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Category: KB

  • MIL-OSI Economics: Good news for the Páramos at COP16

    Source: CAF Development Bank of Latin America

    CAF -development bank of Latin America and the Caribbean, with the support of Cumbres Blancas, positioned itself at the COP16 in Cali as the first multilateral institution to address the protection of the páramos with a comprehensive vision that seeks not only environmental conservation, but also the improvement of the quality of life of local communities that depend on these ecosystems.

    High mountain ecosystems, especially páramos, play a fundamental role in environmental sustainability and the well-being of millions of people. However, climate change, unsustainable land use and other human activities are seriously threatening these strategic ecosystems.

    In this context, the páramos, which are found exclusively in Colombia, Ecuador, Peru and Venezuela, are recognized as the most biodiverse high mountain ecosystems in the world. They are home to more than 35,000 species of plants and vertebrates, ranking first in diversity of birds, mammals and amphibians, and second in reptiles. In addition, these ecosystems provide critical services to more than 60 million people who depend directly on their resources, including water and energy supply for cities such as Bogotá, Quito, and Cuenca.

    The alliance with Cumbres Blancas reflects the institution’s commitment to promote concrete actions for the restoration and protection of the páramos, and aims to develop initiatives such as the construction of community nurseries, the creation of green employment capacities, and the restoration of watersheds, which are vital to guarantee access to drinking water and energy in these regions.

    CAF’s strategic actions in the páramos are aimed not only at mitigating the impacts of climate change, but also at fostering the resilience of the communities living in these territories. Community nurseries, for example, will be a fundamental tool for restoring native flora and reforesting degraded areas. In addition, the creation of green jobs in sectors such as sustainable agriculture and natural resource management will directly contribute to improving the socioeconomic conditions of local populations.

    Alicia Montalvo, CAF’s Climate Action and Positive Biodiversity Manager, said, “The challenge we face is not only to protect the biodiversity of the páramos, but to translate our knowledge and efforts into concrete actions to ensure their preservation. Our collaboration with ACTO and other institutions is key to obtaining accurate data and coordinating regional efforts, ensuring that resources are optimally invested where they are most needed.

    CAF has already launched several initiatives in the region, ranging from ecological restoration to the promotion of sustainable bio-businesses. One of the most outstanding examples is the work being carried out with the 56 Puruhá indigenous communities of the Cotopaxi páramo, in Ecuador, through a bio-business project promoted together with the Global Environmental Facility (GEF), the Ministry of the Environment and the Heifer Foundation. This project aims to strengthen the organic quinoa production chain and improve the socioeconomic conditions of more than 600 families.

    In addition, CAF is promoting, in collaboration with the GEF, a project that seeks to reduce the climate risk affecting paramo populations in Colombia, Ecuador, Peru, and Bolivia. This initiative will directly benefit more than 360,000 people, improving the capacity to adapt to climate change in these vulnerable areas. The goal is to ensure that these strategic ecosystems can continue to provide vital services to local populations.

    MIL OSI Economics –

  • MIL-OSI Economics: Gartner Survey Shows 85% of Learning and Development Leaders Agree There Will Be a Surge in Skills Development Needs Due to AI and Digital Trends in Next 3 Years

    Source: Gartner – IT Research

    Headline: Gartner Survey Shows 85% of Learning and Development Leaders Agree There Will Be a Surge in Skills Development Needs Due to AI and Digital Trends in Next 3 Years

    As digital and AI trends continue to disrupt work, 85% of learning and development (L&D) leaders agreed that the need for skills development will significantly increase, according to Gartner, Inc. This research was showcased today during the Gartner ReimagineHR Conference, taking place here through Wednesday.

    MIL OSI Economics –

  • MIL-OSI USA: Remarks by President  Biden in Press Gaggle | Baltimore,  MD

    US Senate News:

    Source: The White House
    BMORE LICKSBaltimore, Maryland
    3:02 P.M. EDT
    Q    Mr. President, will you be watching the vice president’s speech tonight?
    THE PRESIDENT:  I will.
    Q    Why are you not attending?  It’s right there on the Ellipse?
    THE PRESIDENT:  Because it’s for her.  This is her night.
    Q    What do you expect to hear out of her tonight?  What’s the closing message from the vice president?
    THE PRESIDENT:  I’ll let you hear it first.
    Q    Mr. President, are you worried about the North Korean troops in Kursk, in Russia?
    THE PRESIDENT:  I am concerned about it, yes.
    Q    Should the Ukrainians strike — strike back?
    THE PRESIDENT:  If they cross into Ukraine, yes.
    3:03 P.M. EDT

    MIL OSI USA News –

  • MIL-OSI Canada: Manitoba Government Announces Anti-Islamophobia Working Group

    Source: Government of Canada regional news

    October 29, 2024

    Manitoba Government Announces Anti-Islamophobia Working Group

    The Manitoba government is taking steps to address Islamophobia by forming a working group to tackle the issue in the province’s kindergarten to Grade 12 education system, Premier Wab Kinew announced today. 

    “Hate has no place in our province,” said Kinew. “It is important that we come together as Manitobans and stand united against all acts of hatred. We have a role as a government to keep things together here in Manitoba and we want Manitobans from all walks of life to know that your government is going to show up for you.” 

    The working group will focus on building awareness of Islamophobia and its impacts on all students and staff, developing training and professional opportunities and resources for educators, and providing input to Manitoba Education and Early Childhood Learning regarding K-12 anti-racism and anti-oppression policy initiatives. 

    “Over the last year, incidents of Islamophobia have increased in our classrooms and schools,” said Sadaf Ahmed, advocacy officer, National Council of Canadian Muslims (NCCM). “This is why an anti-Islamophobia strategy is imperative and NCCM welcomes the government of Manitoba‘s leadership to promote inclusivity in our education system.” 

    The working group will include members from the department, faith leaders, community advocacy groups and educators. The working group members are:

    • Sadaf Ahmed, National Council of Canadian Muslims;
    • Brahim Ould Baba, Manitoba Teachers’ Society;
    • Sarah Gazan, acting director, Indigenous Excellence Directorate, Education and Early Childhood Learning;
    • Muhamed Hammad, Faizan-E-Makkah Winnipeg (youth representative);
    • Humaira Jaleel, executive director, Healthy Muslim Families;
    • Kate McNeil, senior advisor to the deputy minister of Education and Early Childhood Learning;
    • Muhiadin Omar, Bilal Community and Family Centre; 
    • Rhonda Shaw, director, learning and outcomes branch, Education and Early Childhood Learning;
    • Eve Sotiriadou, executive director, Canadian Muslim Women’s Institute;
    • Youcef Sufi, Manitoba Islamic Association; and
    • Ayesha Sultan, president, University of Manitoba Muslim Students Association.

    The premier noted this work will build upon the successful development of the Manitoba Islamic Association’s Embracing Diversity in Manitoba Education K-12 Toolkit, which was developed to respond to Islamophobia in school communities. 

    – 30 –

    MIL OSI Canada News –

  • MIL-OSI New Zealand: Information sought following crash north of Waipawa

    Source: New Zealand Police (National News)

    Police investigating a two-vehicle crash on State Highway 2, north of Waipawa on Tuesday 29 October are wanting to speak to anyone who witnessed the crash.

    The crash was reported at about 7pm.

    Police would also like to speak to anyone who may have dashcam footage of a black Toyota hatchback or a silver Nissan sedan, who were both travelling in the northbound lane of State Highway 2.

    Initial enquiries suggest speed was not a factor in this crash. Thankfully nobody was injured.

    If you have any information that could help our enquiries, please update us online now or call 105.

    Please use the reference number 241029/0687.

    Information can also be provided anonymously via Crime Stoppers on 0800 555 111. 

    ENDS

    Issued by Police Media Centre

    MIL OSI New Zealand News –

  • MIL-OSI New Zealand: Police acknowledge IPCA’s ruling in case of alleged inappropriate behaviour, Wellington

    Source: New Zealand Police (National News)

    Police acknowledges the IPCA’s findings into the handling of allegations of inappropriate behaviour and sexual harassment between a junior officer and their senior supervisor in 2023.

    We also acknowledge that both Officers A and B raised concerns about the process, some aspects of which Police also agree could have been better.

    Wellington District Commander, Superintendent Corrie Parnell, says everyone who works for Police deserves to feel safe at work, and to be supported and kept informed fully through situations where they are involved in a workplace allegation and/or disciplinary process.

    “In this instance, Officer A’s response to the allegations was sought, support was offered to them and communication maintained throughout the process, and we did consider making alternate arrangements such as suspending or moving Officer A for the duration of the process.

    “We also maintain support was offered to Officer B through their new supervisor and another senior officer during the process, along with other welfare support,” Superintendent Parnell says.

    Police believe that, from a process perspective, Officer A was not unfairly prejudiced by the decision to commence a disciplinary process and form preliminary views.

    “In saying that, Police can always learn from situations like this, and we will continue to do so, to ensure our people are safe and feel safe at work, and are treated fairly,” Superintendent Parnell says.

    ENDS

    Issued by Police Media Centre 

    MIL OSI New Zealand News –

  • MIL-OSI New Zealand: Universities – Anna Smaill named as 2025 International Institute of Modern Letters Writer in Residence – Vic

    Source: Te Herenga Waka—Victoria University of Wellington

    Acclaimed novelist Anna Smaill has been appointed as Te Herenga Waka—Victoria University of Wellington International Institute of Modern Letters (IIML) and Creative New Zealand Writer in Residence for 2025.

    Anna began her publishing career with a volume of poetry, The Violinist in Spring, which was released in 2005 by Te Herenga Waka University Press. Her first novel The Chimes won the prestigious award for Best Novel at the 2016 World Fantasy Awards. It was also longlisted for the Booker Prize and translated into four languages. Her second novel Bird Life was published in 2023 in the US, UK, and Australia to excellent reviews, with The Times (UK) calling it “a deeply affecting novel [that] transcend[s] cultural barriers while reaching through them to the essentially human”. Locally, it was longlisted for the Ockham Book Awards.

    While holding the residency at the IIML, Anna will work on a novel tentatively titled The Blazing, which she describes as “part archival thriller, part coming-of-age story”. Set in both the US and UK, the novel will be “an examination of the value and worth of art and history in the midst of cultural collapse, and will explore ideas of provenance and whakapapa. In testing how individual stories can ripple outward to effect historical change, it will follow a path back to Aotearoa New Zealand,” said Anna.

    Director of the International Institute of Modern Letters Damien Wilkins said, “Anna’s two novels put her in the front rank of writers in this country and we’re thrilled to have her in Bill Manhire House next year”.

    Commenting on the appointment, Anna said, “I am so grateful for the chance to work on my next book at the International Institute of Modern Letters in 2025, the place where I first started to take myself seriously as a writer. The residency position represents time and creative freedom. But even more it represents the collective mana of the institute and all the writers it has fostered. I feel very lucky to be part of it”.

    Anna takes up the residency at the IIML on 1 February 2025.

    In 2001, Anna completed an MA in Creative Writing at the IIML. She subsequently lived and studied overseas, receiving a PhD in English Literature from University College, University of London. She has worked as an academic and as a senior communications advisor. Most recently she was the team leader of Te Papa’s English writing team. Anna is also an accomplished literary critic, having published articles on writers such as Janet Frame and Bill Manhire.

    In 2015, Anna was a finalist in the Wellingtonian of the Year, Arts category. She also received a New Generation Award that year from the Arts Foundation.

    MIL OSI New Zealand News –

  • MIL-OSI New Zealand: Buy NZ Made – Tough Christmas ahead for small businesses

    Source: Buy NZ Made

    With the 2024 holiday shopping season set to be one of the most challenging on record, Buy NZ Made is urging Kiwis to support local businesses this Christmas.
    Buy NZ Made executive director Dane Ambler says rising costs, economic uncertainty, and ongoing global challenges have put immense pressure on small businesses across the country.
    “Christmas is traditionally a peak period for small businesses but the high cost of living is taking a bite out of disposable income and despite their resilience, many small businesses are finding it hard to keep the lights on.
    “Business and consumer confidence seems to be improving, inflation is falling, and it looks like New Zealand’s economy is turning a corner – but we’re not out of the woods yet. It is more important than ever for consumers to choose local products and services to help their small businesses thrive.”
    Small businesses make up 97% of New Zealand’s economy and are often family-owned and operated. Kiwis are encouraged to buy one locally-made item to help their local stay afloat this NZ Made Day – November 21.
    Ambler says every dollar spent locally can have a ripple effect.
    “Buying local means providing essential income and livelihood for many New Zealanders. It minimises transportation distances and emissions, contributing to a more sustainable future too.
    “So shop early, plan ahead, and prioritise local businesses when making your holiday purchases. You can make a significant difference for small business and ensure a brighter future for New Zealand’s economy.”

    MIL OSI New Zealand News –

  • MIL-OSI Asia-Pac: New York ETO promotes Hong Kong’s startup ecosystem in North Carolina (with photos)

    Source: Hong Kong Government special administrative region

         â€‹The Director of the Hong Kong Economic and Trade Office, New York, Ms Maisie Ho, visited Raleigh, North Carolina from October 28 to 29 (Raleigh time) to strengthen ties with interlocutors in business, technology, and education sectors.

         Ms Ho attended the Raleigh Internet of Things (RIoT) Demo Night, an annual demonstration and networking event hosted by the RIoT initiative which fosters collaboration among start-ups, established companies, entrepreneurs and industry professionals. Before the event, she met with the Executive Director of RIoT, Mr Thomas Snyder and discussed potential partnership and exchange activities between start-ups and incubators in the Research Triangle Park of North Carolina and Hong Kong.

         On the same day, Ms Ho visited Innovate Carolina, the central team for innovation, entrepreneurship and economic development at the University of North Carolina at Chapel Hill (UNC Chapel Hill). She met with the Director of New Ventures and Partnerships, Dr Bryant Moore, and the Director of Economic Development and Innovation Hubs, Ms Sheryl Waddell, to learn more about Innovate Carolina and explore possible collaborations in the future. During the meeting, Ms Ho introduced Hong Kong’s growing start-up ecosystem and strategic focuses, as well as the various talent attraction schemes available to entrepreneurs and young professionals graduating from the UNC Chapel Hill. The UNC Chapel Hill is on the list of eligible universities under Hong Kong’s Top Talent Pass Scheme.

         Ms Ho also met with the Chief Executive Officer and President of First Flight Venture Centre, Ms Krista Covey. The centre is one of the most prominent incubators in the Research Triangle Park. During the meeting, Ms Ho introduced the latest measure in the 2024 Policy Address in attracting international start-up accelerators to establish a presence in Hong Kong through the I&T Accelerator Pilot Scheme.

         In addition, she discussed areas of mutual interests during her meeting with the Vice President for Advocacy of business organisation of the Chamber for Greater Chapel Hill-Carrboro, Mr Ian Scott.

         Ms Ho was accompanied by the Head of Business and Talent Attraction / Invest Promotion of Invest Hong Kong in New York, Mr Ranjit Unnithan, during her visit to Raleigh.            

    MIL OSI Asia Pacific News –

  • MIL-OSI USA: Labrador Letter – The Fight for Idaho’s Sovereignty Over Federal Lands

    Source: US State of Idaho

    Dear Friends,
    Last week, I filed a brief in support of our neighbor Utah in their lawsuit against the federal government regarding the widespread federal ownership of “unappropriated” land—that is, land owned by the federal government but not used for any federal purpose—across their state and throughout most of the West.  Utah’s suit asks the United States Supreme Court to release much of this land back to the ownership and management of the states.
    As many of you know, I spent 8 years in Washington, D.C. representing Idaho’s First Congressional District.  You can’t throw a rock in that town without hitting federal property of some sort  like the Capitol, the White House, the National Mall, military bases, monuments, parks, courts, museums, galleries, statues, and of course, the metastasizing federal bureaucracy with administrative offices on every corner.  Yet, with all that, the federal government owns only 25% of Washington, D.C.  Yes, you read that right.  The federal government owns only 25% of our nation’s capitol city and yet owns over 60% of our state.
    Idaho is over 83,000 square miles, and the federal government owns 61% of it.  That’s land the State of Idaho can’t use.   Instead, the federal government has the final say over what is allowed on this land. For example, the federal government has exclusive say over whether prescribed burns and other necessary maintenance will—or, in many cases, will not—take place in federally owned forests. Or if Idaho wants to cross federal lands with new roads, power lines, pipelines, or other items and activities essential for commerce and economic growth, it must obtain federal permission.
    This arrangement flips the division of power between the state and national governments that our Founders envisioned. The federal government is supposed to use its limited enumerated powers to address national issues, as it does by making treaties, regulating interstate commerce, or declaring war. States can then use their general authority to address local concerns, like land management. But on unappropriated federal lands—nearly a third of the federally owned land in Idaho—the federal government is involved in local issues without pursuing any constitutionally authorized aim. There are no courthouses or military installations on these lands, for example. Instead, the federal government simply acts as a self-interested landowner leasing out the land for timber, mining, and grazing—but without being subject to state law or state management practices.
    The problem of unappropriated federal land disproportionately affects western states, and places them on unequal footing with other states in which the federal government owns almost no land. Idaho, Utah, and other western states should have just as much say over how land within their borders is used and maintained as Iowa or Connecticut. But time after time, the sovereignty of western states is diminished by distant federal regulators overriding our will.
    A perfect example is the Lava Ridge Wind Project that the federal government is pulling out all the stops to ram through despite widespread opposition within Idaho. Because the federal government owns the unappropriated land on which the massive wind turbines for the project will be built, it doesn’t matter whether Idaho wants the project or not. Federal agencies can put their own priorities first—they can pursue the Biden-Harris “green agenda,” build wind turbines in Idaho that will send power to California and pocket the land-use fees for themselves.
    And that raises another concerning aspect of federal ownership of unappropriated lands in Idaho—it siphons what is likely tens of millions of dollars out of the state. If Idaho owned the land, it could conduct the same sort of activities that the federal government does—like leasing for timber, mining, and grazing—and reinvest the revenue within the state. Instead, Idaho’s land is used to generate money for the United States Treasury, where it can be used for federal projects in any part of the country.
    Congress knows this is unfair to western states and attempts to compensate them through a program called Payment in Lieu of Taxes (PILT). But western states receive pennies on the dollar compared to what they would receive if they managed the land themselves. Moreover, the whole arrangement just reinforces federal dominance over western states—as sovereigns, they should not be forced to come hat-in-hand to Congress to ask for money that the federal government has no constitutional authority to have in the first place.
    That’s why the Utah suit is so critical. It seeks to restore the proper balance of power between the western states and the federal government and place the western states on the same level as their eastern counterparts. This is yet another example in which Idaho has been oppressed by the federal government’s overreach.
    The sovereignty of states to manage their own lands was such an important topic that it was even brought up in the Constitutional Convention in 1787.  It was insisted, ironically by a Massachusetts delegate, that state legislatures should first consent to the federal purchase of land within their borders to keep the federal government from buying up all the territory and pressuring any state by strangling their commerce and ability to grow.  The idea of a powerful, unaccountable central government wasn’t particularly trusted some 200 years ago and not much has happened since to contradict the sentiment.
    It seems that the federal government consistently attempts to undermine the voice and opinions of the people of Idaho and regulate us into perpetual social and economic servitude.   I’ll continue to fight every day for our state sovereignty and our ability to manage our own land, resources, and affairs here in Idaho.

    Best regards,

    Not yet subscribed to the Labrador Letter?  Click HERE to get our weekly newsletter and updates.  Miss an issue?  Labrador Letters are archived on the Attorney General website.

    MIL OSI USA News –

  • MIL-OSI Security: Tisdale — Update: RCMP investigating school bus collision 22 kilometers southwest of Tisdale

    Source: Royal Canadian Mounted Police

    October 29, 2024
    Tisdale, Saskatchewan

    News release

    Tisdale RCMP continue to investigate the collision that occurred near the intersection of Township Road 424 and Range Road 2160 with the assistance of a Saskatchewan RCMP collision reconstructionist. As the investigation is ongoing, we are unable to provide additional information about any potential cause or details of the collision at this time.

    At the time of the collision, 27 children approximately 14-17 years old and an adult bus driver were on the bus. All the bus occupants were from the Tisdale detachment area. 26 children and the bus driver were transported to hospital by EMS and parents. One child was taken to hospital in Saskatoon by STARS Air Ambulance. 21 children have injuries described as non-life threatening and 6 children have injuries described as serious in nature. The adult driver of the bus has injuries described as serious in nature. We are not able to share further details of their injuries or treatment/status at the hospital, as this is considered their personal health information.

    Tisdale RCMP thanks the first responders who assisted in the response to the collision, including Melfort RCMP and Melfort, Tisdale and Naicam EMS. Thank you to the teachers, parents, and community members of Kinistin Saulteaux Nation who offered their support at the scene.

    –30–

    Backgrounder

    RCMP investigating school bus collision 22 kilometers southwest of Tisdale

    2024-10-29

    Tisdale RCMP are currently on scene and investigating a single vehicle collision involving a school bus that occurred at approximately 3:55 p.m. on October 28, 2024. The collision occurred near the intersection of Township Road 424 and Range Road 2160, approximately 22 kilometers southwest of Tisdale, SK. Local fire and EMS also responded.

    The investigation is in its preliminary stages and at this time we do not have details to provide about the collision. The bus is currently upright in the ditch.

    The adult driver of the school bus has injuries described as non-life threatening in nature. The school bus was transporting children at the time of the collision– we cannot confirm the number or ages of the children at this time. Some children are being treated for various injuries – we do not have specific details about their injuries or how many children require hospital treatment at this time.

    The children’s families have been notified and we are asking news partners and the public to please respect their privacy at this time.

    Tisdale RCMP continue to investigate with the assistance of a Saskatchewan RCMP collision reconstructionist. We do not anticipate further updates this evening.

    A road closure is in place between Range Road 2160 and Range Road 2155 for an undetermined amount of time. Detours are in place but motorists should expect delays in the area. Please slow down and follow the instructions of emergency personnel on scene. Please visit the Highway Hotline for road closure updates.

    MIL Security OSI –

  • MIL-OSI Security: Whitewood — Broadview RCMP investigating robbery

    Source: Royal Canadian Mounted Police

    On October 28, 2024 at approximately 11:45 p.m., Broadview RCMP received a report of a robbery at a business in Whitewood, SK.

    Investigation determined an individual was parked outside of the business. An adult male approached the victim, deployed bear spray at him, then physically forced him from the vehicle. The suspect then stole the vehicle, striking the victim with it as he fled. The victim, an adult male, was taken to hospital with injuries described as non-life-threatening in nature.

    Officers immediately responded and located the vehicle on the Cowessess First Nation. They activated their emergency lights and sirens and attempted a traffic stop. The vehicle did not stop immediately, but later came to a stop and the four occupants fled on foot.

    Saskatchewan RCMP’s Police Dog Services and Remotely Piloted Aircraft System arrived to assist.

    Two of the four occupants have been located. No charges have been laid against them at this time.

    Broadview RCMP continue to search for suspect in the robbery, as well as the fourth occupant in the vehicle.

    The suspect is described as approximately 25 to 30 years old and six feet tall. He was last seen wearing a white/grey hoodie and sweat pants.

    The investigation continues. Broadview RCMP ask members of the public to report all sightings of the suspect and information on his identity.

    If seen, do not approach him. Report sightings and information to Broadview RCMP immediately by dialling 310-RCMP. Information can also be submitted anonymously by contacting Saskatchewan Crime Stoppers at 1-800-222-TIPS (8477) or www.saskcrimestoppers.com.

    Updates will be provided as they become available.

    MIL Security OSI –

  • MIL-OSI Security: Dundurn — Saskatchewan RCMP SERT lays charges after human trafficking investigation

    Source: Royal Canadian Mounted Police

    Saskatchewan RCMP’s Human Trafficking and Counter Exploitation Unit (HTCEU), part of the Saskatchewan Enforcement Response Teams (SERT), and Saskatoon RCMP Detachment has laid multiple charges against an adult male following a human trafficking investigation that began in Dundurn, SK.

    On October 23, 2024 at approximately 5:15 a.m., Saskatoon RCMP were called to a business in Dundurn for a report of kidnapping.

    Officers responded and located an adult female from Ontario at the business. Initial investigation determined she was being held against her will. Officers contacted HTCEU investigators, who began a human trafficking investigation. HTCEU investigators determined the woman had been forcibly taken from Toronto and that human trafficking had occurred in various locations in Ontario, Manitoba and Saskatchewan.

    As a result of investigation, 51-year-old Pierre Andre Bouchard of Chambly, QC, is charged with:

    • one count, trafficking in persons, Section 279.01, Criminal Code;
    • one count, trafficking in persons – material benefit, Section 279.02(1), Criminal Code;
    • one count, forcible confinement, Section 279(2), Criminal Code;
    • one count, sexual assault, Section 271, Criminal Code;
    • one count, sexual assault with other weapon, Section 272(1)(a), Criminal Code;
    • one count, material benefit from sexual services, Section 286.2(1), Criminal Code;
    • one count, obtaining sexual services for consideration, Section 286.1(1), Criminal Code;
    • two counts, procuring, Section 286.3(1), Criminal Code;
    • one count, uttering threats against a person, Section 264.1(1)(a), Criminal Code;
    • one count, assault with weapon, Section 267(a), Criminal Code;
    • one count, fail to comply probation order, Section 733.1(1), Criminal Code;
    • one count, identity theft, 402.2(1), Criminal Code; and
    • one count, possession of property obtained by crime over $5,000, Section 354(1)(a), Criminal Code.

    Bouchard was arrested by Saskatoon Police Service on October 23, 2024. He appeared in Saskatoon Provincial Court on October 24, 2024 and made his second court appearance in Saskatoon on October 28, 2024. Bouchard was remanded into custody for his next court appearance in Saskatoon on November 5, 2024.

    Saskatchewan RCMP’s Saskatoon Detachment, Yorkton Saskatchewan Trafficking Response Team, Saskatoon General Investigation Section, Saskatoon Police Services’ VICE Unit and Victim Services, Regina Police Service’s VICE Unit, Toronto Police Service and Brandon Police Service assisted in this continuing investigation, along with additional community partners.

    If you have information about this or any other incident of human trafficking, or if you or someone you know may be a victim of it, call 310-RCMP.

    How to recognize and report human trafficking

    “Human trafficking affects communities of all sizes, not just urban centres. It’s a reality that exists in big cities and small towns, including those here at home in Saskatchewan,” says Insp. Jeff Smoliak, RCMP’s Saskatchewan Enforcement Response Teams (SERT) senior investigative officer.

    “It’s also a crime that has no borders, which is why the Saskatchewan RCMP works interjurisdictionally to investigate these complex files and works closely with municipal police agencies and partners across the country.”

    Saskatchewan RCMP reminds the public that anyone can be a target for human trafficking. Victims may be trafficked by someone they know: a former or current partner, family member, friend, or trustworthy person. Recruiting tactics can be subtle; often victims don’t even know they’re being trafficked.

    Traffickers may approach potential victims by:

    • pretending to be a potential love interest, friend or support person;
    • connecting over social media or in person;
    • offering gifts or money;
    • introducing drugs or alcohol; or
    • threatening potential victims’ loved ones if they don’t comply.

    Additional information on recognizing human trafficking can be found here.

    In addition to contacting the RCMP, the public can also contact the Canadian Human Trafficking Hotline at 1-833-900-1010. This hotline is confidential, available 24/7 and offers services in more than 200 languages. Information can also be submitted anonymously by contacting Saskatchewan Crime Stoppers at 1-800-222-TIPS (8477) or www.saskcrimestoppers.com.

    Background

    The Saskatchewan Enforcement Response Teams (SERT) consists of Saskatchewan RCMP’s Crime Reduction Team (CRT), Warrant Enforcement Suppression Team (WEST), Saskatchewan Trafficking Response Team (STRT), the Offender Management Unit, and Human Trafficking and Counter Exploitation Unit (HTCEU). SERT helps the Saskatchewan RCMP continue to fulfil its mandate as the province’s police force – keeping our communities safe.

    The Human Trafficking and Counter Exploitation Unit (HTCEU) is a specialized unit that conducts enforcement activities related to human trafficking, facilitates victim support, and educates partners and stakeholders.

    MIL Security OSI –

  • MIL-OSI Security: Federal Jury Convicts Belzoni Man of Conspiracy for Role in Firearms Trafficking

    Source: United States Bureau of Alcohol Tobacco Firearms and Explosives (ATF)

    Aberdeen, MS – A federal jury convicted Belzoni resident Jarvis Hood, 23, of conspiring to transfer firearms to Chicago, Illinois residents and making false statements to federal firearms licensees during the purchase of multiple firearms.

    According to court documents and evidence presented at trial, the investigation began after agents with the Bureau of Alcohol, Tobacco, Firearms, and Explosives noticed a high volume of firearms recovered in crimes in the City of Chicago, Illinois had been purchased in the Northern District of Mississippi. Some of the firearms involved in new crimes had been purchased as recent as one day prior to use in a new offense.

    Several of the firearms were recovered in violent crimes and had machinegun devices attached that converted the firearms to be able to fire automatically.  In total, investigators identified over 60 firearms that were purchased illegally and transported to Chicago for resale. Five defendants previously pled guilty for their roles in the offense.

    Hood was charged with conspiracy to transfer firearms to out-of-state residents and to make false statements to federal firearms licensees during firearms purchases. After a five-day trial, a federal jury returned a verdict Monday finding Hood guilty of the offense. Sentencing is scheduled for February 4, 2025.

    “This defendant and his cohorts profited and contributed to the gun violence plaguing Chicago by  illegally trafficking in firearms,” said U.S. Attorney Clay Joyner. “AUSAs Julie Addison and Sam Stringfellow led an interagency team that has helped to stem the flow of illegal firearms from Mississippi to Chicago while also ensuring that the defendant will be held accountable for his criminal actions.”

    “Machine gun conversion devices threaten the safety of our communities and law enforcement officers, and this verdict reinforces the urgent need to dismantle trafficking networks bringing these dangerous devices and firearms to the streets of Chicago,” said ATF Special Agent in Charge Christopher Amon of the Chicago Field Division. “I thank the ATF Oxford Mississippi Field Office and the Northern District of Mississippi United States Attorney’s Office for their continued partnership.”

    The case was investigated by the Chicago Field Division of the Bureau of Alcohol, Tobacco, Firearms, and Explosives, with assistance from the ATF Oxford, Mississippi Field Office. Valuable contributions were made by the Chicago Police Department, Wilmette Police Department, and Amtrak Police Department.

    Assistant U.S. Attorneys Julie Addison and Samuel Stringfellow prosecuted the case.

    This case is part of Project Safe Neighborhoods (PSN), a program bringing together all levels of law enforcement and the communities they serve to reduce violent crime and gun violence, and to make our neighborhoods safer for everyone. On May 26, 2021, the Department launched a violent crime reduction strategy strengthening PSN based on these core principles: fostering trust and legitimacy in our communities, supporting community-based organizations that help prevent violence from occurring in the first place, setting focused and strategic enforcement priorities, and measuring the results.

    MIL Security OSI –

  • MIL-OSI USA: Senator Peters Announces Nearly $119 Million in Federal Funding to Improve Rail Infrastructure Across Michigan

    US Senate News:

    Source: United States Senator for Michigan Gary Peters
    Published: 10.29.2024

    WASHINGTON, DC – U.S. Senator Gary Peters (MI) announced that the Federal Railroad Administration (FRA) is investing $119 million to support five major commercial and passenger rail improvement projects across Michigan. These projects are funded by the FRA’s Consolidated Rail Infrastructure and Safety Improvements (CRISI) Program, which was funded through the bipartisan infrastructure law Peters helped enact.   
    “Michigan communities and businesses depend on rail infrastructure for safe and efficient transportation of essential goods across the state, as well as to regional and global partners,” said Senator Peters. “These five projects will strengthen our railways and expand shipping capacity while creating jobs and spurring economic growth.”
    Below are descriptions of each project:
    Detroit RECHARGED – Realizing Environmental Changes Happening Around Railroads Generating Equitable Development: The Michigan Department of Transportation will receive $67,440,000 to improve and expand capacity of the Livernois Intermodal Facility by installing 17,200 feet of new rail track. The project will also make important site enhancements on at the Livernois Intermodal Facility, including new pavement and replacing aging diesel gantry cranes with new hybrid and fully electric models.
    Huron Subdivision Track & Service Improvement Program: The Lake State Railway Company will receive $27,130,810 to install approximately 52 miles of continuous welded rail between Pinconning and Alpena. Funding will also improve 34 highway-rail crossings and upgrade train signal devices at 13 locations along the route. 
    Leveraging Ludington: The City of Ludington will receive $16,400,000 to make improvements along a key rail route between Ludington and Grand Rapids, and enhance the Ludington Rail yard to improve efficiency and reliability of safe movement of goods throughout the area. 
    Wolverine and Blue Water Capacity Enhancement: The National Railroad Passenger Corporation (Amtrak) will receive $8,384,000 to restore functionality of the historic double-track on Amtrak’s Michigan Line between Glenwood Road and Niles in Wayne Township. This project will maximize performance and improve service speed.
    Enhancing Grade Crossing Safety in Rural Areas through FRA’s LiDAR Data, Machine Learning, and Collaborative Risk Assessment for Railroads and Highway Agencies: Michigan State University will receive $428,133 to conduct research aimed at improving the safety of rural rail crossings. Researchers will utilize Light Detection and Ranging (LiDAR) data provided by the Federal Railroad Administration to analyze rural crossings and develop new approaches for identifying roadway hazards.
    The CRISI grant program invests in railroad infrastructure projects that improve safety, efficiency and support economic development in communities across the country. Peters has consistently advocated for the CRISI program and fought for Michigan applicants. Last year, he announced a $20 million CRISI grant awarded to MDOT for replacement of the Manistee River Bridge in Manton. As Chairman of the Commerce Subcommittee on Surface Transportation, Maritime, Freight, and Ports, Peters held a field hearing in Lansing earlier this year to highlight the importance of the bipartisan infrastructure law and grant programs like CRISI for improving Michigan’s transportation infrastructure across the state. More information about the CRISI program can be found here.

    MIL OSI USA News –

  • MIL-OSI: Precision Drilling Announces 2024 Third Quarter Unaudited Financial Results

    Source: GlobeNewswire (MIL-OSI)

    CALGARY, Alberta, Oct. 29, 2024 (GLOBE NEWSWIRE) — This news release contains “forward-looking information and statements” within the meaning of applicable securities laws. For a full disclosure of the forward-looking information and statements and the risks to which they are subject, see the “Cautionary Statement Regarding Forward-Looking Information and Statements” later in this news release. This news release contains references to certain Financial Measures and Ratios, including Adjusted EBITDA (earnings before income taxes, loss (gain) on investments and other assets, gain on repurchase of unsecured senior notes, finance charges, foreign exchange, gain on asset disposals and depreciation and amortization), Funds Provided by (Used in) Operations, Net Capital Spending, Working Capital and Total Long-term Financial Liabilities. These terms do not have standardized meanings prescribed under International Financial Reporting Standards (IFRS) Accounting Standards and may not be comparable to similar measures used by other companies. See “Financial Measures and Ratios” later in this news release.

    Precision Drilling Corporation (“Precision” or the “Company”) (TSX:PD; NYSE:PDS) delivered strong third quarter financial results, demonstrating the resilience of the business and its robust cash flow potential. Year to date, Precision has already achieved the low end of its debt reduction target range and is well on track to allocate 25% to 35% of its free cash flow to share buybacks in 2024.

    Financial Highlights

    • Revenue was $477 million and exceeded the $447 million realized in the third quarter of 2023 as activity increased in Canada and internationally, which more than offset lower activity in the U.S.
    • Adjusted EBITDA(1) was $142 million, including a share-based compensation recovery of $0.2 million. In 2023, third quarter Adjusted EBITDA was $115 million and included share-based compensation charges of $31 million.
    • Net earnings was $39 million or $2.77 per share, nearly doubling the $20 million or $1.45 per share in 2023.
    • Completion and Production Services revenue increased 27% over the same period last year to $73 million, while Adjusted EBITDA rose 40% to $20 million, reflecting the successful integration of the CWC Energy Services (CWC) acquisition in late 2023.
    • Internationally, revenue increased 21% over the third quarter of last year as the Company realized US$35 million of contract drilling revenue versus US$29 million in 2023. Revenue for the third quarter of 2024 was negatively impacted by fewer rig moves and planned rig recertifications that accounted for 44 non-billable utilization days.
    • Debt reduction during the quarter was $49 million and total $152 million year to date. Share repurchases during the quarter were $17 million and total $50 million year to date.
    • Increased our 2024 planned capital expenditures from $195 million to $210 million to fund multiple contracted rig upgrades and the strategic purchase of drill pipe for use in 2025.

    Operational Highlights

    • Canada’s activity increased 25%, averaging 72 active drilling rigs versus 57 in the third quarter of 2023. Our Super Triple and Super Single rigs are in high demand and approaching full utilization.
    • Canadian revenue per utilization day was $32,325 and comparable to the $32,224 in the same period last year.
    • U.S. activity averaged 35 drilling rigs compared to 41 for the third quarter of 2023.
    • U.S. revenue per utilization day was US$32,949 versus US$35,135 in the same quarter last year.
    • International activity increased 33% compared to the third quarter of 2023, with eight drilling rigs fully contracted this year following rig reactivations in 2023. International revenue per utilization day was US$47,223 compared to US$51,570 in the third quarter of 2023 due to fewer rig moves and planned rig recertifications completed in 2024.
    • Service rig operating hours increased 34% over the same quarter last year totaling 62,835 hours driven by the CWC acquisition.
    • Formed a strategic Joint Partnership (Partnership) with Indigenous partners to provide well servicing operations in northeast British Columbia.

    (1) See “FINANCIAL MEASURES AND RATIOS.”

    MANAGEMENT COMMENTARY

    “Precision’s international and Canadian businesses led our third quarter results, with revenue, Adjusted EBITDA, and net income all improving over the same period last year, demonstrating the resilience of our High Performance, High Value strategy and geographic exposure. Our cash flow conversion this quarter enabled us to repay debt, buy back shares, and continue to invest in our Super Series fleet. We have already achieved the low end of our debt repayment target range for this year and expect to be less than a year away from meeting our long-term target of a Net Debt to Adjusted EBITDA ratio(1) of less than one time.

    “Canadian fundamentals for heavy oil, condensate, and LNG remain strong due to the additional takeaway capacity. The Trans Mountain oil pipeline expansion is driving higher and stable returns for producers, who are accelerating heavy oil and condensate targeted drilling plans, while Canada’s first LNG project is expected to stabilize natural gas pricing and further stimulate activity in the Montney in 2025. As the leading provider of high-quality and reliable services in Canada, demand for our Super Series fleet remains high. Today, we have 75 rigs operating, with our Super Triple and Super Single rigs nearly fully utilized. We expect strong customer demand and utilization to continue well beyond 2025.

    “In the U.S., our rig count has been range-bound for the last several months, with 35 rigs operating today. Volatile commodity prices, customer consolidation, and budget exhaustion are all headwinds that we expect will continue to suppress activity for the remainder of the year. We are encouraged by recent momentum in our contract book with seven new contracts secured for oil and natural gas drilling projects that are expected to begin late this year for 2025 drilling programs. Looking ahead, we anticipate that the next wave of additional Gulf Coast LNG export facilities, coal plant retirements, and a build-out of AI data centers should drive further natural gas drilling and support sustained natural gas demand.

    “Precision’s international operations provide a stable foundation for earnings and cash flow as our rigs are under long-term contracts that extend into 2028. Our well servicing business further complements our stability as we remain the premier well service provider in Canada where demand continues to outpace manned service rigs. In 2023, we repositioned these businesses with rig reactivations and our CWC acquisition and as a result, each business is on track to increase its 2024 Adjusted EBITDA by approximately 50% over the prior year.

    “I am proud of the discipline Precision continues to show throughout the organization and we remain focused on our strategic priorities, which include generating free cash flow, improving capital returns to shareholders, and delivering operational excellence. With robust Canadian market fundamentals, an improving long-term outlook for the U.S., and a focused strategy, I am confident we will continue to drive higher total shareholder returns. I would like to thank our team for executing at the highest operating levels and generating strong financial performance and value for our customers,” stated Kevin Neveu, Precision’s President and CEO.

    (1) See “FINANCIAL MEASURES AND RATIOS.”

    SELECT FINANCIAL AND OPERATING INFORMATION

    Financial Highlights

      For the three months ended September 30,     For the nine months ended September 30,  
    (Stated in thousands of Canadian dollars, except per share amounts)   2024       2023     % Change       2024       2023     % Change  
    Revenue   477,155       446,754       6.8       1,434,157       1,430,983       0.2  
    Adjusted EBITDA(1)   142,425       114,575       24.3       400,695       459,887       (12.9 )
    Net earnings   39,183       19,792       98.0       96,400       142,522       (32.4 )
    Cash provided by operations   79,674       88,500       (10.0 )     319,292       330,316       (3.3 )
    Funds provided by operations(1)   113,322       91,608       23.7       342,837       388,220       (11.7 )
                                       
    Cash used in investing activities   38,852       34,278       13.3       141,032       157,157       (10.3 )
    Capital spending by spend category(1)                                  
    Expansion and upgrade   7,709       13,479       (42.8 )     30,501       39,439       (22.7 )
    Maintenance and infrastructure   56,139       38,914       44.3       127,297       108,463       17.4  
    Proceeds on sale   (5,647 )     (6,698 )     (15.7 )     (21,825 )     (20,724 )     5.3  
    Net capital spending(1)   58,201       45,695       27.4       135,973       127,178       6.9  
                                       
    Net earnings per share:                                  
    Basic   2.77       1.45       91.0       6.74       10.45       (35.5 )
    Diluted   2.31       1.45       59.3       6.73       9.84       (31.6 )
    Weighted average shares outstanding:                                  
    Basic   14,142       13,607       3.9       14,312       13,643       4.9  
    Diluted   14,890       13,610       9.4       14,317       14,858       (3.6 )

    (1) See “FINANCIAL MEASURES AND RATIOS.”

    Operating Highlights

      For the three months ended September 30,     For the nine months ended September 30,  
      2024     2023     % Change     2024     2023     % Change  
    Contract drilling rig fleet   214       224       (4.5 )     214       224       (4.5 )
    Drilling rig utilization days:                                  
    U.S.   3,196       3,815       (16.2 )     9,885       13,823       (28.5 )
    Canada   6,586       5,284       24.6       17,667       15,247       15.9  
    International   736       554       32.9       2,192       1,439       52.3  
    Revenue per utilization day:                                  
    U.S. (US$)   32,949       35,135       (6.2 )     33,011       35,216       (6.3 )
    Canada (Cdn$)   32,325       32,224       0.3       34,497       32,583       5.9  
    International (US$)   47,223       51,570       (8.4 )     51,761       51,306       0.9  
    Operating costs per utilization day:                                  
    U.S. (US$)   22,207       21,655       2.5       22,113       20,217       9.4  
    Canada (Cdn$)   19,448       18,311       6.2       20,196       19,239       5.0  
                                       
    Service rig fleet   165       121       36.4       165       121       36.4  
    Service rig operating hours   62,835       46,894       34.0       194,390       144,944       34.1  


    Drilling Activity

      Average for the quarter ended 2023   Average for the quarter ended 2024  
      Mar. 31     June 30     Sept. 30     Dec. 31     Mar. 31     June 30     Sept. 30  
    Average Precision active rig count(1):                                        
    U.S.   60       51       41       45       38       36       35  
    Canada   69       42       57       64       73       49       72  
    International   5       5       6       8       8       8       8  
    Total   134       98       104       117       119       93       115  

    (1) Average number of drilling rigs working or moving.

    Financial Position

    (Stated in thousands of Canadian dollars, except ratios) September 30, 2024     December 31, 2023(2)  
    Working capital(1)   166,473       136,872  
    Cash   24,304       54,182  
    Long-term debt   787,008       914,830  
    Total long-term financial liabilities(1)   858,765       995,849  
    Total assets   2,887,996       3,019,035  
    Long-term debt to long-term debt plus equity ratio (1)   0.32       0.37  

    (1) See “FINANCIAL MEASURES AND RATIOS.”
    (2) Comparative period figures were restated due to a change in accounting policy. See “CHANGE IN ACCOUNTING POLICY.”

    Summary for the three months ended September 30, 2024:

    • Revenue increased to $477 million compared with $447 million in the third quarter of 2023 as a result of higher Canadian and international activity, partially offset by lower U.S. activity, day rates and lower idle but contract rig revenue.
    • Adjusted EBITDA was $142 million as compared with $115 million in 2023, primarily due to increased Canadian and international results and lower share-based compensation. Please refer to “Other Items” later in this news release for additional information on share-based compensation.
    • Adjusted EBITDA as a percentage of revenue was 30% as compared with 26% in 2023.
    • Generated cash from operations of $80 million, reduced debt by $49 million, repurchased $17 million of shares, and ended the quarter with $24 million of cash and more than $500 million of available liquidity.
    • Revenue per utilization day, excluding the impact of idle but contracted rigs was US$32,949 compared with US$33,543 in 2023, a decrease of 2%. Sequentially, revenue per utilization day, excluding idle but contracted rigs, was largely consistent with the second quarter of 2024. U.S. revenue per utilization day was US$32,949 compared with US$35,135 in 2023. The decrease was primarily the result of lower fleet average day rates and idle but contracted rig revenue, partially offset by higher recoverable costs. We did not recognize revenue from idle but contracted rigs in the quarter as compared with US$6 million in 2023.
    • U.S. operating costs per utilization day increased to US$22,207 compared with US$21,655 in 2023. The increase is mainly due to higher recoverable costs and fixed costs being spread over fewer activity days, partially offset by lower repairs and maintenance. Sequentially, operating costs per utilization day were largely consistent with the second quarter of 2024.
    • Canadian revenue per utilization day was $32,325, largely consistent with the $32,224 realized in 2023. Sequentially, revenue per utilization day decreased $3,750 due to our rig mix, partially offset by higher fleet-wide average day rates.
    • Canadian operating costs per utilization day increased to $19,448, compared with $18,311 in 2023, resulting from higher repairs and maintenance and rig reactivation costs. Sequentially, daily operating costs decreased $2,204 due to lower labour expenses due to rig mix, recoverable expenses and repairs and maintenance.
    • Internationally, third quarter revenue increased 21% over 2023 as we realized revenue of US$35 million versus US$29 million in the prior year. Our higher revenue was primarily the result of a 33% increase in activity, partially offset by lower average revenue per utilization day. International revenue per utilization day was US$47,223 compared with US$51,570 in 2023 due to fewer rig moves and planned rig recertifications that accounted for 44 non-billable utilization days.
    • Completion and Production Services revenue was $73 million, an increase of $16 million from 2023, as our third quarter service rig operating hours increased 34%.
    • General and administrative expenses were $23 million as compared with $44 million in 2023 primarily due to lower share-based compensation charges.
    • Net finance charges were $17 million, a decrease of $3 million compared with 2023 as a result of lower interest expense on our outstanding debt balance.
    • Capital expenditures were $64 million compared with $52 million in 2023 and by spend category included $8 million for expansion and upgrades and $56 million for the maintenance of existing assets, infrastructure, and intangible assets.
    • Increased expected capital spending in 2024 to $210 million, an increase of $15 million, due to the strategic purchase of drill pipe before new import tariffs take effect and additional customer-backed upgrades.
    • Income tax expense for the quarter was $14 million as compared with $8 million in 2023. During the third quarter, we continue to not recognize deferred tax assets on certain international operating losses.
    • Reduced debt by $49 million from the redemption of US$33 million of 2026 unsecured senior notes and US$3 million repayment of our U.S. Real Estate Credit Facility.
    • Renewed our Normal Course Issuer Bid (NCIB) and repurchased $17 million of common shares during the third quarter.

    Summary for the nine months ended September 30, 2024:

    • Revenue for the first nine months of 2024 was $1,434 million, consistent 2023.
    • Adjusted EBITDA for the period was $401 million as compared with $460 million in 2023. Our lower Adjusted EBITDA was primarily attributed to decreased U.S. drilling results and higher share-based compensation, partially offset by the strengthening of Canadian and international results.
    • Cash provided by operations was $319 million as compared with $330 million in 2023. Funds provided by operations were $343 million, a decrease of $45 million from the comparative period.
    • General and administrative costs were $97 million, an increase of $14 million from 2023 primarily due to higher share-based compensation charges.
    • Net finance charges were $53 million, $10 million lower than 2023 due to our lower interest expense on our outstanding debt balance.
    • Capital expenditures were $158 million in 2024, an increase of $10 million from 2023. Capital spending by spend category included $31 million for expansion and upgrades and $127 million for the maintenance of existing assets, infrastructure, and intangible assets.
    • Reduced debt by $152 million from the redemption of US$89 million of 2026 unsecured senior notes and $31 million repayment of our Canadian and U.S. Real Estate Credit Facilities.
    • Repurchased $50 million of common shares under our NCIB.

    STRATEGY

    Precision’s vision is to be globally recognized as the High Performance, High Value provider of land drilling services. Our strategic priorities for 2024 are focused on increasing our capital returns to shareholders by delivering best-in-class service and generating free cash flow.

    Precision’s 2024 strategic priorities and the progress made during the third quarter are as follows:

    1. Concentrate organizational efforts on leveraging our scale and generating free cash flow.
      • Generated cash from operations of $80 million, bringing our year to date total to $319 million.
      • Increased utilization of our Super Single and Double rigs in the third quarter, driving Canadian drilling activity up 25% year over year.
      • Increased our third quarter Completion and Production Services operating hours and Adjusted EBITDA 34% and 40%, respectively, year over year. Achieved our $20 million annual synergies target from the CWC acquisition, which closed in November 2023.
      • Internationally, we realized US$35 million of contract drilling revenue versus US$29 million in 2023. Revenue for the third quarter of 2024 was negatively impacted by fewer rig moves and planned rig recertifications that accounted for 44 non-billable utilization days.
    2. Reduce debt by between $150 million and $200 million and allocate 25% to 35% of free cash flow before debt repayments for share repurchases.
      • Reduced debt by redeeming US$33 million of our 2026 unsecured senior notes and repaying US$3 million of our U.S. Real Estate Credit Facility. For the first nine months of the year, we have reduced debt by $152 million and already achieved the low end of our debt repayment target range.
      • Returned $17 million of capital to shareholders through share repurchases. Year to date we allocated $50 million of our free cash flow to share buybacks, which represents over 25% of free cash flow for the first nine months of the year and within our annual target range of 25% to 35%.
      • Remain firmly committed to our long-term debt reduction target of $600 million between 2022 and 2026 ($410 million achieved as of September 30, 2024), while moving direct shareholder capital returns towards 50% of free cash flow.
    3. Continue to deliver operational excellence in drilling and service rig operations to strengthen our competitive position and extend market penetration of our Alpha™ and EverGreen™ products.
      • Increased our Canadian drilling rig utilization days and well servicing rig operating hours over the third quarter of 2023, maintaining our position as the leading provider of high-quality and reliable services in Canada.
      • Nearly doubled our EverGreen™ revenue from the third quarter of 2023.
      • Continued to expand our EverGreen™ product offering on our Super Single rigs with hydrogen injection systems. EverGreenHydrogen™ reduces diesel consumption resulting in lower operating costs and greenhouse gas emissions for our customers.

    OUTLOOK

    The long-term outlook for global energy demand remains positive with rising demand for all types of energy including oil and natural gas driven by economic growth, increasing demand from third-world regions, and emerging energy sources of power demand. Oil prices are constructive, and producers remain disciplined with their production plans while geopolitical issues continue to threaten supply. In Canada, the recent commissioning of the Trans Mountain pipeline expansion and the startup of LNG Canada projected in 2025 are expected to provide significant tidewater access for Canadian crude oil and natural gas, supporting additional Canadian drilling activity. In the U.S., the next wave of LNG projects is expected to add approximately 11 bcf/d of export capacity from 2025 to 2028, supporting additional U.S. natural gas drilling activity. Coal retirements and a build-out of AI data centers could provide further support for natural gas drilling.

    In Canada, we currently have 75 rigs operating and expect this activity level to continue until spring breakup, except for the traditional slowdown over Christmas. Our Canadian drilling activity continues to outpace 2023 due to increased heavy oil drilling activity and strong Montney activity driven by robust condensate demand and pricing. Since the startup of the Trans Mountain pipeline expansion in May, customer activity in heavy oil targeted areas has exceeded expectations, resulting in near full utilization of our Super Single fleet. Customers are benefiting from improved commodity pricing and a weak Canadian dollar. Our Super Triple fleet, the preferred rig for Montney drilling, is also nearly fully utilized and with the expected startup of LNG Canada in mid-2025, demand could exceed supply.

    In recent years, the Canadian market has witnessed stronger second quarter drilling activity due to the higher percentage of wells drilled on pads in both the Montney and in heavy oil developments. Once a pad-equipped drilling rig is mobilized to site, it can walk from well to well and avoid spring break up road restrictions. We expect this higher activity trend to continue in the second quarter of 2025.

    In the U.S., we currently have 35 rigs operating as drilling activity remains constrained by volatile commodity prices, customer consolidation and budget exhaustion. We view these headwinds as short-term in nature, which will continue to suppress activity for the remainder of the year and into 2025. However, looking further ahead, we expect that a new budget cycle, the next wave of Gulf Coast LNG export facilities, and new sources of domestic power demand should begin to stimulate drilling.

    Internationally, we expect to have eight rigs running for the remainder of 2024, representing an approximate 40% increase in activity compared to 2023. All eight rigs are contracted through 2025 as well. We continue to bid our remaining idle rigs within the region and remain optimistic about our ability to secure additional rig activations.

    As the premier well service provider in Canada, the outlook for this business remains positive. We expect the Trans Mountain pipeline expansion and LNG Canada to drive more service-related activity, while increased regulatory spending requirements are expected to result in more abandonment work. Customer demand should remain strong, and with continued labor constraints, we expect firm pricing into the foreseeable future.

    We believe cost inflation is largely behind us and will continue to look for opportunities to lower costs.

    Contracts

    The following chart outlines the average number of drilling rigs under term contract by quarter as at October 29, 2024. For those quarters ending after September 30, 2024, this chart represents the minimum number of term contracts from which we will earn revenue. We expect the actual number of contracted rigs to vary in future periods as we sign additional term contracts.

    As at October 29, 2024   Average for the quarter ended 2023     Average     Average for the quarter ended 2024     Average  
        Mar. 31     June 30     Sept. 30     Dec. 31     2023     Mar. 31     June 30     Sept. 30     Dec. 31     2024  
    Average rigs under term contract:                                                            
    U.S.     40       37       32       28       34       20       17       17       16       18  
    Canada     19       23       23       23       22       24       22       23       24       23  
    International     4       5       7       7       6       8       8       8       8       8  
    Total     63       65       62       58       62       52       47       48       48       49  


    SEGMENTED FINANCIAL RESULTS

    Precision’s operations are reported in two segments: Contract Drilling Services, which includes our drilling rig, oilfield supply and manufacturing divisions; and Completion and Production Services, which includes our service rig, rental and camp and catering divisions.

      For the three months ended September 30,     For the nine months ended September 30,  
    (Stated in thousands of Canadian dollars)   2024     2023     % Change       2024     2023     % Change  
    Revenue:                                  
    Contract Drilling Services   406,155       390,728       3.9       1,215,125       1,257,762       (3.4 )
    Completion and Production Services   73,074       57,573       26.9       225,987       178,257       26.8  
    Inter-segment eliminations   (2,074 )     (1,547 )     34.1       (6,955 )     (5,036 )     38.1  
        477,155       446,754       6.8       1,434,157       1,430,983       0.2  
    Adjusted EBITDA:(1)                                  
    Contract Drilling Services   133,235       131,701       1.2       406,662       468,302       (13.2 )
    Completion and Production Services   19,741       14,118       39.8       50,786       39,031       30.1  
    Corporate and Other   (10,551 )     (31,244 )     (66.2 )     (56,753 )     (47,446 )     19.6  
        142,425       114,575       24.3       400,695       459,887       (12.9 )

    (1) See “FINANCIAL MEASURES AND RATIOS.”

    SEGMENT REVIEW OF CONTRACT DRILLING SERVICES

      For the three months ended September 30,     For the nine months ended September 30,  
    (Stated in thousands of Canadian dollars, except where noted)   2024       2023     % Change       2024       2023     % Change  
    Revenue   406,155       390,728       3.9       1,215,125       1,257,762       (3.4 )
    Expenses:                                  
    Operating   262,933       247,937       6.0       776,210       759,750       2.2  
    General and administrative   9,987       11,090       (9.9 )     32,253       29,710       8.6  
    Adjusted EBITDA(1)   133,235       131,701       1.2       406,662       468,302       (13.2 )
    Adjusted EBITDA as a percentage of revenue(1)   32.8 %     33.7 %           33.5 %     37.2 %      

    (1) See “FINANCIAL MEASURES AND RATIOS.”

    United States onshore drilling statistics:(1) 2024     2023  
      Precision     Industry(2)     Precision     Industry(2)  
    Average number of active land rigs for quarters ended:                      
    March 31   38       602       60       744  
    June 30   36       583       51       700  
    September 30   35       565       41       631  
    Year to date average   36       583       51       692  

    (1) United States lower 48 operations only.
    (2) Baker Hughes rig counts.

    Canadian onshore drilling statistics:(1) 2024     2023  
      Precision     Industry(2)     Precision     Industry(2)  
    Average number of active land rigs for quarters ended:                      
    March 31   73       208       69       221  
    June 30   49       134       42       117  
    September 30   72       207       57       188  
    Year to date average   65       183       56       175  

    (1) Canadian operations only.
    (2) Baker Hughes rig counts.

    SEGMENT REVIEW OF COMPLETION AND PRODUCTION SERVICES

      For the three months ended September 30,     For the nine months ended September 30,  
    (Stated in thousands of Canadian dollars, except where noted)   2024       2023     % Change       2024       2023        
    Revenue   73,074       57,573       26.9       225,987       178,257       26.8  
    Expenses:                                  
    Operating   50,608       41,612       21.6       167,128       133,325       25.4  
    General and administrative   2,725       1,843       47.9       8,073       5,901       36.8  
    Adjusted EBITDA(1)   19,741       14,118       39.8       50,786       39,031       30.1  
    Adjusted EBITDA as a percentage of revenue(1)   27.0 %     24.5 %           22.5 %     21.9 %      
    Well servicing statistics:                                  
    Number of service rigs (end of period)   165       121       36.4       165       121       36.4  
    Service rig operating hours   62,835       46,894       34.0       194,390       144,944       34.1  
    Service rig operating hour utilization   41 %     42 %           43 %     44 %      

    (1) See “FINANCIAL MEASURES AND RATIOS.”

    OTHER ITEMS

    Share-based Incentive Compensation Plans

    We have several cash and equity-settled share-based incentive plans for non-management directors, officers, and other eligible employees. Our accounting policies for each share-based incentive plan can be found in our 2023 Annual Report.

    A summary of expense amounts under these plans during the reporting periods are as follows:

      For the three months ended September 30,     For the nine months ended September 30,  
    (Stated in thousands of Canadian dollars) 2024     2023     2024     2023  
    Cash settled share-based incentive plans   (1,626 )     30,105       28,810       20,091  
    Equity settled share-based incentive plans   1,440       701       3,517       1,834  
    Total share-based incentive compensation plan expense   (186 )     30,806       32,327       21,925  
                           
    Allocated:                      
    Operating   221       7,692       8,159       6,732  
    General and Administrative   (407 )     23,114       24,168       15,193  
        (186 )     30,806       32,327       21,925  


    CRITICAL ACCOUNTING JUDGEMENTS AND ESTIMATES

    Because of the nature of our business, we are required to make judgements and estimates in preparing our Condensed Consolidated Interim Financial Statements that could materially affect the amounts recognized. Our judgements and estimates are based on our past experiences and assumptions we believe are reasonable in the circumstances. The critical judgements and estimates used in preparing the Condensed Consolidated Interim Financial Statements are described in our 2023 Annual Report.

    EVALUATION OF CONTROLS AND PROCEDURES

    Based on their evaluation as at September 30, 2024, Precision’s Chief Executive Officer and Chief Financial Officer concluded that the Corporation’s disclosure controls and procedures (as defined in Rules 13a-15(e) and 15d-15(e) under the United States Securities Exchange Act of 1934, as amended (the Exchange Act)), are effective to ensure that information required to be disclosed by the Corporation in reports that are filed or submitted to Canadian and U.S. securities authorities is recorded, processed, summarized and reported within the time periods specified in Canadian and U.S. securities laws. In addition, as at September 30, 2024, there were no changes in the internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) that occurred during the three months ended September 30, 2024 that have materially affected, or are reasonably likely to materially affect, the Corporation’s internal control over financial reporting. Management will continue to periodically evaluate the Corporation’s disclosure controls and procedures and internal control over financial reporting and will make any modifications from time to time as deemed necessary.

    Based on their inherent limitations, disclosure controls and procedures and internal control over financial reporting may not prevent or detect misstatements, and even those controls determined to be effective can provide only reasonable assurance with respect to financial statement preparation and presentation.

    FINANCIAL MEASURES AND RATIOS

    Non-GAAP Financial Measures
    We reference certain additional Non-Generally Accepted Accounting Principles (Non-GAAP) measures that are not defined terms under IFRS Accounting Standards to assess performance because we believe they provide useful supplemental information to investors.
    Adjusted EBITDA We believe Adjusted EBITDA (earnings before income taxes, loss (gain) on investments and other assets, gain on repurchase of unsecured senior notes, finance charges, foreign exchange, gain on asset disposals and depreciation and amortization), as reported in our Condensed Interim Consolidated Statements of Net Earnings and our reportable operating segment disclosures, is a useful measure because it gives an indication of the results from our principal business activities prior to consideration of how our activities are financed and the impact of foreign exchange, taxation and depreciation and amortization charges.

    The most directly comparable financial measure is net earnings.
      For the three months ended September 30,     For the nine months ended September 30,  
    (Stated in thousands of Canadian dollars)   2024       2023       2024       2023  
    Adjusted EBITDA by segment:                      
    Contract Drilling Services   133,235       131,701       406,662       468,302  
    Completion and Production Services   19,741       14,118       50,786       39,031  
    Corporate and Other   (10,551 )     (31,244 )     (56,753 )     (47,446 )
    Adjusted EBITDA   142,425       114,575       400,695       459,887  
    Depreciation and amortization   75,073       73,192       227,104       218,823  
    Gain on asset disposals   (3,323 )     (2,438 )     (14,235 )     (15,586 )
    Foreign exchange   849       363       772       (894 )
    Finance charges   16,914       19,618       53,472       63,946  
    Gain on repurchase of unsecured notes   —       (37 )     —       (137 )
    Loss (gain) on investments and other assets   (150 )     (3,813 )     (330 )     6,075  
    Incomes taxes   13,879       7,898       37,512       45,138  
    Net earnings   39,183       19,792       96,400       142,522  
    Funds Provided by (Used in) Operations We believe funds provided by (used in) operations, as reported in our Condensed Interim Consolidated Statements of Cash Flows, is a useful measure because it provides an indication of the funds our principal business activities generate prior to consideration of working capital changes, which is primarily made up of highly liquid balances.

    The most directly comparable financial measure is cash provided by (used in) operations.
    Net Capital Spending We believe net capital spending is a useful measure as it provides an indication of our primary investment activities.

    The most directly comparable financial measure is cash provided by (used in) investing activities.

    Net capital spending is calculated as follows:
        For the three months ended September 30,     For the nine months ended September 30,  
    (Stated in thousands of Canadian dollars)     2024       2023       2024       2023  
    Capital spending by spend category                        
    Expansion and upgrade     7,709       13,479       30,501       39,439  
    Maintenance, infrastructure and intangibles     56,139       38,914       127,297       108,463  
          63,848       52,393       157,798       147,902  
    Proceeds on sale of property, plant and equipment     (5,647 )     (6,698 )     (21,825 )     (20,724 )
    Net capital spending     58,201       45,695       135,973       127,178  
    Business acquisitions     —       —       —       28,000  
    Proceeds from sale of investments and other assets     —       (10,013 )     (3,623 )     (10,013 )
    Purchase of investments and other assets     7       3,211       7       5,282  
    Receipt of finance lease payments     (207 )     (64 )     (591 )     (64 )
    Changes in non-cash working capital balances     (19,149 )     (4,551 )     9,266       6,774  
    Cash used in investing activities     38,852       34,278       141,032       157,157  
    Working Capital We define working capital as current assets less current liabilities, as reported in our Condensed Interim Consolidated Statements of Financial Position.

    Working capital is calculated as follows:
      September 30,     December 31,  
    (Stated in thousands of Canadian dollars)   2024       2023  
    Current assets   472,557       510,881  
    Current liabilities   306,084       374,009  
    Working capital   166,473       136,872  
    Total Long-term Financial Liabilities We define total long-term financial liabilities as total non-current liabilities less deferred tax liabilities, as reported in our Condensed Interim Consolidated Statements of Financial Position.

    Total long-term financial liabilities is calculated as follows:
      September 30,     December 31,  
    (Stated in thousands of Canadian dollars)   2024       2023  
    Total non-current liabilities   920,812       1,069,364  
    Deferred tax liabilities   62,047       73,515  
    Total long-term financial liabilities   858,765       995,849  
    Non-GAAP Ratios
    We reference certain additional Non-GAAP ratios that are not defined terms under IFRS to assess performance because we believe they provide useful supplemental information to investors.
    Adjusted EBITDA % of Revenue We believe Adjusted EBITDA as a percentage of consolidated revenue, as reported in our Condensed Interim Consolidated Statements of Net Earnings, provides an indication of our profitability from our principal business activities prior to consideration of how our activities are financed and the impact of foreign exchange, taxation and depreciation and amortization charges.
    Long-term debt to long-term debt plus equity We believe that long-term debt (as reported in our Condensed Interim Consolidated Statements of Financial Position) to long-term debt plus equity (total shareholders’ equity as reported in our Condensed Interim Consolidated Statements of Financial Position) provides an indication of our debt leverage.
    Net Debt to Adjusted EBITDA We believe that the Net Debt (long-term debt less cash, as reported in our Condensed Interim Consolidated Statements of Financial Position) to Adjusted EBITDA ratio provides an indication of the number of years it would take for us to repay our debt obligations.
    Supplementary Financial Measures
    We reference certain supplementary financial measures that are not defined terms under IFRS to assess performance because we believe they provide useful supplemental information to investors.
    Capital Spending by Spend Category We provide additional disclosure to better depict the nature of our capital spending. Our capital spending is categorized as expansion and upgrade, maintenance and infrastructure, or intangibles.


    CHANGE IN ACCOUNTING POLICY

    Precision adopted Classification of Liabilities as Current or Non-current and Non-current Liabilities with Covenants – Amendments to IAS 1, as issued in 2020 and 2022. These amendments apply retrospectively for annual reporting periods beginning on or after January 1, 2024 and clarify requirements for determining whether a liability should be classified as current or non-current. Due to this change in accounting policy, there was a retrospective impact on the comparative Statement of Financial Position pertaining to the Corporation’s Deferred Share Unit (DSU) plan for non-management directors which are redeemable in cash or for an equal number of common shares upon the director’s retirement. In the case of a director retiring, the director’s respective DSU liability would become payable and the Corporation would not have the right to defer settlement of the liability for at least twelve months. As such, the liability is impacted by the revised policy. The following changes were made to the Statement of Financial Position:

    • As at January 1, 2023, accounts payable and accrued liabilities increased by $12 million and non-current share-based compensation liability decreased by $12 million.
    • As at December 31, 2023, accounts payable and accrued liabilities increased by $8 million and non-current share-based compensation liability decreased by $8 million.

    The Corporation’s other liabilities were not impacted by the amendments. The change in accounting policy will also be reflected in the Corporation’s consolidated financial statements as at and for the year ending December 31, 2024.

    JOINT PARTNERSHIP

    On September 26, 2024, Precision formed a strategic Partnership with two Indigenous partners to provide well servicing operations in northeast British Columbia. Precision contributed $4 million in assets to the Partnership. Precision holds a controlling interest in the Partnership and the portions of the net earnings and equity not attributable to Precision’s controlling interest are shown separately as Non-Controlling Interests (NCI) in the consolidated statements of net earnings and consolidated statements of financial position.

    CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING INFORMATION AND STATEMENTS

    Certain statements contained in this release, including statements that contain words such as “could”, “should”, “can”, “anticipate”, “estimate”, “intend”, “plan”, “expect”, “believe”, “will”, “may”, “continue”, “project”, “potential” and similar expressions and statements relating to matters that are not historical facts constitute “forward-looking information” within the meaning of applicable Canadian securities legislation and “forward-looking statements” within the meaning of the “safe harbor” provisions of the United States Private Securities Litigation Reform Act of 1995 (collectively, “forward-looking information and statements”).

    In particular, forward-looking information and statements include, but are not limited to, the following:

    • our strategic priorities for 2024;
    • our capital expenditures, free cash flow allocation and debt reduction plans for 2024 through to 2026;
    • anticipated activity levels, demand for our drilling rigs, day rates and daily operating margins in 2024;
    • the average number of term contracts in place for 2024;
    • customer adoption of Alpha™ technologies and EverGreen™ suite of environmental solutions;
    • timing and amount of synergies realized from acquired drilling and well servicing assets;
    • potential commercial opportunities and rig contract renewals; and
    • our future debt reduction plans.

    These forward-looking information and statements are based on certain assumptions and analysis made by Precision in light of our experience and our perception of historical trends, current conditions, expected future developments and other factors we believe are appropriate under the circumstances. These include, among other things:

    • our ability to react to customer spending plans as a result of changes in oil and natural gas prices;
    • the status of current negotiations with our customers and vendors;
    • customer focus on safety performance;
    • existing term contracts are neither renewed nor terminated prematurely;
    • our ability to deliver rigs to customers on a timely basis;
    • the impact of an increase/decrease in capital spending; and
    • the general stability of the economic and political environments in the jurisdictions where we operate.

    Undue reliance should not be placed on forward-looking information and statements. Whether actual results, performance or achievements will conform to our expectations and predictions is subject to a number of known and unknown risks and uncertainties which could cause actual results to differ materially from our expectations. Such risks and uncertainties include, but are not limited to:

    • volatility in the price and demand for oil and natural gas;
    • fluctuations in the level of oil and natural gas exploration and development activities;
    • fluctuations in the demand for contract drilling, well servicing and ancillary oilfield services;
    • our customers’ inability to obtain adequate credit or financing to support their drilling and production activity;
    • changes in drilling and well servicing technology, which could reduce demand for certain rigs or put us at a competitive advantage;
    • shortages, delays and interruptions in the delivery of equipment supplies and other key inputs;
    • liquidity of the capital markets to fund customer drilling programs;
    • availability of cash flow, debt and equity sources to fund our capital and operating requirements, as needed;
    • the impact of weather and seasonal conditions on operations and facilities;
    • competitive operating risks inherent in contract drilling, well servicing and ancillary oilfield services;
    • ability to improve our rig technology to improve drilling efficiency;
    • general economic, market or business conditions;
    • the availability of qualified personnel and management;
    • a decline in our safety performance which could result in lower demand for our services;
    • changes in laws or regulations, including changes in environmental laws and regulations such as increased regulation of hydraulic fracturing or restrictions on the burning of fossil fuels and greenhouse gas emissions, which could have an adverse impact on the demand for oil and natural gas;
    • terrorism, social, civil and political unrest in the foreign jurisdictions where we operate;
    • fluctuations in foreign exchange, interest rates and tax rates; and
    • other unforeseen conditions which could impact the use of services supplied by Precision and Precision’s ability to respond to such conditions.

    Readers are cautioned that the forgoing list of risk factors is not exhaustive. Additional information on these and other factors that could affect our business, operations or financial results are included in reports on file with applicable securities regulatory authorities, including but not limited to Precision’s Annual Information Form for the year ended December 31, 2023, which may be accessed on Precision’s SEDAR+ profile at www.sedarplus.ca or under Precision’s EDGAR profile at www.sec.gov. The forward-looking information and statements contained in this release are made as of the date hereof and Precision undertakes no obligation to update publicly or revise any forward-looking statements or information, whether as a result of new information, future events or otherwise, except as required by law.

    CONDENSED INTERIM CONSOLIDATED STATEMENTS OF FINANCIAL POSITION (UNAUDITED)

    (Stated in thousands of Canadian dollars)   September 30,
    2024    		     December 31,
    2023(1)    		     January 1,
    2023(1)    		  
    ASSETS            
    Current assets:                  
    Cash   $ 24,304     $ 54,182     $ 21,587  
    Accounts receivable     401,652       421,427       413,925  
    Inventory     41,398       35,272       35,158  
    Assets held for sale     5,203       —       —  
    Total current assets     472,557       510,881       470,670  
    Non-current assets:                  
    Income tax recoverable     696       682       1,602  
    Deferred tax assets     27,767       73,662       455  
    Property, plant and equipment     2,296,079       2,338,088       2,303,338  
    Intangibles     15,566       17,310       19,575  
    Right-of-use assets     63,708       63,438       60,032  
    Finance lease receivables     4,938       5,003       —  
    Investments and other assets     6,685       9,971       20,451  
    Total non-current assets     2,415,439       2,508,154       2,405,453  
    Total assets   $ 2,887,996     $ 3,019,035     $ 2,876,123  
                       
    LIABILITIES AND EQUITY                  
    Current liabilities:                  
    Accounts payable and accrued liabilities   $ 282,810     $ 350,749     $ 404,350  
    Income taxes payable     3,059       3,026       2,991  
    Current portion of lease obligations     19,263       17,386       12,698  
    Current portion of long-term debt     952       2,848       2,287  
    Total current liabilities     306,084       374,009       422,326  
                       
    Non-current liabilities:                  
    Share-based compensation     10,339       16,755       47,836  
    Provisions and other     7,408       7,140       7,538  
    Lease obligations     54,010       57,124       52,978  
    Long-term debt     787,008       914,830       1,085,970  
    Deferred tax liabilities     62,047       73,515       28,946  
    Total non-current liabilities     920,812       1,069,364       1,223,268  
    Equity:                  
    Shareholders’ capital     2,337,079       2,365,129       2,299,533  
    Contributed surplus     76,656       75,086       72,555  
    Deficit     (915,629 )     (1,012,029 )     (1,301,273 )
    Accumulated other comprehensive income     158,602       147,476       159,714  
    Total equity attributable to shareholders     1,656,708       1,575,662       1,230,529  
    Non-controlling interest     4,392       —       —  
    Total equity     1,661,100       1,575,662       1,230,529  
    Total liabilities and equity   $ 2,887,996     $ 3,019,035     $ 2,876,123  

    (1) Comparative period figures were restated due to a change in accounting policy. See “CHANGE IN ACCOUNTING POLICY.”

    (2) See “JOINT PARTNERSHIP” for additional information.

    CONDENSED     INTERIM CONSOLIDATED STATEMENTS OF NET EARNINGS (LOSS) (UNAUDITED)

        Three Months Ended September 30,     Nine Months Ended September 30,  
    (Stated in thousands of Canadian dollars, except per share amounts)   2024     2023     2024     2023  
                             
                             
    Revenue   $ 477,155     $ 446,754     $ 1,434,157     $ 1,430,983  
    Expenses:                        
    Operating     311,467       288,002       936,383       888,039  
    General and administrative     23,263       44,177       97,079       83,057  
    Earnings before income taxes, loss (gain) on investments and other assets, gain on repurchase of unsecured senior notes, finance charges, foreign exchange, gain on asset disposals, and depreciation and amortization     142,425       114,575       400,695       459,887  
    Depreciation and amortization     75,073       73,192       227,104       218,823  
    Gain on asset disposals     (3,323 )     (2,438 )     (14,235 )     (15,586 )
    Foreign exchange     849       363       772       (894 )
    Finance charges     16,914       19,618       53,472       63,946  
    Gain on repurchase of unsecured senior notes     —       (37 )     —       (137 )
    Loss (gain) on investments and other assets     (150 )     (3,813 )     (330 )     6,075  
    Earnings before income taxes     53,062       27,690       133,912       187,660  
    Income taxes:                        
    Current     2,297       2,047       4,659       4,008  
    Deferred     11,582       5,851       32,853       41,130  
          13,879       7,898       37,512       45,138  
    Net earnings   $ 39,183     $ 19,792     $ 96,400     $ 142,522  
    Net earnings per share attributable to shareholders:                        
    Basic   $ 2.77     $ 1.45     $ 6.74     $ 10.45  
    Diluted   $ 2.31     $ 1.45     $ 6.73     $ 9.84  


    CONDENSED     INTERIM CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) (UNAUDITED)

        Three Months Ended September 30,     Nine Months Ended September 30,  
    (Stated in thousands of Canadian dollars)   2024     2023     2024     2023  
    Net earnings   $ 39,183     $ 19,792     $ 96,400     $ 142,522  
    Unrealized gain (loss) on translation of assets and liabilities of operations denominated in foreign currency     (16,104 )     39,180       30,409       3,322  
    Foreign exchange gain (loss) on net investment hedge with U.S. denominated debt     9,536       (24,616 )     (19,283 )     (1,484 )
    Comprehensive income   $ 32,615     $ 34,356     $ 107,526     $ 144,360  


    CONDENSED     INTERIM CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)

        Three Months Ended September 30,     Nine Months Ended September 30,  
    (Stated in thousands of Canadian dollars)   2024     2023     2024     2023  
    Cash provided by (used in):                        
    Operations:                        
    Net earnings   $ 39,183     $ 19,792     $ 96,400     $ 142,522  
    Adjustments for:                        
    Long-term compensation plans     2,620       11,577       14,490       9,200  
    Depreciation and amortization     75,073       73,192       227,104       218,823  
    Gain on asset disposals     (3,323 )     (2,438 )     (14,235 )     (15,586 )
    Foreign exchange     815       1,275       965       (13 )
    Finance charges     16,914       19,618       53,472       63,946  
    Income taxes     13,879       7,898       37,512       45,138  
    Other     27       —       120       (220 )
    Loss (gain) on investments and other assets     (150 )     (3,813 )     (330 )     6,075  
    Gain on repurchase of unsecured senior notes     —       (37 )     —       (137 )
    Income taxes paid     (508 )     (187 )     (4,842 )     (2,395 )
    Income taxes recovered     58       4       58       7  
    Interest paid     (31,692 )     (35,500 )     (69,435 )     (79,702 )
    Interest received     426       227       1,558       562  
    Funds provided by operations     113,322       91,608       342,837       388,220  
    Changes in non-cash working capital balances     (33,648 )     (3,108 )     (23,545 )     (57,904 )
    Cash provided by operations     79,674       88,500       319,292       330,316  
                             
    Investments:                        
    Purchase of property, plant and equipment     (63,797 )     (51,546 )     (157,747 )     (146,378 )
    Purchase of intangibles     (51 )     (847 )     (51 )     (1,524 )
    Proceeds on sale of property, plant and equipment     5,647       6,698       21,825       20,724  
    Proceeds from sale of investments and other assets     —       10,013       3,623       10,013  
    Business acquisitions     —       —       —       (28,000 )
    Purchase of investments and other assets     (7 )     (3,211 )     (7 )     (5,282 )
    Receipt of finance lease payments     207       64       591       64  
    Changes in non-cash working capital balances     19,149       4,551       (9,266 )     (6,774 )
    Cash used in investing activities     (38,852 )     (34,278 )     (141,032 )     (157,157 )
                             
    Financing:                        
    Issuance of long-term debt     10,900       23,600       10,900       162,649  
    Repayments of long-term debt     (59,658 )     (49,517 )     (162,506 )     (288,538 )
    Repurchase of share capital     (16,891 )     —       (50,465 )     (12,951 )
    Issuance of common shares from the exercise of options     495       —       686       —  
    Debt amendment fees     —       —       (1,317 )     —  
    Lease payments     (3,586 )     (2,410 )     (10,005 )     (6,413 )
    Funding from non-controlling interest     4,392       —       4,392       —  
    Cash used in financing activities     (64,348 )     (28,327 )     (208,315 )     (145,253 )
    Effect of exchange rate changes on cash     (403 )     251       177       (428 )
    Increase (decrease) in cash     (23,929 )     26,146       (29,878 )     27,478  
    Cash, beginning of period     48,233       22,919       54,182       21,587  
    Cash, end of period   $ 24,304     $ 49,065     $ 24,304     $ 49,065  


    CONDENSED     INTERIM CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY (UNAUDITED)

        Attributable to shareholders of the Corporation            
    (Stated in thousands of Canadian dollars)   Shareholders’
    Capital    		     Contributed
    Surplus    		     Accumulated
    Other
    Comprehensive
    Income    		     Deficit     Total     Non-
    controlling interest    		     Total
    Equity    		  
    Balance at January 1, 2024   $ 2,365,129     $ 75,086     $ 147,476     $ (1,012,029 )   $ 1,575,662     $ —     $ 1,575,662  
    Net earnings for the period     —       —       —       96,400       96,400       —       96,400  
    Other comprehensive income for the period     —       —       11,126       —       11,126       —       11,126  
    Share options exercised     978       (292 )     —       —       686       —       686  
    Settlement of Executive Performance and Restricted Share Units     21,846       (1,479 )     —       —       20,367       —       20,367  
    Share repurchases     (51,050 )     —       —       —       (51,050 )     —       (51,050 )
    Redemption of non-management directors share units     176       (176 )     —       —       —       —       –  
    Share-based compensation expense     —       3,517       —       —       3,517       —       3,517  
    Funding from non-controlling interest     —       —       —       —       —       4,392       4,392  
    Balance at September 30, 2024   $ 2,337,079     $ 76,656     $ 158,602     $ (915,629 )   $ 1,656,708     $ 4,392     $ 1,661,100  
        Attributable to shareholders of the Corporation            
    (Stated in thousands of Canadian dollars)   Shareholders’
    Capital    		     Contributed
    Surplus    		     Accumulated
    Other
    Comprehensive
    Income    		     Deficit     Total     Non-
    controlling interest    		     Total
    Equity    		  
    Balance at January 1, 2023   $ 2,299,533     $ 72,555     $ 159,714     $ (1,301,273 )   $ 1,230,529     $ —     $ 1,230,529  
    Net earnings for the period     —       —       —       142,522       142,522       —       142,522  
    Other comprehensive income for the period     —       —       1,838       —       1,838       —       1,838  
    Settlement of Executive Performance and Restricted Share Units     19,206       —       —       —       19,206       —       19,206  
    Share repurchases     (12,951 )     —       —       —       (12,951 )     —       (12,951 )
    Redemption of non-management directors share units     757       —       —       —       757       —       757  
    Share-based compensation expense     —       1,834       —       —       1,834       —       1,834  
    Balance at September 30, 2023   $ 2,306,545     $ 74,389     $ 161,552     $ (1,158,751 )   $ 1,383,735     $ —     $ 1,383,735  


    2024 THIRD QUARTER RESULTS CONFERENCE CALL AND WEBCAST

    Precision Drilling Corporation has scheduled a conference call and webcast to begin promptly at 11:00 a.m. MT (1:00 p.m. ET) on Wednesday, October 30, 2024.

    To participate in the conference call please register at the URL link below. Once registered, you will receive a dial-in number and a unique PIN, which will allow you to ask questions.

    https://register.vevent.com/register/BI4cb3a3db88084e66ad528ebb2bdb81e4

    The call will also be webcast and can be accessed through the link below. A replay of the webcast call will be available on Precision’s website for 12 months.

    https://edge.media-server.com/mmc/p/mov2xb4k

    About Precision

    Precision is a leading provider of safe and environmentally responsible High Performance, High Value services to the energy industry, offering customers access to an extensive fleet of Super Series drilling rigs. Precision has commercialized an industry-leading digital technology portfolio known as Alpha™ that utilizes advanced automation software and analytics to generate efficient, predictable, and repeatable results for energy customers. Our drilling services are enhanced by our EverGreen™ suite of environmental solutions, which bolsters our commitment to reducing the environmental impact of our operations. Additionally, Precision offers well service rigs, camps and rental equipment all backed by a comprehensive mix of technical support services and skilled, experienced personnel.

    Precision is headquartered in Calgary, Alberta, Canada and is listed on the Toronto Stock Exchange under the trading symbol “PD” and on the New York Stock Exchange under the trading symbol “PDS”.

    Additional Information

    For further information, please contact:

    Lavonne Zdunich, CPA, CA
    Vice President, Investor Relations
    403.716.4500

    800, 525 – 8th Avenue S.W.
    Calgary, Alberta, Canada T2P 1G1
    Website: www.precisiondrilling.com

    The MIL Network –

  • MIL-OSI USA: Senators Peters and Stabenow Announce Michigan Will Receive Nearly $134 Million to Upgrade Water Infrastructure

    US Senate News:

    Source: United States Senator for Michigan Gary Peters
    WASHINGTON, DC – U.S. Senators Gary Peters (MI) and Debbie Stabenow (MI) announced Michigan will receive $133,663,000 in federal funding to upgrade Michigan’s outdated water infrastructure and keep communities safe. This funding will support local projects to improve wastewater management systems, protect freshwater resources, and deliver safe drinking water to homes, schools, and businesses. This investment comes from the Infrastructure Investment and Jobs Act, also known as the Bipartisan Infrastructure Law, that the senators helped enact. The Bipartisan Infrastructure Law made the largest investment in water infrastructure in American history.
    “This robust investment will help our state make great strides in upgrading Michigan’s outdated water infrastructure, addressing emerging contaminants like PFAS, and safeguarding our state’s unmatched freshwater resources,” said Senator Peters. “I was proud to play a role in passing the Bipartisan Infrastructure Law, which made these upgrades possible, and I’m glad that this support will go to the communities in our state who need it most. We must continue working to ensure that every Michigander has access to safe drinking water.”
    “The Infrastructure Investment and Jobs Act continues to deliver for Michigan,” said Senator Stabenow.  “This new investment will improve our water systems, clean up pollution, keep our drinking water safe, fix old pipes, and more. Step-by-step, this law is making our state a safer, better place for families to live.”
    “Water keeps us healthy, sustains vibrant communities and dynamic ecosystems, and supports economic opportunity. When our water infrastructure fails, it threatens people’s health, peace of mind, and the environment,” said EPA Administrator Michael S. Regan. “With the Bipartisan Infrastructure Law’s historic investment in water, EPA is working with states and local partners to upgrade infrastructure and address local challenges—from lead in drinking water, to PFAS, to water main breaks, to sewer overflows and climate resilience. Together, we are creating good-paying jobs while ensuring that all people can rely on clean and safe water.
    These Bipartisan Infrastructure Law funds for Michigan – specifically $106,994,000 in Clean Water General Supplemental funding, $9,236,000 in Clean Water Emerging Contaminant funding, and $17,433,000 in Drinking Water Emerging Contaminant funding – will flow through the Clean Water and Drinking Water State Revolving Funds (CWSRF and DWSRF). The State Revolving Fund (SRF) programs have been the foundation of water infrastructure investments for more than 30 years, providing low-cost financing for local projects across America. These critical programs help communities minimize pollution, invest in clean infrastructure projects, address emerging contaminants like PFAS, and implement systems to provide clean drinking water to residents.

    MIL OSI USA News –

  • MIL-OSI: Finward Bancorp Announces Earnings for the Quarter and Nine Months Ended September 30, 2024

    Source: GlobeNewswire (MIL-OSI)

    MUNSTER, Ind., Oct. 29, 2024 (GLOBE NEWSWIRE) — Finward Bancorp (Nasdaq: FNWD) (the “Bancorp”), the holding company for Peoples Bank (the “Bank”), today announced that net income available to common stockholders was $10.0 million, or $2.35 per diluted share, for the nine months ended September 30, 2024, as compared to $6.9 million, or $1.60 per diluted share, for the corresponding prior year period. For the quarter ended September 30, 2024, the Bancorp’s net income totaled $606 thousand, or $0.14 per diluted share, as compared to $143 thousand, or $0.03 per diluted share, for the three months ended June 30, 2024, and as compared to $2.2 million, or $0.51 per diluted share, for the three months ended September 30, 2023. Selected performance metrics are as follows for the periods presented:

                                 
    Performance Ratios   Quarter ended,   Nine months ended,
        (Unaudited)   (Unaudited)   (Unaudited)   (Unaudited)   (Unaudited)   (Unaudited)   (Unaudited)
        September 30, June 30,   March 31,   December 31, September 30, September 30,   September 30,
          2024       2024       2024       2023       2023       2024       2023  
    Return on equity     1.60 %     0.39 %     24.97 %     4.92 %     6.55 %     4.50 %     6.68 %
    Return on assets     0.12 %     0.03 %     1.77 %     0.29 %     0.42 %     0.64 %     0.44 %
    Tax adjusted net interest margin     2.67 %     2.67 %     2.57 %     2.80 %     2.87 %     2.64 %     3.04 %
    Noninterest income / average assets     0.55 %     0.50 %     2.57 %     0.53 %     0.46 %     1.21 %     0.51 %
    Noninterest expense / average assets     2.80 %     2.79 %     2.86 %     2.60 %     2.59 %     2.82 %     2.67 %
    Efficiency ratio     97.32 %     98.56 %     59.41 %     87.49 %     86.88 %     80.16 %     83.68 %
                                                             

    “The Bank’s position continued to improve in the third quarter while we prepared for the Fed to begin their easing cycle. Margin and expenses were stable, with minimal benefit from the Fed’s late-quarter rate cut. We believe the Bank is poised to see margin expansion as lower rates work their way through the liability side of the balance sheet,” said Benjamin Bochnowski, chief executive officer. “We remain vigilant on credit, and we continued to build capital during the quarter. We also fully exited the Bank Term Funding Program well in advance of its March 2025 maturity.”

    Highlights of the current period include:

    • Net Interest Margin – The net interest margin was 2.53% for both the three months ended September 30, 2024 and the three months ended June 30, 2024. The tax-adjusted net interest margin (a non-GAAP measure) was 2.67% for both the three months ended September 30, 2024 and the three months ended June 30, 2024. The net interest margin for the nine months ended September 30, 2024, was 2.50%, compared to 2.89% for the nine months ended September 30, 2023. The tax-adjusted net interest margin (a non-GAAP measure) for the nine months ended September 30, 2024, was 2.64%, compared to 3.04% for the nine months ended September 30, 2023. See Table 1 at the end of this press release for a reconciliation of the tax-adjusted net interest margin to the GAAP net interest margin.
    • Funding – As of September 30, 2024, deposits totaled $1.7 billion, a decrease of $7.9 million or 0.5%, compared to June 30, 2024. Core deposits totaled $1.2 billion at both September 30, 2024 and June 30, 2024. Core deposits include checking, savings, and money market accounts and represented 67.9% of the Bancorp’s total deposits at September 30, 2024. As of September 30, 2024, balances for certificates of deposit totaled $562.2 million, compared to $541.2 million on June 30, 2024, an increase of $21.0 million or 3.9%. The decrease in total portfolio deposits is primarily related to cyclical flows and continued adjustments to deposit pricing. In addition, as of September 30, 2024, borrowings and repurchase agreements totaled $128.0 million, an increase of $65 thousand or 0.2%, compared to June 30, 2024. The increase in short-term borrowings was the result of cyclical inflows and outflows of interest-earning assets and interest-bearing liabilities. During the quarter, the Bancorp terminated its involvement in the Bank Term Funding Program (the “BTFP”) and paid off its outstanding balance of $60 million, in full, through a utilization of excess liquidity and FHLB advances. As of September 30, 2024, 72% of our deposits are fully FDIC insured, and another 7% are further backed by the Indiana Public Deposit Insurance Fund. The Bancorp’s liquidity position remains strong with solid core deposit customer relationships, excess cash, debt securities, and access to diversified borrowing sources. As of September 30, 2024, the Bancorp had available liquidity of $686 million including borrowing capacity from the FHLB and Federal Reserve facilities.
    • Securities Portfolio – Securities available for sale balances increased by $10.4 million to $350.0 million as of September 30, 2024, compared to $339.6 million as of June 30, 2024.  The increase in securities available for sale was due to a combination of portfolio runoff and a decrease of accumulated other comprehensive loss (“AOCL”). AOCL was $48.2 million as of September 30, 2024, compared to $58.9 million on June 30, 2024, an improvement of $10.7 million, or 18.2%. The yield on the securities portfolio decreased to 2.37% for the three months ended September 30, 2024, down from 2.43% for the three months ended June 30, 2024. Management did not execute any securities sale transactions during the quarter but will continue to monitor the securities portfolio for additional restructuring opportunities.
    • Lending – The Bank’s aggregate loan portfolio totaled $1.5 billion on both September 30, 2024 and June 30, 2024. During the three months ended September 30, 2024, the Bank originated $70.4 million in new commercial loans, compared to $48.7 million during the three months ended June 30, 2024 and $73.2 million during the three months ended September 30, 2023. The loan portfolio represents 78.7% of earning assets and is comprised of 62.6% commercial-related credits. At September 30, 2024, the Bancorp’s portfolio loan balances in commercial real estate owner occupied properties totaled $236.9 million or 15.7% of total loan balances and commercial real estate non-owner occupied properties totaled $302.8 million or 20.1% of total loan balances. Of the $302.8 million in commercial real estate non-owner occupied properties balances, loans collateralized by office buildings represented $42.4 million or 2.8% of total loan balances.
    • Gain on Sale of Loans – Gains from the sale of loans for the nine months ended September 30, 2024 totaled $810 thousand, an increase from $729 thousand for the nine months ended September 30, 2023. During the nine months ended September 30, 2024, the Bank originated $22.5 million in new fixed rate mortgage loans for sale, compared to $30.4 million during the nine months ended September 30, 2023. During the nine months ended September 30, 2024, the Bank originated $17.6 million in new 1-4 family loans retained in its portfolio, compared to $31.8 million during the nine months ended September 30, 2023. Total 1-4 family originations for the quarter ended September 30, 2024, totaled $20.1 million, an increase of $1.3 million compared to $18.8 million for the quarter ended June 30, 2024. These retained loans are primarily construction loans and adjustable-rate loans with a fixed-rate period of 7 years or less. The Bank continues to sell longer-duration fixed rate mortgages into the secondary market.
    • Asset Quality – At September 30, 2024, non-performing loans totaled $13.8 million, compared to $11.4 million at June 30, 2024, an increase of $2.4 million or 21.4%. The Bank’s ratio of non-performing loans to total loans was 0.92% at September 30, 2024, compared to 0.75% at June 30, 2024. The Bank’s ratio of non-performing assets to total assets increased from 0.61% at June 30, 2024 to 0.73% at September 30, 2024. Management maintains a vigilant oversight of nonperforming loans through proactive relationship management. The allowance for credit losses (ACL) totaled $18.5 million at September 30, 2024, compared to $18.3 million at June 30, 2024, an increase of $186 thousand or 1.0% and is considered adequate by management. For the quarter ended September 30, 2024, recoveries, net of charge-offs, totaled $186 thousand. The allowance for credit losses as a percentage of total loans was 1.23% at September 30, 2024, and the allowance for credit losses as a percentage of non-performing loans, or coverage ratio, was 134.1% at September 30, 2024.
    • Operating Expenses – Non-interest expense as a percentage of average assets was 2.80% for the quarter ended September 30, 2024, as compared to 2.79% for the quarter ended June 30, 2024. Increases in non-interest expenses quarter over quarter were primarily attributable to slightly higher federal deposit insurance premium and higher occupancy and equipment expenses. The Bank remains focused on identifying additional operating efficiencies and third-party expense reductions through the remainder of this year and beyond. Compensation and benefits expense is down 1.2% for the nine months ended September 30, 2024, compared to September 30, 2023.
    • Capital Adequacy – As of September 30, 2024, the Bank’s tier 1 capital to adjusted average assets ratio was 8.38%, an improvement of 0.06% compared to 8.32% at June 30, 2024. The Bank’s capital continues to exceed all applicable regulatory capital requirements as set forth in 12 C.F.R. § 324. The Bancorp’s tangible book value per share was $31.28 at September 30, 2024, up from $28.67 as of June 30, 2024 (a non-GAAP measure). Tangible common equity to total assets was 6.51% at September 30, 2024, up from 5.95% as of June 30, 2024 (a non-GAAP measure). Excluding accumulated other comprehensive losses, tangible book value per share increased to $42.47 as of September 30, 2024, from $42.33 as of June 30, 2024 (a non-GAAP measure). See Table 1 at the end of this press release for a reconciliation of the tangible book value per share, tangible book value per share adjusted for other accumulated comprehensive losses, tangible common equity as a percentage of total assets, and tangible common equity as a percentage of total assets adjusted for accumulated other comprehensive losses to the related GAAP ratios.

    Disclosures Regarding Non-GAAP Financial Measures
    Reported amounts are presented in accordance with GAAP. In this press release, the Bancorp also provides certain financial measures identified as non-GAAP. The Bancorp’s management believes that the non-GAAP information, which consists of tangible common equity, tangible common equity adjusted for accumulated other comprehensive losses, tangible book value per share, tangible book value per share adjusted for accumulated other comprehensive losses, tangible common equity/total assets, tax-adjusted net interest margin, and efficiency ratio, which can vary from period to period, provides a better comparison of period to period operating performance. The adjusted net interest income and tax-adjusted net interest margin measures recognize the income tax savings when comparing taxable and tax-exempt assets. Interest income and yields on tax-exempt securities and loans are presented using the current federal income tax rate of 21%. Management believes that it is standard practice in the banking industry to present net interest income and net interest margin on a fully tax-equivalent basis and that it may enhance comparability for peer comparison purposes. Additionally, the Bancorp believes this information is utilized by regulators and market analysts to evaluate a company’s financial condition and, therefore, such information is useful to investors. These disclosures should not be viewed as a substitute for financial results in accordance with GAAP, nor are they necessarily comparable to non-GAAP performance measures which may be presented by other companies. Refer to Table 1 – Reconciliation of Non-GAAP Financial Measures at the end of this document for a reconciliation of the non-GAAP measures identified herein and their most comparable GAAP measures.

    About Finward Bancorp
    Finward Bancorp is a locally managed and independent financial holding company headquartered in Munster, Indiana, whose activities are primarily limited to holding the stock of Peoples Bank. Peoples Bank provides a wide range of personal, business, electronic and wealth management financial services from its 26 locations in Lake and Porter Counties in Northwest Indiana and Chicagoland. Finward Bancorp’s common stock is quoted on The NASDAQ Stock Market, LLC under the symbol FNWD. The website ibankpeoples.com provides information on Peoples Bank’s products and services, and Finward Bancorp’s investor relations.

    Forward Looking Statements
    This press release may contain forward-looking statements regarding the financial performance, business prospects, growth and operating strategies of the Bancorp. For these statements, the Bancorp claims the protections of the safe harbor for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995. Statements in this communication should be considered in conjunction with the other information available about the Bancorp, including the information in the filings the Bancorp makes with the SEC. Forward-looking statements provide current expectations or forecasts of future events and are not guarantees of future performance. The forward-looking statements are based on management’s expectations and are subject to a number of risks and uncertainties. Forward-looking statements are typically identified by using words such as “anticipate,” “estimate,” “project,” “intend,” “plan,” “believe,” “will” and similar expressions in connection with any discussion of future operating or financial performance.

    Although management believes that the expectations reflected in such forward-looking statements are reasonable, actual results may differ materially from those expressed or implied in such statements. Risks and uncertainties that could cause actual results to differ materially include: the Bank’s ability to demonstrate compliance with the terms of the previously disclosed consent order and memorandum of understanding entered into between the Bank and the Federal Deposit Insurance Corporation (“FDIC”) and Indiana Department of Financial Institutions (“DFI”), or to demonstrate compliance to the satisfaction of the FDIC and/or DFI within prescribed time frames; the Bank’s agreement under the memorandum of understanding to refrain from paying cash dividends without prior regulatory approval; changes in asset quality and credit risk; the inability to sustain revenue and earnings growth; changes in interest rates, market liquidity, and capital markets, as well as the magnitude of such changes, which may reduce net interest margins; inflation; further deterioration in the market value of securities held in the Bancorp’s investment securities portfolio, whether as a result of macroeconomic factors or otherwise; customer acceptance of the Bancorp’s products and services; customer borrowing, repayment, investment, and deposit practices; customer disintermediation; the introduction, withdrawal, success, and timing of business initiatives; competitive conditions; the inability to realize cost savings or revenues or to implement integration plans and other consequences associated with mergers, acquisitions, and divestitures; economic conditions; and the impact, extent, and timing of technological changes, capital management activities, regulatory actions by the Federal Deposit Insurance Corporation and Indiana Department of Financial Institutions, and other actions of the Federal Reserve Board and legislative and regulatory actions and reforms. Additional factors that could cause actual results to differ materially from those expressed in the forward-looking statements are discussed in the Bancorp’s reports (such as the Annual Report on Form 10-K, Quarterly Reports on Form 10-Q, and Current Reports on Form 8-K) filed with the SEC and available at the SEC’s Internet website (www.sec.gov). All subsequent written and oral forward-looking statements concerning matters attributable to the Bancorp or any person acting on its behalf are expressly qualified in their entirety by the cautionary statements above. Except as required by law, The Bancorp does not undertake any obligation to update any forward-looking statement to reflect circumstances or events that occur after the date the forward-looking statement is made.

    In addition to the above factors, we also caution that the actual amounts and timing of any future common stock dividends or share repurchases will be subject to various factors, including our capital position, financial performance, capital impacts of strategic initiatives, market conditions, and regulatory and accounting considerations, as well as any other factors that our Board of Directors deems relevant in making such a determination. Therefore, there can be no assurance that we will repurchase shares or pay any dividends to holders of our common stock, or as to the amount of any such repurchases or dividends.

    Finward Bancorp
    Quarterly Financial Report
                                 
    Performance Ratios   Quarter ended,   Nine months ended,
        (Unaudited)   (Unaudited)   (Unaudited)   (Unaudited)   (Unaudited)   (Unaudited)   (Unaudited)
        September 30, June 30,   March 31,   December 31, September 30, September 30,   September 30,
          2024       2024       2024       2023       2023       2024       2023  
    Return on equity     1.60%       0.39%       24.97%       4.92%       6.55%       4.50%       6.68%  
    Return on assets     0.12%       0.03%       1.77%       0.29%       0.42%       0.64%       0.44%  
    Yield on loans     5.22%       5.11%       5.02%       5.09%       5.02%       5.12%       4.87%  
    Yield on security investments     2.37%       2.43%       2.37%       2.57%       2.41%       2.39%       2.39%  
    Total yield on earning assets     4.73%       4.64%       4.52%       4.64%       4.51%       4.64%       4.39%  
    Cost of interest-bearing deposits     2.47%       2.37%       2.36%       2.22%       1.95%       2.40%       1.58%  
    Cost of repurchase agreements     4.04%       3.86%       3.88%       3.78%       3.83%       3.93%       3.59%  
    Cost of borrowed funds     4.56%       4.95%       4.62%       4.41%       4.48%       4.70%       4.58%  
    Total cost of interest-bearing liabilities     2.63%       2.55%       2.53%       2.38%       2.16%       2.57%       1.82%  
    Tax adjusted net interest margin (1)     2.67%       2.67%       2.57%       2.80%       2.87%       2.64%       3.04%  
    Noninterest income / average assets     0.55%       0.50%       2.57%       0.53%       0.46%       1.21%       0.51%  
    Noninterest expense / average assets     2.80%       2.79%       2.86%       2.60%       2.59%       2.82%       2.67%  
    Net noninterest margin / average assets     -2.24%       -2.29%       -0.29%       -2.08%       -2.13%       -1.60%       -2.16%  
    Efficiency ratio     97.32%       98.56%       59.41%       87.49%       86.88%       80.16%       83.68%  
    Effective tax rate     -51.88%       -6.72%       9.48%       -30.85%       -22.20%       7.01%       0.30%  
                                 
    Non-performing assets to total assets     0.73%       0.61%       0.64%       0.61%       0.54%       0.73%       0.54%  
    Non-performing loans to total loans     0.92%       0.75%       0.78%       0.76%       0.66%       0.92%       0.66%  
    Allowance for credit losses to non-performing loans   134.12%       161.17%       159.12%       163.90%       192.89%       134.12%       192.89%  
    Allowance for credit losses to loans receivable     1.23%       1.22%       1.25%       1.24%       1.27%       1.23%       1.27%  
    Foreclosed real estate to total assets     0.00%       0.00%       0.00%       0.00%       0.00%       0.00%       0.00%  
                                 
    Basic earnings per share   $ 0.14     $ 0.03     $ 2.18     $ 0.36     $ 0.52     $ 2.35     $ 1.60  
    Diluted earnings per share   $ 0.14     $ 0.03     $ 2.17     $ 0.35     $ 0.51     $ 2.35     $ 1.60  
    Stockholders’ equity / total assets     7.69%       7.16%       7.32%       6.99%       5.70%       7.69%       5.70%  
    Book value per share   $ 36.99     $ 34.45     $ 35.17     $ 34.28     $ 27.68     $ 36.99     $ 27.68  
    Closing stock price   $ 31.98     $ 24.52     $ 24.60     $ 25.24     $ 22.00     $ 31.98     $ 22.00  
    Price to earnings per share ratio     56.21       182.60       2.82       17.77       10.67       10.19       10.28  
    Dividends declared per common share   $ 0.12     $ 0.12     $ 0.12     $ 0.12     $ 0.31     $ 0.36     $ 0.93  
                                 
    Common equity tier 1 capital to risk-weighted assets   11.10%       10.94%       10.89%       10.43%       10.17%       11.10%       10.17%  
    Tier 1 capital to risk-weighted assets     11.10%       10.94%       10.89%       10.43%       10.17%       11.10%       10.17%  
    Total capital to risk-weighted assets     12.14%       11.95%       11.92%       11.36%       11.12%       12.14%       11.12%  
    Tier 1 capital to adjusted average assets     8.38%       8.32%       8.24%       7.78%       7.81%       8.38%       7.81%  
                                 
                                 
    Non-GAAP Performance Ratios   Quarter ended,   Nine months ended,
        (Unaudited)   (Unaudited)   (Unaudited)   (Unaudited)   (Unaudited)   (Unaudited)   (Unaudited)
        September 30,   June 30,   March 31,   December 31, September 30, September 30,   September 30,
          2024       2024       2024       2023       2023       2024       2023  
    Net interest margin – tax equivalent     2.67%       2.67%       2.57%       2.80%       2.87%       2.64%       3.04%  
    Tangible book value per diluted share   $ 31.28     $ 28.67     $ 29.30     $ 28.31     $ 21.63     $ 31.28     $ 21.63  
    Tangible book value per diluted share adjusted for AOCL   $ 42.47     $ 42.33     $ 42.36     $ 40.31     $ 39.96     $ 42.47     $ 39.96  
    Tangible common equity to total assets     6.51%       5.95%       6.09%       5.77%       4.46%       6.51%       4.46%  
    Tangible common equity to total assets adjusted for AOCL     8.83%       8.79%       8.81%       8.22%       8.23%       8.83%       8.23%  
                                 
    (1) Tax adjusted net interest margin represents a non-GAAP financial measure. See the non-GAAP reconciliation table section captioned “Non-GAAP Financial Measures” for further disclosure regarding non-GAAP financial measures
    Quarter Ended                        
    (Dollars in thousands) Average Balances, Interest, and Rates  
    (unaudited) September 30, 2024   June 30, 2024  
      Average Balance   Interest   Rate (%)   Average Balance   Interest   Rate (%)  
    ASSETS                        
    Interest bearing deposits in other financial institutions $ 44,365     $ 665   6.00   $ 60,378     $ 800   5.30  
    Federal funds sold   682       9   5.28     1,263       10   3.17  
    Securities available-for-sale   342,451       2,031   2.37     337,226       2,047   2.43  
    Loans receivable   1,506,967       19,660   5.22     1,501,584       19,174   5.11  
    Federal Home Loan Bank stock   6,547       107   6.54     6,547       96   5.87  
    Total interest earning assets   1,901,012     $ 22,472   4.73     1,906,998     $ 22,127   4.64  
    Cash and non-interest bearing deposits in other financial institutions   32,198               18,054            
    Allowance for credit losses   (18,482 )             (18,788 )          
    Other noninterest bearing assets   155,996               158,358            
    Total assets $ 2,070,724             $ 2,064,622            
                             
    LIABILITIES AND STOCKHOLDERS’ EQUITY                        
    Interest-bearing deposits $ 1,451,414     $ 8,946   2.47   $ 1,455,007     $ 8,610   2.37  
    Repurchase agreements   43,074       435   4.04     41,388       399   3.86  
    Borrowed funds   95,224       1,085   4.56     85,940       1,064   4.95  
    Total interest bearing liabilities   1,589,712     $ 10,466   2.63     1,582,335     $ 10,073   2.55  
    Non-interest bearing deposits   287,507               291,618            
    Other noninterest bearing liabilities   41,696               45,029            
    Total liabilities   1,918,915               1,918,982            
    Total stockholders’ equity   151,809               145,640            
    Total liabilities and stockholders’ equity $ 2,070,724             $ 2,064,622            
                             
                             
    Return on average assets   0.12 %             0.03 %          
    Return on average equity   1.60 %             0.39 %          
    Net interest margin (average earning assets)   2.53 %             2.53 %          
    Net interest margin (average earning assets) – tax equivalent   2.67 %             2.67 %          
    Net interest spread   2.10 %             2.09 %          
    Ratio of interest-earning assets to interest-bearing liabilities   1.20x                 1.21x            
                             
    Year-to-Date                        
    (Dollars in thousands) Average Balances, Interest, and Rates
    (unaudited) September 30, 2024   September 30, 2023
      Average Balance   Interest   Rate (%)   Average Balance   Interest   Rate (%)  
    ASSETS     `                  
    Interest bearing deposits in other financial institutions $ 51,522     $ 2,317   6.00   $ 31,171     $ 1,112   4.76  
    Federal funds sold   919       29   4.21     1,158       38   4.38  
    Certificates of deposit in other financial institutions   –       –   –     1,169       44   5.02  
    Securities available-for-sale   348,269       6,239   2.39     369,897       6,631   2.39  
    Loans receivable   1,504,197       57,713   5.12     1,519,981       55,481   4.87  
    Federal Home Loan Bank stock   6,547       285   5.80     6,547       221   4.50  
    Total interest earning assets   1,911,454     $ 66,583   4.64     1,929,923     $ 63,527   4.39  
    Cash and non-interest bearing deposits in other financial institutions   29,183               18,723            
    Allowance for credit losses   (18,670 )             (17,619 )          
    Other noninterest bearing assets   155,433               154,227            
    Total assets $ 2,077,400             $ 2,085,254            
                             
    LIABILITIES AND STOCKHOLDERS’ EQUITY                        
    Interest-bearing deposits $ 1,464,682     $ 26,350   2.40   $ 1,455,410     $ 17,258   1.58  
    Repurchase agreements   40,879       1,204   3.93     33,170       892   3.59  
    Borrowed funds   90,423       3,189   4.70     102,864       3,537   4.58  
    Total interest bearing liabilities   1,595,984     $ 30,743   2.57     1,591,444     $ 21,687   1.82  
    Non-interest bearing deposits   291,161               326,431            
    Other noninterest bearing liabilities   41,540               30,178            
    Total liabilities   1,928,685               1,948,053            
    Total stockholders’ equity   148,715               137,201            
    Total liabilities and stockholders’ equity $ 2,077,400             $ 2,085,254            
                             
                             
    Return on average assets   0.64 %             0.44 %          
    Return on average equity   4.50 %             6.68 %          
    Net interest margin (average earning assets)   2.50 %             2.89 %          
    Net interest margin (average earning assets) – tax equivalent   2.64 %             3.04 %          
    Net interest spread   2.07 %             2.57 %          
    Ratio of interest-earning assets to interest-bearing liabilities   1.20x                 1.21x            
                             
    Finward Bancorp
    Quarterly Financial Report
                         
    Balance Sheet Data                    
    (Dollars in thousands)   (Unaudited)   (Unaudited)   (Unaudited)       (Unaudited)
        September 30, June 30,   March 31,   December 31, September 30,
          2024       2024       2024       2023       2023  
    ASSETS                    
                         
    Cash and non-interest bearing deposits in other financial institutions   $ 23,071     $ 19,061     $ 16,418     $ 17,942     $ 17,922  
    Interest bearing deposits in other financial institutions     48,025       63,439       54,755       67,647       52,875  
                         
    Total cash and cash equivalents     71,649       83,207       71,780       86,008       71,648  
                         
    Securities available-for-sale     350,027       339,585       346,233       371,374       339,280  
    Loans held-for-sale     2,567       1,185       667       340       2,057  
    Loans receivable, net of deferred fees and costs     1,508,242       1,506,398       1,508,251       1,512,595       1,525,660  
    Less: allowance for credit losses     (18,516 )     (18,330 )     (18,805 )     (18,768 )     (19,430 )
    Net loans receivable     1,489,726       1,488,068       1,489,446       1,493,827       1,506,230  
    Federal Home Loan Bank stock     6,547       6,547       6,547       6,547       6,547  
    Accrued interest receivable     7,442       7,695       7,583       8,045       7,864  
    Premises and equipment     47,912       48,696       47,795       38,436       38,810  
    Foreclosed real estate     –       –       71       71       71  
    Cash value of bank owned life insurance     33,312       33,107       32,895       32,702       32,509  
    Goodwill     22,395       22,395       22,395       22,395       22,395  
    Other intangible assets     2,203       2,555       2,911       3,272       3,636  
    Other assets     40,882       44,027       43,459       45,262       56,423  
                         
    Total assets   $ 2,074,662     $ 2,077,067     $ 2,071,782     $ 2,108,279     $ 2,087,470  
                         
    LIABILITIES AND STOCKHOLDERS’ EQUITY                    
                         
    Deposits:                    
    Non-interest bearing   $ 285,157     $ 286,784     $ 296,959     $ 295,594     $ 312,635  
    Interest bearing     1,463,653       1,469,970       1,450,519       1,517,827       1,471,402  
    Total     1,748,810       1,756,754       1,747,478       1,813,421       1,784,037  
    Repurchase agreements     43,038       42,973       41,137       38,124       48,310  
    Borrowed funds     85,000       85,000       90,000       80,000       100,000  
    Accrued expenses and other liabilities     38,259       43,709       41,586       29,389       36,080  
                         
    Total liabilities     1,915,107       1,928,436       1,920,201       1,960,934       1,968,427  
                         
    Commitments and contingencies                    
                         
    Stockholders’ Equity:                    
                         
    Preferred stock, no par or stated value;                    
    10,000,000 shares authorized, none outstanding     –       –       –       –       –  
    Common stock, no par or stated value; 10,000,000 shares authorized;     –       –       –       –       –  
    shares issued and outstanding: September 30, 2024 – 4,313,940                    
    December 31, 2023 – 4,298,773                    
    Additional paid-in capital     69,916       69,778       69,727       69,555       69,482  
    Accumulated other comprehensive loss     (48,241 )     (58,939 )     (56,313 )     (51,613 )     (78,848 )
    Retained earnings     137,880       137,792       138,167       129,403       128,409  
                         
    Total stockholders’ equity     159,555       148,631       151,581       147,345       119,043  
                         
    Total liabilities and stockholders’ equity   $ 2,074,662     $ 2,077,067     $ 2,071,782     $ 2,108,279     $ 2,087,470  
                         
    Finward Bancorp
    Quarterly Financial Report
                                   
    Consolidated Statements of Income   Quarter Ended,     Nine months ended,
    (Dollars in thousands)   (Unaudited)   (Unaudited)   (Unaudited)       (Unaudited)     (Unaudited)   (Unaudited)
        September 30,   June 30,   March 31,   December 31, September 30,   September 30,   September 30,
          2024       2024       2024       2023       2023         2024       2023  
    Interest income:                              
    Loans   $ 19,660     $ 19,174     $ 18,879     $ 19,281     $ 19,161       $ 57,713     $ 55,481  
    Securities & short-term investments     2,812       2,953       3,105       2,975       2,617         8,870       8,046  
    Total interest income     22,472       22,127       21,984       22,256       21,778         66,583       63,527  
    Interest expense:                              
    Deposits     8,946       8,610       8,794       8,180       7,066         26,350       17,258  
    Borrowings     1,520       1,463       1,410       1,361       1,579         4,393       4,429  
    Total interest expense     10,466       10,073       10,204       9,541       8,645         30,743       21,687  
    Net interest income     12,006       12,054       11,780       12,715       13,133         35,840       41,840  
    Provision for credit losses     –       76       –       779       244         76       1,246  
    Net interest income after provision for credit losses     12,006       11,978       11,780       11,936       12,889         35,764       40,594  
    Noninterest income:                              
    Fees and service charges     1,463       1,257       1,153       1,507       1,374         3,873       4,517  
    Wealth management operations     731       763       633       672       572         2,127       1,812  
    Gain on sale of loans held-for-sale, net     338       320       152       352       192         810       729  
    Increase in cash value of bank owned life insurance   205       212       193       193       193         610       573  
    Gain (loss) on sale of real estate     –       15       11,858       –       2         11,873       (13 )
    Loss on sale of securities, net     –       –       (531 )     –       –         (531 )     (48 )
    Other     130       6       17       11       64         154       441  
    Total noninterest income     2,867       2,573       13,475       2,735       2,397         18,916       8,011  
    Noninterest expense:                              
    Compensation and benefits     6,963       7,037       7,109       6,290       6,729         21,109       21,365  
    Occupancy and equipment     2,181       2,120       1,915       1,520       1,711         6,205       4,898  
    Data processing     1,165       1,135       1,170       1,269       1,085         3,470       3,465  
    Federal deposit insurance premiums     435       397       501       492       474         1,333       1,511  
    Marketing     209       212       158       191       235         579       649  
    Other     3,521       3,516       4,151       3,755       3,259         9,465       8,547  
    Total noninterest expense     14,474       14,417       15,004       13,517       13,493         43,895       41,715  
    Income before income taxes     399       134       10,251       1,154       1,793         10,785       6,890  
    Income tax expenses (benefit)     (207 )     (9 )     972       (356 )     (398 )       756       21  
    Net income   $ 606     $ 143     $ 9,279     $ 1,510     $ 2,191       $ 10,029     $ 6,869  
                                   
    Earnings per common share:                              
    Basic   $ 0.14     $ 0.03     $ 2.18     $ 0.36     $ 0.52       $ 2.35     $ 1.60  
    Diluted   $ 0.14     $ 0.03     $ 2.17     $ 0.35     $ 0.51       $ 2.35     $ 1.60  
                                   
    Finward Bancorp
    Quarterly Financial Report
                               
    Asset Quality   (Unaudited)   (Unaudited)   (Unaudited)       (Unaudited)
    (Dollars in thousands)   September 30,   June 30,   March 31,   December 31,   September 30,
                2024       2024       2024     2023     2023  
    Nonaccruing loans   $ 13,806     $ 11,079     $ 11,603   $ 9,608   $ 9,840  
    Accruing loans delinquent more than 90 days     –       294       215     1,843     233  
    Securities in non-accrual     1,440       1,371       1,442     1,357     1,155  
    Foreclosed real estate     –       –       71     71     71  
      Total nonperforming assets   $ 15,246     $ 12,744     $ 13,331   $ 12,879   $ 11,299  
                               
    Allowance for credit losses (ACL):                    
      ACL specific allowances for collateral dependent loans   $ 1,821     $ 1,327     $ 1,455   $ 906   $ 554  
      ACL general allowances for loan portfolio     16,695       17,003       17,351     17,862     18,876  
        Total ACL   $ 18,516     $ 18,330     $ 18,806   $ 18,768   $ 19,430  
                               
    (Dollars in millions)                   Minimum Required To Be
                Minimum Required For   Well Capitalized Under Prompt
        Actual   Capital Adequacy Purposes   Corrective Action Regulations
    September 30, 2024   Amount   Ratio   Amount   Ratio   Amount   Ratio
    Common equity tier 1 capital to risk-weighted assets   $ 176.3   11.10 %   $ 71.9   4.50 %   $ 103.9   6.50 %
    Tier 1 capital to risk-weighted assets   $ 176.3   11.10 %   $ 95.9   6.00 %   $ 127.9   8.00 %
    Total capital to risk-weighted assets   $ 194.0   12.14 %   $ 127.9   8.00 %   $ 159.8   10.00 %
    Tier 1 capital to adjusted average assets   $ 176.3   8.38 %   $ 84.7   4.00 %   $ 105.8   5.00 %
                             
    Table 1 – Reconciliation of the Non-GAAP Performance Measures                          
                               
    (Dollars in thousands) Quarter Ended,   Nine months ended,
    (unaudited) September 30, 2024   June 30, 2024   March 31, 2024   December 31, 2023   September 30, 2023   September 30, 2024   September 30, 2023
    Calculation of tangible common equity                          
    Total stockholder’s equity $ 159,555     $ 148,631     $ 151,581     $ 147,345     $ 119,043     $ 159,555     $ 119,043  
    Goodwill   (22,395 )     (22,395 )     (22,395 )     (22,395 )     (22,395 )     (22,395 )     (22,395 )
    Other intangibles   (2,203 )     (2,555 )     (2,911 )     (3,272 )     (3,636 )     (2,203 )     (3,636 )
    Tangible common equity $ 134,957     $ 123,681     $ 126,275     $ 121,678     $ 93,012     $ 134,957     $ 93,012  
                               
    Calculation of tangible common equity adjusted for accumulated other comprehensive loss                        
    Tangible common equity $ 134,957     $ 123,681     $ 126,275     $ 121,678     $ 93,012     $ 134,957     $ 93,012  
    Accumulated other comprehensive loss   48,241       58,939       56,313       51,613       78,848       48,241       78,848  
    Tangible common equity adjusted for accumulated other comprehensive loss $ 183,198       $ 182,620       $ 182,588       $ 173,291       $ 171,860     $ 183,198       $ 171,860  
                               
    Calculation of tangible book value per share                          
    Tangible common equity $ 134,957     $ 123,681     $ 126,275     $ 121,678     $ 93,012     $ 134,957     $ 93,012  
    Shares outstanding   4,313,940       4,313,940       4,310,251       4,298,773       4,300,881       4,313,940       4,300,881  
    Tangible book value per diluted share $ 31.28     $ 28.67     $ 29.30     $ 28.31     $ 21.63     $ 31.28     $ 21.63  
                               
    Calculation of tangible book value per diluted share adjusted for accumulated other comprehensive loss                        
    Tangible common equity adjusted for accumulated other comprehensive loss $ 183,198     $ 182,620     $ 182,588     $ 173,291     $ 171,860     $ 183,198     $ 171,860  
    Diluted average common shares outstanding   4,313,940       4,313,940       4,310,251       4,298,773       4,300,881       4,313,940       4,300,881  
    Tangible book value per diluted share adjusted for accumulated other comprehensive loss $ 42.47     $ 42.33     $ 42.36     $ 40.31     $ 39.96     $ 42.47     $ 39.96  
                               
    Calculation of tangible common equity to total assets                          
    Tangible common equity $ 134,957     $ 123,681     $ 126,275     $ 121,678     $ 93,012     $ 134,957     $ 93,012  
    Total assets   2,074,662       2,077,067       2,071,782       2,108,279       2,087,470       2,074,662       2,087,470  
    Tangible common equity to total assets   6.51 %     5.95 %     6.09 %     5.77 %     4.46 %     6.51 %     4.46 %
                               
    Calculation of tangible common equity to total assets adjusted for accumulated other comprehensive loss                        
    Tangible common equity adjusted for accumulated other comprehensive loss $ 183,198     $ 182,620     $ 182,588     $ 173,291     $ 171,860     $ 183,198     $ 171,860  
    Total assets   2,074,662       2,077,067       2,071,782       2,108,279       2,087,470       2,074,662       2,087,470  
    Tangible common equity to total assets adjusted for accumulated other comprehensive loss   8.83 %     8.79 %     8.81 %     8.22 %     8.23 %     8.83 %     8.23 %
                               
    Calculation of tax adjusted net interest margin                          
    Net interest income $ 12,006     $ 12,054     $ 11,780     $ 12,715     $ 13,133     $ 35,840     $ 41,840  
    Tax adjusted interest on securities and loans   678       677       699       722       730       2,054       2,234  
    Adjusted net interest income   12,684       12,731       12,749       13,437       13,863       37,894       44,074  
    Total average earning assets   1,901,012       1,906,998       1,945,501       1,920,127       1,930,118       1,911,454       1,929,923  
    Tax adjusted net interest margin   2.67 %     2.67 %     2.57 %     2.80 %     2.87 %     2.64 %     3.04 %
                               
    Efficiency ratio                          
    Total non-interest expense $ 14,474     $ 14,417     $ 15,004     $ 13,517     $ 13,493     $ 43,895     $ 13,493  
    Total revenue   14,873       14,627       25,255       15,450       15,530       54,756       15,530  
    Efficiency ratio   97.32 %     98.56 %     59.41 %     87.49 %     86.88 %     80.16 %     86.88 %
                               

    FOR FURTHER INFORMATION
    CONTACT SHAREHOLDER SERVICES
    (219) 853-7575

    The MIL Network –

  • MIL-OSI: Blackwells Capital Calls on Brancous to End its Alarmist Attacks on Braemar

    Source: GlobeNewswire (MIL-OSI)

    Brancous’ misleading accusations are not constructive and could negatively impact the Company’s business

    Blackwells encourages all Braemar shareholders to support the enhanced Board and management team

    NEW YORK, Oct. 29, 2024 (GLOBE NEWSWIRE) — Blackwells Capital LLC (“Blackwells”), a shareholder of Braemar Hotels & Resorts Inc. (“Braemar” or the “Company”) (NYSE: BHR), today released a letter to its fellow Braemar shareholders:

    The full text of the letter follows:

    Dear Fellow Braemar Shareholders,

    Over the past months, Blackwells Capital, in its capacity as an engaged shareholder of Braemar Hotels & Resorts (“Braemar” or the “Company”), exchanged views with the board of directors (the “Board”) and management of Braemar. Blackwells’ concerns were heard by Braemar, and Blackwells was pleased to enter into a constructive agreement with the Company, reflective of its confidence in the Board and management team to drive value for all shareholders.

    Recently, another shareholder, Brancous LP1 (“Brancous”) has issued several public letters to Braemar. While Brancous is free to have its say as a shareholder of the Company, we believe its accusations and inferences are increasingly alarmist in nature, and without merit. Left uncorrected, Blackwells is concerned these accusations could have a negative impact on Braemar’s business.

    Brancous’ latest letter dated October 22, 2024 appears to be a regurgitation of false claims made by a disgruntled hotel union. We believe it is irresponsible to peddle such misinformation, and, in particular, highlight the recklessness of stating that a lawsuit was filed against Braemar when no such thing happened.

    Contrary to Brancous’ misstatements, Ashford Inc has stated publicly that Braemar has received an official private letter ruling from the Internal Revenue Service regarding its structure and operating relationship with Remington Hospitality, providing assurance of its proper REIT compliance. We question Brancous’ claim that “No other REIT operates in this manner,” and believe that it demonstrates a lack of knowledge of the REIT space.

    Further, Brancous’ missives about the Braemar Board ignore the recent appointment of Jay Shah. Mr. Shah is a seasoned hospitality and real estate executive and joined the Board as an independent director. Blackwells believes that Mr. Shah brings an infusion of skills, experience and fresh expertise to Braemar. Blackwells strenuously objects to Brancous’ attacks which oddly single out Braemar independent director, Stefani Carter. Blackwells has had the opportunity to meet with Ms. Carter and believes she is an effective and independent fiduciary for shareholders, with an esteemed professional background.  

    Brancous closes its October 22, 2024 letter noting that “BHR has incredible potential…” Blackwells agrees with that assessment wholeheartedly. Brancous’ hyperbolic attacks, however, are not constructive, and could unjustly hurt the Company and its prospects.

    Blackwells calls on Brancous and all shareholders to join us in voting in favor of the enhanced Board and management team as they unlock value for all shareholders.

    Sincerely,

    Jason Aintabi
    Chief Investment Officer
    Blackwells Capital

    About Blackwells Capital

    Blackwells is a multi-strategy alternative asset management firm that invests in public and private markets globally. Our public markets portfolio focuses on currencies, equities, credit and commodities. When necessary, we engage with public company boards to drive value for all stakeholders. Our private markets portfolio includes investments in space, clean energy, infrastructure, real estate and technology. Further information is available at www.blackwellscap.com.

    Media
    Gagnier Communications
    Dan Gagnier & Riyaz Lalani
    646-569-5897
    blackwells@gagnierfc.com

    The MIL Network –

  • MIL-OSI USA: Cassidy, Tillis, Colleagues Introduce Legislation to Replenish the SBA Disaster Loan Program Following Hurricanes Francine, Helene, Milton

    US Senate News:

    Source: United States Senator for Louisiana Bill Cassidy
    WASHINGTON – U.S. Senators Bill Cassidy, M.D. (R-LA), Thom Tillis (R-NC), Ted Budd (R-NC), Tim Scott (R-SC), and Rick Scott (R-FL) announced plans to introduce the Restoring an Economic Lifeline with Immediate Emergency Funding (Relief) Act that would replenish the U.S. Small Business Administration (SBA) Disaster Loan Program. On October 15th, the SBA announced the Disaster Loan Fund had run out of money. The senators plan to seek passage of the legislation when Congress returns to session.
    “Hurricanes Francine, Helene, and Milton hit us hard, but Louisianans and Americans are resilient,” said Dr. Cassidy. “This funding is essential to help small businesses recover from these storms and support our local economies.”
    “The SBA Disaster Loan Program running out of funds risks delays in processing the loans of those affected by Helene and Milton and their ability to get their lives back on track,” said Senator Tillis. “That is why I am leading legislation to replenish this fund when Congress returns to Washington, and I look forward to working across the aisle to pass a long-term disaster aid package that will provide additional resources to help make the victims of these hurricanes whole again. ”
    “The citizens of Western North Carolina are some of the toughest and most resilient people in this country,” said Senator Budd. “As they recover and rebuild their communities, they must be able to access disaster loans from SBA. This recovery will take many years, and I look forward to working with my colleagues to cut through the delays and provide WNC with the resources they need as quickly as possible.”
    “Hurricane Helene brought a level of devastation to South Carolina we haven’t seen since Hugo. With a natural disaster of this magnitude, Congress should take the opportunity to show leadership and help ease the pain of those who have lost everything,” said Senator Tim Scott. “Communities back home and in surrounding states have come together to recover, but it will take every possible effort to get us back to where we were.”
    “We cannot allow frontline federal agencies, like the SBA, to run out of disaster relief funds. This is especially important in the wake of Hurricanes Helene and Milton which devastated Florida, North Carolina and communities across the Southeast U.S,” said Senator Rick Scott. “I continue to call on Leader Schumer to immediately reconvene the Senate so we can fund disaster relief functions at FEMA, the SBA, USDA and other agencies to get folks what they need and deserve. I won’t stop fighting to get this done and am proud to join my colleagues to introduce a bill that funds SBA disaster loans and makes sure the federal government is a reliable partner as families continue their recovery.”
    The Relief Act would appropriate $550 million to fund the SBA Disaster Loan Program Account, which would provide $2.475B in lending capacity projected to last until the end of 2024.

    MIL OSI USA News –

  • MIL-OSI: Urgently Announces Third Quarter 2024 Earnings Release Date and Conference Call; Participation in Upcoming Investor Conferences

    Source: GlobeNewswire (MIL-OSI)

    VIENNA, Va., Oct. 29, 2024 (GLOBE NEWSWIRE) — Urgent.ly, Inc. (Nasdaq: ULY) (“Urgently”), a U.S.-based leading provider of digital roadside and mobility assistance technology and services, today announced the date for the release of its third quarter 2024 financial results and its participation in upcoming investor conferences.

    Third Quarter 2024 Earnings

    Urgently will host a conference call on Tuesday, November 12, 2024, at 5:00 p.m. Eastern Time to discuss its financial results for the third quarter ended September 30, 2024. Financial results will be issued in a press release prior to the call.

    Those wishing to participate via webcast should access the call through Urgently’s Investor Relations website at https://investors.geturgently.com. Those wishing to participate via telephone may dial in at 1-844-481-2521 (USA) or 1-412-317-0549 (International). The replay will be available via webcast through Urgently’s Investor Relations website.

    Upcoming Investor Conferences

    During the fourth quarter of 2024, Matt Booth, Chief Executive Officer of Urgently, and Tim Huffmyer, Chief Financial Officer of Urgently, will participate in the following upcoming investor conferences:

    • The Sidoti Micro-Cap Virtual Investor Conference on November 13-14, 2024. Management is scheduled to present at 10:00 a.m. Eastern Time on Thursday, November 14, and will host one-on-one and small group investor meetings throughout both days.
    • The Micro-Cap Investor Summit Virtual Conference on November 21, 2024. Management will host a presentation and hold one-on-one and small group meetings with investors during the conference.

    A live webcast and archived replay of conference presentations will be available on the Urgently Investor Relations website at https://investors.geturgently.com/.

    About Urgently

    Urgently is focused on helping everyone move safely, without disruption, by safeguarding drivers, promptly assisting their journey, and employing technology to proactively avert possible issues. The company’s digitally native software platform combines location-based services, real-time data, AI and machine-to-machine communication to power roadside assistance solutions for leading brands across automotive, insurance, telematics and other transportation-focused verticals. Urgently fulfills the demand for connected roadside assistance services, enabling its partners to deliver exceptional user experiences that drive high customer satisfaction and loyalty, by delivering innovative, transparent and exceptional connected mobility assistance experiences on a global scale. For more information, visit www.geturgently.com.

    Contacts:
    For Press: media@geturgently.com
    For Investor Relations: investorrelations@geturgently.com

    The MIL Network –

  • MIL-OSI: Oxford Square Capital Corp. Schedules Third Quarter 2024 Earnings Release and Conference Call for November 5, 2024

    Source: GlobeNewswire (MIL-OSI)

    GREENWICH, Conn., Oct. 29, 2024 (GLOBE NEWSWIRE) — Oxford Square Capital Corp. (NasdaqGS: OXSQ) (NasdaqGS: OXSQZ) (NasdaqGS: OXSQG) announced today that it will hold a conference call to discuss third quarter 2024 earnings on Tuesday, November 5, 2024 at 9:00 AM Eastern time. The toll free dial-in number is 800-445-7795 and the conference identification is “Oxford”. There will be a recording available for 30 days after the call. If you are interested in hearing the recording, please dial 800-945-1517. The replay pass-code number is 25209.

    About Oxford Square Capital Corp.
    Oxford Square Capital Corp. is a publicly-traded business development company principally investing in syndicated bank loans and debt and equity tranches of collateralized loan obligation (“CLO”) vehicles. CLO investments may also include warehouse facilities, which are financing structures intended to aggregate loans that may be used to form the basis of a CLO vehicle.

    Contact:
    Bruce Rubin
    203-983-5280

    The MIL Network –

  • MIL-OSI USA: Readout of U.S.-Croatia Bilateral Defense Consultations

    Source: United States Department of Defense

    Department of Defense Spokesman Cmdr. Javan Rasnake provided the following readout:

    On October 29, 2024, Ms. Lisa Sawyer, the Deputy Assistant Secretary of Defense (DASD) for European and NATO Policy in the Office of the Secretary of Defense, co-chaired the U.S.-Croatia Bilateral Defense Consultations (BDC) with Ms. Nikolina Volf, Deputy Director of Policy, Croatian Ministry of Defense. The meeting took place in the Pentagon in Washington, DC, and included participation from the Ministry of Defense and General Staff of Croatia, the U.S. Joint Staff, U.S. European Command, the Minnesota National Guard, the Defense Security Cooperation Agency, and the Department of State.

    Participants discussed global security, support to Ukraine, and bilateral security cooperation priorities, including exercises, training, military-to-military engagements, defense modernization initiatives, and Croatia’s longstanding State Partnership Program with the Minnesota National Guard.  Croatian defense officials provided their perspective on the security situation in the Western Balkans, their role within the North Atlantic Treaty Organization (NATO) Alliance including the fielding of a Heavy Brigade to meet a NATO capability, infrastructure development at its training ranges and ports, logistics cooperation, and combating malign influence in the Western Balkans. The United States thanked Croatia for a productive BDC and reaffirmed the importance of the EU-facilitated Dialogue as the best way to achieve a stable and secure Western Balkans.

    MIL OSI USA News –

  • MIL-OSI USA: Pennsylvania State Police to Showcase Progress of Academy Construction Project

    Source: US State of Pennsylvania

    October 30, 2024 – Hershey, PA

    ADVISORY – Pennsylvania State Police to Showcase Progress of Academy Construction Project

    The Pennsylvania State Police (PSP) on Wednesday will provide a progress report on the construction of a new Pennsylvania State Police Academy, a project to completely modernize the 64-year-old campus and ensure troopers are trained in the best possible environment for decades to come. A tour of the grounds and project for media members will immediately follow the remarks.

    Following months of site preparation, construction began on the most visible aspect of the project, the five-story Marquee Building overlooking East Hersheypark Drive. The building will house modern classrooms and administrative offices, 300 individual cadet dormitories, a 500-seat auditorium, and a spacious cafeteria.

    Construction work is underway on several other new buildings, including horse stables for the PSP Mounted Unit, the Bureau of Emergency and Special Operations headquarters, the central supply warehouse, and an outdoor tactical village for hosting simulations of high-risk incidents such as active shooters and hostage situations.

    Lieutenant Colonel George Bivens, Deputy Commissioner of Operations, will provide the progress report, answer questions about the construction project, and offer a tour of the site to interested members of the media.

    Media members planning to attend are asked to RSVP to ra-pspcomm@pa.gov.

    WHAT: Pennsylvania State Police to Showcase Progress of Academy Construction Project

    WHEN: Wednesday, October 30, 2024; 10:00 A.M.

    WHERE: Pennsylvania State Police Academy, 175 E. Hersheypark Drive, Hershey

    MIL OSI USA News –

  • MIL-OSI Security: Balgonie — White Butte RCMP asks members of the public for assistance identifying semi

    Source: Royal Canadian Mounted Police

    On October 12, 2024, White Butte RCMP received a report of a chemical spill on Highway #46.

    Investigation determined a semi hauling a belly dump style of trailer left a business on the Service Road in Balgonie. While driving south on Highway #46, then continuing on to Highway #1 toward Winnipeg, the semi spilled fertilizer it was hauling. The semi did not stop at the scene of the spill.

    The Balgonie Fire Department, Ministry of Highways, Ministry of Environment and Regina Bypass responded to – and are managing – the spill and clean-up, and were responsible for the closure of the highway that resulted from the spill. Any questions on these matters can be directed to the appropriate agency.

    White Butte RCMP is now investigating whether there is a criminal element to the spill, including gathering information about the vehicle driver’s failure to stop after the spill and determining whether the resulting cost of clean-up constitutes mischief.

    The vehicle and driver have not been identified at this time.

    White Butte RCMP is asking members of the public for assistance. If you saw the semi spilling fertilizer on Highway #46 between 5:15 and 5:45 a.m. on October 12, or if you potentially captured security or dashcam footage of it, contact White Butte RCMP by dialling 310-RCMP.

    Information can also be submitted anonymously by contacting Saskatchewan Crime Stoppers at 1-800-222-TIPS (8477) or www.saskcrimestoppers.com.

    MIL Security OSI –

  • MIL-OSI New Zealand: Protecting the Pahurehure Inlet and Manukau Harbour East coastlines

    Source: Auckland Council

    At its most recent meeting, the Policy and Planning Committee endorsed the latest two Shoreline Adaptation Plans – Pahurehure Inlet and Manukau Harbour East. Collectively, these plans cover the coast from Karaka Point in the south to Onehunga.

    Shoreline Adaptation Plans are living plans that focus on how we manage Auckland Council-owned coastal land and assets. This includes reserves, public facilities, transport and water infrastructure, as well as any associated coastal defence structures like seawalls.

    Councillor Richard Hills, Chair of the Policy and Planning Committee welcomes these Shoreline Adaptation Plans and emphasises their importance as a strategic guide.

    “We’ve seen the impacts of climate change on our coastlines, public assets and our coastal communities have directly experienced the effects. This is about working with mana whenua and Aucklanders to plan for the future of our shorelines,” says Cr Hills.

    “It’s great to see more and more of these plans adopted and encouraging to see the level of involvement from the community as we have these important conversations.”

    What is included in these plans?

    Our Shoreline Adaptation Plans recommend one of four adaptation strategies for each stretch of shoreline and can apply a mix of these strategies. These are:

    Hold the line

    • The coastal edge is fixed at a certain location.
    • Defence of the coastal edge may be through nature-based options (like beach nourishment) or engineered hard structures (like sea walls).

    Limited intervention

    • Generally focussed on maintaining and making the area safe.
    • The coastal edge does not need to be fixed and can be altered.

    No active intervention

    • Natural processes are allowed to continue.
    • No investment into coastal hazard protection or flood protection and reserved for coastlines that are not exposed or vulnerable to coastal hazards.

    Managed retreat

    • Assets and the way the land is used are relocated or realigned to reduce risk.
    • Any relocation is planned and undertaken over time.
    • Managed retreat does not signal abandonment of ‘at risk’ areas – it is about identifying a process to reconfigure council assets to accommodate natural coastal processes and build a more resilient shoreline.

    Strategies are recommended over short-term (now to 20 years) medium-term (20 to 60 years) and long-term (60 to 100+ years) timeframes reflective of projected sea level rise over the coming decades of 0.5 to 1m. This long-term view of our changing coastal areas is a first step in adaptive planning and lays a foundation for consistent coastal management.

    Paul Klinac, Auckland Council General Manager, Engineering, Assets and Technical Advisory explains that these high-level strategies provide guidance on how council-owned coastal land and assets can be adapted over time to sustainably manage the escalating impacts of coastal hazards and climate change.

    “The development of shoreline adaptation plans across the region is funded through the Long-term Plan 2024-2034 as part of the climate action investment package,” says Mr Klinac.

    “Shoreline Adaptation Plans – like the ones for the Pahurehure Inlet and Manukau Harbour East – will help guide us in future decision-making around these public assets. This could be reserve management, operational maintenance and renewal of coastal structures or initiation of new capital works projects. This will be alongside ongoing monitoring of council-owned coastal assets and the surrounding coastal environment.”

    Pahurehure Inlet Shoreline Adaptation Plan

    The Pahurehure Inlet Shoreline Adaptation Plan includes the area of the coastline from the Puhinui Creek in the north up to Karaka Point south. This coastline covers the Manurewa, Papakura and Franklin local board areas.

    It recommends limited and no active intervention for many areas of the Pahurehure Inlet shoreline over the next 100 years.

    It also suggests a ‘hold the line’ approach for specific areas, including Karaka Harbourside, Conifer Grove and Keith Park, due to an increased risk from coastal inundation over time. This is to maintain existing infrastructure and highly valued coastal connections from coastal erosion.

    Lastly, it states a ‘managed retreat’ approach to support proactive adaptation planning in the mid to long-term for Waikirihinau / Bottle Top Bay, Youngs Point and in the Drury Creek area should be adopted. This is as the increasing risk from coastal hazards will impact the long-term use of the land in these areas.

    Manukau Harbour East Shoreline Adaptation Plan

    The Manukau Harbour East Shoreline Adaptation Plan includes the area of the coastline from the Puhinui Creek in the south to Taumanu Reserve in the north. This coastline includes the Ōtara-Papatoetoe, Māngere-Ōtāhuhu and Maungakiekie-Tāmaki local board areas.

    It states that limited intervention is the best approach for many areas of this shoreline over the next 100 years and continuing to maintain existing coastal management practices.

    It also recommends a ‘hold the line’ approach for specific areas due to the highly modified shoreline and the location of significant (council-owned) infrastructure like the Māngere Wastewater Treatment Plant.

    This also reflects iwi values and aspirations and the importance of ensuring we are managing past land use decisions and asset owner requirements alongside community values and uses.

    Managed retreat (in the longer-term) is identified where space is constrained and there will be a need to ensure that valued community activities avoid hazard areas to remain safe and functional.

    Get involved

    The remaining shoreline adaptation plans are continuing to be developed and will be completed in 2025. Plans will continue to be presented to the Policy and Planning Committee for approval.

    Tell us what you think over the course of 2024 and for some areas, we’re also asking for your feedback on our draft adaptation strategies – head to akhaveyoursay.nz to see what plans are currently open for feedback.

    You can also help by joining the conversation and telling us what you value about your local coastline today by visiting our regional interactive map – drop pins to leave comments on coastal areas not yet open. 

    MIL OSI New Zealand News –

  • MIL-OSI USA: Gov. Justice delivers $4.4 million Abandoned Mine Land Economic Revitalization grant for Wheeling Gateway Center

    Source: US State of West Virginia

    WHEELING, WV — Gov. Jim Justice announced today $4.4 million in funding through the Abandoned Mine Land Economic Revitalization (AMLER) grant program for the Wheeling Gateway Center. 

    Funding will be utilized to redevelop the former Wheeling Inn site into the Wheeling Gateway Center. The 20,000-square-foot welcome center will feature a heritage museum, event space, retail shops, office areas, a marquee restaurant, and outdoor plazas.

    This historic investment marks the first time the state has partnered with a local community to build an official state welcome center. The model will allow more flexibility in the building’s uses and free up West Virginia Division of Highways state employees who have traditionally had to oversee these facilities in addition to the roads in their district.

    MIL OSI USA News –

  • MIL-OSI USA: Congressman D’Esposito (NY-04) and Congressman David Trone (MD-06) introduce the H.R.10038: Veterans Naloxone Access Expansion Act

    Source: United States House of Representatives – Congressman Anthony D’Esposito (NY-04)

    Congressman D’Esposito (NY-04) and Congressman David Trone (MD-06) have introduced H.R.10038: Veterans Naloxone Access Expansion Act that would expand access to naloxone for veterans and caregivers of veterans.

    The Veterans Naloxone Access Expansion Act would remove restrictive requirements for acquiring naloxone, initiating a two-year pilot program allowing veterans and their caregivers the freedom to receive naloxone without a prescription or fee. Upon receiving naloxone, the VA will provide veterans and their caregivers invaluable information on addiction services, suicide prevention, mental health resources, and the use and application of naloxone. To understand the program’s impact and future considerations, the Secretary of the Department of Veteran’s Affairs will conduct a report to Congress, detailing the number of participants, the feasibility of extending this access to immediate family members and non-department providers, the potential effects of a consultation requirement by a VA medical provider and addressing any budgetary needs.

    While the current programs in place for providing naloxone have been effective in saving lives, the prescription requirement for veterans can dissuade them from utilizing care due to the stigma associated with substance use disorder and the process itself of acquiring the prescription. Furthermore, allowing caregivers of disabled veterans the ability to get naloxone without the prescription requirement and for free will help save lives.

    “America’s opioid crisis is affecting all Americans, especially the tens of thousands of veterans who’ve died from opioid related overdoses. Having already sacrificed so much for our freedoms, we owe it to our veterans to expand access to life saving treatments, not restrict access with bureaucratic red tape. I am proud to introduce this bipartisan legislation to do exactly that, to provide veterans and their caregivers the lifesaving drug naloxone.” said Congressman D’Esposito.

    “Naloxone has been proven highly effective at combating substance use disorder, saving countless lives,” said Congressman Lawler. “With so many of our nation’s veterans reeling from physical and psychological injuries incurred during their service, ensuring they have access to the help they need is mission critical. That’s why I’m proud to join Representatives D’Esposito and Trone in introducing the bipartisan Veterans Naloxone Access Expansion Act. I look forward to working with my colleagues in both parties to get this important legislation passed,” said Congressman Mike Lawler (NY-17).

    “Naloxone is a lifesaving medication that has already prevented thousands of veterans from dying of an opioid overdose. On behalf of The American Legion and our 1.6 million dues-paying members, I am pleased to support the Veterans Naloxone Access Expansion Act. This legislation will create a pilot program removing burdensome requirements to access this lifesaving medication through the VA, saving veterans’ lives. We are proud to have worked closely with Rep. D’Esposito and his staff in writing this bill, and commend their dedication to veterans’ health and welfare,” said American Legion’s National Commander, James A. LaCoursiere.

    MIL OSI USA News –

  • MIL-OSI USA: News 10/24/2024 Blackburn, Cornyn, Blumenthal, Colleagues Introduce Bill to Combat Child Exploitation

    US Senate News:

    Source: United States Senator Marsha Blackburn (R-Tenn)
    NASHVILLE, Tenn. – U.S. Senators Marsha Blackburn (R-Tenn.), John Cornyn (R-Texas), Richard Blumenthal (D-Conn.), and three of their Senate colleagues introduced the PROTECT Our Children Act, which would reauthorize and modernize the Internet Crimes Against Children Task Force Program:
    “For more than 15 years, the Internet Crimes Against Children Task Force Program has helped law enforcement agencies protect innocent children from sexual predators who wish to exploit them online,” said Senator Blackburn. “The PROTECT Our Children Act would reauthorize this critical program to combat technology-facilitated crimes against children.”
    “For decades, the Internet Crimes Against Children Task Force Program has played an invaluable role in helping federal, state, and local law enforcement work together to fight child exploitation and put vicious predators behind bars,” said Senator Cornyn. “By extending and modernizing this program, our legislation would ensure these Task Forces can continue to protect our next generation in an increasingly digital world.”
    “We must save children who are victims of the most ongoing vile, stomach-churning crimes because child sexual abuse goes unstopped,” said Senator Blumenthal. “Protecting such victims is urgent and imperative—and we have an obligation to provide tools and resources necessary to do it. The PROTECT Our Children Act reauthorizes and modernizes the Internet Crimes Against Children Task Force Programs, enabling law enforcement to combat the exploding, serious dangers of abhorrent abuse in an online society. This essential legislation will help safeguard our children and hold predators accountable.”

    BACKGROUND:

    The Internet Crimes Against Children (ICAC) Task Force Program helps state and local law enforcement agencies develop an effective response to technology-facilitated child sexual exploitation and Internet crimes against children. This encompasses forensic and investigative components, training and technical assistance, victim services, and community education. This national network of 61 coordinated task forces represents more than 5,400 federal, state, and local law enforcement and prosecutorial agencies engaged in both proactive and reactive investigations, forensic investigations, and criminal prosecutions.
    Since 1998, ICAC Task Forces have trained more than 826,700 law enforcement officers, prosecutors, and other professionals on techniques to investigative and prosecute ICAC-related cases. They have also reviewed more than 1,452,040 reports of online child exploitation, resulting in the arrest of more than 123,790 suspects.

    THE PROTECT OUR CHILDREN ACT:

    The PROTECT Our Children Act would:
    Update and modernize the requirements for the National Strategy for Child Exploitation Prevention and Interdiction, including requiring the U.S. Department of Justice to provide detailed, useful information on efforts to protect children nationwide;
    Provide liability protection for ICAC Task Forces in the course of conducting criminal investigations of child sexual abuse material (CSAM) and child abuse material;
    Make needed technical improvements and clarifications to the statutory text of the program to match it to current technology and needs;
    Focus the ICAC program on both proactive and reactive investigations; and
    Reauthorize the ICAC Program through 2027 with an escalator authorization.

    ENDORSEMENTS:

    The PROTECT Our Children Act is endorsed by the National Center on Sexual Exploitation (NCOSE), the Rape, Abuse, and Incest National Network (RAINN), National Children’s Alliance, National Center for Missing & Exploited Children (NCMEC), Rights 4 Girls, National District Attorneys Association (NDAA), Raven, Fraternal Order of Police, Association of State Criminal Investigative Agencies (ASCIA), and the National Criminal Justice Training Center (NCJTC).

    CO-SPONSORS:

    This legislation is also co-sponsored by Senators Josh Hawley (R-Mo.), Dick Durbin (D-Ill.), and Amy Klobuchar (D-Minn.). Companion legislation was introduced in the House by Representatives Nathaniel Moran (R-Texas) and Debbie Wasserman Schultz (D-Fla.).

    MIL OSI USA News –

  • MIL-OSI USA: News 10/29/2024 Blackburn, Whitehouse, Colleagues Urge DEA to Extend Telehealth Flexibilities for Substance Use Disorder and Mental Health Treatment

    US Senate News:

    Source: United States Senator Marsha Blackburn (R-Tenn)

    NASHVILLE, Tenn. – U.S. Senators Marsha Blackburn (R-Tenn.), Sheldon Whitehouse (D-R.I.), Lisa Murkowski (R-Alaska), and Mark Warner (D-Va.) led a group of 11 Senators in sending a bipartisan letter calling on the Drug Enforcement Administration (DEA) to extend COVID-era regulatory flexibilities that increase access to telehealth services. 

    These rules have been a lifeline for many patients, particularly those in rural and underserved communities, as well as individuals managing mental health conditions, substance use disorders, and chronic illnesses. 

    “Telemedicine has proven to be an effective tool in reducing barriers to care, supporting those with the greatest need, and bridging the divide between patients and providers,” wrote the Senators. 

    “As bipartisan senators committed to safeguarding public health and promoting equitable access to health care, we are concerned that the reported proposed restrictions could have significant unintended consequences, including disrupting access to treatment for substance use disorder,” added the Senators.  “We urge the DEA to continue working with stakeholders on a proposal that prioritizes the public health benefit for continued access to telemedicine, and finalize an additional temporary extension well before the December 31, 2024 deadline so that both providers and patients have certainty that there will be no gap in their ongoing care.”

    BACKGROUND:
    • The bipartisan letter urges the Biden administration to extend the current flexibilities that safeguard access to necessary care while addressing the risks of prescription medication misuse, and recommends a final rule that creates no new barriers to care. 
    • The letter highlights that telemedicine has expanded access to life-saving treatments, particularly for opioid use disorder, mental health care, and chronic illnesses. 
    • Overdose deaths involving opioids rose to a peak of 84,181 Americans in 2022 before falling to 81,083 in 2023. Despite strong evidence that medication is the most effective treatment for opioid use disorder, only one in five Americans with opioid addiction receive medication treatment that could help them quit and stay in recovery.
    • The Senators’ letter also stresses the importance of ensuring there is no gap in services when the current rules expire at the end of 2024. 

    TREATS ACT:
    • The bipartisan legislation would waive regulatory restrictions for accessing care, preserving flexibilities put in place to save lives during the COVID-19 pandemic.
    • During the COVID-19 Public Health Emergency, the DEA and the Department of Health and Human Services temporarily removed the in-person exam requirement for prescribing medication via telemedicine for people with opioid use disorder. Telehealth flexibilities helped a broad range of patients – including veterans, those living in rural areas, people experiencing homelessness, individuals in the criminal justice system, and racial and ethnic minorities – access treatment. The flexibilities are set to expire on December 31, 2024.
    • The TREATS Act would make the changes permanent, allowing providers to waive the in-person visit requirement and instead use audio-only or audio-visual telehealth technology. The TREATS Act has 20 bipartisan co-sponsors in the Senate.  

    CO-SIGNERS:
    • The letter is also signed by Senators Ron Wyden (D-Ore.), Martin Heinrich (D-N.M.), Mark Kelly (D-Ariz.), Angus King (I-Maine), Ben Ray Luján (D-N.M.), Jeff Merkley (D-Ore.), and Peter Welch (D-Vt.). Representatives Doris Matsui (D-Calif.) and Buddy Carter (R-Ga.) are leading a similar effort in the House.

    Full text of the letter can be found here.

    MIL OSI USA News –