KB – Page 4978 – NewzIntel.com

MIL-OSI: Eos Energy Achieves Second Set of Performance Milestones Related to Cerberus Strategic Investment

Source: GlobeNewswire (MIL-OSI)

TURTLE CREEK, Pa., Oct. 31, 2024 (GLOBE NEWSWIRE) — Eos Energy Enterprises, Inc. (NASDAQ: EOSE) (“Eos” or the “Company”), a leading provider of safe, scalable, efficient, and sustainable zinc-based long duration energy storage systems, today announced the successful achievement of all four of the second performance milestones previously agreed upon between Eos and an affiliate of Cerberus Capital Management LP (“Cerberus”) as part of Cerberus’s strategic investment in the Company. Achieving these performance milestones enables the Company to draw an additional $65 million from the Delayed Draw Term Loan.

About Eos Energy Enterprises

Eos Energy Enterprises, Inc. is accelerating the shift to clean energy with positively ingenious solutions that transform how the world stores power. Our breakthrough Znyth™ aqueous zinc battery was designed to overcome the limitations of conventional lithium-ion technology. It is safe, scalable, efficient, sustainable, manufactured in the U.S., and the core of our innovative systems that today provides utility, industrial, and commercial customers with a proven, reliable energy storage alternative for 3 to 12-hour applications. Eos was founded in 2008 and is headquartered in Edison, New Jersey. For more information about Eos (NASDAQ: EOSE), visit eose.com.

Contacts
Investors:     ir@eose.com
Media:         media@eose.com

Forward Looking Statements

Except for the historical information contained herein, the matters set forth in this press release are forward-looking statements within the meaning of the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements include, but are not limited to, statements regarding our expected revenue, contribution margins, orders backlog and opportunity pipeline for the fiscal year ended December 31, 2024, our path to profitability and strategic outlook, the tax credits available to our customers or to Eos pursuant to the Inflation Reduction Act of 2022, the delayed draw term loan, milestones thereunder and the anticipated use of proceeds therefrom, statements regarding our ability to secure final approval of a loan from the Department of Energy LPO, or our anticipated use of proceeds from any loan facility provided by the US Department of Energy, statements that refer to outlook, projections, forecasts or other characterizations of future events or circumstances, including any underlying assumptions. The words “anticipate,” “believe,” “continue,” “could,” “estimate,” “expect,” “intends,” “may,” “might,” “plan,” “possible,” “potential,” “predict,” “project,” “should,” “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. Forward-looking statements are based on our management’s beliefs, as well as assumptions made by, and information currently available to, them. Because such statements are based on expectations as to future financial and operating results and are not statements of fact, actual results may differ materially from those projected.

Factors which may cause actual results to differ materially from current expectations include, but are not limited to: changes adversely affecting the business in which we are engaged; our ability to forecast trends accurately; our ability to generate cash, service indebtedness and incur additional indebtedness; our ability to achieve the operational milestones on the delayed draw term loan; our ability to raise financing in the future, including the discretionary revolving facility from Cerberus; risks associated with the credit agreement with Cerberus, including risks of default, dilution of outstanding Common Stock, consequences for failure to meet milestones and contractual lockup of shares; our customers’ ability to secure project financing; the amount of final tax credits available to our customers or to Eos pursuant to the Inflation Reduction Act, uncertainties around our ability to meet the applicable conditions precedent and secure final approval of a loan, in a timely manner or at all from the Department of Energy, Loan Programs Office, or the timing of funding and the final size of any loan that is approved; the possibility of a government shutdown while we work to meet the applicable conditions precedent and finalize loan documents with the U.S. Department of Energy Loan Programs Office or while we await notice of a decision regarding the issuance of a loan from the Department Energy Loan Programs Office; our ability to continue to develop efficient manufacturing processes to scale and to forecast related costs and efficiencies accurately; fluctuations in our revenue and operating results; competition from existing or new competitors; our ability to convert firm order backlog and pipeline to revenue; risks associated with security breaches in our information technology systems; risks related to legal proceedings or claims; risks associated with evolving energy policies in the United States and other countries and the potential costs of regulatory compliance; risks associated with changes to the U.S. trade environment; risks resulting from the impact of global pandemics, including the novel coronavirus, Covid-19; our ability to maintain the listing of our shares of common stock on NASDAQ; our ability to grow our business and manage growth profitably, maintain relationships with customers and suppliers and retain our management and key employees; risks related to the adverse changes in general economic conditions, including inflationary pressures and increased interest rates; risk from supply chain disruptions and other impacts of geopolitical conflict; changes in applicable laws or regulations; the possibility that Eos may be adversely affected by other economic, business, and/or competitive factors; other factors beyond our control; risks related to adverse changes in general economic conditions; and other risks and uncertainties.

The forward-looking statements contained in this press release are also subject to additional risks, uncertainties, and factors, including those more fully described in the Company’s most recent filings with the Securities and Exchange Commission, including the Company’s most recent Annual Report on Form 10-K and subsequent reports on Forms 10-Q and 8-K. Further information on potential risks that could affect actual results will be included in the subsequent periodic and current reports and other filings that the Company makes with the Securities and Exchange Commission from time to time. Moreover, the Company operates in a very competitive and rapidly changing environment, and new risks and uncertainties may emerge that could have an impact on the forward-looking statements contained in this press release.

Forward-looking statements speak only as of the date they are made. Readers are cautioned not to put undue reliance on forward-looking statements, and, except as required by law, the Company assumes no obligation and does not intend to update or revise these forward-looking statements, whether as a result of new information, future events, or otherwise.

The MIL Network –

January 25, 2025

MIL-OSI: Silvercrest Asset Management Group Inc. Reports Q3 2024 Results

Source: GlobeNewswire (MIL-OSI)

NEW YORK, Oct. 31, 2024 (GLOBE NEWSWIRE) — Silvercrest Asset Management Group Inc. (NASDAQ: SAMG) (the “Company” or “Silvercrest”) today reported the results of its operations for the quarter ended September 30, 2024.

Business Update

Supportive markets and improving economic conditions helped Silvercrest’s assets under management (“AUM”) growth during the third quarter, pointing to improved top-line revenue. The firm also saw improved business development results and will report a robust pipeline of new business opportunities. A persistent trend of the market’s recovery since 2022 has been the narrow leadership of Large Cap Growth equities. We noted during our second quarter earnings call that, despite progress in the market, Large Cap Value and Small Cap stocks, had actually declined during that quarter. We have been pleased to see broader company market participation throughout the third quarter and an increase in equities across the market cap spectrum, which benefits Silvercrest’s diversified wealth management business as well as our exposure to the small cap institutional business. The increases during the quarter bode well for future revenue. We are optimistic about securing significant organic net flows over the next two quarters.

Silvercrest’s discretionary AUM increased $1.0 billion during the quarter to $22.6 billion, primarily due to rising markets. This net increase in discretionary AUM – which drives revenue – represents a 5% increase since the second quarter and a year-over-year increase of 10% since the third quarter of 2023. New client accounts and relationships increased during the quarter, led by new Silvercrest Small Cap Opportunity mandates. While we report discretionary outflows during the third quarter, the outflows were revenue neutral to the firm. Overall, total asset flows and market increases were a net positive for the firm and should drive an increase in fourth-quarter revenue. Total AUM at the end of the third quarter was $35.1 billion. Total AUM increased year-over-year from the third quarter of 2023, up 13%. Despite these increases, Silvercrest has been investing in the future growth of the business, which has resulted in higher total compensation and which we have adjusted for on a quarterly basis. As a result, while top-line revenue has increased, most metrics of the business are down due to these higher expenses.

Silvercrest’s pipeline of new institutional business opportunities increased during the third quarter by 20% and now stands at $1.2 billion. Importantly, the firm’s pipeline does not yet include potential mandates for our new Global Equity strategy which has a high capacity for significant inflows. Over the past two quarters, we have worked to build the infrastructure to support the team and strategy while undertaking business development. We are optimistic about near-term positive AUM flows and resulting revenue increases to result from the pipeline.

I have consistently mentioned that Silvercrest has never had more business opportunities underway. We have made and will make investments to drive future growth in the business. We expect to make more hires to complement our outstanding professional team and to drive future growth. Silvercrest continues to accrue a higher interim percentage of revenue for compensation for this purpose, and, as mentioned, we will continue to adjust compensation levels to match these important investments in the business and will keep you informed of our plans and the progress of these investments.

We continue to see substantial new opportunities globally for a firm with our high-quality capabilities, coupled with superior client service.

On October 30, 2024, the Company’s Board of Directors approved a quarterly dividend of $0.20 per share of Class A common stock. The dividend will be paid on or about December 20, 2024 to stockholders of record as of the close of business on December 13, 2024.

Third Quarter 2024 Highlights

Total Assets Under Management (“AUM”) of $35.1 billion, inclusive of discretionary AUM of $22.6 billion and non-discretionary AUM of $12.5 billion at September 30, 2024.
Revenue of $30.4 million.
U.S. Generally Accepted Accounting Principles (“GAAP”) consolidated net income and net income attributable to Silvercrest of $3.7 million and $2.3 million, respectively.
Basic and diluted net income per share of $0.24.
Adjusted Earnings Before Interest, Taxes, Depreciation and Amortization (“EBITDA”)¹ of $6.3 million.
Adjusted net income¹ of $3.8 million.
Adjusted basic and diluted earnings per share^{1, 2} of $0.27 and $0.26, respectively.

The table below presents a comparison of certain GAAP and non-GAAP (“Adjusted”) financial measures and AUM.

	For the Three Months Ended September 30,						For the Nine Months Ended September 30,
(in thousands except as indicated)	2024			2023			2024			2023
Revenue	$	30,424		$	29,704		$	91,689		$	88,868
Income before other income (expense), net	$	4,457		$	6,519		$	15,670		$	19,788
Net income	$	3,730		$	5,380		$	13,025		$	15,825
Net income margin		12.3	%		18.1	%		14.2	%		17.8	%
Net income attributable to Silvercrest	$	2,252		$	3,216		$	7,917		$	9,505
Net income per basic share	$	0.24		$	0.34		$	0.83		$	1.01
Net income per diluted share	$	0.24		$	0.34		$	0.83		$	1.00
Adjusted EBITDA¹	$	6,346		$	8,000		$	21,031		$	24,297
Adjusted EBITDA Margin¹		20.9	%		26.9	%		22.9	%		27.3	%
Adjusted net income¹	$	3,801		$	5,136		$	12,921		$	15,055
Adjusted basic earnings per share^{1, 2}	$	0.27		$	0.37		$	0.93		$	1.08
Adjusted diluted earnings per share^{1, 2}	$	0.26		$	0.36		$	0.89		$	1.05
Assets under management at period end (billions)	$	35.1		$	31.2		$	35.1		$	31.2
Average assets under management (billions)³	$	34.2		$	31.6		$	34.3		$	30.1

_________________

¹	Adjusted measures are non-GAAP measures and are explained and reconciled to the comparable GAAP measures in Exhibits 2 and 3.
²	Adjusted basic and diluted earnings per share measures for the three and nine months ended September 30, 2024 are based on the number of shares of Class A common stock and Class B common stock outstanding as of September 30, 2024. Adjusted diluted earnings per share are further based on the addition of unvested restricted stock units, and non-qualified stock options to the extent dilutive at the end of the reporting period.
³	We have computed average AUM by averaging AUM at the beginning of the applicable period and AUM at the end of the applicable period.

AUM at $35.1 Billion

Silvercrest’s discretionary assets under management increased by $2.1 billion, or 10.2%, to $22.6 billion at September 30, 2024, from $20.5 billion at September 30, 2023. The increase was attributable to market appreciation of $4.1 billion partially offset by net client outflows of $2.0 billion. Silvercrest’s total AUM increased by $3.9 billion, or 12.5%, to $35.1 billion at September 30, 2024, from $31.2 billion at September 30, 2023. The increase was attributable to market appreciation of $5.7 billion partially offset by net client outflows of $1.8 billion.

Silvercrest’s discretionary assets under management increased by $1.0 billion, or 4.6%, to $22.6 billion at September 30, 2024, from $21.6 billion at June 30, 2024. The increase was attributable to market appreciation of $1.3 billion and net client outflows of $0.3 billion. Silvercrest’s total AUM increased by $1.7 billion, or 5.1%, to $35.1 billion at September 30, 2024, from $33.4 billion at June 30, 2024. The increase was attributable to market appreciation of $1.9 billion and net client outflows of $0.2 billion.

Third Quarter 2024 vs. Third Quarter 2023

Revenue increased by $0.7 million, or 2.4%, to $30.4 million for the three months ended September 30, 2024, from $29.7 million for the three months ended September 30, 2023. This increase was driven by market appreciation partially offset by net client outflows.

Total expenses increased by $2.8 million, or 12.0%, to $26.0 million for the three months ended September 30, 2024, from $23.2 million for the three months ended September 30, 2023. Compensation and benefits expense increased by $1.9 million, or 11.4%, to $18.6 million for the three months ended September 30, 2024, from $16.7 million for the three months ended September 30, 2023. The increase was primarily attributable to increases in the accrual for bonuses of $0.7 million, severance expense of $0.2 million, equity-based compensation of $0.2 million and salaries and benefits of $0.8 million primarily as a result of merit-based increases. General and administrative expenses increased by $0.9 million, or 13.4%, to $7.4 million for the three months ended September 30, 2024, from $6.5 million for the three months ended September 30, 2023. This was primarily attributable to increases in occupancy and related costs of $0.1 million, professional fees of $0.2 million, portfolio and systems expense of $0.3 million and trade errors of $0.3 million.

Consolidated net income was $3.7 million or 12.3% of revenue for the three months ended September 30, 2024, as compared to consolidated net income of $5.4 million or 18.1% of revenue for the same period in the prior year. Net income attributable to Silvercrest was $2.3 million, or $0.24 per basic share and diluted share for the three months ended September 30, 2024. Our Adjusted Net Income¹ was $3.8 million, or $0.27 per adjusted basic share^{1, 2} and $0.26 per adjusted diluted share^{1, 2} for the three months ended September 30, 2024.

Adjusted EBITDA¹ was $6.3 million, or 20.9% of revenue for the three months ended September 30, 2024, as compared to $8.0 million or 26.9% of revenue for the same period in the prior year.

Nine Months Ended September 30, 2024 vs. Nine Months Ended September 30, 2023

Revenue increased by $2.8 million, or 3.2%, to $91.7 million for the nine months ended September 30, 2024, from $88.9 million for the nine months ended September 30, 2023. This increase was driven by market appreciation partially offset by net client outflows.

Total expenses increased by $6.9 million, or 10.0%, to $76.0 million for the nine months ended September 30, 2024, from $69.1 million for the nine months ended September 30, 2023. Compensation and benefits expense increased by $4.8 million, or 9.6%, to $54.8 million for the nine months ended September 30, 2024, from $50.0 million for the nine months ended September 30, 2023. The increase was primarily attributable to increases in the accrual for bonuses of $3.0 million, severance expense of $0.2 million, equity-based compensation of $0.3 million and salaries and benefits of $1.3 million primarily as a result of merit-based increases. General and administrative expenses increased by $2.1 million, or 11.1%, to $21.3 million for the nine months ended September 30, 2024, from $19.1 million for the nine months ended September 30, 2023. This was primarily attributable to increases in travel and entertainment expenses of $0.2 million, occupancy and related costs of $0.2 million, professional fees of $0.6 million, portfolio and systems expenses of $0.4 million, recruiting expenses of $0.3 million, trade errors of $0.3 million and depreciation and amortization expense of $0.1 million.

Consolidated net income was $13.0 million or 14.2% of revenue for the nine months ended September 30, 2024, as compared to consolidated net income of $15.8 million or 17.8% of revenue for the same period in the prior year. Net income attributable to Silvercrest was $7.9 million, or $0.83 per basic share and diluted share for the nine months ended September 30, 2024. Our Adjusted Net Income¹ was $12.9 million, or $0.93 per adjusted basic share^{1, 2} and $0.89 per adjusted diluted share^{1, 2} for the nine months ended September 30, 2024.

Adjusted EBITDA¹ was $21.0 million or 22.9% of revenue for the nine months ended September 30, 2024, as compared to $24.3 million or 27.3% of revenue for the same period in the prior year.

Liquidity and Capital Resources

Cash and cash equivalents were $58.1 million at September 30, 2024, compared to $70.3 million at December 31, 2023. As of September 30, 2024, there was nothing outstanding under our term loan or under our revolving credit facility with City National Bank.

Silvercrest’s total equity was $84.6 million at September 30, 2024. We had 9,503,410 shares of Class A common stock outstanding and 4,406,295 shares of Class B common stock outstanding at September 30, 2024.

Non-GAAP Financial Measures

To provide investors with additional insight, promote transparency and allow for a more comprehensive understanding of the information used by management in its financial and operational decision-making, we supplement our consolidated financial statements presented on a basis consistent with GAAP with Adjusted EBITDA, Adjusted EBITDA Margin, Adjusted Net Income and Adjusted Earnings Per Share, which are non-GAAP financial measures of earnings. These adjustments, and the non-GAAP financial measures that are derived from them, provide supplemental information to analyze our operations between periods and over time. Investors should consider our non-GAAP financial measures in addition to, and not as a substitute for, financial measures prepared in accordance with GAAP.

EBITDA represents net income before provision for income taxes, interest income, interest expense, depreciation and amortization.
We define Adjusted EBITDA as EBITDA without giving effect to the Delaware franchise tax, professional fees associated with acquisitions or financing transactions, gains on extinguishment of debt or other obligations related to acquisitions, impairment charges and losses on disposals or abandonment of assets and leaseholds, client reimbursements and fund redemption costs, severance and other similar expenses, but including partner incentive allocations, prior to our initial public offering, as an expense. We believe that it is important to management and investors to supplement our consolidated financial statements presented on a GAAP basis with Adjusted EBITDA, a non-GAAP financial measure of earnings, as this measure provides a perspective of recurring earnings of the Company, taking into account earnings attributable to both Class A and Class B stockholders.
Adjusted EBITDA Margin is calculated by dividing Adjusted EBITDA by total revenue. We believe that it is important to management and investors to supplement our consolidated financial statements presented on a GAAP basis with Adjusted EBITDA Margin, a non-GAAP financial measure of earnings, as this measure provides a perspective of recurring profitability of the Company, taking into account profitability attributable to both Class A and Class B stockholders.
Adjusted Net Income represents recurring net income without giving effect to professional fees associated with acquisitions or financing transactions, losses on forgiveness of notes receivable from our principals, gains on extinguishment of debt or other obligations related to acquisitions, impairment charges and losses on disposals or abandonment of assets and leaseholds, client reimbursements and fund redemption costs, severance and other similar expenses, but including partner incentive allocations, prior to our initial public offering, as an expense. Furthermore, Adjusted Net Income includes income tax expense assuming a blended corporate rate of 26%. We believe that it is important to management and investors to supplement our consolidated financial statements presented on a GAAP basis with Adjusted Net Income, a non-GAAP financial measure of earnings, as this measure provides a perspective of recurring income of the Company, taking into account income attributable to both Class A and Class B stockholders.
Adjusted Earnings Per Share represents Adjusted Net Income divided by the actual Class A and Class B shares outstanding as of the end of the reporting period for basic Adjusted Earnings Per Share, and to the extent dilutive, we add unvested restricted stock units and non-qualified stock options to the total shares outstanding to compute diluted Adjusted Earnings Per Share. As a result of our structure, which includes a non-controlling interest, we believe that it is important to management and investors to supplement our consolidated financial statements presented on a GAAP basis with Adjusted Earnings Per Share, a non-GAAP financial measure of earnings, as this measure provides a perspective of recurring earnings per share of the Company as a whole as opposed to being limited to our Class A common stock.

Conference Call

The Company will host a conference call on November 1, 2024, at 8:30 am (Eastern Time) to discuss these results. Hosting the call will be Richard R. Hough III, Chief Executive Officer, and President and Scott A. Gerard, Chief Financial Officer. Listeners may access the call by dialing 1-844-836-8743 or for international listeners the call may be accessed by dialing 1-412-317-5723. A live, listen-only webcast will also be available via the investor relations section of www.silvercrestgroup.com. An archived replay of the call will be available after the completion of the live call on the Investor Relations page of the Silvercrest website at http://ir.silvercrestgroup.com/.

Forward-Looking Statements and Other Disclosures

This release contains, and from time to time our management may make, forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934, each as amended. For those statements, we claim the protection of the safe harbor for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995. These forward-looking statements are subject to risks, uncertainties and assumptions. These statements are only predictions based on our current expectations and projections about future events. Important factors that could cause actual results, level of activity, performance or achievements to differ materially from those indicated by such forward-looking statements include, but are not limited to: incurrence of net losses; fluctuations in quarterly and annual results; adverse economic or market conditions; our expectations with respect to future levels of assets under management, inflows and outflows; our ability to retain clients; our ability to maintain our fee structure; our particular choices with regard to investment strategies employed; our ability to hire and retain qualified investment professionals; the cost of complying with current and future regulation coupled with the cost of defending ourselves from related investigations or litigation; failure of our operational safeguards against breaches in data security, privacy, conflicts of interest or employee misconduct; our expected tax rate; our expectations with respect to deferred tax assets, adverse economic or market conditions; incurrence of net losses; adverse effects of management focusing on implementation of a growth strategy; failure to develop and maintain the Silvercrest brand; and other factors disclosed under “Risk Factors” in our annual report on Form 10-K for the year ended December 31, 2023, which is accessible on the U.S. Securities and Exchange Commission’s website at www.sec.gov. We undertake no obligation to publicly update or review any forward-looking statement, whether as a result of new information, future developments or otherwise, except as required by law.

About Silvercrest

Silvercrest was founded in April 2002 as an independent, employee-owned registered investment adviser. With offices in New York, Boston, Virginia, New Jersey, California and Wisconsin, Silvercrest provides traditional and alternative investment advisory and family office services to wealthy families and select institutional investors.

Silvercrest Asset Management Group Inc.

Contact: Richard Hough
212-649-0601
rhough@silvercrestgroup.com

Exhibit 1

Silvercrest Asset Management Group Inc.
Condensed Consolidated Statements of Operations
(Unaudited and in thousands, except share and per share amounts or as noted)

	Three Months Ended September 30,						Nine Months Ended September 30,
	2024			2023			2024			2023

Revenue
Management and advisory fees	$	29,380		$	28,425		$	88,445		$	85,445
Family office services		1,044			1,279			3,244			3,423
Total revenue		30,424			29,704			91,689			88,868
Expenses
Compensation and benefits		18,598			16,691			54,760			49,945
General and administrative		7,369			6,494			21,259			19,135
Total expenses		25,967			23,185			76,019			69,080
Income before other (expense) income, net		4,457			6,519			15,670			19,788
Other (expense) income, net
Other (expense) income, net		10			(37	)		25			31
Interest income		374			376			1,010			421
Interest expense		(15	)		(86	)		(95	)		(314	)
Total other (expense) income, net		369			253			940			138
Income before provision for income taxes		4,826			6,772			16,610			19,926
Provision for income taxes		(1,096	)		(1,392	)		(3,585	)		(4,101	)
Net income		3,730			5,380			13,025			15,825
Less: net income attributable to non-controlling interests		(1,478	)		(2,164	)		(5,108	)		(6,320	)
Net income attributable to Silvercrest	$	2,252		$	3,216		$	7,917		$	9,505
Net income per share:
Basic	$	0.24		$	0.34		$	0.83		$	1.01
Diluted	$	0.24		$	0.34		$	0.83		$	1.00
Weighted average shares outstanding:
Basic		9,541,407			9,354,747			9,510,495			9,452,576
Diluted		9,579,172			9,378,479			9,547,659			9,478,090

Exhibit 2

Silvercrest Asset Management Group Inc.
Reconciliation of GAAP to non-GAAP (“Adjusted”) Adjusted EBITDA Measure
(Unaudited and in thousands, except share and per share amounts or as noted)

Adjusted EBITDA	Three Months Ended September 30,						Nine Months Ended September 30,
	2024			2023			2024			2023
Reconciliation of non-GAAP financial measure:
Net income	$	3,730		$	5,380		$	13,025		$	15,825
Provision for income taxes		1,096			1,392			3,585			4,101
Delaware Franchise Tax		50			50			150			150
Interest expense		15			86			95			314
Interest income		(374	)		(376	)		(1,010	)		(421	)
Depreciation and amortization		1,034			996			3,111			3,012
Equity-based compensation		535			353			1,374			1,047
Other adjustments ^(A)		260			119			701			269
Adjusted EBITDA	$	6,346		$	8,000		$	21,031		$	24,297
Adjusted EBITDA Margin		20.9	%		26.9	%		22.9	%		27.3	%

(A) Other adjustments consist of the following:

	Three Months Ended September 30,				Nine Months Ended September 30,
	2024		2023		2024		2023
Acquisition costs (a)	$	—	$	—	$	—	$	5
Severance		193		—		253		19
Other (b)		67		119		448		245
Total other adjustments	$	260	$	119	$	701	$	269

(a)	For the nine months ended September 30, 2023, represents professional fees of $5 related to the acquisition of Cortina.

(b)	For the three months ended September30, 2024, represents an ASC 842 rent adjustment of $48 related to the amortization of property lease incentives, data conversion costs of $14 and software implementation costs of $5. For the nine months ended September 30, 2024, represents a fair value adjustment to the Neosho contingent purchase price consideration of $12, an ASC 842 rent adjustment of $144 related to the amortization of property lease incentives, sign on bonuses paid to certain employees of $188, professional fees of $26 related to a transfer pricing project, legal fees of $46, data conversion costs of $14 and software implementation costs of $18. For the three months ended September 30, 2023, represents an adjustment to the fair value of the tax receivable agreement of $40, an ASC 842 rent adjustment of $48 related to the amortization of property lease incentives, $23 related to moving costs and software implementation costs of $8. For the nine months ended September 30, 2023, represents an adjustment to the fair value of the tax receivable agreement of $40, an ASC 842 rent adjustment of $144 related to the amortization of property lease incentives, $35 related to moving costs, software implementation costs of $28 and a fair value adjustment to the Cortina contingent purchase price consideration of ($2).

Exhibit 3

Silvercrest Asset Management Group Inc.
Reconciliation of GAAP to non-GAAP (“Adjusted”)
Adjusted Net Income and Adjusted Earnings Per Share Measures
(Unaudited and in thousands, except per share amounts or as noted)

Adjusted Net Income and Adjusted Earnings Per Share	Three Months Ended September 30,						Nine Months Ended September 30,
	2024			2023			2024			2023
Reconciliation of non-GAAP financial measure:
Net income	$	3,730		$	5,380		$	13,025		$	15,825
Consolidated GAAP Provision for income taxes		1,096			1,392			3,585			4,101
Delaware Franchise Tax		50			50			150			150
Other adjustments ^(A)		260			119			701			269
Adjusted earnings before provision for income taxes		5,136			6,941			17,461			20,345
Adjusted provision for income taxes:
Adjusted provision for income taxes (26% assumed tax rate)		(1,335	)		(1,805	)		(4,540	)		(5,290	)

Adjusted net income	$	3,801		$	5,136		$	12,921		$	15,055

GAAP net income per share ^(B):
Basic	$	0.24		$	0.34		$	0.83		$	1.01
Diluted	$	0.24		$	0.34		$	0.83		$	1.00

Adjusted earnings per share/unit ^(B):
Basic	$	0.27		$	0.37		$	0.93		$	1.08
Diluted	$	0.26		$	0.36		$	0.89		$	1.05

Shares/units outstanding:
Basic Class A shares outstanding		9,503			9,342			9,503			9,342
Basic Class B shares/units outstanding		4,406			4,545			4,406			4,545
Total basic shares/units outstanding		13,909			13,887			13,909			13,887

Diluted Class A shares outstanding ^(C)		9,541			9,366			9,541			9,366
Diluted Class B shares/units outstanding ^(D)		5,001			4,956			5,001			4,956
Total diluted shares/units outstanding		14,542			14,322			14,542			14,322

(A)	See A in Exhibit 2.

(B)	GAAP earnings per share is strictly attributable to Class A stockholders. Adjusted earnings per share takes into account earnings attributable to both Class A and Class B stockholders.

(C)	Includes 37,109 and 23,732 unvested restricted stock units at September 30, 2024 and 2023, respectively.

(D)	Includes 228,117 and 264,037 unvested restricted stock units at September 30, 2024 and 2023, respectively, and 366,293 and 147,506 unvested non-qualified options at September 30, 2024 and 2023, respectively.

Exhibit 4

Silvercrest Asset Management Group Inc.
Condensed Consolidated Statements of Financial Condition
(Unaudited and in thousands)


	September 30, 2024			December 31, 2023
Assets
Cash and cash equivalents	$	58,103		$	70,301
Investments		219			219
Receivables, net		12,833			9,526
Due from Silvercrest Funds		860			558
Furniture, equipment and leasehold improvements, net		7,458			7,422
Goodwill		63,675			63,675
Operating lease assets		16,290			19,612
Finance lease assets		237			330
Intangible assets, net		17,216			18,933
Deferred tax asset—tax receivable agreement		3,749			5,034
Prepaid expenses and other assets		3,530			3,964
Total assets	$	184,170		$	199,574
Liabilities and Equity
Accounts payable and accrued expenses	$	1,718		$	1,990
Accrued compensation		27,238			37,371
Borrowings under credit facility		—			2,719
Operating lease liabilities		22,668			26,277
Finance lease liabilities		245			336
Deferred tax and other liabilities		9,423			9,071
Total liabilities		61,292			77,764
Commitments and Contingencies
Equity
Preferred Stock, par value $0.01, 10,000,000 shares authorized; none issued and outstanding		—			—
Class A Common Stock, par value $0.01, 50,000,000 shares authorized; 10,394,542 and 9,503,410 issued and outstanding, respectively, as of September 30, 2024; 10,287,452 and 9,478,997 issued and outstanding, respectively, as of December 31, 2023		104			103
Class B Common Stock, par value $0.01, 25,000,000 shares authorized; 4,406,295 and 4,431,105 issued and outstanding as of September 30, 2024 and December 31, 2023, respectively		43			43
Additional Paid-In Capital		56,643			55,809
Treasury Stock, at cost, 891,132 shares as of September 30, 2024 and 808,455 as of December 31, 2023		(16,421	)		(15,057	)
Accumulated other comprehensive income (loss)		(19	)		(12	)
Retained earnings		44,227			41,851
Total Silvercrest Asset Management Group Inc.’s equity		84,577			82,737
Non-controlling interests		38,301			39,073
Total equity		122,878			121,810
Total liabilities and equity	$	184,170		$	199,574

Exhibit 5

Silvercrest Asset Management Group Inc.
Total Assets Under Management
(Unaudited and in billions)

Total Assets Under Management:

	Three Months Ended September 30,						% Change from September 30,
	2024			2023			2023
Beginning assets under management	$	33.4		$	31.9			4.7	%

Gross client inflows		1.1			0.6			83.3	%
Gross client outflows		(1.3	)		(0.8	)		62.5	%
Net client flows		(0.2	)		(0.2	)		0.0	%

Market appreciation/(depreciation)		1.9			(0.5	)	NM
Ending assets under management	$	35.1		$	31.2			12.5	%

	Nine Months Ended September 30,						% Change from September 30,
	2024			2023			2023
Beginning assets under management	$	33.3		$	28.9			15.2	%

Gross client inflows		2.9			4.5			-35.6	%
Gross client outflows		(4.4	)		(3.5	)		25.7	%
Net client flows		(1.5	)		1.0			-250.0	%

Market appreciation		3.3			1.3			153.8	%
Ending assets under management	$	35.1		$	31.2			12.5	%

NM = Not Meaningful

Exhibit 6

Silvercrest Asset Management Group Inc.
Discretionary Assets Under Management
(Unaudited and in billions)

Discretionary Assets Under Management:

	Three Months Ended September 30,						% Change from September 30,
	2024			2023			2023
Beginning assets under management	$	21.6		$	21.5			0.5	%

Gross client inflows		0.8			0.4			100.0	%
Gross client outflows		(1.1	)		(0.6	)		83.3	%
Net client flows		(0.3	)		(0.2	)		50.0	%

Market appreciation/(depreciation)		1.3			(0.8	)		-262.5	%
Ending assets under management	$	22.6		$	20.5			10.2	%

	Nine Months Ended September 30,						% Change from September 30,
	2024			2023			2023
Beginning assets under management	$	21.9		$	20.9			4.8	%

Gross client inflows		2.1			2.3			-8.7	%
Gross client outflows		(3.7	)		(3.0	)		23.3	%
Net client flows		(1.6	)		(0.7	)		128.6	%

Market appreciation		2.3			0.3		NM
Ending assets under management	$	22.6		$	20.5			10.2	%

NM = Not Meaningful

Exhibit 7

Silvercrest Asset Management Group Inc.
Non-Discretionary Assets Under Management
(Unaudited and in billions)

Non-Discretionary Assets Under Management:

	Three Months Ended September 30,						% Change from September 30,
	2024			2023			2023
Beginning assets under management	$	11.8		$	10.4			13.5	%

Gross client inflows		0.3			0.2			50.0	%
Gross client outflows		(0.2	)		(0.2	)		0.0	%
Net client flows		0.1			—

Market appreciation		0.6			0.3			100.0	%
Ending assets under management	$	12.5		$	10.7			16.8	%

	Nine Months Ended September 30,						% Change from September 30,
	2024			2023			2023
Beginning assets under management	$	11.4		$	8.0			42.5	%

Gross client inflows		0.8			2.2			-63.6	%
Gross client outflows		(0.7	)		(0.5	)		40.0	%
Net client flows		0.1			1.7			-94.1	%

Market appreciation		1.0			1.0			0.0	%
Ending assets under management	$	12.5		$	10.7			16.8	%

Exhibit 8

Silvercrest Asset Management Group Inc.
Assets Under Management
(Unaudited and in billions)

	Three Months Ended September 30,
	2024			2023
Total AUM as of June 30,	$	33.430		$	31.924
Discretionary AUM:
Total Discretionary AUM as of June 30,	$	21.646		$	21.500
New client accounts/assets ⁽¹⁾		0.076			0.054
Closed accounts ⁽²⁾		(0.042	)		(0.015	)
Net cash inflow/(outflow) ⁽³⁾		(0.308	)		(0.286	)
Non-discretionary to Discretionary AUM ⁽⁴⁾		(0.004	)		0.008
Market (depreciation)/appreciation		1.271			(0.799	)
Change to Discretionary AUM		0.993			(1.038	)
Total Discretionary AUM at September 30,		22.639			20.462
Change to Non-Discretionary AUM ⁽⁵⁾		0.665			0.301
Total AUM as of September 30,	$	35.088		$	31.187

	Nine Months Ended September 30,
	2024			2023
Total AUM as of January 1,	$	33.281		$	28.905
Discretionary AUM:
Total Discretionary AUM as of January 1,	$	21.885		$	20.851
New client accounts/assets ⁽¹⁾		0.179			0.151
Closed accounts ⁽²⁾		(0.516	)		(0.100	)
Net cash inflow/(outflow) ⁽³⁾		(1.256	)		(0.793	)
Non-discretionary to Discretionary AUM ⁽⁴⁾		(0.006	)		(0.030	)
Market appreciation		2.353			0.383
Change to Discretionary AUM		0.754			(0.389	)
Total Discretionary AUM at September 30,		22.639			20.462
Change to Non-Discretionary AUM ⁽⁵⁾		1.053			2.671
Total AUM as of September 30,	$	35.088		$	31.187

(1)	Represents new account flows from both new and existing client relationships.
(2)	Represents closed accounts of existing client relationships and those that terminated.
(3)	Represents periodic cash flows related to existing accounts.
(4)	Represents client assets that converted to Discretionary AUM from Non-Discretionary AUM.
(5)	Represents the net change to Non-Discretionary AUM.

Exhibit 9

Silvercrest Asset Management Group Inc.
Equity Investment Strategy Composite Performance ^{1, 2}
As of September 30, 2024
(Unaudited)

PROPRIETARY EQUITY PERFORMANCE ^{1, 2}	ANNUALIZED PERFORMANCE
	INCEPTION	1-YEAR	3-YEAR	5-YEAR	7-YEAR	INCEPTION
Large Cap Value Composite	4/1/02	31.1	9.6	12.5	12.0	9.9
Russell 1000 Value Index		27.8	9.0	10.7	9.5	8.1

Small Cap Value Composite	4/1/02	26.7	7.3	10.6	7.8	10.5
Russell 2000 Value Index		25.9	3.8	9.3	6.6	8.0

Smid Cap Value Composite	10/1/05	27.9	5.1	9.1	7.5	9.6
Russell 2500 Value Index		26.6	6.1	10.0	7.8	7.9

Multi Cap Value Composite	7/1/02	27.6	5.7	10.2	9.2	9.7
Russell 3000 Value Index		27.6	8.7	10.6	9.3	8.6

Equity Income Composite	12/1/03	24.8	7.4	8.5	8.8	11.0
Russell 3000 Value Index		27.6	8.7	10.6	9.3	8.7

Focused Value Composite	9/1/04	23.6	1.9	6.4	6.1	9.4
Russell 3000 Value Index		27.6	8.7	10.6	9.3	8.5

Small Cap Opportunity Composite	7/1/04	25.9	4.7	12.0	10.8	11.1
Russell 2000 Index		26.8	1.8	9.4	7.4	8.2

Small Cap Growth Composite	7/1/04	18.9	-5.2	12.0	10.9	10.4
Russell 2000 Growth Index		27.7	-0.4	8.8	7.6	8.5

Smid Cap Growth Composite	1/1/06	24.3	-5.8	13.0	12.9	10.7
Russell 2500 Growth Index		25.2	-0.7	9.7	9.4	9.5

¹	Returns are based upon a time weighted rate of return of various fully discretionary equity portfolios with similar investment objectives, strategies and policies and other relevant criteria managed by Silvercrest Asset Management Group LLC (“SAMG LLC”), a subsidiary of Silvercrest. Performance results are gross of fees and net of commission charges. An investor’s actual return will be reduced by the advisory fees and any other expenses it may incur in the management of the investment advisory account. SAMG LLC’s standard advisory fees are described in Part 2 of its Form ADV. Actual fees and expenses will vary depending on a variety of factors, including the size of a particular account. Returns greater than one year are shown as annualized compounded returns and include gains and accrued income and reinvestment of distributions. Past performance is no guarantee of future results. This piece contains no recommendations to buy or sell securities or a solicitation of an offer to buy or sell securities or investment services or adopt any investment position. This piece is not intended to constitute investment advice and is based upon conditions in place during the period noted. Market and economic views are subject to change without notice and may be untimely when presented here. Readers are advised not to infer or assume that any securities, sectors or markets described were or will be profitable. SAMG LLC is an independent investment advisory and financial services firm created to meet the investment and administrative needs of individuals with substantial assets and select institutional investors. SAMG LLC claims compliance with the Global Investment Performance Standards (GIPS^®).

²	The market indices used to compare to the performance of Silvercrest’s strategies are as follows:

	The Russell 1000 Index is a capitalization-weighted, unmanaged index that measures the 1000 largest companies in the Russell 3000. The Russell 1000 Value Index is a capitalization-weighted, unmanaged index that includes those Russell 1000 Index companies with lower price-to-book ratios and lower expected growth values.

	The Russell 2000 Index is a capitalization-weighted, unmanaged index that measures the 2000 smallest companies in the Russell 3000. The Russell 2000 Value Index is a capitalization-weighted, unmanaged index that includes those Russell 2000 Index companies with lower price-to-book ratios and lower expected growth values.

	The Russell 2500 Index is a capitalization-weighted, unmanaged index that measures the 2500 smallest companies in the Russell 3000. The Russell 2500 Value Index is a capitalization-weighted, unmanaged index that includes those Russell 2000 Index companies with lower price-to-book ratios and lower expected growth values.

	The Russell 3000 Value Index is a capitalization-weighted, unmanaged index that measures those Russell 3000 Index companies with lower price-to-book ratios and lower forecasted growth.

The MIL Network –

January 25, 2025

MIL-OSI: Asure Announces Third Quarter 2024 Results

Source: GlobeNewswire (MIL-OSI)

Reports Third Quarter Revenues of $29.3 Million

Recurring Revenues Grew 20% Versus Prior Year Third Quarter

AUSTIN, Texas, Oct. 31, 2024 (GLOBE NEWSWIRE) — Asure Software, Inc. (“we”, “us”, “our”, “Asure” or the “Company”) (Nasdaq: ASUR), a leading provider of cloud-based Human Capital Management (“HCM”) software solutions, today reported results for the third quarter ended September 30, 2024.

Third Quarter 2024 Financial Highlights

Revenue of $29.3 million, nearly unchanged versus the same period of the prior year
Revenue (excluding ERTC revenue) of $29.2 million, up 20% from $24.4 million versus the same period of the prior year
Recurring revenue of $28.6 million, up 20% year over year. Recurring revenue was 98% of total revenue versus 81% the same period of the prior year
Net loss of $3.9 million versus a net loss of $2.2 million during the same period of the prior year
EBITDA⁽¹⁾ of $2.2 million versus $3.0 million during the same period of the prior year
Adjusted EBITDA⁽¹⁾ of $5.4 million versus $6.2 million during the same period of the prior year
Gross profit of $19.7 million versus $21.3 million during the same period of the prior year
Non-GAAP gross profit⁽¹⁾ of $21.4 million (Non-GAAP gross margin⁽¹⁾ of 73%) versus $22.4 million (and 76% during the same period of the prior year)

Nine Months 2024 Financial Highlights

Revenue of $89.0 million down 4% versus the first nine months of prior year
Revenue (excluding ERTC revenue) of $87.4 million up 15% from $75.7 million in the first nine months of prior year
Recurring revenue (excluding ERTC revenue) of $86.0 million up 16% from $74.4 million in the first nine months of prior year
Net loss of $8.6 million versus a net loss of $5.6 million the first nine months of prior year
EBITDA⁽¹⁾ of $8.0 million versus $13.2 million the first nine months of prior year
Adjusted EBITDA⁽¹⁾ of $16.3 million versus $20.5 million the first nine months of prior year
Gross profit of $61.2 million versus $67.7 million during the first nine months of the prior year
Non-GAAP gross profit⁽¹⁾ of $65.6 million (Non-GAAP gross margin⁽¹⁾ of 74%) versus $71.5 million (and 77% during the first nine months of the prior year)

_______________
(1)This financial measure is not calculated in accordance with GAAP and is defined on page 4 of this press release. A reconciliation of this non-GAAP measure to the most applicable GAAP measure begins on page 11 of this release.

Recent Business Highlights

Payroll Tax Management Expansion: Asure’s Payroll Tax Management product gained significant momentum, going live with additional Workday and SAP clients during the third quarter. Key sales wins include one of America’s largest grocery chains and a nationally known HCM system integrator who assists large enterprises with Workday, SAP, and Oracle HCM implementations. These enterprise bookings have grown our backlog and still represent additional product and professional services opportunities.
HCM Architectural Milestone: Employee self-service capabilities have been decoupled from disparate payroll platforms and modularized as a single API-based service. This enhancement improves scalability and stability of the end-to-end HCM suite and further consolidates our technical footprint to a more flexible service-oriented architecture.
Entering Beta of New AI Agent: More than a chatbot, this new Generative-AI Agent handles inquiries related to payroll and payroll taxes takes secure action on behalf of the user. Through dynamic, interactive sessions, the AI Agent will answer questions and take actions on HR requests including time off requests, demographic changes, or changes to W-4 allowances.
Leadership Recognition: Asure Chairman and CEO, Pat Goepel, was named Austin Business Journal’s Best CEO of a Public Company for 2024, recognizing his leadership and commitment to Asure’s growth and success.
New financial services product to launch November 2024: Asure is introducing AsurePay™, an innovative financial solution offering working Americans a comprehensive online banking alternative. AsurePay™ combines features such as debit card access, fee-free ATM withdrawals, and paycheck advances through a unique interest-bearing banking solution, designed to improve employee engagement, while also improving overall employer efficiency. This solution is easily accessible through an intuitive mobile app.

Management Commentary

Asure Chairman and CEO, Pat Goepel, stated, “Our third quarter performance reflects strong, continued growth, with recurring revenue up 20% year-over-year. We’ve made great strides in transitioning to a more valuable revenue model, with 98% of our revenues now recurring, compared to 81% in the same quarter last year. Additionally, new bookings were up 141% year-over-year. Our backlog has grown significantly — over 35% from Q2 2024 and over 250% from Q3 2023. While large enterprise tax product deals have contributed to our success, their pace of implementation can vary. That said, we remain confident in our ability to maintain this positive trajectory.”

Goepel continued, “We’re seeing strong demand for our Payroll Tax Management product, we’re introducing new solutions, upgrading our technology, and making strategic acquisitions. Earlier in the year, we faced the challenge of replacing ERTC revenue, but those headwinds have now dissipated as we close out 2024 and this change in the composition of our revenues offers us strong momentum going into 2025. We are optimistic about the opportunities ahead for both the remainder of this year and into next year.”

Fourth Quarter 2024 and Full Year 2025 Revenue Guidance Ranges

The Company is providing the following guidance for the fourth quarter 2024 based on the Company’s year-to-date results and recent business trends. Management is initiating full year 2025 guidance to a range of $134M-$138M which does not include revenue from potential future acquisitions.

Guidance for 2024

Guidance Range		Q4-2024		FY-2024
Revenue	$	30M – 32M	$	119M -121M
Adjusted EBITDA⁽¹⁾	$	6M -7M		18% -19%

Guidance for 2025

Guidance Range		FY-2025
Revenue	$	134M – 138M
Adjusted EBITDA⁽¹⁾		23% – 24%

Management uses GAAP, non-GAAP and adjusted measures when planning, monitoring, and evaluating the Company’s performance. The primary purpose of using non-GAAP and adjusted measures is to provide supplemental information that may prove useful to investors and to enable investors to evaluate the Company’s results in the same way that management does.

Management believes that supplementing GAAP disclosures with non-GAAP and adjusted disclosures provides investors with a more complete view of the Company’s operational performance and allows for meaningful period-to-period comparisons and analysis of trends in the Company’s business. Further, to the extent that other companies use similar methods in calculating adjusted financial measures, the provision of supplemental non-GAAP and adjusted information can allow for a comparison of the Company’s relative performance against other companies that also report non-GAAP and adjusted operating results.

Management has not provided a reconciliation of guidance of GAAP to non-GAAP or adjusted disclosures because management is unable to predict the nature and materiality of non-recurring expenses without unreasonable effort.

Management’s projections are based on management’s current beliefs and assumptions about the Company’s business, and the industry and markets in which it operates; there are known and unknown risks and uncertainties associated with these projections. There can be no assurance that our actual results will not differ from the guidance set forth above. The Company assumes no obligation to update publicly any forward-looking statements, including its 2024 and 2025 earnings guidance, whether as a result of new information, future events or otherwise. Please refer to the “Use of Forward-Looking Statements” disclosures on page 6 of this press release as well as the risk factors in our quarterly and annual reports on file with the Securities and Exchange Commission for more information about risk that affect our business and industry.

Conference Call Details

Asure management will host a conference call on Thursday, October 31, 2024, at 3:30 pm Central (4:30 pm Eastern). Asure Chairman and CEO Pat Goepel and CFO John Pence will participate in the conference call followed by a question-and-answer session. The conference call will be broadcast live and available for replay via the investor relations section of the Company’s website. Analysts may participate on the conference call by dialing 877-407-9219 or 201-689-8852.

About Asure Software, Inc.

Asure Software (Nasdaq: ASUR) is a leading provider of Human Capital Management (“HCM”) software solutions. We help small and mid-sized companies grow by assisting them in building better teams with skills to stay compliant with ever-changing federal, state, and local tax jurisdictions and labor laws, and better allocate cash so they can spend their financial capital on growing their business rather than back-office overhead expenses. Asure’s Human Capital Management suite, named AsureHCM®, includes cloud-based Payroll, Tax Services, and Time & Attendance software and Asure Marketplace™ as well as human resources (“HR”) services ranging from HR projects to completely outsourcing payroll and HR staff. We also offer these products and services through our network of reseller partners. Visit us at asuresoftware.com.

Non-GAAP and Adjusted Financial Measures

This press release includes information about non-GAAP gross profit, non-GAAP sales and marketing expense, non-GAAP general and administrative expense, non-GAAP research and development expense, EBITDA, EBITDA margin, adjusted EBITDA, and adjusted EBITDA margin. These non-GAAP and adjusted financial measures are measurements of financial performance that are not prepared in accordance with U.S. generally accepted accounting principles and computational methods may differ from those used by other companies. Non-GAAP and adjusted financial measures are not meant to be considered in isolation or as a substitute for comparable GAAP measures and should be read only in conjunction with the Company’s Condensed Consolidated Financial Statements prepared in accordance with GAAP. Non-GAAP and adjusted financial measures are reconciled to GAAP in the tables set forth in this release and are subject to reclassifications to conform to current period presentations.

Non-GAAP gross profit differs from gross profit in that it excludes amortization, share-based compensation, and one-time items.

Non-GAAP sales and marketing expense differs from sales and marketing expense in that it excludes share-based compensation and one-time items.

Non-GAAP general and administrative expense differs from general and administrative expense in that it excludes share-based compensation and one-time items.

Non-GAAP research and development expense differs from research and development expense in that it excludes share-based compensation and one-time items.

EBITDA differs from net income (loss) in that it excludes items such as interest, income taxes, depreciation, and amortization. Asure is unable to predict with reasonable certainty the ultimate outcome of these exclusions without unreasonable effort.

Adjusted EBITDA differs from EBITDA in that it excludes share-based compensation, other income (expense), net and one-time expenses. Asure is unable to predict with reasonable certainty the ultimate outcome of these exclusions without unreasonable effort.

All adjusted and non-GAAP measures presented as “margin” are computed by dividing the applicable adjusted financial measure by total revenue.

Specifically, as applicable to the respective financial measure, management is adjusting for the following items when calculating non-GAAP and adjusted financial measures as applicable for the periods presented. No additional adjustments have been made for potential income tax effects of the adjustments based on the Company’s current and anticipated de minimis effective federal tax rate, resulting from the Company’s continued losses for federal tax purposes and its tax net operating loss balances.

Share-Based Compensation Expenses. The Company’s compensation strategy includes the use of share-based compensation to attract and retain employees and executives. It is principally aimed at aligning their interests with those of our stockholders and at long-term employee retention, rather than motivating or rewarding operational performance for any particular period. Thus, share-based compensation expense varies for reasons that are generally unrelated to operational decisions and performance in any particular period.

Depreciation. The Company excludes depreciation of fixed assets. Also included in the expense is the depreciation of capitalized software costs.

Amortization of Purchased Intangibles. The Company views amortization of acquisition-related intangible assets, such as the amortization of the cost associated with an acquired company’s research and development efforts, trade names, customer lists and customer relationships, and acquired lease intangibles, as items arising from pre-acquisition activities determined at the time of an acquisition. While these intangible assets are continually evaluated for impairment, amortization of the cost of purchased intangibles is a static expense, one that is not typically affected by operations during any particular period.

Interest Expense, Net. The Company excludes accrued interest expense, the amortization of debt discounts and deferred financing costs.

Income Taxes. The Company excludes income taxes, both at the federal and state levels.

One-Time Expenses. The Company’s adjusted financial measures exclude the following costs to normalize comparable reporting periods, as these are generally non-recurring expenses that do not reflect the ongoing operational results. These items are typically not budgeted and are infrequent and unusual in nature.

Settlements, Penalties and Interest. The Company excludes legal settlements, including separation agreements, penalties and interest that are generally one-time in nature and not reflective of the operational results of the business.

Acquisition and Transaction Related Costs. The Company excludes these expenses as they are transaction costs and expenses that are generally one-time in nature and not reflective of the underlying operational results of our business. Examples of these types of expenses include legal, accounting, regulatory, other consulting services, severance and other employee costs.

Other non-recurring Expenses. The Company excludes these as they are generally non-recurring items that are not reflective of the underlying operational results of the business and are generally not anticipated to recur. Some examples of these types of expenses, historically, have included write-offs or impairments of assets, demolition of office space and cybersecurity consultants.

Other (Expense) Income, Net. The Company’s adjusted financial measures exclude Other (Expense) Income, Net because it includes items that are not reflective of the underlying operational results of the business, such as loan forgiveness, adjustments to contingent liabilities and credits earned as part of the CARES Act, passed by Congress in the wake of the coronavirus pandemic.

Use of Forward-Looking Statements

This press release contains certain statements made by management that may constitute “forward-looking” statements within the meaning of the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements about our financial results may include expected or projected U.S GAAP and other operating and non-operating results. The words “believe,” “may,” “will,” “estimate,” “projects,” “anticipate,” “intend,” “expect,” “should,” “plan,” and similar expressions are intended to identify forward-looking statements. Examples of “forward-looking statements” include statements we make regarding our operating performance, future results of operations and financial position, revenue growth, earnings or other projections. We have based these forward-looking statements largely on our current expectations and projections about future events and trends that we believe may affect our financial condition, results of operations, business strategy, short-term and long-term business operations and objectives, and financial needs. The achievement or success of the matters covered by such forward-looking statements involves risks, uncertainties and assumptions, over many of which we have no control. If any such risks or uncertainties materialize or if any of the assumptions prove incorrect, our results could differ materially from the results expressed or implied by the forward-looking statements we make.

The risks and uncertainties referred to above include—but are not limited to—the expiration of major revenue streams such as Employee Retention Tax Credits (“ERTC”) and the impact of the Internal Revenue Service recent measures regarding ERTC claims; risks associated with breaches of the Company’s security measures; risks associated with the Company’s rate of growth and anticipated revenue run rate, including impact of the current economic environment; the Company’s ability to convert deferred revenue and unbilled deferred revenue into revenue and cash flow, and ability to maintain continued growth of deferred revenue and unbilled deferred revenue; privacy concerns and laws and other regulations may limit the effectiveness of our applications; the financial and other impact of any previous and future acquisitions; the Company’s ability to continue to release, gain customer acceptance of and provide support for new and improved versions of the Company’s services; successful customer deployment and utilization of the Company’s existing and future services; interruptions to supply chains and extended shut down of businesses; issues in the use of artificial intelligence in our HCM products and services; political unrest, including the current conflict between Russia and Ukraine and the ongoing conflict involving Israel in the Middle East; reductions in employment and an increase in business failures, specifically among our clients; possible fluctuations in the Company’s financial and operating results; regulatory pressures on economic relief enacted as a result of the COVID-19 pandemic that change or cause different interpretations with respect to eligibility for such programs; domestic and international regulatory developments, including changes to or applicability to our business of privacy and data securities laws, money transmitter laws and anti-money laundering laws; technological developments; the nature of the Company’s business model; interest rates; competition; various financial aspects of the Company’s subscription model; impairment of intangible assets; interruptions or delays in the Company’s services or the Company’s Web hosting; access to additional capital; the Company’s ability to hire, retain and motivate employees and manage the Company’s growth; litigation and any related claims, negotiations and settlements, including with respect to intellectual property matters or industry-specific regulations; volatility and weakness in bank and capital markets; factors affecting the Company’s deferred tax assets and ability to value and utilize them; volatility and low trading volume of our common stock; collection of receivables; and general developments in the economy, financial markets, credit markets and the impact of current and future accounting pronouncements and other financial reporting standards. Please review the Company’s risk factors in its annual report on Form 10-K filed with the Securities and Exchange Commission (the “SEC”) on February 26, 2024, and its quarterly reports on Form 10-Q filed with the SEC on August 1, 2024, and October 31, 2024.

The forward-looking statements, including the financial guidance 2024 and 2025 outlooks, contained in this press release represent the judgment of the Company as of the date of this press release, and the Company expressly disclaims any intent, obligation or undertaking to release publicly any updates or revisions to any forward-looking statements to reflect any change in the Company’s expectations with regard to these forward looking statements or any change in events, conditions or circumstances on which any such statements are based.

ASURE SOFTWARE, INC. CONDENSED CONSOLIDATED BALANCE SHEETS (in thousands, except per share amounts) (Unaudited)

	September 30, 2024			December 31, 2023

ASSETS
Current assets:
Cash and cash equivalents	$	11,248		$	30,317
Accounts receivable, net of allowance for credit losses of $6,150 and $4,787 at September 30, 2024 and December 31, 2023, respectively		17,233			14,202
Inventory		233			155
Prepaid expenses and other current assets		4,586			3,471
Total current assets before funds held for clients		33,300			48,145
Funds held for clients		193,589			219,075
Total current assets		226,889			267,220
Property and equipment, net		18,490			14,517
Goodwill		94,724			86,011
Intangible assets, net		73,429			62,082
Operating lease assets, net		4,401			4,991
Other assets, net		10,176			9,047
Total assets	$	428,109		$	443,868
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities:
Current portion of notes payable	$	—		$	27
Accounts payable		1,317			2,570
Accrued compensation and benefits		4,277			6,519
Operating lease liabilities, current		1,600			1,490
Other accrued liabilities		8,287			3,862
Deferred revenue		3,029			6,853
Total current liabilities before client fund obligations		18,510			21,321
Client fund obligations		193,951			220,019
Total current liabilities		212,461			241,340
Long-term liabilities:
Deferred revenue		2,276			16
Deferred tax liability		2,116			1,728
Notes payable, net of current portion		7,506			4,282
Operating lease liabilities, noncurrent		3,832			4,638
Other liabilities		765			209
Total long-term liabilities		16,495			10,873
Total liabilities		228,956			252,213
Stockholders’ equity:
Preferred stock, $0.01 par value; 1,500 shares authorized; none issued or outstanding		—			—
Common stock, $0.01 par value; 44,000 shares authorized; 26,540 and 25,382 shares issued, 26,540 and 24,998 shares outstanding at September 30, 2024 and December 31, 2023, respectively		265			254
Treasury stock at cost, zero(1) and 384 shares at September 30, 2024 and December 31, 2023, respectively		—			(5,017	)
Additional paid-in capital		502,920			487,973
Accumulated deficit		(304,022	)		(290,440	)
Accumulated other comprehensive loss		(10	)		(1,115	)
Total stockholders’ equity		199,153			191,655
Total liabilities and stockholders’ equity	$	428,109		$	443,868
(1) The aggregate Treasury stock of prior repurchases of the Company’s own common stock was retired and subsequently issued effective January 1, 2024. See the Condensed Consolidated Statement of Changes in Stockholders’ Equity for the impact of this transaction.

ASURE SOFTWARE, INC. CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS (in thousands, except per share amounts) (Unaudited)

	Three Months Ended September 30,						Nine Months Ended September 30,
		2024			2023			2024			2023

Revenue:
Recurring	$	28,626		$	23,833		$	85,950		$	74,749
Professional services, hardware and other		678			5,501			3,050			18,069
Total revenue		29,304			29,334			89,000			92,818
Cost of sales		9,600			8,054			27,821			25,120
Gross profit		19,704			21,280			61,179			67,698
Operating expenses:
Sales and marketing		6,680			6,597			21,371			22,312
General and administrative		10,378			9,294			30,559			29,586
Research and development		1,973			1,803			5,704			5,107
Amortization of intangible assets		4,295			3,333			11,790			9,929
Total operating expenses		23,326			21,027			69,424			66,934
(Loss) income from operations		(3,622	)		253			(8,245	)		764
Interest income		165			437			762			1,015
Interest expense		(274	)		(1,219	)		(662	)		(5,336	)
Loss on extinguishment of debt		—			(1,517	)		—			(1,517	)
Other (expense) income, net		—			(283	)		10			(291	)
Loss from operations before income taxes		(3,731	)		(2,329	)		(8,135	)		(5,365	)
Income tax expense (benefit)		170			(123	)		434			267
Net loss		(3,901	)		(2,206	)		(8,569	)		(5,632	)
Other comprehensive loss:
Unrealized income (loss) on marketable securities		1,340			(201	)		1,105			(213	)
Comprehensive loss	$	(2,561	)	$	(2,407	)	$	(7,464	)	$	(5,845	)

Basic and diluted loss per share
Basic	$	(0.15	)	$	(0.10	)	$	(0.33	)	$	(0.27	)
Diluted	$	(0.15	)	$	(0.10	)	$	(0.33	)	$	(0.27	)

Weighted average basic and diluted shares
Basic		26,429			22,591			25,870			21,204
Diluted		26,429			22,591			25,870			21,204

ASURE SOFTWARE, INC. CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (in thousands) (Unaudited)

	Nine Months Ended September 30,
		2024			2023

Cash flows from operating activities:
Net loss	$	(8,569	)	$	(5,632	)
Adjustments to reconcile loss to net cash (used) in provided by operations:
Depreciation and amortization		16,200			14,243
Amortization of operating lease assets		1,025			1,129
Amortization of debt financing costs and discount		531			548
Non-cash interest expense		—			1,471
Net accretion of discounts on available-for-sale securities		(273	)		(63	)
Provision for expected losses		111			2,004
Provision for deferred income taxes		388			111
Loss on extinguishment of debt		—			1,208
Net realized gains on sales of available-for-sale securities		(1,929	)		(1,645	)
Share-based compensation		4,981			4,170
Loss on disposals of long-term assets		—			132
Change in fair value of contingent purchase consideration		—			175
Changes in operating assets and liabilities:
Accounts receivable		(3,142	)		(5,014	)
Inventory		(78	)		159
Prepaid expenses and other assets		(1,656	)		4,031
Operating lease right-of-use assets		—			473
Accounts payable		(1,253	)		(498	)
Accrued expenses and other long-term obligations		(1,052	)		918
Operating lease liabilities		(1,139	)		(895	)
Deferred revenue		(4,539	)		(5,190	)
Net cash (used) in provided by operating activities		(394	)		11,835
Cash flows from investing activities:
Acquisition of intangible asset		(12,397	)		(697	)
Purchases of property and equipment		(546	)		(1,365	)
Software capitalization costs		(7,677	)		(5,029	)
Purchases of available-for-sale securities		(10,914	)		(21,513	)
Proceeds from sales and maturities of available-for-sale securities		13,325			10,428
Net cash used in investing activities		(18,209	)		(18,176	)
Cash flows from financing activities:
Payments of notes payable		(420	)		(35,627	)
Debt extinguishment costs		—			(468	)
Payments made on amounts due for the acquisition of intangible assets		(658	)		—
Net proceeds from issuance of common stock		902			45,986
Capital raise fees		(47	)		(258	)
Net change in client fund obligations		(26,068	)		(31,033	)
Net cash used in financing activities		(26,291	)		(21,400	)
Net decrease in cash and cash equivalents		(44,894	)		(27,741	)
Cash and cash equivalents, beginning of period		177,622			164,042
Cash and cash equivalents, end of period	$	132,728		$	136,301

ASURE SOFTWARE, INC. CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (continued) (in thousands) (Unaudited)

	Nine Months Ended September 30,
		2024		2023

Reconciliation of cash and cash equivalents to the Condensed Consolidated Balance Sheets
Cash and cash equivalents	$	11,248	$	32,787
Cash and cash equivalents included in funds held for clients		121,480		103,514
Total cash and cash equivalents	$	132,728	$	136,301

Supplemental information:
Cash paid for interest	$	—	$	3,140
Cash paid for income taxes	$	15	$	532

Non-cash investing and financing activities:
Acquisition of intangible assets	$	6,918	$	332
Notes payable issued for acquisitions	$	3,138	$	—
Shares issued for acquisitions	$	9,125	$	2,543

ASURE SOFTWARE, INC. RECONCILIATION OF NON-GAAP AND ADJUSTED FINANCIAL MEASURES (unaudited)

(in thousands)	Q3-24			Q2-24			Q1-24			Q4-23			Q3-23			Q2-23			Q1-23			Q4-22
Revenue⁽¹⁾	$	29,304		$	28,044		$	31,652		$	26,264		$	29,334		$	30,420		$	33,064		$	29,292

Gross Profit to non-GAAP Gross Profit
Gross Profit	$	19,704		$	18,868		$	22,607		$	17,839		$	21,280		$	22,018		$	24,400		$	21,139
Gross Margin		67.2	%		67.3	%		71.4	%		67.9	%		72.5	%		72.4	%		73.8	%		72.2	%

Share-based Compensation		44			43			40			32			28			46			31			34
Depreciation		1,232			1,145			1,110			921			984			1,309			1,009			871
Amortization – intangibles		50			50			50			50			50			50			268			298
One-time expenses
Settlements, penalties & interest		2			3			—			(6	)		8			—			4			3
Acquisition and transaction costs		367			264			39			—			—			—			—			—
Non-GAAP Gross Profit	$	21,399		$	20,373		$	23,846		$	18,836		$	22,350		$	23,423		$	25,712		$	22,345
Non-GAAP Gross Margin		73.0	%		72.6	%		75.3	%		71.7	%		76.2	%		77.0	%		77.8	%		76.3	%

Sales and Marketing Expense to non-GAAP Sales and Marketing Expense
Sales and Marketing Expense	$	6,680		$	6,924		$	7,767		$	6,422		$	6,597		$	8,515		$	7,200		$	6,022

Share-based Compensation		269			237			243			180			210			149			124			93
Depreciation		1			—			1			1			—			—			—			—
One-time expenses
Settlements, penalties & interest		(5	)		5			18			6			30			4			11			—
Acquisition and transaction costs		68			37			11			—			—			—			—			—
Other non-recurring expenses		—			—			—			—			—			180			—			—
Non-GAAP Sales and Marketing Expense	$	6,347		$	6,645		$	7,494		$	6,235		$	6,357		$	8,182		$	7,065		$	5,929

General and Administrative Expense to non-GAAP General and Administrative Expense
General and Administrative Expense	$	10,378		$	10,118		$	10,063		$	9,747		$	9,294		$	10,336		$	9,956		$	9,720

Share-based Compensation		1,187			1,122			1,535			980			936			1,298			1,142			641
Depreciation		264			256			251			225			200			234			210			168
One-time expenses
Settlements, penalties & interest		377			304			98			284			101			432			102			34
Acquisition and transaction costs		371			245			57			51			—			—			—			—
Other non-recurring expenses		253			—			86			53			—			453			—			—
Non-GAAP General and Administrative Expense	$	7,926		$	8,191		$	8,036		$	8,154		$	8,057		$	7,919		$	8,502		$	8,877

Research and Development Expense to non-GAAP Research and Development Expense
Research and Development Expense	$	1,973		$	1,962		$	1,769		$	1,739		$	1,803		$	1,325		$	1,979		$	1,627

Share-based Compensation		90			86			85			69			76			89			40			70
One-time expenses
Settlements, penalties & interest		—			27			31			—			—			—			—			25
Acquisition and transaction costs		195			369			147			—			—			—			—			—
Non-GAAP Research and Development Expense	$	1,688		$	1,480		$	1,506		$	1,670		$	1,727		$	1,236		$	1,939		$	1,532

⁽¹⁾Note that first quarters are seasonally strong as recurring year-end W2/ACA revenue is recognized in this period.

ASURE SOFTWARE, INC. RECONCILIATION OF NON-GAAP AND ADJUSTED FINANCIAL MEASURES (cont.) (unaudited)

(in thousands)	Q3-24			Q2-24			Q1-24			Q4-23			Q3-23			Q2-23			Q1-23			Q4-22
Revenue⁽¹⁾	$	29,304		$	28,044		$	31,652		$	26,264		$	29,334		$	30,420		$	33,064		$	29,292

GAAP Net (Loss) Income to Adjusted EBITDA
GAAP Net (Loss) Income	$	(3,901	)	$	(4,360	)	$	(308	)	$	(3,582	)	$	(2,206	)	$	(3,765	)	$	339		$	(1,056	)

Interest expense, net		109			(53	)		(156	)		(24	)		782			1,593			1,944			1,429
Income taxes		170			231			33			(158	)		(123	)		627			(237	)		(94	)
Depreciation		1,497			1,402			1,361			1,148			1,185			1,542			1,219			1,039
Amortization – intangibles		4,345			4,096			3,499			3,743			3,384			3,343			3,570			3,648
EBITDA	$	2,220		$	1,316		$	4,429		$	1,127		$	3,022		$	3,340		$	6,835		$	4,966
EBITDA Margin		7.6	%		4.7	%		14.0	%		4.3	%		10.3	%		11.0	%		20.7	%		17.0	%

Share-based Compensation		1,591			1,488			1,902			1,260			1,251			1,582			1,337			838
One Time Expenses
Settlements, penalties & interest		375			339			147			283			140			436			117			62
Acquisition and transaction costs		1,001			914			254			51			—			—			—			—
Other non-recurring expenses		253			—			86			53			—			633			—			—
Other (expense) income, net		—			—			(10	)		1			1,800			93			(83	)		139
Adjusted EBITDA	$	5,440		$	4,057		$	6,808		$	2,775		$	6,213		$	6,084		$	8,206		$	6,005
Adjusted EBITDA Margin		18.6	%		14.5	%		21.5	%		10.6	%		21.2	%		20.0	%		24.8	%		20.5	%

⁽¹⁾Note that first quarters are seasonally strong as recurring year-end W2/ACA revenue is recognized in this period.

Investor Relations Contact
Patrick McKillop
Vice President, Investor Relations
617-335-5058
patrick.mckillop@asuresoftware.com

The MIL Network –

January 25, 2025

MIL-OSI: Qorvo® Selected by MediaTek as Key Supplier for the Inaugural Wave of Wi-Fi 7 FEMs Used in MediaTek Dimensity 9400

Source: GlobeNewswire (MIL-OSI)

GREENSBORO, N.C., Oct. 31, 2024 (GLOBE NEWSWIRE) — Qorvo^® (Nasdaq: QRVO), a leading global provider of connectivity and power solutions, today announced that MediaTek has selected Qorvo as a key supplier for the inaugural wave of Wi-Fi 7 front-end modules (FEMs) on the MediaTek MT6653 Wi-Fi 7/Bluetooth^® combo chip. Qorvo’s Wi-Fi 7 FEMs and the MediaTek MT6653 used in the MediaTek Dimensity 9400 platform are optimized to deliver a best-in-class end-user experience that help enable enhanced Wi-Fi 7 performance, power efficiency and technical features in mobile devices.

Eric Creviston, president of Qorvo’s Connectivity and Sensors Group, said, “We’re pleased MediaTek has selected Qorvo to be a key supplier of Wi-Fi 7 FEMs for their next-generation mobile Wi-Fi platform. This achievement underscores our commitment to working closely with MediaTek and our joint customers to advance state-of-the-art mobile connectivity.”

Qorvo offers the broadest and most advanced portfolio of Wi-Fi 7 FEMs for mobile applications, enabling customers to select the optimal solution for their specific products and market segments. Qorvo’s Wi-Fi 7 FEMs for mobile applications offer unmatched flexibility in power management and efficiency, which is critical to meeting the performance demands of 5G smartphones. The solutions feature additional transmit modes for enhanced efficiency and throughput across the entire operating power range. Qorvo FEMs support both linear and non-linear architectures, as well as low- to high-power offerings. They span the entire Wi-Fi 7 spectrum to address a broad range of applications including smartphones, consumer premises equipment (CPE), enterprise and industrial computing.

Qorvo also offers Wi-Fi iFEMs that integrate BAW filtering to ensure optimal performance and reduce board space requirements while increasing efficiency and throughput.

Qorvo’s Wi-Fi 7 FEMs supporting the MediaTek Dimensity 9400 platform will be shipping in volume during the fourth quarter of 2024. More information about Qorvo’s Wi-Fi innovations can be found at www.qorvo.com/innovation/wi-fi.

About Qorvo
Qorvo (Nasdaq: QRVO) supplies innovative semiconductor solutions that make a better world possible. We combine product and technology leadership, systems-level expertise and global manufacturing scale to quickly solve our customers’ most complex technical challenges. Qorvo serves diverse high-growth segments of large global markets, including automotive, consumer, defense & aerospace, industrial & enterprise, infrastructure and mobile. Visit www.qorvo.com to learn how our diverse and innovative team is helping connect, protect and power our planet.

Media Contact:
Alexis Mariani
Strategic Marketing Manager
Alexis.Mariani@qorvo.com

This press release includes “forward-looking statements” within the meaning of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. These forward-looking statements include, but are not limited to, statements about our plans, objectives, representations and contentions, and are not historical facts and typically are identified by use of terms such as “may,” “will,” “should,” “could,” “expect,” “plan,” “anticipate,” “believe,” “estimate,” “predict,” “potential,” “continue” and similar words, although some forward-looking statements are expressed differently. You should be aware that the forward-looking statements included herein represent management’s current judgment and expectations, but our actual results, events and performance could differ materially from those expressed or implied by forward-looking statements. We do not intend to update any of these forward-looking statements or publicly announce the results of any revisions to these forward-looking statements, other than as is required under U.S. federal securities laws. Our business is subject to numerous risks and uncertainties, including those relating to fluctuations in our operating results; our substantial dependence on developing new products and achieving design wins; our dependence on a few large customers for a substantial portion of our revenue; a loss of revenue if contracts with the United States government or defense and aerospace contractors are canceled or delayed or if defense spending is reduced; the COVID-19 pandemic, which has and will likely continue to negatively impact the global economy and disrupt normal business activities, and which may have an adverse effect on our results of operations; our dependence on third parties; risks related to sales through distributors; risks associated with the operation of our manufacturing facilities; business disruptions; poor manufacturing yields; increased inventory risks and costs due to timing of customer forecasts; our inability to effectively manage or maintain evolving relationships with platform providers; risks from international sales and operations; economic regulation in China; changes in government trade policies, including imposition of tariffs and export restrictions; our ability to implement innovative technologies; underutilization of manufacturing facilities as a result of industry overcapacity; we may not be able to borrow funds under our credit facility or secure future financing; we may not be able to generate sufficient cash to service all of our debt; restrictions imposed by the agreements governing our debt; volatility in the price of our common stock; damage to our reputation or brand; fluctuations in the amount and frequency of our stock repurchases; our recent and future acquisitions and other strategic investments could fail to achieve financial or strategic objectives; our ability to attract, retain and motivate key employees; our reliance on our intellectual property portfolio; claims of infringement of third-party intellectual property rights; security breaches and other similar disruptions compromising our information; theft, loss or misuse of personal data by or about our employees, customers or third parties; warranty claims, product recalls and product liability; and risks associated with environmental, health and safety regulations and climate change. Many of the foregoing risks and uncertainties are, and will continue to be, exacerbated by the COVID-19 pandemic and any worsening of the global business and economic environment as a result. These and other risks and uncertainties, which are described in more detail in Qorvo’s most recent Annual Report on Form 10-K and in other reports and statements filed with the Securities and Exchange Commission, could cause actual results and developments to be materially different from those expressed or implied by any of these forward-looking statements.

The MIL Network –

January 25, 2025

MIL-OSI: Inuvo to Host Third Quarter 2024 Financial Results Conference Call on Friday, November 8th at 8:30 A.M. EST

Source: GlobeNewswire (MIL-OSI)

LITTLE ROCK, Ark., Oct. 31, 2024 (GLOBE NEWSWIRE) — Inuvo, Inc. (NYSE American: INUV), provider of the first generative artificial intelligence (AI) advertiser solution made specifically for brands and agencies, will host a conference call on Friday, November 8, 2024, at 8:30 AM Eastern Standard Time to discuss its financial results and provide a business update for the for the third quarter ended September 30, 2024.

Conference Call Details:
Date: Friday, November 8, 2024
Time: 8:30 a.m. Eastern Standard Time
Toll-free Dial-in Number: 1-800-717-1738
International Dial-in Number: 1- 646-307-1865
Conference ID: 1131160
Webcast Link: HERE

A telephone replay will be available through Friday, November 22, 2024. To access the replay, please dial 1- 844-512-2921 (domestic) or 1- 412-317-6671 (international). At the system prompt, please enter the code 1131160 followed by the # sign. You will then be prompted for your name, company, and phone number. Playback will then automatically begin.

About Inuvo

Inuvo®, Inc. (NYSE American: INUV) is a market leader in Artificial Intelligence built for advertising. Its IntentKey AI solution is a first-of-its-kind proprietary and patented technology capable of identifying and actioning to the reasons why consumers are interested in products, services, or brands, not who those consumers are. To learn more, visit www.inuvo.com.

Safe Harbor / Forward-Looking Statements

This press release contains “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995, including statements regarding Inuvo’s quarter-end financial close process and preparation of financial statements for the quarter that are subject to risks and uncertainties that could cause results to be materially different than expectations. These forward-looking statements are subject to risks and uncertainties that may cause actual results to differ materially, including, without limitation risks detailed from time to time in our filings with the Securities and Exchange Commission (the “SEC”), and represent our views only as of the date they are made and should not be relied upon as representing our views as of any subsequent date. You are urged to carefully review and consider any cautionary statements and other disclosures, including the statements made under the heading “Risk Factors” in Inuvo, Inc.’s Annual Report on Form 10-K for the fiscal year ended December 31, 2023 as filed on February 29, 2024, and our other filings with the SEC. Additionally, forward looking statements are subject to certain risks, trends, and uncertainties including the continued impact of Covid-19 on Inuvo’s business and operations. Inuvo cannot provide assurances that the assumptions upon which these forward-looking statements are based will prove to have been correct. Should one of these risks materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those expressed or implied in any forward-looking statements, and investors are cautioned not to place undue reliance on these forward-looking statements, which are current only as of this date. Inuvo does not intend to update or revise any forward-looking statements made herein or any other forward-looking statements as a result of new information, future events or otherwise. Inuvo further expressly disclaims any written or oral statements made by a third party regarding the subject matter of this press release. The information which appears on our websites and our social media platforms is not part of this press release.

Inuvo Company Contact:
Wally Ruiz
Chief Financial Officer
Tel (501) 205-8397
wallace.ruiz@inuvo.com

Investor Relations :
David Waldman / Natalya Rudman
Crescendo Communications, LLC
Tel: (212) 671-1020
inuv@crescendo-ir.com

The MIL Network –

January 25, 2025

MIL-OSI: SuRo Capital Corp. to Report Third Quarter 2024 Financial Results on Thursday, November 7, 2024

Source: GlobeNewswire (MIL-OSI)

NEW YORK, Oct. 31, 2024 (GLOBE NEWSWIRE) — SuRo Capital Corp. (“SuRo Capital”) (Nasdaq: SSSS) today announced that it will report its financial results for the quarter ended September 30, 2024 after the close of the U.S. market on Thursday, November 7, 2024.

Management will hold a conference call and webcast for investors at 2:00 p.m. PT (5:00 p.m. ET). The conference call access number for U.S. participants is 866-580-3963, and the conference call access number for participants outside the U.S. is +1 786-697-3501. The conference ID number for both access numbers is 9289675. Additionally, interested parties can listen to a live webcast of the call from the “Investor Relations” section of SuRo Capital’s website at www.surocap.com. An archived replay of the webcast will also be available for 12 months following the live presentation.

A replay of the conference call may be accessed until 5:00 p.m. PT (8:00 p.m. ET) on November 14, 2024 by dialing 866-583-1035 (U.S.) or +44 (0) 20 3451 9993 (International) and using conference ID number 9289675.

About SuRo Capital Corp.

SuRo Capital Corp. (Nasdaq: SSSS) is a publicly traded investment fund that seeks to invest in high-growth, venture-backed private companies. The fund seeks to create a portfolio of high-growth emerging private companies via a repeatable and disciplined investment approach, as well as to provide investors with access to such companies through its publicly traded common stock. SuRo Capital is headquartered in New York, NY and has offices in San Francisco, CA. Connect with the company on X, LinkedIn, and at www.surocap.com.

Contact

SuRo Capital Corp.
(212) 931-6331
IR@surocap.com

The MIL Network –

January 25, 2025

MIL-OSI: Fidus Investment Corporation Announces Third Quarter 2024 Financial Results

Source: GlobeNewswire (MIL-OSI)

Board of Directors Declared Total Dividends of $0.61 per Share for Fourth Quarter 2024

Base Dividend of $0.43 and Supplemental Dividend of $0.18 Per Share

EVANSTON, Ill., Oct. 31, 2024 (GLOBE NEWSWIRE) — Fidus Investment Corporation (NASDAQ:FDUS) (“Fidus” or the “Company”), a provider of customized debt and equity financing solutions, primarily to lower middle-market companies based in the United States, today announced its financial results for the third quarter ended September 30, 2024.

Third Quarter 2024 Financial Highlights

Total investment income of $38.4 million
Net investment income of $21.4 million, or $0.64 per share
Adjusted net investment income of $20.4 million, or $0.61 per share⁽¹⁾
Invested $65.9 million in debt and equity securities, including three new portfolio companies
Received proceeds from repayments and realizations of $50.8 million
Paid total dividends of $0.57 per share: regular quarterly dividend of $0.43 and a supplemental dividend of $0.14 per share on September 26, 2024
Net asset value (“NAV”) of $658.8 million, or $19.42 per share, as of September 30, 2024
Estimated spillover income (or taxable income in excess of distributions) as of September 30, 2024 of $43.1 million, or $1.27 per share

Management Commentary

“For the third quarter, our debt investments generated a 8.4% increase in interest income year-over-year. We continued to carefully grow total assets under management while maintaining a healthy portfolio structured to deliver recurring income and the potential for enhanced returns from the monetization of equity investments. We expect investment activity to remain at reasonable levels for the rest of the year, providing us opportunities to advance our long-term goals of generating attractive risk-adjusted returns for our shareholders, preserving capital and growing NAV over time,” said Edward Ross, Chairman and CEO of Fidus Investment Corporation.

(1) Supplemental information regarding adjusted net investment income:

On a supplemental basis, we provide information relating to adjusted net investment income, which is a non-GAAP measure. This measure is provided in addition to, but not as a substitute for, net investment income. Adjusted net investment income represents net investment income excluding any capital gains incentive fee expense or (reversal) attributable to realized and unrealized gains and losses. The management agreement with our investment adviser provides that a capital gains incentive fee is determined and paid annually with respect to cumulative realized capital gains (but not unrealized capital gains) to the extent such realized capital gains exceed realized and unrealized losses. In addition, we accrue, but do not pay, a capital gains incentive fee in connection with any unrealized capital appreciation, as appropriate. As such, we believe that adjusted net investment income is a useful indicator of operations exclusive of any capital gains incentive fee expense or (reversal) attributable to realized and unrealized gains and losses. The presentation of this additional information is not meant to be considered in isolation or as a substitute for financial results prepared in accordance with GAAP. Reconciliations of net investment income to adjusted net investment income are set forth in Schedule 1.

Third Quarter 2024 Financial Results

The following table provides a summary of our operating results for the three months ended September 30, 2024, as compared to the same period in 2023 (dollars in thousands, except per share data):


	Three Months Ended September 30,
	2024		2023		$ Change			% Change
Interest income	$	31,857	$	28,313	$	3,544			12.5	%
Payment-in-kind interest income		1,851		2,789		(938	)		(33.6	%)
Dividend income		1,384		262		1,122			428.2	%
Fee income		2,693		2,255		438			19.4	%
Interest on idle funds		597		566		31			5.5	%
Total investment income	$	38,382	$	34,185	$	4,197			12.3	%

Net investment income	$	21,411	$	16,660	$	4,751			28.5	%
Net investment income per share	$	0.64	$	0.63	$	0.01			1.6	%

Adjusted net investment income ⁽¹⁾	$	20,424	$	18,188	$	2,236			12.3	%
Adjusted net investment income per share ⁽¹⁾	$	0.61	$	0.68	$	(0.07	)		(10.3	%)

Net increase (decrease) in net assets resulting from operations	$	16,477	$	24,299	$	(7,822	)		(32.2	%)
Net increase (decrease) in net assets resulting from operations per share	$	0.49	$	0.91	$	(0.42	)		(46.2	%)

The $4.2 million increase in total investment income for the three months ended September 30, 2024, as compared to the same period in 2023, was primarily attributable to (i) a $2.6 million increase in total interest income (which includes payment-in-kind interest income) resulting from an increase in average debt investment balances outstanding, partially offset by a decrease in weighted average yield on debt investment balances outstanding, (ii) a $1.1 million increase in dividend income due to an increase in distributions received from equity investments and (iii) a $0.4 million increase in fee income resulting from an increase in amendment fees.

For the three months ended September 30, 2024, total expenses, including the base management fee waiver and income tax provision, were $17.0 million, a decrease of $0.5 million, or (3.2%) from the $17.5 million of total expenses, including the base management fee waiver and income tax provision, for the three months ended September 30, 2023. The decrease was primarily attributable to (i) a $2.5 million decrease in capital gains incentive fee accrued, partially offset by (ii) a $0.7 million net increase in base management fee, including the base management fee waiver, due to higher average total assets, (iii) a $0.6 million increase in the income incentive fee, and (iv) a $0.6 million increase in income tax provision (benefit).

Net investment income increased by $4.7 million, or 28.5%, to $21.4 million during the three months ended September 30, 2024 as compared to the same period in 2023, as a result of the $4.2 million increase in total investment income and the $0.5 million decrease in total expenses, including base management fee waiver and income tax provision. Adjusted net investment income,⁽¹⁾ which excludes the capital gains incentive fee accrual, was $0.61 per share compared to $0.68 per share in the prior year.

For the three months ended September 30, 2024, the total net realized gain/(loss) on investments, net of income tax (provision)/benefit on realized gains, was $(0.4) million, as compared to total net realized gain/(loss) on investments, net of income tax (provision)/benefit on realized gains, of $9.7 million for the same period in 2023.

Portfolio and Investment Activities

As of September 30, 2024, the fair value of our investment portfolio totaled $1,090.7 million and consisted of 85 active portfolio companies and five portfolio companies that have sold their underlying operations. Our total portfolio investments at fair value were approximately 101.5% of the related cost basis as of September 30, 2024. As of September 30, 2024, the debt investments of 49 portfolio companies bore interest at a variable rate, which represented $702.0 million, or 73.2%, of our debt investment portfolio on a fair value basis, and the remainder of our debt investment portfolio was comprised of fixed rate investments. As of September 30, 2024, our average active portfolio company investment at amortized cost was $12.6 million, which excludes investments in five portfolio companies that have sold their underlying operations. The weighted average yield on debt investments was 13.8% as of September 30, 2024. The weighted average yield was computed using the effective interest rates for debt investments at cost as of September 30, 2024, including the accretion of original issue discounts and loan origination fees, but excluding investments on non-accrual status and investments recorded as a secured borrowing.

Third quarter 2024 investment activity included the following new portfolio company investment:

Jumo Health, Inc., a developer of creative, patient-centric educational solutions that improve health literacy to accelerate clinical trial enrollment and increase participant retention. Fidus invested $6.0 million in first lien debt and $0.8 million in preferred equity.
Thrust Flight LLC, a provider of professional flight training services. Fidus invested $9.8 million in first lien debt, $1.1 million in common equity and made additional commitments up to $2.6 million in first lien debt.
InductiveHealth Informatics, LLC, a leading provider of disease and syndromic surveillance solutions for health agencies. Fidus invested $20.0 million in first lien debt and $0.4 million in preferred equity.

Liquidity and Capital Resources

As of September 30, 2024, we had $54.4 million in cash and cash equivalents and $100.0 million of unused capacity under our senior secured revolving credit facility (the “Credit Facility”). For the three months ended September 30, 2024, we received net proceeds of $14.1 million from the equity at-the-market program (the “ATM Program”). As of September 30, 2024, we had SBA debentures outstanding of $175.0 million, $125.0 million outstanding of our 4.75% notes due January 2026 (the “January 2026 Notes”) and $125.0 million outstanding of our 3.50% notes due November 2026 (the “November 2026 Notes” and collectively with the January 2026 Notes the “Notes”). As of September 30, 2024, the weighted average interest rate on total debt outstanding was 4.6%.

Fourth Quarter 2024 Dividends Totaling $0.61 Per Share Declared

On October 28, 2024, our board of directors declared a base dividend of $0.43 per share and a supplemental dividend of $0.18 per share for the fourth quarter. The dividends will be payable on December 27, 2024, to stockholders of record as of December 17, 2024.

When declaring dividends, our board of directors reviews estimates of taxable income available for distribution, which differs from consolidated income under GAAP due to (i) changes in unrealized appreciation and depreciation, (ii) temporary and permanent differences in income and expense recognition, and (iii) the amount of undistributed taxable income carried over from a given year for distribution in the following year. The final determination of 2024 taxable income, as well as the tax attributes for 2024 dividends, will be made after the close of the 2024 tax year. The final tax attributes for 2024 dividends will generally include ordinary taxable income but may also include capital gains, qualified dividends and return of capital.

Fidus has adopted a dividend reinvestment plan (“DRIP”) that provides for reinvestment of dividends on behalf of its stockholders, unless a stockholder elects to receive cash. As a result, when we declare a cash dividend, stockholders who have not “opted out” of the DRIP at least two days prior to the dividend payment date will have their cash dividends automatically reinvested in additional shares of our common stock. Those stockholders whose shares are held by a broker or other financial intermediary may receive dividends in cash by notifying their broker or other financial intermediary of their election.

Subsequent Events

On October 1, 2024, we invested $6.3 million in first lien debt and common equity in Estex Manufacturing Company, LLC, a branded manufacturer of sewn products used in the utility, airline / aerospace, sports, and military end markets.

On October 11, 2024, we exited our debt investment in US Fertility Enterprises, LLC. We received payment in full of $15.2 million on our subordinated debt, which included a prepayment fee.

On October 24, 2024, we exited our debt investment in Sonicwall US Holdings, Inc. We received payment of $3.3 million on our second lien debt, resulting in a realized loss of $0.1 million.

On October 25, 2024, we invested $14.8 million in first lien debt and common equity in Axis Medical Technologies LLC (dba Movemedical), a leading provider of last-mile supply chain software solutions to medical device OEMs.

Third Quarter 2024 Financial Results Conference Call

Management will host a conference call to discuss the operating and financial results at 9:00am ET on Friday, November 1, 2024. To participate in the conference call, please dial (844) 808-7136 approximately 10 minutes prior to the call. International callers should dial (412) 317-0534. Please ask to be joined into the Fidus Investment Corporation call.

A live webcast of the conference call will be available at http://investor.fdus.com/news-events/events-presentations. Please access the website 15 minutes prior to the start of the call to download and install any necessary audio software. An archived replay of the conference call will also be available in the investor relations section of the Company’s website.

ABOUT FIDUS INVESTMENT CORPORATION

Fidus Investment Corporation provides customized debt and equity financing solutions to lower middle-market companies, which management generally defines as U.S. based companies with revenues between $10 million and $150 million. The Company’s investment objective is to provide attractive risk-adjusted returns by generating both current income from debt investments and capital appreciation from equity related investments. Fidus seeks to partner with business owners, management teams and financial sponsors by providing customized financing for change of ownership transactions, recapitalizations, strategic acquisitions, business expansion and other growth initiatives.

Fidus is an externally managed, closed-end, non-diversified management investment company that has elected to be treated as a business development company under the Investment Company Act of 1940, as amended. In addition, for tax purposes, Fidus has elected to be treated as a regulated investment company under Subchapter M of the Internal Revenue Code of 1986, as amended. Fidus was formed in February 2011 to continue and expand the business of Fidus Mezzanine Capital, L.P., which commenced operations in May 2007 and was licensed by the U.S. Small Business Administration as a Small Business Investment Company (SBIC).

FORWARD-LOOKING STATEMENTS

This press release may contain certain forward-looking statements which are based upon current expectations and are inherently uncertain, including, but not limited to, statements about the future performance and financial condition of the Company, the prospects of our existing and prospective portfolio companies, the financial condition and ability of our existing and prospective portfolio companies to achieve their objectives, and the timing, form and amount of any distributions or supplemental dividends in the future. Any such statements, other than statements of historical fact, are likely to be affected by other unknowable future events and conditions, including elements of the future that are or are not under the Company’s control, such as changes in the financial and lending markets, the impact of the general economy (including an economic downturn or recession), and the impact of interest rate volatility; accordingly, such statements cannot be guarantees or assurances of any aspect of future performance. Actual developments and results are highly likely to vary materially from these estimates and projections of the future as a result of a number of factors related to changes in the markets in which the Company invests, changes in the financial, capital, and lending markets, and other factors described from time to time in the Company’s filings with the Securities and Exchange Commission. Such statements speak only as of the time when made, and are based on information available to the Company as of the date hereof and are qualified in their entirety by this cautionary statement. The Company undertakes no obligation to update any such statement now or in the future, except as required by applicable law.

FIDUS INVESTMENT CORPORATION Consolidated Statements of Assets and Liabilities (in thousands, except shares and per share data)
	September 30,		December 31,
	2024		2023
ASSETS
Investments, at fair value:
Control investments (cost: $6,832 and $6,832, respectively)	$	—	$	—
Affiliate investments (cost: $48,019 and $46,485, respectively)		85,827		83,876
Non-control/non-affiliate investments (cost: $1,019,953 and $883,312, respectively)		1,004,848		874,030
Total investments, at fair value (cost: $1,074,804 and $936,629, respectively)		1,090,675		957,906
Cash and cash equivalents		54,443		119,131
Interest receivable		14,317		11,965
Prepaid expenses and other assets		1,618		1,896
Total assets	$	1,161,053	$	1,090,898
LIABILITIES
SBA debentures, net of deferred financing costs	$	170,472	$	204,472
Notes, net of deferred financing costs		248,081		247,243
Borrowings under Credit Facility, net of deferred financing costs		38,853		(1,082	)
Secured borrowings		14,025		15,880
Accrued interest and fees payable		3,544		5,924
Base management fee payable, net of base management fee waiver – due to affiliate		4,784		4,151
Income incentive fee payable – due to affiliate		5,059		4,570
Capital gains incentive fee payable – due to affiliate		14,914		17,509
Administration fee payable and other, net – due to affiliate		619		789
Taxes payable		751		1,227
Accounts payable and other liabilities		1,190		741
Total liabilities	$	502,292	$	501,424
Commitments and contingencies
NET ASSETS
Common stock, $0.001 par value (100,000,000 shares authorized, 33,914,652 and 30,438,979 shares
issued and outstanding at September 30, 2024 and December 31, 2023, respectively)	$	34	$	31
Additional paid-in capital		572,159		504,298
Total distributable earnings		86,568		85,145
Total net assets		658,761		589,474
Total liabilities and net assets	$	1,161,053	$	1,090,898
Net asset value per common share	$	19.42	$	19.37

FIDUS INVESTMENT CORPORATION Consolidated Statements of Operations (unaudited) (in thousands, except shares and per share data)
	Three Months Ended						Nine Months Ended
	September 30,						September 30,
	2024			2023			2024			2023
Investment Income:
Interest income
Control investments	$	—		$	—		$	—		$	—
Affiliate investments		870			1,011			2,603			3,168
Non-control/non-affiliate investments		30,987			27,302			88,899			77,268
Total interest income		31,857			28,313			91,502			80,436
Payment-in-kind interest income
Control investments		—			—			—			—
Affiliate investments		—			—			—			—
Non-control/non-affiliate investments		1,851			2,789			5,745			4,661
Total payment-in-kind interest income		1,851			2,789			5,745			4,661
Dividend income
Control investments		—			—			—			—
Affiliate investments		1,328			(1	)		1,830			519
Non-control/non-affiliate investments		56			263			308			431
Total dividend income		1,384			262			2,138			950
Fee income
Control investments		—			—			—			—
Affiliate investments		5			5			15			60
Non-control/non-affiliate investments		2,688			2,250			6,559			5,868
Total fee income		2,693			2,255			6,574			5,928
Interest on idle funds		597			566			2,738			1,824
Total investment income		38,382			34,185			108,697			93,799
Expenses:
Interest and financing expenses		6,026			5,985			18,100			16,761
Base management fee		4,848			4,161			13,986			12,066
Incentive fee – income		5,059			4,478			14,072			11,959
Incentive fee (reversal) – capital gains		(987	)		1,528			942			507
Administrative service expenses		688			581			1,894			1,672
Professional fees		567			587			2,469			2,044
Other general and administrative expenses		266			269			764			773
Total expenses before base management fee waiver		16,467			17,589			52,227			45,782
Base management fee waiver		(64	)		(72	)		(200	)		(216	)
Total expenses, net of base management fee waiver		16,403			17,517			52,027			45,566
Net investment income before income taxes		21,979			16,668			56,670			48,233
Income tax provision (benefit)		568			8			682			66
Net investment income		21,411			16,660			55,988			48,167
Net realized and unrealized gains (losses) on investments:
Net realized gains (losses):
Control investments		—			—			—			(11,458	)
Affiliate investments		—			1			—			100
Non-control/non-affiliate investments		(366	)		9,749			12,161			15,625
Total net realized gain (loss) on investments		(366	)		9,750			12,161			4,267
Income tax (provision) benefit from realized gains on investments		—			(31	)		(1,523	)		(1,569	)
Net change in unrealized appreciation (depreciation):
Control investments		—			—			—			11,083
Affiliate investments		2,075			(4,507	)		417			(9,109	)
Non-control/non-affiliate investments		(6,643	)		2,450			(5,823	)		(2,113	)
Total net change in unrealized appreciation (depreciation) on investments		(4,568	)		(2,057	)		(5,406	)		(139	)
Net gain (loss) on investments		(4,934	)		7,662			5,232			2,559
Realized losses on extinguishment of debt		—			(23	)		(521	)		(23	)
Net increase (decrease) in net assets resulting from operations	$	16,477		$	24,299		$	60,699		$	50,703
Per common share data:
Net investment income per share-basic and diluted	$	0.64		$	0.63		$	1.74		$	1.89
Net increase in net assets resulting from operations per share — basic and diluted	$	0.49		$	0.91		$	1.89		$	1.99
Dividends declared per share	$	0.57		$	0.72		$	1.81		$	2.08
Weighted average number of shares outstanding — basic and diluted		33,380,480			26,618,973			32,138,865			25,490,379

Schedule 1

Supplemental Information Regarding Adjusted Net Investment Income

On a supplemental basis, we provide information relating to adjusted net investment income, which is a non-GAAP measure. This measure is provided in addition to, but not as a substitute for, net investment income. Adjusted net investment income represents net investment income excluding any capital gains incentive fee expense or (reversal) attributable to realized and unrealized gains and losses. The management agreement with our investment advisor provides that a capital gains incentive fee is determined and paid annually with respect to cumulative realized capital gains (but not unrealized capital gains) to the extent such realized capital gains exceed realized and unrealized losses for such year, less the aggregate amount of any capital gains incentive fees paid in all prior years. In addition, we accrue, but do not pay, a capital gains incentive fee in connection with any unrealized capital appreciation, as appropriate. As such, we believe that adjusted net investment income is a useful indicator of operations exclusive of any capital gains incentive fee expense or (reversal) attributable to realized and unrealized gains and losses. The presentation of this additional information is not meant to be considered in isolation or as a substitute for financial results prepared in accordance with GAAP. The following table provides a reconciliation of net investment income to adjusted net investment income for the three and nine months ended September 30, 2024 and 2023.

	($ in thousands)					($ in thousands)
	Three Months Ended					Nine Months Ended
	September 30,					September 30,
	(unaudited)					(unaudited)
	2024			2023		2024		2023
Net investment income	$	21,411		$	16,660	$	55,988	$	48,167
Capital gains incentive fee expense (reversal)		(987	)		1,528		942		507
Adjusted net investment income ⁽¹⁾	$	20,424		$	18,188	$	56,930	$	48,674

	(Per share)					(Per share)
	Three Months Ended					Nine Months Ended
	September 30,					September 30,
	(unaudited)					(unaudited)
	2024			2023		2024		2023
Net investment income	$	0.64		$	0.63	$	1.74	$	1.89
Capital gains incentive fee expense (reversal)		(0.03	)		0.05		0.03		0.02
Adjusted net investment income ⁽¹⁾	$	0.61		$	0.68	$	1.77	$	1.91

(1

)

Adjusted net investment income per share amounts are calculated as adjusted net investment income dividend by weighted average shares outstanding for the period. Due to rounding, the sum of net investment income per share and capital gains incentive fee expense (reversal) amounts may not equal the adjusted net investment income per share amount presented here.

Company Contact:	Investor Relations Contact:
Shelby E. Sherard	Jody Burfening
Chief Financial Officer	LHA
(847) 859-3940	(212) 838-3777
ssherard@fidusinv.com	jburfening@lhai.com

The MIL Network –

January 25, 2025

MIL-OSI: Bimini Capital Management Announces Third Quarter 2024 Results

Source: GlobeNewswire (MIL-OSI)

VERO BEACH, Fla., Oct. 31, 2024 (GLOBE NEWSWIRE) — Bimini Capital Management, Inc. (OTCQB: BMNM), (“Bimini Capital,” “Bimini,” or the “Company”), today announced results of operations for the three-month period ended September 30, 2024.

Third Quarter 2024 Highlights

Net income of $0.3 million, or $0.03 per common share
Book value per share of $0.83
Company to discuss results on Friday, November 1, 2024, at 10:00 AM ET

Management Commentary

Commenting on the third quarter results, Robert E. Cauley, Chairman and Chief Executive Officer, said, “The long-awaited impacts of tight monetary policy orchestrated by the Federal Reserve appear to have finally had the desired impacts on inflation and the imbalances in the labor market. Inflation is closing in on the Fed’s 2% target and hiring and wage growth are slowing while the unemployment rate has steadily risen. In contrast, growth in the economy and consumer spending have remained robust throughout. In late September the Fed reduced the overnight funding rate by 50 basis points, and the market anticipated it was the first of many such cuts. Unfortunately, the non-farm payroll report for September 2024, released in early October, as well as the latest readings on inflation and consumer spending, imply the economy may not be weakening so much after-all. If this proves to be the case the magnitude and urgency of additional rate cuts by the Fed may differ with those market expectations mentioned above.

“Orchid Island Capital reported net income for the third quarter 2024 of $17.3 million and its shareholders equity increased from $555.9 million to $656.0 million. As a result, Bimini’s advisory service revenues of approximately $3.3 million represented a 4% increase over the second quarter. The growth in Orchid’s capital base during the third quarter would translate into higher quarterly revenues – all else equal – for a full quarter. As mentioned above, if the Fed’s easing cycle proves to be brief and the economy remains resilient, capital raising opportunities for Orchid may not materialize in the near term.

“The investment portfolio generated net interest income of $0.3 million inclusive of dividends on our shares of Orchid Island. Mark to market gains and losses on our MBS portfolio, hedge positions and shares of Orchid netted to income of $0.4 million. The Company – inclusive of both the advisory services segment and the investment portfolio segment, recorded net income before taxes for the quarter of $0.8 million versus a net loss before taxes of $0.2 million for the second quarter of 2024.”

Details of Third Quarter 2024 Results of Operations

The Company reported net income of $0.3 million for the three-month period ended September 30, 2024. Advisory service revenue for the quarter was $3.3 million. We recorded interest and dividend income of $1.7 million and interest expense on repurchase agreements of $1.4 million and on long-term debt of $0.6 million. We recorded an unrealized $0.1 million mark to market loss on our shares of Orchid common stock, net unrealized gains of $2.5 million on our MBS portfolio and net losses of $2.0 million on our derivative holdings. The results for the quarter also included operating expenses of $2.6 million and an income tax provision of $0.5 million.

Management of Orchid Island Capital, Inc.

Orchid is managed and advised by Bimini. As Manager, Bimini is responsible for administering Orchid’s business activities and day-to-day operations. Pursuant to the terms of the management agreement, Bimini Advisors provides Orchid with its management team, including its officers, along with appropriate support personnel. Bimini also maintains a common stock investment in Orchid which is accounted for under the fair value option, with changes in fair value recorded in the statement of operations for the current period. For the three months ended September 30, 2024, Bimini’s statement of operations included a fair value adjustment of $(0.1) million and dividends of $0.2 million from its investment in Orchid’s common stock. Also, during the three months ended September 30, 2024, Bimini recorded $3.3 million in advisory services revenue for managing Orchid’s portfolio consisting of $2.4 million of management fees, $0.6 million in overhead reimbursement and $0.2 million in repurchase, clearing and administrative fees.

Book Value Per Share

The Company’s Book Value Per Share on September 30, 2024 was $0.83. The Company computes Book Value Per Share by dividing total stockholders’ equity by the total number of shares outstanding of the Company’s Class A Common Stock. At September 30, 2024, the Company’s stockholders’ equity was $8.3 million, with 10,005,457 Class A Common shares outstanding.

Capital Allocation and Return on Invested Capital

The Company allocates capital between two MBS sub-portfolios, the pass-through MBS portfolio (“PT MBS”) and the structured MBS portfolio, consisting of interest only (“IO”) and inverse interest-only (“IIO”) securities. The table below details the changes to the respective sub-portfolios during the quarter.


Portfolio Activity for the Quarter
				Structured Security Portfolio
							Inverse
	Pass			Interest			Interest
	Through			Only			Only
	Portfolio			Securities			Securities			Sub-total			Total
Market Value – June 30, 2024	$	83,960,741		$	2,450,477		$	3,501		$	2,453,978		$	86,414,719
Securities purchased		31,715,015			–			–			–			31,715,015
Return of investment		n/a			(84,011	)		(162	)		(84,173	)		(84,173	)
Pay-downs		(2,097,231	)		n/a			n/a			n/a			(2,097,231	)
Discount accreted due to pay-downs		16,953			n/a			n/a			n/a			16,953
Mark to market gains		2,453,793			4,468			5,106			9,574			2,463,367
Market Value – September 30, 2024	$	116,049,271		$	2,370,934		$	8,445		$	2,379,379		$	118,428,650

The tables below present the allocation of capital between the respective portfolios at September 30, 2024 and June 30, 2024, and the return on invested capital for each sub-portfolio for the three-month period ended September 30, 2024. Capital allocation is defined as the sum of the market value of securities held, less associated repurchase agreement borrowings, plus cash and cash equivalents and restricted cash associated with repurchase agreements. Capital allocated to non-portfolio assets is not included in the calculation.


Capital Allocation
				Structured Security Portfolio
							Inverse
	Pass			Interest			Interest
	Through			Only			Only
	Portfolio			Securities			Securities			Sub-total			Total
September 30, 2024
Market value	$	116,049,271		$	2,370,934		$	8,445		$	2,379,379		$	118,428,650
Cash equivalents and restricted cash		5,706,502			–			–			–			5,706,502
Repurchase agreement obligations		(113,022,999	)		–			–			–			(113,022,999	)
Total⁽¹⁾	$	8,732,774		$	2,370,934		$	8,445		$	2,379,379		$	11,112,153
% of Total		78.6	%		21.3	%		0.1	%		21.4	%		100.0	%
June 30, 2024
Market value	$	83,960,741		$	2,450,477		$	3,501		$	2,453,978		$	86,414,719
Cash equivalents and restricted cash		6,223,538			–			–			–			6,223,538
Repurchase agreement obligations		(82,875,999	)		–			–			–			(82,875,999	)
Total⁽¹⁾	$	7,308,280		$	2,450,477		$	3,501		$	2,453,978		$	9,762,258
% of Total		74.9	%		25.1	%		0.0	%		25.1	%		100.0	%

The returns on invested capital in the PT MBS and structured MBS portfolios were approximately 7.5% and 2.1%, respectively, for the three months ended September 30, 2024. The combined portfolio generated a return on invested capital of approximately 6.2%.


Returns for the Quarter Ended September 30, 2024
				Structured Security Portfolio
							Inverse
	Pass			Interest			Interest
	Through			Only			Only
	Portfolio			Securities			Securities			Sub-total			Total
Interest income (expense) (net of repo cost)	$	71,254		$	40,897		$	(15	)	$	40,882		$	112,136
Realized and unrealized gains		2,470,746			4,468			5,106			9,574			2,480,320
Hedge losses		(1,991,315	)		n/a			n/a			n/a			(1,991,315	)
Total Return	$	550,685		$	45,365		$	5,091		$	50,456		$	601,141
Beginning capital allocation	$	7,308,280		$	2,450,477		$	3,501		$	2,453,978		$	9,762,258
Return on invested capital for the quarter⁽¹⁾		7.5	%		1.9	%		145.4	%		2.1	%		6.2	%

(1)		Calculated by dividing the Total Return by the Beginning Capital Allocation, expressed as a percentage.

Prepayments

For the third quarter of 2024, the Company received approximately $2.2 million in scheduled and unscheduled principal repayments and prepayments, which equated to a 3-month constant prepayment rate (“CPR”) of approximately 6.3% for the third quarter of 2024. Prepayment rates on the two MBS sub-portfolios were as follows (in CPR):


	PT	Structured
	MBS Sub-	MBS Sub-	Total
Three Months Ended	Portfolio	Portfolio	Portfolio
September 30, 2024	6.3	6.7	6.3
June 30, 2024	10.9	5.5	10.0
March 31, 2024	18.0	9.2	16.5
December 31, 2023	8.9	4.6	8.0
September 30, 2023	4.3	6.6	4.8
June 30, 2023	8.0	13.0	9.6
March 31, 2023	2.4	10.3	5.0

Portfolio

The following tables summarize the MBS portfolio as of September 30, 2024 and December 31, 2023:

($ in thousands)
									Weighted
			Percentage						Average
			of			Weighted			Maturity
	Fair		Entire			Average			in		Longest
Asset Category	Value		Portfolio			Coupon			Months		Maturity
September 30, 2024
Fixed Rate MBS	$	116,050		98.0	%		5.61	%		342	1-Apr-54
Structured MBS		2,379		2.0	%		2.85	%		283	15-May-51
Total MBS Portfolio	$	118,429		100.0	%		5.24	%		341	1-Apr-54
December 31, 2023
Fixed Rate MBS	$	90,181		97.3	%		6.00	%		343	1-Nov-53
Structured MBS		2,550		2.7	%		2.84	%		290	15-May-51
Total MBS Portfolio	$	92,731		100.0	%		5.44	%		341	1-Nov-53

($ in thousands)
	September 30, 2024					December 31, 2023
			Percentage of					Percentage of
Agency	Fair Value		Entire Portfolio			Fair Value		Entire Portfolio
Fannie Mae	$	35,338		29.8	%	$	38,204		41.2	%
Freddie Mac		83,091		70.2	%		54,527		58.8	%
Total Portfolio	$	118,429		100.0	%	$	92,731		100.0	%

	September 30, 2024		December 31, 2023
Weighted Average Pass Through Purchase Price	$	102.99	$	104.43
Weighted Average Structured Purchase Price	$	4.48	$	4.48
Weighted Average Pass Through Current Price	$	102.06	$	101.55
Weighted Average Structured Current Price	$	13.68	$	13.46
Effective Duration⁽¹⁾		2.627		2.508

(1)		Effective duration is the approximate percentage change in price for a 100 basis point change in rates. An effective duration of 2.627 indicates that an interest rate increase of 1.0% would be expected to cause a 2.627% decrease in the value of the MBS in the Company’s investment portfolio at September 30, 2024. An effective duration of 2.508 indicates that an interest rate increase of 1.0% would be expected to cause a 2.508% decrease in the value of the MBS in the Company’s investment portfolio at December 31, 2023. These figures include the structured securities in the portfolio but not the effect of the Company’s hedges. Effective duration quotes for individual investments are obtained from The Yield Book, Inc.

Financing and Liquidity

As of September 30, 2024, the Company had outstanding repurchase obligations of approximately $113.0 million with a net weighted average borrowing rate of 5.20%. These agreements were collateralized by MBS with a fair value, including accrued interest, of approximately $118.8 million. At September 30, 2024, the Company’s liquidity was approximately $4.7 million, consisting of unpledged MBS and cash and cash equivalents.

We may pledge more of our structured MBS as part of a repurchase agreement funding but retain cash in lieu of acquiring additional assets. In this way, we can, at a modest cost, retain higher levels of cash on hand and decrease the likelihood we will have to sell assets in a distressed market in order to raise cash. Below is a list of outstanding borrowings under repurchase obligations at September 30, 2024.

($ in thousands)
Repurchase Agreement Obligations
						Weighted			Weighted
	Total					Average			Average
	Outstanding		% of			Borrowing			Maturity
Counterparty	Balances		Total			Rate			(in Days)
Marex Capital Markets Inc.	$	26,185		23.2	%		5.21	%		17
Mirae Asset Securities (USA) Inc.		20,016		17.7	%		5.25	%		18
DV Securities, LLC Repo		19,930		17.6	%		5.06	%		28
Clear Street LLC		17,894		15.8	%		5.31	%		33
South Street Securities, LLC		17,126		15.2	%		5.03	%		24
Mitsubishi UFJ Securities, Inc.		11,872		10.5	%		5.37	%		25
	$	113,023		100.0	%		5.20	%		24

(1)		Equal to the fair value of securities sold (including accrued interest receivable) and cash posted as collateral, if any, minus the sum of repurchase agreement liabilities, accrued interest payable and securities posted by the counterparty (if any).

Summarized Consolidated Financial Statements

The following is a summarized presentation of the unaudited consolidated balance sheets as of September 30, 2024, and December 31, 2023, and the unaudited consolidated statements of operations for the nine and three months ended September 30, 2024 and 2023. Amounts presented are subject to change.


BIMINI CAPITAL MANAGEMENT, INC. CONSOLIDATED BALANCE SHEETS (Unaudited – Amounts Subject to Change)

	September 30, 2024		December 31, 2023
ASSETS
Mortgage-backed securities	$	118,428,650	$	92,730,852
Cash equivalents and restricted cash		5,706,502		4,470,286
Orchid Island Capital, Inc. common stock, at fair value		4,677,763		4,797,269
Accrued interest receivable		572,506		488,660
Deferred tax assets, net		17,995,449		19,047,680
Other assets		4,251,713		4,063,267
Total Assets	$	151,632,583	$	125,598,014

LIABILITIES AND STOCKHOLDERS’ EQUITY
Repurchase agreements	$	113,022,999	$	86,906,999
Long-term debt		27,373,739		27,394,417
Other liabilities		2,912,616		3,168,857
Total Liabilities		143,309,354		117,470,273
Stockholders’ equity		8,323,229		8,127,741
Total Liabilities and Stockholders’ Equity	$	151,632,583	$	125,598,014
Class A Common Shares outstanding		10,005,457		10,005,457
Book value per share	$	0.83	$	0.81


BIMINI CAPITAL MANAGEMENT, INC. CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited – Amounts Subject to Change)

	Nine Months Ended September 30,						Three Months Ended September 30,
	2024			2023			2024			2023
Advisory services	$	9,396,828		$	10,518,862		$	3,300,512		$	3,620,002
Interest and dividend income		4,781,408			2,781,763			1,690,252			1,111,659
Interest expense		(5,558,657	)		(3,624,861	)		(1,980,863	)		(1,441,371	)
Net revenues		8,619,579			9,675,764			3,009,901			3,290,290
Other income (expense)		1,067,454			(2,466,795	)		420,726			(2,360,590	)
Expenses		8,439,314			6,657,293			2,627,343			2,105,424
Net income (loss) before income tax provision (benefit)		1,247,719			551,676			803,284			(1,175,724	)
Income tax provision (benefit)		1,052,231			(320,596	)		547,059			(757,016	)
Net income (loss)	$	195,488		$	872,272		$	256,225		$	(418,708	)

Basic and Diluted Net (Loss) Income Per Share of:
CLASS A COMMON STOCK	$	0.02		$	0.09		$	0.03		$	(0.04	)
CLASS B COMMON STOCK	$	0.02		$	0.09		$	0.03		$	(0.04	)

	Three Months Ended September 30,
Key Balance Sheet Metrics	2024			2023
Average MBS⁽¹⁾	$	102,421,681		$	74,315,815
Average repurchase agreements⁽¹⁾		97,949,499			71,055,794
Average stockholders’ equity⁽¹⁾		8,195,116			13,199,138

Key Performance Metrics
Average yield on MBS⁽²⁾		5.80	%		4.51	%
Average cost of funds⁽²⁾		5.61	%		4.68	%
Average economic cost of funds⁽³⁾		5.75	%		4.74	%
Average interest rate spread⁽⁴⁾		0.19	%		(0.17	)%
Average economic interest rate spread⁽⁵⁾		0.05	%		(0.23	)%

(1)		Average MBS, repurchase agreements and stockholders’ equity balances are calculated using two data points, the beginning and ending balances.
(2)		Portfolio yields and costs of funds are calculated based on the average balances of the underlying investment portfolio/repurchase agreement balances and are annualized for the quarterly periods presented.
(3)		Represents interest cost of our borrowings and the effect of derivative agreements attributed to the period related to hedging activities, divided by average repurchase agreements.
(4)		Average interest rate spread is calculated by subtracting average cost of funds from average yield on MBS.
(5)		Average economic interest rate spread is calculated by subtracting average economic cost of funds from average yield on MBS.

About Bimini Capital Management, Inc.

Bimini Capital Management, Inc. invests primarily in, but is not limited to investing in, residential mortgage-related securities issued by the Federal National Mortgage Association (Fannie Mae), the Federal Home Loan Mortgage Corporation (Freddie Mac) and the Government National Mortgage Association (Ginnie Mae). Its objective is to earn returns on the spread between the yield on its assets and its costs, including the interest expense on the funds it borrows. In addition, Bimini generates a significant portion of its revenue serving as the manager of the MBS portfolio of, and providing certain repurchase agreement trading, clearing and administrative services to, Orchid Island Capital, Inc.

Forward Looking Statements

Statements herein relating to matters that are not historical facts are forward-looking statements as defined in the Private Securities Litigation Reform Act of 1995. The reader is cautioned that such forward-looking statements are based on information available at the time and on management’s good faith belief with respect to future events, and are subject to risks and uncertainties that could cause actual performance or results to differ materially from those expressed in such forward-looking statements. Important factors that could cause such differences are described in Bimini Capital Management, Inc.’s filings with the Securities and Exchange Commission, including Bimini Capital Management, Inc.’s most recent Annual Report on Form 10-K and Quarterly Reports on Form 10-Q. Bimini Capital Management, Inc. assumes no obligation to update forward-looking statements to reflect subsequent results, changes in assumptions or changes in other factors affecting forward-looking statements.

Earnings Conference Call Details

An earnings conference call and live audio webcast will be hosted Friday, November 1, 2024, at 10:00 AM ET. Participants can register and receive dial-in information at https://register.vevent.com/register/BI909b06944b334b3e8e769108f5807eab. A live audio webcast of the conference call can be accessed at https://edge.media-server.com/mmc/p/qzvibaf6 or via the investor relations section of the Company’s website at https://ir.biminicapital.com. An audio archive of the webcast will be available for 30 days after the call.

The MIL Network –

January 25, 2025

MIL-OSI: CNB Financial Corporation Announces Quarterly Dividend for Series A Preferred Stock and Related Depositary Shares Distribution

Source: GlobeNewswire (MIL-OSI)

CLEARFIELD, Pa., Oct. 31, 2024 (GLOBE NEWSWIRE) — The Board of Directors of CNB Financial Corporation (Nasdaq: CCNE) (the “Corporation”) has announced the declaration of a quarterly cash dividend of $0.4453125 per depositary share (Nasdaq: CCNEP), resulting from the Corporation’s declaration of a quarterly cash dividend of $17.8125 per share on its Series A Preferred Stock. The dividend is payable on November 29, 2024, to holders of record as of November 15, 2024.

CNB Financial Corporation is a financial holding company with consolidated assets of approximately $6.0 billion. CNB Financial Corporation conducts business primarily through its principal subsidiary, CNB Bank. CNB Bank is a full-service bank engaging in a full range of banking activities and services, including trust and wealth management services, for individual, business, governmental, and institutional customers. CNB Bank operations include a private banking division, two loan production offices, one drive-up office, one mobile office, and 54 full-service offices in Pennsylvania, Ohio, New York, and Virginia. CNB Bank, headquartered in Clearfield, Pennsylvania, with offices in Central and North Central Pennsylvania, serves as the multi-brand parent to various divisions. These divisions include ERIEBANK, based in Erie, Pennsylvania, with offices in Northwest Pennsylvania and Northeast Ohio; FCBank, based in Worthington, Ohio, with offices in Central Ohio; BankOnBuffalo, based in Buffalo, New York, with offices in Western New York; Ridge View Bank, based in Roanoke, Virginia, with offices in the Southwest Virginia region; and Impressia Bank, a division focused on banking opportunities for women, which operates in CNB Bank’s primary market areas. Additional information about CNB Financial Corporation may be found at www.CNBBank.bank.

The MIL Network –

January 25, 2025

MIL-OSI: Enstar Completes Loss Portfolio Transfer With QBE

Source: GlobeNewswire (MIL-OSI)

HAMILTON, Bermuda, Oct. 31, 2024 (GLOBE NEWSWIRE) — Enstar Group Limited (NASDAQ: ESGR) announced today that one of its wholly-owned subsidiaries has closed a previously announced ground-up loss portfolio transfer transaction with subsidiaries of QBE Insurance Group Limited (“QBE”) to reinsure a portfolio of US commercial liability and workers’ compensation business, largely underwritten on recently discontinued programs.

Under the reinsurance agreement, QBE ceded net reserves of approximately $376 million, and Enstar’s subsidiary provided approximately $175 million of cover in excess of the ceded reserves.

Completion of the transaction followed receipt of regulatory approvals and satisfaction of various other closing conditions.

About Enstar

Enstar is a NASDAQ-listed leading global insurance group that offers innovative capital release solutions through its network of group companies in Bermuda, the United States, the United Kingdom, Continental Europe, Australia, and other international locations. A market leader in completing legacy acquisitions, Enstar has acquired 120 companies and portfolios since its formation in 2001. For further information about Enstar, see www.enstargroup.com.

Contact:

For Enstar:

For Investors: Matthew Kirk (investor.relations@enstargroup.com)

For Media: Jenna Kerr (communications@enstargroup.com)

Contact:	Enstar Communications
Telephone:	+1 (441) 292-3645

The MIL Network –

January 25, 2025

MIL-OSI: Progress Completes Acquisition of ShareFile

Source: GlobeNewswire (MIL-OSI)

ShareFile’s AI-powered, document-centric collaboration platform expands Progress’ industry-leading product portfolio and marks a major milestone in the company’s Total Growth Strategy

BURLINGTON, Mass., Oct. 31, 2024 (GLOBE NEWSWIRE) — Progress (Nasdaq: PRGS), the trusted provider of AI-powered infrastructure software, today announced the completion of the acquisition of ShareFile, a business unit of Cloud Software Group, Inc., providing a SaaS-native, AI-powered, document-centric collaboration platform, focusing on industry segments including business and professional services, financial services, industrial and healthcare.

“This acquisition marks the latest major milestone in Progress’ Total Growth Strategy, which is built on three pillars: Invest and Innovate, Acquire and Integrate and Drive Customer Success. The addition of ShareFile significantly enhances our product capabilities, benefiting our customers and meaningfully expanding the customer base we serve,” said Yogesh Gupta, CEO of Progress. “We are thrilled to welcome ShareFile customers and employees to the Progress community and look forward to a bright future with ShareFile now part of Progress.”

Progress products help organizations to develop, deploy and manage responsible AI-powered applications and experiences. ShareFile fits strategically with Progress’ Digital Experience portfolio to enable customers to deliver more efficient and effective client and team collaboration, while simplifying the sharing of documents and prioritizing security.

As previously announced, Progress acquired ShareFile for a purchase price of $875 million, funded with a combination of cash and Progress’ existing revolving credit facility. ShareFile is expected to add more than $240M in annual revenue and more than 86,000 customers to Progress.

About Progress
Progress (Nasdaq: PRGS) empowers organizations to achieve transformational success in the face of disruptive change. Our software enables our customers to develop, deploy and manage responsible AI-powered applications and experiences with agility and ease. Customers get a trusted provider in Progress, with the products, expertise and vision they need to succeed. Over 4 million developers and technologists at hundreds of thousands of enterprises depend on Progress. Learn more at www.progress.com.

Note Regarding Forward-Looking Statements
This press release contains statements that are “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. Progress has identified some of these forward-looking statements with words like “believe,” “may,” “could,” “would,” “might,” “should,” “expect,” “intend,” “plan,” “target,” “anticipate” and “continue,” the negative of these words, other terms of similar meaning or the use of future dates. Risks, uncertainties and other important factors that could cause actual results to differ from those expressed or implied in the forward-looking statements include: uncertainties as to the effects of disruption from the acquisition of ShareFile (i.e., making it more difficult to maintain relationships with employees, licensees, other business partners or governmental entities); other business effects, including the effects of industry, economic or political conditions outside of Progress’ or ShareFile’s control; transaction costs; actual or contingent liabilities; uncertainties as to whether anticipated synergies will be realized; and uncertainties as to whether ShareFile’s business will be successfully integrated with Progress’ business. For further information regarding risks and uncertainties associated with Progress’ business, please refer to Progress’ filings with the Securities and Exchange Commission, including its Annual Report on Form 10-K for the fiscal year ended November 30, 2023. Progress undertakes no obligation to update any forward-looking statements, which speak only as of the date of this press release.

The MIL Network –

January 25, 2025

MIL-OSI USA: Rep. Calvert and House VA Committee Chairman Mike Bost Issue Joint Statement on Veterans Issues

Source: United States House of Representatives – Congressman Ken Calvert (CA-42)

Congressman Ken Calvert (CA-41) and House Veterans’ Affairs Committee Chairman Mike Bost (IL-12) issued the following joint statement regarding a Veteran Service Organization Roundtable they held earlier this month in the 41st Congressional District:

“On October 16, we met with local veterans and Veteran Service Organizations at the Palm Springs Air Museum to address critical issues in veterans’ health care. Listening to veterans share their struggles with referral delays and inefficiencies at the Loma Linda VA, and the lack of accountability among senior VA leaders underscored the urgent need for veteran-centered reforms to hold failing leaders accountable. That’s why we’re leading H.R. 2478, the Restore VA Accountability Act, to bring accountability back to VA nationwide, for good.

One key concern raised was the lack of reliable transportation in the region, which forces many veterans to face unnecessary logistical barriers when it comes to receiving essential healthcare. This is unacceptable. We are committed to advancing legislation that holds the entire VA accountable – including Loma Linda VA employees – to ensure that no veteran encounters barriers when receiving the timely, high-quality care they have earned.

Together, we are fighting to create a health care system that prioritizes transparency, accountability, and respect for those who have served our country. Veterans gave their all for this nation, and it is our duty to honor that sacrifice by building a system that meets their needs no matter what.”

###

MIL OSI USA News –

January 25, 2025

MIL-OSI USA: Webster Joins Senators Scott & Rubio, Florida Delegation Urging USDA to Expedite Aid for Florida Agricultural Producers

Source: United States House of Representatives – Congressman Daniel Webster (11th District of Florida)

Washington, D.C. — Florida Congressman Daniel Webster, R-Clermont, along with Congressman Scott Franklin (R-FL), Senators Rick Scott (R-FL), Marco Rubio (R-FL), and the entire Florida delegation sent a letter to U.S. Department of Agriculture (USDA) Secretary Tom Vilsack urging the USDA to take immediate action to provide disaster assistance for Florida agricultural producers affected by Hurricanes Helene and Milton.

“These back-to-back major hurricanes have decimated Florida agriculture, our state’s second largest industry, which generates more than $182.6 billion in annual revenue and provides more than 2.5 million jobs,” the members wrote. “As Members of Congress, it is our responsibility to work with USDA to best assist the producers who feed our nation.”

The full text of the letter is below.

Dear Secretary Vilsack:

We write to strongly urge the U.S. Department of Agriculture (USDA) take immediate action to deliver critical aid to agricultural producers affected by recent hurricanes Helene and Milton. These back-to-back major hurricanes have decimated Florida agriculture, our state’s second largest industry, which generates more than $182.6 billion in annual revenue and provides more than 2.5 million jobs.

Hurricane Milton made landfall on Florida’s Gulf Coast just 13 days after Helene and brought high winds, flooding and damage across the entire state. According to the Florida Department of Agriculture and Consumer Sciences (FDACS), the preliminary estimate of total crop and infrastructure losses ranges from $1.5 to $2.5 billion, and the State of Florida has requested federal agriculture disaster designations for impacted counties in response to both storms.

Milton’s path impacted some of Florida’s most productive agricultural areas for aquaculture, avocados, bell peppers, blackberries, blueberries, broccoli, cabbage, cattle, citrus, christmas trees, corn, cotton, cucumbers, dairy, equine, floriculture, grapes, leafy greens, mangos, other animal products, peaches, peanuts, pecans, potatoes, poultry, rice, snap beans, soybeans, strawberries, sugarcane, sweet corn, tangerines, tomatoes, watermelons, and more. Agricultural lands and agribusiness more than 100 miles away from the eye of the storm experienced tornadoes and other devastating effects which compounded losses.

Block Grants:

In 2018, after Hurricane Irma, Congress appropriated relief to Florida agriculture and USDA delivered that aid through a block grant to the state. The State of Florida was successful in getting that aid to those in need quickly and efficiently. During a House Appropriations Subcommittee on Agriculture hearing held on March 9, 2023, USDA Inspector General Phyllis K. Fong was asked about the effectiveness of this block grant and she stated, “[i]n that instance, FSA successfully partnered with Florida to deliver assistance to the citrus farmers.” She went on to say: “I think that is an example, within your own state, where that kind of block grant program can work.” We ask that you support both an appropriation request and authority to deliver the assistance in the form of a block grant to our state.

USDA must work to deliver aid to communities affected by disasters as quickly and efficiently as possible. FSA offices across Florida are still having trouble facilitating disaster assistance programs designed to help after 2022 Hurricanes Ian and Nicole. However, these funds were not in the form of a block grant and as a result, there are hundreds of producers who are still awaiting assistance.

Creating a new disaster program each time funds are appropriated by Congress not only complicates the disaster relief application process, but also delays delivery of critical assistance for the producers who feed our state and nation. Block grants administered by the state expedite disbursement, free up personnel at FSA to efficiently carry out routine programs and provide needed flexibility for states.

As you are aware, the Block Grant Assistance Act (H.R 662 & S.180) was designed to authorize USDA to administer calendar year 2022 disaster relief via block grants. This would give USDA the ability, when reasonable, to issue block grants and expedite payment to producers. This bill is cosponsored by the entire Florida delegation and unanimously passed the House on June 12, 2023. We remain steadfast in our support for standing block grant authority and continue to urge USDA to support this measure giving them additional flexibility in administering disaster programs.

Farm Service Agency:

Unlike most commodity crop programs, Florida specialty crop programs are disaster based and time consuming to deliver. Additionally, permanent FSA staff are needed in the county offices to administer the USDA disaster programs efficiently and effectively. We ask that USDA approve an expedited review of applications and deployment of existing authority for FSA offices to waive requirements that are redundant or unnecessary.

In many other states, straightforward programs like Agriculture Risk Coverage or Price Loss Coverage enable producers to easily enroll and receive payments. These routine programs influence FSA workload metrics and help the agency prioritize personnel and resources. However, the situation differs significantly in Florida with specialty crops. Most of our programs are disaster-based, which are notably more time-consuming to administer and manage. These factors are not accounted for when allocating staff. As a result, our FSA county offices are not adequately staffed and have not finalized Emergency Relief Program (ERP) and Emergency Conservation Program (ECP) payments to producers for 2022.

Disaster Appropriation:

Per USDA data, losses in agriculture across calendar year 2022 totaled $14 billion, yet Congress only appropriated $3.7 billion in relief to our nation’s producers in the December 2022 omnibus. We recognize this led to difficult decisions on how to distribute the disaster assistance. However, the “Progressive Payment Factor” being applied to ERP 2022 payments was an unnecessary and harmful program flaw that has resulted in the producers who suffered the most severe losses receiving pennies on the dollars in assistance. Federal disaster assistance is never meant to make producers whole, but Congress has a duty to prevent a failure like this from occurring again. We look forward to working with USDA to ensure adequate funding for 2023 and 2024 losses.

Improved Crop Insurance Options:

Crop insurance is another tool USDA can use to improve the farm safety net alongside these suggestions for improving delivery of FSA disaster programs. The 2024 Farm Bill that passed the House Committee on Agriculture includes language to improve crop insurance options for specialty crop growers, including the Temperature Endorsement for Multi-Peril Policies (TEMP) Act (H.R.6186 & S.3253).4 Many of Florida’s specialty crop growers do not have insurance on their crops because of the high price of the premiums and low payouts from claims. The Florida Delegation will continue its efforts to work with USDA to prioritize improving crop insurance options for growers as outlined in the 2024 Farm Bill passed by the House Committee on Agriculture earlier this year.

To ensure USDA and Congress are equipped to provide adequate support for producers, please respond to the following questions and provide the following documents and information no later than November 29, 2024.

A statement of agency policy for utilization of block grants within USDA disaster-based programs.
A document detailing calendar year 2024 calendar year losses up to October 29, 2024, and a budgetary request to the House and Senate Appropriations Committees to ensure adequate funding of relief programs.
An updated document detailing FSA county office leadership, and how many FTEs are employed at each.
A report on the number of FTEs Florida FSA offices need to efficiently administer a disaster-based program to Florida producers.
A plan for strike team deployment to Florida FSA offices including timeline, number of employees and where these teams will be placed.

As Members of Congress, it is our responsibility to work with USDA to best assist the producers who feed our nation. We appreciate your attention to this urgent matter.

Sincerely,

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MIL OSI USA News –

January 25, 2025

MIL-OSI USA: Hoyer Remarks at the Piscataway Bioenergy Facility Grand Opening in Maryland

Source: United States House of Representatives – Congressman Steny H Hoyer (MD-05)

WASHINGTON, DC – Congressman Steny H. Hoyer (MD-05) joined Congressman Glenn Ivey (MD-06), Maryland Secretary of the Environment Serena McIlwain, Prince George’s County Council Member Sydney Harrison, Montgomery County Council Member Will Jawando, and local leaders at the grand opening of WSSC Water Company’s Piscataway Bioenergy Facility in Accokeek, Maryland. This project was made possible in part by Biden-Harris Administration’s Bipartisan Infrastructure Law. Below are excerpts of his remarks:

“We had a pandemic not too long ago. It hit us right between the eyes and cost us a million citizens. And one of things was when the pandemic hit, we found out was that we were reliant on an awful lot of people overseas to produce masks. We didn’t have enough masks to protect our people. And why do I say this? Because in the last Congress – not this Congress, which has been the least effective Congress in which I’ve served since 1981. But having said that, the last Congress, the 117th was one of the most productive Congresses – with the relevance of this today. We enacted four bills that were investing in America, were building America, creating jobs in America, and we invested a lot in science. We invested a lot in the environment. We invested in making sure America was all that it could be.”

“But in the infrastructure bill, normally you think of roads, bridges, highways, airports, seaports, et cetera et cetera, we also invested in something that we knew was critical and had been a failure of infrastructure. Flint, everybody heard of Flint, Michigan? Kids died because the water in Flint, Michigan, was not clean and it made them sick. And so we knew that infrastructure was more than just roads and transportation facilities, et cetera et cetera. It was also clean water, clean pipes.”

“And then in the investment – in the IRA – we invested a lot of money in climate. And in the science bill, we put the largest investment in science in the history of the world. America will be better in the next decade, and the decade thereafter and the decade thereafter because of those investments in those four bills.”

“It’s a lot of money we’ve sent throughout the country to make sure, that this country, in fact, is in the future and will be getting to, very quickly, hopefully certainly by 2050 – a green environment. Why do we want to get there? Because it is critically important for the wellbeing of every one of our people. Over 300 million strong. And it’s also very important for the world because if America is clean, then the world will be clean. Because we produce a lot of pollution in this world. China does as well. The largest country, India, does as well. The largest countries. And it is incumbent upon us to do not only for our own citizens but for the global community. That’s why this event is so, very important.”

“Not only does it take a product that was waste product, that was causing us a problem, it turns that problem into an asset. And I’m so glad to be here with all of you. I want everybody for the WSSC to stand up and be recognized.”

“Thank you. Thank you all very much. Because all of the talk, all of the money, all of the activity that the rest of us do empowers you to do things but it would not happen without you. The end would not happen. The objective of our work, our legislation, our money, whether it’s at the federal, state, or local level, would not make a difference if it was not for all of you who stood up. And who, every day, turn that money into product. Turn that money into advantage. Turn that money into a positive result for our community.”

MIL OSI USA News –

January 25, 2025

MIL-OSI USA: U.S. Rep Angie Craig Announces $330,750 to Increase Domestic Biofuels in Lakeville

Source: United States House of Representatives – Congresswoman Angie Craig (MN-02)

Lakeville, MN – Today, U.S. Representative Angie Craig announced $330,750 in federal grant funding for the Mega Stop Inc., a truck stop in Lakeville, to help expand their access to homegrown biofuels.

This funding comes as a Higher Blends Infrastructure Incentives Program grant, which is part of a $239 million investment, made in the Inflation Reduction Act, to increase the availability of domestic biofuels in 18 states and give Americans cleaner, more affordable fuel options.

“Bolstering domestic biofuel production supports Minnesota’s family farmers and lowers prices at the pump for working Minnesotans – it’s a win-win for everybody,” said Rep. Craig. “I was proud to work to pass the Inflation Reduction Act and I’ll keep working to invest in the all-of-the-above energy approach we need to lower energy costs and combat climate change.”

The Inflation Reduction Act, which passed in 2022 with Rep. Craig’s support, made the largest investment ever in homegrown biofuels infrastructure.

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MIL OSI USA News –

January 25, 2025

MIL-OSI New Zealand: Animal Welfare – Animals suffering for entertainment – SAFE calls for ban as rodeo season begins

Source: SAFE For Animals

With the 2025/25 rodeo season due to commence this Sunday 3 November, animal rights organisation SAFE is reinforcing its call for a ban.

SAFE Campaign Manager Emily Hall says rodeo events directly breach New Zealand’s Animal Welfare Act, with animals used at these events subjected to extreme psychological and physical trauma.

“Our Animal Welfare Act states that any physical handling of animals must be done in a way that minimises the likelihood of unnecessary pain or distress, and rodeo practices clearly violate this legislation.”

“Horses, bulls, steers, and calves are singled out, provoked with painful instruments and pursued, which translates to sheer terror for these gentle natured herd animals.”

SAFE says the types of injuries animals experience can include ripped tendons, broken bones, horns torn off, severe bruising, and organ damage.

“The animals forced to participate are at significant risk of injury, and rodeo has long been condemned by animal welfare experts here in New Zealand and internationally.”

“We should have seen these barbaric events banned a long time ago,” says Hall.

SAFE highlights the physical pain and distress rodeo practices inflict on animals not only breaches their legal rights, but also goes against Kiwis expectations of animal welfare, particularly as rodeo is promoted as a family-friendly event.

“We are deeply concerned at the disconnect between what the rodeo industry considers a sport and the level of harm inflicted upon the animals in their care.” “Rodeo certainly holds no social licence as a community event, and we hope to see a shift in terms of clubs and competitor’s respect for animal welfare.”

In addition to highlighting the need for a ban, SAFE is calling on the National Animal Welfare Advisory Committee (NAWAC) to release its revised rodeo Code of Welfare for public consultation.

“SAFE understands a revised rodeo code was completed almost two years ago but no further steps have been taken by NAWAC or the Minister for Animal Welfare. This unnecessary delay is preventing New Zealanders from having their say, and puts the lives of animals still being subjected to this cruel practice at risk”. says Hall.

“No animal should have to endure extreme trauma or catastrophic injuries in the name of entertainment, and we are calling for these exceptionally cruel events to be banned in line with the Animal Welfare Act”.

SAFE is Aotearoa’s leading animal rights organisation.

We’re creating a future that ensures the rights of animals are respected. Our core work empowers society to make kinder choices for ourselves, animals and our planet.

The revised Code of Welfare; Rodeo has been significantly delayed.

In July 2022, SAFE and the New Zealand Animal Law Association (NZALA) jointly contested rodeo in the High Court.

Rodeo clubs are not obliged to report injuries or deaths sustained during events. Information is therefore only available through OIA requests.

On Tuesday 22 October the Aohanga Horse Sports & Rodeo Club received a formal warning from Ministry for Primary Industries (MPI) in relation to the club permitting and encouraging the riding of sheep. Sheep riding is banned at rodeo events as outlined in the rodeo Code of Welfare.

MIL OSI New Zealand News –

January 25, 2025

MIL-OSI New Zealand: Trade Deals – Gulf State trade deal to grow economy – BusinessNZ

Source: BusinessNZ

BusinessNZ welcomes the opportunity for New Zealand business to access new markets and grow our economy through a Free Trade Agreement (FTA) with the Gulf States.

Chief Executive Katherine Rich says the new high-quality FTA between New Zealand and the Gulf Cooperation Council will be welcome news to those looking to grow their business overseas.

“New Zealand has a strong reputation for exports which are sought after in the Gulf States – things like high-quality agriculture, food and beverage, as well as other goods. This FTA gives preferential access for our primary sector exporters and streamlined customs processes.

“This deal will help meet the ambitious target set by this Government to double export value by 2034. The Gulf States are home to some 54 million people who have good incomes and sophisticated tastes, so there are plenty of opportunities for Kiwi exporters to expand into the region.

“This FTA also sends an important global signal at a time of increasing protectionism, that some countries are still embracing open economies and free trade – which is for the mutual benefit of their consumers and citizens.

“BusinessNZ acknowledges the hard work our negotiators have put into making this deal a reality and look forward to further growing our economy through overseas trade.

The Gulf Cooperation Council Nations include: Bahrain, Kuwait , Oman, Qatar, Saudi Arabia, UAE

The BusinessNZ Network including BusinessNZ, EMA, Business Central, Business Canterbury and Business South, represents and provides services to thousands of businesses, small and large, throughout New Zealand.

MIL OSI New Zealand News –

January 25, 2025

MIL-OSI New Zealand: Save the Children – World more dangerous than ever for children with crimes in conflict at highest ever in 2023

Source: Save the Children

The number of grave violations committed against children in war rose 15% in 2023 to the highest level since reporting started in 2005 with the biggest increases in Sudan and the occupied Palestinian territory, according to new report by Save the Children [1].

The report Stop the War on Children – Pathways to Peace analysed the number of verified grave violations against children in conflict since such records began, with the crimes including killing, maiming and abduction, sexual violence, recruitment into armed groups, attacks on schools and hospitals, and denial of humanitarian access to children.

The report found 31,721 documented cases of grave violations against children [2] in conflict took place in 2023, which equated to an average of 86 crimes against children per day, eclipsing the previous record set in 2022.

The largest total number of crimes were committed in the occupied Palestinian territory where 8,434 grave violations were verified – a quarter of the total number – and a 170% jump on the year before. This was followed by the Democratic Republic of Congo (with 3,805 verified cases, up from 2,420 cases in 2022) and Somalia (with 2,290 verified cases, slightly down from 2,783 cases in 2022).

The biggest relative increase in grave violations was recorded in Sudan, where cases increased fivefold since 2022 from 317 cases to 1,759 cases.

An horrific 11,338 cases of killing and maiming of children in conflict were documented around the world in 2023, representing a 31% rise compared to the previous year. This was the equivalent to an average of 31 children per day – an entire classroom – losing their life or being maimed. More than a third were Palestinian children.

Incidents of denial of humanitarian access – another grave violation against children in conflict – also reached an historic high with 5,158 incidents in 2023, compared to 3,931 the previous year – and more than 11 times higher than a decade ago. The occupied Palestinian territory recorded 3,250 incidents of denial of humanitarian access in 2023, the highest number ever recorded in any conflict setting.

The report also revealed that the last three decades have witnessed a staggering increase in the number of children living under the weight of war, with the number reaching 473 million children – or 19% of the world’s child population – in 2023 [3]. This share has nearly doubled from around 10% of the world’s child population in the mid-1990s, as children’s right to protection in conflict continued to be obliterated [4]

The report analysed global military spending and found it rose to $2.4 trillion in 2023 – or more than the entire GDP of Italy – while investments in peace and conflict prevention dwindled. The economic impact of violence, including the costs of prevention, containment, and addressing its consequences, has steadily risen, reaching $19.1 trillion in purchasing power parity (PPP) terms in 2023.

Sharmarke-, a 12-year-old boy living in Puntland, Somalia, lost his brother in the ongoing conflict in his homeland and yearns for peace. He said:

“If I had one wish, it would be for peace in Somalia. Peace is something that we have been without for so long that many of us don’t even know what it feels like. I wish for a country where families like mine don’t have to run from their homes in fear, where children can go to school without being afraid. Somalia has been broken by war, and it’s time for us to heal.”

Inger Ashing, CEO of Save the Children International, said:

“This report is devastating and leaves no doubt that the world is getting more dangerous for children. For so much of humanity we have seen progress on children’s rights and their protection, but in countries at war, the situation is sharply declining.

“We are seeing global military spending continuing to climb, while investments in conflict prevention are on the decline. The consequences of this misplaced focus are devastating. Ongoing conflicts in the DRC, occupied Palestinian territory, Sudan, and Ukraine, and so many other countries, have witnessed a horrific escalation in attacks against children, schools, and hospitals.

“These violations have ignited a global outcry and yet we haven’t seen any real and meaningful pledges for peace.

“States must take action. They need to uphold standards of conduct in conflict. They must hold perpetrators to account. They must protect humanitarian access. They need long term plans for peace. And they need to support children’s resilience and recovery. The future of millions of children depends on immediate and decisive global action.”

Gudrun Østby, Research Professor at the Peace Research Institute Oslo, said:

“The documented cases of crimes against children in conflict zones are horrific, yet these figures likely only scratch the surface. With an estimated 473 million children-or 19% globally -living in conflict areas, each of these children has a unique story and conflict experience.”

“Over the past few decades, the number of children living in conflict settings has risen steadily. The global share of children at risk due to conflict has nearly doubled since the 1990s. Now, more than ever, the need to protect the millions of children in conflict zones is both critical and urgent.”

Save the Children’s analysis also uncovered an alarming number of UN member states have signed onto less than half of the international legal and political instruments that provide protection children in conflict. As many as 43 UN members, or more than 20%, many of which are involved in armed conflict, have failed to sign or endorse more than six of the twelve instruments, showing a large gap in commitment to child protection. At the same time, arms sales continue to fuel conflicts, with weapons being transferred to actors notorious for violating children’s rights [5].

Peaceful childhoods are a critical part of building peaceful societies. As government leaders and civil society, including activists, survivors, and young people, prepare to meet at the inaugural Global Ministerial Conference on Violence Against Children in Colombia next month, this report highlights the urgent need for intensified global action to combat violence against children in conflict and build a safer future for children worldwide. Despite the degradation of the rules-based order, there are reasons for optimism, including advancements in accountability, effective implementation practices, and growing popular mobilization for peace and safety for children.

NOTES:

Stop the War on Children: Pathways to Peace – can be accessed here.

[1] Analysis by Save the Children of the 2024 United Nations annual report of the Secretary-General on children and armed conflict, based on data reported and verified in 2023. The analysis also draws on previous Save the Children mapping of the number of grave violations in the reports on children and armed conflict from 2005-23. Unlike the annual UN reports on children and conflict, we have included verified incidents of military use of hospitals and schools under the grave violation attacks on schools and hospitals when we add up the grave violations in each conflict setting.

[2] The six grave violations against children: the UN Security Council has identified six grave violations against children in situations of armed conflict: killing and maiming of children; recruitment or use of children in armed forces and groups; rape and other forms of sexual violence against children; abduction of children; attacks against schools and hospitals; and denial of humanitarian access to children. These grave violations were defined on the basis of their egregious nature and their severe impact on children’s wellbeing. In addition to the six violations, the annual UN has verified cases of detention of children since 2012 and presented them in the report.

[3] Updated data on the number of children living in conflict zones conducted by the Peace Research Institute (PRIO), Oslo based on Uppsala Conﬂict Data Program’s Georeferenced Event Dataset (UCDP GED) cross-referenced with population data from Gridded Population of the World (GPW) and from the UN (2023).

[4] Figure 2, page 5. The share was 9,7% in 1995.

[5] Including the Safe Schools Declaration, Paris Commitments and the Explosive Weapons in Populated Areas (EWIPA) declaration.

MIL OSI New Zealand News –

January 25, 2025

MIL-OSI New Zealand: Trade Deals – Gulf State trade deal unlocks new region – BusinessNZ

Source: BusinessNZ

ExportNZ welcomes a new Free Trade Agreement (FTA) between New Zealand and the Gulf Cooperation Council, which provides new avenues for exporters.

Executive Director Josh Tan says the agreement with the Gulf States will streamline processes to get New Zealand products on shelves in the Gulf sooner.

“This FTA provides new market access to several Gulf States, making it easier for exporters to engage with customers and clients, and grow their business overseas.

“Exporters will be pleased to hear tariffs on 99 percent of goods will be eliminated in the first ten years of the FTA coming into force, providing certainty to businesses looking to enter Gulf State markets.

“With this deal and the recent NZ-UAE FTA, New Zealand now has access into the economic hubs of the Middle East. These deals will help unlock the region for exporters who had previously been deterred from doing business in the Gulf.

“The Government has set an ambitious target to double our export value by 2034. Agreements like this and the UAE-NZ FTA will help exporters reach that goal.

“ExportNZ on behalf of all NZ exporters, would like to thank our negotiators in securing this new deal.”

Gulf Cooperation Council Nations include: Bahrain, Kuwait, Oman, Qatar, Saudi Arabia, UAE

The BusinessNZ Network including BusinessNZ, EMA, Business Central, Business Canterbury and Business South, represents and provides services to thousands of businesses, small and large, throughout New Zealand.

MIL OSI New Zealand News –

January 25, 2025

MIL-OSI New Zealand: Trade Deals – DCANZ welcomes NZ: GCC trade agreement

Source: Dairy Companies Association of New Zealand (DCANZ)

The Dairy Companies Association of New Zealand (DCANZ) welcomes the announced conclusion of trade negotiations between the Gulf Cooperation Council (GCC) and New Zealand. The conclusion of this deal with the wider GCC region follows on from the recent conclusion of trade negotiations between New Zealand and the United Arab Emirates (UAE).

“New Zealand exported approximately NZ$1.9 billion worth of dairy products to the GCC region in the last year. This makes the GCC region New Zealand’s second-largest dairy market after China. Locking in elimination of the already low tariffs on key dairy products into this highly valuable market provides important commercial certainty for dairy exporters,” says DCANZ Executive Director Kimberly Crewther.

“DCANZ congratulates Trade Minister Todd McClay and New Zealand trade negotiators on the conclusion of these negotiations. With New Zealand and the GCC first launching FTA negotiations back in 2007, it is good to see negotiations finally concluded. New Zealand is also the first major dairy exporter to secure a free trade agreement with the GCC and we commend the Government for continuing to pursue this outcome”.

“We appreciate the Government’s commitment to a trade agenda that continues to deliver for exporters, including in regions where New Zealand does not have an existing free trade agreement footprint. We strongly encourage the Government to maintain momentum and ambition to bring down barriers with other negotiating partners, including upgrading existing trade agreements that have not yet secured dairy tariff elimination.”

MIL OSI New Zealand News –

January 25, 2025

MIL-OSI New Zealand: Environment – Coral pulled up by NZ trawler “environmental vandalism” says Greenpeace

Source: Greenpeace

Revelations that a New Zealand trawler has destroyed kilograms of deep sea corals in a region of the South Pacific earmarked for protection, illustrates exactly why New Zealand must stop bottom trawling these international waters, says Greenpeace Aotearoa.

A New Zealand trawler, The Tasman Viking which is owned by Westfleet, pulled up several species of deep sea coral while trawling in international waters of the Tasman Sea last month.

The coral ‘encounter’ happened on Lord Howe Rise, a region renowned for diverse marine life including corals, sponges, whales and seabirds, triggering an international fishing rule that will see the area temporarily closed to trawling and countries with a fisheries interest in the area notified.

Greenpeace campaigner Ellie Hooper says this latest coral destruction by a New Zealand trawler is an embarrassment, calling it yet another example of how destructive bottom trawling is and why it must be banned.

“It’s reckless environmental vandalism to bulldoze coral, an essential building block for ocean life, especially in the middle of a biodiversity crisis”, says Hooper.

“New Zealand trawlers are the last, and only boats still bottom trawling the South Pacific high seas. As a country, we’re an outlier on this issue, flying in the face of the New Zealand public, who want bottom trawling banned from vulnerable areas, and the opinion of our international neighbours.

“If we want a healthy planet, and marine life to thrive, New Zealand must stop bottom trawling seamounts and other vulnerable areas in the South Pacific.”

Last year Westfleet, which is partly owned by Sealord, was fined over $52,000 and The Tasman Viking convicted following an incident where rare bamboo coral, pulled up in trawl nets, was illegally released overboard before a fisheries observer had a chance to properly document it.

The incident also happened in the Lord Howe Rise region, and despite the conviction, The Tasman Viking, was given a new high seas trawling permit in June 2024

The waters around Lord Howe Rise are rich and abundant, and include a chain of seamounts or underwater mountains that are home to a variety of marine life from coral to whales and seabirds including the antipodean albatross.

Greenpeace and allies are calling for one of the world’s first global ocean sanctuaries to be created in this region, with the Australian government taking a step forward towards this goal in announcing a science symposium on the site for 2025.

“While other nations are progressing with protecting the high seas from harm, New Zealand is dragging behind, still permitting bottom trawling in these precious areas, despite other countries pushing for them to be closed,” says Hooper.

“To give the ocean a chance to recover and thrive, the New Zealand government must end the countries’ bottom trawling operation in the South Pacific high seas, and get with the programme on protection.”Scientists agree that to help stave off the worst of the climate crisis at least 30% of the world’s oceans must be protected from industrial harms by 2030. Creating global ocean sanctuaries in international waters, those areas outside of any one country’s jurisdiction, will play a crucial role in achieving this 30×30 goal. A recent report released by Greenpeace International shows that urgent action is needed to create marine protected areas. At the current rate of protection it would take till 2107 to reach the 30×30 goal.

MIL OSI New Zealand News –

January 25, 2025

MIL-OSI New Zealand: Celebrating a Golden History – Ōkārito population quintuples to celebrate Tohu Whenua status

Source: Tohu Whenua

This week, 150 people gathered in Ōkārito (population = 30) for the area’s official Tohu Whenua launch – a recognition acknowledging Ōkārito as one of Aotearoa New Zealand’s must-dos. The Ōkārito Community Association, Ngāti Māhaki and Te Rūnanga o Makaawhio gathered for the official launch with representatives from Tohu Whenua, Heritage New Zealand Pouhere Taonga, Department of Conservation Te Papa Atawhai, Manatū Taonga Ministry for Culture and Heritage and Minister for Arts, Culture and Heritage; Hon Paul Goldsmith.

With school students from Franz Josef Glacier School, Whataroa School and Hokitika Primary School in attendance, the launch celebrated the diverse history of a place of harvest, conservation and goldrush that now offers unique opportunities for visitors to connect with history and wildlife.

What is Tohu Whenua?

Tohu Whenua is a free itinerary of places to visit and explore history where it happened. Other Tohu Whenua sites in the Te Tai Poutini region include the Hokitika Port, Commercial and Government Centre, Historic Reefton, Te Kopikopiko o te Waka and Denniston, Waiuta and Brunner Mine. Home to Te Tai Poutini West Coast’s oldest known building and the ancient Ōkārito lagoon, Tohu Whenua is thrilled to welcome Ōkārito into its growing itinerary.

“Tohu Whenua sites provide unique opportunities to encounter and interact with the history that has created Aotearoa New Zealand’s story. Ōkārito has layers of fascinating history and we are thrilled to welcome it into our growing network.” Andrew Coleman, Manahautū/Chief Executive of Heritage New Zealand Pouhere Taonga and Chair of the Tohu Whenua Governance Group.

A recent survey commissioned by Tohu Whenua revealed that 78% of New Zealanders surveyed want to learn more about NZ history and many indicated a specific interest in Māori heritage. There are already many information panels around Ōkārito that tell the goldrush and conservation stories of the area, which inspired Tohu Whenua to work alongside Te Rūnanga o Makaawhio to install a new information panel that tells the mana whenua story of the area.

“Ōkārito holds a special place in the history of Ngai Tahu and also our earlier whakapapa of Ngati Wairangi, Patea and Waitaha, and so Ngati Mahaki are thrilled to be part of this,” Te Runanga o Makaawhio chairman Paul Madgwick says.”Tohu Whenua is fitting recognition for the mana of this place. Several pā and kāinga here testify to centuries of occupation — and war — plus Ōkārito was renowned far and wide for its whare wananga for learning the traditions and lore of Te Tai Poutini.”

There are a number of ways to experience Ōkārito including beautiful walks featuring rimu, rata and silver pine forests and the popular 4.3km Ōkārito Trig walk. The Ōkārito Lagoon can be explored via walk, boat or kayak – giving you a breathtakingly close experience with over 70 species of birds, including the rare kōtuku/white heron, along with panoramic views of the Southern Alps. Tohu Whenua will also encourage visitors to visit the iconic Donovan’s Store, Ōkārito Wharf and boatshed and bookable accommodation including the Ōkārito Community Campground and the Ōkārito Schoolhouse – which is managed as a historic asset by the Department of Conservation Te Papa Atawhai.

“The rich human history combined with the stunning natural environment at Ōkārito make it one of the feature spots of Te Wāhipounamu. Today – with the area being part of Predator Free South Westland – the mauri of the natural environment is being restored, making it a “must do” place for New Zealanders to visit and connect with both nature and our history.” Wayne Costello, Operations Manager, South Westland District, Department of Conservation Te Papa Atawhai

To learn more about visiting Ōkārito and other sites on the Tohu Whenua itinerary, visit www.tohuwhenua.nz

Tohu Whenua background information:

Tohu Whenua is a partnership between Heritage New Zealand Pouhere Taonga, Department of Conservation Te Papa Atawhai and Manatū Taonga Ministry for Culture and Heritage.

MIL OSI New Zealand News –

January 25, 2025

MIL-OSI USA: Disaster Recovery Center Opens in Polk County

Source: US Federal Emergency Management Agency

Headline: Disaster Recovery Center Opens in Polk County

Disaster Recovery Center Opens in Polk County

RALEIGH, N.C. – A Disaster Recovery Center (DRC) will open Friday, Nov. 1 in Mill Spring (Polk County) to assist North Carolina survivors who experienced loss from Tropical Storm Helene. The Polk County DRC is located at: Polk County Recreation Complex (Parking Lot)235 Wolverine TrailMill Spring, NC 28756Open: 8 a.m. – 7 p.m., Monday through SundayA DRC is a one-stop shop where survivors can meet face-to-face with FEMA representatives, apply for FEMA assistance, receive referrals to local assistance in their area, apply with the U.S. Small Business Administration (SBA) for low-interest disaster loans and much more. FEMA financial assistance may include money for basic home repairs, personal property losses or other uninsured, disaster-related needs, such as childcare, transportation, medical needs, funeral or dental expenses. To find additional DRC locations, go to fema.gov/drc or text “DRC” and a zip code to 43362. Additional recovery centers will open soon. All centers are accessible to people with disabilities or access and functional needs and are equipped with assistive technology.   Homeowners and renters in 39 North Carolina counties and tribal members of the Eastern Band of Cherokee Indians can visit any open center, including locations in other states. No appointment is needed.  It is not necessary to go to a center to apply for FEMA assistance. The fastest way to apply is online at DisasterAssistance.gov or via the FEMA app. You may also call 800-621-3362. If you use a relay service, such as video relay, captioned telephone or other service, give FEMA your number for that service.
barbara.murien…
Thu, 10/31/2024 – 19:29

MIL OSI USA News –

January 25, 2025

MIL-OSI USA: Casey Trees Workers Vote to Unionize and Prepare for First Contract Negotiations

Source: US GOIAM Union

Casey Trees Workers in Washington, D.C. voted in August to unionize with the IAM in a 22-6 vote. Casey Trees was started in 2001 with the goal of restoring, enhancing, and protecting the Capitol’s canopy. In addition to beautifying the District, a robust tree canopy helps lower temperatures on streets and surrounding buildings in the summer, can reduce flooding after storms, and absorbs pollution year round.

With negotiations coming up soon, workers are collectively deciding their bargaining priorities. The unit includes the public facing Tree Operations department as well as Admin, Education, Communications & Development, and Policy & Land Conservation departments that make the work possible before a shovel ever hits the ground.

Urban Forester and Tree Planter, Shaveen Roberts, hopes for better pay amidst rising housing costs and more days off during severe inclement weather. Like his coworkers, he enjoys landscaping and working outside. Too often, management takes the love workers have for their professions for granted, excluding them from the decisions that affect them most or making them feel unappreciated. By becoming union members, Casey Trees workers have gained the voice they were seeking, while remaining fulfilled in their work.

Jonathan Carney, Urban Forester at Casey Trees, helps determine appropriate places to plant trees in DC. In addition to positive environmental and health impacts, adding trees, he says, can add a “sense of place” to otherwise unremarkable pockets of the city. Carney likes his work and wanted a union to codify the aspects of the jobs he enjoys. “Being in a union is for the betterment of all working people.”

Michael Carter, Crew Member of three years and DC native, enjoys the ability to plant trees where he’s grown up. Carter was elected to the negotiation committee, where he helps relay concerns from all teams to management. “We’re in the planning stage where we’re trying to get our ideas together, and decide the things we want and are entitled to.”

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MIL OSI USA News –

January 25, 2025

MIL-OSI Submissions: GAZA – Detention of MSF Dr Mohammed Obeid and several medical staff from Kamal Adwan Hospital, North Gaza – MSF

Source: Médecins Sans Frontières/Doctors Without Borders (MSF)

1st November, 2024. Médecins Sans Frontières/Doctors Without Borders (MSF) has received confirmation that Dr Mohammed Obeid, an MSF orthopedic surgeon, has been detained by Israeli forces along with several medical staff from Kamal Adwan hospital in north Gaza during a military operation at the hospital on 26 October. We are extremely alarmed by the detention of our colleague.

Dr Obeid has been working tirelessly since the beginning of the war, offering his support as a doctor to multiple hospitals in Gaza. His work has saved countless lives.

Our last contact with Dr Obeid was on the afternoon of 25 October. He had been sheltering and offering his support as a surgeon at Kamal Adwan hospital when it was besieged by Israeli forces.

We have officially requested information from the Israeli authorities on Dr Obeid’s detention status, his current location, and any information regarding his physical and mental well-being.

Prior to his detention Dr Obeid shared this testimony describing the situation in the hospital:

“There is death in all types and forms in Kamal Adwan hospital and north Gaza. The bombardment does not stop. The artillery does not stop. The planes do not stop. There is heavy shelling, and the hospital is targeted too. It just looks like a movie; it does not seem real.

About five days ago, my house was hit. They completely blew up the roof and water tanks, but we were at the ground floor and only one person got injured, thank God. We left a few times, moving to different areas, my family and neighbors were terrified. I sheltered in Kamal Adwan hospital with my wife and children, and I am now working here, where I can treat numerous patients.

There are no words to describe the situation in Kamal Adwan hospital: it is disastrous. The hospital is completely overwhelmed. There are injured people everywhere, outside and inside the hospital, and we do not have medical and surgical equipment to treat them.

Ambulances cannot move. We cannot reach the bodies of the people killed and cannot save the injured ones who lie in the streets. Many of them died before reaching the hospital, and others died inside the hospital as we could not treat their wounds.

We have 30 people dead inside the hospital, and around 130 injured patients who need urgent medical care. Medical staff are exhausted, and many are injured as well. We feel hopeless. I just don’t have words.

We call on all the countries in the world to consider north Gaza, and to lift the blockade that has led to the death of so many people.”

MSF calls for the safety and the protection of our colleague, and for all medical staff in Gaza who work under impossible conditions and are facing horrific violence as they try to provide care.

MSF Australia was established in 1995 and is one of 24 international MSF sections committed to delivering medical humanitarian assistance to people in crisis. In 2022, more than 120 project staff from Australia and New Zealand worked with MSF on assignment overseas.

MSF delivers medical care based on need alone and operates independently of government, religion or economic influence and irrespective of race, religion or gender. For more information visit msf.org.au

MIL OSI – Submitted News –

January 25, 2025

MIL-OSI Economics: Apple reports fourth quarter results

Source: Apple

Headline: Apple reports fourth quarter results

Apple periodically provides information for investors on its corporate website, apple.com, and its investor relations website, investor.apple.com. This includes press releases and other information about financial performance, reports filed or furnished with the SEC, information on corporate governance, and details related to its annual meeting of shareholders.

This press release contains forward-looking statements, within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements include without limitation those about payment of the Company’s quarterly dividend and future business plans. These statements involve risks and uncertainties, and actual results may differ materially from any future results expressed or implied by the forward-looking statements. Risks and uncertainties include without limitation: effects of global and regional economic conditions, including as a result of government policies, geopolitical tensions, conflict, terrorism, natural disasters, and public health issues; risks relating to the design, manufacture, introduction, and transition of products and services in highly competitive and rapidly changing markets, including from reliance on third parties for components, technology, manufacturing, applications, support, and content; risks relating to information technology system failures, network disruptions, and failure to protect, loss of, or unauthorized access to, or release of, data; and effects of unfavorable legal proceedings, government investigations, and complex and changing laws and regulations. More information on these risks and other potential factors that could affect the Company’s business, reputation, results of operations, financial condition, and stock price is included in the Company’s filings with the SEC, including in the “Risk Factors” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations” sections of the Company’s most recently filed periodic reports on Form 10-K and Form 10-Q and subsequent filings. The Company assumes no obligation to update any forward-looking statements, which speak only as of the date they are made.

About Apple

Apple revolutionized personal technology with the introduction of the Macintosh in 1984. Today, Apple leads the world in innovation with iPhone, iPad, Mac, AirPods, Apple Watch, and Apple Vision Pro. Apple’s six software platforms — iOS, iPadOS, macOS, watchOS, visionOS, and tvOS — provide seamless experiences across all Apple devices and empower people with breakthrough services including the App Store, Apple Music, Apple Pay, iCloud, and Apple TV+. Apple’s more than 150,000 employees are dedicated to making the best products on earth and to leaving the world better than we found it.

MIL OSI Economics –

January 25, 2025

MIL-OSI USA: Hageman Files Amicus Brief in Support of Fourth Amendment Rights

Source: United States House of Representatives – Wyoming Congresswoman Harriet Hageman

Washington, DC – Today, Congresswoman Harriet Hageman, joined by Senators Cynthia Lummis, R-WY, Rand Paul, R-KY, and Ron Wyden, D-OR, and Representatives Dan Bishop, R-NC, Thomas Massie, R-KY, and Nikema Williams, D-GA, filed an amicus brief in the case of Martin v United States, a Federal Tort Claims Act (FTCA) challenge against the U.S. due to a wrongful raid conducted by the FBI.

Representative Hageman stated, “When the government infringes upon a citizen’s Constitutional rights there must be methods of redress for those who were wronged. The FBI clearly violated the Fourth Amendment rights of Ms. Martin and her family, and it is critically important that they have legal redress. Congress has provided Americans with an avenue to protect their individual natural, including those and victims of wrongful federal law enforcement raids. Courts have no right to ignore those protections in order to arbitrarily grant immunity to the FBI, and in doing so in this case the appellate judges have blatantly subverted the laws enacted by Congress. The FBI must be held accountable for the physical and emotional damages it inflicted by wrongfully raiding Curtrina Martin’s home.”

Background:

In 2017, as part of an anti-gang operation, FBI agents executed a warrant for a specific gang member, raiding the wrong home of Curtrina Martin. Martin, her child, and boyfriend were awoken when agents detonated a flash grenade and ripped the door off its hinges. Her boyfriend was handcuffed, and Martin held at gunpoint. After the FBI noticed it was at the wrong address, the agents ended the raid without explanation.
Congress enacted the FTCA in 1946 to allow U.S. persons to sue the federal government for torts, including harms that result in legal liability, committed by persons acting on behalf of the government. Congress expanded this accountability measure in the 1970s to address federal law enforcement actions in response to a series of wrongful drug raids on innocent persons.
Ms. Martin filed for redress against the United States under the FTCA, alleging violation of Fourth Amendment rights. The 11th circuit dismissed her claims on a faulty application of the Constitution’s Supremacy Clause. If allowed to stand, this decision would effectively gut the FTCA, and the accountability it provides, for not just Curtrina Martin, but all Americans, and would deal a serious blow to the separation of powers that underpins our Constitutional republic.

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Contact: Chris Berardi, Sr. Advisor/Communications Director

MIL OSI USA News –

January 25, 2025

MIL-OSI Canada: The NFB at RIDM 2024. Kim O’Bomsawin’s Ninan Auassat: We, the Children chosen to close the festival. Wilfred Buck by Lisa Jackson screening in competition.

Source: Government of Canada News

The National Film Board of Canada (NFB) will be at the 27th Montreal International Documentary Festival (RIDM) with two feature films, including this year’s closing film, Ninan Auassat: Nous, les enfants (Ninan Auassat: We, the Children, NFB), by Abenaki filmmaker Kim O’Bomsawin. Wilfred Buck (Door Number 3 Productions/NFB), by Anishinaabe filmmaker Lisa Jackson, will also be screening at RIDM, where it will be having its Quebec premiere.

October 30, 2024 – Montreal – National Film Board of Canada (NFB)

The National Film Board of Canada (NFB) will be at the 27th Montreal International Documentary Festival (RIDM) with two feature films, including this year’s closing film, Ninan Auassat: Nous, les enfants (Ninan Auassat: We, the Children, NFB), by Abenaki filmmaker Kim O’Bomsawin. Wilfred Buck (Door Number 3 Productions/NFB), by Anishinaabe filmmaker Lisa Jackson, will also be screening at RIDM, where it will be having its Quebec premiere. Both titles are in the Magnus Isacsson Competition. The short film Nalujuk Night (NFB, 2021), by Inuk visual artist Jennie Williams, will be shown as part of the Doc-to-Doc program, where directors whose latest projects are screening at RIDM discuss films they’d like audiences to discover. RIDM will take place from November 20 to December 1, 2024.

Closing film: Ninan Auassat: We, the Children by Kim O’Bomsawin

Ninan Auassat: Nous, les enfants (Ninan Auassat: We, the Children) by Kim O’Bomsawin (93 min) – Quebec premiere
Produced at the NFB by Mélanie Brière, Nathalie Cloutier and Colette Loumède
Press kit: mediaspace.nfb.ca/epk/ninan_auassat_en

The film will screen in competition as it makes its Quebec premiere during the festival’s closing night on November 30 (screening by invitation only) at the Cineplex Odeon Quartier Latin Cinema, with the filmmaker in attendance. This will be followed at 10:30 p.m. by a concert at the Cinémathèque Québécoise featuring the electro-pop/soul sounds of Huron-Wendat singer-songwriter Eadsé, presented by the NFB and RIDM and open to all. A second screening of the film, open to the public, is scheduled for December 1 at 3 p.m. at the Cinémathèque québécoise, followed by a Q&A with the filmmaker.
Ninan Auassat celebrates the power and vitality of Indigenous youth. Shot over more than six years, the film brings us the moving stories of three groups of children from three different Indigenous nations—Atikamekw, Eeyou Cree and Innu. Filmed from “a child’s eye-view” and without adult voices and “experts” on young people, the film reveals the dreams of a new generation poised to take flight. The feature film recently received the Tides Award for Best Canadian Documentary at the Vancouver International Film Festival.
Kim O’Bomsawin is an award-winning Abenaki documentary filmmaker and sociologist who’s deeply passionate about sharing the stories of Indigenous Peoples. Her recent credits include the feature-length documentary Call Me Human (Je m’appelle Humain), honoured at the Gémeaux Awards in 2020, and her series Telling Our Story, shown in TIFF’s Primetime program in 2023.

Ninan Auassat: We, the Children will have its theatrical release in Quebec in spring 2025.

Lisa Jackson’s Wilfred Buck screening in competition

Wilfred Buck by Lisa Jackson (92 min) – Quebec premiere
Co-produced by Lisa Jackson and Lauren Grant (Door Number 3 Productions) and Alicia Smith (NFB). Executive producers: Jennifer Baichwal, Nicholas de Pencier and David Christensen (NFB).
Press kit: mediaspace.nfb.ca/epk/wilfred-buck

A Top 5 Audience Favourite at this year’s Hot Docs, the film will have its Quebec premiere and screen in competition on November 22 at 8:30 p.m. at the Cinéma du Musée. A second screening is scheduled for November 24 at 3:30 p.m., also at the Cinéma du Musée. The filmmaker will be present at both screenings to take questions from the audience afterward.
He’s from the “fresh-out-of-the-bush, partly civilized, colonized, displaced people,” and he’s here to take us to the stars. Lisa Jackson’s portrait of Cree Elder Wilfred Buck moves between earth and sky, past and present, bringing to life ancient teachings of Indigenous astronomy and cosmology to tell a story that spans generations. Adapted from Buck’s rollicking memoir I Have Lived Four Lives, the film weaves together stories from his life, including his harrowing young years of displacement and addiction.
Lisa Jacksonis an Anishinaabe (Aamjiwnaang) filmmaker whose work has garnered two Canadian Screen Awards, been nominated for a Webby and screened at top festivals including Sundance, Tribeca, SXSW, London BFI and Hot Docs. Her 2018 NFB VR experience Biidaaban: First Light was viewed by more than 25,000 people, while her film Indictment won Best Doc at imagineNATIVE. Jackson has been honoured with the 2022 Chicken & Egg Award as well as the 2021 DOC Vanguard Award.

Wilfred Buck will be available on Crave in December 2024.

– 30 –

Stay Connected

About the NFB

Lily Robert
Director, Communications and Public Affairs, NFB
C.: 514-296-8261
l.robert@nfb.ca

MIL OSI Canada News –

January 25, 2025

MIL-OSI USA: Bergman Leads on Call for Election Integrity in Michigan

Source: United States House of Representatives – Congressman Jack Bergman (MI-1)

Today, Representative Jack Bergman led Michigan Republican Members of Congress in sending a letter to Michigan Secretary of State Jocelyn Benson demanding answers on Michigan’s elections and urging her to protect election integrity.

Following reports of a Chinese national University of Michigan student – who is not a U.S. citizen – casting a ballot for the upcoming Presidential election, Rep. Jack Bergman, joined by Reps. John Moolenaar, Bill Huizenga, Tim Walberg, John James, and Lisa McClain, wrote a letter to Secretary Jocelyn Benson outlining their concerns and demanding answers on this issue.

You can read the letter here or below:

Secretary Benson:

As you know, the State of Michigan will play a pivotal role in next week’s election, potentially deciding who will become the 47th President of the United States and which party will control the United States Congress.

On October 22, 2024, you made the following statement: “Let me be clear: We have secure elections in Michigan.” Furthermore, you testified before the Committee on House Administration on September 11, 2024, stating there is “no evidence non-citizens are voting.” And yet, according to a recent report by The Detroit News, a University of Michigan student who is a Chinese national – and not a U.S. citizen – allegedly cast a ballot for the upcoming presidential election. The report goes on to note that his ballot will be counted.

Only U.S. citizens are legally permitted to vote in federal elections. You acknowledged this fact during a recent interview on CNN, noting that “Only US citizens can vote in our elections, and secure processes are in place in every state to ensure and reinforce that.” Clearly, this acknowledgement is at odds with the aforementioned report.

Having instances of non-citizens voting, however isolated they may be, puts doubt into the minds of the millions of Michiganders who entrust you with ensuring our elections are secure, free, and fair, and that the results are valid.

With this in mind, we would like you to answer the following questions:

1. What steps is your office taking to verify the citizenship and residency of individuals registering to vote in Michigan to ensure only eligible voters participate in the upcoming election?

2. Will you commit to prosecuting ineligible voters, like the Chinese University of Michigan student, to the fullest extent of the law?

3. How is the Michigan Secretary of State’s office addressing potential risks related to ineligible individuals voting, and what security measures are in place to protect the integrity of the voter rolls?

4. What avenues of recourse are available to ensure improper ballots are not counted? And will you pursue them?

Please respond no later Friday, November 1, 2025, at 5 p.m.

MIL OSI USA News –

January 25, 2025

MIL-OSI USA: Ahead of Winter, Congresswoman Lee Announces $15 Million in Federal Investments to Lower Energy Costs in Nevada

Source: United States House of Representatives – Congresswoman Susie Lee (NV-03)

WASHINGTON – Today, Congresswoman Susie Lee (NV-03) announced that the Department of Health & Human Services (HHS) is delivering $15 million in Low Income Home Energy Assistance Program (LIHEAP) investments to help lower energy costs for low-income families ahead of the winter season.

For more than 40 years, the LIHEAP program has provided federal assistance for families to protect their homes against hot summers and cold winters. LIHEAP helps prevent energy shutoffs, restore services, make minor energy-related home repairs, and weatherize homes to make them more energy efficient.

The investment comes in part through the Bipartisan Infrastructure Law, which Lee helped negotiate and pass.

“Lowering energy costs are top of mind for southern Nevadans, especially as temperatures start to drop this winter,”said Congresswoman Susie Lee. “Federal investments like this can give working families a little bit more breathing room. I’m glad that I could help play a part in delivering these investments through the Bipartisan Infrastructure Law.”

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MIL OSI USA News –

January 25, 2025

Category: KB

Source: SAFE For Animals

Source: BusinessNZ

Source: Save the Children

Source: BusinessNZ

Source: Dairy Companies Association of New Zealand (DCANZ)

Source: Greenpeace