date as of which such statement is made, and, except as required by law, we undertake no obligation to update or revise publicly any forward-looking statements or guidance, whether because of new information, future events, or otherwise.

    Contacts:

    Stronghold Digital Mining, Inc.
    Investor Contact:
    Matt Glover or Alec Wilson
    Gateway Group, Inc.
    SDIG@gateway-grp.com
    1-949-574-3860

    Media Contact:
    contact@strongholddigitalmining.com

    The MIL Network –

  • MIL-OSI: First Capital, Inc. Reports Quarterly Earnings

    Source: GlobeNewswire (MIL-OSI)

    CORYDON, Ind., Oct. 25, 2024 (GLOBE NEWSWIRE) — First Capital, Inc. (the “Company”) (NASDAQ: FCAP), the holding company for First Harrison Bank (the “Bank”), today reported net income of $2.9 million, or $0.87 per diluted share, for the quarter ended September 30, 2024, compared to net income of $3.1 million, or $0.94 per diluted share, for the quarter ended September 30, 2023.

    Results of Operations for the Three Months Ended September 30, 2024 and 2023

    Net interest income after provision for credit losses increased $415,000 for the quarter ended September 30, 2024 as compared to the same period in 2023. Interest income increased $2.0 million when comparing the periods due to an increase in the average yield on interest-earning assets from 3.96% for the third quarter of 2023 to 4.53% for the third quarter of 2024. The average balance of interest-earning assets increased from $1.13 billion for the quarter ended September 30, 2023 to $1.17 billion at September 30, 2024. The increase in the yield was primarily due to an increase in the yield on loans to 6.09% for the third quarter of 2024 compared to 5.74% for the same period in 2023. In addition, the Company’s lower yielding securities continue to mature with proceeds being reinvested in higher yielding loans or federal funds sold. When compared to the quarter ended September 30, 2023, the average balance of the Company’s securities decreased $59.0 million, while the Company’s average loans and federal funds sold balances increased $40.6 million and $58.0 million, respectively, during the quarter ended September 30, 2024. Interest expense increased $1.5 million when comparing the periods due to an increase in the average cost of interest-bearing liabilities from 1.30% for the third quarter of 2023 to 1.87% for the third quarter of 2024, in addition to an increase in the average balance of interest-bearing liabilities from $813.2 million for the third quarter of 2023 to $875.8 million for the third quarter of 2024. The Company had no outstanding advances from the Federal Home Loan Bank (“FHLB”) during the quarter ended September 30, 2024 compared to $3.3 million with an average rate of 6.03% during the quarter ended September 30, 2023. The Company had average outstanding borrowings under the Federal Reserve Bank’s Bank Term Funding Program (“BTFP”) of $33.6 million and $13.0 million with an average rate of 4.89% and 5.02% during the quarters ended September 30, 2024 and 2023, respectively. As a result of the changes in interest-earning assets and interest-bearing liabilities, the net interest margin increased from 3.02% for the quarter ended September 30, 2023 to 3.12% for the same period in 2024.

    Based on management’s analysis of the Allowance for Credit Losses (“ACL”) on loans and unfunded loan commitments, the provision for credit losses increased from $290,000 for the quarter ended September 30, 2023 to $463,000 for the quarter ended September 30, 2024. The increase was due to loan growth during the period, the increase in nonperforming assets during the quarter described later in this release, as well as management’s consideration of macroeconomic uncertainty. The Bank recognized net charge-offs of $64,000 and $19,000 for the quarters ended September 30, 2024 and 2023, respectively.

    Noninterest income decreased $147,000 for the quarter ended September 30, 2024 as compared to the same period in 2023. The Company recognized a $196,000 loss on equity securities for the quarter ended September 30, 2024 compared to a loss of $131,000 for the same quarter in 2023. The Company did not sell any securities during the quarter ended September 30, 2024. The Company recognized a net $63,000 gain on sale of securities during the quarter ended September 30, 2023. During the quarter ended September 30, 2023, the Company sold securities available for sale with a market value of $9.4 million and an amortized cost basis of $9.5 million resulting in a net loss of $94,000. The net loss was more than offset by the $157,000 gain on sale of the Company’s VISA Class B stock in September 2023. In addition, other income decreased $54,000 during the quarter. These were partially offset by increases of $17,000 and $13,000 in ATM and debit card fees and service charges on deposit accounts, respectively.

    Noninterest expense increased $543,000 for the quarter ended September 30, 2024 as compared to the same period in 2023, due primarily to increases in professional fees and compensation and benefits of $213,000 and $160,000, respectively. The increase in professional fees is primarily due to increased costs associated with the Company’s annual audit and fees being accrued for the Company’s ongoing core contract negotiations. The increase in compensation and benefits is due to standard increases in salary and wages as well as increases in the cost of Company-provided health insurance benefits. In addition, data processing, advertising, and occupancy and equipment expenses increased $51,000, $45,000, and $41,000, respectively.

    Income tax expense decreased $35,000 for the third quarter of 2024 as compared to the third quarter of 2023 primarily due to a decrease in the Company’s taxable income. The effective tax rate for the quarter ended September 30, 2024 was 15.6% compared to 15.4% for the same period in 2023.

    Results of Operations for the Nine Months Ended September 30, 2024 and 2023

    For the nine months ended September 30, 2024, the Company reported net income of $8.7 million, or $2.59 per diluted share, compared to net income of $9.7 million, or $2.89 per diluted share, for the same period in 2023.

    Net interest income after provision for credit losses increased $72,000 for the nine months ended September 30, 2024 compared to the same period in 2023. Interest income increased $5.3 million when comparing the two periods due to an increase in the average yield on interest-earning assets from 3.80% for the nine months ended September 30, 2023 to 4.37% for the same period in 2024.   The increase in the yield was primarily due to an increase in the yield on loans to 5.99% for the first nine months of 2024 compared to 5.57% for the same period in 2023. In addition, the Company’s lower yielding securities continue to mature with proceeds being reinvested in higher yielding loans or federal funds sold. When compared to the nine months ended September 30, 2023, the average balance of the Company’s securities decreased $49.7 million, while the Company’s average loans and federal funds sold balances increased $50.8 million and $15.5 million, respectively, during the nine months ended September 30, 2024. Interest expense increased $5.0 million as the average cost of interest-bearing liabilities increased from 0.98% for the nine months ended September 30, 2023 to 1.72% for the same period in 2024, in addition to an increase in the average balance of interest-bearing liabilities from $805.1 million for the first nine months of 2023 to $846.8 million for the same period of 2024. The Company had average outstanding advances from the FHLB of $2.3 million and $2.6 million with an average rate of 5.69% and 5.49% during the nine months ended September 30, 2024 and 2023, respectively. The Company had average outstanding borrowings under the Federal Reserve Bank’s BTFP of $33.1 million and $6.4 million with an average rate of 4.84% and 5.03% during the nine months ended September 30, 2024 and 2023, respectively. As a result of the changes in interest-earning assets and interest-bearing liabilities, the net interest margin decreased from 3.10% for the nine months ended September 30, 2023 to 3.09% for the nine months ended September 30, 2024.

    Based on management’s analysis of the ACL on loans and unfunded loan commitments, the provision for credit losses increased from $833,000 for the nine months ended September 30, 2023 to $1.1 million for the nine months ended September 30, 2024. The increase was due to loan growth during the period, the increase in nonperforming assets described later in this release, as well as management’s consideration of macroeconomic uncertainty. The Bank recognized net charge-offs of $149,000 for the nine months ended September 30, 2024 compared to $380,000 for the same period in 2023.  

    Noninterest income decreased $79,000 for the nine months ended September 30, 2024 as compared to the nine months ended September 30, 2023 primarily due to the Company recognizing a $270,000 loss on equity securities during the nine months ended September 30, 2024 compared to an $86,000 loss during the same period in 2023.   This was partially offset by increases of $77,000 and $30,000 from gains on sale of loans and service charges on deposit accounts, respectively.

    Noninterest expenses increased $1.2 million for the nine months ended September 30, 2024 as compared to the same period in 2023. This was primarily due to increases in professional fees, compensation and benefits, data processing, and other expenses of $424,000, $374,000, $130,000, and $179,000, respectively, when comparing the two periods. The increase in professional fees is primarily due to increased costs associated with the Company’s annual audit and fees being accrued for the Company’s ongoing core contract negotiations. The increase in compensation and benefits is due to standard increases in salary and wages as well as increases in the cost of Company-provided health insurance benefits. The increase in data processing expense is primarily due to increased debit card interchange fees. Increases in other expenses included a $77,000 increase in the Company’s support of local communities through sponsorships and donations, $26,000 in increased dues and subscriptions and $24,000 of additional FDIC insurance assessments for the nine months ended September 30, 2024 compared to the same period of 2023.

    Income tax expense decreased $238,000 for the nine months ended September 30, 2024 as compared to the same period in 2023 resulting in an effective tax rate of 15.0% for the nine months ended September 30, 2024, compared to 15.4% for the same period in 2023.

    Comparison of Financial Condition at September 30, 2024 and December 31, 2023

    Total assets were $1.19 billion and $1.16 billion at September 30, 2024 and December 31, 2023, respectively. Net loans receivable and total cash and cash equivalents increased $16.2 million and $51.3 million from December 31, 2023 to September 30, 2024, respectively, while securities available for sale decreased $28.8 million, during the same period. Deposits were $1.03 billion at December 31, 2023 and September 30, 2024. The Bank had $33.6 million in borrowings outstanding through the Federal Reserve Bank’s BTFP at September 30, 2024 compared to $21.5 million at December 31, 2023. Nonperforming assets (consisting of nonaccrual loans, accruing loans 90 days or more past due, and foreclosed real estate) increased from $1.8 million at December 31, 2023 to $4.5 million at September 30, 2024.   The increase was primarily due to the nonaccrual classification of two commercial loan relationships totaling $2.6 million. Loans in the relationship are secured by a variety of real estate and business assets.

    The Bank currently has 18 offices in the Indiana communities of Corydon, Edwardsville, Greenville, Floyds Knobs, Palmyra, New Albany, New Salisbury, Jeffersonville, Salem, Lanesville and Charlestown and the Kentucky communities of Shepherdsville, Mt. Washington and Lebanon Junction.

    Access to First Harrison Bank accounts, including online banking and electronic bill payments, is available through the Bank’s website at http://www.firstharrison.com. For more information and financial data about the Company, please visit Investor Relations at the Bank’s aforementioned website. The Bank can also be followed on Facebook.

    Cautionary Note Regarding Forward-Looking Statements

    This press release may contain certain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements can be identified by the use of the words “anticipate,” “believe,” “expect,” “intend,” “could” and “should,” and other words of similar meaning. Forward-looking statements are not historical facts nor guarantees of future performance; rather, they are statements based on the Company’s current beliefs, assumptions, and expectations regarding its business strategies and their intended results and its future performance.

    Numerous risks and uncertainties could cause or contribute to the Company’s actual results, performance and achievements to be materially different from those expressed or implied by these forward-looking statements. Factors that may cause or contribute to these differences include, without limitation, general economic conditions, including changes in market interest rates and changes in monetary and fiscal policies of the federal government; competition; the ability of the Company to execute its business plan; legislative and regulatory changes; the quality and composition of the loan and investment portfolios; loan demand; deposit flows; changes in accounting principles and guidelines; and other factors disclosed periodically in the Company’s filings with the Securities and Exchange Commission.

    Because of the risks and uncertainties inherent in forward-looking statements, readers are cautioned not to place undue reliance on them, whether included in this press release, the Company’s reports, or made elsewhere from time to time by the Company or on its behalf. These forward-looking statements are made only as of the date of this press release, and the Company assumes no obligation to update any forward-looking statements after the date of this press release.

    Contact:
    Joshua Stevens
    Chief Financial Officer
    812-738-1570

     
    FIRST CAPITAL, INC. AND SUBSIDIARIES
    Consolidated Financial Highlights (Unaudited)
                   
      Three Months Ended   Nine Months Ended
      September 30,   September 30,
    OPERATING DATA 2024   2023   2024   2023
    (Dollars in thousands, except per share data)              
                   
    Total interest income $ 13,224     $ 11,179     $ 37,279     $ 31,966  
    Total interest expense   4,099       2,642       10,897       5,926  
    Net interest income   9,125       8,537       26,382       26,040  
    Provision for credit losses   463       290       1,103       833  
    Net interest income after provision for credit losses   8,662       8,247       25,279       25,207  
                   
    Total non-interest income   1,800       1,947       5,722       5,801  
    Total non-interest expense   7,024       6,481       20,781       19,548  
    Income before income taxes   3,438       3,713       10,220       11,460  
    Income tax expense   537       572       1,532       1,770  
    Net income   2,901       3,141       8,688       9,690  
    Less net income attributable to the noncontrolling interest   3       3       10       10  
    Net income attributable to First Capital, Inc. $ 2,898     $ 3,138     $ 8,678     $ 9,680  
                   
    Net income per share attributable to First Capital, Inc. common shareholders:              
    Basic $ 0.87     $ 0.94     $ 2.59     $ 2.89  
                   
    Diluted $ 0.87     $ 0.94     $ 2.59     $ 2.89  
                   
    Weighted average common shares outstanding:              
    Basic   3,347,236       3,345,869       3,345,863       3,347,823  
                   
    Diluted   3,347,236       3,345,869       3,345,863       3,347,823  
                   
    OTHER FINANCIAL DATA              
                   
    Cash dividends per share $ 0.29     $ 0.27     $ 0.83     $ 0.81  
    Return on average assets (annualized) (1)   0.97 %     1.09 %     0.99 %     1.13 %
    Return on average equity (annualized) (1)   10.48 %     13.53 %     10.84 %     14.14 %
    Net interest margin   3.12 %     3.02 %     3.09 %     3.10 %
    Interest rate spread   2.66 %     2.66 %     2.65 %     2.82 %
    Net overhead expense as a percentage of average assets (annualized) (1)   2.35 %     2.25 %     2.38 %     2.28 %
                   
      September 30,   December 31,      
    BALANCE SHEET INFORMATION 2024   2023        
                   
    Cash and cash equivalents $ 89,939     $ 38,670          
    Interest-bearing time deposits   2,695       3,920          
    Investment securities   415,469       444,271          
    Gross loans   639,566       622,414          
    Allowance for credit losses   8,959       8,005          
    Earning assets   1,119,791       1,083,898          
    Total assets   1,189,295       1,157,880          
    Deposits   1,030,249       1,025,211          
    Borrowed funds   33,625       21,500          
    Stockholders’ equity, net of noncontrolling interest   116,775       105,233          
    Allowance for credit losses as a percent of gross loans   1.40 %     1.29 %        
    Non-performing assets:              
    Nonaccrual loans   4,483       1,751          
    Accruing loans past due 90 days   –       –          
    Foreclosed real estate   –       –          
    Regulatory capital ratios (Bank only):              
    Community Bank Leverage Ratio (2)   10.25 %     9.92 %        
                   
    (1) See reconciliation of GAAP and non-GAAP financial measures for additional information relating to the calculation of this item.
    (2) Effective March 31, 2020, the Bank opted in to the Community Bank Leverage Ratio (CBLR) framework. As such, the other regulatory ratios are no longer provided.
                   
    RECONCILIATION OF GAAP AND NON-GAAP FINANCIAL MEASURES (UNAUDITED):    
                   
    This presentation contains financial information determined by methods other than in accordance with accounting principles generally accepted in the United States of America (“GAAP”). Management uses these “non-GAAP” measures in its analysis of the Company’s performance. Management believes that these non-GAAP financial measures allow for better comparability with prior periods, as well as with peers in the industry who provide a similar presentation, and provide a further understanding of the Company’s ongoing operations. These disclosures should not be viewed as a substitute for operating results determined in accordance with GAAP, nor are they necessarily comparable to non-GAAP performance measures that may be presented by other companies. The following table summarizes the non-GAAP financial measures derived from amounts reported in the Company’s consolidated financial statements and reconciles those non-GAAP financial measures with the comparable GAAP financial measures.
                                   
      Three Months Ended   Nine Months Ended
      September 30,   September 30,
      2024   2023   2024   2023
                   
    Return on average assets before annualization   0.24 %     0.27 %     0.75 %     0.85 %
    Annualization factor   4.00       4.00       1.33       1.33  
    Annualized return on average assets   0.97 %     1.09 %     0.99 %     1.13 %
                   
                   
    Return on average equity before annualization   2.62 %     3.38 %     8.13 %     10.60 %
    Annualization factor   4.00       4.00       1.33       1.33  
    Annualized return on average equity   10.48 %     13.53 %     10.84 %     14.14 %
                   
                   
    Net overhead expense as a % of average assets before annualization   0.59 %     0.56 %     1.78 %     1.71 %
    Annualization factor   4.00       4.00       1.33       1.33  
    Annualized net overhead expense as a % of average assets   2.35 %     2.25 %     2.38 %     2.28 %
                   

    The MIL Network –

  • MIL-OSI: Premium Income Corporation Announces Class A Consolidation Ratio

    Source: GlobeNewswire (MIL-OSI)

    TORONTO, Oct. 25, 2024 (GLOBE NEWSWIRE) — (TSX: PIC.A; PIC.PR.A) Premium Income Corporation (the “Fund”) is pleased to announce that in connection with the special retraction right granted to shareholders arising as a result of the extension of the term of the Fund to November 1, 2031, the Fund is announcing a consolidation of its Class A shares effective the opening of trading on or about November 12, 2024. As more Preferred shares than Class A shares were retracted on the special retraction, the consolidation will ensure that an approximately equal number of Class A shares and Preferred shares will be outstanding immediately following the consolidation. Under the consolidation, each Class A share will be consolidated into approximately 0.67 of a Class A share. The total value of a shareholder’s investment in Class A shares will not change, however, the number of Class A shares reflected in the shareholder’s account will decline and the net asset value per Class A share will increase proportionately. The consolidation is subject to regulatory approval. No fractional shares will be issued and shareholders are not required to take any action for the consolidation to be effective.

    In addition, the Fund is pleased to announce that distributions on the Class A shares will be paid monthly instead of quarterly commencing in November 2024. Monthly distributions are expected to be $0.08 per Class A share or $0.96 per share per annum (compared to the previous rate of $0.81276 per annum). Holders of Class A shares will continue to receive ongoing leveraged exposure to a high-quality portfolio consisting principally of common shares of Bank of Montreal, The Bank of Nova Scotia, Canadian Imperial Bank of Commerce, National Bank of Canada and The Toronto-Dominion Bank. Holders of the Preferred shares are expected to continue to benefit from fixed cumulative preferential monthly distributions in the amount of $0.10625 ($1.275 per annum) per Preferred share representing a yield of 8.5% on the original issue price of $15.00 per share.

    For further information, please contact Investor Relations at 416.681.3966, toll free at 1.800.725.7172, email at info@mulvihill.com or visit http://www.mulvihill.com

    John Germain, Senior Vice-President & CFO Mulvihill Capital Management Inc.
    121 King Street West
    Suite 2600
    Toronto, Ontario, M5H 3T9

    The MIL Network –

  • MIL-OSI: Onyx Acquisition Co. I Announces Redemption of its Public Shares and Intent to Delist

    Source: GlobeNewswire (MIL-OSI)

    New York, New York, Oct. 25, 2024 (GLOBE NEWSWIRE) — Onyx Acquisition Co. I. (the “Company”) (Nasdaq: ONYX), a special purpose acquisition company, today announced that it will redeem all of its outstanding Class A ordinary shares included as part of the units issued in its initial public offering (the “Public Shares”), effective as of the close of business on November 13, 2024, because the Company will not consummate an initial business combination within the time period required by its amended and restated memorandum and articles of association (the “Articles”). Accordingly, the Company will not be seeking a further extension as contemplated by the preliminary proxy statement filed with the Securities and Exchange Commission (the “Commission”) on October 11, 2024.

    As stated in the Company’s Articles, if the Company is unable to complete an initial business combination by November 5, 2024, the Company will: (i) cease all operations except for the purpose of winding up; (ii) as promptly as reasonably possible but not more than ten business days thereafter, redeem the Public Shares, at a per-Share price, payable in cash, equal to the aggregate amount then on deposit in the Company’s trust account (the “Trust Account”), including interest earned on the funds held in the Trust Account and not previously released to the Company (less taxes payable and up to US$100,000 of interest to pay dissolution expenses), divided by the number of then issued and outstanding Public Shares, which redemption will completely extinguish public shareholders’ rights as shareholders (including the right to receive further liquidating distributions, if any); and (iii) as promptly as reasonably possible following such redemption, subject to the approval of the Company’s remaining shareholders and the board of directors, liquidate and dissolve, subject in each case to its obligations under Cayman Islands law to provide for claims of creditors, and the requirements of other applicable law.

    The per-share redemption price for the Public Shares is expected to be approximately $11.42 (after taking into account the removal of $100,000 of the accrued interest in the Trust Account for dissolution expenses) (the “Redemption Amount”). The balance of the Trust Account as of October 25, 2024 was approximately $15,315,732.02, inclusive of accrued and unposted interest. In accordance with the terms of the related trust agreement, the Company expects to retain $100,000 of the interest from the Trust Account to pay dissolution expenses.

    As of the close of business on November 13, 2024, the Public Shares will be deemed cancelled and will represent only the right to receive the Redemption Amount.

    The Redemption Amount will be payable to the holders of the Public Shares upon delivery of their shares to the Company’s transfer agent, Continental Stock Transfer & Trust Company. Beneficial owners of Public Shares held in “street name,” however, will not need to take any action in order to receive the Redemption Amount.

    There will be no redemption rights or liquidating distributions with respect to the Company’s warrants, which will expire worthless.

    The Company’s sponsor has waived its redemption rights with respect to the outstanding founder shares and private placement warrants. After November 13, 2024, the Company shall cease all operations except for those required to wind up the Company’s business.

    Because the Company will not consummate an initial business combination within the periods required under its Articles and Nasdaq Listing Rule IM 5101-2, the Company intends to file a Form 25 with the Commission on November 4, 2024 in order to delist the Company’s securities from the Nasdaq Capital Market. The Company thereafter expects to file a Form 15 with the Commission to terminate the registration of the Company’s securities under the Securities Exchange Act of 1934, as amended.

    Forward-Looking Statements

    This press release includes “forward-looking statements” within the meaning of the safe harbor provisions of the United States Private Securities Litigation Reform Act of 1995. Such statements can be identified by the fact that they do not relate strictly to historical or current facts. When used in this press release, words such as “anticipate,” “believe,” “continue,” “could,” “estimate,” “expect,” “intend,” “may,” “might,” “plan,” “possible,” “potential,” “predict,” “project,” “should,” “strive,” “would” and similar expressions may identify forward-looking statements, but the absence of these words does not mean that a statement is not forward-looking. Such statements include, but are not limited to, statements regarding the expected Redemption Amount and anticipated filings with the Commission. These statements are based on current expectations on the date of this press release and involve a number of risks and uncertainties that may cause actual results to differ significantly, including, without limitation,  the risk factors described under “Item 1A. Risk Factors” of the Company’s Annual Report on Form 10-K filed with the SEC on March 29, 2024, in our subsequently filed Quarterly Reports on Form 10-Q filed with the SEC, and in other reports the Company may file with the Commission from time to time.

    All such forward-looking statements speak only as of the date of this press release. The Company expressly disclaims any obligation or undertaking to update or revise any forward-looking statements, whether as the result of new developments or otherwise, except as required by applicable law. Readers are cautioned not to put undue reliance on forward-looking statements.

    Contact
    Matthew Vodola
    Chief Financial Officer
    973 879 9932
    mvodola@onyxacqu.com

    The MIL Network –

  • MIL-OSI: Mulvihill Capital Management Inc. Announces Special Meeting of Mulvihill U.S. Health Care Enhanced Yield ETF

    Source: GlobeNewswire (MIL-OSI)

    TORONTO, Oct. 25, 2024 (GLOBE NEWSWIRE) — (TSX: XLVE) Mulvihill Capital Management Inc. (the “Manager”), the manager of Mulvihill U.S. Health Care Enhanced Yield ETF (the “Fund”) announced today that the board of directors of the Manager has approved a proposal to (i) change the focus of the Fund from equities of U.S. healthcare companies to primarily listed preferred shares of Canadian split share corporations; (ii) change the name of the Fund to “Mulvihill Enhanced Split Preferred Share ETF”; and (iii) consolidate the exchange-traded units (the “Units”) of the Fund in order to reset the net asset value per Unit to $10.00 per Unit (collectively, the “Proposal”), all as more particularly described in the management information circular (the “Circular”) for the special meeting (the “Meeting”) of the Fund’s unitholders (the “Unitholders”). In connection with the Proposal, the Fund’s ticker symbol will be changed to “SPFD” from “XLVE”.

    The purpose of the Meeting is to consider and vote upon the Proposal.

    The Manager believes that the Proposal will be beneficial for the Fund. Canadian split corporation preferred shares rank in priority to common equity and are generally backed by a portfolio of large capitalization dividend producing Canadian and/or global equity securities across several sectors including financials, real estate and energy. Changing the focus of the Fund from equities of U.S. healthcare companies to listed preferred shares of Canadian split share corporations should enable the Fund to grow its assets under management and lower its management expense ratio for the benefit of all Unitholders. Additionally, the Manager wants to be in a position to offer a less volatile, more steady cash flow producing exchange-traded fund. Preferred shares of Canadian split share corporations listed on a Canadian exchange with a fixed term are attractive in the current market in the context of potential declining interest rates.

    The board of directors of the Manager of the Fund has unanimously approved the Proposal and recommends that the Unitholders vote FOR the Proposal. The independent review committee of the Fund has provided a positive recommendation in favour of the Proposal.

    A special meeting of the Unitholders has been called and will be held virtually on November 29, 2024 with the close of business on October 28, 2024 as the record date (the “Record Date”) for the Meeting. The Meeting is scheduled to be held as a virtual-only meeting conducted via live audio webcast online on November 29, 2024 at 10:00 a.m. (Eastern time). Unitholders, regardless of geographic location, will have an equal opportunity to participate in the Meeting online. Unitholders will not be able to attend the Meeting in person. Unitholders of record as of the close of business on the Record Date are entitled to receive notice of and vote at the Meeting. Unitholders are urged to vote well before the proxy deadline of 5:00 p.m. (Eastern time) on November 27, 2024.

    In order for the Proposal to become effective, the Proposal must be approved by at least a majority of votes cast at the Meeting by Unitholders. The Proposal is also subject to regulatory approval.

    The Circular is being mailed to Unitholders in compliance with applicable laws, and will be available under the Fund’s profile on SEDAR+ at http://www.sedarplus.com. The Circular provides important information on the Proposal and related matters, including the voting procedures and how to virtually attend the Meeting. Unitholders are urged to read the Circular and its schedules carefully and in their entirety.

    For further information, please contact Investor Relations at 416.681.3966, toll free at 1-800-725-7172 or visit http://www.mulvihill.com.

    John Germain, Senior Vice-President & CFO Mulvihill Capital Management Inc.
    121 King Street West Suite 2600
    Toronto, Ontario, M5H 3T9
    416.681.3966; 1.800.725.7172
    http://www.mulvihill.com info@mulvihill.com
     

    You will usually pay brokerage fees to your dealer if you purchase or sell Units of the Fund on the TSX. If the Units are purchased or sold on the TSX, investors may pay more than the current net asset value when buying and may receive less than current net asset value when selling them. There are ongoing fees and expenses associated with owning Units of the Fund. An investment fund must prepare disclosure documents that contain key information about the Fund. You can find more detailed information about the Fund in these documents. Investment funds are not guaranteed, their values change frequently and past performance may not be repeated.

    The MIL Network –

  • MIL-OSI: BlackRock® Canada Announces Final October Cash Distributions for the iShares® Premium Money Market ETF

    Source: GlobeNewswire (MIL-OSI)

    TORONTO, Oct. 25, 2024 (GLOBE NEWSWIRE) — BlackRock Asset Management Canada Limited (“BlackRock Canada”), an indirect, wholly-owned subsidiary of BlackRock, Inc. (NYSE: BLK), today announced the final October 2024 cash distributions for the iShares Premium Money Market ETF. Unitholders of record on October 28, 2024 will receive cash distributions payable on October 31, 2024.

    Details regarding the final “per unit” distribution amounts are as follows:

    Fund Name Fund
    Ticker    		 Cash
    Distribution
    Per Unit
    iShares Premium Money Market ETF CMR $0.182

    Further information on the iShares ETFs can be found at http://www.blackrock.com/ca.

    About BlackRock

    BlackRock’s purpose is to help more and more people experience financial well-being. As a fiduciary to investors and a leading provider of financial technology, we help millions of people build savings that serve them throughout their lives by making investing easier and more affordable. For additional information on BlackRock, please visit http://www.blackrock.com/corporate | Twitter: @BlackRockCA

    About iShares ETFs

    iShares unlocks opportunity across markets to meet the evolving needs of investors. With more than twenty years of experience, a global line-up of 1400+ exchange traded funds (ETFs) and US$4.2 trillion in assets under management as of September 30, 2024, iShares continues to drive progress for the financial industry. iShares funds are powered by the expert portfolio and risk management of BlackRock.

    iShares® ETFs are managed by BlackRock Asset Management Canada Limited.

    Commissions, trailing commissions, management fees and expenses all may be associated with investing in iShares ETFs. Please read the relevant prospectus before investing. The funds are not guaranteed, their values change frequently and past performance may not be repeated. Tax, investment and all other decisions should be made, as appropriate, only with guidance from a qualified professional.

    Contact for Media:
    Reem Jazar
    Email: reem.jazar@blackrock.com

    The MIL Network –

  • MIL-OSI: SIMPPLE LTD. Announces Receipt of Nasdaq Staff Determination Letter

    Source: GlobeNewswire (MIL-OSI)

    Singapore, Oct. 25, 2024 (GLOBE NEWSWIRE) — SIMPPLE LTD. (Nasdaq: SPPL) (the “Company” or “SIMPPLE”), an advanced technology solution provider in the emerging property-technology (“PropTech”) space, today announced that on April 26, 2024, the Company received a letter from the Listing Qualifications staff of The Nasdaq Stock Market (“Nasdaq”) notifying the Company that based on the closing bid price of the Company for the period from March 14, 2024 to April 25, 2024, the Company no longer meets the continued listing requirement of Nasdaq under Nasdaq Listing Rules 5550(a)(2) (the “Rule”), to maintain a minimum bid price of $1 per share. The Company was provided 180 calendar days, or until October 23, 2024, to regain compliance.

    On October 24, 2024, the Company received written notice from the Listing Qualifications Staff of Nasdaq notifying the Company that, the Company has not regained compliance with the Rule and was not eligible for a second 180 day period.

    The Company intends to request a hearing before the Panel. Such a request will stay any delisting action in connection with the notice and allow the continued listing of the Company’s Ordinary Shares on The Nasdaq Capital Market until the Panel renders a decision and any extension the panel grants. At the hearing, the Company intends to present a plan to regain compliance with the Rule and request that the Panel allow the Company additional time within which to regain compliance. While the Company believes that it will be able to present a viable plan to regain compliance, there can be no assurance that the Panel will grant the Company’s request for continued listing on The Nasdaq Capital Market, or that the Company’s plans to exercise diligent efforts to maintain the listing of its common stock on Nasdaq will be successful.

    About SIMPPLE LTD.

    Headquartered in Singapore, SIMPPLE LTD. is an advanced technology solution provider in the emerging PropTech space, focused on helping facilities owners and managers manage facilities autonomously. Founded in 2016, the Company has a strong foothold in the Singapore facilities management market, serving over 60 clients in both the public and private sectors and extending out of Singapore into Australia and the Middle East. The Company has developed its proprietary SIMPPLE Ecosystem, to create an automated workforce management tool for building maintenance, surveillance and cleaning comprised of a mix of software and hardware solutions such as robotics (both cleaning and security) and Internet-of-Things (“IoT”) devices. For more information, please visit the Company’s website: http://www.investor.simpple.ai. 

    Forward-Looking Statements

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

    For investor and media inquiries, please contact:

    SIMPPLE LTD.

    Investor Relations Department
    Email: ir@simpple.ai 

    The MIL Network –

  • MIL-OSI: Notice to attend Extraordinary General Meeting in Anoto Group AB (publ)

    Source: GlobeNewswire (MIL-OSI)

    The shareholders of Anoto Group AB (publ) (the “Company”) are hereby invited to attend the Extraordinary General Meeting (the “EGM”) to be held on Tuesday 26 November 2024 at 10 a.m. at the premises of Setterwalls Advokatbyrå, Sturegatan 10 in Stockholm, Sweden.

    Notification of participation

    Shareholders wishing to attend the EGM must

    • be entered as shareholders in the share register maintained by Euroclear Sweden AB no later than on Monday 18 November 2024,
    • notify the Company of their intention to participate no later than on Wednesday 20 November 2024.

    Attendance is to be notified by phone by e-mail to eric.torstensson@setterwalls.se. The notification should state name, social security number/corporate identification number and registered number of shares. To facilitate admittance to the EGM, proxies, registration certificates and other authorisation documents should be submitted by email to eric.torstensson@setterwalls.se no later than Wednesday 20 November 2024. The Company provides proxy forms on the Company’s web page http://www.anoto.com.

    To be entitled to participate at the EGM, shareholders who has had their shares registered through nominees (Sw. förvaltare) must, in addition to notifying the Company of their intention to participate at the EGM, have their shares registered in their own name so that the shareholder is entered into the share register per Monday 18 November 2024. Such registration may be temporary (so-called voting rights registration) (Sw. rösträttsregistrering) and is requested with the nominee in accordance with the nominee’s routines at such time in advance as the nominee determines. Voting rights registrations made no later than Wednesday 20 November 2024 are considered when preparing the share register.

    Proposed agenda

    1. Opening of the meeting
    2. Election of Chairman
    3. Preparation and approval of voting list
    4. Approval of the agenda
    5. Election of one or two persons to verify the minutes
    6. Determination of whether the Meeting has been duly convened
    7. Resolution regarding adoption of new articles of association
    8. Resolution regarding reduction of the share capital without redemption of shares
    9. Approval of the Board of Directors’ resolution on a new share issue of ordinary shares with deviation from the shareholders preferential rights
    10. Approval of the Board of Directors’ resolution on a rights issue of ordinary shares
    11. Approval of the Board of Directors’ resolution on a new share issue of ordinary shares against payment through set-off of claim
    12. Resolution on an authorization for the Board of Directors to increase the share capital to enable over-allotment in the rights issue
    13. Resolution on an authorization for the Board of Directors to increase the share capital to enable payment of consideration to guarantors in the form of new ordinary shares in the Company
    14. Resolution regarding bonus issue
    15. Resolution regarding reduction of the share capital without redemption of shares
    16. Determination of number of Board members
    17. Determination of fees for Board members
    18. Election of Board member
    19. Closing of the Meeting

    Proposals (items 7 – 18)

    Resolution regarding adoption of new articles of association (item 7)

    As a consequence of the proposed reduction of share capital under item 8 below, the Board of Directors proposes that the EGM resolves upon adopting new articles of association pursuant to which the share capital limits set out in § 4 in the articles of association are changed to not less than SEK 29,000,000 and not more than SEK 116,000,000. Furthermore, the Board of Directors proposes an amendment to the limits on number of shares set out in § 5 in the articles of association to be not less than 322,222,222 and not more than 1,288,888,888 shares.

    The resolution is conditioned by the EGM resolving to reduce the share capital as set out in item 8 below.

    Resolution regarding reduction of the share capital without redemption of shares (item 8)

    The Board of Directors proposes that the EGM resolves upon reducing the Company’s share capital with SEK 109,513,491.78. The reduction of the share capital will be made without redemption of ordinary shares by changing the share quota value from approximately SEK 0.42 to SEK 0.09 per share. The reduction amount shall be allocated to a non-restricted reserve to be used in accordance with the shareholders’ resolution.

    The reduction is carried out in order to reduce the quota value of the ordinary shares to enable the adjustment of the subscription price in the new share issues suggested for approval in items 9 – 11 below and the potential new share issues in items 12 and 13 below. After the reduction, the share capital will amount to SEK 29,867,315.94 divided into 331,859,066 ordinary shares (prior to the share issues), each share with a quota value of SEK 0.09. The resolution to reduce the share capital is conditioned on that the share issues under items 9 – 11, any new issues pursuant to the authorizations under items 12 and 13 and the bonus issue under item 14, entailing an increase of the share capital with at least as much as the reduction amount, are registered at the Swedish Companies Registration Office and that the reduction of the share capital, the share issues and the bonus issue together do not result in a decrease in the Company’s share capital. The resolution to reduce the share capital is conditioned by a change of the articles of association as set out in item 7 in the notice.

    Approval of the Board of Directors resolution on a new share issue of ordinary shares with deviation from the shareholders preferential rights (item 9)

    The Board of Directors has on 25 October 2024, subject to the subsequent approval of the general meeting, resolved to increase the Company’s share capital by up to SEK 11,253,937.50 through the issue of up to 125,043,750 new ordinary shares, each with a quota value of SEK 0.09.

    The following terms and conditions shall apply to the issue of shares. The subscription price per ordinary share amounts to SEK 0.12. The share premium shall be transferred to the unrestricted premium reserve. With deviation from the shareholders’ preferential rights, the new shares may only be subscribed for by institutional and other qualified investors. Subscription for new shares shall be made on a separate subscription list no later than 25 October 2024. Payment for the subscribed shares shall be made through payment in cash or through set-off of claim no later than on 27 November 2024. The Board of Directors shall be entitled to extend the subscription period and the time of payment. The new shares do not entitle to participation with preferential rights in the new share issue in item 10 below. The new shares convey right to dividends for the first time on the first record date set for dividends after the registration of the new shares with the Swedish Companies Registration Office.

    The reason for the deviation from the shareholders‘ preferential rights is that the Company is in great need of capital and the Board of Directors considers that the expected proceeds from the directed issue in a timely and cost-effective manner will enable the Company to (i) ensure continued operations until a rights issue has been completed, and (ii) diversify and strengthen the Company’s shareholder base with institutional or other qualified investors, which justifies the directed issue’s deviation from the shareholders’ preferential rights. The directed issue will broaden the shareholder base and provide the Company with new reputable owners, which the Board of Directors believes will strengthen the liquidity of the share and be favorable for the Company. In light of the above, the Board of Directors has made the assessment that the share issue with deviation from the shareholders’ preferential rights is favorable for the Company and in the best interest of the Company’s shareholders.

    The subscription price has been determined through arm’s length negotiations with the subscribers in the share issue. The Board of Directors has also taken into account that the proposed rights issue according to item 10 below is carried out with a subscription price of SEK 0.12 per ordinary share and has therefore deemed it reasonable that the new share issue with deviation from the shareholders preferential rights pursuant to this paragraph 9 is carried out on equivalent terms.

    The resolution is conditioned by the EGM resolving on the proposals set out in items 7 and 8 and 10 – 14 in the notice.

    Approval of the Board of Directors resolution of a rights issue of ordinary shares (item 10)

    The Board of Directors has on 25 October 2024, subject to the subsequent approval of the general meeting, resolved to issue new ordinary shares on the following terms and conditions.

    The Company’s share capital may be increased by up to SEK 37,334,144.70 through the issue of up to 414,823,830 new ordinary shares, each with a quota value of SEK 0.09. The subscription price per ordinary share amounts to SEK 0.12. The share premium shall be transferred to the unrestricted premium reserve.

    The shareholders of the Company shall have preferential rights to subscribe for the new shares in relation the number of shares previously held. In case not all shares have been subscribed for, the Board of Directors shall decide that allotment of shares subscribed for without subscription rights shall take place up to the maximum amount of the issue, whereby the Board of Directors primarily will allot shares to those who also subscribed for shares based on subscription rights, and in the event of over subscription, pro rata to their subscription based on subscription rights. Secondly, the Board of Directors will allot shares to those who subscribed for shares without subscription rights, and if full allotment cannot be made, pro rata to their subscription. To the extent not possible, allotment shall be made through drawing of lots, and finally, subject to such allocation being required in order for the issue to be fully subscribed, to the guarantors of the issue with allotment in relation to their respective subscription (based on the guarantee undertakings).

    The record date for determining which shareholders shall be entitled to subscribe for new ordinary shares on a preferential basis shall be 28 November 2024.

    Subscription for new shares based on subscription rights shall be made through payment in cash or through set-off of claim during the period from 2 December 2024 until and including 16 December 2024. The Board of Directors shall be entitled to extend the subscription period.

    Subscription without subscription rights shall be made through notice on special application form during the period from 2 December 2024 until and including 16 December 2024. The Board of Directors shall be entitled to extend the subscription period. Payment for the new shares shall be made at the latest three business days through payment in cash or through set-off of claim following the date of the dispatch of a contract note to the subscriber, specifying allocation of shares, or such later date as the Board of Directors may decide.

    The new ordinary shares shall entitle to dividends as from the first record date for dividends following registration of the new share issue with the Swedish Companies Registration Office. Trading with subscription rights will take place during the period from 2 December 2024 until and including 13 December 2024. Trading in BTA (Paid Subscribed Shares) is expected to take place from 2 December 2024 and is expected to finish during week 52 2024.

    The resolution is conditioned by the EGM resolving on the proposals set out in items 7 – 9 and 11 – 14.

    Approval of the Board of Directors’ resolution on new share issue of ordinary shares against payment through set-off of claim (item 11)

    The Board of Directors has on 25 October 2024, subject to the subsequent approval of the general meeting, resolved to increase the Company’s share capital by up to SEK 20,757,249.99 through the issue of up to 230,636,111 ordinary shares, each with a quota value of SEK 0.09, against payment through set-off of claim.

    The following terms and conditions shall apply to the issue of shares. The subscription price per ordinary share amounts to the share’s quota value, i.e., SEK 0.09. With deviation from the shareholders’ preferential rights, the new shares may only be subscribed for by Mark Stolkin, DDM Debt AB, Gary Butcher, BLS Futures Limited, Rocco Homes Ltd., Machroes Holdings Ltd and Adrian Weller. Subscription for new shares shall be made on a separate subscription list no later than 25 October 2024. Payment shall be made by set-off of the claim on 28 November 2024. The Board of Directors shall be entitled to extend the subscription period and the time of payment. The new shares do not entitle to participation with preferential rights under the new share issue according to item 10 above. The new shares convey right to dividends for the first time on the first record date set for dividends after the registration of the new shares with the Swedish Companies Registration Office.

    The subscription price has been determined in accordance with the investment agreement entered into between the Company and above-mentioned lenders.

    The resolution is conditioned by the EGM resolving on the proposals set out in items 7 – 10 and 12 – 14.

    Resolution on authorization for the Board of Directors to increase the share capital to enable over-allotment in the rights issue (item 12)

    The Board of Directors proposes that the EGM resolves on an authorization for the Board of Directors to – during the period until the next annual general meeting and at one or more occasions – resolve upon issuance of new shares with deviation from the shareholders’ preferential rights. The purpose of the authorization is to, if necessary, be able to increase the rights issue according to item 10 above through a so-called over-allotment option. Payment may be made in cash, through set-off of claims or otherwise be conditional. The number of shares issued under the authorization may correspond to maximum 20 percent of the maximum number of shares issued in the rights issue under item 10 above. Upon exercise of the authorization, the subscription price per share shall correspond to the subscription price in the rights issue according to item 10 above.

    The resolution is conditioned by the EGM resolving on the proposals set out in items 7 – 11 and 13 and 14.

    Resolution on an authorization for the Board of Directors to increase the share capital to enable payment of consideration to guarantors in the form of new shares in the Company (item 13)

    The Board of Directors proposes that the EGM resolves on an authorization for the Board of Directors to – during the period until the next annual general meeting and at one or more occasions – resolve upon issuance of new shares with deviation from the shareholders’ preferential rights. The purpose of the authorization is to enable payment with shares in the Company as guarantee consideration to guarantors in the rights issue according to item 10 above. Payment may be made through set-off of claims.

    The resolution is conditioned by the EGM resolving on the proposals set out in items 7 – 12 and 14.

    Resolution regarding bonus issue (item 14)

    The Board of Directors proposes that the EGM resolve to carry out a bonus issue thereby increasing the share capital with SEK 109,513,491.78 by making use of the Company’s non-restricted equity. The bonus issue is carried out without issuing new shares.

    The resolution is conditioned by the EGM resolving on the proposals set out in items 7 and 8 above.

    Resolution regarding reduction of the share capital without redemption of ordinary shares (item Error! Reference source not found.)

    The Board of Directors proposes that the EGM resolves upon reducing the Company’s share capital by an amount in SEK corresponding to the increase in the share capital pursuant to the resolutions on the share issues under items 9 – 11 and any issues pursuant to the authorizations under items 12 and 13 above minus the minimum amount required for the share’s quotient value after the reduction to correspond to a whole number of öre. The reduction of the share capital will be made without redemption of shares by changing the share quota value. The reduction amount shall be allocated to a non-restricted reserve to be used in accordance with the shareholders’ resolution.

    The reduction of share capital by changing the quota value is carried out under the condition that the resolution to reduce the share capital in item 8, the resolutions on the share issues in items 9 – 11, and any issues pursuant to the authorizations under items 12 and 13 and the resolution on a bonus issue in item 14 together do not result in an decrease in the Company’s share capital.

    The resolution to reduce the share capital is conditioned by the EGM resolving on the proposals set out in items 7 – 14 above.

    Determination of number of Board members (item 16)

    It is proposed that the Board of Directors until the end of the next Annual General Meeting shall consist of four ordinary board members without deputies, meaning that the EGM shall appoint an additional member.

    Determination of fees for Board members (item 17)

    At the Annual General Meeting on 15 July 2024, it was resolved that remuneration to the Board of Directors would be paid with a total of SEK 1,500,000, of which SEK 900,000 to the Chairman of the Board of Directors and SEK 300,000 to each of the other Board members who are not employees of the group.

    It is proposed that the resolution on remuneration to the Board of Directors as set out above shall continue to apply to the Chairman and the other members of the Board of Directors and that the new Board member shall be entitled to a remuneration of USD 75,000 per annum (i.e. the remuneration shall be reduced proportionally taking into account that the new Board member will not serve for the full term of office). The remuneration is paid in advance. The proposed board member has undertaken to acquire shares in the Company for an amount equal to at least the remuneration less tax.

    Election of Board member (item 18)

    It is proposed to newly elect Adrian Weller as a member of the Board of Directors for the period until the end of the next Annual General Meeting.

    In the event that the EGM Meeting resolves in accordance with the proposal, the Board of Directors of the Company will consist of the following members: Kevin Adeson (Chairman), Alexander Fällström, Gary Stolkin and Adrian Weller.

    Miscellaneous

    The Board of Directors, or a person appointed by the Board of Directors, will be authorised to make the minor changes in the resolutions under items 7 – 18 on the agenda and which may prove necessary in connection with registration of the resolutions with the Swedish Companies Registration Office and Euroclear Sweden AB.

    Complete proposals and documentation in accordance with the Swedish Companies Act (2005:551) will be kept available at the Company’s office as well as at the Company’s website http://www.anoto.com no later than 5 November 2024 and will be sent free of charge to those shareholders who request it and provide their postal address.

    According to Chapter 7, section 32 of the Swedish Companies Act, at a general meeting the shareholders are entitled to require information from the Board of Directors and CEO regarding circumstances which may affect items on the agenda.

    Number of shares and votes in the Company

    As of 25 October 2024, the total number of ordinary shares and votes in the Company was 331,859,066. The Company is not holding any own shares.

    Stockholm, October 2024

    Anoto Group AB (publ)

    The Board of Directors

    Attachment

    The MIL Network –

  • MIL-OSI: BlueOne Card Inc., Announces Definitive Agreement to Acquire Millennium EBS, Inc. in a $12 Million Deal

    Source: GlobeNewswire (MIL-OSI)

    LOS ANGELES, Oct. 25, 2024 (GLOBE NEWSWIRE) — BlueOne Card, Inc. (OTCQX: BCRD) (“BlueOne Card,” the “Company”), a leading fintech provider of payment hub solutions and prepaid debit cards, today announced that it has entered into a definitive agreement to acquire equity interest of 60% in Millennium EBS, Inc. The transaction is valued at $12 million. This acquisition positions BlueOne Card to emerge as a prominent payment hub and prepaid debit card provider, significantly expanding its reach and capabilities globally in the fintech sector.

    The acquisition includes ownership of the Millennium EBS Payment Hub, an advanced payment orchestration and modernization platform that efficiently manages payments across multiple networks. This strategic move will enhance BlueOne Card’s ability to deliver a unified payment hub platform for small and medium-sized financial institutions worldwide.

    • Revenue Growth: The combined company anticipates potential revenue growth up to $10 million in revenue over the next year, driven by the new integrated Payment Hub platform.
    • Stock Transaction: Millennium EBS shareholders will receive approximately 17% equity ownership stake in BlueOne Card, while BlueOne will own a 60% stake in Millennium EBS.
    • Synergies: The acquisition is expected to create substantial synergies by integrating Millennium EBS’s advanced payment orchestration platform with BlueOne Card’s established international platform, accelerating both domestic and global growth.
    • Future Outlook: The Company aims to work towards meeting NASDAQ listing requirements by Q4 2026, subject to market conditions and other factors.

    Significance of the Acquisition
    The Millennium EBS Payment Hub has successfully enabled a major banking institution in Sri Lanka to transition to ISO20022 standards and is now in use, showcasing its role as the ultimate solution for banks seeking scalability, compliance, and secure financial messaging. The platform integrates diverse payment systems into a cohesive framework, offering seamless multi-channel payment processing. This acquisition shifts BlueOne Card’s position from a planned leasing agreement to full ownership, enabling us to provide payment services directly to banks and generate significant revenue from financial institutions that utilize our platform.

    Strategic Goals

    1. Empowering Financial Institutions: By acquiring Millennium EBS, BlueOne Card is positioned to support small and medium-sized banks worldwide in modernizing their payment operations. The platform will streamline payment processing across channels such as Swift, RTGS, ACH, FedNow, and Fedwire, offering banks an efficient path to meeting ISO 20022 compliance requirements.
    2. Expanding Remittance Services: The acquisition enables BlueOne Card to establish a robust remittance platform, allowing users to send money globally without needing a traditional bank account. This new service will generate revenue on each transaction, with convenient options for loading money at locations such as Walmart and 7-Eleven.
    3. Driving Operational Efficiency: Full ownership of the Millennium EBS Payment Hub allows BlueOne Card to integrate and optimize payment processes, enhancing operational efficiency for banks. By offering this comprehensive solution, the Company aims to meet the evolving demands of the financial sector while capitalizing on new revenue streams.

    BlueOne Card’s acquisition of Millennium EBS is a significant step forward in our mission to transform payment solutions for financial institutions and individuals around the globe. This strategic move positions us to deliver comprehensive payment services while maximizing growth opportunities in the expanding digital payments market.

    “This acquisition represents a pivotal move in our long-term vision of becoming a global leader in financial technology,” said Jame Koh, Chairman and CEO of BlueOne Card.

    About Millennium EBS
    Millennium EBS is a progressive player in the payment hub market, offering Millennium Payment Hub, a comprehensive platform designed to modernize payment processes across multiple channels including Swift, RTGS, ACH, FedNow, and Fedwire. The payment hub platform streamlines financial operations for institutions by integrating various payment systems into a unified solution, leveraging extensive payment technology and software expertise. With support for real-time transaction processing and built-in compliance management (KYC & AML), Millennium Payment Hub enhances operational efficiency and reduces regulatory risks. Millennium EBS is currently targeting small to medium-sized financial institutions seeking to meet ISO 20022 migration deadlines for Fedwire and Swift.
    For more information,
    visit: http://www.millenniumebs.com

    About BlueOne Card
    Founded in 2007 and incorporated in Nevada, BlueOne Card® is a leading provider of innovative payout solutions and prepaid card services, dedicated to transforming the way consumers and corporations manage their money. Our advanced prepaid debit cards facilitate seamless Card-to-Card cross-border real-time global money transfers, making financial transactions simpler and more efficient than ever. With unique security features such as lock and unlock access and dynamic CVV technology, our BlueOne Prepaid Debit Card ensures that users can enjoy peace of mind in every transaction. Backed by FDIC insurance and zero liability, our cards offer a safer, more reliable alternative to cash. At BlueOne Card, we are committed to empowering the unbanked workforce and addressing their payment and money transfer needs.
    For more information,
    visit: http://www.blueonecard.com or contact info@blueonecard.com
    1-800-210-9755

    The MIL Network –

  • MIL-OSI: Andretti Acquisition Corp. II Announces the Separate Trading of its Class A Ordinary Shares and Warrants, Commencing October 28, 2024

    Source: GlobeNewswire (MIL-OSI)

    New York, NY, Oct. 25, 2024 (GLOBE NEWSWIRE) — Andretti Acquisition Corp. II (Nasdaq: POLEU) (the “Company”) announced today that, commencing October 28, 2024, holders of the units sold in the Company’s initial public offering may elect to separately trade the Company’s Class A ordinary shares and warrants included in the units. No fractional warrants will be issued upon separation of the units and only whole warrants will trade. The Class A ordinary shares and warrants that are separated will trade on the Nasdaq Global Market under the symbols “POLE” and “POLEW,” respectively. Those units not separated will continue to trade on the Nasdaq Global Market under the symbol “POLEU.”

    BTIG, LLC acted as sole book-running manager for the offering.

    This press release shall not constitute an offer to sell or the solicitation of an offer to buy the securities of the Company, 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 Andretti Acquisition Corp. II

    Andretti Acquisition Corp. II is a blank check company formed for the purpose of effecting a merger, amalgamation, share exchange, asset acquisition, share purchase, reorganization or similar business combination with one or more businesses. The Company may pursue an acquisition opportunity in any business or industry or at any stage of its corporate evolution but is focused on acquiring a compelling asset with a skilled management team that is ready to grow. 

    Forward-Looking Statements

    This press release may include, and oral statements made from time to time by representatives of the Company may include, “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Statements regarding possible business combinations and the financing thereof, and related matters, as well as all other statements other than statements of historical fact included in this press release are forward-looking statements. When used in this press release, words such as “anticipate,” “believe,” “continue,” “could,” “estimate,” “expect,” “intend,” “may,” “might,” “plan,” “possible,” “potential,” “predict,” “project,” “should,” “would” and similar expressions, as they relate to us or our management team, identify forward-looking statements. Such forward-looking statements are based on the beliefs of management, as well as assumptions made by, and information currently available to, the Company’s management. Actual results could differ materially from those contemplated by the forward-looking statements as a result of certain factors detailed in the Company’s filings with the Securities and Exchange Commission (“SEC”). All subsequent written or oral forward-looking statements attributable to us or persons acting on our behalf are qualified in their entirety by this paragraph. Forward-looking statements are subject to numerous conditions, many of which are beyond the control of the Company, including those set forth in the Risk Factors section of the Company’s registration statement and prospectus for the Company’s initial public offering filed with the SEC. The Company undertakes no obligation to update these statements for revisions or changes after the date of this release, except as required by law.

    Company Contact:

    Andretti Acquisition Corp. II

    ir@andrettiacquisition.com

    The MIL Network –

  • MIL-OSI: CORRECTION – Sift Reinvents Account Takeover Prevention Across the Consumer Journey, Integrates with Leading CIAM Platforms

    Source: GlobeNewswire (MIL-OSI)

    SAN FRANCISCO, Oct. 25, 2024 (GLOBE NEWSWIRE) — In a release issued on October 24, 2024 under the same headline by SIFT, please note that in the sub headline and first paragraph references to $1.9 million per week have been corrected to $4.2 million per year. The corrected release follows: 

    Sift’s ATO solution prevents a median of up to $4.2 million per year in fraud losses per customer

    Sift, the AI-powered fraud platform securing digital trust for leading global businesses, today announced its latest quarterly product update, featuring an enhanced solution to protect businesses from account takeover (ATO) fraud throughout the entire consumer journey. Sift’s detailed analysis of its customers shows that its ATO solution prevents a median of up to $4.2 million per year in fraud losses per customer. Its comprehensive approach ensures that organizations can safeguard their users from point of login to post-transaction, addressing the growing threat of ATO that resulted in nearly $13 billion in losses in 2023 alone.

    Fueled by a digitally-driven economy, ATO attacks increased 24% in Q2 2024 compared to the same period last year, when attacks skyrocketed by 354% according to Sift research from 2023. Traditional solutions that seek to stop account theft only at the point of login often fall short, leaving businesses vulnerable to attacks that occur at different points of the consumer journey. Exacerbating the problem is that ATO often lives between the cracks within organizations, making it an “orphan” threat with no clear owner between Fraud and Security departments. Sift allows these departments to collaborate and take ownership of ATO by uniting data and workflows that are accessible to both.

    Key Advancements with new Sift ATO solution:

    • Identity-Centric Accuracy: AI-powered insights, real-time behavioral analysis, and expanded device fingerprinting provide richer context around risk and user intent throughout the consumer journey.
    • Powerful Integrations: Unify and extend existing Customer Identity Access Management (CIAM) workflows through low-code integrations, including Ping Identity PingOne DaVinci and Okta Auth0, accelerating time to value and strengthening identity management investments across the security tech stack.
    • Fine-Tuned Controls: Robust MFA capabilities and continuous monitoring after login deliver precise friction at the session level. Pre-built, industry-specific automations generate immediate impact out of the box.

    “Account takeover is a deeply connected problem that impacts multiple facets of a business, from cybersecurity to finance,” said Raviv Levi, Chief Product and Technology Officer at Sift. “Traditional approaches often result in fragmented data and incomplete insights, making it difficult to fully understand and mitigate the impact of ATO. Sift’s unique approach unites departments and data, providing a single source of truth for ATO prevention and removing barriers to revenue.”

    Additional innovations from Sift this quarter include advanced behavior signals and VIP Fast Pass controls for high velocity transaction industries like iGaming and Fintech, as well as expanded RiskWatch functionality for faster, more insightful manual reviews.

    For more information about Sift’s revamped ATO solution and other innovations, visit the Sift Blog here.

    About Sift
    Sift is the AI-powered fraud platform securing digital trust for leading global businesses. Our deep investments in machine learning and user identity, a data network scoring 1 trillion events per year, and a commitment to long-term customer success empower more than 700 customers to grow fearlessly. Brands including DoorDash, Yelp, and Poshmark rely on Sift to unlock growth and deliver seamless consumer experiences. Visit us at sift.com and follow us on LinkedIn.

    Media Contact:
    Victor White
    VP, Corporate Communications, Sift
    press@sift.com

    The MIL Network –

  • MIL-OSI: Cielo Provides Virtual AGM Reminder and Announces Extension of Proxy Voting Deadline

    Source: GlobeNewswire (MIL-OSI)

    CALGARY, Alberta, Oct. 26, 2024 (GLOBE NEWSWIRE) — Cielo Waste Solutions Corp. (TSXV:CMC; OTC PINK:CWSFF) (“Cielo” or the “Company”), a company fueling renewable change, wishes to remind its shareholders that its forthcoming Annual General Meeting of shareholders (the “AGM”) will be held on Tuesday, October 29, 2024, at 10 a.m. MT. As the AGM will be held virtually, shareholders will not be able to attend in person.

    To attend the AGM, shareholders will have to access the following link online: https://teams.microsoft.com/CieloAGM2024 (meeting ID 218 185 286 033, passcode 5A4kx6). Shareholders will have an equal opportunity to participate at the AGM by video conference regardless of their geographic location. Additional details related to the AGM, including the method of attending the AGM virtually, are described in the Company’s meeting materials, which are available on SEDAR+ (http://www.sedarplus.ca) and the Company’s website (http://www.cielows.com/investors).

    Proxy Deadline

    In addition, the Company has elected to extend the deadline for submission of proxies related to the AGM to Monday, October 28, 2024, at 2 p.m. MT, to allow shareholders additional time for voting. Management encourages voting in advance of the AGM by proxy to allow for a more efficient AGM. Those who vote in advance of the AGM by proxy will still have an opportunity to participate in the AGM, including during the planned question and answer period.

    ABOUT CIELO

    Cielo is fueling renewable change with a mission to be a leader in the wood by-product-to-fuels industry by using environmentally friendly, economically sustainable and market-ready technologies. We are proud to advance our non-food derived model based on our exclusive licence in Canada for patented Enhanced Biomass to Liquids (EBTL™) and Biomass Gas to Liquids (BGTL™) technologies and related intellectual property, along with an exclusive licence in the US for creosote and treated wood waste, including abundant railway tie feedstock. We have assembled a diverse portfolio of projects across geographic regions and secured the ability to leverage the expertise of proven industry leaders. Cielo is committed to helping society ‘change the fuel, not the vehicle’, which we believe will contribute to generating positive returns for shareholders. Cielo shares are listed on the TSX Venture Exchange under the symbol “CMC,” as well as on the OTC Pink Market under the symbol “CWSFF.”

    For further information please contact:

    Cielo Investor Relations

    Ryan Jackson, CEO
    Phone: (403) 348-2972
    Email: investors@cielows.com

    CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS

    This news release contains certain forward-looking statements and forward-looking information (collectively referred to herein as “forward-looking statements”) within the meaning of applicable Canadian securities laws. All statements other than statements of present or historical fact are forward-looking statements. Forward-looking statements are often, but not always, identified by the use of words such as “anticipate”, “achieve”, “could”, “believe”, “plan”, “intend”, “objective”, “continuous”, “ongoing”, “estimate”, “outlook”, “expect”, “may”, “will”, “project”, “should” or similar words, including negatives thereof, suggesting future outcomes.

    Forward-looking statements are subject to both known and unknown risks, uncertainties, and other factors, many of which are beyond the control of the Company, that may cause the actual results, level of activity, performance, or achievements of the Company to be materially different from those expressed or implied by such forward-looking statements. Forward-looking statements and information are based on plans, expectations and estimates of management at the date the information is provided and are subject to certain factors and assumptions. Cielo is making forward-looking statements, with respect to, but not limited to: the AGM, including timing and the proxy deadline.

    Investors should continue to review and consider information disseminated through news releases and filed by the Company on SEDAR+. Although the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking statements, there may be other factors that cause results not to be as anticipated, estimated or intended.

    Forward-looking statements are not a guarantee of future performance and involve a number of risks and uncertainties, some of which are described herein. Such forward-looking statements necessarily involve known and unknown risks and uncertainties, which may cause the Company’s actual performance and results to differ materially from any projections of future performance or results expressed or implied by such forward-looking statements. Any forward-looking statements are made as of the date hereof and, except as required by law, the Company assumes no obligation to publicly update or revise such statements to reflect new information, subsequent or otherwise.

    The MIL Network –

  • MIL-OSI: Embassy Bank voted the 2024 Morning Call Readers’ Choice “Best Bank” and Grows Market Share in Lehigh & Northampton Counties Combined with Year over Year Deposit Growth

    Source: GlobeNewswire (MIL-OSI)

    BETHLEHEM, Pa., Oct. 21, 2024 (GLOBE NEWSWIRE) — Embassy Bancorp, Inc. (OTCQX: EMYB) – Embassy Bank for the Lehigh Valley is thrilled and deeply honored to announce that the bank has been named this year’s 2024 Morning Call Readers’ Choice for “BEST BANK” in the Lehigh Valley. This recognition reinforces Embassy’s commitment, first made nearly 23 years ago, to exceed customer expectations while setting the standard in community banking. The Bank offers innovative banking solutions, attentive personal service and expert professional guidance, enabling customers to achieve their full financial potential. 

    Since its inception in November 2001, the Bethlehem-based Bank has consistently achieved annual deposit growth in the two-county region of Pennsylvania.

    The Federal Deposit Insurance Corporation’s Summary of Deposits (SOD) indicates that Embassy has once again gained deposit market share, growing to 8.86% in Lehigh & Northampton Counties combined as of June 30, 2024. This is up from 8.53% of the two counties as of a year prior on June 30, 2023, and represents the 4th overall deposit market share spot in the SOD.

    The Lehigh Valley boasts a thriving economy and was recently ranked first among mid-sized U.S. markets for development projects and a top 15% manufacturing market in the U.S. based on GDP, according to the Lehigh Valley Economic Development Corporation.

    “Our area provides a tremendous level of opportunity for Embassy’s entrepreneurial-minded bankers,” said David M. Lobach, Chairman, CEO and President, Embassy Bank. “While we compete with our nation’s largest banks, the need for community bankers who understand our market cannot be understated. Our team lives and works in the neighborhoods of those we serve, and that goes a very long way in earning the confidence of our customers and ultimately, our continued organic growth.”

    The FDIC’s SOD provides deposit totals for each of the more than 76,000 domestic offices operated by more than 4,500 FDIC-insured commercial and savings banks, savings associations, and U.S. branches of foreign banks. This report also indicated that Embassy remains the #1 Lehigh Valley-based bank in the combined counties for market share.

    Embassy Bank for the Lehigh Valley operates 10 locations throughout Lehigh and Northampton counties of Pennsylvania, complemented by a full-service suite of 24/7 digital banking products. Embassy Bancorp, Inc. is the parent company of Embassy Bank for the Lehigh Valley. Embassy Bancorp, Inc. common stock is publicly traded, and prices are quoted on the OTCQX under the symbol EMYB.

    To learn more about Embassy Bank’s services, visit http://www.embassybank.com.

    Safe Harbor for Forward-Looking Statements
    This document may contain forward-looking statements as defined in the Private Securities Litigation Reform Act of 1995. Actual results and trends could differ materially from those set forth in such statements due to various risks, uncertainties and other factors. Such risks, uncertainties and other factors that could cause actual results and experience to differ from those projected include, but are not limited to, the following: ineffectiveness of the company’s business strategy due to changes in current or future market conditions; the effects of competition, and of changes in laws and regulations, including industry consolidation and development of competing financial products and services; interest rate movements; changes in credit quality; difficulties in integrating distinct business operations, including information technology difficulties; volatilities in the securities markets; and deteriorating economic conditions, and other risks and uncertainties, including those detailed in Embassy Bancorp, Inc.’s filings with the Securities and Exchange Commission (SEC). The statements are valid only as of the date hereof and Embassy Bancorp, Inc. disclaims any obligation to update this information.

    Contact: David M. Lobach, Jr. (610)882-8800

    The MIL Network –

  • MIL-OSI: ARC Capital Venture LLC Highlights Growing Investor Confidence in U.S. Fixed Income Market

    Source: GlobeNewswire (MIL-OSI)

    CHICAGO, Oct. 21, 2024 (GLOBE NEWSWIRE) — ARC Capital Venture LLC has highlighted a renewed wave of investor optimism in the U.S. fixed income market, driven by positive economic indicators and a growing belief in the Federal Reserve’s ability to guide the economy toward a “soft landing.” With inflows into fixed-income assets reaching record highs, this revival underscores the strength and stability of bonds as a viable investment strategy.

    The latest data shows that leading financial institutions, including BlackRock, JPMorgan Chase, and Pimco, have experienced unprecedented growth in their bond portfolios. In the third quarter alone, U.S. bond funds saw an impressive $123 billion in inflows, with $93 billion directed towards exchange-traded funds (ETFs). These figures reflect the renewed confidence of investors who are seeking reliable returns and a hedge against potential stock market volatility.

    ARC Capital has observed similar trends among it’s clients, many of whom are shifting from cash savings to fixed income, recognizing bonds as a key component of their portfolios. This trend is largely fuelled by the Federal Reserve’s recent easing of interest rates and the broader realization that high-quality bonds provide essential diversification in periods of economic stress.

    “The current bond market is demonstrating remarkable resilience and appeal,” said Nicos Kezarides, Chief Executive Officer at ARC Capital Venture LLC. “We’re seeing more investors re-enter the fixed-income space as interest rates decline, with bonds offering competitive yields that are particularly attractive compared to traditional savings products. This environment is creating an ideal opportunity for investors to benefit from the stability and potential returns offered by bonds.”

    The market’s positive momentum is further supported by the fact that, despite global uncertainties, major financial institutions have continued to report strong inflows. Pimco, for instance, recently reached $2 trillion in assets under management for the first time since 2022, marking a significant milestone for the bond giant.

    As the Federal Reserve continues to adjust its policies, ARC Capital anticipates that the fixed-income market will see sustained growth, particularly for longer-duration bonds that offer attractive yields in a normalized rate environment. The broad appeal of both active and passive bond strategies underscores the democratization of fixed-income investing, making it accessible to a wider range of investors.

    “Bonds are increasingly being seen as a crucial tool for portfolio diversification, and we expect this trend to accelerate as the economy stabilizes,” added Nicos Kezarides. “At ARC Capital, we are committed to helping our clients navigate this evolving landscape, providing them with the insights and investment opportunities needed to succeed in the fixed income space.”

    For more information on ARC Capital services and market insights, please visit http://www.arc-capital.com or contact our team at info@arc-capital.com.

    This press release does not provide general or personal financial product advice, nor does it constitute a recommendation to engage in transactions or invest in fixed income securities. It should not be considered as a solicitation. Before making any investment decisions related to fixed-income securities, investors are advised to consult with their financial adviser and seek independent tax advice, considering their individual needs and financial circumstances.

    Media Relations
    ARC Capital Venture LLC
    Max Harrington, Head of Marketing
    max.harrington@arc-capital.com
    +1 (312) 820-1040
    10 South Riverside Plaza
    Suite 875
    Chicago, IL 60606

    The MIL Network –

  • MIL-OSI: Bitget brings GRASS (GRASS) to Pre-Market For Advance Trading Orders

    Source: GlobeNewswire (MIL-OSI)

    VICTORIA, Seychelles, Oct. 21, 2024 (GLOBE NEWSWIRE) — Bitget, the leading cryptocurrency exchange and Web3 company, has announced the listing of GRASS (GRASS) for pre-market trading, allowing users to place advance trading orders before the token becomes available for spot trading. The pre-market phase is open, traders can engage in GRASS/USDT trading through Bitget’s platform, enabling from an opportunity to participate in early trades ahead of the wider market release.

    GRASS is a decentralized data layer built for artificial intelligence, enabling users to share their internet bandwidth and collect verifiable network data through a distributed system. Node operators leverage unused internet capacity to gather raw data for AI training, turning excess bandwidth into a valuable resource. The total supply of GRASS is set at 1 billion tokens.

    Bitget’s Pre-market platform has emerged as a key tool for traders seeking early access to different tokens, offering a competitive edge by enabling transactions before official market listings. This feature supports peer-to-peer trades, providing participants the ability to negotiate prices and secure liquidity in advance. Buyers can lock in rates, while sellers benefit from the flexibility of completing deliveries without needing to hold coins upfront.

    Bitget continues to expand its presence across both spot and derivatives markets, maintaining its position as one of the top 10 centralized exchanges. Since its launch in April 2024, the pre-market platform has offered users early access to high-profile projects, including EigenLayer (EIGEN), Zerolend (ZERO), and ZkSync (ZKSYNC). With more than 800 coins and 900 trading pairs available, Bitget is committed to enhancing its platform offerings and providing users with early opportunities to engage in the most in variety projects in the crypto space.

    Bitget’s introduction of GRASS through its pre-market mechanism shows the platform’s strategy to provide users early access to emerging blockchain projects. This early engagement can benefit both the token’s market exposure and user participation, making it an integral part of Bitget’s expanding crypto ecosystem.

    For more information on GRASS tokens, please visit here.

    About Bitget

    Established in 2018, Bitget is the world’s leading cryptocurrency exchange and Web3 company. Serving over 45 million users in 150+ countries and regions, the Bitget exchange is committed to helping users trade smarter with its pioneering copy trading, AI bot and other trading solutions. Bitget Wallet is a world-class multi-chain crypto wallet that offers an array of comprehensive Web3 solutions and features including wallet functionality, swap, NFT Marketplace, DApp browser, and more. Bitget inspires individuals to embrace crypto through collaborations with credible partners, including being the Official Crypto Partner of the World’s Top Professional Football League, LALIGA, in EASTERN, SEA and LATAM, as well as a global partner of Olympic Athletes Buse Tosun Çavuşoğlu (Wrestling world champion), Samet Gümüş (Boxing gold medalist) and İlkin Aydın (Volleyball national team).

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

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

    Contact

    Public Relations
    Simran
    Bitget
    media@bitget.com

    The MIL Network –

  • MIL-OSI: Provident Financial Holdings To Host Earnings Release Conference Call

    Source: GlobeNewswire (MIL-OSI)

    RIVERSIDE, Calif., Oct. 21, 2024 (GLOBE NEWSWIRE) — Provident Financial Holdings, Inc. (“Company”) (Nasdaq GS: PROV), the holding company for Provident Savings Bank, F.S.B., today announced that it will distribute a news release announcing earnings for the first quarter of fiscal 2025 prior to the market open on Monday, October 28, 2024. Additionally, the Company will host a conference call for institutional investors and bank analysts on Tuesday, October 29, 2024 at 9:00 a.m. (Pacific) to discuss financial results. The conference call can be accessed by dialing 1-800-715-9871 and referencing Conference ID number 3610756. An audio replay of the conference call will be available through Tuesday, November 5, 2024 by dialing 1-800-770-2030 and referencing Conference ID number 3610756.

    Contacts:    Donavon P. Ternes
    President and
    Chief Executive Officer
    (951) 686-6060    		                 TamHao B. Nguyen
    Senior Vice President and
    Chief Financial Officer
    (951) 686-6060
             

    The MIL Network –

  • MIL-OSI: Nokia Corporation: Repurchase of own shares on 21.10.2024

    Source: GlobeNewswire (MIL-OSI)

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

    Nokia Corporation: Repurchase of own shares on 21.10.2024

    Espoo, Finland – On 21 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 1,317,830 4.34
    CEUX 269,017 4.32
    BATE – –
    AQEU – –
    TQEX – –
    Total 1,586,847 4.33

    * 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 21 October 2024 was EUR 6,875,967. After the disclosed transactions, Nokia Corporation holds 178,234,633 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: FinTech360’s Unified Communication Hub Redefines Forex Broker Efficiency

    Source: GlobeNewswire (MIL-OSI)

    Hong Kong, Oct. 21, 2024 (GLOBE NEWSWIRE) — With over a decade of expertise in the forex industry, FinTech360.com continues to set new benchmarks in B2B fintech solutions. Known for its innovation, FinTech360 has launched its cutting-edge Communication Hub, a revolutionary platform that transforms communication for forex brokers by providing a streamlined, centralized solution. This cloud-based CRM system improves interaction efficiency across various channels, including email, live chat, SMS, and messaging apps like WhatsApp and Telegram, making it an essential tool for brokers seeking to enhance their operational performance.

    FinTech360.com is positioning itself as the ultimate work management platform for the forex market, integrating essential tools for collaboration, communication, and productivity—all while ensuring the highest level of security and regulatory compliance.

    A Secure and Trusted Partner for Forex Brokers

    FinTech360’s Communication Hub offers forex brokers seamless control over multiple communication channels, from messaging apps to push notifications, all managed within a centralized dashboard. The platform enables easy tracking of client data, inquiries, and interactions, allowing brokers to provide better customer service in one secure location.

    “The launch of the Communication Hub aligns with the digital transformation in the forex industry. FinTech360 is at the forefront of this shift, helping businesses consolidate their operations for smoother, more secure communications,” said Aaron Bitter, CEO of FinTech360. “As we continue to innovate, we’re proud to serve as a trusted partner to forex brokers worldwide.”

    Security remains at the core of FinTech360’s offering. The Communication Hub safeguards client privacy by implementing an encrypted “click-to-email” feature, ensuring brokers can interact with customers without risking data breaches.

    Key Features of the Communication Hub for Forex Brokers

    • Multichannel Communication: Manage emails, live chats, WhatsApp, Telegram, SMS, and push notifications from a single user interface.
    • Unified Dashboard: All communication is streamlined in one place, helping brokers optimize customer interactions.
    • Advanced Security: Protects customer contact information through encryption and secure communication triggers.
    • Cost-Efficient Operations: By consolidating all communication efforts, the hub improves efficiency and reduces costs.
    • Centralized CRM: Brokers can manage client communication from one central platform, improving back-office operations.

    Expanding FinTech360’s CRM Capabilities

    Beyond communication, FinTech360 offers an omnichannel CRM solution, giving forex brokers comprehensive control over all back-office operations. From KYC and AML compliance to handling payments through its payment gateway, FinTech360 allows brokers to accept payments globally via its network of over 250 providers.

    FinTech360’s Verification Center also plays a crucial role in assisting brokers with regulatory compliance, enabling seamless adherence to KYC, AML, and forex market regulations such as CySEC, ASIC, and the FSCA.

    FinTech360 CRM Features for Forex Brokers:

    • Website CMS and Client Area: Create a custom website reflecting your brand, enhancing the user experience.
    • Verification Center: Keep up with KYC and AML regulations while monitoring and optimizing sales calls.
    • Sales-Focused CRM: Simplify your workflow with automated lead splitting and detailed sales tracking, improving client management.
    • Communication Hub: Use multiple channels to engage with clients and track interactions in real-time.
    • Affiliate Manager: Optimize your affiliate marketing efforts through real-time traffic monitoring and management tools.
    • Full Suite Cashier: Process payments with over 300 integrated PSPs and APMs, supported by advanced risk management features.
    • Web Trading Platform and Apps: Deliver seamless trading experiences with FinTech360’s web and mobile apps, integrated with MT4/MT5 for top-tier security.
    • Business Intelligence (BI) Reports: Track every aspect of your business, from traffic to customer interactions, ensuring data-driven decisions.

    For more information about FinTech360 and its latest cross-device trading solutions, visit FinTech360.

    Disclaimer: 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.

    The MIL Network –

  • MIL-OSI: Mississauga, Region of Peel, Enwave and Lakeview Village break ground on ambitious district energy project, setting the stage for one of the most sustainable new waterfront communities in Canada

    Source: GlobeNewswire (MIL-OSI)

    MISSISSAUGA, Ontario, Oct. 21, 2024 (GLOBE NEWSWIRE) — Today, the City of Mississauga, Lakeview Community Partners Limited (LCPL), Enwave Lakeview Corporation and the Region of Peel celebrated the groundbreaking of a new district energy system at Lakeview Village. Once fully operational, the Lakeview Village district energy system is positioned to be the first of its kind in Ontario and the largest in Canada.

    Unlike traditional heating and cooling systems, which are large contributors to greenhouse gas (GHG) emissions, district energy systems use a network of pipes to heat and cool an entire community from a centralized location. These systems allow for a combination of generation assets that work seamlessly together to improve efficiency, consume less energy, and reduce GHG emissions. They are also more reliable and resilient than traditional systems.

    To bring this new system to life, the City of Mississauga and Enwave have signed agreements allowing Enwave to build the necessary pipes and infrastructure on city land and construct a new building to operate the system. These agreements mark a major milestone in the Lakeview Village project and follow several years of collaboration.

    Left-right: Stephen Dasko (Ward 1 Councillor), Charles Sousa (MP Mississauga-Lakeshore), Brian Sutherland (Lakeview Community Partners), Gord Buck (Founder of ARGO), Carolyn Parrish (Mississauga Mayor), Carlyle Coutinho (CEO, Enwave Energy Corporation), Ehren Cory (CEO, Canada Infrastructure Bank), Alvin Tedjo (Ward 2 Councillor), Rudy Cuzzetto (MPP Mississauga-Lakeshore), and Silvio De Gasperis (Founder, President and CEO of TACC Group).

    Giving treated wastewater a second life

    The Region of Peel and Enwave are working to further decrease GHG emissions from the district energy system through a proposed plan to leverage treated wastewater, or effluent, from the nearby G.E. Booth Water Resource Recovery Facility as the main source of low carbon energy for the system. Using effluent to heat and cool Lakeview Village draws on an innovative energy source that would otherwise remain untapped.

    Once this transition happens, Lakeview Village’s residential units, offices and commercial spaces are expected to emit significantly fewer GHGs.

    The district energy system at Lakeview Village, alongside plans to leverage effluent, is instrumental in bringing the City of Mississauga’s Climate Change Action Plan and the Region of Peel’s Climate Change Master Plan to life.

    Building a new centre for operations and education

    The City of Mississauga and LCPL are also moving forward on the Site Development Plan and Building Permit applications to construct a new building that will house:

    • The district energy operations centre, which will be operated by Enwave.
    • A sewage pumping station, which will be operated by the Region of Peel.
    • An educational space to provide learning opportunities for Mississauga residents, visitors and the business community.

    Work is already underway, with the first crane installed onsite to support servicing and construction works for the new centre.

    Sustainable waterfront community

    Lakeview Village is a 177-acre site on Mississauga’s waterfront that was formerly the Lakeview Power Generating Station. Designed to be a mixed-use community, this sustainable and interconnected neighbourhood will feature 16,000 new homes, parks, trails, transit, recreational opportunities, event spaces, and commercial areas for work and shopping.

    Earlier this month, construction kicked off on the community’s first residential building with occupancy expected in early 2029.

    For more information about planning the Lakeview Village development, visit the City of Mississauga’s Lakeview Village webpage. To learn more about the community, visit mylakeviewvillage.com.

    Quotes:

    “Today’s announcement highlights our dedication to building mixed-use communities that are sustainable, and include a variety of housing options, jobs, parks and community spaces. Lakeview Village’s focus on innovative, low carbon solutions make it more than just a development project – it sets a new standard for sustainability. I’m proud to work with our partners on this transformative project that will shape the future of Mississauga for years to come.” Mayor Carolyn Parrish

    “This groundbreaking marks an exciting chapter in the evolution of Lakeview Village. Our vision has always been to make this community the most sustainable, innovative new development in the country, and this is a major step. The Enwave system within Lakeview Village is a leading example of how the joint priorities of sustainability and housing development can co-exist, supporting a better future for Ontario.” – Brian Sutherland, President, Lakeview Community Partners Limited

    “The groundbreaking of the district energy system at Lakeview Village is an exciting step toward the future of sustainable communities in Canada and beyond. This development is a complex undertaking, which will be the largest of its kind in North America with the integration of effluent, and would not be possible without the determination and collaboration demonstrated by all partners. Together, we are implementing big ideas and critical thinking to achieve the ambitious goals set for this project, and Enwave is proud to make this district energy system a reality.” Carlyle Coutinho, CEO of Enwave Energy Corporation

    “Today’s announcement signals Peel Region’s commitment to working with the City of Mississauga, Lakeview Community Partners Limited (LCPL), and Enwave Lakeview Corporation to leverage treated wastewater from the G.E. Booth Water Resource Recovery Facility as an innovative fuel source for the district energy system at Lakeview Village. Peel Region is a strong advocate for sustainability and committed to researching and implementing state-of-the-art treatment processes and technology at our facilities. We are always working to be a collaborative community partner, and providing this future fuel source for our neighbours at Lakeview Village demonstrates our environmental leadership.” – Chair Nando Iannicca, Peel Region 

    High-res images of the DE piping system and rendering of the centre can be found HERE.

    Media Contacts:

    City of Mississauga Media Relations
    media@mississauga.ca
    905-615-3200, ext. 5232
    TTY: 905-896-5151

    Amie Miles, Manager, Strategic Client Communications
    Amie.miles@peelregion.ca
    416-209-4317

    Enwave Energy Corporation
    Katie Good
    GoodPR
    416-540-2195
    katie@goodpr.ca

    A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/dc240327-bd37-414e-9670-213ee03188b2

    The MIL Network –

  • MIL-OSI: Trustco Reports Third Quarter 2024 Net Income of $12.9 Million; Skillful Application of Strong Fundamentals Produce Solid Results

    Source: GlobeNewswire (MIL-OSI)

    Executive Snapshot:

    • Average Loan portfolio continues to grow:
      • On average, total loans were up $127.0 million or 2.6% for the third quarter 2024 compared to the third quarter 2023
    • Continued solid financial results:
      • Key metrics for third quarter 2024:
        • Net income of $12.9 million versus $12.6 million for the second quarter 2024
        • Net interest income of $38.7 million, up from $37.8 million compared to the second quarter of 2024
        • Return on average equity (ROAE) of 7.74% versus 7.76% for the second quarter 2024
    • Capital continues to grow:
      • Consolidated equity to assets increased 6.2% to 10.95% as of September 30, 2024 from 10.31% as of September 30, 2023
      • Book value per share as of September 30, 2024 was $35.19, up from $34.46 compared to June 30, 2024

    GLENVILLE, N.Y., Oct. 21, 2024 (GLOBE NEWSWIRE) —

    TrustCo Bank Corp NY (TrustCo, NASDAQ: TRST) today announced third quarter 2024 net income of $12.9 million or $0.68 diluted earnings per share, compared to net income of $14.7 million or $0.77 diluted earnings per share for the third quarter 2023; and net income of $37.6 million or $1.97 diluted earnings per share for the nine months ended September 30, 2024, compared to net income of $48.9 million or $2.57 diluted earnings per share for the nine months ended September 30, 2023. Average loans increased $127.0 million or 2.6% for the third quarter 2024 over the same period in 2023.   TrustCo was able to increase the balances of home equity lines of credit (HECLs) outstanding through an aggressive campaign to encourage existing customers to utilize their HECLs in place of the higher rates on other products.  The objective was to meet customer needs and encourage increased utilization through existing HECLs.

    Overview

    Chairman, President, and CEO, Robert J. McCormick said “Hard, consistent work on the fundamentals of banking once again have served the Trustco Bank team well and enabled us to post strong results under challenging circumstances. Our bankers posted one modest success after another – which accumulated into solid performance. We continued to hold the line on demand accounts and capitalized on strong customer relationships which enabled us to direct the flow into competitively-priced CDs, rather than to non-bank investment products. Not having to purchase expensive deposits or pay excessive rates, helped keep interest expense down, contributing to increased net interest income. We have continued to sell home equity products at favorable rates where origination of purchase mortgages lagged due to lack of sales volume. We booked these new loans at higher interest rates, also boosting net interest margin. Once again, loans reached a new all-time high. All of these efforts by our team resulted in net income of $12.9 million for the quarter.”

    Details

    Average loans were up $127.0 million or 2.6% in the third quarter 2024 over the same period in 2023. Average residential loans and home equity lines of credit, our primary lending focus, were up $50.4 million, or 1.2%, and $60.0 million, or 18.7%, respectively, in the third quarter 2024 over the same period in 2023. Average commercial loans also increased $18.1 million, or 6.9%, in the third quarter 2024 over the same period in 2023. Average deposits were up $15.3 million, or 0.3% for the third quarter 2024 over the same period in 2023. We believe the increase in time deposits compared to the prior year continues to reflect the desire of customers to have additional funds in the safety and security offered by TrustCo’s long history of conservative banking, while earning a competitive interest rate. As we move forward, the objective is to encourage customers to retain these additional funds in the expanded product offerings of Trustco Bank (the “Bank”) through aggressive marketing and product differentiation.

    Net interest income was $38.7 million for the third quarter 2024, an increase of $883 thousand, or 2.3%, compared to the prior quarter, driven by loan growth at higher interest rates and lower cost of deposits, partially offset by lower investment earnings and a decrease in interest on federal funds sold and other short-term investments. The net interest margin for the third quarter 2024 was 2.61%, up 8 basis points from 2.53% in the second quarter of 2024. The yield on interest earnings assets increased to 4.11%, up 5 basis points from 4.06% in the second quarter of 2024. The cost of interest bearing liabilities decreased to 1.94% in the third quarter 2024 from 1.97% in the second quarter 2024. The Bank has seen success in retaining deposits while lowering the rates on time deposits, and still being competitive in the markets it serves. The Federal Reserve’s decision regarding whether to cut or hold rates in upcoming meetings will have an effect on the Bank’s ability to continue to manage deposit costs. Further reductions should help margin expansion in future quarters. Non-interest expense decreased $259 thousand over the prior quarter as a result of the Bank’s ongoing efforts to control expenses.

    Asset quality remains strong and has been consistent over the past twelve months. The Company recorded a provision for credit losses of $500 thousand in the third quarter of 2024, which is the result of a provision for credit losses on loans of $400 thousand, and provision for credit losses on unfunded commitments of $100 thousand. The ratio of allowance for credit losses on loans to total loans was 0.99% and 0.95% as of September 30, 2024 and 2023, respectively. The allowance for credit losses on loans was $50.0 million at September 30, 2024, compared to $47.2 million at September 30, 2023. Nonperforming loans (NPLs) were $19.4 million at September 30, 2024, compared to $17.9 million at September 30, 2023. NPLs were 0.38% and 0.36% of total loans at September 30, 2024 and 2023, respectively. The coverage ratio, or allowance for credit losses on loans to NPLs, was 256.9% at September 30, 2024, compared to 264.2% at September 30, 2023. Nonperforming assets (NPAs) were $21.9 million at September 30, 2024, compared to $19.1 million at September 30, 2023.  

    At September 30, 2024, our equity to asset ratio was 10.95%, compared to 10.31% at September 30, 2023. Book value per share at September 30, 2024 was $35.19, up 7.3% compared to $32.80 a year earlier.

    A conference call to discuss third quarter 2024 results will be held at 9:00 a.m. Eastern Time on October 22, 2024. Those wishing to participate in the call may dial toll-free for the United States at 1-833-470-1428, and for Canada at 1-833-950-0062, Access code 034120. A replay of the call will be available for thirty days by dialing toll-free for the United States at 1-866-813-9403, Access code 285814.   The call will also be audio webcast at https://events.q4inc.com/attendee/854762065, and will be available for one year.

    About TrustCo Bank Corp NY

    TrustCo Bank Corp NY is a $6.1 billion savings and loan holding company and through its subsidiary, Trustco Bank, operated 138 offices in New York, New Jersey, Vermont, Massachusetts, and Florida at September 30, 2024.

    In addition, the Bank’s Wealth Management Department offers a full range of investment services, retirement planning and trust and estate administration services. The common shares of TrustCo are traded on the NASDAQ Global Select Market under the symbol TRST.

    Forward-Looking Statements

    All statements in this news release that are not historical are forward-looking statements within the meaning of the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements can be identified by words such as “anticipate,” “intend,” “plan,” “goal,” “seek,” “believe,” “project,” “estimate,” “expect,” “strategy,” “future,” “likely,” “may,” “should,” “will” and similar references to future development, results or periods. Examples of forward-looking statements include, among others, statements we make regarding our expectations for our future performance, including our expectations regarding the effects of the economic environment on our financial results, our ability to retain customers and the amount of customers’ business, including deposit balances, with us, the impact of the Federal Reserve’s actions regarding interest rates, and the growth of loans and deposits throughout our branch network. Forward-looking statements are based on management’s current expectations as well as certain assumptions and estimates made by, and information available to, management at the time the statements are made. Such forward-looking statements are subject to factors and uncertainties that could cause actual results to differ materially for TrustCo from the views, beliefs and projections expressed in such statements, and many of the risks and uncertainties are heightened by or may, in the future, be heightened by volatility in financial markets and macroeconomic or geopolitical concerns related to inflation, continued elevated interest rates and ongoing armed conflicts (including the Russia/Ukraine conflict and the conflict in Israel and surrounding areas). TrustCo wishes to caution readers not to place undue reliance on any such forward-looking statements, which speak only as of the date made. The following important factors, among others, in some cases have affected and in the future could affect TrustCo’s actual results and could cause TrustCo’s actual financial performance to differ materially from that expressed in any forward-looking statement: future changes in interest rates; ongoing inflationary pressures and continued elevated prices; exposure to credit risk in our lending activities; our increasing commercial loan portfolio; the sufficiency of our allowance for credit losses on loans to cover actual loan losses; our ability to meet the cash flow requirements of our depositors or borrowers or meet our operating cash needs to fund corporate expansion and other activities; claims and litigation pertaining to fiduciary responsibility and lender liability; our dependency upon the services of the management team; our disclosure controls and procedures’ ability to prevent or detect errors or acts of fraud; the adequacy of our business continuity and disaster recovery plans; the effectiveness of our risk management framework; the impact of any expansion by us into new lines of business or new products and services; the impact of severe weather events and climate change on us and the communities we serve, including societal responses to climate change; increasing scrutiny and evolving expectations from customers, regulators, investors, and other stakeholders with respect to our environmental, social and governance practices; the chance of a prolonged economic downturn, especially one affecting our geographic market area; instability in global economic conditions and geopolitical matters, as well as volatility in financial markets; the soundness of other financial institutions; U.S. government shutdowns, credit rating downgrades, or failure to increase the debt ceiling; fluctuations in the trust wealth management fees we receive as a result of investment performance; the impact of regulatory capital rules on our growth; changes in laws and regulations, including changes in cybersecurity or privacy regulations; restrictions on data collection and use; our compliance with the USA PATRIOT Act, Bank Secrecy Act, and other laws and regulations that could result in material fines or sanctions; changes in tax laws; limitations on our ability to pay dividends; TrustCo Realty Corp.’s ability to qualify as a real estate investment trust; changes in accounting standards; competition within our market areas; consumers and businesses’ use of non-banks to complete financial transactions; our reliance on third-party service providers; the impact of data breaches and cyber-attacks; the impact of a failure in or breach of our operational or security systems or infrastructure, or those of third parties; the impact of an unauthorized disclosure of sensitive or confidential client or customer information; the impact of interruptions in the effective operation of our computer systems; the impact of anti-takeover provisions in our organizational documents; the impact of the manner in which we allocate capital; and other risks and uncertainties under the heading “Risk Factors” in our most recent annual report on Form 10-K and, if any, in our subsequent quarterly reports on Form 10-Q or other securities filings. The forward-looking statements contained in this news release represent TrustCo management’s judgment as of the date of this news release. TrustCo disclaims, however, any intent or obligation to update forward-looking statements, either as a result of future developments, new information or otherwise, except as may be required by law.

     
    TRUSTCO BANK CORP NY
    GLENVILLE, NY
             
    FINANCIAL HIGHLIGHTS
             
    (dollars in thousands, except per share data)
    (Unaudited)
        Three months ended        
        9/30/2024   6/30/2024   9/30/2023        
    Summary of operations                    
    Net interest income   $ 38,671     $ 37,788     $ 42,221              
    Provision for credit losses     500       500       100          
    Net gains on equity securities     23       1,360       –          
    Noninterest income, excluding net gains on equity securities     4,908       4,291       4,574          
    Noninterest expense     26,200       26,459       27,460          
    Net income     12,875       12,551       14,680          
                         
    Per share                    
    Net income per share:                    
    – Basic   $ 0.68     $ 0.66     $ 0.77          
    – Diluted     0.68       0.66       0.77          
    Cash dividends     0.36       0.36       0.36          
    Book value at period end     35.19       34.46       32.80              
    Market price at period end     33.07       28.77       27.29          
                         
    At period end                    
    Full time equivalent employees     735       753       764          
    Full service banking offices     138       138       143          
                         
    Performance ratios                    
    Return on average assets     0.84   %   0.82   %   0.96   %      
    Return on average equity     7.74       7.76       9.32          
    Efficiency ratio (1)     59.65       62.84       58.33          
    Net interest spread     2.17       2.09       2.55          
    Net interest margin     2.61       2.53       2.85          
    Dividend payout ratio     53.16       54.57       46.65              
                             
    Capital ratios at period end                        
    Consolidated equity to assets     10.95   %   10.73   %   10.31   %          
    Consolidated tangible equity to tangible assets (2)     10.94   %   10.72   %   10.30   %      
                         
    Asset quality analysis at period end                    
    Nonperforming loans to total loans     0.38   %   0.38   %   0.36   %      
    Nonperforming assets to total assets     0.36       0.35       0.31          
    Allowance for credit losses on loans to total loans     0.99       0.99       0.95          
    Coverage ratio (3)   2.6x   2.6x   2.6x        
                         
                         
    (1) Non-GAAP measure; calculated as noninterest expense (excluding ORE expense) divided by taxable equivalent net interest income plus noninterest income (excluding net gains on equity securities).
    See Non-GAAP Financial Measures Reconciliation.
    (2) Non-GAAP measure; calculated as total shareholders’ equity less $553 of intangible assets divided by total assets less $553 of intangible assets. See Non-GAAP Financial Measures Reconciliation.
    (3) Calculated as allowance for credit losses on loans divided by total nonperforming loans.
                         
                         
    FINANCIAL HIGHLIGHTS, Continued
               
    (dollars in thousands, except per share data)
    (Unaudited)
        Nine Months Ended            
        09/30/24   09/30/23            
    Summary of operations                    
    Net interest income $   113,037       133,238              
    Provision (Credit) for credit losses     1,600       (100 )            
    Net gains on equity securities     1,383       –              
    Noninterest income, excluding net gains on equity securities     14,042       13,841              
    Noninterest expense     77,562       82,466              
    Net income     37,552       48,798              
                         
    Per share                    
    Net income per share:                    
    – Basic $   1.97       2.57              
    – Diluted     1.97       2.57              
    Cash dividends     1.08       1.08              
    Book value at period end     35.19       32.80              
    Market price at period end     33.07       27.29              
                         
    Performance ratios                    
    Return on average assets     0.82   %   1.08              
    Return on average equity     7.68       10.57                  
    Efficiency ratio (1)     60.80       55.70                  
    Net interest spread     2.08       2.78                  
    Net interest margin     2.52       3.01            
    Dividend payout ratio     54.70       42.11                  
                             
    (1) Non-GAAP measure; calculated as noninterest expense (excluding ORE expense) divided by taxable equivalent net interest income plus noninterest income (excluding net gains on equity securities).
    See Non-GAAP Financial Measures Reconciliation.
                         
                         
    CONSOLIDATED STATEMENTS OF INCOME
                         
    (dollars in thousands, except per share data)
    (Unaudited)
        Three months ended
        9/30/2024   6/30/2024   3/31/2024   12/31/2023   9/30/2023
    Interest and dividend income:                    
    Interest and fees on loans   $ 52,112     $ 50,660     $ 49,804     $ 49,201     $ 47,921  
    Interest and dividends on securities available for sale:                    
    U. S. government sponsored enterprises     718       909       906       750       672  
    State and political subdivisions     –       1       –       1       –  
    Mortgage-backed securities and collateralized mortgage                    
    obligations – residential     1,397       1,451       1,494       1,533       1,485  
    Corporate bonds     361       362       476       477       473  
    Small Business Administration – guaranteed                    
    participation securities     90       94       100       102       107  
    Other securities     2       2       3       3       2  
    Total interest and dividends on securities available for sale     2,568       2,819       2,979       2,866       2,739  
                         
    Interest on held to maturity securities:                    
    Mortgage-backed securities and collateralized mortgage                    
    obligations – residential     62       65       68       70       73  
    Total interest on held to maturity securities     62       65       68       70       73  
                         
    Federal Home Loan Bank stock     153       147       152       149       131  
                         
    Interest on federal funds sold and other short-term investments     6,174       6,894       6,750       6,354       6,688  
    Total interest income     61,069       60,585       59,753       58,640       57,552  
                         
    Interest expense:                    
    Interest on deposits:                    
    Interest-bearing checking     311       288       240       165       102  
    Savings     770       675       712       707       639  
    Money market deposit accounts     2,154       2,228       2,342       2,500       2,384  
    Time deposits     18,969       19,400       19,677       16,460       11,962  
    Interest on short-term borrowings     194       206       204       201       244  
    Total interest expense     22,398       22,797       23,175       20,033       15,331  
                         
    Net interest income     38,671       37,788       36,578       38,607       42,221  
                         
    Less: Provision for credit losses     500       500       600       1,350       100  
    Net interest income after provision for credit losses     38,171       37,288       35,978       37,257       42,121  
                         
    Noninterest income:                    
    Trustco Financial Services income     2,044       1,609       1,816       1,612       1,627  
    Fees for services to customers     2,482       2,399       2,745       2,563       2,590  
    Net gains on equity securities     23       1,360       –       –       –  
    Other     382       283       282       299       357  
    Total noninterest income     4,931       5,651       4,843       4,474       4,574  
                         
    Noninterest expenses:                    
    Salaries and employee benefits     12,134       12,520       11,427       12,444       12,393  
    Net occupancy expense     4,271       4,375       4,611       4,209       4,358  
    Equipment expense     1,757       1,990       1,738       1,852       1,923  
    Professional services     1,863       1,570       1,460       1,561       1,717  
    Outsourced services     2,551       2,755       2,501       2,532       2,720  
    Advertising expense     339       466       408       384       586  
    FDIC and other insurance     1,112       797       1,094       1,085       1,078  
    Other real estate expense (income), net     204       16       74       (12 )     163  
    Other     1,969       1,970       1,590       4,776       2,522  
    Total noninterest expenses     26,200       26,459       24,903       28,831       27,460  
                         
    Income before taxes     16,902       16,480       15,918       12,900       19,235  
    Income taxes     4,027       3,929       3,792       3,052       4,555  
                         
    Net income   $ 12,875     $ 12,551     $ 12,126     $ 9,848     $ 14,680  
                         
    Net income per common share:                    
    – Basic   $ 0.68     $ 0.66     $ 0.64     $ 0.52     $ 0.77  
                         
    – Diluted     0.68       0.66       0.64       0.52       0.77  
                         
    Average basic shares (in thousands)     19,010       19,022       19,024       19,024       19,024  
    Average diluted shares (in thousands)     19,036       19,033       19,032       19,026       19,024  
                         
                         
                         
    CONSOLIDATED STATEMENTS OF INCOME, Continued
               
    (dollars in thousands, except per share data)
    (Unaudited)
        Nine Months Ended            
        09/30/24   09/30/23            
    Interest and dividend income:                        
    Interest and fees on loans $   152,576       138,255                  
    Interest and dividends on securities available for sale:                        
    U. S. government sponsored enterprises     2,533       2,055                  
    State and political subdivisions     1       1                  
    Mortgage-backed securities and collateralized mortgage                        
    obligations – residential     4,342       4,613                  
    Corporate bonds     1,199       1,510                  
    Small Business Administration – guaranteed                        
    participation securities     284       335                  
    Other securities     7       7                  
    Total interest and dividends on securities available for sale     8,366       8,521                  
                         
    Interest on held to maturity securities:                    
    Mortgage-backed securities-residential     195       226                  
    Total interest on held to maturity securities     195       226                  
                         
    Federal Home Loan Bank stock     452       351                  
                         
    Interest on federal funds sold and other short-term investments     19,818       20,213                  
    Total interest income     181,407       167,566                  
                         
    Interest expense:                    
    Interest on deposits:                    
    Interest-bearing checking     839       217                  
    Savings     2,157       1,824                  
    Money market deposit accounts     6,724       4,954                  
    Time deposits     58,046       26,525                  
    Interest on short-term borrowings     604       808                  
    Total interest expense     68,370       34,328                  
                         
    Net interest income     113,037       133,238                  
                         
    Less: Provision (Credit) for credit losses     1,600       (100 )                
    Net interest income after provision (credit) for credit losses     111,437       133,338                  
                         
    Noninterest income:                    
    Trustco Financial Services income     5,469       4,813                  
    Fees for services to customers     7,626       8,085                  
    Net gains on equity securities     1,383       –                  
    Other     947       943                  
    Total noninterest income     15,425       13,841                  
                         
    Noninterest expenses:                    
    Salaries and employee benefits     36,081       38,798                  
    Net occupancy expense     13,257       13,218                  
    Equipment expense     5,485       5,758                  
    Professional services     4,893       4,684                  
    Outsourced services     7,807       7,507                  
    Advertising expense     1,213       1,494                  
    FDIC and other insurance     3,003       3,215                  
    Other real estate expense, net     294       536                  
    Other     5,529       7,256                  
    Total noninterest expenses     77,562       82,466                  
                         
    Income before taxes     49,300       64,713                  
    Income taxes     11,748       15,915                  
                         
    Net income $   37,552       48,798                      
                             
    Net income per common share:                    
    – Basic $   1.97       2.57              
                         
    – Diluted     1.97       2.57              
                         
    Average basic shares (in thousands)     19,019       19,024              
    Average diluted shares (in thousands)     19,034       19,024              
                         
                         
                         
                         
    CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION
     
    (dollars in thousands)
    (Unaudited)
        9/30/2024   6/30/2024   3/31/2024   12/31/2023   9/30/2023
    ASSETS:                    
                         
    Cash and due from banks   $ 49,659     $ 42,193     $ 44,868     $ 49,274     $ 45,940  
    Federal funds sold and other short term investments     473,306       493,920       564,815       528,730       461,321  
    Total cash and cash equivalents     522,965       536,113       609,683       578,004       507,261  
                       
    Securities available for sale:                  
    U. S. government sponsored enterprises     90,588       106,796       128,854       118,668       121,474  
    States and political subdivisions     26       26       26       26       34  
    Mortgage-backed securities and collateralized mortgage                  
    obligations – residential     222,841       218,311       227,078       237,677       233,719  
    Small Business Administration – guaranteed                    
    participation securities     15,171       15,592       16,260       17,186       17,316  
    Corporate bonds     54,327       53,764       53,341       78,052       76,935  
    Other securities     701       688       682       680       657  
    Total securities available for sale     383,654       395,177       426,241       452,289       450,135  
                         
    Held to maturity securities:                    
    Mortgage-backed securities and collateralized mortgage                    
    obligations-residential     5,636       5,921       6,206       6,458       6,724  
    Total held to maturity securities     5,636       5,921       6,206       6,458       6,724  
                         
    Federal Reserve Bank and Federal Home Loan Bank stock     6,507       6,507       6,203       6,203       6,203  
                       
    Loans:                  
    Commercial     280,261       282,441       279,092       273,515       268,642  
    Residential mortgage loans     4,382,674       4,370,640       4,354,369       4,365,063       4,343,006  
    Home equity line of credit     393,418       370,063       355,879       347,415       332,028  
    Installment loans     14,503       15,168       16,166       16,886       16,605  
    Loans, net of deferred net costs     5,070,856       5,038,312       5,005,506       5,002,879       4,960,281  
                       
    Less: Allowance for credit losses on loans     49,950       49,772       49,220       48,578       47,226  
    Net loans     5,020,906       4,988,540       4,956,286       4,954,301       4,913,055  
                         
    Bank premises and equipment, net     33,324       33,466       33,423       34,007       32,135  
    Operating lease right-of-use assets     37,958       38,376       39,647       40,542       41,475  
    Other assets     98,730       102,544       101,881       96,387       97,310  
                       
    Total assets   $ 6,109,680     $ 6,106,644     $ 6,179,570     $ 6,168,191     $ 6,054,298  
                       
    LIABILITIES:                  
    Deposits:                  
    Demand   $ 753,878     $ 745,227     $ 742,997     $ 754,532     $ 773,293  
    Interest-bearing checking     988,527       1,029,606       1,020,136       1,015,213       1,033,898  
    Savings accounts     1,092,038       1,144,427       1,155,517       1,179,241       1,235,658  
    Money market deposit accounts     477,113       517,445       532,611       565,767       610,012  
    Time deposits     1,952,635       1,840,262       1,903,908       1,836,024       1,581,504  
    Total deposits     5,264,191       5,276,967       5,355,169       5,350,777       5,234,365  
                       
    Short-term borrowings     91,450       89,720       94,374       88,990       103,110  
    Operating lease liabilities     41,469       42,026       43,438       44,471       45,418  
    Accrued expenses and other liabilities     43,549       42,763       37,399       38,668       47,479  
                       
    Total liabilities     5,440,659       5,451,476       5,530,380       5,522,906       5,430,372  
                       
    SHAREHOLDERS’ EQUITY:                  
    Capital stock     20,058       20,058       20,058       20,058       20,058  
    Surplus     257,644       257,490       257,335       257,181       257,078  
    Undivided profits     442,079       436,048       430,346       425,069       422,082  
    Accumulated other comprehensive loss, net of tax     (6,600 )     (14,268 )     (14,763 )     (13,237 )     (31,506 )
    Treasury stock at cost     (44,160 )     (44,160 )     (43,786 )     (43,786 )     (43,786 )
                       
    Total shareholders’ equity     669,021       655,168       649,190       645,285       623,926  
                         
    Total liabilities and shareholders’ equity   $ 6,109,680     $ 6,106,644     $ 6,179,570     $ 6,168,191     $ 6,054,298  
                         
    Outstanding shares (in thousands)     19,010       19,010       19,024       19,024       19,024  
                         
     
    NONPERFORMING ASSETS
                 
    (dollars in thousands)
    (Unaudited)
        9/30/2024 6/30/2024 3/31/2024 12/31/2023 9/30/2023
    Nonperforming Assets            
                 
    New York and other states*            
    Loans in nonaccrual status:            
    Commercial   $ 466   $ 741   $ 532   $ 536   $ 540  
    Real estate mortgage – 1 to 4 family     15,320     14,992     14,359     14,375     14,633  
    Installment     163     131     149     151     93  
    Total non-accrual loans     15,949     15,864     15,040     15,062     15,266  
    Other nonperforming real estate mortgages – 1 to 4 family     –     –     –     3     5  
    Total nonperforming loans     15,949     15,864     15,040     15,065     15,271  
    Other real estate owned     2,503     2,334     2,334     194     1,185  
    Total nonperforming assets   $ 18,452   $ 18,198   $ 17,374   $ 15,259   $ 16,456  
                 
    Florida            
    Loans in nonaccrual status:            
    Commercial   $ 314   $ 314   $ 314   $ 314   $ 314  
    Real estate mortgage – 1 to 4 family     3,176     2,985     2,921     2,272     2,228  
    Installment     5     22     –     15     65  
    Total non-accrual loans     3,495     3,321     3,235     2,601     2,607  
    Other nonperforming real estate mortgages – 1 to 4 family     –     –     –     –     –  
    Total nonperforming loans     3,495     3,321     3,235     2,601     2,607  
    Other real estate owned     –     –     –     –     –  
    Total nonperforming assets   $ 3,495   $ 3,321   $ 3,235   $ 2,601   $ 2,607  
                 
    Total            
    Loans in nonaccrual status:            
    Commercial   $ 780   $ 1,055   $ 846   $ 850   $ 854  
    Real estate mortgage – 1 to 4 family     18,496     17,977     17,280     16,647     16,861  
    Installment     168     153     149     166     158  
    Total non-accrual loans     19,444     19,185     18,275     17,663     17,873  
    Other nonperforming real estate mortgages – 1 to 4 family     –     –     –     3     5  
    Total nonperforming loans     19,444     19,185     18,275     17,666     17,878  
    Other real estate owned     2,503     2,334     2,334     194     1,185  
    Total nonperforming assets   $ 21,947   $ 21,519   $ 20,609   $ 17,860   $ 19,063  
                 
                 
    Quarterly Net (Recoveries) Chargeoffs            
                 
    New York and other states*            
    Commercial   $ 65   $ –   $ –   $ –   $ –  
    Real estate mortgage – 1 to 4 family     104     (74 )   (78 )   219     (26 )
    Installment     11     (2 )   36     23     14  
    Total net (recoveries) chargeoffs   $ 180   $ (76 ) $ (42 ) $ 242   $ (12 )
                 
    Florida            
    Commercial   $ –   $ –   $ –   $ –   $ –  
    Real estate mortgage – 1 to 4 family     –     17     –     –     –  
    Installment     42     7     –     6     –  
    Total net (recoveries) chargeoffs   $ 42   $ 24   $ –   $ 6   $ –  
                 
    Total            
    Commercial   $ 65   $ –   $ –   $ –   $ –  
    Real estate mortgage – 1 to 4 family     104     (57 )   (78 )   219     (26 )
    Installment     53     5     36     29     14  
    Total net (recoveries) chargeoffs   $ 222   $ (52 ) $ (42 ) $ 248   $ (12 )
                 
                 
    Asset Quality Ratios            
                 
    Total nonperforming loans (1)   $ 19,444   $ 19,185   $ 18,275   $ 17,666   $ 17,878  
    Total nonperforming assets (1)     21,947     21,519     20,609     17,860     19,063  
    Total net (recoveries) chargeoffs (2)     222     (52 )   (42 )   248     (12 )
                 
    Allowance for credit losses on loans (1)     49,950     49,772     49,220     48,578     47,226  
                 
    Nonperforming loans to total loans     0.38 %   0.38 %   0.37 %   0.35 %   0.36 %
    Nonperforming assets to total assets     0.36 %   0.35 %   0.33 %   0.29 %   0.31 %
    Allowance for credit losses on loans to total loans     0.99 %   0.99 %   0.98 %   0.97 %   0.95 %
    Coverage ratio (1)     256.9 %   259.4 %   269.3 %   275.0 %   264.2 %
    Annualized net (recoveries) chargeoffs to average loans (2)     0.02 %   0.00 %   0.00 %   0.02 %   0.00 %
    Allowance for credit losses on loans to annualized net chargeoffs (2)   56.3x N/A N/A 49.0x N/A
     
    * Includes New York, New Jersey, Vermont and Massachusetts.
    (1) At period-end
    (2) For the three-month period ended
                 
     
    DISTRIBUTION OF ASSETS, LIABILITIES AND SHAREHOLDERS’ EQUITY –
    INTEREST RATES AND INTEREST DIFFERENTIAL
     
    (dollars in thousands)                        
    (Unaudited)   Three months ended     Three months ended  
        September 30, 2024     September 30, 2023  
        Average   Interest Average     Average   Interest Average  
        Balance     Rate     Balance     Rate  
    Assets                        
                             
    Securities available for sale:                        
    U. S. government sponsored enterprises   $ 95,073     $ 718 3.02 %   $ 119,406     $ 672 2.25 %
    Mortgage backed securities and collateralized mortgage                        
    obligations – residential     241,792       1,397 2.29       269,535       1,485 2.19  
    State and political subdivisions     26       – 6.75       34       – 6.74  
    Corporate bonds     55,041       361 2.63       80,331       473 2.36  
    Small Business Administration – guaranteed                        
    participation securities     16,663       90 2.15       19,801       107 2.15  
    Other     701       2 1.14       686       2 1.17  
                             
    Total securities available for sale     409,296       2,568 2.51       489,793       2,739 2.24  
                             
    Federal funds sold and other short-term Investments     465,922       6,174 5.27       494,597       6,688 5.37  
                             
    Held to maturity securities:                        
    Mortgage backed securities and collateralized mortgage                        
    obligations – residential     5,779       62 4.29       6,877       73 4.22  
                             
    Total held to maturity securities     5,779       62 4.29       6,877       73 4.22  
                             
    Federal Home Loan Bank stock     6,507       153 9.41       6,203       131 8.45  
                             
    Commercial loans     279,199       3,807 5.45       261,061       3,398 5.21  
    Residential mortgage loans     4,375,641       41,811 3.82       4,325,219       39,321 3.64  
    Home equity lines of credit     380,422       6,245 6.53       320,446       4,946 6.12  
    Installment loans     14,443       249 6.87       15,959       256 6.37  
                             
    Loans, net of unearned income     5,049,705       52,112 4.12       4,922,685       47,921 3.89  
                             
    Total interest earning assets     5,937,209     $ 61,069 4.11       5,920,155     $ 57,552 3.88  
                             
    Allowance for credit losses on loans     (49,973 )             (47,077 )        
    Cash & non-interest earning assets     187,166               172,523          
                             
                             
    Total assets   $ 6,074,402             $ 6,045,601          
                             
                             
    Liabilities and shareholders’ equity                        
                             
    Deposits:                        
    Interest bearing checking accounts   $ 1,000,333     $ 311 0.12 %   $ 1,050,313     $ 102 0.04 %
    Money market accounts     499,408       2,154 1.72       625,031       2,384 1.51  
    Savings     1,122,673       770 0.27       1,282,641       639 0.20  
    Time deposits     1,880,021       18,969 4.01       1,494,402       11,962 3.18  
                             
    Total interest bearing deposits     4,502,435       22,204 1.96       4,452,387       15,087 1.34  
    Short-term borrowings     87,677       194 0.88       110,018       244 0.88  
                             
    Total interest bearing liabilities     4,590,112     $ 22,398 1.94       4,562,405     $ 15,331 1.33  
                             
    Demand deposits     742,164               776,885          
    Other liabilities     80,502               81,411          
    Shareholders’ equity     661,624               624,900          
                             
    Total liabilities and shareholders’ equity   $ 6,074,402             $ 6,045,601          
                             
    Net interest income, GAAP and non-GAAP tax equivalent (1)       $ 38,671           $ 42,221    
                             
    Net interest spread, GAAP and non-GAAP tax equivalent (1)         2.17 %         2.55 %
                             
                             
    Net interest margin (net interest income to                        
    total interest earning assets), GAAP and non-GAAP tax equivalent (1)       2.61 %         2.85 %
                             
    Tax equivalent adjustment (1)         –             –    
                             
                             
    Net interest income       $ 38,671           $ 42,221    
                             
    (1) Tax equivalent adjustment to a measure results in a non-GAAP financial measure. See Non-GAAP Financial Measures Reconciliation.
                             
                             
                             
    DISTRIBUTION OF ASSETS, LIABILITIES AND SHAREHOLDERS’ EQUITY –
    INTEREST RATES AND INTEREST DIFFERENTIAL, Continued
                             
    (dollars in thousands)                        
    (Unaudited)   Nine Months Ended     Nine Months Ended  
        September 30, 2024     September 30, 2023  
        Average   Interest Average     Average   Interest Average  
        Balance     Rate     Balance     Rate  
    Assets                        
                             
    Securities available for sale:                        
    U. S. government sponsored enterprises $   111,570       2,533 3.03 % $   120,243       2,055 2.28 %
    Mortgage backed securities and collateralized mortgage                        
    obligations – residential     250,343       4,342 2.31       278,252       4,613 2.21  
    State and political subdivisions     26       1 6.80       34       1 6.74  
    Corporate bonds     61,221       1,199 2.61       83,732       1,510 2.41  
    Small Business Administration – guaranteed                        
    participation securities     17,438       284 2.17       20,876       335 2.14  
    Other     697       7 1.34       686       7 1.02  
                             
    Total securities available for sale     441,295       8,366 2.53       503,823       8,521 1.69  
                             
    Federal funds sold and other short-term Investments     489,934       19,818 5.40       540,570       20,213 5.00  
                             
    Held to maturity securities:                        
    Mortgage backed securities and collateralized mortgage                        
    obligations – residential     6,053       195 4.29       7,205       226 4.18  
                             
    Total held to maturity securities     6,053       195 4.29       7,205       226 4.18  
                             
    Federal Home Loan Bank stock     6,350       452 9.49       5,957       351 5.89  
                             
    Commercial loans     278,981       11,232 5.37       249,738       9,716 5.19  
    Residential mortgage loans     4,364,821       123,046 3.76       4,269,494       114,227 3.57  
    Home equity lines of credit     365,932       17,522 6.40       305,075       13,598 5.96  
    Installment loans     15,319       776 6.76       15,015       714 6.35  
                             
    Loans, net of unearned income     5,025,053       152,576 4.05       4,839,322       138,255 3.81  
                             
    Total interest earning assets     5,968,685       181,407 4.05       5,896,877       167,566 3.79  
                             
    Allowance for credit losses on loans     (49,419 )             (46,812 )        
    Cash & non-interest earning assets     187,963               173,521          
                             
                             
    Total assets $   6,107,229           $   6,023,586          
                             
                             
    Liabilities and shareholders’ equity                        
                             
    Deposits:                        
    Interest bearing checking accounts $   999,839       839 0.11 % $   1,088,859       217 0.03 %
    Money market accounts     522,636       6,724 1.72       613,119       4,954 1.08  
    Savings     1,142,313       2,157 0.25       1,363,052       1,824 0.18  
    Time deposits     1,881,027       58,046 4.12       1,343,762       26,525 2.64  
                             
    Total interest bearing deposits     4,545,815       67,766 1.99       4,408,792       33,520 1.02  
    Short-term borrowings     91,551       604 0.88       121,911       808 0.89  
                             
    Total interest bearing liabilities     4,637,366       68,370 1.97       4,530,703       34,328 1.01  
                             
    Demand deposits     734,604               793,890          
    Other liabilities     82,233               81,771          
    Shareholders’ equity     653,026               617,224          
                             
    Total liabilities and shareholders’ equity $   6,107,229           $   6,023,588          
                             
    Net interest income, GAAP and non-GAAP tax equivalent (1)         113,037             133,238    
                             
    Net interest spread, GAAP and non-GAAP tax equivalent (1)         2.08 %         2.78 %
                             
                             
    Net interest margin (net interest income to                        
    total interest earning assets), GAAP and non-GAAP tax equivalent (1)       2.52 %         3.01 %
                             
    Tax equivalent adjustment (1)         –             –    
                             
                             
    Net interest income         113,037             133,238    
                             
    (1) Tax equivalent adjustment to a measure results in a non-GAAP financial measure. See Non-GAAP Financial Measures Reconciliation.
                             

    Non-GAAP Financial Measures Reconciliation

    Tangible book value per share is a non-GAAP financial measure derived from GAAP-based amounts. We calculate tangible book value by excluding the balance of intangible assets from total shareholders’ equity divided by shares outstanding. We believe that this is consistent with the treatment by bank regulatory agencies, which exclude intangible assets from the calculation of risk-based capital ratios. Additionally, we believe that this measure is important to many investors in the marketplace who are interested in relative changes from period to period in equity exclusive of changes in intangible assets.

    Tangible equity as a percentage of tangible assets at period end is a non-GAAP financial measure derived from GAAP-based amounts. We calculate tangible equity and tangible assets by excluding the balance of intangible assets from total shareholders’ equity and total assets, respectively. We calculate tangible equity as a percentage of tangible assets at period end by dividing tangible equity by tangible assets at period end. We believe that this is consistent with the treatment by bank regulatory agencies, which exclude intangible assets from the calculation of risk-based capital ratios. Additionally, we believe that this measure is important to many investors in the marketplace who are interested in relative changes from period to period in equity and total assets, each exclusive of changes in intangible assets.

    Net interest income is commonly presented on a taxable equivalent basis. That is, to the extent that some component of the institution’s net interest income will be exempt from taxation (e.g., was received by the institution as a result of its holdings of state or municipal obligations), an amount equal to the tax benefit derived from that component is added back to the net interest income total. Management considers this adjustment helpful to investors in comparing one financial institution’s net interest income (pre- tax) to that of another institution, as each will have a different proportion of tax-exempt items in their portfolios. Moreover, net interest income is itself a component of another financial measure commonly used by financial institutions, net interest margin, which is the ratio of net interest income to average interest earning assets. Additionally, management and many financial institutions also present net interest spread, which is the average yield on interest earning assets minus the average rate paid on interest bearing liabilities. For purposes of these measures as well, taxable equivalent net interest income is generally used by financial institutions, again to provide investors with a better basis of comparison from institution to institution. We calculate taxable equivalent net interest margin by dividing net interest income, adjusted to include the benefit of non-taxable interest income, by average interest earning assets. We calculate taxable equivalent net interest spread as the difference between average yield on interest earning assets, adjusted to include the benefit of non-taxable interest income, and the average rate paid on interest bearing liabilities.

    The efficiency ratio is a non-GAAP measure of expense control relative to revenue from net interest income and non-interest fee income. We calculate the efficiency ratio by dividing total noninterest expenses as determined under GAAP, excluding other real estate expense, net, by net interest income (fully taxable equivalent) and total noninterest income as determined under GAAP, excluding net gains on equity securities. We believe that this provides a reasonable measure of primary banking expenses relative to primary banking revenue. Additionally, we believe this measure is important to investors looking for a measure of efficiency in our productivity measured by the amount of revenue generated for each dollar spent.

    We believe that these non-GAAP financial measures provide information that is important to investors and that is useful in understanding our financial results. Our management internally assesses our performance based, in part, on these measures. However, these non-GAAP financial measures are supplemental and not a substitute for an analysis based on GAAP measures. As other companies may use different calculations for these measures, this presentation may not be comparable to other similarly titled measures reported by other companies. A reconciliation of the non-GAAP measures of tangible equity as a percentage of tangible assets, and efficiency ratio to the most directly comparable GAAP measures is set forth below. We have not presented a reconciliation of taxable equivalent net interest income, taxable equivalent net interest margin or taxable equivalent net interest spread to the most directly comparable GAAP measure, as there was no difference between the taxable equivalent measure and comparable GAAP measure for any period presented in this release.

     
    NON-GAAP FINANCIAL MEASURES RECONCILIATION
                   
    (dollars in thousands)              
    (Unaudited)              
        9/30/2024 6/30/2024 9/30/2023      
    Tangible Book Value Per Share              
                   
    Equity (GAAP)   $ 669,021   $ 655,168   $ 623,926        
    Less: Intangible assets     553     553     553        
    Tangible equity (Non-GAAP)   $ 668,468   $ 654,615   $ 623,373        
                   
    Shares outstanding     19,010     19,010     19,024        
    Tangible book value per share     35.16     34.44     32.77        
    Book value per share     35.19     34.46     32.80        
                   
    Tangible Equity to Tangible Assets              
    Total Assets (GAAP)   $ 6,109,680   $ 6,106,644   $ 6,054,298        
    Less: Intangible assets     553     553     553        
    Tangible assets (Non-GAAP)   $ 6,109,127   $ 6,106,091   $ 6,053,745        
                   
    Tangible Equity to Tangible Assets (Non-GAAP)     10.94 %   10.72 %   10.30 %      
    Equity to Assets (GAAP)     10.95 %   10.73 %   10.31 %      
                   
        Three months ended   Nine Months Ended
    Efficiency Ratio   9/30/2024 6/30/2024 9/30/2023   9/30/2024 9/30/2023
                   
    Net interest income (GAAP)   $ 38,671   $ 37,788   $ 42,221     $ 113,037   $ 133,238  
    Taxable equivalent adjustment     –     –     –       –     –  
    Net interest income (fully taxable equivalent) (Non-GAAP)     38,671     37,788     42,221       113,037     133,238  
    Non-interest income (GAAP)     4,931     5,651     4,574       15,425     13,841  
    Less: Net gains on equity securities     23     1,360     –       1,383     –  
    Revenue used for efficiency ratio (Non-GAAP)   $ 43,579   $ 42,079   $ 46,795     $ 127,079   $ 147,079  
                   
    Total noninterest expense (GAAP)   $ 26,200   $ 26,459   $ 27,460     $ 77,562   $ 82,466  
    Less: Other real estate expense, net     204     16     163       294     536  
    Expense used for efficiency ratio (Non-GAAP)   $ 25,996   $ 26,443   $ 27,297     $ 77,268   $ 81,930  
                   
    Efficiency Ratio     59.65 %   62.84 %   58.33 %     60.80 %   55.70 %
                   
       
    Subsidiary: Trustco Bank
       
    Contact: Robert Leonard
    Executive Vice President
    (518) 381-3693

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