NewzIntel.com

Category: Middle East

  • MIL-OSI: MROpenEVO at ECR 2025 with an AI-ready upgrade for further enhanced image quality and faster examinations; new system soon available in Georgia

    Source: GlobeNewswire (MIL-OSI)

    GENOA, Italy, Feb. 26, 2025 (GLOBE NEWSWIRE) — Unlocking the future of joint and spine imaging with the Latest Evolution of MROpenEvo: the only truly open MRI System at ECR 2025.

    Thanks to the optimization of key technical features, the latest version of the helium-free, MgB2-based MRI scanner delivers exceptional image quality while reducing scan times by up to 50%.

    Discover the innovative features of MROpenEvo, a groundbreaking MRI system specifically designed for joint, neuro, and spine imaging. It offers ample space for children, larger patients, and individuals with claustrophobia, ensuring comfort for all.

    The new image acquisition algorithm, based on the “compressed sensing” technique, combines parallel imaging with sparse data sampling and iterative reconstruction. This combination leads to faster scan times and enhanced resolution. The “compressed sensing” technique is applicable to both 2D and 3D sequences across all anatomies.

    In the meantime, the patient centric design MRI system developed by ASG Superconductors arrives in another new country: MROpenEvo will be shortly available in Georgia @ Tbilisi State Medical University and Ingorokva High Medical Technology University Clinic.

    Prof. Giorgi Ingorokva declared: “I am proud announcing that our hospital will be the first clinic in Georgia to install the groundbreaking Open MRI system. It will enhance diagnostic capabilities and improve patient care in the region.”

    Nowadays MROpen Evo is available in USA, Canada, UK, Italy, Portugal, Kuwait, and the innovative MgB2 superconducting technology – the key element driving the unique and distinctive open design – has reached over 2.5 million hours of operation.

    Join us at ECR2025 in Vienna, Hall X4, Booth 410, to experience MROpen Evo with our experts and discover how this innovative and unparalleled MRI system can enhance your practice.

    A Media Snippet accompanying this announcement is available by clicking on this link.

    Contact:

    Silvia Frigato Bonello
    frigato.silvia@as-g.it 

    Luca Pezzoni
    lpezzoni@hofima.it 

    The MIL Network –

  • MIL-OSI Asia-Pac: FS revs up city’s trade engine

    Source: Hong Kong Information Services

    Financial Secretary Paul Chan said today that the Government will strive to bolster Hong Kong’s status as an international trade centre, supply chain management centre, and transportation and logistics hub.

    In his 2025-26 Budget speech, he said efforts will be made to expand the city’s trade network, reinforce its connectivity and attract more inward investment, while also strengthening support for local enterprises.

    As regards Hong Kong’s supply chain management capabilities, Mr Chan iterated that the Hong Kong Trade Development Council and InvestHK jointly provide assistance to Mainland enterprises in using Hong Kong as a base to manage their offshore trading and supply chain activities.

    In terms of trade financing, he said the Trade Financing Liquidity Facility recently introduced by Monetary Authority (HKMA) and the People’s Bank of China provides greater flexibility for RMB financing. In addition, the Hong Kong Export Credit Insurance Corporation offers credit insurance to support enterprises seeking to go global.

    Mr Chan said the Government is considering making legislative amendments to facilitate digitalisation of trade documents, and will submit proposals to the Legislative Council next year.

    In efforts to expand Hong Kong’s trade network and attract more inward investment, the Financial Secretary said the Government is liaising with the governments of Malaysia and Saudi Arabia with a view to establishing Economic & Trade Offices in those countries. In addition, InvestHK has established consultant offices in Egypt and Türkiye, while the HKTDC has set up a consultant office in Cambodia.

    Moreover, the Government is exploring investment agreements with Saudi Arabia, Bangladesh, Egypt and Peru, and is conducting negotiations with 17 countries on establishing Comprehensive Avoidance of Double Taxation Agreements.

    Mr Chan outlined that Hong Kong will continue to cultivate markets in the Association of Southeast Asian Nations (ASEAN) and the Middle East, besides exploring opportunities in Central Asia, South Asia and North Africa. With regard to the Belt & Road (B&R) Initiative, he added that the HKTDC will strengthen project matching, particularly in relation to green development and innovation and technology (I&T).

    Meanwhile, to support the development of local enterprises and help them to go global, the finance chief said the Government will inject a total of $1.5 billion into two funds: the Dedicated Fund on Branding, Upgrading and Domestic Sales and the Export Marketing and Trade and Industrial Organisation Support Fund. Application arrangements will also be streamlined.

    In terms of support for Small and Medium Enterprises (SMEs), Mr Chan also highlighted that numerous banks have joined the Taskforce on SME Lending jointly established by the HKMA and the Hong Kong Association of Banks. He said that the funds dedicated for SME financing in the participating banks’ loan portfolios recently increased to over $390 billion.

    In collaboration with large-scale e-commerce platforms, the HKTDC will also launch “E-Commerce Express”, in order to provide Hong Kong enterprises with one-to-one consultation services and thematic seminars. In addition, it will enhance the mentorship scheme it operates in collaboration with the Trade & Industry Department, and will organise a second edition of the Hong Kong Shopping Festival.

    Turning to Hong Kong’s maritime industry, Mr Chan said the Government will adopt an “innovative spirit” with regard to its development.

    He revealed that a Hong Kong Maritime & Port Development Board will be established this year to support research, industry promotion and manpower training. In addition, he said a half-rate tax concession for eligible commodity traders will be introduced.

    With regard to logistics development, the finance chief said the Government has initiated a study on developing modern logistics sites in the Northern Metropolis and expects that its findings will be announced this year.

    Meanwhile, with a view to developing a smart port, $215 million has been allocated to installing a port community system that will encourage the flow of data among stakeholders in the maritime, port and logistics industries. 

    In relation to the Government’s plans to bolster Hong Kong’s reputation as an international aviation hub, Mr Chan said the Three-Runway System at Hong Kong International Airport was commissioned at the end of last year and that related passenger facilities will become operational in phases from the end of this year.

    He also highlighted that the Airport Authority (AA) recently promulgated a development plan for the expansion of Airport City, and revealed that the Hong Kong International Aviation Academy will expand its training programmes to cover C919 aircraft following their official deployment in scheduled flights between Hong Kong and Shanghai in January.

    Mr Chan added that the AA has signed a Memorandum of Understanding with a leading overseas professional aeronautic services company to explore the possibility of providing professional services such as aircraft dismantling, parts recycling and related training in Hong Kong.

    MIL OSI Asia Pacific News –

  • MIL-OSI United Kingdom: MSPs urged to support end to public grants for genocide profiteers

    Source: Scottish Greens

    26 Feb 2025 External Affairs

    Public money should be used for public good.

    More in External Affairs

    The Scottish Greens have urged MSPs from all parties to support their call for an end to public grants for arms companies implicated in Israel’s genocidal assault on Gaza.

    The motion will be heard today in a Green opposition debate led by Scottish Green Co-leader Lorna Slater.

    The Scottish Government has rightly and strongly opposed the bombing and collective punishment of Gaza. Despite this, since the war began, it has given over £1 million to companies that have armed Israel via Scottish Enterprise.

    Ms Slater said:

    “The Scottish Government rightly called for a ceasefire in Gaza when Westminster refused to, but it has continued to support companies who have enabled the killing.

    “Fundamentally, this is a debate about our values and the sort of country we want to be. The Scottish Government may not be able to set UK foreign policy, but it can decide which companies it supports and the criteria it applies for doing so.

    “If a company is profiting from war crimes and genocide, it should not be receiving public money from our government.”

    In 2018, the Scottish Greens secured new requirements for Scottish public bodies to conduct human rights checks for grant applicants. Despite this, Scottish Enterprise has continued to fund the world’s biggest arms dealers.

    Ms Slater added:

    “These human rights checks are clearly not good enough. If firms who have profited from some of the worst atrocities of this century are not beyond the pale then who is?

    “I hope all MSPs who have backed a ceasefire and condemned the destruction of Gaza will join us in saying enough is enough and calling for these grants to be halted.”

    MIL OSI United Kingdom –

  • MIL-OSI: Phoenix Group to Attend Cantor Fitzgerald Global Technology Conference In New York, USA

    Source: GlobeNewswire (MIL-OSI)

    Abu Dhabi, UAE, Feb. 26, 2025 (GLOBE NEWSWIRE) —  Phoenix Group PLC (ADX:PHX), a global leader in Bitcoin mining, blockchain, and next-generation digital and AI infrastructure, is excited to announce that its CEO and Co-Founder, Munaf Ali, will lead the company’s delegation to the Cantor Global Technology Conference in New York City, USA, on March 11-12, 2025.

    As the first digital assets company from the MENA region to attend this prestigious event, Phoenix Group will join a distinguished group of global technology leaders. The conference brings together industry experts, investors, and innovators to discuss the latest trends and opportunities in technology.

    Topics covered will include the institutionalization of cryptocurrency, the intersection of Bitcoin mining and AI/data centers, and the future of digital assets. The company will leverage its position as one of the world’s largest Bitcoin miners to share insights and expertise with attendees.

    Munaf Ali, CEO and Co-Founder of Phoenix Group, commented, “We’re thrilled to be attending the Cantor Global Technology Conference. It’s a fantastic opportunity to connect with leading investors and industry experts. It’s also an opportunity for us to meet with our ever-growing US investors and institutional client base.

    Since our founding in 2017, Phoenix Group has been at the forefront of the digital asset revolution. We’re proud of our achievements and excited about the future. By attending the Cantor Global Technology Conference, we aim to showcase our leadership in scalable infrastructure, proprietary technology, and sustainable digital innovation.”

    -END-

    About Phoenix Group

    Phoenix Group is a multi-billion-dollar global technology leader headquartered in Abu Dhabi, UAE. Founded in 2017, the company has rapidly grown into a conglomerate with a diverse portfolio of businesses in the blockchain, crypto, and technology sectors.

    As one of the world’s top 5 Bitcoin miners, Phoenix Group is at the forefront of the digital asset revolution. With a strong focus on innovation, sustainability, and operational excellence, the company is driving the adoption of digital assets and blockchain technology.

    Phoenix Group operates multiple mining facilities in the US, Canada, Oman, Ethiopia, and the UAE, with a total mining capacity of 451 MW.

    Phoenix Group is the first crypto and blockchain conglomerate in the region to be listed on the Abu Dhabi Securities Exchange. It also operates the largest mining farm in the MENA region.

    Phoenix Group PLC media team contact:

    Email: media@phoenixgroupuae.com 

    Media Contact:
    Yasmin Oronos
    Luna PR
    yasmin.oronos@lunapr.io

    The MIL Network –

  • MIL-OSI: Elevating Road Safety and Autonomous Driving: LeddarTech to Demonstrate Innovative Solutions at Three Key European Events

    Source: GlobeNewswire (MIL-OSI)

    QUEBEC CITY, Canada, Feb. 26, 2025 (GLOBE NEWSWIRE) — LeddarTech® Holdings Inc. (“LeddarTech”) (Nasdaq: LDTC), an automotive software company that provides patented disruptive AI-based low-level sensor fusion and perception software technology, LeddarVision™, for ADAS, AD and parking applications, is set to bring its transformative solutions to Europe. LeddarTech will participate in three key industry events this March and April—Embedded World, Tech.AD Europe and Hannover Messe 2025—offering an opportunity to showcase how its technologies are enhancing safety, performance and efficiency in automotive systems.

    Following a recently announced significant milestone—the selection of LeddarVision by a global commercial vehicle OEM for its ADAS program in model year 2028 vehicles—LeddarTech’s participation in these events reinforces its expanding influence and commitment to driving technological excellence and safety innovation in Europe.

    Event Highlights

    1. Embedded World

    • Dates: March 11-13, 2025
    • Location: NürnbergMesse, Nuremberg

    At Embedded World, a premier event dedicated to embedded technologies, LeddarTech will present its advancements in perception, sensor fusion and real-time processing. Through live demonstrations of LeddarVision, attendees will witness firsthand how LeddarTech’s solutions contribute to the SOAFEE ecosystem with a new blueprint. Utilizing Arm technology on AWS G5g, LeddarVision Surround offers adaptable, scalable perception solutions that meet the evolving standards of the automotive industry.

    2. Tech.AD Europe

    • Dates: March 16-18, 2025
    • Location: Hotel Titanic Chaussee, Berlin
    • Booth: # 7

    Tech.AD Europe is a leading conference for ADAS and AD technologies. LeddarTech will not only showcase its solutions but also provide immersive experiences with live LeddarNavigator demonstrations. Participants will join on-road demonstrations to experience the real-time performance of LeddarVision “Full Surround” (LVS-2+), offering an authentic view of how LeddarTech’s AI-driven software navigates complex driving environments. This demonstration builds on the success of the LeddarNavigator’s showcase at CES 2025 in Las Vegas, where it received significant industry recognition.

    3. Hannover Messe 2025

    • Dates: March 31 – April 4, 2025
    • Location: Messegelände Hannover
    • Booth: # 44 A, Hall 17

    As Canada takes the spotlight as the host country at Hannover Messe, LeddarTech will be part of the Canadian delegation showcasing innovations in green, digital and resilient technologies. Visitors to LeddarTech’s booth will experience 360° virtual reality demonstrations, detailed product presentations and customer meetings. This event is a strategic platform to engage with industry leaders and demonstrate how LeddarVision technology supports advanced manufacturing and drives the adoption of autonomous systems across diverse sectors.

    A Vision for the Future of Automotive Technology

    “With our recent first OEM design win and our strategic collaboration with Texas Instruments, LeddarTech is solidifying its leadership in sensor fusion and perception software for ADAS and autonomous driving,” said Frantz Saintellemy, President and CEO of LeddarTech. “These milestones, coupled with our strong market momentum, reflect the increasing adoption of our LeddarVision technology. Our presence at Embedded World, Tech.AD Europe and Hannover Messe 2025 presents a valuable opportunity to demonstrate our innovative approach to enhancing safety, performance and cost efficiency in ADAS and AD systems—both in Europe and globally.”

    About LeddarTech

    A global software company founded in 2007 and headquartered in Quebec City with additional R&D centers in Montreal and Tel Aviv, Israel, LeddarTech develops and provides comprehensive AI-based low-level sensor fusion and perception software solutions that enable the deployment of ADAS, autonomous driving (AD) and parking applications. LeddarTech’s automotive-grade software applies advanced AI and computer vision algorithms to generate accurate 3D models of the environment to achieve better decision making and safer navigation. This high-performance, scalable, cost-effective technology is available to OEMs and Tier 1-2 suppliers to efficiently implement automotive and off-road vehicle ADAS solutions.

    LeddarTech is responsible for several remote-sensing innovations, with over 170 patent applications (87 granted) that enhance ADAS, AD and parking capabilities. Better awareness around the vehicle is critical in making global mobility safer, more efficient, sustainable and affordable: this is what drives LeddarTech to seek to become the most widely adopted sensor fusion and perception software solution.

    Additional information about LeddarTech is accessible at www.leddartech.com and on LinkedIn, Twitter (X), Facebook and YouTube.

    Forward-Looking Statements
    Certain statements contained in this Press Release may be considered forward-looking statements within the meaning of the U.S. Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended (which forward-looking statements also include forward-looking statements and forward-looking information within the meaning of applicable Canadian securities laws), including, but not limited to, statements relating to LeddarTech’s selection by the OEM referred to above, anticipated strategy, future operations, prospects, objectives and financial projections and other financial metrics. Forward-looking statements generally include statements that are predictive in nature and depend upon or refer to future events or conditions, and include words such as “may,” “will,” “should,” “would,” “expect,” “anticipate,” “plan,” “likely,” “believe,” “estimate,” “project,” “intend” and other similar expressions among others. Statements that are not historical facts are forward-looking statements. Forward-looking statements are based on current beliefs and assumptions that are subject to risks and uncertainties and are not guarantees of future performance. Actual results could differ materially from those contained in any forward-looking statement as a result of various factors, including, without limitation: (i) our ability to continue to maintain compliance with Nasdaq continued listing standards following our transfer to the Nasdaq Capital Market; (ii) the risk that LeddarTech and the OEM referred to above are unable to agree to final terms in definitive agreements; (iii) the volume of future orders (if any) from this OEM, actual revenue derived from expected orders and timing of revenue, if any; (iv) our ability to timely access sufficient capital and financing on favorable terms or at all; (v) our ability to maintain compliance with our debt covenants, including our ability to enter into any forbearance agreements, waivers or amendments with, or obtain other relief from, our lenders as needed; (vi) our ability to execute on our business model, achieve design wins and generate meaningful revenue; (vii) our ability to successfully commercialize our product offering at scale, whether through the collaboration agreement with Texas Instruments, a collaboration with a Tier 2 supplier or otherwise; (viii) changes in our strategy, future operations, financial position, estimated revenues and losses, projected costs and plans; (ix) changes in general economic and/or industry-specific conditions; (x) our ability to retain, attract and hire key personnel; (xi) potential adverse changes to relationships with our customers, employees, suppliers or other parties; (xii) legislative, regulatory and economic developments; (xiii) the outcome of any known and unknown litigation and regulatory proceedings; (xiv) unpredictability and severity of catastrophic events, including, but not limited to, acts of terrorism, outbreak of war or hostilities and any epidemic, pandemic or disease outbreak, as well as management’s response to any of the aforementioned factors; and (xv) other risk factors as detailed from time to time in LeddarTech’s reports filed with the U.S. Securities and Exchange Commission (the “SEC”), including the risk factors contained in LeddarTech’s Form 20-F filed with the SEC. The foregoing list of important factors is not exhaustive. Except as required by applicable law, LeddarTech does not undertake any obligation to revise or update any forward-looking statement, or to make any other forward-looking statements, whether as a result of new information, future events or otherwise.

    Contact:
    Maram Fityani, Media and Public Relations, LeddarTech Holdings Inc.
    Tel.: + 1-418-653-9000 ext. 623, maram.fityani@leddartech.com

    Leddar, LeddarTech, LeddarVision, LeddarSP, VAYADrive, VayaVision and related logos are trademarks or registered trademarks of LeddarTech Holdings Inc. and its subsidiaries. All other brands, product names and marks are or may be trademarks or registered trademarks used to identify products or services of their respective owners.

    LeddarTech Holdings Inc. is a public company listed on the Nasdaq under the ticker symbol “LDTC.”

    The MIL Network –

  • MIL-OSI Australia: Address to the Super Summit

    Source: Australian Treasurer

    From capital markets to critical minerals, trade to technology, manufacturing to infrastructure.

    This Summit is about stronger returns and stronger economic ties between 2 great countries.

    So thank you, Ambassador Rudd, for the invitation, for the introduction and for all your work with officials to bring us together in DC to talk about the big opportunities before us.

    In partnership with my friend Heather Ridout – our Consul‑General, who will host you tomorrow in New York.

    And generously sponsored by Macquarie, represented here by Shemara – Australia has a tradition of outstanding business leaders, and Shemara exemplifies it.

    To all the representatives from Australian and US funds, peak bodies and investors who have taken the time to join us today – welcome.

    It’s a special honour to be joined by Treasury Secretary Scott Bessent.

    President Trump told our Prime Minister he would make sure his top people were at this summit.

    They are, and I’m looking forward to introducing Secretary Bessent as our keynote speaker in a moment.

    But first, let me take a few minutes to talk you through why I think this summit is so important, and so timely.

    Not just as a way to explore mutually beneficial investment opportunities.

    But as a powerful demonstration of the strategic and economic alignment between our 2 countries which has done so much to secure prosperity for our people.

    This summit has gathered together some of the key stewards of capital across the United States and Australia.

    Our super fund representatives here today manage almost a trillion US dollars.

    The US companies and investment firms here have a market cap of at least $1.8 trillion.

    And over the course of these 2 days in DC, we’ll be joined by Governors and Congressional representatives from 5 US states – Illinois, Florida, Tennessee, California and Connecticut – that make up more than a quarter of the American economy.

    It’s a remarkable collection of capital and capability.

    So together, you represent very substantial investment opportunities.

    To collaborate on capital flows towards roads and bridges, energy infrastructure and data centres.

    To highlight a point made by Secretary Bessent in the Economist:

    Longstanding trusted allies with shared interests make the best economic partners.

    Across 14 Presidents and 16 Prime Ministers, Australia and America have sought to create a more peaceful, prosperous world – together.

    By the time the ANZUS treaty was signed in 1952, Australia and America had already partnered to shape the post‑war order of Bretton Woods.

    And we collaborated to bring about a period of relative calm after the Cold War that we both benefitted from.

    Through all of this we invested in each other’s success.

    Ford played a major role in the shift of Australia’s economy from primary industries to a stronger manufacturing base in the twentieth century.

    Macquarie Group pioneered private infrastructure investment in both of our countries.

    And BlueScope started its US operations – leading to $5 billion of investment in American steel.

    The last 17 years or so have presented more challenges, starting with the Global Financial Crisis.

    But together, we’ve weathered 3 major economic shocks, war and geopolitical tensions with remarkable resilience.

    Australia and the United States are 2 of the best positioned economies in the world right now.

    Our economies are both growing, inflation is down, and our labour markets strong.

    What makes that unusual around the world, and in historical terms, is we haven’t had to pay for this progress on inflation with much higher unemployment in our economies.

    This is a unique combination and a sound foundation that positions us to be the primary beneficiaries of the churn and change which defines uncertain times in the global economy.

    And to make the most of the 5 big shifts we identified in our own Intergenerational Report that will define the coming decades.

    Supply chain fragmentation, revolutions in energy, the acceleration of AI, an ageing population and the associated changes to our industrial base.

    Amidst this churn and change, we’re an island of dependability in a sea of uncertainty.

    This American–Australian partnership is full of shared interests, mutual benefits and enormous opportunity.

    Australia has and will be an essential contributor to US prosperity.

    Our economic partnership is mutually beneficial and has never been more critical.

    The US has enjoyed an uninterrupted trade surplus with Australia since 1952, currently two‑to‑one.

    We impose zero tariffs on US imports.

    Around half of our exports are inputs into American domestic production processes.

    We can supply 36 of the 50 minerals the United States lists as critical – for advanced technology and defence.

    Under AUKUS, we’re paying our own way at the same time as bolstering our defence capability.

    We are already one of America’s top 10 foreign investors.

    And we have trillions of patient, friendly pension capital ready to invest in the new opportunities that lie before us.

    Above all else, this is the reason we’re here today.

    In Australia, super, or pension savings, have been building steadily now over a long period of time.

    And what was around 100 billion US dollars a few decades ago has now grown to a pool of capital worth $2.6 trillion.

    At home, that helps us take pressure off public pensions and budgets.

    It funds decent, dignified retirements for our people.

    And it’s helped make us a net exporter of capital.

    Australia’s superannuation sector manages the fourth biggest pool of pension funds in the world.

    Larger than the capital controlled by the sovereign wealth funds of the United Arab Emirates and Saudi Arabia – combined.

    Even more remarkable to be in the top 4 when you consider we don’t crack the 50 biggest countries by population and we’re ranked 14th by GDP.

    This pool of capital has and will keep on identifying and making the most of investment opportunities at home – in housing, in energy, in technology and in infrastructure.

    In the next 3 decades, Australia’s super pool could be almost two‑and‑a‑half times the size of the Australian economy.

    Increasingly this means capital needs to be deployed abroad too – in markets which are safe, well‑capitalised and can deliver the right risk‑adjusted returns.

    Markets like this one.

    That’s why it’s no surprise that America is the biggest international destination for Australian super fund capital.

    The current value of Australian super fund investments in the US is around $400 billion – due to reach $1 trillion over the next decade.

    So, Australia’s superannuation sector has the size, scale and presence to play a big role driving new American industries and creating jobs.

    By investing in deep and liquid US equity markets.

    And directly in your infrastructure too.

    Data centres in Las Vegas.

    Toll roads in Indiana.

    Container terminals in Long Beach.

    And more.

    Our funds want to partner with other investors in the US and beyond to finance these kinds of projects.

    Which is why we also have a vision to build Australia’s stature as a financial centre for the Indo‑Pacific.

    Australia has the talent, the financial infrastructure and the institutional capability to mobilise capital efficiently –

    Facilitating capital flows, structuring investments and directing funds to where they can generate the best returns.

    And we look forward to working with the people in this room to help us realise this potential.

    Now, it’s almost time to hear from Treasury Secretary Bessent.

    So let me say a few words about the meeting we wrapped up just an hour or so ago with Director Hassett.

    I was grateful for the very constructive conversation.

    And grateful we were able to cover so much ground over the course of an hour or so.

    We continued the discussion on tariffs, picking up from President Trump’s call with Prime Minister Albanese just over a fortnight ago.

    We also spoke about critical minerals.

    How Australian resources can help fuel American industry and advanced manufacturing.

    And the need to create secure, sustainable, reliable and resilient supply chains.

    And how investors can continue to drive growth and dynamism in both our economies.

    With patient, productive investment that bolsters industry, maintains our edge in the global economy, strengthens resilience, and creates jobs and opportunity.

    Secretary, I was struck by the words you used towards the end of your confirmation hearing.

    ‘I think it’s Main Street’s time.’

    That motivation is at the heart of this summit.

    From Main Street to Middle Australia –

    Stronger returns and stronger ties in the service of both countries together.

    In what will be a defining decade for us all.

    To hear more about all of that, please join me in warmly welcoming the US Treasury Secretary, Scott Bessent.

    MIL OSI News –

  • MIL-OSI China: Israeli airstrikes target Damascus, southern Syria

    Source: China State Council Information Office

    Powerful explosions were heard in Damascus and its outskirts on Tuesday night as Israeli warplanes carried out a series of airstrikes targeting multiple locations in southern Syria, local media and witnesses reported.

    According to state media correspondents, Israeli jets were spotted flying over Daraa province, while residents in Damascus reported hearing low-flying aircraft and the sound of multiple airstrikes.

    Initial reports indicate that four Israeli airstrikes hit the Al-Kiswah area, south of Damascus. Meanwhile, an Israeli military incursion was reported in the village of Ain al-Bayda in the Quneitra countryside, near the Syrian-Israeli border.

    The Syrian Observatory for Human Rights confirmed that Israeli warplanes targeted border sites between Syria and Lebanon, specifically in the Juroud Nabi Sheet region opposite the Syrian town of Serghaya in rural Damascus.

    The observatory added that an Israeli drone strike earlier in the same area killed two unidentified individuals.

    There has been no immediate comment from the Syrian authorities regarding the strikes. The attacks come amid heightened tensions in the region, accompanied by increased Israeli military activity in recent weeks.

    MIL OSI China News –

  • MIL-OSI China: Iran rejects nuclear talks ‘under pressure’

    Source: China State Council Information Office

    Iranian Foreign Minister Seyed Abbas Araghchi (R) and Russian Foreign Minister Sergei Lavrov attend a joint press conference in Tehran, Iran, on Feb. 25, 2025. [Photo/Xinhua]

    Iran will not negotiate over its nuclear program while facing external pressure or sanctions, Iranian Foreign Minister Seyed Abbas Araghchi declared Tuesday during a joint press conference with his visiting Russian counterpart, Sergei Lavrov, in Tehran.

    Araghchi reiterated Iran’s refusal to hold direct talks with the United States unless Washington ends its “maximum pressure” sanctions campaign.

    The U.S. reimposed sanctions after abandoning the 2015 nuclear deal, known as the Joint Comprehensive Plan of Action (JCPOA), in 2018, prompting Tehran to scale back its nuclear commitments under the accord.

    “Negotiations under pressure, threats, and sanctions are meaningless,” Araghchi said, emphasizing that Iran had engaged in “close consultations” with Moscow on reviving the JCPOA. Efforts to restore the pact commenced in 2021 but resulted in no substantial progress.

    For his part, Lavrov reaffirmed Russia’s backing for diplomatic measures to salvage the agreement, stating, “We believe the diplomatic capacity still exists to revive the deal without threats or coercion.”

    He pledged Moscow’s support for solutions and asserted that “the crisis had not been created by Iran.”

    The ministers also addressed regional conflicts, including in Gaza and Syria, with Iran voicing support for Syria’s territorial integrity.

    Lavrov described talks with Araghchi as “comprehensive, fruitful, and constructive,” noting progress in cooperation between the two countries by highlighting a 13-percent surge in bilateral trade in 2024.

    He also criticized unilateral sanctions on Tehran as “unacceptable,” according to Russian state media. Both sides agreed to expand cooperation to counter the sanctions’ effects.

    Lavrov visited Tehran earlier Tuesday for talks spanning energy, trade, and regional security. He then headed to Qatar to continue his working visit in the Middle East.

    MIL OSI China News –

  • MIL-OSI China: Problem of delaying release of Palestinian prisoners resolved

    Source: China State Council Information Office

    People welcome a released Palestinian prisoner in the West Bank city of Ramallah, Feb. 8, 2025. [Photo/Xinhua]

    An agreement was reached to resolve the problem of delaying the release of Palestinian prisoners who were supposed to be released in the last batch, Hamas said on Tuesday.

    The prisoners would be released simultaneously with the bodies of the Israeli hostages that were agreed to be handed over during the first stage of the Gaza ceasefire deal, Hamas said in a statement.

    A Hamas leadership delegation concluded its visit to Cairo, where it met with Egyptian officials, the statement said, noting that discussions were held on the implementation of the ceasefire agreement, the exchange of prisoners, and the prospects for the second phase of negotiations.

    “The delegation of the movement’s leadership stressed its clear position on the necessity of full and precise commitment to all its provisions and stages,” the statement added.

    Israel announced early Sunday that it had postponed the release of Palestinian detainees, who were set to be freed Saturday under the ceasefire agreement until more hostages are released.

    Israel was expected to release more than 600 Palestinian detainees on Saturday after Hamas freed six hostages earlier in the day.

    However, Israeli Prime Minister Benjamin Netanyahu’s office said in a statement that it had been decided to delay the release of Palestinian detainees scheduled for Saturday “until the release of the next hostages is secured, without the disgraceful ceremonies.”

    MIL OSI China News –

  • MIL-Evening Report: J’accuse!… the Jew who accuses his fellow Jews of being antisemites

    A rally on the steps of the Victorian Parliament under the banner of Jews for a Free Palestine was arranged for Sunday, February 9. At 11:11pm on the eve of that rally, Mark Leibler —a  lawyer who claims to have a high profile and speak on behalf of Jews by the totally unelected organisation AIJAC — put out a tweet on X (and paid for an advertisement of the same posting) as follows:

    COMMENTARY: By Jeffrey Loewenstein

    As someone Jewish, the son of Holocaust survivors and members of whose family were murdered by the Nazis, it is hard to know whether to characterise Mark Leibler’s tweet as offensive, appalling, contemptuous, insulting or a disgusting, shameful and grievous introduction of the Holocaust, and those who were murdered by the Nazis, into his tweet — or all of the foregoing!

    Leibler’s tweet is most likely a breach of recently passed legislation in Australia, both federally and in various state Parliaments, making hateful words and actions, and doxxing, criminal offences. It will be “interesting” to see how the police deal with the complaint taken up with the police alleging Leibler’s breach of the legislation.

    In the end, Leibler’s attempted intimidation of those who might have been thinking of going to the rally failed — miserably!

    There are many Jews who abhor what Israel is doing in Gaza (and the West Bank) but feel intimidated by the Leiblers of this world who accuse them of being antisemitic for speaking out against Israel’s actions and not those rusted-on 100 percent supporters of Israel who blindly and uncritically support whatever Israel does, however egregious.

    Leibler, and others like him, who label Jews as antisemites because they dare speak out about Israel’s actions, certainly need to be called out.

    As a lawyer, Leibler knows that actions have consequences. A group of concerned Jews (this writer included) are in the process of lodging a complaint about Leibler’s tweet with the Commonwealth Human Rights Commission.

    Separately from that, this week will see full-page adverts in both the Sydney Morning Herald and The Age — signed by hundreds of Jews — bearing the heading:

    “Australia must reject Trump’s call for the removal of Palestinians from Gaza. Jewish Australians say NO to ethnic cleansing.”

    Jeffrey Loewenstein, LLB, was a member of the Victorian Bar and a one-time chair of the Anti-Defamation Commission and member of the Jewish Community Council of Victoria. This article was first published by Pearls & Irritations public policy journal and is republished here with permission.

    MIL OSI Analysis – EveningReport.nz –

  • MIL-OSI NGOs: Largest forced displacement in the West Bank since 1967 – Oxfam

    Source: Oxfam –

    • At least 800 Israeli military checkpoints, barriers and gates causing unprecedented movement restrictions; two-hour journeys now take twelve, hampering humanitarian response  

    • Largest forced displacement in West Bank since 1967 amid fears of no right of return 

    A dramatic rise in Israeli military violence has caused the largest forced displacement in the West Bank since the Israeli occupation began. As the ‘Gazafication’ of the West Bank unfolds, vital humanitarian work and projects are being delayed or destroyed, Oxfam warned today.  

    More than 40,000 people have been forcibly displaced since the Gaza temporary ceasefire came into force on 19 January – the highest number since Israel occupied the Palestinian Territory including the West Bank, in 1967. The recent Israeli military offensive across the West Bank has particularly impacted the north, with an assault on Jenin just two days after the Gaza ceasefire began, and spread now into Tulkarem, Nur Shams, and El Far’a refugee camps. 

    Palestinian communities across the West Bank are experiencing multiple traumas, including deaths and arbitrary detention, heavily restricted movement and access to jobs and education, and mass demolitions of homes and infrastructure.  

    Suhair Farraj, Director of Oxfam partner Women Media and Development, said:  

    “The situation was never as bad as it is now. There used to be occasional raids by the Israeli army, but nothing like this. Closures and checkpoints make aid delivery nearly impossible. A journey that should take two hours now takes twelve.” 

    Mustafa Tamaizeh, Economic Justice Development Manager and West Bank Response Lead, Oxfam, OPT, said:   

    “In the last month since the ceasefire, the Israeli escalation of violence and destruction in the West Bank has been unprecedented. The Israeli government is pursuing this destruction with full impunity while aiding and abetting illegal Israeli settlers to attack Palestinian communities.  

    “Effectively we are seeing fast-track annexation policies and measures that are making it increasingly difficult and dangerous for Oxfam and other organizations to deliver desperately needed humanitarian programs and reach communities. The acute needs are further compounded by the extensive forced displacement of so many people. 

    “Our staff and partners have reported being denied access or threatened at military checkpoints and aid deliveries blocked. Such restrictions have slowed aid efforts and increased operational costs.”  

    “In the last month since the ceasefire, the Israeli escalation of violence and destruction in the West Bank has been unprecedented. The Israeli government is pursuing this destruction with full impunity while aiding and abetting illegal Israeli settlers to attack Palestinian communities.  

    Mustafa Tamaizeh, West Bank Response Lead

    Oxfam

    Since the beginning of the Israeli forces’ operation in the West Bank on 21 January, 51 Palestinians, including seven children, and three Israeli soldiers have been killed. At Jenin refugee camp, which is now practically deserted, reports from Oxfam partners indicate that Israeli forces have been widening roads and installing Hebrew street signs inside cleared areas.     

    In Jenin refugee camp, on 21 January an Israeli military attack killed at least 12 Palestinians and displaced more than 20,000 people. A young participant in a youth project run by Oxfam and a partner project said the military had been shooting at everyone, burning houses to the ground and destroying infrastructure, including hospitals. Ambulances were blocked for hours. 

    With attacks by illegal Israeli settlers soaring, vital humanitarian work and projects by Oxfam, its partners and other aid agencies, are being delayed. Israeli forces’ operations have caused severe damage to water and sanitation infrastructure, disrupting access to water for tens of thousands of people, leading to growing concerns for public health. Agriculture has ground to a halt. 

    Abbas Milhem, Executive Director of Oxfam partner Palestinian Farmers Union, said:   

    “Since the ceasefire in Gaza, Israel has cut off farmers from accessing their lands across the West Bank, making their lives almost impossible. This month only, the Israeli army ordered the takeover of 1,000 acres of land in the occupied West Bank, emptying the lands of farmers to make it easy for annexation and settlement expansion.  

    “Settlers too, have intensified their attacks. The number of settler attacks every day has multiplied. These include physical attacks, damaging and destroying local agricultural projects, uprooting and cutting down trees, and even shooting at farming communities, forcing large numbers to leave their farmland areas.”   

    Oxfam teams and partners have reported that many rural areas are being put under full closure, cutting off access to humanitarian aid. East Jerusalem is currently closed to Palestinians in the West Bank, as Israel has banned access beyond the restrictions imposed for decades.  

    Oxfam’s Mustafa Tamaizeh, added: “What we are witnessing is a calculated annexation 

    strategy. Overnight, movement between cities has been paralyzed, piling economic and social pressure on already struggling communities. Violations of human rights and international law are happening in plain sight, with impunity, as the international community watches on, complicit in its silence. 

    “As one of our partners described to me, we are now witnessing the same scenes we once watched on TV in Gaza, Rafah, and Deir Al-Balah. We are seeing the ‘Gazafication’ of the West Bank. 

    “The international community must not turn a blind eye while this historic displacement, de-humanisiation and destruction takes place in the West Bank. For too long, Israel’s illegal occupation, oppression and countless grave breaches of International Humanitarian Law across the OPT have been unchecked. Urgent action must be taken so Israel’s impunity ends and aid agencies are granted access to help Palestinians recover and rebuild from the violence so they can fulfill their right to self-determination and live in dignity, freed from occupation”. 

    MIL OSI NGO –

  • MIL-OSI USA: Chairman Wicker Leads SASC Hearing on Stephen Feinberg, Deputy Secretary of Defense Nominee

    US Senate News:

    Source: United States Senator for Mississippi Roger Wicker
    WASHINGTON – U.S. Senator Roger Wicker, R-Miss., the Chairman of the Senate Armed Services Committee, today chaired a hearing examining the nomination of Mr. Stephen A. Feinberg to be the next Deputy Secretary of Defense.
    In his opening statement, Chairman Wicker discussed the catastrophic national security environment, in which China, Russia, Iran, and North Korea are increasingly aligned. He added that Feinberg’s experience in the private sector offers an opportunity to advance an agenda prioritizing speed, accountability, and efficiency at the Department, and that Feinberg would play a key role in refocusing the Department on those values.
    Chairman Wicker also raised his landmark defense policy reports – “21st Century Peace Through Strength” and “Freedom’s Forge” as examples of the kind of work required to reform the Pentagon to restore our military and rebuild our defense industrial base.
    Stephen Feinberg is the CEO of Cerberus Capital Management, one of the nation’s top private equity firms. Feinberg also served as Chairman of President Trump’s Intelligence Oversight Board, as well as Chairman of the President’s Intelligence Advisory Board from 2018 to 2021.
    Read Senator Wicker’s opening statement as delivered below.
    I thank our guest for being here. And we are here this morning to consider the nomination of Stephen Feinberg, who’s been nominated to be Deputy Secretary of Defense.
    If confirmed, Mr. Feinberg would join the Department of Defense during the most dangerous security environment since World War II. He would oversee the operations of the Department as it faces an emerging Axis of Aggressors. This dangerous coalition, which is characterized by military cooperation between China, Russia, Iran, and North Korea, presents a complex and far-reaching set of threats. Make no mistake: our enemies do not want a 21st century defined by peace and prosperity for the American people.
    Mr. Feinberg would be a crucial part of the team task with meeting those threats. Unfortunately, the defense investments we’ve made during the Cold War have long since evaporated. Defense spending is near record lows as a percentage of our gross domestic product, and all aspects of our military forces are now in dire need of repair or replacement.
    Our Navy, once the envy of all seafaring nations, is now too small and too old to meet the growing demands of our combatant commanders. Our nuclear forces used to be the most robust and effective on the planet. Now they are decades older than their intended service lives. Our Air Force continues to shrink. We have yet to figure out how to scale innovative weapons into mass production. We have a $200 billion backlog in basic maintenance that leaves our troops living and working in substandard conditions — $200 billion just dealing with living and working conditions. And I could go on.
    Clearly, there are many things that need fixing at the Department of Defense. Fortunately, Mr. Feinberg has spent his entire career fixing things. I believe he will make a very fine Deputy Secretary of Defense.
    Mr. Feinberg ran a highly successful large organization for three decades, making him eminently qualified to run the Pentagon effectively. He brings extensive experience at the intersection of international economics and national security. Mr. Feinberg is remarkably attuned to the scope and scale of the challenges we face, as well as the opportunities we might exploit. His work on National Defense is significant, and has ranged from Subic Bay acquisition to counter-Huawei efforts, and from spectrum sharing to hypersonic testing.
    Unlike the Secretary of Defense, the Deputy does not often make high-profile policy speeches or travel around the world to engage with allies and adversaries. I do not expect to see much of Mr. Feinberg in the news if he is confirmed. But make no mistake: the Pentagon cannot function without a capable Deputy.
    In many ways, the Deputy runs the day-to-day operations of the department – driving the budget process, managing the principal staff assistance, and ensuring the Secretary of Defense is provided with data-driven and thoughtful options.
    In Mr. Feinberg, President Trump has found a deputy who combines cutting-edge private sector skills with a thorough understanding of U.S. national security interests and the Department of Defense.
    Today, we will hear Mr. Feinberg’s views on issues facing the Department of Defense. I look forward to his thoughts on my proposals. Last year I released a report entitled “21st Century Peace Through Strength.” I hope this can serve as a blueprint to reinvigorate and rebuild our military.
    Additionally, I released a Pentagon reform and innovation plan called “Restoring Freedom’s Forge: American Innovation Unleashed.” I hope it brings much needed reforms and fundamentally changes the way the department does business. We must cut red tape and get better weapons to our troops faster, all while maximizing taxpayer dollars.
    So, I thank Mr. Feinberg and his family and his friends for being here today. I believe he has a lot to offer as the Department of Defense directs its focus to lethality, efficiency, speed, and accountability.

    MIL OSI USA News –

  • MIL-OSI Security: Former NOPD Sergeant Sentenced to 5 Years Probation After Pleading Guilty to Six Counts of Wire Fraud tor Double Billing and Billing for Time Not Worked

    Source: Office of United States Attorneys

    NEW ORLEANS – Acting U.S. Attorney Michael M. Simpson announced today that United States District Judge Jay C. Zainey sentenced former New Orleans Police Department Sergeant TODD F. MORRELL, age 57, a resident of New Orleans, to 5 years of probation, 8 months of home confinement, 150 hours of community service, a $5,000 fine, and payment of a mandatory $600 special assessment fee after he previously pleaded guilty to six (6) counts of wire fraud, in violation of Title 18, United States Code, Section 1343, for perpetrating a multi-year scheme to defraud NOPD and the New Orleans Fair Grounds, an entity that paid him to provide off-duty police details.  A restitution hearing is set for April 29, 2025.

    According to court documents, MORRELLwas a NOPD Sergeant with NOPD’s Special Operations Division, serving both on a Tactical Platoon and the Bomb Disposal Unit.  He supplemented his NOPD income with security-oriented secondary employment (i.e., “police details”) while off-duty, including a detail with the New Orleans Fair Grounds Neighborhood Patrol (“Fair Grounds Patrol”).  The Fair Grounds Patrol was created by city ordinance to enhance police service around the New Orleans Fair Grounds Racecourse.  The Fair Grounds Patrol consisted of two patrol cars operating 24 hours per day, 7 days a week, with one off-duty NOPD officer per car.  MORRELL signed annual certifications attesting to his understanding of NOPD policies, including the secondary employment policy, and acknowledging that he would “actively monitor my hours” and would “not engage in activities or personal business which would cause them to neglect or be inattentive to duty.”

    Notwithstanding these annual certifications, on numerous occasions between early 2017 and November 30, 2021, MORRELL submitted and certified timecards to NOPD and time sheets to the Fair Grounds Patrol,falsely claiming to have been on duty (for NOPD) and on detail (for the Fair Grounds Patrol) when, in actuality, MORRELL was not present for duty.  Instead, MORRELL engaged in personal, recreational activities unrelated to his work duties.  Often, MORRELL was engaged in recreational race car driving in Avondale, Louisiana, and Austin, Texas, while claiming to be on duty and on detail.  Additionally, MORRELL “double billed” NOPD and the Fair Grounds Patrol by submitting time sheets to both entities reflecting that he was working for both entities simultaneously.  The six counts to which MORRELL pled guilty, are representative examples of his scheme.  These counts related to individual payments MORRELL received for submitting false and fraudulent time sheets for on duty and secondary employment shifts while a part of the Fair Grounds Patrol.  The various dates he falsely claimed to work that constituted the six counts were: July 1, 2019, December 21, 2020, January 23, 2021, March 13, 2021, March 14, 2021, April 25, 2021, April 30, 2021, and October 23, 2021.

    “When anyone willfully commits fraud, our office will investigate, and if warranted, prosecute,” stated Acting United States Attorney Michael M. Simpson.  “Mr. Morrell’s sentencing is an acknowledgment of the betrayal, and breach of public trust, as well as the resultant harm stemming therefrom, that his serial fraudulent acts have caused the New Orleans Police Department, and the citizens of New Orleans.  This successful investigation and prosecution, exemplify the strong partnership between our office, the FBI, the New Orleans Office of Inspector General and the New Orleans Public Integrity Bureau.”

    “The FBI will continue to investigate fraud and corruption at all levels of government and individuals like Mr. Morrell who exploit the public’s trust for personal gain,” said FBI New Orleans Acting Special Agent in Charge Stephen Cyrus.  “We thank the New Orleans Inspector General’s Office and the New Orleans Public Integrity Bureau for their assistance in bringing this misconduct to light.”

    Acting U.S. Attorney Simpson praised the work of the Federal Bureau of Investigation in investigating this matter and expressed appreciation for the support provided by the City of New Orleans Office of Inspector General and the New Orleans Public Integrity Bureau.  Assistant United States Attorneys Jordan Ginsberg, Chief of the Public Integrity Unit, and Brittany L. Reed also of the Public Integrity Unit, are in charge of the prosecution.

    MIL Security OSI –

  • MIL-OSI United Nations: Success for polio campaign in Gaza while West Bank tensions continue

    Source: United Nations MIL OSI b

    Humanitarian Aid

    UN humanitarians reported on Tuesday that aid workers in Gaza supporting local health authorities have now managed to vaccinate nearly 550,000 children under 10 – nearly all those it aimed to reach.

    The campaign has been extended until Wednesday to ensure full coverage, UN Spokesperson Stéphane Dujarric told journalists at the regular news briefing in New York, citing UN humanitarian coordinators.  

    As of Monday, the third day of the campaign, some 548,000 children had been inoculated, or 93 per cent of the target population.

    Aid efforts continue

    Humanitarian partners have been working to expand aid distribution since the fragile ceasefire began last month.  

    According to latest news reports, the Israeli Government is seeking to extend the first stage of the agreement, threatening to resume fighting without progress in talks this week on phase two.  

    The World Food Programme (WFP) has delivered over 30,000 metric tonnes of food, with more than 60 community kitchens across the Strip distributing nearly 10 million meals.

    Similarly, the UN relief agency for Palestine refugees (UNRWA) has provided food parcels to two million people and flour to 1.3 million.

    The UN Food and Agriculture Organization (FAO) also delivered animal feed in northern Gaza for the first time since the ceasefire, benefiting livestock-owning families in Gaza City and Deir al Balah.

    Efforts are also underway by partner organizations to repair and reopen schools that had been used as shelters for displaced families in Rafah, Khan Younis, and Deir al Balah.

    Biting cold claims lives

    Despite the steady flow of aid, children in Gaza continue to suffer.

    The head of Gaza’s Ministry of Health reported on Tuesday that six children died from the severe cold in recent days, bringing the total number of cold-related child deaths to 15, Mr. Dujarric said.

    Ongoing military operations in the West Bank

    In the West Bank the security situation remains volatile, with Israeli military operations in the north leading to further casualties, mass displacement and destruction of essential infrastructure.

    A two-day military operation in Qabatiya, Jenin governorate, ended Monday, Mr. Dujarric said.

    The operation involved bulldozers and exchanges of fire between Israeli forces and Palestinians, as well as detentions, disruption to electricity lines, water lines, and school closures.

    “We once again warn that lethal, war-like tactics are being applied, raising concerns over use of force that exceeds law enforcement standards,” Mr. Dujarric emphasised.

    MIL OSI United Nations News –

  • MIL-OSI USA: Secretary of Defense Pete Hegseth Greets Saudi Minister of Defense, His Royal Highness Khalid bin Salman at the Pentagon

    Source: United States Department of Defense

    SECRETARY OF DEFENSE PETE HEGSETH: Well, welcome, your royal highness. Thank you very much for being here. It is our pleasure to welcome you to the Pentagon, although you’re no stranger to the Pentagon. I also want to welcome your delegation, including her highness, Princess Reema bint Bandar. Did I get that right? 

    REEMA BINT BANDAR: Indeed. Thank you.

    SECRETARY HEGSETH: Thank you. The kingdom’s ambassador to Washington. Glad to have you. And on behalf of President Trump, welcome. And as you know, he’s made it clear in his administration, we’re going to pursue peace through strength and put America first, but that does not mean ignoring partnerships. And in fact, it requires greater attention to the ones that matter the most, and our partnership with Saudi Arabia matters a great deal. President Trump demonstrated this when he made his first overseas phone call to Saudi Crown Prince Mohammed bin Salman on January 23rd. He also made his first visit in his first term, as you, I know, recall in his first term.

    We’ve got tremendous opportunities to pursue security and stability in the Middle East, combat terrorism and increase mutual prosperity. Our cooperation, as you know, has been long standing. Eighty years ago, last week, our heads of state held their first historic meeting aboard the USS Quincy in the Suez Canal. And since then, we’ve worked to take on terrorism and all of its manifestations. Today, with the groups like the Houthis, build interoperability and forge multilateral approaches in many ways, through Saudi leadership.

    Today, our relationship is a critical center of gravity in a very turbulent region in the world. So I want to thank the kingdom, also, more specifically, for hosting important discussions between the United States and Russia as we pursue one of President Trump’s top priorities, which is bringing peace to the war in Ukraine. And I also want to continue deepening and strengthening our partnership to pursue security and prosperity for both Americans and Saudis. So I’m very much looking forward to a great discussion. Thank you for joining us today, you and your entire delegation. Thank you. 

    HIS ROYAL HIGHNESS KHALED BIN SALMAN: Thank you, Mr. Secretary. I would like to begin with by conveying the greetings of [inaudible] and the countless [inaudible]. It’s a great pleasure to be among you today, and I look forward to continuing our joint effort to advance the long-standing relationship between the Kingdom of Saudi Arabia and the United States. As you mentioned, Mr. Secretary, we live in a turbulent region, and our relationship and our work together and cooperation is vital. It has always been vital, and it’s even more important these days to continue to coordinate and work together to make sure the region is stable and the world is stable, and we are looking forward to having a very constructive discussion today to reach our mutual rules. And I’m pretty sure that with our strong relationship, we will achieve a lot together.

    SECRETARY HEGSETH: Absolutely. I know you feel comfortable here too. I know you’re a fighter pilot. Got some pilots here too. So, I appreciate that. We have a couple questions today.

    Q: Mr. Secretary, why did you select an underqualified retired lieutenant general to be the next chairman of joint chief of staff, given that–

    SECRETARY HEGSETH: I’m going to choose to reject your unqualified question.

    Q: How did the three JAGs that you say you’re replacing present roadblocks, as you said, to what the president is wanting to do? 

    SECRETARY HEGSETH: It’s not about roadblocks to an agenda. It’s roadblocks to orders that are given by a commander in chief. So ultimately, I want the best possible lawyers in each service to provide the best possible recommendations, no matter what, to lawful orders that are given. And we didn’t think those particular positions were well-suited, and so we’re looking for the best. We’re opening it up to everybody to be able to be the top lawyer of those services. 

    UNKNOWN: Two more questions. 

    Q: Mr. Secretary, will the U.S. help defend Saudi Arabia against attacks by Iran and its proxies? 

    SECRETARY HEGSETH: Well, certainly that’s a topic we’re going to talk about today. Iran is a big concern in the region. Saudi Arabia has been a great partner, and that’s something we’re going to discuss today. 

    UNKNOWN: Last question.

    SECRETARY HEGSETH: No more questions. All right. There we go.

    UNKNOWN: Great. Thank you. 

    UNKNOWN: Thank you. We’re leaving now.

    MIL OSI USA News –

  • MIL-OSI: Flywire Reports Fourth Quarter and Fiscal-Year 2024 Financial Results

    Source: GlobeNewswire (MIL-OSI)

    Fourth Quarter Revenue Increased 17.0% Year-over-Year

    Fourth Quarter Revenue Less Ancillary Services Increased 17.4% Year-over-Year

    Company Provides First Quarter and Fiscal-Year 2025 Outlook

    BOSTON, Feb. 25, 2025 (GLOBE NEWSWIRE) — Flywire Corporation (Nasdaq: FLYW) (“Flywire” or the “Company”) a global payments enablement and software company, today reported financial results for its fourth quarter and fiscal-year ended December 31, 2024.

    “Our fourth quarter results capped off another strong year for Flywire as we continued to grow the business while navigating a complex macro environment with significant headwinds,” said Mike Massaro, CEO of Flywire, “We continued to focus on business and bottom line growth and generated 17% revenue growth and 680 bps adjusted EBITDA margin growth in the quarter.”

    “Looking ahead, we’re focused on driving effectiveness and discipline throughout our global business. We will be undertaking an operational and business portfolio review. The operational review will help ensure we are efficient and effective, with a focus on driving productivity and optimizing investments across all areas. Our comprehensive business portfolio review will focus on Flywire’s core strengths – such as complex, large-value payment processing, our global payment network, and verticalized software.”

    “One of the efficiency measures we are undertaking is a restructuring, which impacts approximately 10% of our workforce. It is difficult to say goodbye to so many FlyMates, and I want to thank them for their hard work as we endeavor to support them throughout this transition.”

    “As we refocus our teams on areas that we believe will drive Flywire’s future growth, we are excited to announce the acquisition of Sertifi, which is expected to accelerate the expansion of our fast-growing Travel vertical. Sertifi augments our travel product offering with a leading dedicated hotel property management system integration and expands our footprint across more than 20,000 hotel locations worldwide.”

    Fourth Quarter 2024 Financial Highlights:

    GAAP Results

    • Revenue increased 17.0% to $117.6 million in the fourth quarter of 2024, compared to $100.5 million in the fourth quarter of 2023.
    • Gross Profit increased to $74.3 million, resulting in Gross Margin of 63.2%, for the fourth quarter of 2024, compared to Gross Profit of $61.8 million and Gross Margin of 61.5% in the fourth quarter of 2023.
    • Net loss was ($15.9) million in the fourth quarter of 2024, compared to net income of $1.3 million in the fourth quarter of 2023.

    Key Operating Metrics and Non-GAAP Results

    • Number of clients grew by 16%year-over-year, with over 180 new clients added in the fourth quarter of 2024.
    • Total Payment Volume increased 27.6% to $6.9 billion in the fourth quarter of 2024, compared to $5.4 billion in the fourth quarter of 2023.
    • Revenue Less Ancillary Services increased 17.4% to $112.8 million in the fourth quarter of 2024, compared to $96.1 million in the fourth quarter of 2023.
    • Adjusted Gross Profit increased to $75.6 million, up 19.1% compared to $63.5 million in the fourth quarter of 2023. Adjusted Gross Margin was 67.0% in the fourth quarter of 2024 compared to 66.1% in the fourth quarter of 2023.
    • Adjusted EBITDA increased to $16.7 million in the fourth quarter of 2024, compared to $7.7 million in the fourth quarter of 2023. Our adjusted EBITDA margins increased 680 bps year-over-year to 14.8% in the fourth quarter of 2024.

    2024 Business Highlights:

    • We signed more than 800 new clients in fiscal-year 2024 surpassing the 700 new clients signed in fiscal-year 2023.
    • Our transaction payment volume grew by 23.6% year-over-year to $29.7 billion
    • Our global education vertical, continued to strengthen in a number of core geographies, with U.K. region outperformance driven by new clients and net revenue retention; accompanied by growth in our network of international recruitment agents to further connect our ecosystem of clients, agents and payers
    • Our travel vertical grew into our second largest vertical in terms of revenue less ancillary services, and we generated strong growth most notably with EMEA and APAC based Tour Operators and DMC providers, particularly in our new sub vertical of ocean experiences.
    • Our business-to-business vertical continued its strong organic growth, enhanced by the acquisition of Invoiced.
    • We further optimized our global payment network to enable vertical growth with a focus on new acceptance rails, market localization and expanded network coverage. This included continued support of our strategic payer markets like India and China, enhancing our offerings to digitize the disbursement of student loans from India and strengthening partnerships with India’s three largest banks.
    • We repurchased 2.3 million shares for approximately $44 million, inclusive of commissions, under our share repurchase program announced on August 6th, 2024.

    First Quarter and Fiscal-Year 2025 Outlook:

    “Effective execution drove both revenue growth and margin expansion in 2024, in spite of significant macroeconomic challenges” said Flywire’s CFO, Cosmin Pitigoi. “For our 2025 financial outlook, we project revenue less ancillary services growth of 10-14% on an FX-neutral (constant currency) basis, and a 200-400 basis point increase in adjusted EBITDA margin. We expect approximately 3 percentage points of headwind from FX throughout the year.  This guidance excludes the contributions from the Sertifi acquisition, as well as any potential lessening of the macroeconomic headwinds. We are particularly encouraged by the anticipated performance of our combined travel vertical, as well as the emerging B2B vertical, both of which are expected to exceed our historical growth rate for the applicable vertical”

    Based on information available as of February 25, 2025, Flywire anticipates the following results for the first quarter and fiscal-year 2025 excluding Sertifi.

      Fiscal-Year 2025
    FX-Neutral GAAP Revenue Growth 9-13% YoY
    FX-Neutral Revenue Less Ancillary Services Growth 10-14% YoY
    Adjusted EBITDA* Margin Growth +200-400 bps YoY
       
      First Quarter 2025
    FX-Neutral GAAP Revenue Growth 10-13% YoY
    FX-Neutral Revenue Less Ancillary Services Growth 11-14% YoY
    Adjusted EBITDA* Margin Growth +300-600 bps YoY
       

    “Based on Sertifi’s historical financials, we currently expect the acquisition to provide incremental revenue of $3.0-4.0 million and $30.0-40.0 million in revenue  in the first quarter and fiscal year 2025, respectively.  In addition, we currently expect the Sertifi acquisition to have a flat to slightly positive effect on adjusted EBITDA and positive (low single–digit million) effect on adjusted EBITDA, in the first quarter and fiscal year 2025, respectively, as we plan to invest in the combined solution during 2025.”

    *Flywire has not provided a quantitative reconciliation of forecasted Adjusted EBITDA Margin growth to forecasted GAAP Net Income Margin growth within this earnings release because Flywire is unable, without making unreasonable efforts, to calculate certain reconciling items with confidence. These items include, but are not limited to income taxes which are directly impacted by unpredictable fluctuations in the market price of Flywire’s stock and in foreign currency exchange rates.

    These statements are forward-looking and actual results may differ materially. Refer to the “Safe Harbor Statement” below for information on the factors that could cause Flywire’s actual results to differ materially from these forward-looking statements.

    Conference Call

    The Company will host a conference call to discuss fourth quarter and fiscal-year 2024 financial results today at 5:00 pm ET. Hosting the call will be Mike Massaro, CEO, Rob Orgel, President and COO, and Cosmin Pitigoi, CFO. The conference call can be accessed live via webcast from the Company’s investor relations website at https://ir.flywire.com/. A replay will be available on the investor relations website following the call.

    Note Regarding Share Repurchase Program

    Repurchases under the Company’s share repurchase program (the Repurchase Program) may be made from time to time through open market purchases, in privately negotiated transactions or by other means, including through the use of trading plans intended to qualify under Rule 10b5-1 under the Securities Exchange Act of 1934, as amended, in accordance with applicable securities laws and other restrictions, including Rule 10b-18. The timing, value and number of shares repurchased will be determined by the Company in its discretion and will be based on various factors, including an evaluation of current and future capital needs, current and forecasted cash flows, the Company’s capital structure, cost of capital and prevailing stock prices, general market and economic conditions, applicable legal requirements, and compliance with covenants in the Company’s credit facility that may limit share repurchases based on defined leverage ratios. The Repurchase Program does not obligate the Company to purchase a specific number of, or any, shares.  The Repurchase Program does not expire and may be modified, suspended or terminated at any time without notice at the Company’s discretion.

    Key Operating Metrics and Non-GAAP Financial Measures

    Flywire uses non-GAAP financial measures to supplement financial information presented on a GAAP basis. The Company believes that excluding certain items from its GAAP results allows management to better understand its consolidated financial performance from period to period and better project its future consolidated financial performance as forecasts are developed at a level of detail different from that used to prepare GAAP-based financial measures. Moreover, Flywire believes these non-GAAP financial measures provide its stakeholders with useful information to help them evaluate the Company’s operating results by facilitating an enhanced understanding of the Company’s operating performance and enabling them to make more meaningful period to period comparisons. There are limitations to the use of the non-GAAP financial measures presented here. Flywire’s non-GAAP financial measures may not be comparable to similarly titled measures of other companies. Other companies, including companies in Flywire’s industry, may calculate non-GAAP financial measures differently, limiting the usefulness of those measures for comparative purposes.

    Flywire uses supplemental measures of its performance which are derived from its consolidated financial information, but which are not presented in its consolidated financial statements prepared in accordance with GAAP. These non-GAAP financial measures include the following:

    • Revenue Less Ancillary Services.  Revenue Less Ancillary Services represents the Company’s consolidated revenue in accordance with GAAP after excluding (i) pass-through cost for printing and mailing services and (ii) marketing fees. The Company excludes these amounts to arrive at this supplemental non-GAAP financial measure as it views these services as ancillary to the primary services it provides to its clients.
    • Adjusted Gross Profit and Adjusted Gross Margin.  Adjusted gross profit represents Revenue Less Ancillary Services less cost of revenue adjusted to (i) exclude pass-through cost for printing services, (ii) offset marketing fees against costs incurred and (iii) exclude depreciation and amortization, including accelerated amortization on the impairment of customer set-up costs tied to technology integration. Adjusted Gross Margin represents Adjusted Gross Profit  divided by Revenue Less Ancillary Services. Management believes this presentation supplements the GAAP presentation of Gross Margin with a useful measure of the gross margin of the Company’s payment-related services, which are the primary services it provides to its clients.
    • Adjusted EBITDA.  Adjusted EBITDA represents EBITDA further adjusted by excluding (i) stock-based compensation expense and related payroll taxes, (ii) the impact from the change in fair value measurement for contingent consideration associated with acquisitions,(iii) gain (loss) from the remeasurement of foreign currency, (iv) indirect taxes related to intercompany activity, (v) acquisition related transaction costs, and (vi) employee retention costs, such as incentive compensation, associated with acquisition activities. Management believes that the exclusion of these amounts to calculate Adjusted EBITDA provides useful measures for period-to-period comparisons of the Company’s business. We calculate adjusted EBITDA margin by dividing adjusted EBITDA by Revenue Less Ancillary Services.
    • Revenue Less Ancillary Services at Constant Currency.  Revenue Less Ancillary Services at Constant Currency represents Revenue Less Ancillary Services adjusted to show presentation on a constant currency basis. The constant currency information presented is calculated by translating current period results using prior period weighted average foreign currency exchange rates.  Flywire  analyzes Revenue Less Ancillary Services on a constant currency basis to provide a comparable framework for assessing how the business performed excluding the effect of foreign currency fluctuations.
    • Non-GAAP Operating Expenses – Non-GAAP Operating Expenses represents GAAP Operating Expenses adjusted by excluding (i) stock-based compensation expense and related payroll taxes, (ii) depreciation and amortization, (iii) acquisition related transaction costs, if applicable, (iv) employee retention costs, such as incentive compensation, associated with acquisition activities and (v) the impact from the change in fair value measurement for contingent consideration associated with acquisitions.

    These non-GAAP financial measures are not meant to be considered as indicators of performance in isolation from or as a substitute for the Company’s revenue, gross profit, gross margin or net income (loss), or operating expenses prepared in accordance with GAAP and should be read only in conjunction with financial information presented on a GAAP basis. Reconciliations of Revenue Less Ancillary Services, Revenue Less Ancillary Services at Constant Currency, Adjusted Gross Profit, Adjusted Gross Margin, Adjusted EBITDA and non-GAAP Operating Expenses to the most directly comparable GAAP financial measure are presented below. Flywire encourages you to review these reconciliations in conjunction with the presentation of the non-GAAP financial measures for each of the periods presented. In future fiscal periods, Flywire may exclude such items and may incur income and expenses similar to these excluded items. Flywire has not provided a quantitative reconciliation of forecasted Adjusted EBITDA Margin growth to forecasted GAAP Net Income growth within this earnings release because it is unable, without making unreasonable efforts, to calculate certain reconciling items with confidence. These items include but are not limited to income taxes which are directly impacted by unpredictable fluctuations in the market price of Flywire’s stock and in foreign exchange rates.  For figures in this press release reported on an “FX-Neutral basis,” Flywire calculates the year-over-year impact of foreign currency movements using prior period weighted average foreign currency rates.

    About Flywire

    Flywire is a global payments enablement and software company. We combine our proprietary global payments network, next-gen payments platform and vertical-specific software to deliver the most important and complex payments for our clients and their customers.

    Flywire leverages its vertical-specific software and payments technology to deeply embed within the existing A/R workflows for its clients across the education, healthcare and travel vertical markets, as well as in key B2B industries. Flywire also integrates with leading ERP systems, such as NetSuite, so organizations can optimize the payment experience for their customers while eliminating operational challenges.

    Flywire supports approximately 4,500** clients with diverse payment methods in more than 140 currencies across 240 countries and territories around the world. Flywire is headquartered in Boston, MA, USA with global offices. For more information, visit www.flywire.com. Follow Flywire on X (formerly known as Twitter), LinkedIn and Facebook.

    **Excludes clients from Flywire’s Invoiced and Sertifi acquisitions

    Safe Harbor Statement

    This release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including, but not limited to, statements regarding Flywire’s future operating results and financial position, Flywire’s business strategy and plans, market growth, and Flywire’s objectives for future operations. Flywire intends such forward-looking statements to be covered by the safe harbor provisions for forward-looking statements contained in Section 21E of the Securities Exchange Act of 1934 and the Private Securities Litigation Reform Act of 1995. In some cases, you can identify forward-looking statements by terms such as, but not limited to, “believe,” “may,” “will,” “potentially,” “estimate,” “continue,” “anticipate,” “intend,” “could,” “would,” “project,” “target,” “plan,” “expect,” or the negative of these terms, and similar expressions intended to identify forward-looking statements. Such forward-looking statements are based upon current expectations that involve risks, changes in circumstances, assumptions, and uncertainties. Important factors that could cause actual results to differ materially from those reflected in Flywire’s forward-looking statements include, among others, Flywire’s future financial performance, including its expectations regarding FX-Neutral GAAP Revenue Growth, FX-Neutral Revenue Less Ancillary Services Growth, and Adjusted EBITDA Margin Growth and foreign exchange rates.  Risks that may cause actual results to differ materially from these forward looking statements include, but are not limited to: Flywire’s  ability to execute its business plan and effectively manage its growth; Flywire’s cross-border expansion plans and ability to expand internationally; anticipated trends, growth rates, and challenges in Flywire’s business and in the markets in which Flywire operates; the  sufficiency of Flywire’s cash and cash equivalents to meet its liquidity needs;  political, economic, foreign currency exchange rate, inflation, legal, social and health risks, that may affect Flywire’s business or the global economy; Flywire’s beliefs and objectives for future operations; Flywire’s ability to develop and protect its brand; Flywire’s ability to maintain and grow the payment volume that it processes; Flywire’s ability to further attract, retain, and expand its client base; Flywire’s ability to develop new solutions and services and bring them to market in a timely manner; Flywire’s expectations concerning relationships with third parties, including financial institutions and strategic partners; the effects of increased competition in Flywire’s markets and its ability to compete effectively; recent and future acquisitions or investments in complementary companies, products, services, or technologies; Flywire’s ability to enter new client verticals, including its relatively new business-to-business  sector; Flywire’s expectations regarding anticipated technology needs and developments and its ability to address those needs and developments with its solutions; Flywire’s expectations regarding its ability to meet existing performance obligations and maintain the operability of its solutions; Flywire’s expectations regarding the effects of existing and developing laws and regulations, including with respect to payments and financial services, taxation, privacy and data protection; economic and industry trends, projected growth, or trend analysis; the effects of global events and geopolitical conflicts, including without limitation the continuing hostilities in Ukraine and involving Israel; Flywire’s ability to adapt to  changes in U.S. federal income or other tax laws or the interpretation of tax laws, including the Inflation Reduction Act of 2022;  Flywire’s ability to attract and retain qualified employees; Flywire’s ability to maintain, protect, and enhance its intellectual property; Flywire’s ability to maintain the security and availability of its solutions; the increased expenses associated with being a public company; the future market price of Flywire’s common stock; and other factors that are described in the “Risk Factors” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations” sections of Flywire’s Annual Report on Form 10-K for the year ended December 31, 2023, and Quarterly Report on Form 10-Q for the quarter ended September 30, 2024, which are on file with the Securities and Exchange Commission (SEC) and available on the SEC’s website at https://www.sec.gov/. Additional factors may be described in those sections of Flywire’s Annual Report on Form 10-K for the year ended December 31, 2024, expected to be filed in the first quarter of 2025. The information in this release is provided only as of the date of this release, and Flywire undertakes no obligation to update any forward-looking statements contained in this release on account of new information, future events, or otherwise, except as required by law.

    Contacts

    Investor Relations:
    Masha Kahn
    ir@Flywire.com

    Media:
    Sarah King
    Media@Flywire.com

    Condensed Consolidated Statements of Operations and Comprehensive Loss
    (Unaudited) (Amounts in thousands, except share and per share amounts)
                   
      Three Months Ended December 31,   Twelve Months Ended December 31,
        2024       2023       2024       2023  
    Revenue $ 117,550     $ 100,545     $ 492,144     $ 403,094  
    Costs and operating expenses:              
    Payment processing services costs   41,384       36,780       177,490       147,339  
    Technology and development   17,370       16,898       66,636       62,028  
    Selling and marketing   33,353       28,830       129,435       107,621  
    General and administrative   31,218       28,065       125,838       107,624  
    Total costs and operating expenses   123,325       110,573       499,399       424,612  
    Loss from operations $ (5,775 )   $ (10,028 )   $ (7,255 )   $ (21,518 )
    Other income (expense):              
    Interest expense   (135 )     (92 )     (538 )     (372 )
    Interest income   4,872       5,638       21,440       13,349  
    Gain (loss) from remeasurement of foreign currency   (13,866 )     7,707       (11,787 )     4,189  
    Total other income (expense), net   (9,129 )     13,253       9,115       17,166  
    Income (loss) before provision for income taxes   (14,904 )     3,225       1,860       (4,352 )
    Provision (benefit) for income taxes   995       1,938       (1,040 )     4,214  
    Net Income (Loss) $ (15,899 )   $ 1,287     $ 2,900     $ (8,566 )
    Foreign currency translation adjustment   (7,330 )     3,731       (3,594 )     3,232  
    Unrealized losses on available-for-sale debt securities, net $ (441 )   $ —     $ 208     $ —  
    Total other comprehensive income (loss) $ (7,771 )   $ 3,731     $ (3,386 )   $ 3,232  
    Comprehensive income (loss) $ (23,670 )   $ 5,018     $ (486 )   $ (5,334 )
    Net loss attributable to common stockholders – basic and diluted $ (15,899 )   $ 1,287     $ 2,900     $ (8,566 )
    Net loss per share attributable to common stockholders – basic $ (0.13 )   $ 0.01     $ 0.02     $ (0.07 )
    Net loss per share attributable to common stockholders – diluted $ (0.12 )   $ 0.01     $ 0.02     $ (0.07 )
    Weighted average common shares outstanding – basic   124,463,252       121,690,938       124,269,820       114,828,494  
    Weighted average common shares outstanding – diluted   128,924,166       128,877,877       129,339,462       114,828,494  
                                   
    Condensed Consolidated Balance Sheets
    (Unaudited) (Amounts in thousands, except share amounts)
           
      December 31,   December 31,
        2024       2023  
    Assets      
    Current assets:      
    Cash and cash equivalents $ 495,242     $ 654,608  
    Restricted cash   —       —  
    Short-term investments   115,848       —  
    Accounts receivable, net   23,703       18,215  
    Unbilled receivables, net   15,453       10,689  
    Funds receivable from payment partners   90,110       113,945  
    Prepaid expenses and other current assets   22,528       18,227  
    Total current assets   762,884       815,684  
    Long-term investments   50,125       —  
    Property and equipment, net   17,160       15,134  
    Intangible assets, net   118,684       108,178  
    Goodwill   149,558       121,646  
    Other assets   24,035       19,089  
    Total assets $ 1,122,446     $ 1,079,731  
           
    Liabilities and Stockholders’ Equity      
    Current liabilities:      
    Accounts payable $ 15,353     $ 12,587  
    Funds payable to clients   217,788       210,922  
    Accrued expenses and other current liabilities   49,297       43,315  
    Deferred revenue   7,337       6,968  
    Total current liabilities   289,775       273,792  
    Deferred tax liabilities   12,643       15,391  
    Other liabilities   5,261       4,431  
    Total liabilities   307,679       293,614  
    Commitments and contingencies (Note 16)      
    Stockholders’ equity:      
    Preferred stock, $0.0001 par value; 10,000,000 shares authorized as of December 31, 2024 and 2023; and no shares issued and outstanding as of December 31, 2024 and 2023   —       —  
    Voting common stock, $0.0001 par value; 2,000,000,000 shares authorized as of December 31, 2024 and December 31, 2023; 126,853,852 shares issued and 122,182,878 shares outstanding as of December 31, 2024; 123,010,207 shares issued and 120,695,162 shares outstanding as of December 31, 2023   13       11  
    Non-voting common stock, $0.0001 par value; 10,000,000 shares authorized as of December 31, 2024 and December 31, 2023; 1,873,320 shares issued and outstanding as of December 31, 2024 and December 31, 2023   —       1  
    Treasury voting common stock, 4,670,974 and 2,315,045 shares as of December 31, 2024 and December 31, 2023, respectively, held at cost   (46,268 )     (747 )
    Additional paid-in capital   1,033,958       959,302  
    Accumulated other comprehensive income   (2,066 )     1,320  
    Accumulated deficit   (170,870 )     (173,770 )
    Total stockholders’ equity   814,767       786,117  
    Total liabilities and stockholders’ equity $ 1,122,446     $ 1,079,731  
                   
    Condensed Consolidated Statement of Cash Flows
    (Unaudited) (Amounts in thousands)
           
      Twelve Months Ended December 31,
        2024       2023  
    Cash flows from operating activities:      
    Net income (loss) $ 2,900     $ (8,566 )
    Adjustments to reconcile net loss to net cash used in operating activities:      
    Depreciation and amortization   17,363       15,764  
    Stock-based compensation expense   64,933       43,726  
    Amortization of deferred contract costs   972       1,789  
    Change in fair value of contingent consideration   (978 )     380  
    Deferred tax provision (benefit)   (8,794 )     72  
    Provision for uncollectible accounts   (83 )     326  
    Non-cash interest expense   230       298  
    Non-cash interest income   (1,435 )     —  
    Changes in operating assets and liabilities, net of acquisitions:      
    Accounts receivable   (5,292 )     (2,082 )
    Unbilled receivables   (4,764 )     (5,394 )
    Funds receivable from payment partners   23,835       (50,975 )
    Prepaid expenses, other current assets and other assets   (5,322 )     (4,279 )
    Funds payable to clients   6,867       86,616  
    Accounts payable, accrued expenses and other current liabilities   3,302       5,548  
    Contingent consideration   (93 )     (467 )
    Other liabilities   (1,543 )     (1,260 )
    Deferred revenue   (630 )     (871 )
    Net cash provided by operating activities   91,468       80,625  
           
    Cash flows from investing activities:      
    Acquisition of businesses, net of cash acquired   (45,230 )     (32,764 )
    Purchase of debt securities   (193,927 )     —  
    Sale of debt securities   29,598       —  
    Capitalization of internally developed software   (5,317 )     (5,004 )
    Purchases of property and equipment   (924 )     (1,009 )
    Net cash (used in) investing activities   (215,800 )     (38,777 )
    Cash flows from financing activities:      
    Proceeds from issuance of common stock under public offering, net of underwriter discounts and commissions   —       261,119  
    Payments of costs related to public offering   —       (1,062 )
    Payment of debt issuance costs   (783 )     —  
    Contingent consideration paid for acquisitions   (1,032 )     (1,207 )
    Payments of tax withholdings for net settled equity awards   (797 )     (8,483 )
    Purchases of treasury stock   (43,740 )     —  
    Proceeds from the issuance of stock under Employee Stock Purchase Plan   3,108       2,691  
    Proceeds from exercise of stock options   5,613       10,360  
    Net cash provided by (used in) financing activities   (37,631 )     263,418  
    Effect of exchange rates changes on cash and cash equivalents   2,597       (1,835 )
    Net increase (decrease) in cash, cash equivalents and restricted cash   (159,366 )     303,431  
    Cash, cash equivalents and restricted cash, beginning of year $ 654,608     $ 351,177  
    Cash, cash equivalents and restricted cash, end of year $ 495,242     $ 654,608  
                   
    Reconciliation of Non-GAAP Financial Measures
    (Unaudited) (Amounts in millions, except percentages)
                     
        Three Months Ended
    December 31,    		   Twelve Months Ended
    December 31,
          2024       2023       2024       2023  
    Revenue   $ 117.6     $ 100.5     $ 492.1     $ 403.1  
    Adjusted to exclude gross up for:                
    Pass-through cost for printing and mailing     (4.5 )     (4.0 )     (15.9 )     (19.4 )
    Marketing fees     (0.3 )     (0.4 )     (2.0 )     (2.2 )
    Revenue Less Ancillary Services   $ 112.8     $ 96.1     $ 474.2     $ 381.5  
    Payment processing services costs     41.4       36.8       177.5       147.3  
    Hosting and amortization costs within technology and development expenses     1.9       1.9       7.7       8.4  
    Cost of Revenue   $ 43.3     $ 38.7     $ 185.2     $ 155.7  
    Adjusted to:                
    Exclude printing and mailing costs     (4.5 )     (4.0 )     (15.9 )     (19.4 )
    Offset marketing fees against related costs     (0.3 )     (0.4 )     (2.0 )     (2.2 )
    Exclude depreciation and amortization     (1.3 )     (1.7 )     (5.9 )     (6.7 )
    Adjusted Cost of Revenue   $ 37.2     $ 32.6     $ 161.4     $ 127.4  
    Gross Profit   $ 74.3     $ 61.8     $ 306.9     $ 247.4  
    Gross Margin     63.2 %     61.5 %     62.4 %     61.4 %
    Adjusted Gross Profit   $ 75.6     $ 63.5     $ 312.8     $ 254.1  
    Adjusted Gross Margin     67.0 %     66.1 %     66.0 %     66.6 %
                                     
        Three Months Ended
    December 31, 2024    		   Twelve Months Ended
    December 31, 2024
        Transaction   Platform and
    Other Revenues    		   Revenue   Transaction   Platform and
    Other Revenues    		   Revenue
    Revenue   $ 95.3     $ 22.3     $ 117.6     $ 410.2     $ 81.9     $ 492.1  
    Adjusted to exclude gross up for:                        
    Pass-through cost for printing and mailing     —       (4.5 )     (4.5 )     —       (15.9 )     (15.9 )
    Marketing fees     (0.3 )     —       (0.3 )     (2.0 )     —       (2.0 )
    Revenue Less Ancillary Services   $ 95.0     $ 17.8     $ 112.8     $ 408.2     $ 66.0     $ 474.2  
    Percentage of Revenue     81.0 %     19.0 %     100.0 %     83.4 %     16.6 %     100.0 %
    Percentage of Revenue Less Ancillary Services     84.2 %     15.8 %     100.0 %     86.1 %     13.9 %     100.0 %
                             
        Three Months Ended
    December 31, 2023    		   Twelve Months Ended
    December 31, 2023
        Transaction   Platform and
    Other Revenues    		   Revenue   Transaction   Platform and
    Other Revenues    		   Revenue
    Revenue   $ 81.9     $ 18.6     $ 100.5     $ 329.7     $ 73.4     $ 403.1  
    Adjusted to exclude gross up for:                        
    Pass-through cost for printing and mailing     —       (4.0 )     (4.0 )     —       (19.4 )     (19.4 )
    Marketing fees     (0.4 )     —       (0.4 )     (2.2 )     —       (2.2 )
    Revenue Less Ancillary Services   $ 81.5     $ 14.6     $ 96.1     $ 327.5     $ 54.0     $ 381.5  
    Percentage of Revenue     81.5 %     18.5 %     100.0 %     81.8 %     18.2 %     100.0 %
    Percentage of Revenue Less Ancillary Services     84.8 %     15.2 %     100.0 %     85.8 %     14.2 %     100.0 %
                                                     
    FX Neutral Revenue Less Ancillary Services                      
    (unaudited) (in millions)                            
        Three Months Ended
    December 31,    		       Twelve Months Ended
    December 31,    		    
          2024       2023     Growth Rate     2024       2023     Growth Rate
    Revenue   $ 117.6     $ 100.5       17 %   $ 492.1     $ 403.1       22 %
    Ancillary services     (4.8 )     (4.4 )         (17.9 )     (21.6 )    
    Revenue Less Ancillary Services     112.8       96.1       17 %     474.2       381.5       24 %
    Effects of foreign currency rate fluctuations     (1.1 )     —           (2.3 )     —      
    FX Neutral Revenue Less Ancillary Services   $ 111.7     $ 96.1       16 %   $ 471.9     $ 381.5       24 %
                                                     
    EBITDA and Adjusted EBITDA                
    (Unaudited) (in millions)                
        Three Months Ended
    December 31,    		   Twelve Months Ended
    December 31,
          2024       2023       2024       2023  
    Net loss   $ (15.9 )   $ 1.3     $ 2.9     $ (8.6 )
    Interest expense     0.1       0.1       0.5       0.4  
    Interest income     (4.8 )     (5.6 )     (21.4 )     (13.3 )
    Provision for income taxes     1.0       1.9       (1.0 )     4.2  
    Depreciation and amortization     5.0       4.3       18.5       16.4  
    EBITDA     (14.6 )     2.0       (0.5 )     (0.9 )
    Stock-based compensation expense and related taxes     16.8       12.9       65.8       45.2  
    Change in fair value of contingent consideration     0.0       —       (1.0 )     0.4  
    (Gain) loss from remeasurement of foreign currency     13.9       (7.7 )     11.8       (4.2 )
    Indirect taxes related to intercompany activity     0.5       —       0.7       0.2  
    Acquisition related transaction costs     0.1       0.4       0.6       0.4  
    Acquisition related employee retention costs     —       0.1       0.5       0.9  
    Adjusted EBITDA   $ 16.7     $ 7.7     $ 77.9     $ 42.0  
                                     
    Reconciliation of Non-GAAP Operating Expenses            
    (Unaudited) (in millions)            
                             
        Three Months Ended December 31,   Twelve Months Ended December 31,
    (in millions)   2024   2023   2024   2023
    GAAP Technology and development   $ 17.4     $ 16.9     $ 66.6     $ 62.0  
    (-) Stock-based compensation expense and related taxes     (3.1 )     (2.5 )     (11.8 )     (9.2 )
    (-) Depreciation and amortization     (2.1 )     (2.3 )     (7.4 )     (8.4 )
    (-) Acquisition related employee retention costs     —       0.3       —       (0.5 )
    Non-GAAP Technology and development   $ 12.2     $ 12.4     $ 47.4     $ 43.9  
                   
    GAAP Selling and marketing   $ 33.4     $ 28.8     $ 129.5     $ 107.6  
    (-) Stock-based compensation expense and related taxes     (4.8 )     (3.2 )     (18.3 )     (12.4 )
    (-) Depreciation and amortization     (2.2 )     (1.3 )     (8.2 )     (5.2 )
    (-) Acquisition related employee retention costs     —       (0.2 )     (0.5 )     (0.4 )
    Non-GAAP Selling and marketing   $ 26.4     $ 24.1     $ 102.5     $ 89.6  
                   
    GAAP General and administrative   $ 31.2     $ 28.0     $ 125.8     $ 107.6  
    (-) Stock-based compensation expense and related taxes     (8.9 )     (7.2 )     (35.7 )     (23.6 )
    (-) Depreciation and amortization     (0.8 )     (0.7 )     (3.0 )     (2.8 )
    (-) Change in fair value of contingent consideration     —       —       1.0       (0.4 )
    (-) Acquisition related transaction costs     (0.1 )     (0.4 )     (0.6 )     (0.4 )
    Non-GAAP General and administrative   $ 21.4     $ 19.7     $ 87.5     $ 80.4  
                                     
    Net Margin, EBITDA Margin and Adjusted EBITDA Margin
    (Unaudited) (Amounts in millions, except percentages)
                             
        Three Months Ended
    December 31,    		       Twelve Months Ended
    December 31,    		    
          2024       2023     Change     2024       2023     Change
    Revenue (A)   $ 117.6     $ 100.5     $ 17.1     $ 492.1     $ 403.1     $ 89.0  
    Revenue less ancillary services (B)     112.8       96.1       16.7       474.2       381.5       92.7  
    Net loss (C)     (15.9 )     1.3       (17.2 )     2.9       (8.6 )     11.5  
    EBITDA (D)     (14.6 )     2.0       (16.6 )     (0.5 )     (0.9 )     0.4  
    Adjusted EBITDA (E)     16.7       7.7       9.0       77.9       42.0       35.9  
    Net margin (C/A)     -13.5 %     1.3 %     -14.8 %     0.6 %     -2.1 %     2.7 %
    Net margin using RLAS (C/B)     -14.1 %     1.3 %     -15.4 %     0.6 %     -2.3 %     2.9 %
    EBITDA Margin (D/A)     -12.4 %     2.0 %     -14.4 %     -0.1 %     -0.2 %     0.1 %
    Adjusted EBITDA Margin (E/A)     14.2 %     7.6 %     6.6 %     15.8 %     10.4 %     5.4 %
    EBITDA Margin using RLAS (D/B)     -12.9 %     2.1 %     -15.0 %     -0.1 %     -0.2 %     0.1 %
    Adjusted EBITDA Margin using RLAS (E/B)     14.8 %     8.0 %     6.8 %     16.4 %     11.0 %     5.4 %
                                                     
    Reconciliation of FX Neutral Revenue Growth Guidance to
    FX Neutral Revenue Less Ancillary Services Growth Guidance
                   
      Three Months Ended
    March 31, 2025    		   Year Ended
    December 31, 2025
      Low   High   Low   High
                   
    FX Neutral GAAP Revenue Growth   10 %     13 %     9 %     13 %
                   
    Adjustment for Ancillary Services   1 %     1 %     1 %     1 %
                   
    FX Neutral Revenue Less Ancillary Services Growth   11 %     14 %     10 %     14 %
                                   

    The MIL Network –

  • MIL-OSI: Par Pacific Reports Fourth Quarter and 2024 Results

    Source: GlobeNewswire (MIL-OSI)

    HOUSTON, Feb. 25, 2025 (GLOBE NEWSWIRE) — Par Pacific Holdings, Inc. (NYSE: PARR) (“Par Pacific” or the “Company”) today reported its financial results for the fourth quarter and twelve months ended December 31, 2024.

    • Fourth quarter Net Loss of $(55.7) million, or $(1.01) per diluted share; Adjusted Net Loss of $(43.4) million, or $(0.79) per diluted share; Adjusted EBITDA of $10.9 million
    • Full year net loss of $(33.3) million, or $(0.59) per diluted share; Adjusted Net Income of $21.2 million, or $0.37 per diluted share; Adjusted EBITDA of $238.7 million
    • Record annual Retail and Logistics segment Adjusted EBITDA
    • Repurchased 5 million common shares during 2024, or 9% of year end shares outstanding

    Par Pacific reported a net loss of $(33.3) million, or $(0.59) per diluted share, for the twelve months ended December 31, 2024, compared to net income of $728.6 million, or $11.94 per diluted share, for the twelve months ended December 31, 2023. Adjusted Net Income for 2024 was $21.2 million, compared to $501.2 million for 2023. 2024 Adjusted EBITDA was $238.7 million, compared to $696.2 million for 2023.

    Par Pacific reported a net loss of $(55.7) million, or $(1.01) per diluted share, for the quarter ended December 31, 2024, compared to net income of $289.3 million, or $4.77 per diluted share, for the same quarter in 2023. Fourth quarter 2024 Adjusted Net Loss was $(43.4) million, compared to Adjusted Net Income of $65.2 million in the fourth quarter of 2023. Fourth quarter 2024 Adjusted EBITDA was $10.9 million, compared to $122.0 million in the fourth quarter of 2023. A reconciliation of reported non-GAAP financial measures to their most directly comparable GAAP financial measures can be found in the tables accompanying this news release.

    “Our 2024 results underscore our strategic diversification with strong contribution from Hawaii Refining and record profitability in our Retail and Logistics segments,” said Will Monteleone, President and Chief Executive Officer. “Completing the Montana turnaround prior to the summer driving season and starting up our capital efficient Hawaii Sustainable Aviation Fuel project position us for earnings growth.”

    Refining

    The Refining segment generated operating income of $17.4 million for the year ended December 31, 2024, compared to $676.2 million for the year ended December 31, 2023. Adjusted Gross Margin for the Refining segment in the year ended December 31, 2024 was $618.3 million, compared to $995.0 million in the year ended December 31, 2023.

    Refining segment Adjusted EBITDA for the year ended December 31, 2024 was $139.2 million, compared to $621.5 million for the year ended December 31, 2023.

    The Refining segment reported an operating loss of $(65.4) million in the fourth quarter of 2024, compared to operating income of $174.0 million in the fourth quarter of 2023. Adjusted Gross Margin for the Refining segment was $92.4 million in the fourth quarter of 2024, compared to $227.2 million in the fourth quarter of 2023.

    Refining segment Adjusted EBITDA was $(22.3) million in the fourth quarter of 2024, compared to $106.5 million in the fourth quarter of 2023.

    Hawaii
    The Hawaii Index averaged $5.52 per barrel in the fourth quarter of 2024, compared to $12.48 per barrel in the fourth quarter of 2023. Throughput in the fourth quarter of 2024 was 83 thousand barrels per day (Mbpd), compared to 81 Mbpd for the same quarter in 2023. Production costs were $4.42 per throughput barrel in the fourth quarter of 2024, compared to $4.80 per throughput barrel in the same period of 2023.

    The Hawaii refinery’s Adjusted Gross Margin was $7.36 per barrel during the fourth quarter of 2024, including a net price lag impact of approximately $(5.4) million, or $(0.71) per barrel, compared to $16.73 per barrel during the fourth quarter of 2023.

    Montana
    The Montana Index averaged $5.75 per barrel in the fourth quarter of 2024, compared to $14.80 in the fourth quarter of 2023. The Montana refinery’s throughput in the fourth quarter of 2024 was 52 Mbpd, compared to 50 Mbpd for the same quarter in 2023. Production costs were $10.48 per throughput barrel in the fourth quarter of 2024, compared to $12.03 per throughput barrel in the same period of 2023.

    The Montana refinery’s Adjusted Gross Margin was $3.70 per barrel during the fourth quarter of 2024, compared to $11.55 per barrel during the fourth quarter of 2023.

    Washington
    The Washington Index averaged $(0.62) per barrel in the fourth quarter of 2024, compared to $5.23 per barrel in the fourth quarter of 2023. The Washington refinery’s throughput was 39 Mbpd in the fourth quarter of 2024, compared to 38 Mbpd in the fourth quarter of 2023. Production costs were $4.34 per throughput barrel in the fourth quarter of 2024, compared to $4.53 per throughput barrel in the same period of 2023.

    The Washington refinery’s Adjusted Gross Margin was $1.05 per barrel during the fourth quarter of 2024, compared to $7.87 per barrel during the fourth quarter of 2023.

    Wyoming

    The Wyoming Index averaged $13.36 per barrel in the fourth quarter of 2024, compared to $16.58 per barrel in the fourth quarter of 2023. The Wyoming refinery’s throughput was 14 Mbpd in the fourth quarter of 2024, compared to 17 Mbpd in the fourth quarter of 2023. Production costs were $11.49 per throughput barrel in the fourth quarter of 2024, compared to $8.03 per throughput barrel in the same period of 2023.

    The Wyoming refinery’s Adjusted Gross Margin was $11.11 per barrel during the fourth quarter of 2024, including a FIFO impact of approximately $(2.2) million, or $(1.75) per barrel, compared to $13.90 per barrel during the fourth quarter of 2023.

    Wyoming Refining Operational Update

    The Wyoming refinery experienced an operational incident on the evening of February 12, 2025, and has remained safely idled through the extreme winter weather conditions. We expect to restart the refinery in mid-April at reduced throughput and return to full operations by the end of May.

    Retail

    The Retail segment reported operating income of $64.8 million for the twelve months ended December 31, 2024, compared to $56.6 million in the twelve months ended December 31, 2023. Adjusted Gross Margin for the Retail segment was $164.7 million for the twelve months ended December 31, 2024, compared to $155.3 million in the twelve months ended December 31, 2023.

    For the twelve months ended December 31, 2024, Retail Adjusted EBITDA was $76.0 million, compared to $68.3 million for the twelve months ended December 31, 2023. For the twelve months ended December 31, 2024, the Retail segment reported fuel sales volumes of 121.5 million gallons, compared to 117.6 million gallons for the twelve months ended December 31, 2023. 2024 same store fuel volumes and inside sales revenue increased by 2.2% and 4.6%, respectively, compared to 2023.

    The Retail segment reported operating income of $19.5 million in the fourth quarter of 2024, compared to $14.6 million in the fourth quarter of 2023. Adjusted Gross Margin for the Retail segment was $43.4 million in the fourth quarter of 2024, compared to $40.5 million in the same quarter of 2023.

    Retail segment Adjusted EBITDA was $22.2 million in the fourth quarter of 2024, compared to $17.2 million in the fourth quarter of 2023. The Retail segment reported sales volumes of 30.3 million gallons in the fourth quarter of 2024, compared to 29.8 million gallons in the same quarter of 2023. Fourth quarter 2024 same store fuel volumes and inside sales revenue increased by 2.1% and 6.2%, respectively, compared to fourth quarter of 2023.

    Logistics

    The Logistics segment generated operating income of $89.4 million for the twelve months ended December 31, 2024, compared to $69.7 million for the twelve months ended December 31, 2023. Adjusted Gross Margin for the Logistics segment was $135.8 million for the twelve months ended December 31, 2024, compared to $121.2 million for the twelve months ended December 31, 2023.

    Adjusted EBITDA for the Logistics segment was $120.2 million for the twelve months ended December 31, 2024, compared to $96.7 million for the twelve months ended December 31, 2023.

    The Logistics segment reported operating income of $24.8 million in the fourth quarter of 2024, compared to $15.7 million in the fourth quarter of 2023. Adjusted Gross Margin for the Logistics segment was $36.8 million in the fourth quarter of 2024, compared to $35.3 million in the same quarter of 2023.

    Logistics segment Adjusted EBITDA was $33.0 million in the fourth quarter of 2024, compared to $24.0 million in the fourth quarter of 2023.

    Liquidity

    Net cash provided by operations totaled $83.8 million for the twelve months ended December 31, 2024, including working capital outflows of $(18.1) million and deferred turnaround expenditures of $(73.5) million. Excluding these items, net cash provided by operations totaled $175.3 million for the twelve months ended December 31, 2024. Net cash provided by operations totaled $579.2 million for the twelve months ended December 31, 2023.

    Net cash used in operations totaled $(15.5) million for the three months ended December 31, 2024, including working capital inflows of $19.9 million and deferred turnaround expenditures of $(15.7) million. Excluding these items, net cash used in operations totaled $(19.6) million for the three months ended December 31, 2024. Net cash used in operations totaled $(2.3) million for the three months ended December 31, 2023.

    Net cash used in investing activities totaled $(47.7) million and $(134.0) million for the three months and twelve months ended December 31, 2024, respectively, compared to $(27.3) million and $(659.0) million for the three months and twelve months ended December 31, 2023, respectively. Net cash used in investing activities for the three months and twelve months ended December 31, 2024, includes $(47.7) million and $(135.5) million in capital expenditures, respectively.

    Net cash provided by (used in) financing activities totaled $72.1 million and $(37.0) million for the three months and twelve months ended December 31, 2024, respectively, compared to net cash used in financing activities of $(56.6) million and $(135.6) million for the three months and twelve months ended December 31, 2023, respectively.

    At December 31, 2024, Par Pacific’s cash balance totaled $191.9 million, gross term debt was $644.2 million, and total liquidity was $613.7 million. Net term debt was $452.3 million at December 31, 2024. In February 2025, the Company’s Board of Directors authorized management to repurchase up to $250 million of common stock, with no specified end date. This replaces the prior authorization to repurchase up to $250 million of common stock.

    Laramie Energy

    In conjunction with Laramie Energy LLC’s (“Laramie’s”) refinancing and subsequent cash distribution to Par Pacific during the first quarter of 2023, we resumed the application of equity method accounting for our investment in Laramie effective February 21, 2023.

    During the three and twelve months ended December 31, 2024, we recorded $(3.2) million and $(0.3) million of equity losses. Laramie’s total net loss was $(11.3) million in the fourth quarter of 2024, including unrealized losses on derivatives of $(5.2) million, compared to net income of $42.5 million in the fourth quarter of 2023. Laramie’s total net loss was $(15.5) million during the twelve months ended December 31, 2024, including unrealized losses on derivatives of $(3.6) million, compared to net income of $96.6 million during the twelve months ended December 31, 2023.

    Laramie’s total Adjusted EBITDAX was $11.0 million and $45.8 million for the three and twelve months ended December 31, 2024, respectively, compared to $19.6 million and $89.7 million for the three and twelve months ended December 31, 2023, respectively.

    Laramie’s balance sheet position is strong with $68.6 million of cash and $160.0 million of debt at December 31, 2024. Laramie’s 2024 production was 96.6 million cubic feet of gas equivalent per day (MMcfe/d) and its management team plans to run a one-rig program throughout 2025. Approximately 79% of Laramie’s 2025 production is hedged at $3.20 per million British thermal unit (MMBtu).

    Conference Call Information

    A conference call is scheduled for Wednesday, February 26, 2025 at 9:00 a.m. Central Time (10:00 a.m. Eastern Time). To access the call, please dial 1-833-974-2377 inside the U.S. or 1-412-317-5782 outside of the U.S. and ask for the Par Pacific call. Please dial in at least 10 minutes early to register. The webcast may be accessed online through the Company’s website at http://www.parpacific.com on the Investors page. A telephone replay will be available until March 12, 2025, and may be accessed by calling 1-877-344-7529 inside the U.S. or 1-412-317-0088 outside the U.S. and using the conference ID 2219355.

    About Par Pacific

    Par Pacific Holdings, Inc. (NYSE: PARR), headquartered in Houston, Texas, is a growing energy company providing both renewable and conventional fuels to the western United States. Par Pacific owns and operates 219,000 bpd of combined refining capacity across four locations in Hawaii, the Pacific Northwest and the Rockies, and an extensive energy infrastructure network, including 13 million barrels of storage, and marine, rail, rack, and pipeline assets. In addition, Par Pacific operates the Hele retail brand in Hawaii and the “nomnom” convenience store chain in the Pacific Northwest. Par Pacific also owns 46% of Laramie Energy, LLC, a natural gas production company with operations and assets concentrated in Western Colorado. More information is available at www.parpacific.com. 

    Forward-Looking Statements

    This news release (and oral statements regarding the subject matter of this news release, including those made on the conference call and webcast announced herein) includes certain “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, which are intended to qualify for the “safe harbor” from liability established by the Private Securities Litigation Reform Act of 1995. All statements other than statements of historical fact are forward-looking statements. Forward-looking statements include, without limitation, statements about: expected market conditions; anticipated free cash flows; anticipated refinery throughput; anticipated cost savings; anticipated capital expenditures, including major maintenance costs, and their effect on our financial and operating results, including earnings per share and free cash flow; anticipated retail sales volumes and on-island sales; the anticipated financial and operational results of Laramie Energy, LLC; the amount of our discounted net cash flows and the impact of our NOL carryforwards thereon; our ability to identify, acquire, and develop energy, related retailing, and infrastructure businesses; the timing and expected results of certain development projects, as well as the impact of such investments on our product mix and sales; the anticipated synergies and other benefits of the Billings refinery and associated marketing and logistics assets (“Billings Acquisition”), including renewable growth opportunities, the anticipated financial and operating results of the Billings Acquisition and the effect on Par Pacific’s cash flows and profitability (including Adjusted EBITDA and Adjusted Net Income and Free Cash Flow per share); and other risks and uncertainties detailed in our Annual Report on Form 10-K, Quarterly Reports on Form 10-Q and any other documents that we file with the Securities and Exchange Commission. Additionally, forward-looking statements are subject to certain risks, trends, and uncertainties, such as changes to our financial condition and liquidity; the volatility of crude oil and refined product prices; the Russia-Ukraine war, Israel-Palestine conflict, Houthi attacks in the Red Sea, Iranian activities in the Strait of Hormuz and their potential impacts on global crude oil markets and our business; operating disruptions at our refineries resulting from unplanned maintenance events or natural disasters; environmental risks; changes in the labor market; and risks of political or regulatory changes. We cannot provide assurances that the assumptions upon which these forward-looking statements are based will prove to have been correct. Should any of these risks materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those expressed or implied in any forward-looking statements, and investors are cautioned not to place undue reliance on these forward-looking statements, which are current only as of this date. We do not intend to update or revise any forward-looking statements made herein or any other forward-looking statements as a result of new information, future events, or otherwise. We further expressly disclaim any written or oral statements made by a third party regarding the subject matter of this news release.

    Contact:
    Ashimi Patel
    VP, Investor Relations & Sustainability
    (832) 916-3355
    apatel@parpacific.com

    Condensed Consolidated Statements of Operations
    (Unaudited)
    (in thousands, except per share data)

      Three Months Ended December 31,   Year Ended December 31,
        2024       2023       2024       2023  
    Revenues $ 1,832,221     $ 2,183,511     $ 7,974,457     $ 8,231,955  
    Operating expenses              
    Cost of revenues (excluding depreciation)   1,678,273       1,799,898       7,101,148       6,838,109  
    Operating expense (excluding depreciation)   139,893       155,441       584,282       485,587  
    Depreciation and amortization   34,911       31,943       131,590       119,830  
    General and administrative expense (excluding depreciation)   21,522       25,299       108,844       91,447  
    Equity losses (earnings) from refining and logistics investments   941       (7,485 )     (11,905 )     (11,844 )
    Acquisition and integration costs   32       269       100       17,482  
    Par West redevelopment and other costs   3,500       2,907       12,548       11,397  
    Loss (gain) on sale of assets, net   108       (59 )     222       (59 )
    Total operating expenses   1,879,180       2,008,213       7,926,829       7,551,949  
    Operating income (loss)   (46,959 )     175,298       47,628       680,006  
    Other income (expense)              
    Interest expense and financing costs, net   (21,073 )     (20,476 )     (82,793 )     (72,450 )
    Debt extinguishment and commitment costs   (270 )     (1,500 )     (1,688 )     (19,182 )
    Other loss, net   (422 )     (354 )     (1,869 )     (53 )
    Equity earnings (losses) from Laramie Energy, LLC   (3,163 )     14,279       (296 )     24,985  
    Total other expense, net   (24,928 )     (8,051 )     (86,646 )     (66,700 )
    Income (loss) before income taxes   (71,887 )     167,247       (39,018 )     613,306  
    Income tax benefit (expense)   16,192       122,077       5,696       115,336  
    Net income (loss) $ (55,695 )   $ 289,324     $ (33,322 )   $ 728,642  
    Weighted-average shares outstanding              
    Basic   55,252       59,403       56,775       60,035  
    Diluted   55,252       60,609       56,775       61,014  
                   
    Income (loss) per share              
    Basic $ (1.01 )   $ 4.87     $ (0.59 )   $ 12.14  
    Diluted $ (1.01 )   $ 4.77     $ (0.59 )   $ 11.94  
                                   

    Balance Sheet Data
    (Unaudited)
    (in thousands)

      December 31, 2024   December 31, 2023
    Balance Sheet Data      
    Cash and cash equivalents $         191,921           $         279,107        
    Working capital (1)           488,940                     190,042        
    ABL Credit Facility           483,000                     115,000        
    Term debt (2)           644,233                     550,621        
    Total debt, including current portion           1,112,967                     650,858        
    Total stockholders’ equity           1,191,302                     1,335,424        
               

    _______________________________________

    (1) Working capital is calculated as (i) total current assets excluding cash and cash equivalents less (ii) total current liabilities excluding current portion of long-term debt. Total current assets include inventories stated at the lower of cost or net realizable value.
    (2) Term debt includes the Term Loan Credit Agreement and other long-term debt.
       

    Operating Statistics

    The following table summarizes key operational data:

      Three Months Ended December 31,   Year Ended December 31,
        2024       2023       2024       2023  
    Total Refining Segment              
    Feedstocks throughput (Mbpd) (1)   187.8       186.0       186.7       170.3  
    Refined product sales volume (Mbpd) (1)   199.4       194.4       199.9       183.1  
                   
    Hawaii Refinery              
    Feedstocks throughput (Mbpd)   83.3       80.6       81.1       80.8  
                   
    Yield (% of total throughput)              
    Gasoline and gasoline blendstocks   27.0 %     25.2 %     26.2 %     26.3 %
    Distillates   41.1 %     39.3 %     38.9 %     40.4 %
    Fuel oils   29.2 %     31.8 %     31.3 %     28.9 %
    Other products (0.2)%   (0.2)%     0.2 %     1.1 %
    Total yield   97.1 %     96.1 %     96.6 %     96.7 %
                   
    Refined product sales volume (Mbpd)   93.7       89.0       89.3       89.1  
                   
    Adjusted Gross Margin per bbl ($/throughput bbl) (2) $ 7.36     $ 16.73     $ 9.34     $ 15.25  
    Production costs per bbl ($/throughput bbl) (3)   4.42       4.80       4.58       4.57  
    D&A per bbl ($/throughput bbl)   0.32       0.54       0.43       0.65  
                   
    Montana Refinery              
    Feedstocks Throughput (Mbpd) (1)   51.9       49.8       49.9       54.4  
                   
    Yield (% of total throughput)              
    Gasoline and gasoline blendstocks   43.9 %     45.1 %     48.0 %     48.1 %
    Distillates   32.7 %     38.8 %     31.9 %     32.0 %
    Asphalt   15.2 %     8.7 %     10.9 %     12.1 %
    Other products   2.7 %     2.5 %     3.9 %     3.2 %
    Total yield   94.5 %     95.1 %     94.7 %     95.4 %
                   
    Refined product sales volume (Mbpd) (1)   52.9       51.5       53.2       58.6  
                   
    Adjusted Gross Margin per bbl ($/throughput bbl) (2) $ 3.70     $ 11.55     $ 11.37     $ 21.14  
    Production costs per bbl ($/throughput bbl) (3)   10.48       12.03       12.42       10.78  
    D&A per bbl ($/throughput bbl)   2.26       1.10       1.83       1.45  
                   
      Three Months Ended December 31,   Year Ended December 31,
        2024       2023       2024       2023  
    Washington Refinery              
    Feedstocks throughput (Mbpd)   39.0       38.4       38.2       40.0  
                   
    Yield (% of total throughput)              
    Gasoline and gasoline blendstocks   23.6 %     23.8 %     23.9 %     23.5 %
    Distillate   34.6 %     34.1 %     34.5 %     34.5 %
    Asphalt   19.4 %     20.6 %     18.8 %     19.7 %
    Other products   19.3 %     18.6 %     19.3 %     18.7 %
    Total yield   96.9 %     97.1 %     96.5 %     96.4 %
                   
    Refined product sales volume (Mbpd)   37.9       37.0       39.2       41.7  
                   
    Adjusted Gross Margin per bbl ($/throughput bbl) (2) $ 1.05     $ 7.87     $ 3.25     $ 9.41  
    Production costs per bbl ($/throughput bbl) (3)   4.34       4.53       4.28       4.12  
    D&A per bbl ($/throughput bbl)   1.91       2.22       1.97       1.91  
                   
    Wyoming Refinery              
    Feedstocks throughput (Mbpd)   13.6       17.2       17.5       17.6  
                   
    Yield (% of total throughput)              
    Gasoline and gasoline blendstocks   51.5 %     50.3 %     46.9 %     47.1 %
    Distillate   43.1 %     45.0 %     47.1 %     46.7 %
    Fuel oils   1.7 %     2.3 %     2.4 %     2.5 %
    Other products   1.7 %     1.0 %     2.1 %     1.5 %
    Total yield   98.0 %     98.6 %     98.5 %     97.8 %
                   
    Refined product sales volume (Mbpd)   14.9       16.9       18.2       17.9  
                   
    Adjusted Gross Margin per bbl ($/throughput bbl) (2) $ 11.11     $ 13.90     $ 13.73     $ 25.15  
    Production costs per bbl ($/throughput bbl) (3)   11.49       8.03       8.10       7.50  
    D&A per bbl ($/throughput bbl)   3.55       2.71       2.71       2.69  
                   
                   
    Par Pacific Indices ($ per barrel)              
    Hawaii Index (4) $ 5.52     $ 12.48     $ 7.21     $ 13.06  
    Montana Index (5)   5.75       14.80       14.39       23.71  
    Washington Index (6)   (0.62 )     5.23       4.13       9.81  
    Wyoming Index (7)   13.36       16.58       16.47       24.48  
                   
    Market Cracks ($ per barrel)              
    Singapore 3.1.2 Product Crack (4) $ 11.69     $ 19.44     $ 13.36     $ 19.50  
    Montana 6.3.2.1 Product Crack (5)   15.31       23.56       21.59       30.15  
    Washington 3.1.1.1 Product Crack (6)   8.29       10.83       12.11       17.91  
    Wyoming 2.1.1 Product Crack (7)   16.00       18.70       18.48       27.52  
                   
    Crude Oil Prices ($ per barrel) (8)              
    Brent $ 74.01     $ 82.85     $ 79.86     $ 82.17  
    WTI   70.32       78.53       75.76       77.60  
    ANS (-) Brent   1.00       2.21       1.55       0.95  
    Bakken Guernsey (-) WTI   (1.22 )     (2.20 )     (1.26 )     (0.65 )
    Bakken Williston (-) WTI   (2.54 )     (2.50 )     (2.45 )     (0.09 )
    WCS Hardisty (-) WTI   (12.27 )     (22.78 )     (13.90 )     (17.92 )
    MSW (-) WTI   (3.68 )     (7.34 )     (4.03 )     (3.70 )
    Syncrude (-) WTI   (0.42 )     (4.12 )     0.18       1.32  
    Brent M1-M3   0.74       1.01       1.10       0.81  
                   
    Retail Segment              
    Retail sales volumes (thousands of gallons)   30,287       29,840       121,473       117,550  

    _______________________________________

    (1) Feedstocks throughput and sales volumes per day for the Montana refinery for the three months and year ended December 31, 2023 are calculated based on the 92 and 214-day periods for which we owned the Montana refinery during the three months and year ended December 31, 2023, respectively. As such, the amounts for the total refining segment represent the sum of the Hawaii, Washington, and Wyoming refineries’ throughput or sales volumes averaged over the three months and year ended December 31, 2023 plus the Montana refinery’s throughput or sales volumes averaged over the periods from October 1, 2023, to December 31, 2023 and June 1, 2023 to December 31, 2023, respectively. The 2024 amounts for the total refining segment represent the sum of the Hawaii, Montana, Washington, and Wyoming refineries’ throughput or sales volumes averaged over the three months and year ended December 31, 2024.
    (2) We calculate Adjusted Gross Margin per barrel by dividing Adjusted Gross Margin by total refining throughput. Adjusted Gross Margin for our Washington refinery is determined under the last-in, first-out (“LIFO”) inventory costing method. Adjusted Gross Margin for our other refineries is determined under the first-in, first-out (“FIFO”) inventory costing method.
    (3) Management uses production costs per barrel to evaluate performance and compare efficiency to other companies in the industry. There are a variety of ways to calculate production costs per barrel; different companies within the industry calculate it in different ways. We calculate production costs per barrel by dividing all direct production costs, which include the costs to run the refineries, including personnel costs, repair and maintenance costs, insurance, utilities, and other miscellaneous costs, by total refining throughput. Our production costs are included in Operating expense (excluding depreciation) on our condensed consolidated statements of operations, which also includes costs related to our bulk marketing operations and severance costs.
    (4) Beginning in 2025, we established the Hawaii Index as a new benchmark for our Hawaii operations. We believe the Hawaii Index, which incorporates market cracks and landed crude differentials, better reflects the key drivers impacting our Hawaii refinery’s financial performance compared to prior reported market indices. The Hawaii Index is calculated as the Singapore 3.1.2 Product Crack, or one part gasoline (RON 92) and two parts distillates (Sing Jet & Sing gasoil) as created from a barrel of Brent crude oil, less the Par Hawaii Refining, LLC (“PHR”) crude differential.
    (5) Beginning in 2025, we established the Montana Index as a new benchmark for our Montana refinery. We believe the Montana Index, which incorporates local market cracks, regional crude oil prices, and management’s estimates for other costs of sales, better reflects the key drivers impacting our Montana refinery’s financial performance compared to prior reported market indices. Beginning in 2025, market cracks have been updated to reflect local market product pricing, which better reflects our Montana refinery’s refined product sales price compared to prior reported market indices. The Montana Index is calculated as the Montana 6.3.2.1 Product Crack less Montana crude costs, less other costs of sales, including inflation-adjusted product delivery costs, yield loss expense, taxes and tariffs, and product discounts. The Montana 6.3.2.1 Product Crack is calculated by taking three parts gasoline (Billings E10 and Spokane E10), two parts distillate (Billings ULSD and Spokane ULSD), and one part asphalt (Rocky Mountain Rail Asphalt) as created from a barrel of WTI crude oil, less 100% of the RVO cost for gasoline and ULSD. Asphalt pricing is lagged by one month. The Montana crude cost is calculated as 60% WCS differential to WTI, 20% MSW differential to WTI, and 20% Syncrude differential to WTI. The Montana crude cost is lagged by three months and includes an inflation-adjusted crude delivery cost. Other costs of sales and crude delivery costs are based on historical averages and management’s estimates.
    (6) Beginning in 2025, we established the Washington Index as a new benchmark for our Washington refinery. We believe the Washington Index, which incorporates local market cracks, regional crude oil prices, and management’s estimates for other costs of sales, better reflects the key drivers impacting our Washington refinery’s financial performance compared to prior reported market indices. Beginning in 2025, market cracks have been updated to reflect local market product pricing, which better reflects our Washington refinery’s refined product sales price compared to prior reported market indices. The Washington Index is calculated as the Washington 3.1.1.1 Product Crack, less Washington crude costs, less other costs of sales, including inflation-adjusted product delivery costs, yield loss expense and state and local taxes. The Washington 3.1.1.1 Product Crack is calculated by taking one part gasoline (Tacoma E10), one part distillate (Tacoma ULSD) and one part secondary products (USGC VGO and Rocky Mountain Rail Asphalt) as created from a barrel of WTI crude oil, less 100% of the RVO cost for gasoline and ULSD. Asphalt pricing is lagged by one month. The Washington crude cost is calculated as 67% Bakken Williston differential to WTI and 33% WCS Hardisty differential to WTI. The Washington crude cost is lagged by one month and includes an inflation-adjusted crude delivery cost. Other costs of sales and crude delivery costs are based on historical averages and management’s estimates.
    (7) Beginning in 2025, we established the Wyoming Index as a new benchmark for our Wyoming refinery. We believe the Wyoming Index, which incorporates local market cracks, regional crude oil prices, and management’s estimates for other costs of sales, better reflects the key drivers impacting our Wyoming refinery’s financial performance compared to prior reported market indices. Beginning in 2025, market cracks have also been updated to reflect local market product pricing, which better reflects our Wyoming refinery’s refined product sales price compared to prior reported market indices. The Wyoming Index is calculated as the Wyoming 2.1.1 Product Crack, less Wyoming crude costs, less other cost of sales, including inflation adjusted product delivery costs and yield loss expense, based on historical averages and management’s estimates. The Wyoming 2.1.1 Product Crack is calculated by taking one part gasoline (Rockies gasoline) and one part distillate (USGC ULSD and USGC Jet) as created from a barrel of WTI crude oil, less 100% of the RVO cost for gasoline and ULSD. The Wyoming crude cost is calculated as the Bakken Guernsey differential to WTI on a one-month lag.
    (8) Beginning in 2025, crude oil prices have been updated and expanded to reflect regional differentials to Brent and WTI, which better reflect our refineries’ feedstock costs compared to prior crude oil pricing.
       

    Non-GAAP Performance Measures

    Management uses certain financial measures to evaluate our operating performance that are considered non-GAAP financial measures. These measures should not be considered in isolation or as substitutes or alternatives to their most directly comparable GAAP financial measures or any other measure of financial performance or liquidity presented in accordance with GAAP. These non-GAAP measures may not be comparable to similarly titled measures used by other companies since each company may define these terms differently.

    We believe Adjusted Gross Margin (as defined below) provides useful information to investors because it eliminates the gross impact of volatile commodity prices and adjusts for certain non-cash items and timing differences created by our inventory financing agreements and lower of cost and net realizable value adjustments to demonstrate the earnings potential of the business before other fixed and variable costs, which are reported separately in Operating expense (excluding depreciation) and Depreciation and amortization. Management uses Adjusted Gross Margin per barrel to evaluate operating performance and compare profitability to other companies in the industry and to industry benchmarks. We believe Adjusted Net Income (Loss) and Adjusted EBITDA (as defined below) are useful supplemental financial measures that allow investors to assess the financial performance of our assets without regard to financing methods, capital structure, or historical cost basis, the ability of our assets to generate cash to pay interest on our indebtedness, and our operating performance and return on invested capital as compared to other companies without regard to financing methods and capital structure. We believe Adjusted EBITDA by segment (as defined below) is a useful supplemental financial measure to evaluate the economic performance of our segments without regard to financing methods, capital structure, or historical cost basis.

    Beginning with financial results reported for the second quarter of 2023, Adjusted Gross Margin, Adjusted Net Income (Loss), and Adjusted EBITDA also exclude our portion of interest, taxes, and depreciation expense from our refining and logistics investments acquired on June 1, 2023, as part of the Billings Acquisition.

    Beginning with financial results reported for the fourth quarter of 2023, Adjusted Gross Margin, Adjusted Net Income (Loss), and Adjusted EBITDA excludes all hedge losses (gains) associated with our Washington ending inventory and LIFO layer increment impacts associated with our Washington inventory. In addition, we have modified our environmental obligation mark-to-market adjustment to include only the mark-to-market losses (gains) associated with our net RINs liability and net obligation associated with the Washington Climate Commitment Act (“Washington CCA”) and Clean Fuel Standard. This modification was made as part of our change in how we estimate our environmental obligation liabilities.

    Beginning with financial results reported for the fourth quarter of 2023, Adjusted Net Income (loss) excludes unrealized interest rate derivative losses (gains) and all Laramie Energy related impacts with the exception of cash distributions. We have recast Adjusted Net Income (Loss) for prior periods when reported to conform to the modified presentation.

    Beginning with financial results reported for the first quarter of 2024, Adjusted Net Income (loss) also excludes other non-operating income and expenses. This modification improves comparability between periods by excluding income and expenses resulting from non-operating activities.

    Effective as of the fourth quarter of 2024, we have modified our definition of Adjusted Gross Margin, Adjusted Net Income (Loss) and Adjusted EBITDA to align the accounting treatment for deferred turnaround costs from our refining and logistics investments with our accounting policy. Under this approach, we exclude our share of their turnaround expenses, which are recorded as period costs in their financial statements, and instead defer and amortize these costs on a straight-line basis over the period estimated until the next planned turnaround. This modification enhances consistency and comparability across reporting periods.

    Adjusted Gross Margin

    Adjusted Gross Margin is defined as Operating income (loss) excluding:

    •   operating expense (excluding depreciation);
    •   depreciation and amortization (“D&A”);
    •   Par’s portion of interest, taxes, and D&A expense from refining and logistics investments;
    •   impairment expense;
    •   loss (gain) on sale of assets, net;
    •   Par’s portion of accounting policy differences from refining and logistics investments;
    •   inventory valuation adjustment (which adjusts for timing differences to reflect the economics of our inventory financing agreements, including lower of cost or net realizable value adjustments, the impact of the embedded derivative repurchase or terminal obligations, hedge losses (gains) associated with our Washington ending inventory and intermediation obligation, purchase price allocation adjustments, and LIFO layer increment and decrement impacts associated with our Washington inventory);
    •   Environmental obligation mark-to-market adjustments (which represents the mark-to-market losses (gains) associated with our net RINs liability and net obligation associated with the Washington CCA and Clean Fuel Standard); and
    •   unrealized loss (gain) on derivatives.
         

    The following tables present a reconciliation of Adjusted Gross Margin to the most directly comparable GAAP financial measure, operating income (loss), on a historical basis, for selected segments, for the periods indicated (in thousands):

    Three months ended December 31, 2024 Refining   Logistics   Retail
    Operating income (loss) $ (65,399 )   $ 24,772   $ 19,477
    Operating expense (excluding depreciation)   114,706       3,829     21,358
    Depreciation and amortization   24,524       7,140     2,566
    Par’s portion of interest, taxes, and depreciation and amortization expense from refining and logistics investments   456       1,101     —
    Inventory valuation adjustment   5,929       —     —
    Environmental obligation mark-to-market adjustments   (937 )     —     —
    Unrealized loss on commodity derivatives   9,220       —     —
    Par’s portion of accounting policy differences from refining and logistics investments   3,856       —     —
    Loss on sale of assets, net   8       —     —
    Adjusted Gross Margin (1) $ 92,363     $ 36,842   $ 43,401
                       
    Three months ended December 31, 2023 Refining   Logistics   Retail
    Operating income $ 174,038     $ 15,709   $ 14,594  
    Operating expense (excluding depreciation)   120,810       11,272     23,359  
    Depreciation and amortization   21,190       7,321     2,885  
    Par’s portion of interest, taxes, and depreciation and amortization expense from refining and logistics investments   765       952     —  
    Inventory valuation adjustment   (24,089 )     —     —  
    Environmental obligation mark-to-market adjustments   (15,672 )     —     —  
    Unrealized gain on commodity derivatives   (50,024 )     —     —  
    Loss (gain) on sale of assets, net   219       —     (308 )
    Adjusted Gross Margin (1) (2) $ 227,237     $ 35,254   $ 40,530  
                         
    Year Ended December 31, 2024 Refining   Logistics   Retail
    Operating income $ 17,412     $ 89,351   $ 64,800  
    Operating expense (excluding depreciation)   479,737       15,676     88,869  
    Depreciation and amortization   91,108       27,033     11,037  
    Par’s portion of interest, taxes, and depreciation and amortization expense from refining and logistics investments   2,493       3,651     —  
    Inventory valuation adjustment   (490 )     —     —  
    Environmental obligation mark-to-market adjustments   (19,136 )     —     —  
    Unrealized loss on commodity derivatives   43,281       —     —  
    Par’s portion of accounting policy differences from refining and logistics investments   3,856       —     —  
    Loss (gain) on sale of assets, net   8       124     (10 )
    Adjusted Gross Margin (1) $ 618,269     $ 135,835   $ 164,696  
                         
    Year Ended December 31, 2023 Refining   Logistics   Retail
    Operating income $ 676,161     $ 69,744   $ 56,603  
    Operating expense (excluding depreciation)   373,612       24,450     87,525  
    Depreciation and amortization   81,017       25,122     11,462  
    Par’s portion of interest, taxes, and depreciation and amortization expense from refining and logistics investments   1,586       1,857     —  
    Inventory valuation adjustment   102,710       —     —  
    Environmental obligation mark-to-market adjustments   (189,783 )     —     —  
    Unrealized gain on commodity derivatives   (50,511 )     —     —  
    Loss (gain) on sale of assets, net   219       —     (308 )
    Adjusted Gross Margin (1) (2) $ 995,011     $ 121,173   $ 155,282  

    _______________________________________

    (1) For the three months and years ended December 31, 2024 and 2023, there was no impairment expense in Operating income.
    (2) For the three months and year ended December 31, 2023, there was no impact in Operating income from accounting policy differences at our refining and logistics investments.
       

    Adjusted Net Income (Loss) and Adjusted EBITDA

    Adjusted Net Income (Loss) is defined as Net income (loss) excluding:

    •   inventory valuation adjustment (which adjusts for timing differences to reflect the economics of our inventory financing agreements, including lower of cost or net realizable value adjustments, the impact of the embedded derivative repurchase or terminal obligations, hedge losses (gains) associated with our Washington ending inventory and intermediation obligation, purchase price allocation adjustments, and LIFO layer increment and decrement impacts associated with our Washington inventory);
    •   Environmental obligation mark-to-market adjustments (which represents the mark-to-market losses (gains) associated with our net RINs liability and net obligation associated with the Washington CCA and Clean Fuel Standard);
    •   unrealized (gain) loss on derivatives;
    •   acquisition and integration costs;
    •   redevelopment and other costs related to Par West;
    •   debt extinguishment and commitment costs;
    •   increase in (release of) tax valuation allowance and other deferred tax items;
    •   changes in the value of contingent consideration and common stock warrants;
    •   severance costs and other non-operating expense (income);
    •   (gain) loss on sale of assets;
    •   impairment expense;
    •   impairment expense associated with our investment in Laramie Energy;
    •   Par’s share of equity (earnings) losses from Laramie Energy, LLC, excluding cash distributions; and
    •   Par’s portion of accounting policy differences from refining and logistics investments.

    Adjusted EBITDA is defined as Adjusted Net Income (Loss) excluding:

    •   D&A;
    •   interest expense and financing costs, net, excluding unrealized interest rate derivative loss (gain);
    •   cash distributions from Laramie Energy, LLC to Par;
    •   Par’s portion of interest, taxes, and D&A expense from refining and logistics investments; and
    •   income tax expense (benefit) excluding the increase in (release of) tax valuation allowance.
         

    The following table presents a reconciliation of Adjusted Net Income (Loss) and Adjusted EBITDA to the most directly comparable GAAP financial measure, net income (loss), on a historical basis for the periods indicated (in thousands):        

      Three Months Ended December 31,   Year Ended December 31,
        2024       2023       2024       2023  
    Net income (loss) $ (55,695 )   $ 289,324     $ (33,322 )   $ 728,642  
    Inventory valuation adjustment   5,929       (24,089 )     (490 )     102,710  
    Environmental obligation mark-to-market adjustments   (937 )     (15,672 )     (19,136 )     (189,783 )
    Unrealized loss (gain) on derivatives   8,729       (48,539 )     42,485       (49,690 )
    Acquisition and integration costs   32       269       100       17,482  
    Par West redevelopment and other costs   3,500       2,907       12,548       11,397  
    Debt extinguishment and commitment costs   270       1,500       1,688       19,182  
    Changes in valuation allowance and other deferred tax items (1)   (12,553 )     (126,219 )     (3,315 )     (126,219 )
    Severance costs and other non-operating expense (2)   154       100       14,802       1,785  
    Loss (gain) on sale of assets, net   108       (59 )     222       (59 )
    Equity (earnings) losses from Laramie Energy, LLC, excluding cash distributions   3,163       (14,279 )     1,781       (14,279 )
    Par’s portion of accounting policy differences from refining and logistics investments   3,856       —       3,856       —  
    Adjusted Net Income (Loss) (3) (4)   (43,444 )     65,243       21,219       501,168  
    Depreciation and amortization   34,911       31,943       131,590       119,830  
    Interest expense and financing costs, net, excluding unrealized interest rate derivative loss (gain)   21,564       18,991       83,589       71,629  
    Laramie Energy, LLC cash distributions to Par   —       —       (1,485 )     (10,706 )
    Par’s portion of interest, taxes, and depreciation and amortization expense from refining and logistics investments   1,557       1,717       6,144       3,443  
    Income tax expense (benefit)   (3,639 )     4,142       (2,381 )     10,883  
    Adjusted EBITDA (3) $ 10,949     $ 122,036     $ 238,676     $ 696,247  

    _______________________________________

    (1) For the three months and year ended December 31, 2024, we recognized a non-cash deferred tax benefit of $12.6 million and $3.3 million, respectively. This tax benefit is included in Income tax expense (benefit) on our consolidated statements of operations. For the three months and year ended December 31, 2023, we recognized a non-cash deferred tax benefit of $126.2 million primarily related to the release of a majority of the valuation allowance against our federal net deferred tax assets.
    (2) For the year ended December 31, 2024, we incurred $13.1 million of stock-based compensation expenses associated with accelerated vesting of equity awards and modification of vested equity awards related to our CEO transition and $0.8 million for a legal settlement unrelated to current operating activities.
    (3) For the three months and years ended December 31, 2024 and 2023, there was no change in value of contingent consideration, change in value of common stock warrants, impairment expense, impairments associated with our investment in Laramie Energy, or our share of Laramie Energy’s asset impairment losses in excess of our basis difference. Please read the Non-GAAP Performance Measures discussion above for information regarding changes to the components of Adjusted Net Income (Loss) and Adjusted EBITDA made during the reporting periods.
    (4) For the three months and year ended December 31, 2023, there was no impact in Operating income from accounting policy differences at our refining and logistics investments.
       

     

    The following table sets forth the computation of basic and diluted Adjusted Net Income (Loss) per share (in thousands, except per share amounts):

      Three Months Ended December 31,   Year Ended December 31,
        2024       2023     2024     2023
    Adjusted Net Income (Loss) $ (43,444 )   $ 65,243   $ 21,219   $ 501,168
    Plus: effect of convertible securities   —       —     —     —
    Numerator for diluted income (loss) per common share $ (43,444 )   $ 65,243   $ 21,219   $ 501,168
                   
    Basic weighted-average common stock shares outstanding   55,252       59,403     56,775     60,035
    Add dilutive effects of common stock equivalents (1)   —       1,206     657     979
    Diluted weighted-average common stock shares outstanding   55,252       60,609     57,432     61,014
                   
    Basic Adjusted Net Income (Loss) per common share $ (0.79 )   $ 1.10   $ 0.37   $ 8.35
    Diluted Adjusted Net Income (Loss) per common share $ (0.79 )   $ 1.08   $ 0.37   $ 8.21

    _______________________________________

    (1) Entities with a net loss from continuing operations are prohibited from including potential common shares in the computation of diluted per share amounts. We have utilized the basic shares outstanding to calculate both basic and diluted Adjusted Net Loss per common share for the three months ended December 31, 2024.
       

    Adjusted EBITDA by Segment

    Adjusted EBITDA by segment is defined as Operating income (loss) excluding:

    •   D&A;
    •   inventory valuation adjustment (which adjusts for timing differences to reflect the economics of our inventory financing agreements, including lower of cost or net realizable value adjustments, the impact of the embedded derivative repurchase or terminal obligations, hedge losses (gains) associated with our Washington ending inventory and intermediation obligation, purchase price allocation adjustments, and LIFO layer increment and decrement impacts associated with our Washington inventory);
    •   Environmental obligation mark-to-market adjustments (which represents the mark-to-market losses (gains) associated with our net RINs liability and net obligation associated with the Washington CCA and Clean Fuel Standard);
    •   unrealized (gain) loss on derivatives;
    •   acquisition and integration costs;
    •   redevelopment and other costs related to Par West;
    •   severance costs and other non-operating expense (income);
    •   (gain) loss on sale of assets;
    •   impairment expense;
    •   Par’s portion of interest, taxes, and D&A expense from refining and logistics investments; and
    •   Par’s portion of accounting policy differences from refining and logistics investments.
         

    Adjusted EBITDA by segment also includes Gain on curtailment of pension obligation and Other income (loss), net, which are presented below operating income (loss) on our condensed consolidated statements of operations.

    The following table presents a reconciliation of Adjusted EBITDA by segment to the most directly comparable GAAP financial measure, operating income (loss) by segment, on a historical basis, for selected segments, for the periods indicated (in thousands):

      Three Months Ended December 31, 2024
      Refining   Logistics   Retail   Corporate and Other
    Operating income (loss) by segment $ (65,399 )   $ 24,772   $ 19,477   $ (25,809 )
    Depreciation and amortization   24,524       7,140     2,566     681  
    Inventory valuation adjustment   5,929       —     —     —  
    Environmental obligation mark-to-market adjustments   (937 )     —     —     —  
    Unrealized loss on commodity derivatives   9,220       —     —     —  
    Acquisition and integration costs   —       —     —     32  
    Par West redevelopment and other costs   —       —     —     3,500  
    Severance costs and other non-operating expense   —       —     154     —  
    Par’s portion of accounting policy differences from refining and logistics investments   3,856       —     —     —  
    Loss on sale of assets, net   8       —     —     100  
    Par’s portion of interest, taxes, depreciation and amortization expense from refining and logistics investments   456       1,101     —     —  
    Other loss, net   —       —     —     (422 )
    Adjusted EBITDA (1) $ (22,343 )   $ 33,013   $ 22,197   $ (21,918 )
                               
      Three Months Ended December 31, 2023
      Refining   Logistics   Retail   Corporate and Other
    Operating income (loss) by segment $ 174,038     $ 15,709   $ 14,594     $ (29,043 )
    Depreciation and amortization   21,190       7,321     2,885       547  
    Inventory valuation adjustment   (24,089 )     —     —       —  
    Environmental obligation mark-to-market adjustments   (15,672 )     —     —       —  
    Unrealized gain on commodity derivatives   (50,024 )     —     —       —  
    Acquisition and integration costs   —       —     —       269  
    Par West redevelopment and other costs   —       —     —       2,907  
    Severance costs and other non-operating expenses   100       —     —       —  
    Loss (gain) on sale of assets, net   219       —     (308 )     30  
    Par’s portion of interest, taxes, depreciation and amortization expense from refining and logistics investments   765       952     —       —  
    Other loss, net   —       —     —       (354 )
    Adjusted EBITDA (1) (2) $ 106,527     $ 23,982   $ 17,171     $ (25,644 )
                                 
      Year Ended December 31, 2024
      Refining   Logistics   Retail   Corporate and Other
    Operating income (loss) by segment $ 17,412     $ 89,351   $ 64,800     $ (123,935 )
    Depreciation and amortization   91,108       27,033     11,037       2,412  
    Inventory valuation adjustment   (490 )     —     —       —  
    Environmental obligation mark-to-market adjustments   (19,136 )     —     —       —  
    Unrealized loss on commodity derivatives   43,281       —     —       —  
    Acquisition and integration costs   —       —     —       100  
    Severance costs and other non-operating expenses   642       —     154       14,006  
    Par West redevelopment and other costs   —       —     —       12,548  
    Par’s portion of accounting policy differences from refining and logistics investments   3,856       —     —       —  
    Loss (gain) on sale of assets, net   8       124     (10 )     100  
    Par’s portion of interest, taxes, depreciation and amortization expense from refining and logistics investments   2,493       3,651     —       —  
    Other loss, net   —       —     —       (1,869 )
    Adjusted EBITDA (1) $ 139,174     $ 120,159   $ 75,981     $ (96,638 )
                                 
      Year Ended December 31, 2023
      Refining   Logistics   Retail   Corporate and Other
    Operating income (loss) by segment $         676,161             $         69,744           $         56,603             $         (122,502 )
    Depreciation and amortization           81,017                       25,122                     11,462                       2,229          
    Inventory valuation adjustment           102,710                       —                     —                       —          
    Environmental obligation mark-to-market adjustments           (189,783 )             —                     —                       —          
    Unrealized gain on commodity derivatives           (50,511 )             —                     —                       —          
    Acquisition and integration costs           —                       —                     —                       17,482          
    Severance costs and other non-operating expenses           100                       —                     580                       1,105          
    Par West redevelopment and other costs           —                       —                     —                       11,397          
    Loss (gain) on sale of assets, net           219                       —                     (308 )             30          
    Par’s portion of interest, taxes, depreciation and amortization expense from refining and logistics investments           1,586                       1,857                     —                       —          
    Other loss, net           —                       —                     —                       (53 )
    Adjusted EBITDA (1) (2) $         621,499             $         96,723           $         68,337             $         (90,312 )

    _______________________________________

    (1) For the three months and years ended December 31, 2024 and 2023, there was no change in value of contingent consideration, change in value of common stock warrants, impairment expense, impairments associated with our investment in Laramie Energy, or our share of Laramie Energy’s asset impairment losses in excess of our basis difference.
    (2) For the three months and year ended December 31, 2023, there was no impact in Operating income (loss) from accounting policy differences at our refining and logistics investments.
       

    Laramie Energy Adjusted EBITDAX

    Adjusted EBITDAX is defined as net income (loss) excluding commodity derivative loss (gain), loss (gain) on settled derivative instruments, interest expense, gain on extinguishment of debt, non-cash preferred dividend, depreciation, depletion, amortization, and accretion, exploration and geological and geographical expense, bonus accrual, equity-based compensation expense, loss (gain) on disposal of assets, phantom units, and expired acreage (non-cash). We believe Adjusted EBITDAX is a useful supplemental financial measure to evaluate the economic and operational performance of exploration and production companies such as Laramie Energy.

    The following table presents a reconciliation of Laramie Energy’s Adjusted EBITDAX to the most directly comparable GAAP financial measure, net income (loss) for the periods indicated (in thousands):

      Three Months Ended December 31,   Year Ended December 31,
        2024       2023       2024       2023  
    Net income (loss) $ (11,250 )   $ 42,538     $ (15,546 )   $ 96,586  
    Commodity derivative (income) loss   4,766       (40,338 )     (11,055 )     (73,289 )
    Loss on settled derivative instruments   389       1,594       14,609       161  
    Interest expense and loan fees   4,845       5,366       20,628       20,108  
    Gain on extinguishment of debt   —       —       —       6,644  
    Non-cash preferred dividend   —       —       —       2,910  
    Depreciation, depletion, amortization, and accretion   8,158       7,714       32,841       30,179  
    Phantom units   3,328       2,325       2,825       5,496  
    Loss (gain) on sale of assets, net   —       —       (8 )     307  
    Expired acreage (non-cash)   770       441       1,492       553  
    Total Adjusted EBITDAX (1) $ 11,006     $ 19,640     $ 45,786     $ 89,655  

    _______________________________________

    (1) For the three months and years ended December 31, 2024 and 2023, there was no exploration and geological and geographical expense, bonus accrual, or equity-based compensation expense.

    The MIL Network –

  • MIL-OSI Global: Why Trump’s Gaza reconstruction proposal is unlikely to work

    Source: The Conversation – Canada – By Ali Asgary, Professor, Disaster & Emergency Management, Faculty of Liberal Arts & Professional Studies & Director, CIFAL York, York University, Canada

    There have been many conversations around U.S. President Donald Trump’s Gaza proposal to permanently displace Palestinians from Gaza to neighbouring countries and turn the strip into a luxury resort development. Criticisms of Trump’s comments often focus on the proposal’s illegality, immorality and impracticality.

    However, little has been discussed from the perspective of post-disaster and post-war reconstruction. Post-conflict reconstruction, as part of post-disaster reconstruction studies, has a very long history, scholarly literature, lessons learned and is one of the well-studied phases of disaster and emergency management.

    Where to rebuild

    When it comes to where to rebuild or reconstruct after disasters, including human-made disasters such as war and conflict, there are three main options:

    1) reconstruction in the original location;

    2) reconstruction in a new location; and

    3) reconstruction and integration in existing settlements.

    Each of these approaches has its advantages, disadvantages and challenges. One of the key principles of post-disaster recovery and reconstruction is minimizing post-disaster relocation.

    While a significant majority of post-disaster reconstruction happens in the original locations, there has been reconstruction and resettlement to new locations and beside or inside existing settlements.

    For example, after the 1974 conflict in Cyprus, the city of Famagusta was abandoned and residents were relocated to new areas. Relocation after the 1995 volcano eruption that buried Plymouth in Montserrat is another example. After the 1990 Manjil earthquake in Iran, many villages were relocated and rebuilt in new locations.

    Rebuilding in the original location

    Studies show that reconstruction in the original location is generally the most preferred and effective option. People impacted and displaced by war and disasters usually prefer to live in their original community.

    In some cases, reconstruction in the original location may still require some forms of temporary resettlement. This temporary relocation is a preferred option when the affected areas do not have enough space or ability to support the population during the reconstruction period, particularly during debris removal and infrastructure restoration.

    Past reconstruction efforts in developed and developing countries, show that recovery and reconstruction are more effective, democratic and faster when the impacted population is in charge of the reconstruction process, and remain close to their damaged homes.

    The closer a temporary settlement is to the reconstruction site, the better. Proximity allows the impacted population to participate effectively, monitor and benefit from the reconstruction process without distance and accessibility barriers.

    Rebuilding in new locations

    Reconstruction in a new location is usually considered as one of the last options when rebuilding in the original place is not possible due to various hazards like landslides, earthquakes, tsunamis, hurricanes, flooding or volcanos.

    This usually occurs when mitigation measures are neither possible nor feasible. This option requires relocating the impacted population and rebuilding everything from scratch. Its success very much depends on the availability of land, resources and the willingness of the impacted population to relocate.

    Even when relocation is the only viable option, impacted people must be fully involved and given discretion regarding their place of relocation. Involuntary resettlement programs are impracticable. Even when the population is displaced, studies show that people return to their original homes if they can.

    Rebuilding near existing settlements is an extension of this option except that instead of rebuilding in a new location, reconstruction happens beside existing settlements to minimize infrastructure costs.

    This option can still be challenging. Implementation can be very complex even when new settlements are in the same country or area. Reintegrating people into a new place, even when they are willing to be relocated, requires many livelihood support initiatives, land availability, legal frameworks for land distribution and dispute resolution.

    Rebuilding options for Gaza

    Trump’s proposal is close to that last option, with three major differences. The first difference is that there is no consultation with Palestinians in Gaza.

    The second difference is that the impacted population will be forcefully and involuntarily relocated to settlements in other countries (Egypt and Jordan).

    The third difference is that the United States would “own” Gaza, and rebuild it for other purposes and uses, not for the benefit of Palestinians.

    As mentioned above, one key justification for rebuilding in a new location is that the original place is not permanently safe. Trump’s proposal assumes that Gaza is not safe for Palestinians but somehow safe for others.

    Post-disaster and conflict reconstruction is not just a physical reconstruction project. Rather, it is a complex, multidimensional process, with potentially very high negative impact if not properly planned and implemented.

    Top-down approaches in post-disaster recovery and reconstruction often fail because these approaches ignore the complexity of the built environment, the local conditions, and the needs of the affected population.

    Displacing entire populations, their economic activities and their social networks and relations can have significant impacts — direct and indirect — on the population and on governments. Community relocation fails because it disrupts social networks, and increases negative sentiments and dissatisfaction with living conditions in new location.

    Post-war reconstruction programmes must be multi-dimensional and based on a clear understanding of local conditions and careful consultation with the affected people. The alternative to large-scale resettlement is to reduce the risks people face in their current location.

    In the past, international solidarity has played an important role in reconstruction. Such solidarity increasingly exists for the Palestinians of Gaza, and with that, rebuilding in the same location can still be a viable and preferred option.

    Ali Asgary does not work for, consult, own shares in or receive funding from any company or organisation that would benefit from this article, and has disclosed no relevant affiliations beyond their academic appointment.

    – ref. Why Trump’s Gaza reconstruction proposal is unlikely to work – https://theconversation.com/why-trumps-gaza-reconstruction-proposal-is-unlikely-to-work-249680

    MIL OSI – Global Reports –

  • MIL-Evening Report: Outstanding craftsmanship and international voices: the 5 films up for best documentary at the 2025 Oscars

    Source: The Conversation (Au and NZ) – By Phoebe Hart, Associate Professor, Film Screen & Animation, Queensland University of Technology

    Oscar-nominated best documentary film Sugarcane. Disney+

    The Academy Awards represent the screen industry’s biggest annual global recognition for the very best of moviemaking. And in these troubled times, many recognise the power of documentaries to transform the world for the better.

    Like last year, the 2025 nominations for Best Documentary are international in their scope, continuing an Academy trend of placing more emphasis on voices outside of the United States.

    This year’s nominations feature a few milestones: it’s the first time a Japanese filmmaker has been put forward, and the first time an Indigenous North American filmmaker has been nominated in Oscars history.

    All exhibit outstanding craftsmanship while exploring intense themes. The following roundup will hopefully encourage you to check them out at the cinema or online, and see why the experts also think they deserve the top gong.

    Soundtrack to a Coup d’Etat

    Johan Grimonprez’s experimental essay examines the Cold War politics of the 1950s and 60s. At this time, many African nations were gaining independence from their colonial masters.

    In Soundtrack to a Coup d’Etat, the uranium and mineral rich Democratic Republic of the Congo becomes a poignant case study.

    As the first prime minister Patrice Lumumba breaks the country away from Belgian rule, a murderous plot by global superpowers to destroy the country’s newfound sovereignty unfolds.

    And underneath it all: the frenetic beat of jazz as a revolutionary reaction against racism on both sides of the Atlantic.

    A wealth of archival material featuring former world leaders, the Congolese situation, and the musical stylings of Nina Simone, Duke Ellington, Louis Armstrong and others make this documentary effortlessly cool. The edit and sound design has a wonderful syncopated rhythm, revealing fascinating facets of modern history and the scramble for power.

    Sugarcane

    St. Joseph’s Mission was a residential school for Indigenous children in Canada, which closed in 1981.

    When ground penetrating radar begins looking for unmarked graves at the school, Julian Brave NoiseCat – whose father was born on the site – and co-director Emily Kassie embark on a quest of accountability for a myriad of institutional abuses.

    Editors Nathan Punwar and Maya Daisy Hawke interweave archival reels alongside Emily Kassie and Christopher LaMarca’s stark verité cinematography. The film captures members of the Williams Lake First Nation community reckoning with generations of trauma at the hands of Catholic clergy.

    Together, they present some disturbing facts in the film, which won a directing award at the Sundance Film Festival.

    National Geographic has routinely received a documentary Oscar nomination. This film is a challenging topic for Australian and New Zealand audiences. We also have a troubling history with the placement of Aboriginal children in homes, where many faced hardships and mistreatment.

    Sugarcane gives a platform for truth-telling and healing.

    Porcelain War

    Ceramists Slava Leontyev and Anya Stasenko are inspired by the nature of Ukraine and each other. Their friend, and fellow creator, Andrey Stefanov documents their lives on tape after his wife and children flee at the start of the Russian invasion.

    All become involved in active defiance.

    The film combines nonprofessional video, body cams and drone footage alongside wildlife photography and charming animations of Anya’s delicate paintings on clay.

    There are gripping scenes of armed conflict from the viewpoint of Slava’s squad of reservists. These are everyday folks who have become involved in fighting on the ground.

    Porcelain War benefits from a soundtrack composed and performed by folk music quartet DakhaBrakha. This adds an eerie texture to this portrait of hope.

    The film thoughtfully balances light and shade with grace, demonstrating that art remains a potent way to oppose erasure.

    Black Box Diaries

    When her high-profile #MeToo sexual assault case is dropped on the grounds of insufficient evidence, Japanese journalist, director and producer Shiori Itō commences chronicling her journey to justice.

    Deploying abstract imagery over recorded conversations with investigators and witnesses, Itō builds her argument over several years. The passage of time is interspersed with her unfiltered video diary entries.

    There has been controversy about the director including hotel footage of her drugged and being dragged out of a taxi by her attacker, senior reporter Noriyuki Yamaguchi, without permission. Itō had been given the footage for the legal case, but had agreed it would not be used outside of the courtroom.

    The debate has prevented the film from showing on Japanese screens. However, Itō has argued the public good of using this material outweighs commercial interests – especially considering the pressure of Yamaguchi’s influential connections to quell the case, which include then-Prime Minister Shinzo Abe.

    Itō doesn’t shy away from exposing the raw emotional depths of her remarkably brave undertaking against fierce odds, and she serves as an inspiring change-maker we should all heed.

    No Other Land

    No Other Land takes stock of the West Bank situation from the perspective of Basel Adra, who documents evictions of Palestinians in his home village of Masafer Yatta.

    Basel works with journalist Yuval Abraham to bear witness to the army’s gradual destruction of his village to make way for a military training ground.

    No Other Land features some great observational camerawork with many poetic images of resilience. Things kick up a notch when a villager, Harun, is shot by Israeli soldiers while trying to confiscate his building tools. Basel is targeted for filming the ensuing protests – but Adra and Abraham continue undeterred.

    A friendship develops amid the chaos between the Palestinian activist and Israeli reporter, who co-direct and edit with Hamdan Ballal and Rachel Szor. It’s the touching humanity of their relationship that goes to the core of the film; compassion is key to deescalating tensions in the region.

    In Australia and Aotearoa New Zealand, Soundtrack to a Coup d’Etat, Porcelain War, Black Box Diaries and No Other Land are streaming on DocPlay; Sugarcane is streaming on Disney+.

    Phoebe Hart does not work for, consult, own shares in or receive funding from any company or organisation that would benefit from this article, and has disclosed no relevant affiliations beyond their academic appointment.

    – ref. Outstanding craftsmanship and international voices: the 5 films up for best documentary at the 2025 Oscars – https://theconversation.com/outstanding-craftsmanship-and-international-voices-the-5-films-up-for-best-documentary-at-the-2025-oscars-249151

    MIL OSI Analysis – EveningReport.nz –

  • MIL-OSI NGOs: UK/Egypt: Mother’s hunger strike for imprisoned activist son Alaa Abd El-Fattah ‘could be a matter of life and death’

    Source: Amnesty International –

    Laila Soueif, 68, has been hospitalised with dangerously low blood sugar and blood pressure

    She has been on hunger strike for over 4 months in a desperate appeal for her son

    Her son, British national Abd El-Fattah, has still not been released after serving an unjust 5-year prison sentence

    ‘The UK Government must make Alaa’s case a top priority – delaying action any further could be a matter of life and death’ – Sacha Deshmukh

    Laila Soueif, the mother of jailed Egyptian-British activist Alaa Abd el-Fattah, has been hospitalised just hours before the 150th day of her hunger strike in protest of her son’s imprisonment in Egypt.

    Soueif, 68, has lost nearly 30kg since starting her strike in September. She was admitted to St. Thomas’ hospital yesterday evening after her blood sugar and blood pressure dropped to dangerously low levels, her daughter said in posts on Instagram and X.

    The mathematics professor has survived on herbal tea, black coffee and rehydration salts, since September 29th, after Egyptian authorities failed to free Abd el-Fattah on his scheduled release date.

    Laila met with Prime Minister Keir Starmer on Friday 14th February where he gave his ‘personal commitment’ to securing Alaa’s release.

    Mona Seif, Alaa Abd El Fattah’s sister, said:

    “We are running out of time.”

    Sacha Deshmukh, Amnesty International UK’s Chief Executive, said:

    “Laila’s sudden deterioration in health is incredibly worrying. It should never have come to this.

    “Earlier this month the Prime Minister said he would do everything he can to secure the release of Alaa – now is the time to turn promises into results.

    “The Government must make Alaa’s case a top priority – delaying action any further could be a matter of life and death.

    “The long pattern of successive UK governments doing too little on behalf of UK nationals arbitrarily held overseas must be broken before it is too late.”

    Pressure on Egyptian government

    Laila’s hospitalisation comes after a coalition of 25 organisations yesterday, including Amnesty International called on UK Foreign Secretary David Lammy to use the UN Human Rights Council (HRC) that he is currently attending as an opportunity to lead calls for the release of Alaa Abd el-Fattah.

    The letter – which was organised by FairSquare and signed by 25 leading human rights organisations including Amnesty International, the Committee to Protect Journalists, Reporters Without Borders, the Egyptian Front for Human Rights and PEN International – urges the UK Foreign Secretary to make a “strong stand” by leading on a joint statement at the HRC, calling for the urgent release of Abd el-Fattah.

    In the letter, the organisations note how the HRC offers an opportunity for states to “make a strong statement condemning Egypt’s ongoing repression”, adding that the Egyptian authorities continue to “crush dissent and stifle civil society, arbitrarily arresting thousands in recent years, including journalists, opposition politicians…and peaceful protesters”. 

    In urging the Foreign Secretary to make a stand for Abd el-Fattah’s release, the organisations say:

    “We remain deeply concerned that Alaa Abd el-Fattah still has not been released after completing his unjust five year prison term in September 2024, particularly given the terrible and urgent risk to the life and health of his 68-year-old mother Laila Soueif, who has been on hunger strike since then.

    “We believe that a UK-led joint statement at the Council would send a powerful message about the importance of Alaa’s emblematic case, and the necessity for Egypt to resolve this immediately, by releasing him so that he can be reunited with his son.”

    The 58th session of the UN Human Rights Council will take place in Geneva from Monday 24 February to Tuesday 4 March.

    MIL OSI NGO –

  • MIL-OSI NGOs: UK/USA: Starmer must make it ‘abundantly clear’ to Trump that respecting international law is the only way to secure peace and justice

    Source: Amnesty International –

    PM must oppose any plan to forcefully displace Palestinians

    Negotiations about Ukraine must prioritise justice for all crimes under international law committed since Russia’s military intervention

    ‘Both the war crimes in Ukraine and ongoing genocide in Gaza must end without sacrificing people’s rights or compromising the protection guaranteed under international law’ – Sacha Deshmukh

    Ahead of Prime Minister Starmer’s meeting with President Trump on Thursday 27 February, Sacha Deshmukh, Amnesty International UK’s Chief Executive, said: 

    “This meeting is a vital opportunity for the Prime Minister to unequivocally stand on the side of international law and human rights and oppose the ruinous logic of ‘might is right’.

    “The Prime Minister has rightly made clear the UK’s support for the European Convention on Human Rights and the International Criminal Court in recent months, and he must make clear to President Trump that these commitments form part of a wider, unequivocal UK commitment to international law.

    “Mr Trump’s advocacy for the forcible displacement of Palestinians from Gaza is outrageous and Mr Starmer must make it abundantly clear that such an act is illegal, and that the UK will take action, regardless of US objections, to prevent Israel’s genocidal acts against Palestinians.

    “Justifying or enabling occupation and annexation, whether of Palestinian or Ukrainian land must be clearly and forcefully opposed with consistent standards applied to all states.

    “Both the war crimes in Ukraine and ongoing genocide in Gaza must end without sacrificing people’s rights or compromising the protection guaranteed under international law.

    “It must be emphasised that the UK will fully and consistently support the rights of both Palestinian and Ukrainian civilians and won’t make any concessions on this to the US President.”

    Evidence of genocide against Palestinians

    In December 2024, Amnesty’s International’s research found sufficient basis to conclude that Israel has committed – and is continuing to commit – genocide against Palestinians in the occupied Gaza Strip. 

    The 296-page report - ‘You Feel Like You Are Subhuman’: Israel’s Genocide Against Palestinians in Gaza - documents how, during its military offensive launched in the wake of the deadly Hamas-led attacks in southern Israel on 7 October 2023, Israel has unleashed hell and destruction on Palestinians in Gaza brazenly, continuously and with total impunity. Amnesty examined Israel’s acts in Gaza closely and in their totality, taking into account their recurrence and simultaneous occurrence, and both their immediate impact and their cumulative and mutually-reinforcing consequences. Amnesty considered the scale and severity of the casualties and destruction over time, and also analysed public statements by officials – finding that prohibited acts were often announced or called for in the first place by high-level officials in charge of the war efforts. 

    As a state party to the Genocide Convention, the UK has a legal obligation to use all reasonable means to help prevent genocide and be consistent when supporting international law – just as it has done when calling out crimes carried out by Russian forces. 

    MIL OSI NGO –

  • MIL-OSI Security: Alabama Man Sentenced to 5 Years in Prison for Violating Iran Sanctions

    Source: Office of United States Attorneys

    BIRMINGHAM, Ala. – Ray Hunt, also known as Abdolrahman Hantoosh, Rahman Hantoosh, and Rahman Natooshas, 71, of Owens Cross Roads, Alabama, has been sentenced for violating the International Emergency Economic Powers Act.  In July 2024, Hunt pleaded guilty to conspiring to export U.S.-origin goods to the Islamic Republic of Iran in violation of the U.S. trade sanctions.

    According to court documents, in May 2014, Hunt registered Vega Tools, LLC with the Alabama Secretary of State, listing the nature of the business as “the purchase/resale of equipment for the energy sector.” He operated Vega Tools, including purchasing, receiving, and shipping U.S.-origin goods, from locations in Madison County, Alabama. Beginning at least as early as 2015 and continuing to the time of his arrest in November 2022,  Hunt conspired with two Iranian companies located in Tehran, Iran, to illegally export U.S.-manufactured industrial equipment for use in Iran’s oil, gas, and petrochemical industries.

    Hunt engaged in a series of deceptive practices to avoid detection by U.S. authorities, including using third-party transshipment companies in Turkey and the United Arab Emirates (UAE), routing payments through UAE banks, and lying to shipping companies about the value of his exports to prevent the filing of Electronic Export Information to U.S. authorities. Hunt lied to suppliers and shippers by claiming the items he purchased on behalf of the Iranian co-conspirators were destined for end-users in Turkey and UAE, while knowing the exports were ultimately destined for Iran. Hunt lied also to U.S. Customs and Border Protection officers regarding the nature and existence of his business when questioned upon his return from a March 2020 trip to Iran.   

    Sue Bai, head of the Justice Department’s National Security Division, U.S. Attorney Prim F. Escalona for the Northern District of Alabama, Acting Assistant Secretary for Export Enforcement John Sonderman of the Department of Commerce Bureau of Industry and Security, and Assistant Director Kevin Vorndran of the FBI’s Counterintelligence Division announced the sentence.

    BIS investigated the case with valuable assistance provided by the FBI.

    Assistant U.S. Attorneys Jonathan Cross and Henry Cornelius for the Northern District of Alabama and Trial Attorneys Emma Ellenrieder and Adam Barry of the National Security Division’s Counterintelligence and Export Control Section prosecuted the case.

    MIL Security OSI –

  • MIL-OSI Video: Occupied Palestinian Territory, Ukraine & other topics – Daily Press Briefing | United Nations

    Source: United Nations (Video News)

    Noon Briefing by Stéphane Dujarric, Spokesperson for the Secretary-General.

    ———————————

    Highlights:

    – Security Council/ Middle East
    – Occupied Palestinian Territory
    – Ukraine/Security Council
    – Biodiversity
    – Deputy Secretary-General
    – Senegal
    – DR Congo/humanitarian
    – DR Congo/peacekeeping
    – Chad
    – Haiti
    – International Organization for Migration
    – Financial Contributions

    ** Security Council/ Middle East
    You saw Sigrid Kaag, the Special Coordinator for the Middle East Peace Process and Senior Humanitarian Coordinator for Gaza, brief the Security Council. She told the members that this may be our last chance to achieve a two-state solution, reiterating that all hostages must be released and while in captivity, they must be allowed to receive visits and assistance from the International Committee of the Red Cross. And she said that the resumption of hostilities must be avoided at all costs. Ms. Kaag called on both sides to fully honour their commitments to the ceasefire deal and conclude negotiations for the second phase.
    She told the Council that we are ready to support reconstruction efforts, and that Palestinians must be able to resume their lives, must be able to rebuild, and to construct their future in Gaza. There can be no question of forced displacement.

    **Occupied Palestinian Territory
    Turning to the situation on the ground in Gaza, the Office for the Coordination of Humanitarian Affairs tells us that our humanitarian partners, in collaboration with the Ministry of Health in Gaza, yesterday continued to administer polio vaccinations for the third day to 548,000 children under the age of 10. This represents 93 per cent of the target population. The campaign has been extended until tomorrow to ensure full coverage.
    Since the start of the ceasefire, our friends at the World Food Programme have brought in more than 30,000 metric tonnes of food into Gaza. More than 60 kitchens supported by WFP across the Gaza Strip, including in North Gaza and in Rafah, have handed out nearly 10 million meals.
    For its part, the UN Relief and Works Agency, UNRWA, tells us that its teams have reached nearly 1.3 million people with flour and reached about two million people with food parcels since the start of the ceasefire.
    The head of Gaza’s Ministry of Health has said today that six children from the Gaza Strip have died in recent days due to the severe cold wave recently, bringing to 15 the total number of children who’ve passed away from the cold.
    And the Food and Agriculture Organization reports that last week it delivered animal feed in northern Gaza for the first time since the ceasefire, benefiting 146 families with livestock in Gaza city alongside another 980 in Deir al Balah. So some in Gaza City and some in Deir al Balah.
    Over the past four days, our partners working in education have identified additional schools in Rafah, Khan Younis and Deir al Balah that were used as shelters for displaced people. These schools will be assessed and repaired to prepare for their reopening.
    And turning to the situation West Bank, OCHA reports that the security situation remains alarming, with the ongoing Israeli operations in the north causing further casualties, mass displacement and generating additional humanitarian needs due to the displacement.
    In Jenin governorate, the two-day operation in Qabatiya was concluded yesterday.
    The operation was launched with bulldozers, involving exchange of fire between Israeli forces and Palestinians, as well as detentions and significant destruction of infrastructure, including electricity lines, water lines, and the closure of schools.
    We once again warn that lethal, war-like tactics are being applied, raising concerns over use of force that exceeds law enforcement standards.
    Meanwhile, the World Food Programme said it reached 190,000 people in January with cash assistance and has provided one-off cash assistance to more than 5,000 displaced people from the Jenin refugee camp.
    ** Ukraine/Security Council
    Yesterday, Rosemary DiCarlo, our Under-Secretary-General for Political Affairs, briefed the Security Council on the situation in Ukraine.
    She said that during these three long years since Russia’s full-scale invasion of Ukraine, more than 10 million Ukrainians remain uprooted – they are either internally displaced or refugees abroad. She reiterated our commitment to delivering assistance to those who need it as we’ve been telling you almost on a daily basis.
    Referring to the Resolution the Council adopted during the meeting, Ms. DiCarlo said that indeed it is high time for peace in Ukraine. This peace, however, must be just, sustainable and comprehensive, in line with the Charter of the United Nations, international law, and resolutions of the General Assembly, including the one that was adopted yesterday morning.

    Full Highlights:
    https://www.un.org/sg/en/content/noon-briefing-highlight?date%5Bvalue%5D%5Bdate%5D=25%20February%202025

    https://www.youtube.com/watch?v=oB5VuMM8bYY

    MIL OSI Video –

  • MIL-OSI Europe: Answer to a written question – The Greek Orthodox community in Aleppo, Syria, needs protection now – P-002962/2024(ASW)

    Source: European Parliament

    The fall of the Assad regime marks a historic moment for the Syrian people, who — irrespective of their beliefs or affiliations — have endured immense suffering under its rule.

    1. The fall of the Assad regime in Syria resulted in no targeted violence to either EU citizens or any specific community in Aleppo. Since then, the EU has been advocating a Syrian-led and Syrian-owned inclusive political transition, respectful of human rights and fundamental freedoms. It is essential that all Syrians be protected, and that the future governance be inclusive of all components of society.

    2. Whereas the competence for safety and diplomatic protection of their citizens lies primarily with the Member States, the EU supports Member States’ efforts to evacuate or repatriate citizens from conflict zones through the EU Civil Protection Mechanism[1], which coordinates disaster response and contributes with transport or logistical support.

    The EU provides humanitarian aid on a needs basis. Despite the highly challenging security environment, EU humanitarian partners, together with local organisations, are providing emergency assistance to all affected communities throughout the country.

    3. The High Representative/Vice-President is personally engaging with Syria’s new leadership to urge the need for protecting the rights of all Syrian citizens without distinction, as well as the rule of law, accountability and justice.

    The EU Delegation continues to engage with a whole range of relevant stakeholders including representatives from civil society organisations and religious minorities, in line with the EU’s strong commitment to promoting human rights and fundamental freedoms, including freedom of expression, as well as freedom of religion or belief.

    • [1] https://civil-protection-humanitarian-aid.ec.europa.eu/what/civil-protection/eu-civil-protection-mechanism_en

    MIL OSI Europe News –

  • MIL-OSI Europe: Answer to a written question – Tackling the unfair competition posed by Turkish agricultural products – E-000220/2025(ASW)

    Source: European Parliament

    Trade in agricultural products between the Union and Türkiye is governed by Decision No 1/98 of the EC-Turkey Association Council[1].

    Decision 1/95 of the Association Council[2] reaffirms the common objective to move towards the free movement of agricultural products between themselves. Increasing tariffs on agricultural products imported from Türkiye would go against this objective.

    The Commission can use trade defence instruments to tackle unfairly dumped or subsidised imports of such products. The complaints office of the Directorate-General for Trade can provide advice[3].

    Food safety is a priority for the Commission. Food products placed on the EU market, regardless of their origin, must comply with the Union food safety legislation. Member States carry out official controls at all stages of production, processing and distribution, including at import.

    Where food of non-animal origin from third countries poses a risk, the Commission takes measures through Implementing Regulation (EU) 2019/1793[4] which include checks and special conditions governing the entry into the Union of certain food and feed of non-animal origin from certain third countries. These measures are periodically reviewed taking into account new information from Member States related to risks and instances of non-compliance.

    In addition, the Commission regularly performs audits in Member States and in third countries, to ensure that the relevant products comply with EU rules. The reports of those audits are published, including the actions taken to address the reports’ recommendations[5]. The Commission follows up on these actions.

    The Commission is not aware of any specific issues with Turkish products in Member States.

    • [1] OJ L86, 20.3.1998, p.1 — https://eur-lex.europa.eu/eli/dec/1998/223/oj/eng
    • [2] OJ L35, 13.2.1996, p.1 — https://eur-lex.europa.eu/legal-content/EN/TXT/PDF/?uri=CELEX:52012PC0092
    • [3] Email contact: trade-defence-complaints@ec.europa.eu
    • [4] OJ L 277, 29.10.2019, p. 89 — https://eur-lex.europa.eu/eli/reg_impl/2019/1793/oj
    • [5] https://ec.europa.eu/food/audits-analysis/audit-report
    Last updated: 25 February 2025

    MIL OSI Europe News –

  • MIL-OSI USA: RELEASE: Senator Mullin Slams Democrat Falsely Blaming Trump for Biden’s Disastrous Withdrawal from Afghanistan

    US Senate News:

    Source: United States Senator MarkWayne Mullin (R-Oklahoma)

    RELEASE: Senator Mullin Slams Democrat Falsely Blaming Trump for Biden’s Disastrous Withdrawal from Afghanistan

    Washington, D.C. – U.S. Senator Markwayne Mullin (R-OK), a member of the Senate Armed Service Committee, responded to Democrat Senator Tim Kaine’s (D-VA) comments falsely blaming President Trump for former President Joe Biden’s disastrous withdrawal from Afghanistan during the confirmation hearing for Deputy Defense Secretary Nominee Stephen A. Feinberg. During his remarks, the Senator also debunked false claims on the administration’s effort to shrink the federal government, and the U.S. posture towards Russia amid peace negotiations.
    “The disastrous withdrawal came 100% from the Biden administration. And American lives were left behind, and are still dying because of it,” said Senator Mullin. “And you’re going to sit there with a straight face and try to say that it was President Trump’s fault?”

    Watch the senator’s full remarks here.
    Highlights below:
    “And then, as the Senator that just asked questions wanted to bring up the Afghanistan withdrawal. Brother, that’s very, very close to me. That hits home. And you’re going to lay the withdrawal on President Trump, and say it was his fault?”
    “The Biden administration threw out the entire withdrawal plan that the Trump administration had and decided to go their own way. And man, wasn’t that great?” 
    “And then we’re going to start talking about President Trump not calling a bully out, like Putin. Do we forget what happened in 2017 when Trump 100% told Russia to stay out of Syria, not to be involved, especially with the bombing of Assad’s own people? And when they did, President Trump, within 30 minutes, took out the airfield that they operated out of, destroyed it, and then took back the airspace, and we had the airspace in Syria all the way up until Biden took office and we gave it back to Putin.”
    “Do we want to go back to Israel and Hamas and discuss the way the Biden administration handled that? And the way they refused to call Hamas a terrorist organization, and the Houthis a terrorist organization, and Iran a terrorist organization. And you’re going to sit there with a straight face and actually say that about President Trump?”
    “Are we serious saying that President Trump isn’t willing to stand up to a bully when underneath his administration, was the only time that Russia didn’t advance into Ukraine, because [Putin] did it underneath Obama, when they took Crimea and they did it underneath Biden, because they didn’t respect him, because of the disastrous withdrawal from Afghanistan. And every expert will tell you that.”
    “The President is bringing back hostages. He also brought back the hostage that Biden left behind, and he didn’t give up one thing to Russia, including a guy that was highly, highly considered a threat to the world… Doctor death, that we that we decided to trade for. And I’m sure you guys thought that was a good trade.” 
    “Guys, give me a break. We’re trying to advance America’s agenda and do what’s best for this country, and the American people agree with the direction we’re going.” 

    MIL OSI USA News –

  • MIL-OSI United Nations: ‘Political courage’ needed to end war in the Middle East: Top UN envoy

    Source: United Nations MIL OSI b

    Peace and Security

    A sustainable resolution to the war in Gaza and the broader Israel-Palestine conflict relies on political courage from all sides, the top UN official for the Middle East Peace Process said on Tuesday.

    Briefing ambassadors in the Security Council, Special Coordinator Sigrid Kaag emphasised that peace in the Middle East is possible.

    “We can achieve a future where a safe and secure Israel exists alongside a viable and independent Palestinian State. This requires continued, concerted effort, dedication and political courage by all parties,” she said.

    She urged Council members to ensure Gaza remains an integral part of a future Palestinian State, and that the enclave and the West Bank including East Jerusalem are unified politically, economically and administratively.

    At the same time, she said there should be no long-term Israeli military presence in Gaza – although Israel’s legitimate security concerns must be addressed.

    Four key asks

    “We need to commit to ending the occupation and a final resolution of the conflict based on UN resolutions, international law and previous agreements,” Ms. Kaag said, outlining four priorities.

    These include sustaining the ceasefire agreement while securing the release of all hostages and preventing escalation in the West Bank, where violence continues to rise.

    There must be reform of the Palestinian Authority which governs the West Bank and clarity on its role in post-war Gaza; and the mobilisation of financial and political backing to rebuild the shattered enclave.

    Both sides must ‘fully honour’ ceasefire deal

    Ms. Kaag welcomed the release of 30 Israeli and foreign nationals held in Gaza as part of the ceasefire deal – and a further four bodies of those deceased –  reiterating that all remaining hostages must be released unconditionally.

    She condemned Hamas’ treatment of hostages, including reports of ill-treatment and public displays under duress, demanding that access must be given immediately to the International Committee of the Red Cross (ICRC) to those still captive.

    On the Palestinian side, she noted that 1,135 prisoners and detainees have been released, though reports of ill-treatment during detention remained concerning.

    She also updated the Council on humanitarian efforts, noting that aid deliveries had increased since the ceasefire took effect on 19 January and that medical evacuations from Gaza to Egypt began on 1 February.

    “The resumption of hostilities must be avoided at all costs. I call on both sides to fully honour their commitments to the ceasefire deal and conclude negotiations for the second phase,” she said.

    UN Photo/Eskinder Debebe

    Sigrid Kaag, UN Special Coordinator for the Middle East Peace Process Ad Interim, briefs the Security Council on the situation in the Middle East.

    Rebuilding Gaza

    Highlighting the scale of destruction, Ms. Kaag cited an assessment by the World Bank, EU, and UN, which estimated that $53 billion will be needed for recovery and reconstruction.

    Arab states are leading discussions on rebuilding, with Egypt set to host a reconstruction conference.

    “The UN is ready to support reconstruction efforts. Palestinian civilians must be able to resume their lives, to rebuild, and to construct their future in Gaza. There can be no question of forced displacement,” she said.

    Situation in the West Bank

    While international attention is focused on Gaza, Ms. Kaag warned that violence is escalating in the West Bank, amid Israeli military operations, settler violence and severe movement restrictions.

    “I am alarmed by the killing of a pregnant woman and young children during these operations. Such incidents must be thoroughly investigated and those responsible held accountable,” she said.

    She also reported Israel’s advancement of plans for 2,000 new housing units, the continued expansion of settlements and the accelerated eviction and demolition.

    “These developments along with continued calls for annexation, present an existential threat to the prospect of a viable and independent Palestinian State and thereby the two-State solution,” Ms. Kaag warned.

    Regional situation

    Beyond Gaza and the West Bank, Ms. Kaag also addressed both Lebanon and Syria, which have been drawn in and destabilised by the Israel-Hamas-Hezbollah conflict.

    She welcomed the formation of a new Government in Lebanon, calling it an opportunity for stability and urging the full implementation of Security Council resolution 1701 to prevent further escalation.

    In southwest Syria, Ms. Kaag expressed concerns over violations of the 1974 Disengagement of Forces Agreement, urging all parties to uphold their commitments.

    More to follow…

    MIL OSI United Nations News –

  • MIL-OSI USA: Alabama Man Sentenced to Five Years in Prison for Violating U.S. Sanctions on Iran

    Source: US State of Vermont

    Ray Hunt, also known as Abdolrahman Hantoosh, Rahman Hantoosh, and Rahman Natooshas, 71, of Owens Cross Roads, Alabama, has been sentenced to five years in prison for violating the International Emergency Economic Powers Act. In July 2024, Hunt pleaded guilty to conspiring to export U.S.-origin goods to the Islamic Republic of Iran in violation of the U.S. trade sanctions.

    According to court documents, in May 2014, Hunt registered Vega Tools LLC with the Alabama Secretary of State, listing the nature of the business as “the purchase/resale of equipment for the energy sector.” He operated Vega Tools, including purchasing, receiving, and shipping U.S.-origin goods, from locations in Madison County, Alabama. Beginning at least as early as 2015 and continuing to the time of his arrest in November 2022, Hunt conspired with two Iranian companies located in Tehran, Iran, to illegally export U.S.-manufactured industrial equipment for use in Iran’s oil, gas, and petrochemical industries.

    Hunt engaged in a series of deceptive practices to avoid detection by U.S. authorities, including using third-party transshipment companies in Turkey and the United Arab Emirates (UAE) and routing payments through UAE banks, as well as lying to shipping companies about the value of his exports to prevent the filing of Electronic Export Information to U.S. authorities. Hunt lied to suppliers and shippers by claiming the items he purchased on behalf of the Iranian co-conspirators were destined for end-users in Turkey and UAE, while knowing the exports were ultimately destined for Iran. Hunt also lied to U.S. Customs and Border Protection officers regarding the nature and existence of his business when questioned upon his return from a March 2020 trip to Iran.   

    Sue Bai, head of the Justice Department’s National Security Division; U.S. Attorney Prim F. Escalona for the Northern District of Alabama; Acting Assistant Secretary for Export Enforcement John Sonderman of the Department of Commerce’s Bureau of Industry and Security (BIS); and Assistant Director Kevin Vorndran of the FBI’s Counterintelligence Division announced the sentence.

    BIS investigated the case with valuable assistance provided by the FBI.

    Assistant U.S. Attorneys Jonathan Cross and Henry Cornelius for the Northern District of Alabama and Trial Attorneys Emma Ellenrieder and Adam Barry of the National Security Division’s Counterintelligence and Export Control Section prosecuted the case.

    MIL OSI USA News –

  • MIL-OSI Security: Alabama Man Sentenced to Five Years in Prison for Violating U.S. Sanctions on Iran

    Source: United States Attorneys General 1

    Ray Hunt, also known as Abdolrahman Hantoosh, Rahman Hantoosh, and Rahman Natooshas, 71, of Owens Cross Roads, Alabama, has been sentenced to five years in prison for violating the International Emergency Economic Powers Act. In July 2024, Hunt pleaded guilty to conspiring to export U.S.-origin goods to the Islamic Republic of Iran in violation of the U.S. trade sanctions.

    According to court documents, in May 2014, Hunt registered Vega Tools LLC with the Alabama Secretary of State, listing the nature of the business as “the purchase/resale of equipment for the energy sector.” He operated Vega Tools, including purchasing, receiving, and shipping U.S.-origin goods, from locations in Madison County, Alabama. Beginning at least as early as 2015 and continuing to the time of his arrest in November 2022, Hunt conspired with two Iranian companies located in Tehran, Iran, to illegally export U.S.-manufactured industrial equipment for use in Iran’s oil, gas, and petrochemical industries.

    Hunt engaged in a series of deceptive practices to avoid detection by U.S. authorities, including using third-party transshipment companies in Turkey and the United Arab Emirates (UAE) and routing payments through UAE banks, as well as lying to shipping companies about the value of his exports to prevent the filing of Electronic Export Information to U.S. authorities. Hunt lied to suppliers and shippers by claiming the items he purchased on behalf of the Iranian co-conspirators were destined for end-users in Turkey and UAE, while knowing the exports were ultimately destined for Iran. Hunt also lied to U.S. Customs and Border Protection officers regarding the nature and existence of his business when questioned upon his return from a March 2020 trip to Iran.   

    Sue Bai, head of the Justice Department’s National Security Division; U.S. Attorney Prim F. Escalona for the Northern District of Alabama; Acting Assistant Secretary for Export Enforcement John Sonderman of the Department of Commerce’s Bureau of Industry and Security (BIS); and Assistant Director Kevin Vorndran of the FBI’s Counterintelligence Division announced the sentence.

    BIS investigated the case with valuable assistance provided by the FBI.

    Assistant U.S. Attorneys Jonathan Cross and Henry Cornelius for the Northern District of Alabama and Trial Attorneys Emma Ellenrieder and Adam Barry of the National Security Division’s Counterintelligence and Export Control Section prosecuted the case.

    MIL Security OSI –

  • MIL-OSI USA: Padilla, Barragán Introduce Bicameral Bill to Codify DOJ’s Office of Environmental Justice

    US Senate News:

    Source: United States Senator Alex Padilla (D-Calif.)

    Padilla, Barragán Introduce Bicameral Bill to Codify DOJ’s Office of Environmental Justice

    WASHINGTON, D.C. — Today, U.S. Senator Alex Padilla (D-Calif.) and Representative Nanette Diaz Barragán (D-Calif.-44) introduced bicameral legislation to permanently codify the Office of Environmental Justice within the Department of Justice’s Environment and Natural Resources Division (ENRD). The Empowering and Enforcing Environmental Justice Act follows Attorney General Pam Bondi’s recent order eliminating all environmental justice efforts at the DOJ on her first day as Attorney General.
    Bondi’s directive followed President Trump’s executive order dismantling all Diversity, Equity, and Inclusion initiatives across federal agencies. As a result, programs designed to combat pollution in communities of color, indigenous communities, and low-income areas were effectively shut down. The Trump Administration also terminated several ENRD attorneys responsible for prosecuting environmental violations, including cases like the Volkswagen emissions scandal and the East Palestine train derailment.
    “The Trump Administration’s systematic elimination of environmental justice efforts completely abandons millions of Americans whose communities have suffered from toxic pollution for decades,” said Senator Padilla. “Every federal agency has a responsibility to provide justice to these communities, and I remain committed to guaranteeing clean air and water for all. Our legislation would ensure that the Department of Justice holds polluters accountable for environmental crimes and works directly with communities on the frontlines of the climate crisis to rectify longstanding environmental harms.”
    “The Trump Administration’s elimination of environmental justice safeguards at DOJ is a gift to corporate polluters. It has left communities of color and low-income communities vulnerable to disproportionate pollution and harm, with no protection,” said Congresswoman Barragán. “Our bill reestablishes and permanently codifies the Office of Environmental Justice to protect impacted communities and ensure polluters face accountability. No community should bear the health consequences of environmental injustice.”
    The legislation will strengthen efforts at the Department of Justice to enforce environmental laws, hold polluters accountable, and support state and local environmental enforcement capacity. The Empowering and Enforcing Environmental Justice Act would also authorize $50 million in annual grant funding to assist state and local governments with their own environmental enforcement efforts.
    During the Biden Administration, Padilla and Barragán introduced a version of this bill, which led to the DOJ establishing the Office of Environmental Justice. This office undertook the responsibilities that the lawmakers outlined in their original bill. Padilla has since led an appropriations push to provide $1.4 million annually to this office.
    The Main Functions of the Environmental Justice Office include:
    Developing and updating the environmental justice strategy for the DOJ
    Promoting the right of the public to participate in DOJ’s environmental justice work and mission
    Providing support to state and local governments on how to address environmental justice issues
    Funding $50 million in annual grants to boost local and state agency capacity to hold polluters accountable
    Managing a Senior Advisory Council made up of different components at DOJ to advise the Natural Resource Division’s Assistant Attorney General on matters of environmental justice
    In the Senate, the Empowering and Enforcing Environmental Justice Act is cosponsored by Senators Richard Blumenthal (D-Conn.), Cory Booker (D-N.J.), Tammy Duckworth (D-Ill.), Edward J. Markey (D-Mass.), Jeff Merkley (D-Ore.), Bernie Sanders (I-Vt.), Adam Schiff (D-Calif.), Chris Van Hollen (D-Md.), and Ron Wyden (D-Ore.). In the House, the legislation is cosponsored by Representatives Yassamin Ansari (D-Ariz.-03), Suzanne Bonamici (D-Ore.-01), Jasmine Crockett (D-Texas-30), Diana DeGette (D-Colo.-01), Tim Kennedy (D-N.Y.-26), Raja Krishnamoorthi (D-Ill.-08), Doris Matsui (D-Calif.-07), LaMonica McIver (D-N.J.-10), Eleanor Holmes Norton (D-D.C.-AL), Dina Titus (D-Nev.-01), and Rashida Tlaib (D-Mich.-12).
    Senator Padilla is a champion for ensuring all communities can breathe clean air and drink clean water in California and across the country, including through improved enforcement on environmental violations. In addition to calling for the establishment of the Office of Environmental Justice, Padilla outlined recommendations to former Attorney General Merrick Garland to strengthen its environmental justice program to advance the nation’s environmental justice goals. Padilla has also called on the Department of Justice to improve enforcement of environmental laws in the Central District of California and explain their policy regarding the use of non-prosecution agreements that spare corporate polluters of criminal liability, specifically in communities in the Los Angeles area, which are severely impacted by multiple sources of pollution.
    Last year, Senator Padilla helped secure $216.5 million the Inflation Reduction Act for 15 California projects to advance local, on-the-ground projects that reduce pollution, increase community climate resilience, and strengthen workforce development. Following multiple pushes from Padilla, the EPA proposed to add the Exide Technologies – Vernon site, located in Vernon, California, to the Superfund National Priorities List last year. Padilla also applauded the EPA’s release of the strongest national greenhouse gas standards in history for heavy-duty vehicle emissions to begin in model year 2027, protecting environmental justice communities following a series of efforts he led.
    Full text of the bill is available here.

    MIL OSI USA News –