NewzIntel.com

Category: Pandemic

  • MIL-OSI Africa: Virtual churches are popular in Ghana. But what about online safety?

    Source: The Conversation – Africa – By Theodora Dame Adjin-Tettey, Senior Lecturer, Durban University of Technology/Research Associate, School of Journalism and Media Studies, Rhodes University, South Africa, Rhodes University

    Many churches have been holding worship services online via live-streaming platforms in recent times. This is unsurprising since many congregants use digital technologies. The COVID-19 pandemic also pushed churches to swiftly embrace digital platforms. This allowed them to continue with religious activities when physical and mobility restrictions were in place.

    Some churches invest heavily in audio-visual equipment, lighting systems and other gadgets to provide the right conditions for media production and to enhance the worship experience for congregants, online and in person.

    Digital technologies and platforms have become core components of the outreach and evangelistic activities of churches. Some contemporary pastors have a strong online presence with a huge following, mostly in the millions. They actively engage their followers and share different forms of messages with them.

    As the amount of online content generated by churches grows, questions of safety, security and privacy have come to the fore. It is important to look at how churches address these concerns as they rapidly deploy digital platforms to reach and maintain virtual church membership.

    I am a media and communication studies academic and researcher. In a recent paper I worked with my student to examined the concerns of congregants of a church in Ghana over the security dangers that digital church engagement poses.

    Christianity is the religion with the largest following in Ghana. During the COVID-19 pandemic, many churches turned to online services and have continued with them.

    The research revealed that there were no established policies guiding the church’s virtual engagements. The media team relied primarily on their subjective judgement to address any potential ethical dilemmas.

    Beside enhanced privacy measures and access control, we recommend ethical frameworks and guidelines to govern the management of congregants’ personal information in both physical and virtual environments. This must include the inputs of congregants and experts.

    The research also found that word of mouth was still the primary means by which congregants came to learn about the church. This suggests churches cannot abandon the old ways of reaching out to people.

    Digital technology and the church

    Radio, TV and social media are all used to extend invitations to the public, promote and advertise churches, and generally facilitate church activities. The importance of having an online presence has compelled a significant number of churches to have dedicated media teams. They create and distribute content meant for digital platforms. The content includes photos and audiovisual testimonies of church members.

    To ensure that members of online churches have a positive experience during live streaming, most media departments also invest creativity into their videography. On live streams, followers (virtual congregants) react to songs being sung and respond to what the preacher says with comments and the use of emojis and GIFs. This is synonymous with how they might react in the physical church environment.

    But during the streaming of worship services, information about church members is not just shared in the physical church environment but also with a broader online audience. By the nature of live-streaming, there is no control over who has access to the content, how widely it is distributed, and for what and how the content is used by third parties.

    The study and some of its key findings

    Data collection for our study involved 170 survey respondents (congregants) and eight interview participants (videographers, video editors and social media managers from the church media department).

    We asked the congregants how they had first learned about the church; factors influencing their participation in virtual church services; and what safety and security concerns they had around their virtual church engagements.

    The interview participants were asked about the ethical considerations directing their work.

    Our study found that congregants had a range of concerns. Based on the sense of safety, confidence and trust they have in the church, congregants participating in physical church services may divulge personal information. These include prayer requests, personal hardships, or testimonials about their accomplishments. They sometimes do this with the understanding that the information will remain inside the church’s walls.

    Chief among the concerns were:

    • the risk of identity theft

    • the potential misuse of personal data for targeted advertising

    • potential privacy invasion because of their interactions with the church’s digital platforms.

    Some members of the media team admitted that congregants might have privacy and security concerns. However, in the absence of formal guidelines, any attempt to ensure the privacy and security of congregants might be an ad hoc measure. This was demonstrated in the study’s finding that the media team’s privacy and security adherence was largely based on their judgement and sometimes on prodding from congregants.

    What can be done

    Based on concerns raised by congregants, we argue that churches must ensure the privacy of those participating in services by instituting confidentiality and anonymity measures, particularly when sharing their personal or sensitive information.

    In addition, participants in our research held the view that some sensitisation could be useful to cater to those concerns. This could take the form of regular sensitisation of congregants on how they can enhance their online safety and security.

    We believe that because churches sometimes rely on photos, videos and testimonies of members to build their social media profiles, a rule-based system must be put in place. This could involve delayed broadcasting techniques to prevent the airing of sensitive information.

    We suggest that steps be taken to protect sensitive information and content about members that is shared online. An example of how this can be done is being set by a non-denominational prayer movement that has taken over Ghana’s online sphere. To secure the privacy of members who share testimonies, their identities are kept anonymous and certain details, such as names and places, are also protected.

    Finally, the right technology must be put in place to allow for delayed broadcasts. This means live-streamed content can be reviewed and, where necessary, edited so that sensitive content can be removed before the broadcast reaches a wide online audience.

    – Virtual churches are popular in Ghana. But what about online safety?
    – https://theconversation.com/virtual-churches-are-popular-in-ghana-but-what-about-online-safety-255627

    MIL OSI Africa –

  • MIL-OSI United Nations: 15 May 2025 News release WHO warns of slowing global health gains in new statistics report

    Source: World Health Organisation

    WHO published its World health statistics report 2025, revealing the deeper health impacts caused by the COVID-19 pandemic on loss of lives, longevity and overall health and well-being. In just two years, between 2019 and 2021, global life expectancy fell by 1.8 years—the largest drop in recent history— reversing a decade of health gains. Increased levels of anxiety and depression linked to COVID-19 reduced global healthy life expectancy by 6 weeks—erasing most of the gains made from lower mortality due to noncommunicable diseases (NCDs) during the same period.

    The report also summarizes global data on progress towards WHO’s triple billion targets, revealing impacts of not just the pandemic shock but also a longer trend of slowing progress starting before the pandemic, followed by a slower recovery since. WHO warns that overall progress is under threat and urgent global action is needed to get back on track.

    “Behind every data point is a person—a child who didn’t reach their fifth birthday, a mother lost in childbirth, a life cut short by a preventable disease,” said Dr Tedros Adhanom Ghebreyesus, WHO Director-General. “These are avoidable tragedies. They point to critical gaps in access, protection, and investment—especially for women and girls. Health progress is slowing. Every government has a responsibility to act, with urgency, commitment, and accountability to the people they serve.”

    Health progress and setbacks

    The World health statistics 2025 report presents mixed progress towards WHO’s Triple Billion targets. An estimated 1.4 billion more people were living healthier by the end of 2024, surpassing the 1 billion target. The progress in healthier lives was driven by reduction in tobacco use, improved air quality and better access to water, hygiene, and sanitation. But progress towards increased coverage of essential health services and protection from emergencies lagged; only 431 million more people gained access to essential health services without financial hardship, and close to 637 million more people were better protected from health emergencies.

    Maternal and child deaths are not falling fast enough to reach global targets. Progress has stalled, putting millions of lives at risk. This slowdown follows two decades of remarkable gains: between 2000 and 2023, maternal deaths dropped by over 40% and child deaths under 5 years of age more than halved. But underinvestment in primary health care, shortages of skilled health workers, and gaps in services like immunization and safe childbirth are now holding countries back.

    Without urgent course correction to meet the 2030 targets, the world risks losing the chance to prevent an additional 700 000 maternal deaths and 8 million under-5 deaths between 2024 and 2030.

    Chronic diseases leading to more loss of lives

    Premature deaths from NCDs—such as heart disease, stroke, diabetes, and cancer—are rising, driven by population growth and aging, and now account for most deaths among people under the age of 70, worldwide. The world is currently off track to reduce NCD premature mortality by one-third by 2030. Progress has been possible where governments and civil society have committed to action: tobacco use is declining, and global alcohol consumption dropped from 5.7 to 5.0 litres per capita between 2010 and 2022. Air pollution remains one of the top causes of preventable death worldwide. The impact of poor mental health continues to hold back progress.

    Recovery in essential health services remains incomplete. A shortfall of 11.1 million health workers is still projected by 2030, with nearly 70% of the gap concentrated in the WHO African and Eastern Mediterranean regions.

    “Strong health systems rely on strong health information. Timely, trusted data drives better decisions and faster results,” said Dr Haidong Wang, WHO Unit Head for Health Data and Analytics. “WHO is supporting countries through the SCORE strategy to strengthen health information systems, and through the World Health Data Hub, which is helping to standardize, improve, and unlock the value of data across countries and systems.”

    Uneven progress on infectious diseases

    HIV and TB incidence rates are falling, and fewer people need treatment for neglected tropical diseases. But malaria has been resurging since 2015, and antimicrobial resistance remains a public health challenge. In 2023, childhood vaccination coverage—including third dose diphtheria-pertussis-tetanus containing vaccine (DTP3)—had not returned to pre-pandemic levels. Many countries are also falling behind in addressing foundational health risks—such as malnutrition, air pollution, and unsafe living conditions.

    Recent disruptions in international aid further threaten to destabilize progress, particularly in countries with the greatest health-care needs. Sustained and predictable financing—from both domestic and international sources—is urgently needed to protect hard-won gains and respond to rising threats.

    “This report shows that the world is failing its health checkup. But countries have shown that rapid progress is possible,” said Dr Samira Asma, WHO Assistant Director-General for Data, Analytics and Delivery for Impact. “Together, we can achieve a world where data is timelier and more accurate, programmes improve continuously, and premature deaths become rare. With speed, scale, and smart investments, every country can deliver measurable gains.”

    Editors’ note: The World health statistics report is WHO’s annual compilation of the most recent available data on health and health-related indicators. For inquiries, contact healthstat@who.int

    MIL OSI United Nations News –

  • MIL-OSI Global: Virtual churches are popular in Ghana. But what about online safety?

    Source: The Conversation – Africa – By Theodora Dame Adjin-Tettey, Senior Lecturer, Durban University of Technology/Research Associate, School of Journalism and Media Studies, Rhodes University, South Africa, Rhodes University

    Many churches have been holding worship services online via live-streaming platforms in recent times. This is unsurprising since many congregants use digital technologies. The COVID-19 pandemic also pushed churches to swiftly embrace digital platforms. This allowed them to continue with religious activities when physical and mobility restrictions were in place.

    Some churches invest heavily in audio-visual equipment, lighting systems and other gadgets to provide the right conditions for media production and to enhance the worship experience for congregants, online and in person.

    Digital technologies and platforms have become core components of the outreach and evangelistic activities of churches. Some contemporary pastors have a strong online presence with a huge following, mostly in the millions. They actively engage their followers and share different forms of messages with them.

    As the amount of online content generated by churches grows, questions of safety, security and privacy have come to the fore. It is important to look at how churches address these concerns as they rapidly deploy digital platforms to reach and maintain virtual church membership.

    I am a media and communication studies academic and researcher. In a recent paper I worked with my student to examined the concerns of congregants of a church in Ghana over the security dangers that digital church engagement poses.

    Christianity is the religion with the largest following in Ghana. During the COVID-19 pandemic, many churches turned to online services and have continued with them.

    The research revealed that there were no established policies guiding the church’s virtual engagements. The media team relied primarily on their subjective judgement to address any potential ethical dilemmas.

    Beside enhanced privacy measures and access control, we recommend ethical frameworks and guidelines to govern the management of congregants’ personal information in both physical and virtual environments. This must include the inputs of congregants and experts.

    The research also found that word of mouth was still the primary means by which congregants came to learn about the church. This suggests churches cannot abandon the old ways of reaching out to people.

    Digital technology and the church

    Radio, TV and social media are all used to extend invitations to the public, promote and advertise churches, and generally facilitate church activities. The importance of having an online presence has compelled a significant number of churches to have dedicated media teams. They create and distribute content meant for digital platforms. The content includes photos and audiovisual testimonies of church members.

    To ensure that members of online churches have a positive experience during live streaming, most media departments also invest creativity into their videography. On live streams, followers (virtual congregants) react to songs being sung and respond to what the preacher says with comments and the use of emojis and GIFs. This is synonymous with how they might react in the physical church environment.

    But during the streaming of worship services, information about church members is not just shared in the physical church environment but also with a broader online audience. By the nature of live-streaming, there is no control over who has access to the content, how widely it is distributed, and for what and how the content is used by third parties.

    The study and some of its key findings

    Data collection for our study involved 170 survey respondents (congregants) and eight interview participants (videographers, video editors and social media managers from the church media department).

    We asked the congregants how they had first learned about the church; factors influencing their participation in virtual church services; and what safety and security concerns they had around their virtual church engagements.

    The interview participants were asked about the ethical considerations directing their work.

    Our study found that congregants had a range of concerns. Based on the sense of safety, confidence and trust they have in the church, congregants participating in physical church services may divulge personal information. These include prayer requests, personal hardships, or testimonials about their accomplishments. They sometimes do this with the understanding that the information will remain inside the church’s walls.

    Chief among the concerns were:

    • the risk of identity theft

    • the potential misuse of personal data for targeted advertising

    • potential privacy invasion because of their interactions with the church’s digital platforms.

    Some members of the media team admitted that congregants might have privacy and security concerns. However, in the absence of formal guidelines, any attempt to ensure the privacy and security of congregants might be an ad hoc measure. This was demonstrated in the study’s finding that the media team’s privacy and security adherence was largely based on their judgement and sometimes on prodding from congregants.

    What can be done

    Based on concerns raised by congregants, we argue that churches must ensure the privacy of those participating in services by instituting confidentiality and anonymity measures, particularly when sharing their personal or sensitive information.

    In addition, participants in our research held the view that some sensitisation could be useful to cater to those concerns. This could take the form of regular sensitisation of congregants on how they can enhance their online safety and security.

    We believe that because churches sometimes rely on photos, videos and testimonies of members to build their social media profiles, a rule-based system must be put in place. This could involve delayed broadcasting techniques to prevent the airing of sensitive information.

    We suggest that steps be taken to protect sensitive information and content about members that is shared online. An example of how this can be done is being set by a non-denominational prayer movement that has taken over Ghana’s online sphere. To secure the privacy of members who share testimonies, their identities are kept anonymous and certain details, such as names and places, are also protected.

    Finally, the right technology must be put in place to allow for delayed broadcasts. This means live-streamed content can be reviewed and, where necessary, edited so that sensitive content can be removed before the broadcast reaches a wide online audience.

    Theodora Dame Adjin-Tettey received funding from the National Research Foundation of South Africa for her post doctoral fellowship.

    – ref. Virtual churches are popular in Ghana. But what about online safety? – https://theconversation.com/virtual-churches-are-popular-in-ghana-but-what-about-online-safety-255627

    MIL OSI – Global Reports –

  • MIL-OSI Global: Unprecedented cuts to the National Science Foundation endanger research that improves economic growth, national security and your life

    Source: The Conversation – USA – By Paul Bierman, Professor of Natural Resources and Environmental Science, University of Vermont

    The National Science Foundation funds America’s next great innovations, including space-related research. Heritage Space/Heritage Images/Getty Images

    Look closely at your mobile phone or tablet. Touch-screen technology, speech recognition, digital sound recording and the internet were all developed using funding from the U.S. National Science Foundation.

    No matter where you live, NSF-supported research has also made your life safer. Engineering studies have reduced earthquake damage and fatalities through better building design. Improved hurricane and tornado forecasts reflect NSF investment in environmental monitoring and computer modeling of weather. NSF-supported resilience studies reduce risks and losses from wildfires.

    Using NSF funding, scientists have done research that amazes, entertains and enthralls. They have drilled through mile-thick ice sheets to understand the past, visited the wreck of the Titanic and captured images of deep space.

    NSF funding supports research to help minimize risk and harm from natural hazards, including wildfires.
    FEMA/Michael Mancino

    NSF investments have made America and American science great. At least 268 Nobel laureates received NSF grants during their careers. The foundation has partnered with agencies across the government since it was created, including those dealing with national security and space exploration. The Federal Reserve estimates that government-supported research from the NSF and other agencies has had a return on investment of 150% to 300% since 1950, meaning for every dollar U.S. taxpayers invested, they got back between $1.50 and $3.

    However, that funding is now at risk.

    Since January, layoffs, leadership resignations and a massive proposed reorganization have threatened the integrity and mission of the National Science Foundation. Hundreds of research grants have been terminated. The administration’s proposed federal budget for fiscal year 2026 would cut NSF’s funding by 55%, an unprecedented reduction that would end federal support for science research across a wide range of discipines.

    At my own geology lab, I have seen NSF grants catalyze research and the work of dozens of students who have collected data that’s now used to reduce risks from earthquakes, floods, landslides, erosion, sea-level rise and melting glaciers.

    I have also served on advisory committees and review panels for the NSF over the past 30 years and have seen the value the foundation produces for the American people.

    American science’s greatness stemmed from war

    In the 1940s, with the advent of nuclear weapons, the space race and the intensification of the Cold War, American science and engineering expertise became increasingly critical for national defense. At the time, most basic and applied research was done by the military.

    Vannevar Bush, an electrical engineer who oversaw military research efforts during World War II, including development of the atomic bomb, had a different idea.

    He articulated an expansive scientific vision for the United States in Science: The Endless Frontier. The report was a blueprint for an American research juggernaut grounded in the expertise of university faculty, staff and graduate students.

    The National Science Foundation funded some of the earliest weather equipment on satellites. The gold sphere is the Navy Vanguard (SLV-3) satellite, launched in 1958 to monitor cloud cover.
    Bettmann/Getty Images

    On May 10, 1950, after five years of debate and compromise, President Harry Truman signed legislation creating the National Science Foundation and putting Bush’s vision to work. Since then, the foundation has become the leading funder of basic research in the United States.

    NSF’s mandate, then as now, was to support basic research and spread funding for science across all 50 states. Expanding America’s scientific workforce was and remains integral to American prosperity. By 1952, the foundation was awarding merit fellowships to graduate and postdoctoral scientists from every state.

    There were compromises. Control of NSF rested with presidential appointees, disappointing Bush. He wanted scientists in charge to avoid political interference with the foundation’s research agenda.

    NSF funding matters to everyone, everywhere

    Today, American tax dollars supporting science go to every state in the union.

    The states with the most NSF grants awarded between 2011 and 2024 include several that voted Republican in the 2024 election – Texas, Florida, Michigan, North Carolina and Pennsylvania – and several that voted Democratic, including Massachusetts, New York, Virginia and Colorado.

    More than 1,800 public and private institutions, scattered across all 50 states, receive NSF funding. The grants pay the salaries of staff, faculty and students, boosting local employment and supporting college towns and cities. For states with major research universities, those grants add up to hundreds of millions of dollars each year. Even states with few universities each see tens of millions of dollars for research.

    As NSF grant recipients purchase lab supplies and services, those dollars support regional and national economies.

    When NSF budgets are cut and grants are terminated or never awarded, the harm trickles down and communities suffer. Initial NSF funding cuts are already rippling across the country, affecting both national and local economies in red, blue and purple states alike.

    An analysis of a February 2025 proposal that would cut about US$5.5 billion from National Institutes of Health grants estimated the ripple effect through college towns and supply chains would cost $6.1 billion in GDP, or total national productivity, and over 46,000 jobs.

    An uncertain future for American science

    America’s scientific research and training enterprise has enjoyed bipartisan support for decades. Yet, as NSF celebrates its 75th birthday, the future of American science is in doubt. Funding is increasingly uncertain, and politics is driving decisions, as Bush feared 80 years ago.

    A list of grants terminated by the Trump administration, collected both from government websites and scientists themselves, shows that by early May 2025, NSF had stopped funding more than 1,400 existing grants, totaling over a billion dollars of support for research, research training and education.

    Most terminated grants focused on education – the core of science, technology and engineering workforce development critical for supplying highly skilled workers to American companies. For example, NSF provided 1,000 fewer graduate student fellowships in 2025 than in the decade before − a 50% drop in support for America’s best science students.

    American scientists are responding to NSF’s downsizing in diverse ways. Some are pushing back by challenging grant terminations. Others are preparing to leave science or academia. Some are likely to move abroad, taking offers from other nations to recruit American experts. Science organizations and six prior heads of the NSF are calling on Congress to step up and maintain funding for science research and workforce development.

    If these losses continue, the next generation of American scientists will be fewer in number and less well prepared to address the needs of a population facing the threat of more extreme weather, future pandemics and the limits to growth imposed by finite natural resources and other planetary limits.

    Investing in science and engineering is an investment in America. Diminishing NSF and the science it supports will hurt the American economy and the lives of all Americans.

    Paul Bierman receives funding from the National Science Foundation.

    – ref. Unprecedented cuts to the National Science Foundation endanger research that improves economic growth, national security and your life – https://theconversation.com/unprecedented-cuts-to-the-national-science-foundation-endanger-research-that-improves-economic-growth-national-security-and-your-life-256556

    MIL OSI – Global Reports –

  • MIL-OSI USA: EIA forecasts world oil consumption growth to slow amid less economic activity

    Source: US Energy Information Administration

    In-brief analysis

    May 15, 2025

    Data source: U.S. Energy Information Administration, Short-Term Energy Outlook (STEO), May 2025, and Oxford Economics
    Note: Excludes 2020 and 2021 as outlier years because of the COVID-19 pandemic.

    We forecast consumption growth of crude oil and other liquid fuels will slow over the next two years, driven by a slowdown in economic growth, particularly in Asia, in our May Short-Term Energy Outlook (STEO).

    The world economy, measured by GDP, increases 2.8% in 2025 and 2026 in our forecast. Excluding the years of global economic contraction in 2020 and 2009, these economic growth rates would be the lowest since 2008. Considerable uncertainty over world trade, manufacturing, and investment points to downside risk in economic growth, which has a direct effect on oil consumption.

    Economic activity uses energy. Increases in population, individual mobility, the shipping of goods, and industrial output result in more oil consumption. Since the year 2000, annual oil consumption growth has been the lowest during the years when the world economy grew by less than 3%. World oil consumption was around 103 million barrels per day (b/d) last year based on preliminary estimates.

    The tariffs announced on U.S. trading partners in early April may have already slowed global trade in physical goods, based on preliminary container vessel departure data from Bloomberg. Less global trade will lead to fewer shipments of goods on vessels as well as fewer trucking deliveries and could affect employment and leisure travel as well. All these factors weigh on oil consumption growth.

    Although oil consumption will still grow, we forecast it will grow by less than 1 million b/d in 2025 and 2026, which would be three consecutive years below 1 million b/d. During the two decades before the pandemic, world oil consumption grew by an average of 1.3 million b/d.

    The biggest forecast slowdown in oil consumption growth is in Asia. Compared with our January STEO, when we forecasted oil consumption growth in Asia to average 0.7 million b/d over 2025 and 2026, we now expect consumption growth will slow to average 0.5 million b/d over those years.

    We forecast smaller changes in the Americas, Europe, the Middle East, and Africa. Globally, we revised our world oil consumption growth forecasts down by 0.4 million b/d from the January STEO for 2025 and by 0.1 million b/d for 2026.

    Our forecast remains highly uncertain and subject to change. Leading economic indicators including vessel traffic, truck tonnage, and airport passenger throughput can provide insight into real-time economic activity and provide clues to global oil consumption trends. Market participants can also follow our Weekly Petroleum Status Report for trends in U.S. petroleum consumption (as measured by product supplied). The United States accounts for about one-fifth of world oil consumption.

    Principal contributor: Jeff Barron

    MIL OSI USA News –

  • MIL-OSI USA: CAHNR Commencement 2025: A Day of Pride, Celebration, and New Beginnings

    Source: US State of Connecticut

    On May 10, 2025, more than 600 students from UConn’s College of Agriculture, Health and Natural Resources (CAHNR) reached a major academic milestone as they officially became UConn graduates. Students were celebrated in true CAHNR fashion, with a horse processional, performance by student acapella singers, and a visit from both Jonathan XIV and XV. With cheers from family, friends, faculty, and staff, the graduates commemorated years of commitment and growth at the 146th Commencement.

    A Moment of Connection and Tradition

    The festivities began with a celebratory reception at the Student Union, offering graduates and their guests a chance to reconnect and reflect on their time at UConn. Soon after, the group gathered at the Field House to prepare for the traditional procession to the main event.

    In a much-loved revival of a pre-pandemic tradition, horses from CAHNR’s equine program led graduates along Hillside Road to Gampel Pavilion, setting the tone for the special ceremony ahead.

    Students at a CAHNR reception before 2025 Commencement (Jason Sheldon/UConn Photo)
    Students at a CAHNR reception before 2025 Commencement (Jason Sheldon/UConn Photo)
    CAHNR students lining up for 2025 Commencement processional. (Stella Dibernardo/UConn Photo)
    Karina Cangas ’25 (CAHNR) prior to Commencement. (Jason Sheldon/UConnPhoto)
    Students from the CAHNR Equine Program leading the student commencement processional. (Jason Sheldon/UConn Photo)
    CAHNR students proceeding to 2025 Commencement (Jason Sheldon/UConn Photo)

    A Ceremony to Remember

    Inside Gampel Pavilion, CAHNR faculty and staff joined the graduates for a ceremony filled with encouragement, reflection, and celebration. The event featured remarks from student speaker Eliza Demiri ’25 (Allied Health Sciences) and keynote speaker Rodney Butler ’99 (BUS), Chairman of the Mashantucket Pequot Tribal Nation.

    Butler expressed the value students can find in being open to where life takes them, whether it is anticipated or not:

    “It’s important to understand in live how much your paths can and will change, regardless of what you plan for. Life rarely follows a straight path, and often the directions we didn’t plan for lead to the most meaningful destinations.”

    The program was hosted by Kristen Govoni, associate dean for academic programs, and included additional remarks from Dean Chaubey, Prvosot D’Alleva, and other CAHNR leadership.

    CAHNR students are 2025 Commencement. (Stella Dibernardo/UConn Photo)
    Eliza Demiri ’25 (CAHNR) gives the student Commencement address. (Sydney Herdle/UConn Photo)
    Rodney Butler ’99 (BUS) provides the 2025 Commencement speech. (Sydney Herdle/UConn Photo)
    From left, Dean Indrajeet Chaubey, Provost Anne D’Alleva, and speaker Chairman of the Mashantucket Pequot Tribal Nation Rodney Butler ’99 (BUS). (Sydney Herdle/UConn Photo)
    CAHNR students at 2025 Commencement (Sydney Herdle/UConn Photo)
    CAHNR students at 2025 Commencement with Jonathans XIV and SV (Stella Dibernardo/UConn Photo)
    A Minor, Premiere A Cappella Group. Their graduating senior from CAHNR, Benjamin Angus an Environmental Sciences and Environmental and Natural Resources Economics major dressed in a cap and gown (Jason Herdle/UConn Photo)
    CAHNR students at Commencement 2025 (Stella Dibernardo/UConn Photo)
    CAHNR student at Commencement 2025. (Stella Dibernardo/UConn Photo)
    CAHNR students at Commencement 2025 (Stella Dibernardo/UConn Photo)
    CAHNR students at Commencement 2025 (Sydney Herdle/UConn Photo)

    Cheers to the Future

    As the ceremony concluded, the celebration continued outside Gampel Pavilion, where graduates gathered with family and friends to capture the moment with photos and plenty of smiles.

    The Class of 2025 leaves UConn with a wealth of knowledge, a foundation of real-world experiences, and lasting memories from their time in CAHNR. Wherever their journeys take them next, their future is bright and their UConn roots remain strong.

    CAHNR students after Commencement 2025 (Jason Sheldon/UConn Photo)
    CAHNR students after Commencement 2025 (Jason Sheldon/UConn Photo)
    Graduates of the College of Agriculture, Health and Natural Resources greet their families and friends outside Gampel Pavilion following the college’s Commencement ceremony on Saturday, May 10, 2025. (Sydney Herdle/UConn Photo)
    CAHNR students after Commencement 2025 (Sydney Herdle/UConn Photo)
    CAHNR students after Commencement 2025 (Sydney Herdle/UConn Photo)
    CAHNR students after Commencement 2025 (Sydney Herdle/UConn Photo)

    Other CAHNR Commencement Coverage

    Learn more about some of our featured graduates and this year’s Commencement speaker, Rodney Butler ’99.

    MIL OSI USA News –

  • MIL-OSI: Katapult Delivers 15.4% Gross Originations and 10.6% Revenue Growth in the First Quarter, Above Outlook

    Source: GlobeNewswire (MIL-OSI)

    Expects Growth to Accelerate In Second Quarter
    Reiterates 2025 Guidance

    PLANO, Texas, May 15, 2025 (GLOBE NEWSWIRE) — Katapult Holdings, Inc. (“Katapult” or the “Company”) (NASDAQ: KPLT), an e-commerce-focused financial technology company, today reported its financial results for the first quarter ended March 31, 2025.

    “2025 is off to a strong start and we are well positioned to achieve our full year targets,” said Orlando Zayas, CEO of Katapult. “We achieved double-digit gross originations and revenue growth, driven by increasing engagement with the Katapult app marketplace, including 57% growth in KPay originations. Our marketplace is thriving – from application growth to repeat purchase rates, to high Net Promoter scores and beyond, we believe we have all the hallmarks of a healthy ecosystem and we intend to lean into opportunities to accelerate our growth. We are excited about the future and as we continue to execute on our consumer and merchant initiatives, we feel confident that we can create value for all of our stakeholders.”

    Operating Progress: Recent Highlights

    • Increased activity within the Katapult app marketplace
      • ~59% of first quarter gross originations started in the Katapult app marketplace, making it the single largest customer referral source. Total app originations grew 42% year-over-year.
      • Applications grew ~59% year-over-year in the first quarter
      • Customer satisfaction remained high and Katapult had a Net Promoter Score of 66 as of March 31, 2025
      • 57.4% of gross originations for the first quarter of 2025 came from repeat customers1
    • Grew consumer engagement by adding app functionality and features and executing targeted marketing campaigns
      • KPay conversion rate increased during the first quarter leading to unique customer count growth of more than 65% year-over-year
      • KPay gross originations grew approximately 57% year-over-year in the first quarter; 35% of total gross originations were transacted using KPay
      • Launched Ashley and Bed Bath & Beyond in the Katapult app marketplace, bringing the total number of merchants in our KPay ecosystem to 35
    • Made strong progress against merchant engagement initiatives
      • Direct and waterfall gross originations, which represented 65% of total first quarter originations, grew approximately 40%, excluding the home furnishings and mattress category
      • Continued to expand our waterfall partnerships by kicking off a new partnership with Finti, a modern waterfall financing platform that connects consumers with a curated network of lenders and financing providers
      • Together with several merchant-partners, we launched targeted co-branded, co-promoted marketing campaigns that delivered year-over-year gross originations growth ranging from 7% to more than 75% depending on the campaign

    First Quarter 2025 Financial Highlights

    (All comparisons are year-over-year unless stated otherwise.)

    • Gross originations were $64.2 million, an increase of 15.4%. Excluding the home furnishings and mattress category, gross originations grew 51% year-over-year.
    • Total revenue was $71.9 million, an increase of 10.6%
    • Total operating expenses in the first quarter increased 17.3%. Our fixed cash operating expenses2, which exclude litigation settlement and other non-cash and variable expenses, increased approximately 10.8%.
    • Net loss was $5.7 million for the first quarter of 2025 compared with net loss of $0.6 million reported for the first quarter of 2024. The higher net loss was mainly due to higher cost of sales and higher operating expenses.
    • Adjusted net loss2 was $3.4 million for the first quarter of 2025 compared to adjusted net income of $1.0 million reported for the first quarter of 2024
    • Adjusted EBITDA2 was $2.2 million for the first quarter of 2025 compared to Adjusted EBITDA2 of $5.6 million in the first quarter of 2024. The year-over-year performance was impacted by higher cost of sales related to rapid, faster-than-expected gross originations growth during the first quarter of 2025 and the end of the fourth quarter of 2024.
    • Katapult ended the quarter with total cash and cash equivalents of $14.3 million, which includes $8.3 million of restricted cash. The Company ended the quarter with $77.8 million of outstanding debt on its credit facility.
    • Write-offs as a percentage of revenue were 9.0% in the first quarter of 2025 and are within the Company’s 8% to 10% long-term target range. This compares with 8.4% in the first quarter of 2024.

    [1] Repeat customer rate is defined as the percentage of in-quarter originations from existing customers.
    [2] Please refer to the “Reconciliation of Non-GAAP Measure and Certain Other Data” section and the GAAP to non-GAAP reconciliation tables below for more information.

    Second Quarter and Full Year 2025 Business Outlook

    The Company is continuing to navigate a challenging macro environment particularly within the home furnishings category. Given the current breadth of our merchant selection as well as our plans to introduce new merchants to the Katapult App Marketplace during 2025, our strategic marketing and our strong consumer offering, we believe we are well positioned to deliver continued growth in 2025. We continue to believe that we have a large addressable market of underserved, non-prime consumers, and it’s important to note that lease-to-own solutions have historically benefited when prime credit options become less available.

    Given our quarter-to-date progress, Katapult expects the following results for the second quarter of 2025:

    • 25% to 30% year-over-year increase in gross originations
    • 17% to 20% year-over-year increase in revenue
    • Approximately breakeven Adjusted EBITDA

    Based on the macroeconomic assumptions above and the operating plan in place for the full year 2025, Katapult is reiterating its expectations for full year 2025:

    • We expect gross originations to grow at least 20%

    This outlook does not include any material impact from prime creditors tightening or loosening above us and assumes that there are no significant changes to the macro environment.

    Both our second quarter and full year outlooks assume that the gross originations for the home furnishings and mattress category do not improve materially from our 2024 performance.

    • We also expect to maintain strong credit quality in our portfolio. This will be driven by ongoing enhancements to our risk modeling, onboarding high quality new merchants through integrations, and repeat customers engaging with Katapult Pay
    • Revenue growth is expected to be at least 20%
    • Finally, with the continued execution of our disciplined expense management strategy combined with our growing top-line, we expect to deliver at least $10 million in positive Adjusted EBITDA

    “The first quarter came in stronger than our outlook, and we are continuing to successfully grow our top-line without meaningfully increasing our expense base,” said Nancy Walsh, CFO of Katapult. “The second quarter is off to a great start and we believe we can continue to scale our business by offering a transparent and fair LTO product to consumers and a growth engine to our partners. Our team’s hard work and agile execution is fueling our growth and we are looking forward to a great 2025.”

    Conference Call and Webcast

    The Company will host a conference call and webcast at 8:00 AM ET on Thursday, May 15, 2025, to discuss the Company’s financial results. Related presentation materials will be available before the call on the Company’s Investor Relations page at https://ir.katapultholdings.com. The conference call will be broadcast live in listen-only mode and an archive of the webcast will be available for one year.

    About Katapult

    Katapult is a technology driven lease-to-own platform that integrates with omnichannel retailers and e-commerce platforms to power the purchasing of everyday durable goods for underserved U.S. non-prime consumers. Through our point-of-sale (POS) integrations and innovative mobile app featuring Katapult Pay(R), consumers who may be unable to access traditional financing can shop a growing network of merchant partners. Our process is simple, fast, and transparent. We believe that seeing the good in people is good for business, humanizing the way underserved consumers get the things they need with payment solutions based on fairness and dignity.

    Contact

    Jennifer Kull
    VP of Investor Relations
    ir@katapult.com

    Forward-Looking Statements

    Certain statements included in this Press Release and on our quarterly earnings call that are not historical facts are forward-looking statements for purposes of the safe harbor provisions under the United States Private Securities Litigation Reform Act of 1995. In some cases, forward-looking statements may be identified by words such as “anticipate,” “assume,” “believe,” “continue,” “could,” “design,” “estimate,” “expect,” “intend,” “may,” “plan,” “potentially,” “predict,” “should,” “will,” “would,” or the negative of these terms or other similar expressions. These forward-looking statements include, but are not limited to: in this Press Release and on our associated earnings call, statements regarding our second quarter of 2025 and full year 2025 business outlook and underlying expectations and assumptions and statements regarding our ability to obtain a comprehensive maturity extension amendment to our credit facility. These statements are based on various assumptions, whether or not identified in this Press Release, and on the current expectations of our management and are not predictions of actual performance.

    These forward-looking statements are provided for illustrative purposes only and are not intended to serve as, a guarantee, an assurance, a prediction or a definitive statement of fact or probability. Actual events and circumstances are difficult or impossible to predict and will differ from assumptions. Many actual events and circumstances are beyond our control. These forward-looking statements are subject to a number of risks and uncertainties, including, among others, our ability to refinance our indebtedness and continue as a going concern, the execution of our business strategy and expanding information and technology capabilities; our market opportunity and our ability to acquire new customers and retain existing customers; adoption and success of our mobile application featuring Katapult Pay; the timing and impact of our growth initiatives on our future financial performance; anticipated occurrence and timing of prime lending tightening and impact on our results of operations; general economic conditions in the markets where we operate, the cyclical nature of customer spending, and seasonal sales and spending patterns of customers; risks relating to factors affecting consumer spending that are not under our control, including, among others, levels of employment, disposable consumer income, inflation, prevailing interest rates, consumer debt and availability of credit, consumer confidence in future economic conditions, political conditions, and consumer perceptions of personal well-being and security and willingness and ability of customers to pay for the goods they lease through us when due; risks relating to uncertainty of our estimates of market opportunity and forecasts of market growth; risks related to the concentration of a significant portion of our transaction volume with a single merchant partner, or type of merchant or industry; the effects of competition on our future business; meet future liquidity requirements and complying with restrictive covenants related to our long-term indebtedness; the impact of unstable market and economic conditions such as rising inflation and interest rates; reliability of our platform and effectiveness of our risk model; data security breaches or other information technology incidents or disruptions, including cyber-attacks, and the protection of confidential, proprietary, personal and other information, including personal data of customers; ability to attract and retain employees, executive officers or directors; effectively respond to general economic and business conditions; obtain additional capital, including equity or debt financing and servicing our indebtedness; enhance future operating and financial results; anticipate rapid technological changes, including generative artificial intelligence and other new technologies; comply with laws and regulations applicable to our business, including laws and regulations related to rental purchase transactions; stay abreast of modified or new laws and regulations applying to our business, including with respect to rental purchase transactions and privacy regulations; maintain and grow relationships with merchants and partners; respond to uncertainties associated with product and service developments and market acceptance; the impacts of new U.S. federal income tax laws; material weaknesses in our internal control over financial reporting which, if not identified and remediated, could affect the reliability of our financial statements; successfully defend litigation; litigation, regulatory matters, complaints, adverse publicity and/or misconduct by employees, vendors and/or service providers; and other events or factors, including those resulting from civil unrest, war, foreign invasions (including the conflict involving Russia and Ukraine and the Israel-Hamas conflict), terrorism, public health crises and pandemics (such as COVID-19), trade wars, or responses to such events; our ability to meet the minimum requirements for continued listing on the Nasdaq Global Market; and those factors discussed in greater detail in the section entitled “Risk Factors” in our periodic reports filed with the Securities and Exchange Commission (“SEC”), including the Annual Report on Form 10-K for the year ended December 31, 2024 that we filed with the SEC.

    If any of these risks materialize or our assumptions prove incorrect, actual results could differ materially from the results implied by these forward-looking statements. There may be additional risks that we do not presently know or that we currently believe are immaterial that could also cause actual results to differ from those contained in the forward-looking statements. Undue reliance should not be placed on the forward-looking statements in this Press Release or on our quarterly earnings call. All forward-looking statements contained herein or expressed on our quarterly earnings call are based on information available to us as of the date hereof, and we do not assume any obligation to update these statements as a result of new information or future events, except as required by law. If we do update one or more forward-looking statements, no inference should be made that we will make additional updates with respect to those or other forward-looking statements.

    Key Performance Metrics

    Katapult regularly reviews several metrics, including the following key metrics, to evaluate its business, measure its performance, identify trends affecting our business, formulate financial projections and make strategic decisions, which may also be useful to an investor: gross originations, total revenue, gross profit, adjusted gross profit and adjusted EBITDA.

    Gross originations are defined as the retail price of the merchandise associated with lease-purchase agreements entered into during the period through the Katapult platform. Gross originations do not represent revenue earned. However, we believe this is a useful operating metric for both Katapult’s management and investors to use in assessing the volume of transactions that take place on Katapult’s platform.

    Total revenue represents the summation of rental revenue and other revenue. Katapult measures this metric to assess the total view of pay through performance of its customers. Management believes looking at these components is useful to an investor as it helps to understand the total payment performance of customers.

    Gross profit represents total revenue less cost of revenue, and is a measure presented in accordance with generally accepted accounting principles in the United States (“GAAP”). See the “Non-GAAP Financial Measures” section below for a description and presentation of adjusted gross profit and adjusted EBITDA, which are non-GAAP measures utilized by management.

    Non-GAAP Financial Measures

    To supplement the financial measures presented in this press release and related conference call or webcast in accordance with GAAP, the Company also presents the following non-GAAP and other measures of financial performance: adjusted gross profit, adjusted EBITDA, adjusted net income/(loss) and fixed cash operating expenses. The Company believes that for management and investors to more effectively compare core performance from period to period, the non-GAAP measures should exclude items that are not indicative of our results from ongoing business operations.The Company urges investors to consider non-GAAP measures only in conjunction with its GAAP financials and to review the reconciliation of the Company’s non-GAAP financial measures to its comparable GAAP financial measures, which are included in this press release.

    Adjusted gross profit represents gross profit less variable operating expenses, which are servicing costs, and underwriting fees. Management believes that adjusted gross profit provides a meaningful understanding of one aspect of its performance specifically attributable to total revenue and the variable costs associated with total revenue.

    Adjusted EBITDA is a non-GAAP measure that is defined as net loss before interest expense and other fees, interest income, change in fair value of warrants and loss on issuance of shares, provision for income taxes, depreciation and amortization on property and equipment and capitalized software, provision of impairment of leased assets, loss on partial extinguishment of debt, stock-based compensation expense, litigation settlement and other related expenses, and debt refinancing costs.

    Adjusted net income (loss) is a non-GAAP measure that is defined as net loss before change in fair value of warrants and loss on issuance of shares, stock-based compensation expense and litigation settlement and other related expenses and debt refinancing costs.

    Fixed cash operating expenses is a non-GAAP measure that is defined as operating expenses less depreciation and amortization on property and equipment and capitalized software, stock-based compensation expense, litigation settlement and other related expenses, debt refinancing costs, and variable lease costs such as servicing costs and underwriting fees. Management believes that fixed cash operating expenses provides a meaningful understanding of non-variable ongoing expenses.

    Adjusted gross profit, adjusted EBITDA and adjusted net loss are useful to an investor in evaluating the Company’s performance because these measures:

    • Are widely used to measure a company’s operating performance;
    • Are financial measurements that are used by rating agencies, lenders and other parties to evaluate the Company’s credit worthiness; and
    • Are used by the Company’s management for various purposes, including as measures of performance and as a basis for strategic planning and forecasting.

    Management believes that the use of non-GAAP financial measures, as a supplement to GAAP measures, is useful to investors in that they eliminate items that are not part of our core operations, highly variable or do not require a cash outlay, such as stock-based compensation expense. Management uses these non-GAAP financial measures when evaluating operating performance and for internal planning and forecasting purposes. Management believes that these non-GAAP financial measures help indicate underlying trends in the business, are important in comparing current results with prior period results and are useful to investors and financial analysts in assessing operating performance. However, these non-GAAP measures exclude items that are significant in understanding and assessing Katapult’s financial results. Therefore, these measures should not be considered in isolation or as alternatives to revenue, net loss, gross profit, cash flows from operations or other measures of profitability, liquidity or performance under GAAP. You should be aware that Katapult’s presentation of these measures may not be comparable to similarly titled measures used by other companies.

     
    KATAPULT HOLDINGS, INC. AND SUBSIDIARIES
    CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED)
    (amounts in thousands, except per share data)
      Three Months Ended March 31,
        2025       2024  
           
    Revenue      
    Rental revenue $ 71,078     $ 64,142  
    Other revenue   868       919  
    Total revenue   71,946       65,061  
    Cost of revenue   57,597       48,573  
    Gross profit   14,349       16,488  
    Operating expenses   14,885       12,688  
    Income (loss) from operations   (536 )     3,800  
    Interest expense and other fees   (5,144 )     (4,527 )
    Interest income   57       324  
    Change in fair value of warrant liability   (36 )     (162 )
    Loss before income taxes   (5,659 )     (565 )
    Provision for income taxes   (29 )     (5 )
    Net loss $ (5,688 )   $ (570 )
           
    Weighted average common shares outstanding – basic and diluted   4,618       4,242  
           
    Net loss per common share – basic and diluted $ (1.23 )   $ (0.13 )
     
    KATAPULT HOLDINGS, INC. AND SUBSIDIARIES
    CONDENSED CONSOLIDATED BALANCE SHEETS
    (dollars in thousands, except per share data)
      March 31,   December 31,
        2025       2024  
      (unaudited)    
    ASSETS      
    Current assets:      
    Cash and cash equivalents $ 5,965     $ 3,465  
    Restricted cash   8,346       13,087  
    Property held for lease, net of accumulated depreciation and impairment   66,913       67,085  
    Prepaid expenses and other current assets   4,445       6,731  
    Total current assets   85,669       90,368  
    Property and equipment, net   244       253  
    Capitalized software and intangible assets, net   2,155       2,076  
    Right-of-use assets, non-current   376       383  
    Security deposits   91       91  
    Total assets $ 88,535     $ 93,171  
    LIABILITIES AND STOCKHOLDERS’ DEFICIT      
    Current liabilities:      
    Accounts payable $ 3,040     $ 1,491  
    Accrued liabilities   18,945       17,372  
    Accrued litigation settlement   2,199       2,199  
    Unearned revenue   5,711       4,823  
    Revolving line of credit, net   77,663       82,582  
    Term loan, net, current   31,490       30,047  
    Lease liabilities   129       179  
    Total current liabilities   139,177       138,693  
    Lease liabilities, non-current   431       444  
    Other liabilities   614       828  
    Total liabilities   140,222       139,965  
    STOCKHOLDERS’ DEFICIT      
    Common stock, $.0001 par value– 250,000,000 shares authorized; 4,483,544 and 4,446,540 shares issued and outstanding at March 31, 2025 and December 31, 2024, respectively   —       —  
    Additional paid-in capital   102,452       101,657  
    Accumulated deficit   (154,139 )     (148,451 )
    Total stockholders’ deficit   (51,687 )     (46,794 )
    Total liabilities and stockholders’ deficit $ 88,535     $ 93,171  
     
    KATAPULT HOLDINGS, INC. AND SUBSIDIARIES
    CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)
    (dollars in thousands)
      Three Months Ended March 31,
        2025       2024  
    Cash flows from operating activities:      
    Net loss $ (5,688 )   $ (570 )
    Adjustments to reconcile net loss to net cash provided by operating activities:      
    Depreciation and amortization   39,392       34,026  
    Depreciation for early lease purchase options (buyouts)   9,664       7,613  
    Depreciation for impaired leases   6,632       5,636  
    Change in fair value of warrants and other non-cash items   36       162  
    Stock-based compensation   1,066       1,391  
    Amortization of debt discount   963       669  
    Amortization of debt issuance costs, net   88       66  
    Accrued PIK interest expense   480       347  
    Amortization of right-of-use assets   76       76  
    Changes in operating assets and liabilities:      
    Property held for lease   (55,185 )     (45,249 )
    Prepaid expenses and other current assets   2,217       1,029  
    Accounts payable   1,549       754  
    Accrued liabilities   1,573       (4,123 )
    Accrued litigation   (250 )     —  
    Lease liabilities   (63 )     (55 )
    Unearned revenues   888       208  
    Net cash provided by operating activities   3,438       1,980  
    Cash flows from investing activities:      
    Purchases of property and equipment   (24 )     —  
    Additions to capitalized software   (377 )     (126 )
    Net cash used in investing activities   (401 )     (126 )
    Cash flows from financing activities:      
    Proceeds from revolving line of credit   5,128       10,058  
    Principal repayments on revolving line of credit   (10,135 )     (2,840 )
    Repurchases of restricted stock   (271 )     (312 )
    Net cash (used in) provided by financing activities   (5,278 )     6,906  
    Net (decrease) increase in cash, cash equivalents and restricted cash   (2,241 )     8,760  
    Cash and cash equivalents and restricted cash at beginning of period   16,552       28,811  
    Cash and cash equivalents and restricted cash at end of period $ 14,311     $ 37,571  
    Supplemental disclosure of cash flow information:      
    Cash paid for interest $ 3,661     $ 3,382  
    Cash paid for income taxes $ —     $ 112  
    Cash paid for operating leases $ 111     $ 82  
     
    KATAPULT HOLDINGS, INC.
    RECONCILIATION OF NON-GAAP MEASURES AND CERTAIN OTHER DATA (UNAUDITED)
    (amounts in thousands)
      Three Months Ended March 31,
        2025       2024  
           
    Net loss $ (5,688 )   $ (570 )
    Add back:      
    Interest expense and other fees   5,144       4,527  
    Interest income   (57 )     (324 )
    Change in fair value of warrants   36       162  
    Provision for income taxes   29       5  
    Depreciation and amortization on property and equipment and capitalized software   330       266  
    Provision for impairment of leased assets   150       173  
    Stock-based compensation expense   1,066       1,391  
    Litigation settlement and other related expenses   259     $ —  
    Debt refinancing costs $ 971       —  
    Adjusted EBITDA $ 2,240     $ 5,630  
     
      Three Months Ended March 31,
        2025       2024  
           
    Net loss $ (5,688 )   $ (570 )
    Add back:      
    Change in fair value of warrants   36       162  
    Stock-based compensation expense   1,066       1,391  
    Litigation settlement and other related expenses   259       —  
    Debt refinancing costs   971       —  
    Adjusted net income (loss) $ (3,356 )   $ 983  
     
      Three Months Ended March 31,
        2025       2024  
           
    Operating expenses $ 14,885     $ 12,688  
    Less:      
    Depreciation and amortization on property and equipment and capitalized software   330       266  
    Stock-based compensation expense   1,066       1,391  
    Servicing costs   1,085       1,132  
    Underwriting fees   772       509  
    Litigation settlement and other related expenses   259       —  
    Debt refinancing costs   971     $ —  
    Fixed cash operating expenses $ 10,402     $ 9,390  
    (in thousands) Three Months Ended March 31,  
        2025       2024  
             
    Total revenue $ 71,946     $ 65,061  
    Cost of revenue   57,597       48,573  
    Gross profit   14,349       16,488  
    Less:        
    Servicing costs   1,085       1,132  
    Underwriting fees   772       509  
    Adjusted gross profit $ 12,492     $ 14,847  
     
    CERTAIN KEY PERFORMANCE METRICS
     
    (in thousands) Three Months Ended March 31,  
        2025       2024  
    Total revenue $ 71,946     $ 65,061  
     
    KATAPULT HOLDINGS, INC.
    GROSS ORIGINATIONS BY QUARTER
        Gross Originations by Quarter
    ($ millions)   Q1   Q2   Q3   Q4
    FY 2025   $ 64.2     $ —     $ —     $ —  
    FY 2024   $ 55.6     $ 55.3     $ 51.2     $ 64.2  
    FY 2023   $ 54.7     $ 54.7     $ 49.6     $ 67.5  
    FY 2022   $ 46.7     $ 46.4     $ 44.1     $ 59.8  
    FY 2021   $ 63.8     $ 64.4     $ 61.0     $ 58.9  

    The MIL Network –

  • MIL-OSI United Kingdom: Covid fraud investigations to be led by Insolvency Service

    Source: United Kingdom – Executive Government & Departments

    Press release

    Covid fraud investigations to be led by Insolvency Service

    Insolvency Service to take over NATIS’s ongoing covid fraud investigations

    DBT – COVID FRAUD INVESTIGATIONS TO BE LED BY INSOLVENCY SERVICE

    • Insolvency Service to take over NATIS’s ongoing covid fraud investigations
    • Decision comes after review of previous government contracts proved taxpayers’ money was not being spent efficiently
    • Government focussed on reducing waste in the public sector and recovering public money lost through pandemic-related fraud

    The Insolvency Service will take over NATIS’s viable investigation cases of Covid-19 financial support fraud in a bid to recoup taxpayers’ money lost to fraudsters.

    Following a review of National Investigation Service (NATIS) performance to ensure the state works for people – it showed that public money was not being spent effectively – which is why all ongoing viable cases will be transferred from the organisation to the Insolvency Service over the coming months.

    This is the latest move as part of the government’s Plan for Change to reduce waste in the public sector and reform institutions so they protect taxpayers money, and make the public sector more efficient and effective.

    The decision to appoint NATIS – an agency based in Thurrock Council – was taken under the previous government and has cost the taxpayer approximately £38.5 million. Despite this, NATIS has only secured 14 convictions with the overall amount recovered by NATIS remaining unclear.

    Within months of coming to power, this Government kicked off a review into their performance, to ensure public money is spent properly and not wasted. This investigation has revealed problems with NATIS governance and how recoveries are reported. As a result the government has asked The Government Internal Audit Agency (GIAA) to conduct an additional audit of NATIS to determine and report accurate recovery figures.

    Following this review, the department has taken decisive action to transfer cases to the Insolvency Service – who have a proven track record of effectively tackling fraud – giving taxpayers’ money the best possible value.

    Whilst over £46bn has been issued by lenders to support businesses, there have been over 100,000 cases of loss to fraud and error. This measure will ensure the continuation of ongoing investigations and expedite the recovery of millions estimated to be lost due to covid-era fraud.

    Business and Trade Minister Gareth Thomas said:

    Since coming to office, we have been clear that this government will protect taxpayers’ cash and remove unnecessary waste and inefficiency within the public sector.

    Today’s decision to transfer cases to the Insolvency Service will ensure lost funds from covid-era fraud are recovered more quickly and effectively, so they can be reinvested back into the economy and our public services, as part of our Plan for Change.

    The Insolvency Service will be taking responsibility for NATIS casework, helping to conclude investigations to continue the important work to claw back money for the public. 

    The Insolvency Service has a proven track record tackling fraud and misconduct connected to covid support schemes since 2020 using its powers to investigate trading companies, prosecute criminal offences, disqualify directors and impose bankruptcy restrictions. 

    By the end of March 2025, they had secured more than 2,000 director disqualifications as well as 62 criminal convictions, helping to secure more than £6 million in compensation related to COVID-19 financial support scheme abuse.

    Updates to this page

    Published 15 May 2025

    MIL OSI United Kingdom –

  • MIL-OSI United Kingdom: Insolvency Service to take on the work of the National Investigation Service

    Source: United Kingdom – Executive Government & Departments

    Press release

    Insolvency Service to take on the work of the National Investigation Service

    Move will see transfer of casework relating to COVID-19 loan fraud

    Today the Department for Business and Trade has announced its intention to conclude its contract with the National Investigation Service (NATIS) and transfer existing casework, relating to COVID-19 Bounce Back Loan fraud, to the Insolvency Service.

    In response, Alec Pybus, Interim Chief Executive of the Insolvency Service said:  

    We welcome this decision by the Department of Business and Trade.  

    The Insolvency Service is well placed to take on these investigations as part of our ongoing and successful work tackling fraudulent use of COVID-19 loans. 

    We are working with our colleagues at the Department of Business and Trade and at Thurrock Council to deliver a smooth and swift transition of ongoing cases, and any potential transfer of staff.

    To date, the Insolvency Service has obtained disqualifications against 2,167 directors, bankruptcy restrictions against 343 individuals and successfully prosecuted 54 individuals in respect of COVID-19 financial support scheme misconduct.  

    The Agency has also helped to secure more than £6 million in compensation related to COVID-19 financial support scheme abuse. 

    The Agency already has plans to deliver further enforcement outcomes and financial recoveries in 2025/26, and will now work at pace to take on viable casework from NATIS in support of the UK Government’s drive to hold to account those who fraudulently claimed support during the pandemic.

    Further information

    Updates to this page

    Published 15 May 2025

    MIL OSI United Kingdom –

  • MIL-OSI Global: ‘I will not eat the bugs’: examining a right-wing narrative about scarcity and insect consumption

    Source: The Conversation – France – By D. D. Moore, Visiting Fellow, Max Weber Programme for Postdoctoral Studies, European University Institute

    Noor Bin Ladin, a right-wing influencer, stridently declares “I don’t want to eat the bugs” on a talk show hosted by a former adviser to US President Donald Trump. Laurent Duplomb, a senator from the conservative Les Républicains party in France, informs his colleagues that the French would be eating “insects without their knowledge”. Bartosz Kownacki, an MP from the nationalist Law and Justice party in Poland, suggests that opposition politicians write “instead of chicken, eat a worm” on their election materials, arguing that “this is their real election programme”. Thierry Baudet, a leader of the far-right Forum for Democracy party in the Netherlands, shouts “No way! No way!” while holding up a bag of mealworms in front of protesting farmers. Politicians in Lega, a far-right party in Italy, warn that the European Union is planning to “impose” the eating of insects on citizens in the bloc – and a Lega electoral campaign includes a billboard-sized image of a person popping an enormous cricket into their mouth, next to the caption, “Let’s change Europe before it changes us.”


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    During the 2020s, commentators and politicians across the right-wing political spectrum have amplified an Internet-based conspiracy theory that elite forces are conspiring to make us all eat insects. Often rallying under the slogan “I will not eat the bugs,” right-wing and far-right figures have come out in force against human consumption of insects. Many of these people assert that the EU is planning to force bug-eating on the general public while devastating traditional agriculture and meat consumption under the guise of the European Green Deal, the bloc’s plan to eliminate greenhouse gases by 2050 and decouple economic growth from resource use. Opposing insect-eating has become a symbolic way to protest EU environmental policies, express scepticism of and hostility toward Brussels, and villainize political opponents. Closer inspection reveals that the conspiracy theory underlying such opposition has much older and more sinister resonances.

    “Spreading disinformation”

    Insect eating (entomophagy) remains a minor practice in Europe and North America, although alternative protein sources do play a role in the EU’s move toward a sustainable future. So far, the European Commission has approved frozen, dried and powdered forms of Tenebrio molitor (yellow mealworm larva), Locusta migratoria (migratory locust), Acheta domesticus (house cricket) and Alphitobius diaperinus (the lesser mealworm larva) for human consumption. But the market for insect powder in foods like bread, pasta and sports bars remains small. Although insects are common food in many parts of the world, consumers in the West, where insects are more commonly used to provide protein in animal feed, are reluctant to eat bugs for historical reasons based in ideas of uncleanliness and primitiveness. So, based on the facts, there seems to be little to no reason for statements such as those made by Rumen Petkov of Bulgaria’s ABV party, who said that EU approval of insect consumption is a “crime against Europe” and that the European Commission is “prepared to kill our European children”.

    What led to the rapid spread of this conspiracy theory? Noor Bin Ladin’s remarks give us a clue. During her talk show appearance, Bin Ladin described her words as a message for Klaus Schwab to take to his “masters”. Schwab is the founder and executive chair of the World Economic Forum. Early in the Covid pandemic, Schwab and the WEF produced a set of proposals titled “the Great Reset”, which called for an overhaul of various world systems to produce a stakeholder-driven capitalism that would lead to a more socially and environmentally responsible future. Conspiracists seized on and branded “the Great Reset” as a new iteration of a conspiracy theory known as the New World Order – an imagined global governance system meant to control the lives of everyone. Both the Great Reset and the New World Order lead back to much older and broader antisemitic conspiracy theories that hold that elite Jewish financiers run the world with their hands on invisible levers of power. All these narratives tap into feelings of futility and hopelessness about the future.

    US right-wing media personality Tucker Carlson called a 2023 episode of his show, which included a heavy focus on Schwab and the WEF, “Let Them Eat Bugs”, a title that gestures at the remark allegedly made by Marie Antoinette, the last queen of France, when she heard about people suffering from a lack of bread before the French Revolution: “Let them eat cake”. With this title, Carlson is aiming to emphasize that the elite are hopelessly out of touch and have contempt for farmers and the average man, whom they want to force to eat bugs. Like the French bedbug scare in late 2023, right-wing alarm around insect-eating has connections to the spread of anti-EU Russian propaganda. Russian news outlets have suggested that Europeans are so poor and food deprived as a result of sanctions connected to the war in Ukraine that they have been reduced to eating insects. As the European Digital Media Observatory (EDMO) writes, insects are “delicious treats for actors with interest in spreading disinformation against the EU”.

    Symbols for dehumanization

    The desire to stir up fear about the minor level of European and US insect consumption is not based on the risk of rapid growth in the insect market, but on the power to arouse disgust and fear itself. Insects have long been used as symbols to stir revulsion and paint opponents as objects of physical and moral disgust. During times of political extremism, insects have featured repeatedly in efforts to distance, devalue and dehumanize minorities. Armenians were called locusts during the Armenian genocide, and Jews were compared to lice in Nazi Germany. In the period prior to the ethnic genocide of Tutsis in Rwanda, some Hutus repeatedly called Tutsis “cockroaches” on public radio. The right wing’s current fetishization of insect-eating serves as a narrative to cast political opponents as morally repulsive, even if not labelling them as bugs themselves.

    For some figures on the right, insect consumption symbolizes the worst of Eurocentric liberalism – seen as a movement so void of a positive political vision that the only possible future it offers is one of impoverishment and bug-eating. They point to an elite who they claim will go on feasting on meat while forcing mealworms and fly larvae on the rest of us. It’s a potent image. At a moment in which people on the right and the left seem unable to imagine a better political future together, it becomes easier to demonize climate policy-minded leaders as a group of disgusting hypocrites plotting to create a society of contrived scarcity where the general population is reduced to eating bugs.

    Meanwhile, since 2015, scientists have been releasing papers warning that the global food system shows risks of genuine structural problems. In a future of environmental disruption, trade wars and real risks of food shortages and famine, we may need all the calories we can get – insect-based or otherwise.



    À lire aussi :
    ‘A healthy earth may be ugly’: How literary art can help us value insect conservation

    Out of curiosity, I bought a bag of cricket flour last fall. The crickets resulted in a delicious, nutty-flavoured cecina, well… crickcina. So far, none of my friends will try it. They’re missing out.

    D. D. Moore ne travaille pas, ne conseille pas, ne possède pas de parts, ne reçoit pas de fonds d’une organisation qui pourrait tirer profit de cet article, et n’a déclaré aucune autre affiliation que son organisme de recherche.

    – ref. ‘I will not eat the bugs’: examining a right-wing narrative about scarcity and insect consumption – https://theconversation.com/i-will-not-eat-the-bugs-examining-a-right-wing-narrative-about-scarcity-and-insect-consumption-254112

    MIL OSI – Global Reports –

  • MIL-Evening Report: The new leader of the Greens sits in the Senate. Why is that so unusual in Australian politics?

    Source: The Conversation (Au and NZ) – By Anne Twomey, Professor Emerita in Constitutional Law, University of Sydney

    The 2025 federal election resulted in some unexpected outcomes, including the loss by the Greens Leader, Adam Bandt, of his seat in the House of Representatives. The new Greens leader is Senator Larissa Waters.

    Does it matter that a party leader sits in the Senate, and why do the leaders of major parties almost always come from the lower House?

    The answer is that by convention, rather than an express constitutional requirement, the prime minister sits in the lower house of parliament. Parties with aspirations to form government therefore choose leaders from among their members in the lower house.

    Prime ministers in the House of Lords

    Historically, in the United Kingdom, prime ministers could sit in either house. In the 19th century, most prime ministers sat in the House of Lords, and two started in the House of Commons and ended their prime ministership in the Lords.

    But in the 20th century, the convention developed of the prime minister holding a seat in the House of Commons.

    This was for three reasons. First, as a matter of practicality, the House of Commons is where the main work of government occurs, and the prime minister’s involvement is needed.

    Second, according to convention, the monarch appoints as prime minister the person who commands the confidence of the lower house, which is hard to do from outside it.

    Third, the House of Lords is not elected, and therefore does not have a democratic mandate. It ceased to be acceptable in the United Kingdom for an unelected person to govern as prime minister.

    When the Conservative prime minister, Harold Macmillan, resigned suddenly for health reasons in 1963, Lord Home was appointed as Conservative Party leader and prime minister. He renounced his earldom and then ran successfully in a byelection for a seat in the House of Commons.

    A prime minister in the Senate?

    In Australia, the position is different because the Senate is elected by the people. A senator can therefore be regarded as having a democratic mandate, although he or she represents a state, rather than being elected by a particular electorate.

    Section 64 of the Commonwealth Constitution requires ministers to be either a member of the House of Representatives or the Senate, with a three month leeway period to become elected. But it does not require that the prime minister sit in the House of Representatives. It is instead a matter of custom, practicality and convention.

    When the prime minister, Harold Holt, went missing while swimming in the ocean in December 1967, the Liberal Party chose Senator John Gorton as its new leader.

    Gorton was appointed prime minister on January 10 1968, despite being a Senator, but resigned from the Senate on February 1 1968 and was elected to fill the vacancy in Holt’s lower House seat on February 24.

    Gorton was therefore prime minister while being a Senator for three weeks, and prime minister without a seat in parliament at all for just over three weeks. It was generally accepted that as prime minister, he should sit in the lower house.

    Premiers in state upper houses

    At the state level, premiers have sometimes sat in the upper house, at least for a short period.

    One notable example is that of Hal Colebatch in Western Australia. In 1919, Colebatch, who was a member of the Western Australian Legislative Council, was acting premier, while the premier, Henry Lefroy, was at a conference in Melbourne. There was an outbreak of Spanish flu in the eastern states. In scenes reminiscent of the COVID pandemic, Colebatch gained immense popularity by slamming shut the state border. His own premier was even prevented from returning home.

    Lefroy eventually resigned as premier, and Colebatch replaced him, despite sitting in the Legislative Council. But Colebatch did not last long in the job. He tried, but failed, to find a lower house seat to move to. In addition, his health was failing, as was his popularity after rioting during a wharf strike led to the death of a worker. So Colebatch resigned as premier, having spent his entire premiership as a member of the Legislative Council.

    In New South Wales, when the Labor premier, Neville Wran, surprised his colleagues by resigning in May 1986, the party elected Barrie Unsworth as its leader.

    Unsworth was a member of the Legislative Council. He was nonetheless appointed as premier. A Labor backbencher in the Legislative Assembly resigned to allow Unsworth to contest his safe Labor seat. Despite a large swing against him, Unsworth narrowly won the seat by 54 votes and continued as premier until 1988.

    Leaders of major and minor parties

    The main problem with a prime minister or premier sitting in the upper house is that the government is formed from the lower house, and the prime minister or Premier must be the person who holds its confidence. This is difficult when there is no direct accountability to the lower house, as it cannot question a prime minister or premier who sits in the other house.

    For this reason, parties that could potentially win government will ordinarily choose a leader from among their members in the lower House, and politicians with leadership ambition will often seek to transfer from the upper to the lower house to enhance their chances to lead.

    Due to the Senate’s proportional voting system, minor parties are more likely to have greater numbers in the Senate than the House of Representatives. It is therefore logical that their leadership should come from the Senate, especially when they are unlikely to have the numbers in the lower House to form a government. But for major parties, their leader is ordinarily chosen from among the members of the House of Representatives, in case government beckons.

    Anne Twomey has received funding from the ARC and sometimes does consultancy work for Parliaments, governments and inter-governmental bodies.

    – ref. The new leader of the Greens sits in the Senate. Why is that so unusual in Australian politics? – https://theconversation.com/the-new-leader-of-the-greens-sits-in-the-senate-why-is-that-so-unusual-in-australian-politics-256578

    MIL OSI Analysis – EveningReport.nz –

  • MIL-Evening Report: As the Latrobe Valley moves away from coal jobs, could a green worker’s cooperative offer a solution?

    Source: The Conversation (Au and NZ) – By Gregory Patmore, Emeritus Professor of Business and Labour History, University of Sydney

    Workers at Earthworker Energy Manufacturing Co-op

    Worker cooperatives may sound like something out of the 19th century, but they still exist in the age of global capitalism.

    In Spain, for instance, the Mondragon Corporation is a huge worker-run cooperative based around 95 collectives – the largest cooperative in the world.

    Worker cooperatives produce products or services. But they are run very differently. Workers can become members of the cooperative they work for by buying a share of the business. This gives them a vote in how the business is run and a share of net income, after costs have come out.

    Co-ops do not have external shareholders – the profits stay with workers. Rather than bosses deciding and workers carrying out the tasks, worker cooperatives are based on democratic principles. Big decisions are discussed and then voted on, and each member gets one vote. They offer a direct way for workers to control their production and shape the economy.

    In Australia, these models peaked in the 1980s. Most are gone, though a few older cooperatives are still running, such as Tasmanian recycling cooperative Resource Work Collective, founded in 1993.

    In recent years, there’s been renewed interest in the model. The Earthworker cooperative network focused on Victoria’s Latrobe Valley. The goal: find new types of employment and products in a coal area undergoing transition.

    Coal plants in the Latrobe Valley provided jobs for generations of workers. Their closure poses real challenges. Pictured: worker hardhats left on the fence at Hazelwood Power Station after it closed in 2017.
    Dorothy Chiron/Shutterstock

    How well does the model work?

    Mondragon is the most well-known example. Founded in 1956 in the Basque region of northern Spain, Mondragon grew and became self-sustaining. It has developed supporting institutions such as research and development companies and even a university. It also established a credit union, which attracted capital and provided loans to cooperatives.

    While Mondragon is a successful example, these organisations face a number of barriers to their survival.

    Critics have argued worker cooperatives tend to fail as workers do not understand the market for their products, but Mondragon undercuts this criticism.

    Worker cooperatives can have difficulties raising capital. Some banks can be reluctant to invest as they may lack familiarity or sympathy with the model.

    Instead, workers may put some or all of their savings into the organisation to get it started. Taking these kinds of risks means some workers may be focused on getting immediate rewards, rather than investing surplus funds or building up cash reserves.

    Workers can sometimes choose to transform a successful cooperative into a capitalist enterprise to achieve greater capital gains.

    Surprisingly, trade unions are generally hostile and suspicious of worker cooperatives. Union organisers may fear worker-owners could see little need for trade unions in representing their interests, or that cooperatives could undercut union wages and conditions to remain competitive.

    To date, worker cooperatives have had a limited impact in Australia, despite the relatively strong historical position of workers.

    Compared to member cooperatives and other types, worker’s cooperatives tend to be short lived in Australia. That’s because most were formed by workers after an industrial dispute or to maintain employment during economic downturns.

    In 1987, for instance, workers retrenched by a major communications company decided to form a co-op which became the Electronic Service Centre in Fairfield, New South Wales. A later example is Abrasiflex, a NSW company bought by workers facing retrenchment in 1993. Both cooperatives failed by the early 2000s.

    Their popularity peaked in the 1980s, when the model was promoted by state Labor governments. Policymakers saw them as a short term means to resolve unemployment, rather than a long term means to secure economic democracy.

    The model lost traction in the early 1990s due to an economic downturn, capital shortfalls and changing political circumstances.

    New energy

    The idea for Earthworker came from discussions between unionists and environmentalists over job creation and the environment. Earthworker founders were influenced by the Green Bans.

    As the project’s website states:

    Conflict can occur between environmentalists who want to shut down certain industries, and unionists who want to protect jobs […] we should work together for a “just transition” and create jobs that aren’t just better for the earth, but for workers too.

    In this respect, Earthworker has much in common with the Cleveland Model in the United States, which links green business, local economic development and fair labour practices.

    Earthworker only formally became a cooperative in 2011, though discussions date back to the late 1990s. In 2016, the network bought a hot water tank manufacturer in Morwell and began making their own tanks and solar hot water systems as the Earthworker Energy Manufacturing Co-operative. The cooperative is aimed at helping the Latrobe Valley’s transition away from coal power jobs.

    Morwell and other Latrobe Valley towns are losing coal jobs. But new industries and business models are emerging.
    AustralianCamera/Shutterstock

    Earthworker promotes the payment of trade union wage rates and conditions. The goal is to build a network of cooperatives supporting each other to build economies of scale.

    Their other cooperatives include Earthworker Construction (residential construction, landscaping and maintenance) and Earthworker Smart Energy (improving thermal efficiency and comfort in homes). These cooperatives are generally small, with 10 members or fewer.

    Another cooperative, Redgum Cleaning, closed down in 2023. It was not viable due to staff shortages, increased costs and work cancellations during the pandemic. Paying union rates in a competitive industry also assisted its demise.

    By contrast, the Earthworker Energy Manufacturing Co-operative has found a way to survive in a competitive market.

    Niche or mainstream?

    Australian worker cooperatives ensure manufacturing and services remain locally owned and controlled. Could they expand? It’s possible.

    Capital remains a major issue for Australian worker cooperatives such as Earthworker. Without capital, it’s hard to scale. Government efforts to expand domestic manufacturing often overlook this model.

    The Earthworker network points to one future for Australian worker cooperatives. Despite the failures of the past, Earthworker’s focus on building a network of sustainable businesses rather than a single cooperative is a promising path.

    Gregory Patmore has received funding from the Australian Research Council and the Business Council of Co-operatives and Mutuals.

    – ref. As the Latrobe Valley moves away from coal jobs, could a green worker’s cooperative offer a solution? – https://theconversation.com/as-the-latrobe-valley-moves-away-from-coal-jobs-could-a-green-workers-cooperative-offer-a-solution-245850

    MIL OSI Analysis – EveningReport.nz –

  • MIL-OSI Canada: Release of the Financial Stability Report

    Source: Bank of Canada

    Good morning. Senior Deputy Governor Carolyn Rogers and I are pleased to be here to discuss the Bank of Canada’s Financial Stability Report (FSR).

    Each year, the Bank assesses the stability of Canada’s financial system and highlights risks that could threaten that stability. While some risks have diminished, the current trade environment has pushed risks higher overall.

    But let us look back for a minute before we look ahead.

    The country’s financial system has faced unprecedented shocks in recent years, and it has proven resilient. Households, businesses, banks and other financial institutions weathered the upheaval of the pandemic and the sharp rise in inflation and interest rates that followed. It was a difficult period for many Canadians, and pockets of stress remain. But proactive steps taken by households and businesses, together with substantially lower interest rates, put the system on a more resilient footing heading into 2025.

    Now, the Canadian economy and financial system face a new threat. US trade policy has taken a dramatic protectionist shift. Tariffs and uncertainty have sharply reduced prospects for global economic growth. And financial markets have been rocked by chaotic policy announcements and reversals.

    A long-lasting trade war poses the greatest threat to the Canadian economy. It also increases risks to financial stability.

    There are two key concerns.

    In the near term, the unpredictability of US trade policy could cause further market volatility and strains on liquidity. In an extreme case, market volatility could turn into market dysfunction.

    In the medium term, a prolonged global trade war would have severe economic consequences. It would reduce growth and increase unemployment. This could, in turn, have important ramifications for our financial system. With debt still at high levels, some households and businesses may be unable to keep up with payments. If loan losses occur on a large enough scale, banks could cut back on lending in response. This would exacerbate the economic downturn and put more pressure on businesses and households.

    What we are evaluating in this report are the indications of stress in the overall financial system. There are many uncertainties—we still do not know what tariffs will remain, whether they’ll be reduced or escalated, or how long all of this will last. That makes it particularly difficult to anticipate the risks to the financial system.

    In our April Monetary Policy Report, we presented two illustrative scenarios to show how a trade war could affect the economy. In the FSR, we’ve focused on the more severe of those scenarios to explore how the trade war could affect different parts of the financial system. To be clear, our analysis is not a projection. It is an assessment of vulnerabilities—pockets of existing or potential stress and how they could spread across the financial system.

    Let me turn to the Senior Deputy Governor to outline how these vulnerabilities affect the four key sectors of the financial system: households, businesses, banks and institutions known as non-bank financial intermediaries—a broad category including finance companies, pension funds, insurance companies and fund managers.

    I’ll start with households. Total debt relative to disposable income is lower than it was a year ago, but still high by historical standards. Despite lower interest rates, signs of financial stress have risen over the past 12 months, particularly among households without a mortgage. For example, the share of these households that are behind on credit card or auto loan payments has continued to go up.

    Among households with a mortgage, 60% are facing renewal this year or in 2026. Most of those renewing will see their payments rise because they took out their mortgage during the pandemic when rates were very low. But the average increase will be smaller than what we expected a year ago.

    Still, if a large economic shock causes job losses, it will be harder for some households to keep up with their debt payments.

    A prolonged trade war may be that shock. It would cause demand for Canadian exports to fall and disrupt supply chains, threatening jobs and incomes. Workers in trade-dependent industries could find it particularly difficult to continue managing their debt.

    A prolonged trade war would matter for businesses too. Most Canadian businesses have managed to adjust to past interest rate increases, and the surge in small business insolvencies last year proved to be temporary. But businesses in trade-related sectors—especially those with high debt, low profitability or low cash reserves—could also fall behind on debt payments.

    A strength of our financial system is that Canadian banks are well positioned to absorb higher credit losses. Banks have increased their capital buffers in recent years and, more recently, they’ve increased provisions for credit losses, bolstering their resilience. Liquidity levels remain high, and bank access to funding remains strong. But if credit losses occur on a large enough scale, banks could cut back on lending in response. Struggling households and businesses would have less access to credit to get through tough times. This cycle could exacerbate the economic downturn.

    In the non-bank financial sector, the growing presence of hedge funds in the market for Government of Canada bonds raises some concern. Government bond markets are the foundation of the financial system. They need to function smoothly for other markets to work. The increased activity by hedge funds has helped absorb increased issuance of government debt, keeping yields lower and liquidity higher. But hedge funds have also taken on increasingly large amounts of leverage to fund their purchases of government bonds. This makes them more likely to pull back from these crucial markets in periods of stress, introducing added volatility.

    The recent gyrations in the US Treasury market clearly illustrated this risk. If the trade war causes a larger spike in volatility than we have seen so far, leveraged hedge funds might rush to sell their holdings. That could strain liquidity across core markets, increasing stress throughout the financial system. Moreover, growing connections between banks and non-bank financial institutions could make it easier for stress to spread. Against a backdrop of increased market volatility, and given their importance in government bond markets, hedge funds need to make sure that they are prepared to respond to sudden liquidity needs without disrupting market functioning.

    It’s time to wrap up.

    The Canadian financial system is resilient. Despite high indebtedness and the economic turbulence of the pandemic, households, businesses and banks weathered a rapid rise in interest rates. That was a big test, and the financial system proved to be a source of stability.

    But we must all remain vigilant. Vulnerabilities remain and there is another test on the horizon.

    By identifying vulnerabilities, we can help the financial system prepare for future stress. We are watching developments closely and remain in regular contact with financial system participants and with other authorities in Canada and globally. A stable and resilient financial system absorbs shocks rather than amplifying them, and this benefits every Canadian.

    With that, the Governor and I would be pleased to take your questions.

    MIL OSI Canada News –

  • MIL-OSI New Zealand: Property Market – Nine in ten NZ property resellers make a profit despite market softness

    Source: Cotality (formerly CoreLogic)

    New Zealand’s residential property market remained broadly steady in the March quarter, with the average seller pocketing $280,000, according to Cotality’s latest Pain and Gain Report.

    The share of resales made at a gross profit in Q1 2025 was 90.8%, easing only slightly from 91.1% in the previous quarter. While still below the post-pandemic high when 99% of resales delivered a profit, the data suggests the market has stabilised.

    “The figures for the March quarter tell a story of resilience,” said Kelvin Davidson, Chief Property Economist for Cotality NZ (formerly CoreLogic).
    “Despite house prices still sitting about 16% below their early 2022 peak, most property owners are continuing to sell for a profit – especially those with longer ownership periods.”
    The median gross profit on resales was $280,000 in Q1, down from $298,000 in Q4 2024 and the Q4 2021 record of $440,000, but still well above levels seen prior to the pandemic. In contrast, the median resale loss decreased slightly to $50,000, continuing a three-year trend of relative stability in the $50,000–$60,000 range.
    “Longer hold periods remain key,” Mr Davidson said.
    “A typical property resold for a profit in the first quarter of 2025 had been owned for 9.1 years. That’s unchanged from the prior quarter and underscores how time in the market generally shields owners from volatility.”

    Investors show no signs of rushing for the exits

    Despite commentary that investor-owned properties may be under pressure, the report found no evidence of widespread distress selling.
    Mr Davidson noted that, “Lower mortgage rates are helping support investor cashflows. We’re not seeing any sign of fire-sale exits.”
    Across owner-occupiers and investors alike, those who had held properties for shorter periods – especially 2 to 3 years – were more likely to record losses. 
    The median hold period for loss-making resales was 3.3 years in Q1, up from 3.0 years in the December quarter and a sharp rise from just 1.2 years in mid-2022.

    Apartments under pressure, but no panic

    The likelihood of a resale loss continues to vary by property type.
    In Q1 2025, just 8.4% of houses resold at a loss, compared to 32.8% of apartments. While that is an increase for apartments from 28.6% in Q4 2024, the data does not indicate a rush to offload.
    “There’s no evidence that apartment owners are abandoning the market en masse,” Mr Davidson said.
    “Loss-making sales of apartments might tend to reflect unexpected personal changes such as family issues, rather than widespread market retreat.”
    The median loss on apartment resales was $63,000 in Q1, compared to $49,000 for houses. Meanwhile, the median resale profit was $128,000 for apartments and $280,000 for houses – broadly in line with historical trends reflecting the lower entry price of apartments.

    Looking ahead: slow and steady gains

    While the abundance of property listings and a soft labour market are likely to weigh on prices in the near term, Cotality expects that lower interest rates will lend gradual support.
    “We’re not anticipating a sharp rebound,” Mr Davidson said. “But conditions are in place for a slow and steady uplift in values, which should continue to support profitability for resellers over the remainder of 2025.”

    MIL OSI New Zealand News –

  • MIL-OSI Russia: Managing Director Remarks’ at the IMF Conference on Public Debt Transparency—Aligning the Law with Good Practices

    Source: IMF – News in Russian

    Kristalina Georgieva, Managing Director, IMF

    May 14, 2025

    Good morning and a very warm welcome to everybody, those who are in the room and those who join us online.

    It is my great pleasure to join you because the topic that you will be discussing truly affects countries, businesses, communities, in a way that slows down progress and makes it harder for countries that are still falling behind to catch up.

    We all know the data. Global public debt is expected to approach 100 percent of global GDP by the end of the decade. In other words, we would owe as much as we generate in one year. And this is worse than what we had during the pandemic.

    You all know that governments are wrestling with tight budgets. And now with trade policy uncertainty, the fiscal trade-offs are going to be even more complicated. This is a problem everywhere in countries rich and poor, but it is particularly painful for emerging markets and developing economies, where the mounting cost of servicing debts is squeezing their ability to make investments and to respond to shocks.

    It is against this backdrop that at the Fund we have been doing extensive work on issues of global debt architecture and sovereign debt restructurings. These efforts have intensified since the pandemic, and you are all aware we came up with the Common Framework, and then we realized we needed to have an inclusive space for debtors and creditors, both public and private, so we created the Global Sovereign Debt Roundtable. I see people who are members, and I want to appreciate all those who are engaged in it.

    We are also actively working with authorities in Paris Club and non-Paris Club countries to bring everybody to the table for debt restructuring. Our engagement seeks to improve coordination, ensure that countries play by global rules, and very important, that there is comparability of treatment across creditors during debt restructuring.

    Five years ago, much less was known about the magnitude and nature of lending from non-Paris club creditors, or how to encourage their involvement in debt restructuring. Since then, we need to recognize that significant progress has been made in helping improve transparency in lending practices and encouraging fair burden sharing across creditors, including the non-Paris Club countries.

    Overtime, the G20 Common Framework has become more efficient and work in this regard continues. We are not done. We also see that the Global Sovereign Debt Roundtable plays a significant role as evidenced by the recent publication of the Sovereign Debt Restructuring Playbook. You play by the book, you get things done fast. It spells out steps to speed up the restructuring process, and it defines countries’ accountability for their actions. Importantly, this also includes compiling data to give a clear picture of domestic and external debt and the creditors who hold this debt.

    So why is debt transparency so important? For the reasons we were describing – Yan in her introduction, then we saw the little movie and now me.

    We have high level of debt and on top of it, countries are increasingly using complex forms of financing that are often opaque. New debt instruments have emerged such as guaranteed, securitized and collateralized debt contracts linked to. public-private partnerships, state-owned enterprises and pension funds. And because of the novelty and complexity of these instruments, our experience is that too much debt remains hidden from the eyes of policymakers and from the public. And too often it comes to light only when it is late, through the debt restructuring process.

    Hidden debt inflicts real costs. It saps investor confidence. It increases borrowing costs. And it puts debt sustainability at risk, which can lead to a debt crisis.

    Simply put, you cannot manage what you cannot see. And this is why we need light to cut through the fog surrounding the mountain of debt. We need the right laws and requirements in both borrower and creditor countries to defer the decision-making to competent bodies so they can do what is right for debt reporting and debt management. And that is the topic of today’s conference, this is what you will be doing here.

    Let me say a little bit about our work at the Fund.

    As we heard from Yan, we have identified debt transparency as a public good, and we have done a lot of work already.

    Even if it is not labeled as debt transparency at the heart of it, when we support debt management in countries, this is what we do. Let me give you three examples.

    First, back in 2023, we published a paper on ‘Making Public Debt Public.’ It looked at factors that underlie the lack of disclosure and the IMF’s role in reforms. We found that debt disclosure in boring low-income countries and emerging market economies falls way short due in large part to the increasing share of non-marketable and SOE debt. And in keeping with the theme of today’s conference, gaps in borrowing countries’ domestic, legal, institutional, and operational frameworks hinder transparency. We ought to close those gaps.

    Second, our debt limit policies now require more detailed transparency on debt information. Including for the first time, we require the publication of the holders of a country’s public debt.

    Third, in our Article IV consultations, we introduced a more structured and transparent assessment of data adequacy on debt, where broader and more granular debt data will be required. And this assessment will inform not just us, it would inform countries, and it would inform those interested to invest in countries.

    We have scaled up our training on debt transparency. We have delivered over 200 capacity development projects just on debt management in the last two years.

    How many of you have been following our spring meetings this year? So, for those who were here and for those who weren’t, a very important message that came out of this meeting was, countries need to put their own house in order. It was a line I used in my curtain raiser speech. And then I was so delighted to hear it played back to me by country delegations. They would say, it is tough, we have to get our own house in order and getting your own house in order absolutely requires transparency.

    Good law drives good practices, and it drives good arrangements. There are many questions countries need to answer. They need to answer ‘who has the authority to borrow on behalf of the country,’ ‘who can sign a valid contract,’ ‘can the state’s resources be used as collateral?’ We look at the law for answers to these questions and I can tell you, they seem obvious and yet there are so many countries in which they still need to be answered.

    Our Legal Department reviews debt-related legislation, as we heard from the movie, from the little clip. They did the review for 85 countries and we found several areas for improvement in legal frameworks. Less than half of the country surveyed require debt management and fiscal reporting. It’s a big gap we have to close. In many cases, the legal definition of public debt is too narrow. It excludes SOEs or it excludes types of borrowing and as a result some forms of that fall outside the sovereign’s awareness. When we are in a situation like this, we do have to (a) recognize what the gaps are, (b) work together to close these gaps, and I can tell you at the Fund we are at the disposal of our members to do exactly that.

    We have in this conference policymakers from 72 countries. We have representatives of civil society organizations, from private sector and academia. And I am very uplifted because I think together we can make a difference. And from our side, we intend to work hard to be part of making that difference.

    First, our upcoming review of debt sustainability analysis for low-income countries will consider how we can better support debt transparency. It complements the completion of a similar review of that sustainability analysis for market access countries. And I would welcome engagements as we go with this review.

    Second, our work on the Global Sovereign Debt Roundtable and the Common Framework will engage constructively all relevant parties so they do their part for debt transparency. In the recent meeting of the Global Sovereign Debt Roundtable, there was a very strong commitment to it, let’s get it done. Debtors can be more transparent about the debt on their books. Creditors can be more forthcoming in outlining what they are lending for. And I think we can, working together, get really good data. So good debt management becomes the norm, not the exception.

    And third, we will systematically draw lessons from experience in our surveillance program and capacity development engagements to develop and share best practices in advancing debt transparency. We will periodically report on progress in strengthening legal frameworks for debt transparencies as part of our reporting on progress with the multi-pronged approach to reduce debt vulnerability. In other words, we concretely commit specifically to how we are going to act to advance this agenda.

    Accurate information is so critical. I’m sure you know the saying ‘garbage in, garbage out.’ What we want is to clean the garbage.

    Benjamin Franklin, to paraphrase his words, we can say ‘transparency is always good policy.’

    Enjoy your work here. Have fun, get things done. Thank you.

    IMF Communications Department
    MEDIA RELATIONS

    Phone: +1 202 623-7100Email: MEDIA@IMF.org

    https://www.imf.org/en/News/Articles/2025/05/14/sp051425-managing-director-remarks-public-debt-transparency

    MIL OSI

    MIL OSI Russia News –

  • MIL-OSI USA: Rep. Veasey Demands Critical Dallas County Funding be Restored to Contain Measles Outbreak in Texas

    Source: United States House of Representatives – Congressman Marc Veasey (33rd District of Texas)

    Headline: Rep. Veasey Demands Critical Dallas County Funding be Restored to Contain Measles Outbreak in Texas

    WASHINGTON, DC — Congressman Marc Veasey (TX-33), along with Congresswoman Julie Johnson (TX-33) and Congresswoman Jasmine Crockett (TX-30), demanded that $7.7 million in public health grants for Dallas County Health and Human Services (DCHHS) abruptly terminated by the Trump Administration be restored to address the measles outbreak that has reached the Dallas-Fort Worth area.  

    “DCHHS relied on this critical funding to safeguard public health in one of the most populous and fastest-growing metroplexes in the nation,” the Members wrote. “Stripping these resources without warning, amid a serious and unprecedented outbreak, significantly undermines Dallas County’s ability to respond to measles and other communicable diseases, placing millions of residents at immediate risk. We demand answers regarding this decision and urge the CDC to take swift corrective action to mitigate the harm caused by the revocation of these life-saving funds.”

    In the midst of a surging measles epidemic, the revoked funding included three major pandemic grants totaling $70 million, including a Vaccination Capacity Grant that was being used to coordinate measles vaccination clinics throughout Dallas County. Without this grant, DCHHS has had to cancel these vaccination clinics, just as the first case of measles was reported in the Dallas-Fort Worth area in a middle-school child on April 23rd. 

    The members are demanding answers from CDC on why this critical funding was revoked in the middle of an unprecedented measles outbreak, and how DCHHS can have the funding restored, immediately. 

     

    To read the full letter, click here.

    MIL OSI USA News –

  • MIL-OSI: Orca Energy Group Inc. Announces Completion of Q1 2025 Interim Filings

    Source: GlobeNewswire (MIL-OSI)

    TORTOLA, British Virgin Islands, May 14, 2025 (GLOBE NEWSWIRE) — Orca Energy Group Inc. (“Orca” or the “Company” and includes its subsidiaries and affiliates) (TSX-V: ORC.A, ORC.B) today announces that it has filed its condensed consolidated interim (unaudited) financial statements and management’s discussion and analysis for the three month period ended March 31, 2025 (“Q1 2025”) with the Canadian securities regulatory authorities. All amounts are in United States dollars (“$”) unless otherwise stated.

    Jay Lyons, Chief Executive Officer, commented:

    “Operationally, I am pleased with how Orca has performed in the first quarter of 2025. Despite the marginal reduction in gas deliveries, largely due to factors outside of the Company’s control, production from the Songo Songo gas field remains robust and in line with our expectations. In light of the challenging commercial environment and the lack of clarity regarding a license extension being secured, capital expenditure on the field has been significantly reduced year-on-year, and this will remain the case going forward.

    Orca remains focused on safeguarding shareholder value with a view to maintaining the capital returns policy, subject to an ongoing review of the commercial environment. We will keep all our stakeholders appraised of developments over the coming months.”

    Highlights

    • Revenue for Q1 2025 increased by 2% compared to the same prior year period, primarily as a result of a higher current income tax adjustment.
    • To date the Songas Power Plant remains shutdown.
    • Gas delivered and sold decreased by 3% for Q1 2025 compared to the same prior year period. In 2024, the Julius Nyerere Hydropower Project (“JNHPP”) commenced commercial operations, with progressive commissioning of each of its 9 turbines allowing a potential peak output of over 2,115 MW. Although the JNHPP’s power generation is currently constrained pending ongoing development of the electricity distribution network, the increased hydro power generation it has delivered, combined with the Songas Power Plant shutdown, have been the primary factors in reduced gas liftings for the power sector.
    • On April 14, 2023, PanAfrican Energy Tanzania Limited (“PAET”) formally requested Tanzanian Petroleum Development Corporation (“TPDC”) apply for an extension of the Songo Songo Development License (the “License”). TPDC is contractually required to make this application promptly upon a request by the Company. In November 2024, TPDC submitted the application for the extension of the License to the Ministry of Energy (“MoE”), however, being uneconomic, the Company informed TPDC that it did not agree with the terms as submitted. Having declined to address PAET’s concerns itself, TPDC refused to rescind and resubmit the application and has advised PAET to raise any issues directly to the MoE. The Company’s Counsel subsequently submitted a letter to the MoE, requesting an urgent meeting to address the issues, and to date a response has not been received to such letter. There are currently no certainties on the timing, nature and extent of any extension of the License. Until an extension has been finalized, a high degree of uncertainty exists with respect to the extent of the Company’s operating activities subsequent to October 2026, when the License is set to expire.
    • On April 15, 2024, contrary to the terms of the gas agreement (“Gas Agreement”) and Production Sharing Agreement (the “PSA”) between PAET, TPDC and the Government of Tanzania (“GoT”), and in violation of Pan African Energy Corporation (Mauritius) (“PAEM”) and PAET’s expectations, the Permanent Secretary of MoE wrote to TPDC, copying PAET and Songas Limited (“Songas”), directing TPDC to “ensure that Protected Gas continues to be produced to the end of the Development Licence on 10th October 2026”. Consistent with that instruction, TPDC took the position that Protected Gas should continue despite the parties’ contractual agreement that Protected Gas ceased after July 31, 2024.
    • In February 2025, PAET, TPDC and Tanzania Portland Cement PLC (“TPCPLC”) agreed to the terms of the Supplementary Gas Agreement (“SGA”) to sell volumes after July 31, 2024 as Additional Gas, which, prior to August 1, 2024, were supplied as Protected Gas. In Q1 2025, TPCPLC fully paid the Company $10.4 million of the receivable previously outstanding as at December 31, 2024.
    • On August 7, 2024, PAET and PAEM issued a notice of dispute (“Notice of Dispute”) in respect of an investment treaty claim against the GoT for breach of the Agreement on Promotion and Reciprocal Protection of Investment between the Government of the Republic of Mauritius and the GoT (“BIT”), and a contractual dispute against GoT and TPDC, for breaches of the: (i) PSA, and (ii) the Gas Agreement. Initial meetings with both the Advisory and Coordinating Committees were held during the week of October 14, 2024 without any resolution on the key issues in dispute. The matters have been further referred to the relevant entity’s chief executive officers and working groups in accordance with the dispute resolution process. Discussions continued with meetings held in January and March 2025 without resolution. The Company’s Counsel subsequently submitted a letter to the MoE, requesting an urgent meeting to address the issues, to date we haven’t had a response to the letter.
    • In February 2025, the Company received a judgment (the “Judgment”) from the Tanzanian High Court (Commercial Division) (the “Court”) for a claim brought by a contractor against PAET. The claim was brought by the contractor for losses arising from PAET’s termination of a contract relating to the Company’s 3D seismic acquisition program. The contract was signed in 2022 and work was due to be completed by the end of 2022; however, work only commenced in 2023 and was never completed. Pursuant to the Judgment, the Court ordered specific and general damages in the aggregate of $23.1 million, plus legal costs and interest at a rate of 7% per annum be paid by PAET to the contractor. PAET respectfully disagrees with the Judgment and has initiated the appeal process. PAET was required to post security for the full amount of the Judgment until the appeal is resolved. The Company has recognised the resulting liability in 2024 based on the Judgment applied. The Company has initiated the appeal process, and if successful in that process, a reversal would be recognized in earnings at that time.
    • Net income attributable to shareholders decreased by 89% for Q1 2025 compared to the same prior year period, primarily as a result of higher depletion and general and administrative expenses.
    • Net cash flows from operating activities1 increased to $20.3 million in Q1 2025 compared to net cash flows used in operating activities of $6.2 million for the same prior year period, primarily a result of the higher payment of the 2023 current liability associated with additional profits tax in Q1 2024 and the TPCPLC settlement of the 2024 year end receivable as well as other changes in non-cash working capital.
    • Capital expenditures decreased by 63% for Q1 2025 compared to the same prior year period. The capital expenditures in Q1 2025 primarily related to the costs of flowlines replacements on SS-5 and SS-9 wells, deferred from 2024 at the request of the GoT. The capital expenditures in Q1 2024 primarily related to the costs of the planned SS-7 well workover program.
    • The Company exited the period with $26.8 million in working capital1 (December 31, 2024: $21.9 million) and cash and cash equivalents of $70.2 million (December 31, 2024: $90.1 million). Cash held in hard currencies (USD, Euro, GBP, CDN) was $64.8 million, as at March 31, 2025 (December 31, 2024: $87.1 million).
    • In February 2025, the Company fully prepaid the $60 million investment (the “Loan”) made by International Finance Corporation (“IFC”) in PAET, pursuant to a loan agreement dated October 29, 2015 between the IFC, PAET and the Company (the “Loan Agreement”). To effect the foregoing prepayment, the Company paid to IFC $30.6 million, representing the aggregate outstanding principal of the Loan together with all accrued interest thereon and all other amounts owing in connection with the Loan as of February 21, 2025. As of the date hereof, the annual variable participating interest granted by PAET to IFC under the terms of the Loan Agreement remains outstanding.
    • As at March 31, 2025, the current receivable from the TANESCO was $12.5 million (December 31, 2024: $12.7 million). The TANESCO long- term receivable as at March 31, 2025 and as at December 31, 2024 was $22.0 million and has been fully provided for. Subsequent to March 31, 2025, the Company has invoiced TANESCO $5.4 million for April 2025 gas deliveries and TANESCO has paid the Company $5.7 million to date.
    • On April 15, 2025 PAET signed a settlement agreement with TPDC and TANESCO (“Settlement Agreement”), for TANESCO to pay PAET and TPDC $52.0 million for unpaid amounts owing by TANESCO for deliveries of natural gas from the Songo Songo gas field. The Settlement Agreement requires TANESCO to pay the Tanzanian Shilling equivalent of $52.0 million, comprised of the $33.7 million principal amount and $18.3 million representing a portion of the default interest owed by TANESCO. It was agreed that the remaining balance of the default interest owing by TANESCO would be waived if TANESCO pays the settlement amount when required and in full while remaining current on amounts owed. TANESCO must pay the settlement amount to PAET via weekly instalments and meet monthly total payment amounts, commencing in April 2025 and ending in October 2025. Payments on account of the settlement amount will be allocated between PAET and TPDC in accordance with the PSA. Pursuant to the PSA, and assuming payment in full of the settlement amount, the Company expects to retain approximately $29.4 million of the settlement amount with TPDC retaining the balance. To date, TANESCO has paid $10.0 million under the Settlement Agreement.

    1 See Non-GAAP Financial Measures and Ratios.

    Financial and Operating Highlights for the Three Months Ended March 31, 2025          
      Three Months
    ended March 31     		 % Change 
    (Expressed in $’000 unless indicated otherwise) 2025 2024  Q1/25 vs Q1/24 
    OPERATING
    Daily average gas delivered and sold (MMcfd)    		 72.0 74.3   (3 )%
    Industrial 19.1 14.0   36 %
    Power 52.9 60.3   (12 )%
    Average price ($/mcf)          
    Industrial 7.98 8.94   (11 )%
    Power 3.92 3.87   1 %
    Weighted average 4.99 4.82   4 %
    Operating netback ($/mcf)1 2.87 2.79   3 %
    FINANCIAL      
    Revenue 25,391 24,937   2 %
    Net income attributable to shareholders 102 969   (89 )%
    per share – basic and diluted ($) 0.01 0.05   (80 )%
    Net cash flows from / (used in) operating activities 20,264 (6,170 ) n/m
    per share – basic and diluted ($)1 1.03 (0.31 ) n/m
    Capital expenditures1 548 1,470   (63 )%
    Weighted average Class A and Class B shares (‘000) 19,766 19,799   0 %
      March 31, As at December 31,  
      2025 2024  % Change
    Working capital (including cash) 1 26,796 21,904   22 %
    Cash and cash equivalents 70,183 90,076   (22 )%
    Outstanding shares (‘000)      
    Class A 1,750 1,750   0 %
    Class B 18,015 18,022   0 %
    Total shares outstanding 19,765 19,772   0 %

    1 See Non-GAAP Financial Measures and Ratios.

    The complete Condensed Consolidated Interim (Unaudited) Financial Statements and Notes and Management’s Discussion & Analysis for the three months ended March 31, 2025 may be found on the Company’s website at www.orcaenergygroup.com or on the Company’s profile on SEDAR+ at www.sedarplus.ca.

    Orca Energy Group Inc.

    Orca Energy Group Inc. is an international public company engaged in natural gas development and supply in Tanzania through its subsidiary, PAET. Orca trades on the TSX Venture Exchange under the trading symbols ORC.B and ORC.A.

    The principal asset of Orca is its indirect interest in the PSA with TPDC and the GoT in the United Republic of Tanzania. This PSA covers the production and marketing of certain conventional natural gas from the License offshore Tanzania. The PSA defines the gas produced from the Songo Songo gas field as “Protected Gas” and “Additional Gas”. The Gas Agreement deals further with the parties’ entitlement to Protected Gas and Additional Gas. Under the Gas Agreement, until July 31, 2024, Protected Gas was owned by TPDC and was sold to Songas TPCPLC. After July 31, 2024, Protected Gas ceased and all production from the Songo Songo gas field constitutes Additional Gas which PAET and TPDC are entitled to sell on commercial terms until the PSA expires in October 2026. Songas is the owner of the infrastructure that enables the gas to be treated and delivered to Dar es Salaam, which includes a gas processing plant on Songo Songo Island.

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

    Abbreviations

    mcf thousand cubic feet
    MMcf million standard cubic feet
    MMcfd million standard cubic feet per day


    Non-GAAP     Financial Measures and Ratios

    In this press release, the Company has disclosed the following non-GAAP financial measures, non-GAAP ratios and supplementary financial measures: capital expenditures, operating netback, operating netback per mcf, working capital, net cash flows from operating activities per share and weighted average Class A and Class B Shares.

    These non-GAAP financial measures and ratios disclosed in this press release do not have any standardized meaning under International Financial Reporting Standards (“IFRS”), and may not be comparable to similar financial measures disclosed by other issuers. These non-GAAP financial measures and ratios should not, therefore, be considered in isolation or as a substitute for, or superior to, measures and ratios of Company’s financial performance defined or determined in accordance with IFRS. These non-GAAP financial measures and ratios are calculated on a consistent basis from period to period.

    Non-GAAP Financial Measures

    Capital expenditures

    Capital expenditures is a useful measure as it provides an indication of our investment activities. The most directly comparable financial measure is net cash used in investing activities. A reconciliation to the most directly comparable financial measure is as follows:

      Three Months ended
    March 31
    $’000 2025 2024 
    Pipelines, well workovers and infrastructure 548 1,169  
    Other capital expenditures – 301  
    Capital expenditures 548 1,470  
    Change in non-cash working capital 7,102 (85 )
    Net cash used by investing activities 7,650 1,385  


    Operating netback

    Operating netback is calculated as revenue less processing and transportation tariffs, TPDC’s revenue share, and operating and distribution costs. The operating netback summarizes all costs that are associated with bringing the gas from the Songo Songo gas field to the market and is a measure of profitability. A reconciliation to the most directly comparable financial measure is as follows:

      Three Months ended March 31
    $’000 2025  2024 
    Revenue 25,391   24,937  
    Production, distribution and transportation expenses (4,203 ) (4,310 )
    Net Production Revenue 21,188   20,627  
    Less current income tax adjustment (recorded in revenue) (2,538 ) (1,726 )
    Operating netback 18,650   18,901  
    Sales volumes MMcf 6,487   6,764  
    Netback $/mcf 2.87   2.79  


    Non-GAAP     Ratios

    Operating netback per mcf

    Operating netback per mcf represents the profit margin associated with the production and sale of Additional Gas and is calculated by taking the operating netback and dividing it by the volume of Additional Gas delivered and sold. This is a key measure as it demonstrates the profit generated from each unit of production.

    Supplementary Financial Measures

    Working capital

    Working capital is defined as current assets less current liabilities, as reported in the Company’s Condensed Consolidated Interim Statements of Financial Position (Unaudited). It is an important measure as it indicates the Company’s ability to meet its financial obligations as they fall due.

    Net cash flows from operating activities per share

    Net cash flows from operating activities per share is calculated as net cash flows from operating activities divided by the weighted average number of shares, similar to the calculation of earnings per share. Net cash flow from operations is an important measure as it indicates the cash generated from the operations that is available to fund ongoing capital commitments.

    Weighted average Class A and Class B Shares

    In calculating the weighted average number of shares outstanding during any period the Company takes the opening balance multiplied by the number of days until the balance changes. It then takes the new balance and multiplies that by the number of days until the next change, or until the period end. The resulting multiples of shares and days are then aggregated and the total is divided by the total number of days in the period.

    Forward-Looking Statements

    This press release contains forward-looking statements or information (collectively, “forward-looking statements”) within the meaning of applicable securities legislation. All statements, other than statements of historical fact included in this press release, which address activities, events or developments that Orca expects or anticipates to occur in the future, are forward-looking statements. Forward-looking statements often contain terms such as may, will, should, anticipate, expect, continue, estimate, believe, project, forecast, plan, intend, target, outlook, focus, could and similar words suggesting future outcomes or statements regarding an outlook. More particularly, this press release contains, without limitation, forward-looking statements pertaining to the following: the Company’s expectations regarding the demand for natural gas and power supply; assessment by the Company of the merits of the appeal made by the Company pursuant to the Judgment; costs, outcomes and timing in respect to the outcome of the appeal of the Judgement; merit, outcomes, position and timing in respect of the Notice of Dispute; expectations in relation to the Notice of Dispute; extension of the License and the Company’s expectation to continue to actively engage with the GoT to progress the License extension; the ability of the Company to continue its operating activities subsequent to October 2026, when the License is set to expire; continued accrual of participating interest in respect of the Loan until the specified date; the receipt of the payment of arrears from TANESCO; and the payment by TANESCO of amounts owing under the Settlement Agreement; and the amount that PAET is expected to retain in relation to the Settlement Agreement. Actual results may differ materially from those anticipated in the forward-looking statements. Although management believes that the expectations reflected in the forward-looking statements are reasonable, it cannot guarantee future results, levels of activity, access to resources and infrastructure, performance or achievement since such expectations are inherently subject to significant business, economic, operational, competitive, political and social uncertainties and contingencies.

    These forward-looking statements involve substantial known and unknown risks and uncertainties, certain of which are beyond the Company’s control, and many factors could cause the Company’s actual results to differ materially from those expressed or implied in any forward-looking statements made by the Company, including, but not limited to: uncertainties involving the Notice of Dispute and the Judgment; various uncertainties involved in the extension of the License; risk that meetings related to the Notice of Dispute are not held on the anticipated timing; risk the PSA will not be replaced; risk of decreased demand for production volumes from the Songo Songo gas field; risk the Songas Power Plant will shut down indefinitely; negative effect on the Company’s rights under the PSA and other agreements relating to its business in Tanzania; fluctuations in demand for natural gas and power supply in Tanzania; the Company’s average gas sales including the sale of Additional Gas are different than anticipated; risk that the Company may incur losses and legal expenses as a result of the Notice of Dispute and/or appeal of the Judgment; uncertainties regarding quantum of damages payable to the Company in respect of the Notice of Dispute; uncertainties regarding quantum of damages payable by the Company in respect of the appeal of the Judgment; risk that the budgeted expenditures, timing of the completion and anticipated benefits from the Company’s various development programs and studies in 2025 are different than expected; risk of damage to the Company’s infrastructure assets; failure to extend the License on favorable terms or at all; inability to continue the Company’s operating activities beyond the expiry of the License; inability to maintain gas sale contract discipline; the accrual of participating interest is different than expected; failure to receive payment of arrears from TANESCO; if any payment is eventually required in respect of the Judgment, that it will not be cost recoverable under the PSA; risk that TANESCO will not pay such amounts owing under the Settlement Agreement; changes to forecasts regarding future development capital spending and source of capital spending; risk of future restrictions on the movement of cash from Jersey, Mauritius or Tanzania; occurrence of circumstance or events which significantly impact the Company’s cash flow and liquidity and the Company’s ability cover its long-term and short-term obligations or fund planned capital expenditures; incurrence of losses from debtors in 2025; prolonged foreign exchange reserves deficiency in Tanzania; inability to convert Tanzanian shillings into US dollars or other hard currencies as and when required; discontinuation of work by the Company with the GoT on an alternative development plan for longer term field development; failure to obtain necessary regulatory approvals; risks regarding the uncertainty around evolution of Tanzanian legislation; risk of unanticipated effects regarding changes to the Company’s tax liabilities and the implementation of further legislation and the Company’s interpretation of the same; risk of a lack of access to Songas processing and transportation facilities; risk that the Company may be unable to complete additional field development to support the Songo Songo production profile through the life of the License; risks associated with the Company’s ability to complete sales of Additional Gas; negative effect on the Company’s rights under the PSA and other agreements relating to its business in Tanzania as a result of recently enacted legislation, as well as the risk that such legislation will create additional costs and time connected with the Company’s business in Tanzania; risk relating to the Company’s relationship with the GoT; the impact of general economic conditions in the areas in which the Company operates; civil unrest; risk of pandemic; industry conditions; changes in laws and regulations including the adoption of new environmental laws and regulations; impact of local content regulations and variances in the interpretation and enforcement of such regulations; uncertainty regarding results through negotiations and/or exercise of legally available remedies; failure to successfully negotiate agreements; risks of non-payment by recipients of natural gas supplied by the Company; lack of certainty with respect to foreign legal systems, corruption, and other factors that are inconsistent with the rule of law; risk of loss due to acts of war, terrorism, sabotage and civil disturbances; timing of receipt of, or failure to comply with, necessary permits and approvals; and potential damage to the Company’s reputation due to the actual or perceived occurrence of any number of events, including negative publicity with respect to the Company’s dealings with the GoT, TPDC and TANESCO, whether true or not; increased competition; the lack of availability of qualified personnel or management; fluctuations in commodity prices, foreign exchange or interest rates; stock market volatility; competition for, among other things, capital, oil and gas field services and skilled personnel; failure to obtain required equipment or replacement parts for field development; effect of changes to the PSA on the Company as a result of the implementation of new government policies for the oil and gas industry; inaccuracy in reserve estimates; incorrect forecasts in production and growth potential of the Company’s assets; inability to obtain required approvals of regulatory authorities; risks associated with negotiating with foreign governments; failure to successfully negotiate agreements; risk that the Company will not be able to fulfil its contractual obligations; risk that trade and other receivables may not be paid by the Company’s customers when due; the risk that the Company’s Tanzanian operations will not provide near term revenue earnings; and such additional risks listed under “Business Risks” in our management discussion and analysis for the three months ended March 31, 2025, and our management discussion and analysis for the year ended December 31, 2024. As a result of the foregoing, the Company’s actual results, performance or achievement could differ materially from those expressed in, or implied by, these forward-looking statements and, accordingly, no assurances can be given that any of the events anticipated by these forward-looking statements will transpire or occur, or if any of them do so, what benefits the Company will derive therefrom. Readers are cautioned that the foregoing list of factors is not exhaustive.

    Such forward-looking statements are based on certain assumptions made by the Company in light of its experience and perception of historical trends, current conditions and expected future developments, as well as other factors the Company believes are appropriate in the circumstances, including, but not limited to: increased demand for gas supply; successful negotiation and execution of new gas sales contracts under the Gas Agreement; successful negotiation of the License extension on terms favorable to the Company; successful implementation of various development and study programs at the budgeted expenditures; accurate assessment by the Company of the merits of its claim under the Notice of Dispute and the appeal of the Judgment; that all capital allocation decisions will be based upon prudent economic evaluations and returns; successful maintenance of gas sale contract discipline on a go-forward basis pursuant to the Company’s gas supply agreements; that the Company will receive payment of arrears from TANESCO; the Company’s relationship with TPDC and the GoT; the current status of actions involved in the Notice of Dispute; accurate assessment by the Company of the merits of its rights and obligations in relation to TPDC and the GoT and other stakeholders in the Songo Songo gas field; receipt of required regulatory approvals; the Company’s ability to maintain strong commercial relationships with the GoT and other state and parastatal organizations and other stakeholders in the Songo Songo gas field; the current and future administration in Tanzania continues to honor the terms of the PSA and the Company’s other principal agreements; that there will continue to be no restrictions on the movement of cash from Mauritius, Jersey or Tanzania; that the Company will have sufficient cash flow, debt or equity sources or other financial resources required to fund its capital and operating expenditures and participation interest obligations as needed; the Company does not incur any losses from debtors in 2025; absence of circumstances or events that significant impact the Company’s cash flow and liquidity; the Company will continue to be able to convert Tanzanian shillings into US dollars; long term field development will be carried out as planned; continued work by the Company with the GoT on alternative development plan for longer term field development as anticipated; timing and amount of capital expenditures and source of funding are in line with forecasts; the Company’s ability to obtain necessary regulatory approvals; the anticipated supply and demand of natural gas are in line with the Company’s expectations; accurate assessment by the Company of the merits of appeal brought forward by the Company pursuant to the Judgment; that the amount of damages recoverable by the Company under the Notice of Dispute will be in line with expectations; the Company’s interpretation and prediction of the effects regarding changes to the Company’s tax liabilities and the implementation of further legislation is accurate in all material respects; the Company’s ability to obtain revenue earnings from its operations; access to customers and suppliers; availability of employees to carry out day-to-day operations, and other resources; that the Company will successfully negotiate agreements; receipt of required regulatory approvals; the ability of the Company to increase production as required to meet demand; infrastructure capacity; commodity prices will not deteriorate significantly; availability of skilled labour; uninterrupted access to infrastructure; the impact of increasing competition; conditions in general economic and financial markets; effects of regulation by governmental agencies; that the Company’s appeal of various tax assessments will be successful; current or, where applicable, proposed industry conditions, laws and regulations will continue in effect or as anticipated as described herein; the effect of any new environmental and climate change related regulations will not negatively impact the Company; and other matters.

    The forward-looking statements contained in this press release are made as of the date hereof and the Company undertakes no obligation to update publicly or revise any forward-looking statements or information, whether as a result of new information, future events or otherwise, unless so required by applicable securities laws.

    The MIL Network –

  • MIL-OSI USA: “NIH Cuts Will Hurt” RFK Jr. Admits When Pressed by Senator Murray On Harm to NIH Clinical Care, Confronted with Constituent’s Personal Story

    US Senate News:

    Source: United States Senator for Washington State Patty Murray
    In response to question about Trump’s proposal to nearly halve the NIH’s budget, Kennedy concedes “I think the cuts that are now proposed by NIH are gonna hurt.”
    ICYMI: In Seattle, Senator Murray Highlights Consequences of Trump & Elon’s Cuts & Layoffs at NIH—Hears from Leading Researchers, Patients, and Early Career Scientists
    ***WATCH: Senator Murray’s remarks and questioning of Secretary Kennedy***
    ***WATCH: Senator Murray rebuts Secretary Kennedy’s claims about her constituent, Natalie***
    Washington, D.C. — Today, at a Senate Health, Education, Labor and Pensions (HELP) Committee hearing with U.S. Department of Health and Human Services (HHS) Secretary Robert F. Kennedy Jr., U.S. Senator Patty Murray (D-WA), a senior member and former Chair of the HELP Committee, grilled Secretary Kennedy on how the Trump administration is endangering Americans’ health and safety by slashing staff and blocking funding at the National Institute of Health (NIH) and firing nearly 90 percent of staff at the CDC’s National Institute for Occupational Safety and Health (NIOSH), including nearly 100 staff in Spokane.
    In their unprecedented and reckless effort to gut HHS—including pushing out 20,000 HHS employees and defunding critical research—President Trump and Secretary Kennedy are creating total chaos, delaying funding and stalling research for lifesaving treatments and cures, weakening our biomedical workforce, cancelling vital ongoing studies and delaying clinical trials, and threatening to undo decades of hard-won progress.
    Senator Murray began by sharing the story of her constituent, Natalie Phelps of Washington state: “One of my constituents, Natalie Phelps—a mom of two from Bainbridge Island in Washington state. She has been fighting aggressive Stage Four colorectal cancer for nearly five years now. Her best hope now is a clinical trial at the NIH Clinical Center. She flew out to the NIH just a few weeks ago for her first appointment, and her care team wanted her to come back in four weeks to start treatment. But because of the thoughtless, mass firing of thousands of critical employees across NIH and HHS that you have carried out, Natalie’s doctors at that clinical center have told her that they have no choice but to delay her treatment by an additional four weeks. Now, an extra four weeks may not sound like a long time but, I will tell you, for Stage Four cancer patients like Natalie, this could mean the difference between life and death.”
    Senator Murray asked Secretary Kennedy, “How many staff have been cut from the NIH’s Clinical Center? I want a specific number.”
    “I can’t tell you that now, Senator Murray. What I can tell you is that if you contact my office tomorrow, I’ll look specifically into that,” replied Secretary Kennedy.
    Senator Murray pressed, “Well, that is not acceptable. I want an answer back [on] that. She deserves it. She doesn’t have much time. She deserves an answer back.”
    Secretary Kennedy demurred, again saying Murray should contact his office, and eventually stated: “I don’t think that should happen to anybody.”
    Senator Murray then pressed: “What have you—and I mean you personally—done to assess how these staff cuts are impacting patient care? She is one of many. What have you done to assess that?” Senator Murray
    Secretary Kennedy responded, “I’ve revised the guidelines and said we shouldn’t—no, no clinical trials should be affected by the cuts.”
    Senator Murray made clear: “Mr. Secretary, I just have a short amount of time. They [your cuts] are impacting clinical trials. … I want to tell you, you need to know this. Natalie, is sitting there waiting.”
    Secretary Kennedy then repeatedly interrupted. Senator Murray reclaimed her time and pressed further: “I am asking you a question and it is critical. You are here to defend cutting NIH by half. Do you genuinely believe that that won’t result in more stories like Natalie’s?”
    Secretary Kennedy responded: “I think the cuts that are now proposed by NIH are gonna hurt. I think President Trump – you know, there’s no agency head in government like myself who wants to see their budget cut.”
    After more back and forth, Senator Murray stated: “Well, I will just say that it is my job to be a voice for people like Natalie and countless other patients who are like her. So you’ve got to fix this. I want to know, and I want a personal update on Natalie’s case, and you’ve offered that, please give that to me in the next 24 hours, and I expect details and transparency about the state of NIH clinical care.”
    Senator Murray continued her questioning by pressing Secretary Kennedy on the decimation of NIOSH and mass firings, including at the NIOSH Spokane Research Laboratory in Eastern Washington, which is the largest NIOSH facility west of the Mississippi River. Senator Murray has slammed the Trump administration for eviscerating the NIOSH Laboratory in Spokane as part of their mass layoffs. “I’m alarmed by your decision to essentially eliminate the National Institute for Occupational Safety and Health,” said Senator Murray. “You have already fired nearly 90 percent of staff. That includes the staff in my state at the Spokane Research Lab. Those are experts who do essential work to protect miners and firefighters and farm workers and people who are working in dangerous conditions. I am told that after backlash, you are reinstating some of those, mainly in the West Virginia office … nobody in the Western United States, and there doesn’t seem to be any rhyme or reason as to how you’ve made these decisions. And how do you explain this to my constituents in Spokane, who are out of a job, and the workers that are being impacted by that.”
    Secretary Kennedy confirmed that he has brought back some of the workers he’d fired after facing backlash, but did not provide a rationale for the cuts in Washington, stating in part: “The work at NIOSH will not be interrupted. We’re going – I brought back 328 workers, mainly in the Cleveland office and the Morgantown office, and for the World Trade Center site. And that work will continue. The work on mine safety will continue.” However, critical mine safety research occurred at the Spokane lab—and Secretary Kennedy failed to provide any explanation for those cuts—or a commitment to rehire those workers. (Secretary Kennedy also misstated the number of fired workers that have since been rehired and where they work: 313, not 328, have been rehired, and the office in question is Cincinnati, not Cleveland.)
    Senator Murray concluded: “Mr. Chairman, I would just say you can’t fire 90 percent of the people and assume the work gets done.”
    Later in the hearing, Secretary Kennedy asserted that Natalie was ineligible for her clinical trial and called her story a “canard,” saying: “Senator Murray had raised the issue of a constituent of hers who she said had been denied a place in a clinical trial in Washington due to the RIF. We’ve been able to run down that case. The patient was medically ineligible for that trial. It had nothing to do with the RIF. And NIH has been trying to get her into another clinical trial, but none of our clinical trials have been shut down because of the RIF. That was a canard.”
    Senator Murray returned to the hearing to respond directly to Secretary Kennedy: “Secretary Kennedy came back and said my constituent, who I spoke about earlier, [her care] was not delayed by staffing cuts. First off, she is already enrolled in that clinical trial. It’s not a question of eligibility—the issue, as I stated clearly, was the delay in care that she got. And what you stated, Secretary Kennedy, is not true.”
    “I spoke with Natalie, actually, last night. She asked her NIH doctor directly why, when she was informed of the delay, and her doctor at NIH said very plainly TWICE: her care was delayed because of staffing cuts. And Mr. Chairman, I think it’s important for the record to show, my staff has put in inquiries with HHS leadership and they’ve been unresponsive so far.And, just to make clear, this is just one case of many. But those are the facts,” Senator Murray said.
    ___________________________________
    Senator Murray has been a leading voice in Congress raising the alarm over HHS’ unilateral reorganization plan and slamming the closure of the HHS Region 10 office in Seattle and the CDC’s National Institute for Occupational Safety and Health (NIOSH) Spokane Research Laboratory. Senator Murray has sent oversight letters and hosted numerous press conferences and events to lay out how the administration’s reckless gutting of HHS is risking Americans health and safety and will set our country back decades, and lifting up the voices of HHS employees who were fired for no reason and through no fault of their own.
    In particular, Senator Murray has been leading the charge against the Trump administration’s efforts to gut lifesaving research at NIH and pushed out nearly 5,000 NIH skilled scientists, grants administrators, and other employees at the agency. When the Trump administration attempted to illegally cap indirect cost rates at 15 percent, Senator Murray immediately and forcefully condemned the move, led the entire Senate Democratic caucus in a letter decrying the proposed change, and introduced amendments to Senate Republicans’ budget resolution to reverse it, which Republicans blocked. Murray has led Congressional efforts to boost biomedical research. Previously, over her years as Chair of the Labor-HHS Appropriations Subcommittee, Senator Murray secured billions of dollars in increases for biomedical research at NIH, and during her time as Chair of the HELP Committee she established the new ARPA-H research agency as part of her PREVENT Pandemics Act to advance some of the most cutting-edge research in the field. Senator Murray was also the lead Democratic negotiator of the bipartisan 21st Century Cures Act, which delivered a major federal investment to boost NIH research, among many other investments. 
    Senator Murray forcefully opposed the nomination of notorious anti-vaccine activist RFK Jr. to be Secretary of HHS, and she has long worked to combat vaccine skepticism and highlight the importance of scientific research and vaccines. Murray was also a leading voice against the nomination of Dr. Dave Weldon to lead CDC, repeatedly speaking up about her serious concerns with the nominee immediately after their meeting. In 2019, Senator Murray co-led a bipartisan hearing in the HELP Committee on vaccine hesitancy and spoke about the importance of addressing vaccine skepticism and getting people the facts they need to keep their families and communities safe and healthy. Ahead of the 2019 hearing, as multiple states were facing measles outbreaks in under-vaccinated areas, Murray sent a bipartisan letter with former HELP Committee Chair Lamar Alexander pressing Trump’s CDC Director and HHS Assistant Secretary for Health on their efforts to promote vaccination and vaccine confidence.

    MIL OSI USA News –

  • MIL-OSI: Birchcliff Energy Ltd. Announces Strong Q1 2025 Results and Declares Q2 2025 Dividend

    Source: GlobeNewswire (MIL-OSI)

    CALGARY, Alberta, May 14, 2025 (GLOBE NEWSWIRE) — Birchcliff Energy Ltd. (“Birchcliff” or the “Corporation”) (TSX: BIR) is pleased to announce its Q1 2025 financial and operational results.

    Chris Carlsen, Birchcliff’s President and Chief Executive Officer, commented: “We are pleased to report strong operational and financial results for the first quarter of 2025, driven by our continued focus on operational excellence and our high-quality asset base. We successfully executed our Q1 capital program, drilling 14 wells and bringing 8 wells onstream, resulting in first quarter average production of 77,363 boe/d. We generated adjusted funds flow(1) of $124.4 million in Q1 2025 (an 88% increase from Q1 2024), driven by increased production and a stronger average realized natural gas sales price, which benefitted from our natural gas market diversification, with approximately 78% of our natural gas volumes realizing U.S. pricing at the Dawn and NYMEX HH markets. We achieved free funds flow(1) of $12.6 million in the first quarter, notwithstanding that approximately 40%(2) of our full-year capital budget was invested in Q1 2025 prior to spring break-up. With a substantial portion of our capital program behind us, we expect to generate significant free funds flow during the remainder of the year, which will be allocated primarily towards reducing our total debt(3) by approximately 28% from year end 2024(4) , after the payment of our base dividend. Our 2025 production guidance and capital program are unchanged and we remain focused on capital efficiency improvements, driving down our costs and strengthening our balance sheet.

    This year marks a significant milestone for Birchcliff as we celebrate our 20th anniversary. We extend our gratitude to our dedicated staff, our board of directors and our shareholders for their support over the years. Together, we look forward to a promising future, leveraging our strengths to navigate the evolving market, drive profitable growth and deliver long-term shareholder value.”

    Q1 2025 FINANCIAL AND OPERATIONAL HIGHLIGHTS

    • Delivered average production of 77,363 boe/d (82% natural gas, 10% NGLs, 6% condensate and 2% light oil), a 3% increase from Q1 2024.
    • Generated adjusted funds flow of $124.4 million, or $0.46 per basic common share(5), an 88% and 84% increase, respectively, from Q1 2024. Cash flow from operating activities was $126.1 million, a 93% increase from Q1 2024.
    • Reported net income to common shareholders of $65.7 million, or $0.24 per basic common share, as compared to a net loss to common shareholders of $15.0 million and $0.06 per basic common share in Q1 2024.
    • Birchcliff’s market diversification contributed to an effective average realized natural gas sales price(5) of $4.89/Mcf in Q1 2025, which represents a 142% premium to the average benchmark AECO 7A Monthly Index price in the quarter.
    • Achieved an operating netback(5) of $17.71/boe, a 38% increase from Q1 2024.
    • Birchcliff had a very active first quarter capital program, drilling 14 (14.0 net) wells and bringing 8 (8.0 net) wells on production, with F&D capital expenditures totalling $111.8 million in Q1 2025.

    Birchcliff’s unaudited interim condensed financial statements for the three months ended March 31, 2025 and related management’s discussion and analysis will be available on its website at www.birchcliffenergy.com and on SEDAR+ at www.sedarplus.ca. Birchcliff’s updated corporate presentation will be available on its website at www.birchcliffenergy.com on May 14, 2025.

    ______________________________

    (1)  Non-GAAP financial measure. See “Non-GAAP and Other Financial Measures”.

    (2)  Based on the mid-point of Birchcliff’s 2025 capital budget of $260 million to $300 million.

    (3)  Capital management measure. See “Non-GAAP and Other Financial Measures”.

    (4)  Based on the mid-point of Birchcliff’s total debt guidance range at year end 2025 of $365 million to $405 million and as compared to Birchcliff’s total debt at year end 2024 of $535.6 million.

    (5)  Non-GAAP ratio. See “Non-GAAP and Other Financial Measures”.

    DECLARATION OF Q2 2025 QUARTERLY DIVIDEND

    • Birchcliff’s board of directors (the “Board”) has declared a quarterly cash dividend of $0.03 per common share for the quarter ending June 30, 2025.
    • The dividend will be payable on June 30, 2025 to shareholders of record at the close of business on June 13, 2025. The dividend has been designated as an eligible dividend for the purposes of the Income Tax Act (Canada).

    EXTENSION OF CREDIT FACILITIES

    • Subsequent to the end of Q1 2025, Birchcliff’s syndicate of lenders completed its regular semi-annual review of the borrowing base limit under the Corporation’s extendible revolving credit facilities (the “Credit Facilities”).
    • In connection therewith, the agreement governing the Credit Facilities was amended effective May 7, 2025 to extend the maturity dates of each of the syndicated extendible revolving term credit facility and the extendible revolving working capital facility from May 11, 2027 to May 11, 2028. In addition, the lenders confirmed the borrowing base limit at $850 million. The Credit Facilities do not contain any financial maintenance covenants.

    ANNUAL MEETING OF SHAREHOLDERS

    • Birchcliff’s annual meeting of shareholders is scheduled to take place tomorrow, Thursday, May 15, 2025, at 3:00 p.m. (Mountain Daylight Time) in the McMurray Room at the Calgary Petroleum Club, 319 – 5th Avenue S.W., Calgary, Alberta.

    This press release contains forward-looking statements and forward-looking information within the meaning of applicable securities laws. For further information regarding the forward-looking statements and forward-looking information contained herein, see “Advisories – Forward-Looking Statements”. With respect to the disclosure of Birchcliff’s production contained in this press release, production volumes have been disclosed on a “gross” basis, as such term is defined in National Instrument 51-101 – Standards of Disclosure for Oil and Gas Activities (“NI 51-101”). For further information regarding the disclosure of Birchcliff’s production contained herein, see “Advisories – Production”. In addition, this press release uses various “non-GAAP financial measures”, “non-GAAP ratios” and “capital management measures” as such terms are defined in National Instrument 52-112 – Non-GAAP and Other Financial Measures Disclosure (“NI 52-112”). Non-GAAP financial measures and non-GAAP ratios are not standardized financial measures under GAAP and might not be comparable to similar financial measures disclosed by other issuers. For further information regarding the non-GAAP and other financial measures used in this press release, see “Non-GAAP and Other Financial Measures”.

    Q1 2025 UNAUDITED FINANCIAL AND OPERATIONAL SUMMARY

      Three months ended Three months ended
      March 31, 2025 March 31, 2024
    OPERATING    
    Average production    
    Light oil (bbls/d) 1,795   1,525  
    Condensate (bbls/d) 4,238   4,765  
    NGLs (bbls/d) 7,626   7,397  
    Natural gas (Mcf/d) 382,224   370,288  
    Total (boe/d) 77,363   75,402  
    Average realized sales prices (CDN$)    
    Light oil (per bbl) 95.27   95.24  
    Condensate (per bbl) 97.98   100.26  
    NGLs (per bbl) 27.95   27.59  
    Natural gas (per Mcf) 3.64   2.61  
    Total (per boe) 28.32   23.80  
    NETBACK AND COST ($/boe)    
    Petroleum and natural gas revenue 28.32   23.80  
    Royalty expense (2.16 ) (2.11 )
    Operating expense (3.04 )(1) (3.85 )
    Transportation and other expense(2) (5.41 ) (4.99 )
    Operating netback(2) 17.71   12.85  
    G&A expense, net (1.42 ) (1.28 )
    Interest expense (1.27 ) (1.13 )
    Lease interest expense (0.33 )(1) –  
    Realized gain (loss) on financial instruments 3.18   (0.82 )
    Other cash income –   0.01  
    Adjusted funds flow(2) 17.87   9.63  
    Depletion and depreciation expense (8.99 ) (8.56 )
    Unrealized gain (loss) on financial instruments 3.53   (3.28 )
    Other expenses(3) (0.48 ) (0.52 )
    Deferred income tax (expense) recovery (2.49 ) 0.54  
    Net income (loss) to common shareholders 9.44   (2.19 )
    FINANCIAL    
    Petroleum and natural gas revenue ($000s) 197,188   163,304  
    Cash flow from operating activities ($000s) 126,097   65,255  
    Adjusted funds flow ($000s)(4) 124,413   66,081  
    Per basic common share ($)(2) 0.46   0.25  
    Free funds flow ($000s)(4) 12,594   (36,692 )
    Per basic common share ($)(2) 0.05   (0.14 )
    Net income (loss) to common shareholders ($000s) 65,727   (15,035 )
    Per basic common share ($) 0.24   (0.06 )
    End of period basic common shares (000s) 272,071   268,578  
    Weighted average basic common shares (000s) 271,614   267,905  
    Dividends on common shares ($000s) 8,151   26,857  
    F&D capital expenditures ($000s)(5) 111,819   102,773  
    Total capital expenditures ($000s)(4) 112,473   103,484  
    Revolving term credit facilities ($000s) 518,581   428,566  
    Total debt ($000s)(6) 534,710   443,380  

    (1)  Effective July 1, 2024, Birchcliff assumed operatorship of a third-party natural gas processing facility that resulted in the take-or-pay commitment associated with the underlying processing arrangement (the “Gas Processing Lease”) being classified as a lease under IFRS Accounting Standards. Birchcliff’s operating expense and lease interest expense for the three months ended March 31, 2025 include the financial effects of the Gas Processing Lease.

    (2)  Non-GAAP ratio. See “Non-GAAP and Other Financial Measures”.

    (3)  Includes non-cash items such as compensation, accretion, amortization of deferred financing fees and other gains and losses.

    (4)  Non-GAAP financial measure. See “Non-GAAP and Other Financial Measures”.

    (5)  See “Advisories – F&D Capital Expenditures”.

    (6)  Capital management measure. See “Non-GAAP and Other Financial Measures”.

    2025 GUIDANCE

    • Birchcliff is reaffirming its 2025 annual average production guidance of 76,000 to 79,000 boe/d and F&D capital expenditures guidance of $260 million to $300 million.
    • As a result of the continued volatility in commodity prices driven by the uncertainties surrounding tariffs, global trade tensions and OPEC+ production increases, Birchcliff has lowered its commodity price assumptions for the remainder of 2025 and revised its guidance for adjusted funds flow, free funds flow and total debt accordingly. In addition, the Corporation has lowered its royalty expense guidance for 2025, primarily due to lower oil prices forecasted for the remainder of the year.
    • Birchcliff expects to significantly strengthen its balance sheet in 2025, with free funds flow (after the payment of dividends) anticipated to be allocated primarily towards debt reduction. Based on its current commodity price assumptions, Birchcliff expects to exit 2025 with total debt of $365 million to $405 million, which represents a 28% reduction from its total debt at year end 2024 of $535.6 million.
    • The following tables set forth Birchcliff’s updated and previous guidance and commodity price assumptions for 2025, as well as its free funds flow sensitivity:
      Updated 2025 guidance and
    assumptions – May 14, 2025    (1)    		   Previous 2025 guidance and
    assumptions – March 12, 2025
    Production      
    Annual average production (boe/d) 76,000 – 79,000   76,000 – 79,000
    % Light oil 3%   3%
    % Condensate 6%   6%
    % NGLs 9%   9%
    % Natural gas 82%   82%
           
    Average Expenses ($/boe)      
    Royalty $1.90 – $2.10   $2.10 – $2.30
    Operating $2.90 – $3.10   $2.90 – $3.10
    Transportation and other(2) $5.55 – $5.75   $5.55 – $5.75
           
    Adjusted Funds Flow (millions)(3) $480   $580
           
    F&D Capital Expenditures (millions) $260 – $300   $260 – $300
           
    Free Funds Flow (millions)(3) $180 – $220   $280 – $320
           
    Total Debt at Year End (millions)(4) $365 – $405   $265 – $305
           
    Natural Gas Market Exposure      
    AECO exposure as a % of total natural gas production 23%   23%
    Dawn exposure as a % of total natural gas production 41%   41%
    NYMEX HH exposure as a % of total natural gas production 35%   35%
    Alliance exposure as a % of total natural gas production 1%   1%
           
    Commodity Prices      
    Average WTI price (US$/bbl) $61.75(5)   $67.00
    Average WTI-MSW differential (CDN$/bbl) $5.60(5)   $8.80
    Average AECO price (CDN$/GJ) $2.30(5)   $2.20
    Average Dawn price (US$/MMBtu) $3.65(5)   $4.20
    Average NYMEX HH price (US$/MMBtu) $3.95(5)   $4.50
    Exchange rate (CDN$ to US$1) 1.41(5)   1.44
    Forward eight months’ free funds flow sensitivity(5)(6) Estimated change to
    2025 free funds flow (millions)
    Change in WTI US$1.00/bbl $2.6
    Change in NYMEX HH US$0.10/MMBtu $4.5
    Change in Dawn US$0.10/MMBtu $5.5
    Change in AECO CDN$0.10/GJ $2.4
    Change in CDN/US exchange rate CDN$0.01 $3.5

    (1)  Birchcliff’s guidance for its production commodity mix, adjusted funds flow, free funds flow, total debt and natural gas market exposure in 2025 is based on an annual average production rate of 77,500 boe/d in 2025, which is the mid-point of Birchcliff’s annual average production guidance range for 2025. Changes in assumed commodity prices and variances in production forecasts can have an impact on the Corporation’s forecasts of adjusted funds flow and free funds flow and the Corporation’s other guidance, which impact could be material. In addition, any acquisitions or dispositions completed over the course of 2025 could have an impact on Birchcliff’s 2025 guidance and assumptions set forth herein, which impact could be material. For further information regarding the risks and assumptions relating to the Corporation’s guidance, see “Advisories – Forward-Looking Statements”.

    (2)  Non-GAAP ratio. See “Non-GAAP and Other Financial Measures”.

    (3)  Non-GAAP financial measure. See “Non-GAAP and Other Financial Measures”.

    (4)  Capital management measure. See “Non-GAAP and Other Financial Measures”.

    (5)  Birchcliff’s updated commodity price and exchange rate assumptions and free funds flow sensitivity for 2025 are based on anticipated full-year averages using the Corporation’s anticipated forward benchmark commodity prices and the CDN/US exchange rate as of May 5, 2025, which include settled benchmark commodity prices and the CDN/US exchange rate for the period from January 1, 2025 to April 30, 2025.

    (6)  Illustrates the expected impact of changes in commodity prices and the CDN/US exchange rate on the Corporation’s updated forecast of free funds flow for 2025, holding all other variables constant. The sensitivity is based on the updated commodity price and exchange rate assumptions set forth in the table above. The calculated impact on free funds flow is only applicable within the limited range of change indicated. Calculations are performed independently and may not be indicative of actual results. Actual results may vary materially when multiple variables change at the same time and/or when the magnitude of the change increases.

    • The oil and natural gas industry in Canada, along with other industries, has faced considerable uncertainty in respect of the United States’ evolving trade policy. Although Birchcliff currently anticipates that U.S. tariffs will not have a material impact on its business, this considerable uncertainty makes it impossible to predict what, if any, impacts there might be on the Corporation’s business. Birchcliff will continue to monitor developments in U.S. trade policy, assess any potential impacts on the Corporation’s business and will update its guidance if, as and when appropriate.

    Q1 2025 FINANCIAL AND OPERATIONAL RESULTS

    Production

    • Birchcliff’s production averaged 77,363 boe/d in Q1 2025, a 3% increase from Q1 2024. The increase was primarily due to the strong performance of the Corporation’s capital program and the successful drilling of new Montney/Doig wells brought on production since Q1 2024, specifically high-rate natural gas wells in liquids-rich zones in Pouce Coupe and light oil and liquids-rich natural gas wells in Gordondale, partially offset by natural production declines.
    • Liquids accounted for 18% of Birchcliff’s total production in both Q1 2025 and Q1 2024.

    Adjusted Funds Flow and Cash Flow From Operating Activities

    • Birchcliff’s adjusted funds flow was $124.4 million in Q1 2025, or $0.46 per basic common share, an 88% and 84% increase, respectively, from Q1 2024.
    • Birchcliff’s cash flow from operating activities was $126.1 million in Q1 2025, a 93% increase from Q1 2024.
    • The increases were primarily due to higher natural gas revenue, which largely resulted from higher natural gas production in Q1 2025 and a 39% increase in the average realized natural gas sales price Birchcliff received for such production as compared to Q1 2024. Adjusted funds flow and cash flow from operating activities were also positively impacted by a realized gain on financial instruments of $22.2 million in Q1 2025 as compared to a realized loss on financial instruments of $5.6 million in Q1 2024.

    Net Income (Loss) to Common Shareholders

    • Birchcliff reported net income to common shareholders of $65.7 million in Q1 2025, or $0.24 per basic common share, as compared to a net loss to common shareholders of $15.0 million and $0.06 per basic common share in Q1 2024.
    • The change to a net income position was primarily due to higher adjusted funds flow and an unrealized gain on financial instruments of $24.6 million in Q1 2025 as compared to an unrealized loss on financial instruments of $22.5 million in Q1 2024, partially offset by a deferred income tax expense of $17.3 million in Q1 2025 as compared to a deferred income tax recovery of $3.7 million in Q1 2024.

    Capital Activities and Investment

    • Birchcliff had a very active first quarter capital program, drilling 14 (14.0 net) wells and bringing 8 (8.0 net) wells on production, with F&D capital expenditures totalling $111.8 million in Q1 2025.

    Debt and Credit Facilities

    • Total debt at March 31, 2025 was $534.7 million, a 21% increase from March 31, 2024.
    • At March 31, 2025, Birchcliff had a balance outstanding under its Credit Facilities of $522.3 million (March 31, 2024: $430.2 million) from available Credit Facilities of $850.0 million (March 31, 2024: $850.0 million), leaving the Corporation with $327.7 million (39%) of unutilized credit capacity after adjusting for outstanding letters of credit and unamortized deferred financing fees.

    Natural Gas Market Diversification

    • Birchcliff’s physical natural gas sales exposure primarily consists of the AECO, Dawn and Alliance markets. In addition, the Corporation has various financial instruments outstanding that provide it with exposure to NYMEX HH pricing.
    • The following table sets forth Birchcliff’s effective sales, production and average realized sales price for its natural gas and liquids for Q1 2025, after taking into account the Corporation’s financial instruments:
    Three months ended March 31, 2025
      Effective
    sales
    (CDN$000s)    		 Percentage
    of total sales
    (%)    		 Effective
    production
    (per day)    		 Percentage of
    total natural gas
    production
    (%)    		 Percentage of
    total corporate
    production
    (%)    		 Effective average
    realized
    sales price
    (CDN$)
    Market            
    AECO(1)(2) 16,210 7 82,553 Mcf 22 18 2.18/Mcf
    Dawn(3) 82,094 34 162,982 Mcf 43 35 5.60/Mcf
    NYMEX HH(1)(4) 69,988 29 136,689 Mcf 35 29 5.69/Mcf
    Total natural gas(1) 168,292 70 382,224 Mcf 100 82 4.89/Mcf
    Light oil 15,391 6 1,795 bbls   2 95.27/bbl
    Condensate 37,371 16 4,238 bbls   6 97.98/bbl
    NGLs 19,183 8 7,626 bbls   10 27.95/bbl
    Total liquids 17,945 30 13,659 bbls   18 58.52/bbl
    Total corporate(1) 240,237 100 77,363 boe   100 34.50/boe

    (1)  Effective sales and effective average realized sales price on a total natural gas and total corporate basis and for the AECO and NYMEX HH markets are non-GAAP financial measures and non-GAAP ratios, respectively. See “Non-GAAP and Other Financial Measures”.

    (2)  Birchcliff has short-term physical sales agreements with third-party marketers to sell and deliver into the Alliance pipeline system. All of Birchcliff’s short-term physical Alliance sales and production during Q1 2025 received AECO premium pricing and have therefore been included as effective sales and production in the AECO market.

    (3)  Birchcliff has agreements for the firm service transportation of an aggregate of 175,000 GJ/d of natural gas on TransCanada PipeLines’ Canadian Mainline, whereby natural gas is transported to the Dawn trading hub in Southern Ontario.

    (4)  NYMEX HH effective sales and production include financial NYMEX HH/AECO 7A basis swap contracts for an aggregate of 147,500 MMBtu/d at an average contract price of NYMEX HH less US$1.088/MMBtu during Q1 2025.

    Birchcliff’s effective average realized sales price for NYMEX HH of CDN$5.69/Mcf (US$3.65/MMBtu) was determined on a gross basis before giving effect to the average NYMEX HH/AECO 7A fixed contract basis differential price of CDN$1.70/Mcf (US$1.088/MMBtu) and includes any realized gains and losses on financial NYMEX HH/AECO 7A basis swap contracts during Q1 2025.

    After giving effect to the NYMEX HH/AECO 7A fixed contract basis differential price and including any realized gains and losses on financial NYMEX HH/AECO 7A basis swap contracts during Q1 2025, Birchcliff’s effective average realized net sales price for NYMEX HH was CDN$3.99/Mcf (US$2.56/MMBtu) in Q1 2025.

    • The following table sets forth Birchcliff’s physical sales, production, average realized sales price, transportation costs and natural gas sales netback by natural gas market for the periods indicated, before taking into account the Corporation’s financial instruments:
    Three months ended March 31, 2025
    Natural
    gas
    market    		 Natural gas
    sales
    (CDN$000s)    		 Percentage of
    natural gas
    sales
    (%)    		 Natural gas
    production
    (Mcf/d)    		 Percentage of
    natural gas
    production
    (%)    		 Average realized
    natural gas sales
    price
    (CDN$/Mcf)    		 Natural gas
    transportation
    costs    (1)
    (CDN$/Mcf)    		 Natural gas
    sales
    netback    (2)
    (CDN$/Mcf)
    AECO 42,368 34 215,026 56 2.19 0.46 1.73
    Dawn 82,094 65 162,982 43 5.60 1.55 4.05
    Alliance(3) 769 1 4,216 1 2.03 – 2.03
    Total 125,231 100 382,224 100 3.64 0.92 2.72
    Three months ended March 31, 2024
    Natural
    gas
    market    		 Natural gas
    sales
    (CDN$000s)    		 Percentage of
    natural gas
    sales
    (%)    		 Natural gas
    production
    (Mcf/d)    		 Percentage of
    natural gas
    production
    (%)    		 Average realized
    natural gas sales
    price
    (CDN$/Mcf)    		 Natural gas
    transportation
    costs    (1)
    (CDN$/Mcf)    		 Natural gas
    sales
    netback    (2)
    (CDN$/Mcf)
    AECO 38,639 44 195,141 53 2.19 0.40 1.79
    Dawn 45,198 51 161,667 44 3.07 1.41 1.66
    Alliance(3) 4,185 5 13,480 3 3.41 – 3.41
    Total 88,022 100 370,288 100 2.61 0.83 1.78

    (1)  Reflects costs to transport natural gas from the field receipt point to the delivery sales trading hub.

    (2)  Natural gas sales netback denotes the average realized natural gas sales price less natural gas transportation costs.

    (3)  Birchcliff has short-term physical sales agreements with third-party marketers to sell and deliver into the Alliance pipeline system. Alliance sales are indexed to the AECO 5A benchmark index price and are recorded net of transportation tolls.

    OPERATIONAL UPDATE

    • Birchcliff’s 2025 capital budget of $260 million to $300 million includes the drilling of 25 (25.0 net) wells and the bringing on production of 26 (26.0 net) wells in 2025. Year-to-date, the Corporation has drilled 15 (15.0 net) wells and brought 12 (12.0 net) wells on production.
    • In the first quarter of 2025, Birchcliff delivered strong execution metrics, building on the operational momentum and key learnings from a successful capital program in 2024. Birchcliff’s teams continue to demonstrate a steadfast focus on execution, operational efficiency and disciplined cost management. Birchcliff’s purposeful execution is helping to strengthen its performance and position the business for sustainable growth through the remainder of the year and in the long-term.

    Pouce Coupe

    • Birchcliff completed the drilling of its 5-well 04-05 pad in December 2024 and the wells were turned over to production through Birchcliff’s permanent facilities in early March 2025. This pad targeted high-rate natural gas wells in the Lower Montney. The wells have shown strong production rates exhibiting low declines as highlighted in the table below, which summarizes the aggregate and average production rates for the wells from the pad:

    5-Well 04-05 Pad IP Rates

      Wells: IP 30(1) Wells: IP 60(1)
    Aggregate production rate (boe/d) 6,130 5,578
      Aggregate natural gas production rate (Mcf/d) 34,691 31,864
      Aggregate condensate production rate (bbls/d) 348 267
    Average per well production rate (boe/d) 1,226 1,116
      Average per well natural gas production rate (Mcf/d) 6,938 6,373
      Average per well condensate production rate (bbls/d) 70 53
    Condensate-to-gas ratio (bbls/MMcf) 10 8

    (1)  Represents the cumulative volumes for each well measured at the wellhead separator for the 30 or 60 days (as applicable) of production immediately after each well was considered stabilized after producing fracture treatment fluid back to surface in an amount such that flow rates of hydrocarbons became reliable. The natural gas volumes represent raw natural gas volumes as opposed to sales gas volumes. See “Advisories – Initial Production Rates”.

    • Completions operations on Birchcliff’s 3-well 07-10 pad were finished in March 2025 and the wells were turned over to production through the Corporation’s permanent facilities in April 2025. This pad targeted condensate-rich natural gas wells in the Lower Montney.
    • Completions operations on Birchcliff’s 4-well 05-19 pad were finished in April 2025 and flowback operations were recently completed. The wells are currently scheduled to be turned over to production through the Corporation’s permanent facilities later in May 2025. This pad targeted condensate-rich natural gas wells in the Lower Montney.
    • Completions operations are underway on Birchcliff’s 4-well 03-06 pad and the wells are currently scheduled to be turned over to production through the Corporation’s permanent facilities in June 2025. This pad targeted condensate-rich natural gas wells in the Lower Montney.
    • In the second half of April 2025, Birchcliff successfully completed the first phase of its planned turnaround at its Pouce Coupe gas plant. The second phase of the turnaround is well underway and is expected to be completed shortly.

    Gordondale

    • Completions operations on Birchcliff’s 4-well 02-27 pad were finished in March 2025 and the wells were turned over to production through the Corporation’s permanent facilities in May 2025. This pad targeted condensate-rich natural gas wells in the Lower Montney.

    Elmworth

    • As previously disclosed in its March 12, 2025 press release, Birchcliff completed a horizontal Montney land retention well in February 2025 and performed a 10.5 day flow test on the well.
    • Birchcliff continues to progress the formal planning for the construction of a proposed 100% owned and operated 80 MMcf/d natural gas processing plant in Elmworth. In the second half of March 2025, Birchcliff held an open house in the area to discuss its proposed plans for the area with community residents.

    ABBREVIATIONS

    AECO benchmark price for natural gas determined at the AECO ‘C’ hub in southeast Alberta
    bbl barrel
    bbls barrels
    bbls/d barrels per day
    boe barrel of oil equivalent
    boe/d barrel of oil equivalent per day
    condensate pentanes plus (C5+)
    F&D finding and development
    G&A general and administrative
    GAAP generally accepted accounting principles for Canadian public companies, which are currently IFRS Accounting Standards
    GJ gigajoule
    GJ/d gigajoules per day
    HH Henry Hub
    IFRS International Financial Reporting Standards as issued by the International Accounting Standards Board
    IP initial production
    Mcf thousand cubic feet
    Mcf/d thousand cubic feet per day
    MMBtu million British thermal units
    MMBtu/d million British thermal units per day
    MMcf million cubic feet
    MMcf/d million cubic feet per day
    MSW price for mixed sweet crude oil at Edmonton, Alberta
    NGLs natural gas liquids consisting of ethane (C2), propane (C3) and butane (C4) and specifically excluding condensate
    NYMEX New York Mercantile Exchange
    OPEC Organization of the Petroleum Exporting Countries
    OPEC+ OPEC plus certain other oil-producing countries
    Q quarter
    WTI West Texas Intermediate, the reference price paid in U.S. dollars at Cushing, Oklahoma, for crude oil of standard grade
    000s thousands
    $000s thousands of dollars
       

    NON-GAAP AND OTHER FINANCIAL MEASURES

    This press release uses various “non-GAAP financial measures”, “non-GAAP ratios” and “capital management measures” (as such terms are defined in NI 52-112), which are described in further detail below.

    Non-GAAP Financial Measures

    NI 52-112 defines a non-GAAP financial measure as a financial measure that: (i) depicts the historical or expected future financial performance, financial position or cash flow of an entity; (ii) with respect to its composition, excludes an amount that is included in, or includes an amount that is excluded from, the composition of the most directly comparable financial measure disclosed in the primary financial statements of the entity; (iii) is not disclosed in the financial statements of the entity; and (iv) is not a ratio, fraction, percentage or similar representation. The non-GAAP financial measures used in this press release are not standardized financial measures under GAAP and might not be comparable to similar measures presented by other companies. Investors are cautioned that non-GAAP financial measures should not be construed as alternatives to or more meaningful than the most directly comparable GAAP financial measures as indicators of Birchcliff’s performance. Set forth below is a description of the non-GAAP financial measures used in this press release.

    Adjusted Funds Flow and Free Funds Flow

    Birchcliff defines “adjusted funds flow” as cash flow from operating activities before the effects of decommissioning expenditures, retirement benefit payments and changes in non-cash operating working capital. Birchcliff eliminates settlements of decommissioning expenditures from cash flow from operating activities as the amounts can be discretionary and may vary from period to period depending on its capital programs and the maturity of its operating areas. The settlement of decommissioning expenditures is managed with Birchcliff’s capital budgeting process which considers available adjusted funds flow. Birchcliff eliminates retirement benefit payments from cash flow from operating activities as such payments reflect costs for past service and contributions made by eligible executives under the Corporation’s post-employment benefit plan, which are not indicative of the current period. Changes in non-cash operating working capital are eliminated in the determination of adjusted funds flow as the timing of collection and payment are variable and by excluding them from the calculation, the Corporation believes that it is able to provide a more meaningful measure of its operations and ability to generate cash on a continuing basis. Management believes that adjusted funds flow assists management and investors in assessing Birchcliff’s financial performance after deducting all operating and corporate cash costs, as well as its ability to generate the cash necessary to fund sustaining and/or growth capital expenditures, repay debt, settle decommissioning obligations, buy back common shares and pay dividends.

    Birchcliff defines “free funds flow” as adjusted funds flow less F&D capital expenditures. Management believes that free funds flow assists management and investors in assessing Birchcliff’s ability to generate shareholder value and returns through a number of initiatives, including, but not limited to, debt repayment, common share buybacks, the payment of common share dividends, acquisitions and other opportunities that would complement or otherwise improve the Corporation’s business and enhance long-term shareholder value.

    The most directly comparable GAAP financial measure to adjusted funds flow and free funds flow is cash flow from operating activities. The following table provides a reconciliation of cash flow from operating activities to adjusted funds flow and free funds flow for the periods indicated:

      Three months ended
    		   Twelve months ended  
      March 31,
    		   December 31,  
    ($000s) 2025   2024   2024  
    Cash flow from operating activities 126,097   65,255   203,710  
    Change in non-cash operating working capital (2,194 ) (13,163 ) 17,269  
    Decommissioning expenditures 510   138   1,964  
    Retirement benefit payments –   13,851   13,851  
    Adjusted funds flow 124,413   66,081   236,794  
    F&D capital expenditures (111,819 ) (102,773 ) (273,084 )
    Free funds flow 12,594   (36,692 ) (36,290 )

    Birchcliff has disclosed in this press release forecasts of adjusted funds flow and free funds flow for 2025, which are forward-looking non-GAAP financial measures. See “2025 Guidance”. The equivalent historical non-GAAP financial measures are adjusted funds flow and free funds flow for the twelve months ended December 31, 2024. Birchcliff anticipates the forward-looking non-GAAP financial measures for adjusted funds flow and free funds flow disclosed herein will be higher than their respective historical amounts, primarily due to higher anticipated benchmark natural gas prices in 2025 as compared to 2024. The commodity price assumptions on which the Corporation’s guidance is based are set forth under the heading “2025 Guidance”.

    Transportation and Other Expense

    Birchcliff defines “transportation and other expense” as transportation expense plus marketing purchases less marketing revenue. Birchcliff may enter into certain marketing purchase and sales arrangements with the objective of reducing any unused transportation or fractionation fees associated with its take-or-pay commitments and/or increasing the value of its production through value-added downstream initiatives. Management believes that transportation and other expense assists management and investors in assessing Birchcliff’s total cost structure related to transportation and marketing activities. The most directly comparable GAAP financial measure to transportation and other expense is transportation expense. The following table provides a reconciliation of transportation expense to transportation and other expense for the periods indicated:

      Three months ended
    		   Twelve months ended  
      March 31,
    		   December 31,  
    ($000s) 2025   2024   2024  
    Transportation expense 37,519   36,625   149,534  
    Marketing purchases 14,910   7,111   51,496  
    Marketing revenue (14,748 ) (9,468 ) (54,069 )
    Transportation and other expense 37,681   34,268   146,961  


    Operating Netback

    Birchcliff defines “operating netback” as petroleum and natural gas revenue less royalty expense, operating expense and transportation and other expense. Operating netback is a key industry performance indicator and one that provides investors with information that is commonly presented by other oil and natural gas producers. Management believes that operating netback assists management and investors in assessing Birchcliff’s operating profits after deducting the cash costs that are directly associated with the sale of its production, which can then be used to pay other corporate cash costs or satisfy other obligations. The following table provides a breakdown of Birchcliff’s operating netback for the periods indicated:

    Three months ended ($000s) March 31, 2025   March 31, 2024  
    P&NG revenue 197,188   163,304  
    Royalty expense (15,039 ) (14,467 )
    Operating expense (21,133 ) (26,427 )
    Transportation and other expense (37,681 ) (34,268 )
    Operating netback 123,335   88,142  


    Total Capital Expenditures

    Birchcliff defines “total capital expenditures” as exploration and development expenditures less dispositions plus acquisitions (if any) and plus administrative assets. Management believes that total capital expenditures assists management and investors in assessing Birchcliff’s overall capital cost structure associated with its petroleum and natural gas activities. The most directly comparable GAAP financial measure to total capital expenditures is exploration and development expenditures. The following table provides a reconciliation of exploration and development expenditures to total capital expenditures for the periods indicated:

    Three months ended ($000s) March 31, 2025 March 31, 2024  
    Exploration and development expenditures(1) 111,819 102,773  
    Dispositions – (109 )
    Administrative assets 654 820  
    Total capital expenditures 112,473 103,484  

    (1)  Disclosed as F&D capital expenditures elsewhere in this press release. See “Advisories – F&D Capital Expenditures”.

    Effective Sales – Total Corporate, Total Natural Gas, AECO Market and NYMEX HH Market

    Birchcliff defines “effective sales” in the AECO market and NYMEX HH market as the sales amount received from the production of natural gas that is effectively attributed to the AECO and NYMEX HH market pricing, respectively, and does not consider the physical sales delivery point in each case. Effective sales in the NYMEX HH market includes realized gains and losses on financial instruments and excludes the notional fixed basis costs associated with the underlying financial contract in the period. Birchcliff defines “effective total natural gas sales” as the aggregate of the effective sales amount received in each natural gas market. Birchcliff defines “effective total corporate sales” as the aggregate of the effective total natural gas sales and the sales amount received from the production of light oil, condensate and NGLs. Management believes that disclosing the effective sales for each natural gas market assists management and investors in assessing Birchcliff’s natural gas diversification and commodity price exposure to each market. The most directly comparable GAAP financial measure to effective total natural gas sales and effective total corporate sales is natural gas sales. The following table provides a reconciliation of natural gas sales to effective total natural gas sales and effective total corporate sales for the periods indicated:

    Three months ended ($000s)  March 31, 2025 March 31, 2024  
    Natural gas sales 125,231 88,022  
    Realized gain (loss) on financial instruments 22,167 (5,628 )
    Notional fixed basis costs(1) 20,894 18,477  
    Effective total natural gas sales 168,292 100,871  
    Light oil sales 15,391 13,219  
    Condensate sales 37,371 43,477  
    NGLs sales 19,183 18,568  
    Effective total corporate sales 240,237 176,135  

    (1)  Reflects the aggregate notional fixed basis cost associated with Birchcliff’s financial NYMEX HH/AECO 7A basis swap contracts in the period.

    Non-GAAP Ratios

    NI 52-112 defines a non-GAAP ratio as a financial measure that: (i) is in the form of a ratio, fraction, percentage or similar representation; (ii) has a non-GAAP financial measure as one or more of its components; and (iii) is not disclosed in the financial statements of the entity. The non-GAAP ratios used in this press release are not standardized financial measures under GAAP and might not be comparable to similar measures presented by other companies. Set forth below is a description of the non-GAAP ratios used in this press release.

    Adjusted Funds Flow Per Boe and Adjusted Funds Flow Per Basic Common Share

    Birchcliff calculates “adjusted funds flow per boe” as aggregate adjusted funds flow in the period divided by the production (boe) in the period. Management believes that adjusted funds flow per boe assists management and investors in assessing Birchcliff’s financial profitability and sustainability on a cash basis by isolating the impact of production volumes to better analyze its performance against prior periods on a comparable basis.

    Birchcliff calculates “adjusted funds flow per basic common share” as aggregate adjusted funds flow in the period divided by the weighted average basic common shares outstanding at the end of the period. Management believes that adjusted funds flow per basic common share assists management and investors in assessing Birchcliff’s financial strength on a per common share basis.

    Free Funds Flow Per Basic Common Share

    Birchcliff calculates “free funds flow per basic common share” as aggregate free funds flow in the period divided by the weighted average basic common shares outstanding at the end of the period. Management believes that free funds flow per basic common share assists management and investors in assessing Birchcliff’s financial strength and its ability to deliver shareholder returns on a per common share basis.

    Transportation and Other Expense Per Boe

    Birchcliff calculates “transportation and other expense per boe” as aggregate transportation and other expense in the period divided by the production (boe) in the period. Management believes that transportation and other expense per boe assists management and investors in assessing Birchcliff’s cost structure as it relates to its transportation and marketing activities by isolating the impact of production volumes to better analyze its performance against prior periods on a comparable basis.

    Operating Netback Per Boe

    Birchcliff calculates “operating netback per boe” as aggregate operating netback in the period divided by the production (boe) in the period. Operating netback per boe is a key industry performance indicator and one that provides investors with information that is commonly presented by other oil and natural gas producers. Management believes that operating netback per boe assists management and investors in assessing Birchcliff’s operating profitability and sustainability by isolating the impact of production volumes to better analyze its performance against prior periods on a comparable basis.

    Effective Average Realized Sales Price – Total Corporate, Total Natural Gas, AECO Market and NYMEX HH Market

    Birchcliff calculates “effective average realized sales price” as effective sales, in each of total corporate, total natural gas, AECO market and NYMEX HH market, as the case may be, divided by the effective production in each of the markets during the period. Management believes that disclosing the effective average realized sales price for each natural gas market assists management and investors in comparing Birchcliff’s commodity price realizations in each natural gas market on a per unit basis.

    Capital Management Measures

    NI 52-112 defines a capital management measure as a financial measure that: (i) is intended to enable an individual to evaluate an entity’s objectives, policies and processes for managing the entity’s capital; (ii) is not a component of a line item disclosed in the primary financial statements of the entity; (iii) is disclosed in the notes to the financial statements of the entity; and (iv) is not disclosed in the primary financial statements of the entity. Set forth below is a description of the capital management measure used in this press release.

    Total Debt

    Birchcliff calculates “total debt” at the end of the period as the amount outstanding under the Corporation’s Credit Facilities plus working capital deficit (less working capital surplus) plus the fair value of the current asset portion of financial instruments less the fair value of the current liability portion of financial instruments and less the current portion of other liabilities discounted to the end of the period. The current portion of other liabilities has been excluded from total debt as these amounts have not been incurred and reflect future commitments in the normal course of operations. Management believes that total debt assists management and investors in assessing Birchcliff’s overall liquidity and financial position at the end of the period. The following table provides a reconciliation of the amount outstanding under the Corporation’s Credit Facilities, as determined in accordance with GAAP, to total debt for the periods indicated:

    As at ($000s) March 31, 2025   December 31, 2024   March 31, 2024  
    Revolving term credit facilities 518,581   566,857   428,566  
    Working capital (surplus) deficit(1) (67,109 ) (88,953 ) 34,261  
    Fair value of financial instruments – asset(2) 96,623   71,038   240  
    Fair value of financial instruments – liability(2) –   –   (14,550 )
    Other liabilities(2) (13,385 ) (13,385 ) (5,137 )
    Total debt 534,710   535,557   443,380  

    (1)  Current liabilities less current assets.

    (2)  Reflects the current portion only.

    ADVISORIES

    Unaudited Information

    All financial and operational information contained in this press release for the three months ended March 31, 2025 and 2024 is unaudited.

    Currency

    Unless otherwise indicated, all dollar amounts are expressed in Canadian dollars, all references to “$” and “CDN$” are to Canadian dollars and all references to “US$” are to United States dollars.

    Boe Conversions

    Boe amounts have been calculated by using the conversion ratio of 6 Mcf of natural gas to 1 bbl of oil. Boe amounts may be misleading, particularly if used in isolation. A boe conversion ratio of 6 Mcf: 1 bbl is based on an energy equivalency conversion method primarily applicable at the burner tip and does not represent a value equivalency at the wellhead. Given that the value ratio based on the current price of crude oil as compared to natural gas is significantly different from the energy equivalency of 6:1, utilizing a conversion on a 6:1 basis may be misleading as an indication of value.

    MMBtu Pricing Conversions

    $1.00 per MMBtu equals $1.00 per Mcf based on a standard heat value Mcf.

    Oil and Gas Metrics

    This press release contains metrics commonly used in the oil and natural gas industry, including operating netback. These oil and gas metrics do not have any standardized meanings or standard methods of calculation and therefore may not be comparable to similar measures presented by other companies. As such, they should not be used to make comparisons. Management uses these oil and gas metrics for its own performance measurements and to provide investors with measures to compare Birchcliff’s performance over time; however, such measures are not reliable indicators of Birchcliff’s future performance, which may not compare to Birchcliff’s performance in previous periods, and therefore should not be unduly relied upon. For additional information regarding operating netback and how such metric is calculated, see “Non-GAAP and Other Financial Measures”.

    Production

    With respect to the disclosure of Birchcliff’s production contained in this press release: (i) references to “light oil” mean “light crude oil and medium crude oil” as such term is defined in NI 51-101; (ii) references to “liquids” mean “light crude oil and medium crude oil” and “natural gas liquids” (including condensate) as such terms are defined in NI 51-101; and (iii) references to “natural gas” mean “shale gas”, which also includes an immaterial amount of “conventional natural gas”, as such terms are defined in NI 51-101. In addition, NI 51-101 includes condensate within the product type of natural gas liquids. Birchcliff has disclosed condensate separately from other natural gas liquids as the price of condensate as compared to other natural gas liquids is currently significantly higher and Birchcliff believes presenting the two commodities separately provides a more accurate description of its operations and results therefrom.

    With respect to the disclosure of Birchcliff’s production contained in this press release, all production volumes have been disclosed on a “gross” basis as such term is defined in NI 51-101, meaning Birchcliff’s working interest (operating or non-operating) share before the deduction of royalties and without including any royalty interests of Birchcliff.

    Initial Production Rates

    Any references in this press release to initial production rates or other short-term production rates are useful in confirming the presence of hydrocarbons; however, such rates are not determinative of the rates at which such wells will continue to produce and decline thereafter and are not indicative of the long-term performance or the ultimate recovery of such wells. In addition, such rates may also include recovered “load oil” or “load water” fluids used in well completion stimulation. Readers are cautioned not to place undue reliance on such rates in calculating the aggregate production for Birchcliff. Such rates are based on field estimates and may be based on limited data available at this time.

    With respect to the production rates for the Corporation’s 5-well 04-05 pad disclosed herein, such rates represent the cumulative volumes for each well measured at the wellhead separator for the 30 and 60 days (as applicable) of production immediately after each well was considered stabilized after producing fracture treatment fluid back to surface in an amount such that flow rates of hydrocarbons became reliable, divided by 30 or 60 (as applicable), which were then added together to determine the aggregate production rates for the 5-well pad and then divided by 5 to determine the per well average production rates. The production rates excluded the hours and days when the wells did not produce. To-date, no pressure transient or well-test interpretation has been carried out on any of the wells. The natural gas volumes represent raw natural gas volumes as opposed to sales gas volumes.

    Finding and Development (F&D) Capital Expenditures

    References in this press release to “F&D capital expenditures” denotes exploration and development expenditures as disclosed in the Corporation’s financial statements in accordance with GAAP, and is primarily comprised of capital for land, seismic, workovers, drilling and completions, well equipment and facilities and capitalized G&A costs and excludes any acquisitions, dispositions, administrative assets and the capitalized portion of cash incentive payments that have not been approved by the Board. Management believes that F&D capital expenditures assists management and investors in assessing Birchcliff’s capital cost outlay associated with its exploration and development activities for the purposes of finding and developing its reserves.

    Forward-Looking Statements

    Certain statements contained in this press release constitute forward‐looking statements and forward-looking information (collectively referred to as “forward‐looking statements”) within the meaning of applicable Canadian securities laws. The forward-looking statements contained in this press release relate to future events or Birchcliff’s future plans, strategy, operations, performance or financial position and are based on Birchcliff’s current expectations, estimates, projections, beliefs and assumptions. Such forward-looking statements have been made by Birchcliff in light of the information available to it at the time the statements were made and reflect its experience and perception of historical trends. All statements and information other than historical fact may be forward‐looking statements. Such forward‐looking statements are often, but not always, identified by the use of words such as “seek, “plan”, “focus”, “future”, “outlook”, “position”, “expect”, “project”, “intend”, “believe”, “anticipate”, “estimate”, “forecast”, “guidance”, “potential”, “proposed”, “predict”, “budget”, “continue”, “targeting”, “may”, “will”, “could”, “might”, “should”, “would”, “on track”, “maintain”, “deliver” and other similar words and expressions.

    By their nature, forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause actual results or events to differ materially from those anticipated in such forward‐looking statements. Accordingly, readers are cautioned not to place undue reliance on such forward-looking statements. Although Birchcliff believes that the expectations reflected in the forward-looking statements are reasonable, there can be no assurance that such expectations will prove to be correct and Birchcliff makes no representation that actual results achieved will be the same in whole or in part as those set out in the forward-looking statements.

    In particular, this press release contains forward‐looking statements relating to:

    • Birchcliff’s plans and other aspects of its anticipated future financial performance, results, operations, focus, objectives, strategies, opportunities, priorities and goals, including: Birchcliff’s continued focus on operational excellence; that with a substantial portion of its capital program behind it, Birchcliff expects to generate significant free funds flow during the remainder of the year, which will be allocated primarily towards reducing its total debt by approximately 28% from year end 2024, after the payment of its base dividend; that Birchcliff’s 2025 production guidance and capital program are unchanged and it remains focused on capital efficiency improvements, driving down its costs and strengthening its balance sheet; and that Birchcliff looks forward to a promising future, leveraging its strengths to navigate the evolving market, drive profitable growth and deliver long-term shareholder value;
    • the information set forth under the heading “2025 Guidance” and elsewhere in this press release as it relates to Birchcliff’s guidance for 2025, including: that as a result of the continued volatility in commodity prices driven by the uncertainties surrounding tariffs, global trade tensions and OPEC+ production increases, Birchcliff has lowered its commodity price assumptions for the remainder of 2025; that lower oil prices are forecasted for the remainder of the year; that Birchcliff expects to significantly strengthen its balance sheet in 2025, with free funds flow (after the payment of dividends) anticipated to be allocated primarily towards debt reduction; that based on its current commodity price assumptions, Birchcliff expects to exit 2025 with total debt of $365 million to $405 million, which represents a 28% reduction from its total debt at year end 2024 of $535.6 million; forecasts of annual average production, production commodity mix, average expenses, adjusted funds flow, F&D capital expenditures, free funds flow, total debt at year end, natural gas market exposure and the expected impact of changes in commodity prices and the CDN/US exchange rate on Birchcliff’s forecast of free funds flow; and that Birchcliff currently anticipates that U.S. tariffs will not have a material impact on its business;
    • the information set forth under the heading “Operational Update” and elsewhere in this press release regarding Birchcliff’s 2025 capital program and its exploration, production and development activities and plans (including its plans for Elmworth) and the timing thereof, including: that Birchcliff’s 2025 capital budget of $260 million to $300 million includes the drilling of 25 (25.0 net) wells and the bringing on production of 26 (26.0 net) wells in 2025; that Birchcliff’s teams continue to demonstrate a steadfast focus on execution, operational efficiency and disciplined cost management; that Birchcliff’s purposeful execution is helping to strengthen its performance and position the business for sustainable growth through the remainder of the year and in the long-term; the expected timing for wells to be brought on production and the completion of the turnaround at Birchcliff’s Pouce Coupe gas plant; targeted product types; and that Birchcliff is progressing the formal planning for the construction of a proposed 100% owned and operated 80 MMcf/d natural gas processing plant in Elmworth; and
    • that Birchcliff anticipates the forward-looking non-GAAP financial measures for adjusted funds flow and free funds flow disclosed herein will be higher than their respective historical amounts, primarily due to higher anticipated benchmark natural gas prices in 2025 as compared to 2024.

    With respect to the forward-looking statements contained in this press release, assumptions have been made regarding, among other things: prevailing and future commodity prices and differentials, exchange rates, interest rates, inflation rates, royalty rates and tax rates; the state of the economy, financial markets and the exploration, development and production business; the political environment in which Birchcliff operates; tariffs and trade policies; the regulatory framework regarding royalties, taxes, environmental, climate change and other laws; the Corporation’s ability to comply with existing and future laws; future cash flow, debt and dividend levels; future operating, transportation, G&A and other expenses; Birchcliff’s ability to access capital and obtain financing on acceptable terms; the timing and amount of capital expenditures and the sources of funding for capital expenditures and other activities; the sufficiency of budgeted capital expenditures to carry out planned operations; the successful and timely implementation of capital projects and the timing, location and extent of future drilling and other operations; results of operations; Birchcliff’s ability to continue to develop its assets and obtain the anticipated benefits therefrom; the performance of existing and future wells; reserves volumes and Birchcliff’s ability to replace and expand reserves through acquisition, development or exploration; the impact of competition on Birchcliff; the availability of, demand for and cost of labour, services and materials; the approval of the Board of future dividends; the ability to obtain any necessary regulatory or other approvals in a timely manner; the satisfaction by third parties of their obligations to Birchcliff; the ability of Birchcliff to secure adequate processing and transportation for its products; Birchcliff’s ability to successfully market natural gas and liquids; the results of the Corporation’s risk management and market diversification activities; and Birchcliff’s natural gas market exposure. In addition to the foregoing assumptions, Birchcliff has made the following assumptions with respect to certain forward-looking statements contained in this press release:

    • With respect to Birchcliff’s 2025 guidance (as updated on May 14, 2025), such guidance is based on the commodity price, exchange rate and other assumptions set forth under the heading “2025 Guidance”. In addition:
      • Birchcliff’s production guidance assumes that: the 2025 capital program will be carried out as currently contemplated; no unexpected outages occur in the infrastructure that Birchcliff relies on to produce its wells and that any transportation service curtailments or unplanned outages that occur will be short in duration or otherwise insignificant; the construction of new infrastructure meets timing and operational expectations; existing wells continue to meet production expectations; and future wells scheduled to come on production meet timing, production and capital expenditure expectations.
      • Birchcliff’s forecast of F&D capital expenditures assumes that the 2025 capital program will be carried out as currently contemplated and excludes any potential acquisitions, dispositions and the capitalized portion of cash incentive payments that have not been approved by the Board. The amount and allocation of capital expenditures for exploration and development activities by area and the number and types of wells to be drilled and brought on production is dependent upon results achieved and is subject to review and modification by management on an ongoing basis throughout the year. Actual spending may vary due to a variety of factors, including commodity prices, economic conditions, results of operations and costs of labour, services and materials.
      • Birchcliff’s forecasts of adjusted funds flow and free funds flow assume that: the 2025 capital program will be carried out as currently contemplated and the level of capital spending for 2025 set forth herein is met; and the forecasts of production, production commodity mix, expenses and natural gas market exposure and the commodity price and exchange rate assumptions set forth herein are met. Birchcliff’s forecast of adjusted funds flow takes into account its financial basis swap contracts outstanding as at May 5, 2025 and excludes cash incentive payments that have not been approved by the Board.
      • Birchcliff’s forecast of year end total debt assumes that: (i) the forecasts of adjusted funds flow and free funds flow are achieved, with the level of capital spending for 2025 met and the payment of an annual base dividend of approximately $33 million; (ii) any free funds flow remaining after the payment of dividends, asset retirement obligations and other amounts for administrative assets, financing fees and capital lease obligations is allocated towards debt reduction; and (iii) there are no buybacks of common shares, no equity issuances, no further exercises of stock options and no significant acquisitions or dispositions completed by the Corporation during 2025. The forecast of total debt excludes cash incentive payments that have not been approved by the Board.
      • Birchcliff’s forecast of its natural gas market exposure assumes: (i) 175,000 GJ/d being sold on a physical basis at the Dawn price; (ii) 147,500 MMBtu/d being contracted on a financial basis at an average fixed basis differential price between AECO 7A and NYMEX HH of US$1.088/MMBtu; and (iii) 1,200 GJ/d being sold at Alliance on a physical basis at the AECO 5A price plus a premium. Birchcliff’s natural gas market exposure takes into account its financial basis swap contracts outstanding as at May 5, 2025.
    • With respect to statements regarding future wells to be drilled or brought on production, such statements assume: the continuing validity of the geological and other technical interpretations performed by Birchcliff’s technical staff, which indicate that commercially economic volumes can be recovered from Birchcliff’s lands as a result of drilling future wells; and that commodity prices and general economic conditions will warrant proceeding with the drilling of such wells.

    Birchcliff’s actual results, performance or achievements could differ materially from those anticipated in the forward-looking statements as a result of both known and unknown risks and uncertainties including, but not limited to: general economic, market and business conditions which will, among other things, impact the demand for and market prices of Birchcliff’s products and Birchcliff’s access to capital; volatility of crude oil and natural gas prices; fluctuations in commodity prices and exchange, interest and inflation rates; risks associated with increasing costs, whether due to high inflation rates, supply chain disruptions or other factors; an inability of Birchcliff to generate sufficient cash flow from operations to meet its current and future obligations; an inability to access sufficient capital from internal and external sources on terms acceptable to the Corporation; risks associated with Birchcliff’s Credit Facilities, including a failure to comply with covenants under the agreement governing the Credit Facilities and the risk that the borrowing base limit may be redetermined; fluctuations in the costs of borrowing; operational risks and liabilities inherent in oil and natural gas operations; the risk that weather events such as wildfires, flooding, droughts or extreme hot or cold temperatures forces the Corporation to shut-in production or otherwise adversely affects the Corporation’s operations; the occurrence of unexpected events such as fires, explosions, blow-outs, equipment failures, transportation incidents and other similar events; an inability to access sufficient water or other fluids needed for operations; the risks associated with supply chain disruptions; uncertainty that development activities in connection with Birchcliff’s assets will be economic; an inability to access or implement some or all of the technology necessary to operate its assets and achieve expected future results; geological, technical, drilling, construction and processing problems; uncertainty of geological and technical data; horizontal drilling and completions techniques and the failure of drilling results to meet expectations for reserves or production; delays or changes in plans with respect to exploration or development projects or capital expenditures; the uncertainty of estimates and projections relating to production, revenue, costs and reserves; the accuracy of cost estimates and variances in Birchcliff’s actual costs and economic returns from those anticipated; incorrect assessments of the value of acquisitions and exploration and development programs; the risks posed by pandemics, epidemics, geopolitical events and global conflict and their impacts on supply and demand and commodity prices; actions taken by OPEC and other major oil producers and the impact such actions may have on supply and demand and commodity prices; stock market volatility; loss of market demand; changes to the regulatory framework in the locations where the Corporation operates, including changes to tax laws, Crown royalty rates, environmental and climate change laws (including emissions and “greenwashing”), carbon tax regimes, incentive programs and other regulations that affect the oil and natural gas industry; political uncertainty and uncertainty associated with government policy changes; actions by government authorities; the risk that: (i) the U.S. tariffs that are currently in effect on goods exported from or imported into Canada continue in effect for an extended period of time, the tariffs that have been threatened are implemented, that tariffs that are currently suspended are reactivated, the rate or scope of tariffs are increased or new tariffs are imposed, including on oil and natural gas; (ii) the U.S. and/or Canada imposes any other form of tax, restriction or prohibition on the import or export of products from one country to the other, including on oil and natural gas; and (iii) the tariffs imposed or threatened to be imposed by the U.S. on other countries and retaliatory tariffs imposed or threatened to be imposed by other countries on the U.S. will trigger a broader global trade war, which could have a material adverse effect on the Canadian, U.S. and global economies, and by extension the Canadian oil and natural gas industry and the Corporation, including by decreasing the demand for (and the price of) oil and natural gas, disrupting supply chains, increasing costs, causing volatility in global financial markets and limiting access to financing; an inability of the Corporation to comply with existing and future laws and the cost of compliance with such laws; dependence on facilities, gathering lines and pipelines; uncertainties and risks associated with pipeline restrictions and outages to third-party infrastructure that could cause disruptions to production; the lack of available pipeline capacity and an inability to secure adequate and cost-effective processing and transportation for Birchcliff’s products; an inability to satisfy obligations under Birchcliff’s firm marketing and transportation arrangements; shortages in equipment and skilled personnel; the absence or loss of key employees; competition for, among other things, capital, acquisitions of reserves, undeveloped lands, equipment and skilled personnel; management of Birchcliff’s growth; environmental and climate change risks, claims and liabilities; potential litigation; default under or breach of agreements by counterparties and potential enforceability issues in contracts; claims by Indigenous peoples; the reassessment by taxing or regulatory authorities of the Corporation’s prior transactions and filings; unforeseen title defects; third-party claims regarding the Corporation’s right to use technology and equipment; uncertainties associated with the outcome of litigation or other proceedings involving Birchcliff; uncertainties associated with counterparty credit risk; risks associated with Birchcliff’s risk management and market diversification activities; risks associated with the declaration and payment of future dividends, including the discretion of the Board to declare dividends and change the Corporation’s dividend policy and the risk that the amount of dividends may be less than currently forecast; the failure to obtain any required approvals in a timely manner or at all; the failure to complete or realize the anticipated benefits of acquisitions and dispositions and the risk of unforeseen difficulties in integrating acquired assets into Birchcliff’s operations; negative public perception of the oil and natural gas industry; the Corporation’s reliance on hydraulic fracturing; market competition, including from alternative energy sources; changing demand for petroleum products; the availability of insurance and the risk that certain losses may not be insured; breaches or failure of information systems and security (including risks associated with cyber-attacks); risks associated with artificial intelligence; risks associated with the ownership of the Corporation’s securities; the accuracy of the Corporation’s accounting estimates and judgments; and the risk that any of the Corporation’s material assumptions prove to be materially inaccurate (including the Corporation’s commodity price and exchange rate assumptions for 2025).

    Readers are cautioned that the foregoing lists of factors are not exhaustive. Additional information on these and other risk factors that could affect Birchcliff’s results of operations, financial performance or financial results are included in the Corporation’s annual information form and annual management’s discussion and analysis for the financial year ended December 31, 2024 under the heading “Risk Factors” and in other reports filed with Canadian securities regulatory authorities.

    This press release contains information that may constitute future-oriented financial information or financial outlook information (collectively, “FOFI”) about Birchcliff’s prospective financial performance, financial position or cash flows, all of which is subject to the same assumptions, risk factors, limitations and qualifications as set forth above. Readers are cautioned that the assumptions used in the preparation of such information, although considered reasonable at the time of preparation, may prove to be imprecise or inaccurate and, as such, undue reliance should not be placed on FOFI. Birchcliff’s actual results, performance and achievements could differ materially from those expressed in, or implied by, FOFI. Birchcliff has included FOFI in order to provide readers with a more complete perspective on Birchcliff’s future operations and management’s current expectations relating to Birchcliff’s future performance. Readers are cautioned that such information may not be appropriate for other purposes.

    Management has included the above summary of assumptions and risks related to forward-looking statements provided in this press release in order to provide readers with a more complete perspective on Birchcliff’s future operations and management’s current expectations relating to Birchcliff’s future performance. Readers are cautioned that this information may not be appropriate for other purposes.

    The forward-looking statements and FOFI contained in this press release are expressly qualified by the foregoing cautionary statements. The forward-looking statements and FOFI contained herein are made as of the date of this press release. Unless required by applicable laws, Birchcliff does not undertake any obligation to publicly update or revise any forward-looking statements or FOFI, whether as a result of new information, future events or otherwise.

    ABOUT BIRCHCLIFF:

    Birchcliff is an intermediate oil and natural gas company based in Calgary, Alberta with operations focused on the exploration and development of the Montney/Doig Resource Play in Alberta. Birchcliff’s common shares are listed for trading on the Toronto Stock Exchange under the symbol “BIR”.

    For further information, please contact:
     
    Birchcliff Energy Ltd.
    Suite 1000, 600 – 3rd Avenue S.W.
    Calgary, Alberta T2P 0G5
    Telephone: (403) 261-6401
    Email: birinfo@birchcliffenergy.com
    www.birchcliffenergy.com    		 Chris Carlsen – President and Chief Executive Officer

    Bruno Geremia – Executive Vice President and Chief Financial Officer

    The MIL Network –

  • MIL-OSI: Investview, Inc. (“INVU”) Reports Financial Results and Current Operational and Financial Highlights for the First Quarter Ended March 31, 2025

    Source: GlobeNewswire (MIL-OSI)

    Haverford, PA, May 14, 2025 (GLOBE NEWSWIRE) — Investview, Inc. (OTCQB: INVU), a diversified financial technology services company that offers multiple business units across key sectors, including a financial education division offering tools, products and content through a global network of independent distributors; a manufacturing division focused on proprietary aesthetics, health, nutrition, & cognitive wellness products for wholesale and retail markets, with strategic plans for global expansion; an early-stage online trading platform that intends to offer self-directed retail brokerage services; and a business unit that owns and operates a sustainable blockchain business focused on bitcoin mining, today reported its first quarter 2025 financial results and shared highlights of key operational progress, strategic milestones, and forward-focused initiatives.

    Summary Consolidated Financial Highlights:

    Results of Operations-Three Months Ended March 31, 2025 vs March 31, 2024

    • Gross Revenue (a Non-GAAP measure) decreased 35.3% to $10.7 million for the three months ended March 31, 2025, compared to $16.5 million for the comparable prior year period.
    • Net Revenue decreased 36.0% to $10.0 million for the three months ended March 31, 2025, compared to $15.7 million for the comparable prior year period.
    • Net cash used in operating activities was ($3.4) million for the three months ended March 31, 2025, compared to net cash provided by operating activities of $4.8 million for the comparable prior year period.
    • Net income from operations decreased 122.1% to ($0.4) million for the three months ended March 31, 2025, compared to net income from operations of $1.9 million for the comparable prior year period.

    Balance Sheet Data – March 31, 2025 vs December 31, 2024

    • Cash and cash equivalents at March 31, 2025 was $17.5 million, down $5.0 million or 22.1% from $22.5 million at December 31, 2024. The decrease was mainly attributable to a deposit to secure a writ of attachment order of $1.9 million in favor of the Company, an increase in bitcoin holdings of $0.5 million, an increase in prepaid assets of $0.8 million, purchases of inventory and manufacturing equipment of $0.7 million, and payments made under an agreement for the purchase of our common shares in a private transaction of $0.8 million.
    • Total assets decreased by $1.6 million or 5.2% to $29.9 million. Total liabilities decreased by $1.2 million or 8.7% to $13.1 million. Our current ratio remains strong at 2.29 as of March 31, 2025.
    • Working capital balance decreased by 6.1% at March 31, 2025, a decrease of $0.9 million from December 31, 2024.
    • Outstanding debt increased by $0.1 million to $3.3 million at March 31, 2025, up from $3.2 million at December 31, 2024.
    • Total stockholders’ equity at March 31, 2025 was $16.8 million, a decrease of $0.4 million, or 2.2%, from $17.2 million at December 31, 2024.

    Comments on our industry segments and business units

    Financial Education and Technology Segment

    iGenius net revenue in the first quarter of 2025 was $8.8 million, a decrease of $4.2 million or 32.5% over the comparable period in 2024. The decrease was largely attributable to a combination of shifts in consumer behavior and demand following the COVID-19 pandemic as individuals reassess their spending priorities, lifestyle choices, and engagement habits. Broader macroeconomic headwinds also contributed to a general slowdown in direct sales and home-based business sectors.

    Despite these challenges, iGenius remains optimistic about its long-term growth trajectory. The company is actively investing in the expansion of its sales network and is focused on broadening its portfolio of products and services. Management is confident that the core direct selling model remains robust and scalable, particularly as it evolves to include offerings beyond financial education.

    As part of its strategic vision, iGenius plans to strengthen its value proposition through the continued development of its myLife Wellness division, which includes health, beauty, and wellness products. These initiatives are expected to enhance engagement across the sales network and drive future growth opportunities.

    Our Blockchain Technology and Crypto Mining Products and Services Segment

    SAFETek net revenue in the first quarter of 2025 was $0.9 million, a decrease of $1.8 million or 67.3% over the comparable period. The decrease in net revenue was primarily driven by the April 2024 Bitcoin halving event, which reduced block rewards by 50%, a more than 3.5% increase in mining network difficulty for the period, and a government-mandated energy curtailment due to low hydroelectric reservoir levels in our host country.

    Despite a highly challenging environment, SAFETek successfully produced 9.12 Bitcoin during the first quarter of 2025. The company navigated the combined impact of tighter block rewards, escalating network difficulty, and energy restrictions, while simultaneously capitalizing on reduced power costs resulting from the curtailment, effectively turning operational adversity into a cost-management initiative that we expect will serve us well over time.

    In 2024, SAFETek proactively executed key strategic initiatives to fortify long-term operational efficiency. These included the retirement of legacy mining hardware, deployment of next-generation ASIC miners, and the consolidation of mining operations—collectively lowering our hash cost and enhancing our competitive position in the global mining landscape. Importantly, we remain debt-free on all equipment purchases and maintain a strong balance sheet that provides the financial flexibility to pursue selective expansion opportunities.

    SAFETek currently holds a reserve of nearly 2,900 mining machines, strategically positioned for deployment in qualified expansion scenarios. While the Bitcoin mining sector continues to evolve amid macroeconomic and protocol-level shifts, our outlook remains cautiously optimistic. We are committed to a disciplined, forward-looking strategy that prioritizes long-term sustainability and prepares us to scale when conditions improve.

    Our Manufacturing and Development of Health, Beauty and Wellness Products Segment

    In October 2024, we entered the over-the-counter health, beauty, and wellness market through our wholly owned subsidiary, myLife Wellness Company (“myLife Wellness”), with the strategic acquisition of Renu Laboratories, Inc. (“Renu Labs”), a contract developer and manufacturer of proprietary and non-proprietary products serving wholesale and retail clients. This acquisition marks a key milestone in our strategy to extend our platform into high-demand consumer verticals, with a growing focus on aesthetics, nutrition, and cognitive wellness.

    Since the acquisition, we have made accelerated investments in Renu Labs’ core capabilities, including upgraded equipment, enhanced production technology, and key talent recruitment, which have resulted in measurable gains in both production output and operational efficiency. Net revenue for the first quarter of 2025 totaled $0.4 million. Encouragingly, net revenue generated to date in the second quarter has already exceeded first-quarter results, signaling continued momentum.

    We are optimistic about Renu’s long-term growth trajectory and are focused on scaling manufacturing capacity while expanding our product portfolio and contract manufacturing (CMO) engagements with qualified partners. These steps are designed to position Renu as a nimble and scalable manufacturer in a market increasingly seeking trusted, innovative wellness product providers.

    As the commercial arm of this initiative, myLife Wellness will serve as both the marketing engine and e-commerce platform for the products developed and manufactured by Renu Labs. The brand’s growing product catalog, centered around aesthetics, health, nutrition, and cognitive wellness, is expected to be distributed through a combination of retail (B2C) and wholesale (B2B) channels.

    In addition to operating as a standalone consumer platform, myLife Wellness will also benefit from strategic collaboration with our iGenius subsidiary, enabling expanded access to retail, wholesale, and direct-to-consumer channels. This partnership is expected to significantly enhance market reach, while creating new revenue opportunities by introducing wellness products to a global member base and established consumer relationships.

    We believe this integrated ecosystem represents a powerful foundation for long-term value creation across the health and wellness space.

    Our Financial Services Initiatives

    In March 2024, we achieved a significant milestone in our fintech growth strategy with the acquisition of Opencash Securities LLC, an early-stage registered broker-dealer. While the platform has not yet commenced commercial operations, this acquisition represents a strategic foundation for building a modern, mobile-first trading experience to-be focused on accessibility, simplicity, and cost-efficiency for retail investors globally.

    Opencash is currently advancing through its final stages of development, including clearing integration, infrastructure buildout, and internal testing, in preparation for its commercial launch. Our goal is to establish Opencash as a low-cost, and commission-free platform offering trading in stocks, ETFs, and options, tailored to meet the expectations of today’s digitally native investor.

    The Opencash initiative is designed to work in tandem with our proprietary MPower Trading Systems – Prodigio trading engine, acquired in 2021. Once fully deployed, we expect to offer two complementary trading solutions under the Opencash brand:

    • Opencash – a streamlined platform for everyday retail investors
    • OpencashPro – a feature-rich platform for advanced traders and active investors

    Together, these platforms are expected to deliver a seamless, data-driven trading experience that integrates intelligent analytics, automation, and user-friendly interfaces, positioning us competitively in the evolving fintech landscape.

    We remain optimistic about the long-term potential of the Opencash platform and are committed to executing a disciplined phased rollout that prioritizes regulatory readiness, technological integrity, and a superior user experience.

    Operational Highlights (Quotes)

    Victor Oviedo, Investview CEO, commented, “during the first quarter of 2025, Investview continued to make strategic progress across its diversified operating segments. In our financial education and direct selling division, iGenius generated $8.8 million in net revenue. While this represented a material contraction in our business compared to the prior-year period, the business remains focused on long-term growth through the planned expansion of its global sales network and the planned integration of health and wellness offerings from myLife Wellness.

    “Our blockchain and crypto mining division, SAFETek, produced 9.12 Bitcoin during the quarter despite facing significant headwinds including the April 2024 halving event, a network difficulty increase of over 3.5%, and a government-mandated energy curtailment. These challenges were met with proactive operational adjustments, including the retirement of legacy hardware and the deployment of next-generation ASIC miners. SAFETek remains debt-free on all equipment purchases and holds a reserve of approximately 2,900 mining machines, preserving flexibility for future expansion.

    “In our health, beauty, and wellness segment, Renu Labs generated $0.4 million in net revenue for the quarter, with revenues to date in Q2 2025 already exceeding first-quarter results. Strategic investments in production technology, equipment, and personnel are expected to lead to continued improvements in output and efficiency. The Company continues to position itself as a nimble and scalable manufacturer serving both proprietary and third-party CMO clients.

    “Our fintech division also advanced with the continued development of Opencash Securities LLC. As a mobile-first platform for low-cost, and commission-free trading of stocks, ETFs, and options, “Opencash is progressing through clearing integration and platform testing in preparation for launch. The platform is expected to work in tandem with our MPower Prodigio trading engine, offering solutions for both retail and advanced traders under the Opencash and OpencashPro brands.

    “Investview ended the quarter with $17.5 million in cash and cash equivalents, $1.7 million in bitcoin, maintained a strong current ratio of 2.29 and had a working capital balance of $14.2 million, reflecting prudent financial management and positioning the company to capitalize on future growth opportunities across its expanding portfolio.”

    About Investview, Inc.

    Investview, Inc., a Nevada corporation, operates a financial technology (FinTech) services company, offering several different lines of business, including a Financial Education and Technology business that delivers a series of products and services involving financial education, digital assets and related technology, through a network of independent distributors; and a Blockchain Technology and Crypto Mining Products and Services business, including leading-edge research, development and FinTech services involving the management of digital asset technologies with a focus on Bitcoin mining and the new generation of digital assets. In addition, we are in the process of creating a Brokerage and Financial Markets business within the investment management and brokerage industries by, among others, commercializing on a proprietary trading platform we acquired in September 2021. For more information on Investview, please visit: www.investview.com.

    About Opencash Securities LLC

    Brokerage services are provided by Opencash Securities LLC, a member of FINRA and SIPC. Options involve risk and are not suitable for all investors. Please review Characteristics and Risks of Standardized Options prior to engaging in options trading. Opencash Securities LLC does not provide investment advice. Please consult with investment, tax, or legal professionals before making any investment decisions. All investments involve risks, including the possible loss of capital. Check the background of this investment professional on BrokerCheck. Opencash Securities LLC is a wholly-owned subsidiary of Investview, Inc.

    Forward-Looking Statement

    All statements in this release that are not based on historical fact are “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Forward-looking statements, which are based on certain assumptions and describe our future plans, strategies, and expectations, can generally be identified by the use of forward-looking terms such as “believe,” “expect,” “may,” “should,” “could,” “seek,” “intend,” “plan,” “goal,” “estimate,” “anticipate” or other comparable terms. These forward-looking statements are based on Investview’s current beliefs and assumptions and information currently available to Investview and involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance, or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by these forward-looking statements. Our forward-looking statements expect that we will be able to expand the scope and scale of our iGenius network, despite the recent material contractions in its business. Our forward-looking statements also expect that we will ultimately be able to develop retail brokerage operations at Opencash, although it is currently in the pre-revenue and early stage of its operations. We plan to do this by, among others, investing the funds we believe are necessary to develop the infrastructure necessary to achieve retail operations. This includes, among others, the on-boarding of customer support personnel and software developers, the development and implementation of a marketing strategy, the securing of necessary securities clearing arrangements, and the continued development of the online Opencash trading platform and completing its integration with the proprietary algorithmic trading platform we acquired in September 2021. Despite our best efforts, there can be no assurance that we will be able to achieve these objectives on a timely basis, if at all, as the development of an early-stage securities brokerage business involves inherent regulatory and operational risks and uncertainties, including the uncertain ability of us to integrate the Opencash investment platform application with the proprietary algorithmic trading platform we acquired in September 2021, particularly as the platform we acquired in 2021 has not been placed in commercial service since 2021; thus, any such integration could be subject to IT-related and commercial risks. More information on potential factors that could affect Investview’s financial results is included from time to time in Investview’s public reports filed with the U.S. Securities and Exchange Commission, including the Company’s most recent Annual Report on Form 10-K, Quarterly Reports on Form 10-Q, and Current Reports on Form 8-K. The forward-looking statements made in this release speak only as of the date of this release, and Investview, Inc. assumes no obligation to update any such forward-looking statements to reflect actual results or changes in expectations, except as otherwise required by law.

    Investor Relations
    Contact: Ralph R. Valvano
    Phone Number: 732.889.4300
    Email: pr@investview.com

    Reconciliation of Gross Revenue to Net Revenue
    (unaudited)

    As used in this report, Gross Revenues are not a measure of financial performance under United States Generally Accepted Accounting Principles (“GAAP”). Gross Revenues are presented as they are used by management to understand the total revenue before certain items such as refunds, incentives, credits, chargebacks, and amounts paid to third party providers. The non-GAAP Gross Revenue measure is a supplement to the GAAP financial information. A reconciliation between Gross Revenue (non-GAAP) and Net Revenue is presented in the table below.

    Gross Revenue (non-GAAP) to Net Revenue reconciliation for the three months ended March 31, 2025 is as follows:

        Membership
    revenue    		     Mining revenue     Health and wellness product sales     Other Revenue     Total  
    Gross billings/receipts   $ 9,439,857     $ 862,944     $ 368,443     $ 7,344     $ 10,678,588  
    Refunds, incentives, credits, and chargebacks     (648,414 )     –       (122 )     –       (648,536 )
    Net revenue   $ 8,791,443     $ 862,944     $ 368,321     $ 7,344     $ 10,030,052  

    Gross Revenue (non-GAAP) to Net Revenue reconciliation for the three months ended March 31, 2024 is as follows:

        Membership
    Revenue    		     Mining Revenue     Total  
    Gross billings/receipts   $ 13,851,294     $ 2,642,599     $ 16,493,893  
    Refunds, incentives, credits, and chargebacks     (821,976 )     –       (821,976 )
    Net revenue   $ 13,029,318     $ 2,642,599     $ 15,671,917  

    The MIL Network –

  • MIL-OSI Security: Baltimore Man Pleads Guilty in Federal Court to Fentanyl, Firearm, and Unemployment Insurance Fraud Charges

    Source: Office of United States Attorneys

    Greenbelt, Maryland – Today, Vincent Ford, 22, of Baltimore, Maryland, pled guilty in federal court to possession with intent to distribute fentanyl and oxycodone; possession of a firearm and ammunition by a convicted felon; and wire fraud, in connection with fraudulently obtaining COVID-19 unemployment insurance (UI) benefits.

    Kelly O. Hayes, U.S. Attorney for the District of Maryland, announced the plea with Special Agent in Charge Toni M. Crosby, Bureau of Alcohol, Tobacco, Firearms, and Explosives (ATF); Special Agent in Charge Troy W. Springer, National Capital Region, U.S. Department of Labor – Office of Inspector General (DOL-OIG); and Chief Malik Aziz, Prince George’s County Police Department (PGPD).

    According to the guilty plea, on February 17, 2023, PGPD officers conducted a traffic stop on a vehicle with heavily tinted windows.  During the traffic stop, officers detected the odor of marijuana coming from the vehicle. The driver acknowledged there was marijuana in the car. 

    Ford was the passenger in the vehicle and officers noticed that he was wearing an unzipped gray satchel.  After searching the vehicle, officers found a loaded Taurus G3C semi-automatic firearm under the passenger seat where Ford had been sitting. It was loaded with 13 rounds of 9mm ammunition in the magazine and one round of 9mm ammunition in the chamber ready to be fired.  The firearm was previously reported stolen from a vehicle in Baltimore County.

    Law enforcement also searched Ford’s satchel and person, recovering 46 30mg blue pills that contained fentanyl, a 20mg white pill that contained oxycodone, three 15mg green pills that contained oxycodone, and more than $1,000 in cash.

    Ford admitted to possessing the fentanyl and oxycodone pills with the intent to distribute them.  He also acknowledged that he possessed the loaded Taurus firearm in furtherance of his drug trafficking. Due to a previous felony conviction, Ford is prohibited from possessing firearms and ammunition.

    Additionally, a subsequent investigation revealed that Ford also engaged in COVID-19 UI fraud.  According to the plea, between at least June 13, 2020, and November 19, 2020, Ford participated in a scheme to defraud the Maryland Department of Labor of at least $17,000 in UI benefits during the COVID-19 pandemic.  In response to the COVID-19 pandemic, several federal programs expanded UI eligibility and increased UI benefits to provide emergency assistance to struggling Americans.  Ford fraudulently took advantage of that program and filed at least six false UI claims, using stolen identities of real persons.  Two of the fraudulent claims resulted in the disbursement of $17,000 in funds in the names of two of the identity theft victims.  He obtained $2,580 of that amount from a bank card in the name of one of the victims.

    Ford faces a maximum sentence of 15 years for the felon in possession of a firearm and ammunition charge; a maximum of 20 years for possession with intent to distribute fentanyl and oxycodone; and a maximum of 20 years for wire fraud in connection with his fraudulent COVID-19 unemployment insurance scheme.  Judge Deborah L. Boardman scheduled sentencing for Monday, November 3, at 2 p.m.

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

    On May 17, 2021, the Attorney General established the COVID-19 Fraud Enforcement Task Force to marshal the resources of the Department of Justice in partnership with agencies across government to enhance efforts to combat and prevent pandemic-related fraud.  The Task Force bolsters efforts to investigate and prosecute the most culpable domestic and international criminal actors and assists agencies tasked with administering relief programs to prevent fraud by, among other methods, augmenting and incorporating existing coordination mechanisms, identifying resources and techniques to uncover fraudulent actors and their schemes, and sharing and harnessing information and insights gained from prior enforcement efforts.  For more information on the Department’s response to the pandemic, visit https://www.justice.gov/coronavirus.

    Anyone with information about allegations of attempted fraud involving COVID-19 can report it by calling the Department of Justice’s National Center for Disaster Fraud (NCDF) Hotline at 866-720-5721 or via the NCDF Web Complaint Form at https://www.justice.gov/disaster-fraud/ncdf-disaster-complaint-form.

    U.S. Attorney Hayes commended the ATF, DOL-OIG, and PGPD for their work in the investigation.  Ms. Hayes also thanked Assistant U.S. Attorneys Patrick D. Kibbe and Nicholas F. Potter who are prosecuting the case.

    For more information about the Maryland U.S. Attorney’s Office, its priorities, and resources available to help the community, visit www.justice.gov/usao-md and https://www.justice.gov/usao-md/community-outreach.

    # # #

    MIL Security OSI –

  • MIL-OSI Global: Decades of neglect: Migrant farm worker housing needs national regulatory standards

    Source: The Conversation – Canada – By C. Susana Caxaj, Associate Professor, Nursing, Western University

    Housing for migrant workers in Western Canada. Many workers live in poorly maintained housing and face surveillance and harassment from employers. (Elise Hjalmarson/RAMA Okanagan)

    In today’s political climate, temporary migrants in Canada are being scapegoated for everything from rising grocery bills to the affordable housing crisis. Yet migrant workers, particularly farm workers, face a hidden housing crisis that needs urgent attention.

    Much of Canada’s ability to produce food hinges on hiring migrant agricultural workers from countries like Mexico, Guatemala, Jamaica and elsewhere. Yet, housing for migrant agricultural workers in Canada is often overcrowded, dangerous and undignified.

    Amid government inaction, our group of 29 researchers, clinicians and advocates with the Coalition for National Housing Standards for Migrant Agricultural Workers (CoNaMi), have developed a proposal for national housing standards. This work is backed by clinical experience, hundreds of interviews and surveys and migrant agricultural workers’ own advocacy.

    Inadequate housing

    When two of us — Anelyse and Susana — interviewed 151 migrants in Ontario and British Columbia as part of our research, workers described conditions of isolation, crowding, inadequate ventilation, poor maintenance and close proximity to hazards such as agrochemicals.

    Both during and after the COVID-19 pandemic, many workers struggled to access health care, groceries and social services. In addition, their phone and internet access was often unreliable.

    Some workers reported employer-imposed restrictions on leaving the property, and bans on visitors. These living conditions pose serious risks to workers.

    Similarly to research led by the Centre for Climate Justice in British Columbia, we also encountered several workers who endured significant hardships as a result of extreme weather events.

    Consistent with recent research in Nova Scotia, we found that a lack of meaningful union representation, precarious status and low wages created coercive conditions in which workers felt forced to accept poor living conditions.

    Marginalization and exploitation

    As migrant workers typically live on the farms where they work, the lines between work and home can be blurred. This living arrangement often contributes to isolation and surveillance by employers. It may also enable harassment and abuse.

    Furthermore, migrants are geographically separated from their families for months or years at a time. Research that Adam has conducted in Atlantic Canada and Ontario, Jill in Québec and Susana in Ontario and British Columbia, outlines how poor housing conditions not only threaten workers’ health and well-being, but also contribute to their marginalization and exploitation.

    Workers often describe feeling demeaned and controlled, and they wonder why Canada, a country so willing to accept their labour, is so reluctant to accept their common humanity.

    In 2024, the United Nations Special Rapporteur on contemporary forms of slavery has described Canada’s temporary foreign worker program, accessed by migrant agricultural workers to come to Canada, as “a breeding ground for contemporary forms of slavery,” a statement echoed by international human rights watchdog Amnesty International.

    Yet the federal government has failed to meaningfully improve housing conditions or establish clear, enforceable and mandatory standards. This inaction persists despite years of reviews, consultations and recommendations.

    In fact, a study commissioned by the federal government to review the possibility of a national housing standard for migrant agricultural workers in 2018 called for greater consistency in housing quality assessments.

    Academic experts have long called for a national housing standard, as well as proactive and unannounced housing inspections. Other professional and labour organizations have identified the need for greater inter-jurisdictional co-ordination and attention to issues of safety, pandemic preparedness, privacy and dignity.

    Furthermore, safeguarding housing quality requires policy changes that provide meaningful status and adequate collective bargaining representation to migrant workers, as these conditions underlie their vulnerability in housing.

    In the 2020 Auditor General of Canada report, the need for national minimum accommodation requirements for migrant agricultural workers was identified. However, housing remains a key concern for these workers who have not yet benefited from such proposed recommendations.

    National housing standard

    A national housing standard for migrant agricultural workers is a crucial step towards protecting their rights and mitigating their vulnerability. These standards must include:

    1. Appropriate and enforced housing standards: Ensure robust and proactive enforcement of housing standard. Living quarters must be well-constructed, safe and dignified.

    2. Privacy, security, access and freedom: Guarantee workers’ rights to privacy, movement, access to health and social services and freedom from surveillance. Workers must have access to transportation and be able to enjoy rest, leisure and a social life.

    3. Dignified living conditions: Safeguard basic rights to comfort, storage and personal care by prescribing minimum standards and ratios for private bedrooms, common areas, laundry and cooking facilities. Workers should have private bedrooms and reliable internet access.

    4. Health and safety in housing: Protect workers from the spread of illness, extreme weather events and other hazards through proper air conditioning, ventilation and reduced occupancy ratios for bathrooms and kitchens.

    5. Co-ordinated government leadership: Prevent different jurisdictions passing the buck by mandating co-ordination, data-sharing and training among federal, provincial and municipal governments. For example, inspectors should be trauma-informed and armed with strategies to mitigate implicit bias and to anticipate barriers this group faces because of their precarious status. The federal government must lead with adequate funding and policy reform to address barriers that prevent workers from advocating for decent housing.

    The evidence is clear. Canadian governments must raise the bar from the floor, and create national standards for migrant agricultural workers’ housing.

    C. Susana Caxaj has received Social Sciences and Humanities Research Council of Canada to carry out this research. Previously, her work has been funded by the Canadian Institute of Health Research, Vancouver Foundation and Western University. She is a co-founder and member of the Migrant Worker Health Expert Working Group.

    Anelyse Weiler receives funding from SSHRC and the Hari Sharma Foundation. She is a board member with the B.C. Employment Standards Coalition and is involved with the Worker Solidarity Network.

    J. Adam Perry receives funding from the Social Sciences and Humanities Research Council of Canada.

    Jill Hanley receives funding from SSHRC and CIHR for her research on farmworkers. She is affiliated with the Immigrant Workers Centre and the SHERPA University Institute.

    – ref. Decades of neglect: Migrant farm worker housing needs national regulatory standards – https://theconversation.com/decades-of-neglect-migrant-farm-worker-housing-needs-national-regulatory-standards-255709

    MIL OSI – Global Reports –

  • MIL-OSI Europe: Answer to a written question – EU action and leadership on global health in view of the US withdrawal from the World Health Organization (WHO) – P-000773/2025(ASW)

    Source: European Parliament

    Through contributions to the World Health Organisation and health initiatives, the EU and its Member States are leading contributors to global health financing. The EU remains committed to global health, including by supporting sexual and reproductive health and rights (SRHR) and the fight against human immunodeficiency virus (HIV), and is taking a wide range of actions such as the Team Europe Initiative on SRHR in Africa and financial contributions to the United Nations Population Fund and the Global Fund to Fight HIV, Tuberculosis and Malaria[1]. The EU will continue supporting global health in line with its commitments and available resources.

    The fight against antimicrobial resistance (AMR) remains a Commission priority[2]. The 2022 Global Health Strategy sets out EU’s international actions. The 2023 Council Recommendation sets recommendations to address AMR. The Commission has played an active role in reaching a preliminary agreement in recent negotiations on a Global Pandemic Agreement. This agreement includes AMR and is expected to be formally adopted at the 78th World Health Assembly in May 2025. The Commission also supports the Quadripartite Multi-Stakeholder Partnership Platform and the AMR Multi-Partner Trust Fund[3] and engages with international partners (G7, G20).

    Moreover, the Commission’s proposed reform of the EU’s general pharmaceutical legislation[4] provides for incentives for the development of novel antimicrobials and contains measures for the prudent use of antimicrobials.

    Building upon the Preparedness Union Strategy, the Commission will present a medical countermeasures (MCM) strategy to enhance the EU’s preparedness for health threats such as AMR by improving innovation and access to MCM, including antibiotics and AMR products. This will complement the Commission work with Member States to develop a financial incentive pilot in the form of a revenue guarantee.

    • [1] https://www.theglobalfund.org/en/.
    • [2] The 2024 United Nations General Assembly declaration marks a milestone of international commitments: https://www.unep.org/news-and-stories/press-release/world-leaders-commit-decisive-action-antimicrobial-resistance.
    • [3] https://www.qjsamr.org/.
    • [4] https://health.ec.europa.eu/medicinal-products/legal-framework-governing-medicinal-products-human-use-eu/reform-eu-pharmaceutical-legislation_en.
    Last updated: 14 May 2025

    MIL OSI Europe News –

  • MIL-OSI Security: East Point, Georgia Man Sentenced to Federal Prison for CARES Act Unemployment Fraud

    Source: Office of United States Attorneys

    MONTGOMERY, AL – On May 13, 2025, a federal judge sentenced Brandon Cody Carter, 36, of East Point, Georgia, to 78 months in prison for his role in a scheme to file fraudulent unemployment insurance claims under the expanded Coronavirus Aid, Relief, and Economic Security (CARES) Act. The announcement was made by Acting United States Attorney Kevin Davidson and Special Agent in Charge Mathew Broadhurst, of the Southeast Region, U.S. Department of Labor, Office of Inspector General. Following his six-and-a-half-year term of imprisonment, Carter will serve three years on supervised release. Federal inmates are not eligible for parole.

    Beginning in March 2020, the CARES Act and the Families First Coronavirus Response Act expanded access to unemployment insurance programs to address the economic impact of the COVID-19 pandemic. In Alabama, eligible individuals could receive enhanced benefits through the Alabama Department of Labor (ADOL).

    According to court documents and Carter’s plea agreement, between March and September 2020, he conspired with others to submit fraudulent unemployment insurance claims to ADOL. In doing so, Carter falsely claimed Alabama residency and used multiple aliases, submitting fictitious names, birthdates, Social Security numbers, and other fraudulent information. As a result of these false representations, ADOL issued substantial payments to Carter through unemployment insurance debit cards and direct deposits.

    On January 23, 2025, Carter pleaded guilty to conspiracy to commit mail fraud. During the plea hearing, he admitted his actions led ADOL to disburse $818,304 in fraudulent claims. A restitution amount will be determined at a later date.

    “This sentence reflects the seriousness of defrauding programs intended to help those truly in need during a national crisis,” said Acting United States Attorney Davidson. “Brandon Carter exploited a system designed to provide relief to families facing unprecedented hardship. Our office remains committed to working with our law enforcement partners to uncover and prosecute pandemic-related fraud wherever it occurs.”

    “Brandon Carter defrauded the Alabama Department of Labor by filing numerous false claims for unemployment insurance benefits to which he was not entitled. He enriched himself by diverting taxpayer funds from a program that was intended to assist unemployed American workers who lost their jobs due to the COVID-19 pandemic,” stated Special Agent in Charge Broadhurst. “We will continue to work closely with the U.S. Attorney’s Office and our other law enforcement partners to protect the integrity of these critical benefit programs.”

    The U.S. Department of Labor Office of Inspector General, Alabama Department of Labor, U.S. Postal Inspection Service, U.S. Secret Service, Social Security Administration Office of Inspector General, Alabama Department of Transportation, and Alabama Law Enforcement Agency investigated this case, which Assistant United States Attorney Joel Feil prosecuted.

    Anyone with information about allegations of attempted fraud involving COVID-19 can report it by calling the Department of Justice’s National Center for Disaster Fraud (NCDF) Hotline via the NCDF Web Complaint Form at: https://www.justice.gov/disaster-fraud/ncdf-disaster-complaint-form.

    MIL Security OSI –

  • MIL-OSI Global: Forget chatbots: research suggests reading can help combat loneliness and boost the brain

    Source: The Conversation – UK – By Barbara Jacquelyn Sahakian, Professor of Clinical Neuropsychology, University of Cambridge

    Rawpixel.com/Shutterstock

    Loneliness has become such a widespread problem that Silicon Valley billionaires are now highlighting it to market AI companions, with Mark Zuckerberg recently stating “the average American has fewer than three friends”.

    This actually echoes what the World Health Organization has called a crisis of social isolation and loneliness. They report that around 25% of older adults are socially isolated and 5%-15% of adolescents are lonely. But a variety of research – including our own – suggests reading may be a much better solution than chatbots.

    Human interaction is no doubt hugely important. In a study we published in 2023, we found that it only takes around five close friends for children and adolescents to thrive, giving them better brain structure, cognition, academic performance and mental health.

    Having fewer than five close friends may not provide enough social contact. But larger numbers are less likely to be close friends. The dilemma of technology frequently means that despite some people having vast numbers of friends on social media, they are not close friends and so do not provide the social support needed.

    Get your news from actual experts, straight to your inbox. Sign up to our daily newsletter to receive all The Conversation UK’s latest coverage of news and research, from politics and business to the arts and sciences.

    Similarly, chatbots may not provide the type of face-to-face social interaction that people need to flourish. During the pandemic lockdowns, a study found that face-to-face communication was far more beneficial for mental health than digital communication.

    But how can reading help us to feel less lonely and have better wellbeing?

    A recent survey from The Queen’s Reading Room, the charity and book club of Queen Camilla, and other surveys, have found that reading fiction and other books significantly reduces feelings of loneliness and improves wellbeing.

    Another charity, The Reader, conducted a survey of approximately 2,000 participants and found that this was especially true among young adults. Fifty-nine percent of those aged 18-34 said reading made them feel more connected to others and 56% felt less alone during the pandemic.

    Another survey, in conjunction with the University of Liverpool, of over 4,000 participants found that reading offers powerful benefits, serving as a top method for reducing stress. In addition, participants reported that reading encouraged personal growth, such as improving health, picking up hobbies and boosting empathy, with 64% of readers having a better understanding others’ feelings.

    Reading and the brain

    Indeed, scientific research looking at book clubs and shared reading back this up, finding notable emotional and social benefits of reading. For example, students reported greater connection (42.9%) to others, deeper understanding of others’ experiences and beliefs (61.2%) and reduced loneliness (14.3%) as a result of reading.

    The surveys above all rely on people reporting how they feel, rather than an objective measure. But there are also findings from objective measures of the brain, including neuroimaging. A systematic review of 11 intervention studies showed that shared reading among older adults improved wellbeing and helped alleviate loneliness and social isolation.

    One way in which reading may help reduce loneliness is by enhancing our social cognition, which is the ability to understand and connect with others.

    There are plenty of cognitive benefits from reading, in addition to social connectedness.
    aniascamera/Shutterstock

    A neuroimaging study of young adults found that reading fiction, particularly passages with social content, activated areas of the brain involved in social behaviour and emotional understanding, such as the dorsomedial prefrontal cortex. This brain region was also linked to the stronger social cognition seen in frequent fiction readers, suggesting a neural pathway through which reading fosters greater social connectedness.

    Importantly, reading may also reduce the risk of dementia. One study of 469 people aged 75 and over, with no dementia at baseline, were followed up for 5.1 years. Among leisure activities such as playing board games, playing musical instruments and dancing, reading was associated with a 35% reduced risk of dementia.

    A number of studies have similarly shown that engaging in cognitively stimulating activities, such as reading, can slow cognitive decline and reduce the risk of dementia.

    Our own research also showed the benefits of reading for pleasure early in life. In a large sample of over 10,000 children in the Adolescent Brain Cognitive Development (ABCD) Study, we found that those children who read for pleasure early in life had better brain structure, cognition, academic achievement, longer sleep duration and better mental health – including lower symptoms of inattention, stress and depression – when adolescents. Importantly, they also had less screen time and better social interactions.

    So, while AI and chatbots can enhance our lives in many ways, they are not a solution to everything. We know that while technology has many benefits, it has also produced many unforeseen problems. Let’s solve problems of loneliness and social isolation through reading and book clubs. Reading is also a great way to improve brain structure, cognition and wellbeing.

    We recently gave a talk about this topic for the British Neuroscience Association, in association with The Queen’s Reading Room. We would like to thank the Queen’s Reading Room CEO, Vicki Perrin for her input and support.

    Barbara Jacquelyn Sahakian receives funding from the Wellcome Trust and the Lundbeck Foundation. Her research work is conducted within the NIHR Cambridge Biomedical Research Centre (BRC) Mental Health and Neurodegeneration Themes. She consults for Cambridge Cognition.

    We recently gave a talk about this topic for the British Neuroscience Association, in association with The Queen’s Reading Room. We would like to thank the Queen’s Reading Room CEO, Vicki Perrin for her input and support. Christelle Langley receives funding from the Wellcome Trust. Her research work is conducted within the NIHR Cambridge Biomedical Research Centre (BRC) Mental Health and Neurodegeneration Themes.

    – ref. Forget chatbots: research suggests reading can help combat loneliness and boost the brain – https://theconversation.com/forget-chatbots-research-suggests-reading-can-help-combat-loneliness-and-boost-the-brain-256613

    MIL OSI – Global Reports –

  • MIL-OSI USA: Kennedy touts Louisiana successes in education, backs Pres. Trump’s call to return power to states

    US Senate News:

    Source: United States Senator John Kennedy (Louisiana)

    Watch Kennedy’s comments here.
    WASHINGTON – Sen. John Kennedy (R-La.) welcomed President Trump’s plan to return the issue of education to the states and argued that Louisiana provides a strong example of how states can improve education throughout the country in a speech on the U.S. Senate floor.
    Key excerpts of the speech are below:
    “I am not saying Louisiana’s scores are perfect. I am not saying that, but it is undeniable that we are on the right track. We are. We stayed open, for the most part, during the pandemic. We have trained our teachers. We have established standards. You can’t go to the fourth grade until you can read. We have implemented parental choice.”
    . . .
    “The key to Louisiana’s future is not the price of oil. It is not what the unemployment rate is. It is not who the senator is or who the governor is. It is education.
    “The status quo in America isn’t working. We didn’t make it any better as a result of our behavior with respect to the pandemic, and we are behind, but we can catch up if we just do the right things. One of those things is returning education to the states. 
    “I hope we do dismantle the Department of Education. It is basically a conduit for money—except that money goes through the Department of Education and the 4,000 employees there, and they all put a condition on the money as if they knew what was best for each state. They don’t. We ought to dismantle the Department of Education and send that money directly to the states.”
    Watch Kennedy’s speech here.

    MIL OSI USA News –

  • MIL-OSI Global: Mrs Dalloway at 100: Virginia Woolf’s timeless novel is a work of pandemic fiction

    Source: The Conversation – UK – By Anna Snaith, Professor of Twentieth-Century Literature, King’s College London

    Virginia Woolf’s Mrs Dalloway, set on a June day in 1923, is unusual in that its two protagonists – society hostess Clarissa Dalloway and shell-shocked veteran Septimus Smith – never meet.

    Published 100 years ago on May 14 1925, the novel follows Clarissa as she prepares to host a party. She is visited by a former suitor, Peter Walsh, who has just returned from India. Her movements on London’s streets are intertwined with those of her husband, Richard, and daughter, Elizabeth, as well as a host of minor characters.

    Simultaneously, Septimus is experiencing what we would now understand as post-traumatic stress disorder (PTSD) caused by his service in the first world war. His sense of London as an apocalyptic war zone is exacerbated by his treatment at the hands of his doctors and their refusal to “hear” his trauma.

    Mrs Dalloway has inspired and continues to inspire numerous creative responses and reworkings, such as Michael Cunningham’s novel The Hours (1998) and Wayne McGregor’s triptych ballet Woolf Works (2015). The novel now has its own biography by Mark Hussey due to be published next month and DallowayDay celebrations that echo James Joyce’s Bloomsday.

    A century on, Mrs Dalloway speaks in so many ways to our own moment of militarisation, neo-imperialism and political crisis. In her diary, Woolf wrote that she wanted to “criticise the social system and to show it at work” and the novel offers an often excoriating critique of the military industrial complex of interwar Britain.

    This article is part of Rethinking the Classics. The stories in this series offer insightful new ways to think about and interpret classic books and artworks. This is the canon – with a twist.

    In her representation of returned soldier Septimus Smith’s PTSD, Woolf complicates the characters’ refrain that the “war is over” and the collective refusal to acknowledge the trauma of trench warfare. She was ahead of her time as a woman writing about war and in her literary depiction of the term and experience of “shell shock” so soon after the conflict when the condition was still often understood to be cowardice and malingering.

    Septimus’s trauma connects to the unspecified “illness” experienced by Clarissa, wife of a Conservative MP, preparing to host a party that evening. Woolf takes this privileged figure, who appears in her first novel The Voyage Out (1915) as a satirical cameo, and in this iteration offers the reader her rich inner life: her complex stream of thoughts, sensations and philosophical musings.

    The original book jacket.
    Wiki Commons

    Woolf’s acquaintance Kitty Maxse may have been the model for Clarissa. Kitty fell down the stairs to her death, raising the possibility of suicide. Instead, Woolf has Septimus commit suicide when he is faced with the threat of incarceration and the “rest cure”. News of the tragedy interrupts Clarissa’s party, but she understands his act: “Death was defiance. Death was an attempt to communicate … Somehow it was her disaster – her disgrace.”

    Clarissa feels herself, like Septimus, to be expendable: “She had the oddest sense of being herself invisible; unseen; unknown; there being no more marrying; no more having of children … this being Mrs Dalloway; not even Clarissa anymore.”

    Clarissa is 52 and, while the menopause is not mentioned directly, Woolf touches here in such a prescient way on the medicalisation and pathologising of women’s health. The novel is radical in its centring of a middle-aged protagonist – the novel form bends as it is uncoupled from the marriage plot. Woolf’s complex treatment of ageing – “she felt very young; at the same time unspeakably aged” – and the sense of both loss and possibility is acutely felt.

    Clarissa’s conformity to social expectations includes the suppression of her queer desires. Alone in her upstairs room, she reminisces about her “falling in love with women” and more specifically, her kiss with Sally Seton: “the most exquisite moment of her whole life … the whole world might have turned upside down!” Again, in her representation of queer lives, Woolf overturned the status quo.

    Mrs Dalloway and the pandemic

    In its engagement with feminist and queer politics, then, the novel has enduring appeal. But its post-COVID appreciation as a pandemic novel has meant that the novel has been read afresh by a whole new audience. Woolf and Clarissa are both survivors of the post-first world war influenza pandemic (known as the Spanish flu), which infected a third of the global population and caused an estimated 50-100 million deaths.

    We learn that Clarissa had “grown very white since her illness”, “her heart, affected, they said, by influenza”. Her sheer joy at walking London’s summer streets and mixing with crowds of passersby is a legacy of the pandemic as is the sense of loss and tolling of bells that echo through the novel.

    Critic Elizabeth Outka in Viral Modernism: the Influenza Pandemic and Interwar Literature (2019) has read the pandemic into the novel’s mobile and multifarious perspective.

    [It has] a narrative perspective that could move as nimbly among bodies as a virus, a plot defined less by linear timelines and more by temporal and experiential fluidity, and a structure that could express the delirious, hallucinatory reality that infused the culture.

    Clarissa has a poignant sense of the horror (“it was very, very dangerous to live even one day”) and joy (“in the triumph and the jingle … was what she loved; life; London; this moment of June”) of existence.

    The legacy of the war is present not only in Septimus’s trauma but in a wider civilian trepidation. In one scene, a skywriting aeroplane recalls the aerial and aural threat of wartime air raids over London. In another, a backfiring car sounds to Clarissa like a “violent explosion” or a pistol shot.

    The novel both registers the collective trauma of war but finds solace in the noisy, connective dynamism and diversity of urban life. Perhaps it is in Woolf’s acknowledgement of both the enormity and the minutiae of daily existence that this novel continues to speak to a contemporary readership.

    Looking for something good? Cut through the noise with a carefully curated selection of the latest releases, live events and exhibitions, straight to your inbox every fortnight, on Fridays. Sign up here.

    Anna Snaith 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. Mrs Dalloway at 100: Virginia Woolf’s timeless novel is a work of pandemic fiction – https://theconversation.com/mrs-dalloway-at-100-virginia-woolfs-timeless-novel-is-a-work-of-pandemic-fiction-256642

    MIL OSI – Global Reports –

  • MIL-OSI USA: U.S. electricity prices continue steady increase

    Source: US Energy Information Administration

    In-depth analysis

    May 14, 2025

    Retail electricity prices have increased faster than the rate of inflation since 2022, and we expect them to continue increasing through 2026, based on forecasts in our Short-Term Energy Outlook. Parts of the country with relatively high electricity prices may experience greater price increases than those with relatively low electricity prices.

    Overall, U.S. energy prices rapidly increased from 2020 to 2022 as economic activity recovered after the worst of the pandemic and Russia’s invasion of Ukraine interrupted energy supply chains. Since 2022, nominal prices for many fuels have declined, particularly for those such as gasoline and heating oil that are tied more closely to crude oil prices, which are affected by international markets. Electricity prices, though, have continued a steady increase.

    Regions with already high electricity prices may see larger increases

    Although we expect the nominal U.S. average electricity price to increase by 13% from 2022 to 2025, our forecasts for retail electricity price increases differ across the country. Residential electricity prices in the Pacific, Middle Atlantic, and New England census divisions—regions where consumers already pay much more per kilowatthour for electricity—could increase more than the national average. By comparison, residential electricity prices in areas with relatively low electricity prices may not increase as much.

    Electricity prices include more than the cost of generating electricity

    Retail electricity prices include the cost of generating, transmitting, and delivering electricity to ultimate customers, as well as taxes and other fees. In recent years, electric utilities have increased capital investment to replace or upgrade aging generation and delivery infrastructure, among other factors. Between 2013 and 2023, electricity prices closely tracked inflation, but we expect increases in electricity prices to outpace inflation through 2026.

    Utility spending on electricity distribution has surpassed spending on electricity transmission and production, according to our analysis of utilities’ financial reports to the Federal Energy Regulatory Commission. The generation-related portions of retail electricity typically lag changes in wholesale spot prices of electricity generation fuels such as natural gas and coal depending on the customer contract agreements.

    Electricity expenditures are second only to gasoline

    U.S. consumers spent an average of about $1,760 on electricity expenditures in 2023. Among fuel-related expenditures, electricity expenditures are surpassed only by gasoline, which averaged nearly $2,450 in 2023, according to the most recent data available from the U.S. Bureau of Labor Statistics’ Consumer Expenditure Survey. Annual fluctuations in electricity expenditures tend to be more moderate than gasoline prices, which tend to follow changes in global crude oil prices.

    Principal contributor: Owen Comstock

    MIL OSI USA News –

  • MIL-OSI: First Busey Corporation Prices Depositary Share Offering

    Source: GlobeNewswire (MIL-OSI)

    LEAWOOD, Kan., May 14, 2025 (GLOBE NEWSWIRE) — First Busey Corporation (“Busey”) (Nasdaq: BUSE), the holding company for Busey Bank and CrossFirst Bank, announced the pricing of an underwritten public offering of 8,000,000 depositary shares, each representing a 1/40th ownership interest in a share of its 8.25% Fixed Rate Series B Non-Cumulative Perpetual Preferred Stock (the “Series B preferred stock”), with a liquidation preference of $1,000 per share (equivalent to $25.00 per depositary share).

    When, as, and if declared by the board of directors of Busey, dividends will be payable on the Series B preferred stock from the date of issuance at a rate of 8.25% per annum, payable quarterly in arrears, on March 1, June 1, September 1 and December 1 of each year, beginning on September 1, 2025. Busey may redeem the Series B preferred stock at its option at a redemption price equal to $25.00 per depositary share, as described in the prospectus supplement and accompanying prospectus relating to the offering.

    Net proceeds from the offering are expected to be used to redeem Busey’s 5.25% Fixed-to-Floating Rate Subordinated Notes due 2030, and for general corporate purposes including to support balance sheet growth of Busey Bank.

    Busey intends to apply to list the depositary shares on the Nasdaq Global Select Market under the symbol “BUSEP.”

    Piper Sandler & Co., Morgan Stanley & Co. LLC and Keefe, Bruyette & Woods, Inc. are serving as joint bookrunning managers for the offering, and Janney Montgomery Scott LLC is acting as the co-manager.

    The Company expects to close the offering, subject to customary conditions, on or about May 20, 2025.

    The Company filed a “shelf” registration statement (File No. 333-274620) (including a base prospectus (the “Base Prospectus”)) on September 21, 2023 and the related preliminary prospectus supplement on May 13, 2025 (the “Preliminary Prospectus Supplement”) with the Securities and Exchange Commission (“SEC”) for the offering to which this communication relates. You may obtain these documents for free by visiting EDGAR on the SEC’s website at www.sec.gov. Alternatively, Busey, any underwriter or any dealer participating in the offering will arrange to send you the Base Prospectus and the Preliminary Prospectus Supplement if you request it by emailing Piper Sandler & Co. at fsg-dcm@psc.com or calling Morgan Stanley & Co. LLC toll-free at 1-866-718-1649 or Keefe, Bruyette & Woods, A Stifel Company at 1-800-966-1559.

    This news release shall not constitute an offer to sell, or the solicitation of an offer to buy any securities, nor shall there be any offer or sale of these securities in any jurisdiction in which such offer, solicitation, or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction.

    Corporate Profile
    As of March 31, 2025, First Busey Corporation (Nasdaq: BUSE) was a $19.46 billion financial holding company headquartered in Leawood, Kansas.

    Busey Bank, a wholly-owned bank subsidiary of First Busey Corporation headquartered in Champaign, Illinois, had total assets of $11.98 billion as of March 31, 2025. Busey Bank currently has 62 banking centers, with 21 in Central Illinois markets, 17 in suburban Chicago markets, 20 in the St. Louis Metropolitan Statistical Area, three in Southwest Florida, and one in Indianapolis. More information about Busey Bank can be found at busey.com.

    CrossFirst Bank, a wholly-owned bank subsidiary of First Busey Corporation headquartered in Leawood, Kansas, had total assets of $7.45 billion as of March 31, 2025. CrossFirst Bank currently has 16 banking centers located across Arizona, Colorado, Kansas, Missouri, New Mexico, Oklahoma, and Texas. More information about CrossFirst Bank can be found at crossfirstbank.com. It is anticipated that CrossFirst Bank will be merged with and into Busey Bank on June 20, 2025.

    Through Busey’s Wealth Management division, the Company provides a full range of asset management, investment, brokerage, fiduciary, philanthropic advisory, tax preparation, and farm management services to individuals, businesses, and foundations. Assets under care totaled $13.68 billion as of March 31, 2025. More information about Busey’s Wealth Management services can be found at busey.com/wealth-management.

    Busey Bank’s wholly-owned subsidiary, FirsTech, specializes in the evolving financial technology needs of small and medium-sized businesses, highly regulated enterprise industries, and financial institutions. FirsTech provides comprehensive and innovative payment technology solutions, including online, mobile, and voice-recognition bill payments; money and data movement; merchant services; direct debit services; lockbox remittance processing for payments made by mail; and walk-in payments at retail agents. Additionally, FirsTech simplifies client workflows through integrations enabling support with billing, reconciliation, bill reminders, and treasury services. More information about FirsTech can be found at firstechpayments.com.

    For the fourth consecutive year, Busey was named among 2025’s America’s Best Banks by Forbes. Ranked 88th overall, Busey was one of seven banks headquartered in Illinois included on this year’s list. Busey was also named among the 2024 Best Banks to Work For by American Banker, the 2024 Best Places to Work in Money Management by Pensions and Investments, the 2024 Best Places to Work in Illinois by Daily Herald Business Ledger, the 2025 Best Places to Work in Indiana by the Indiana Chamber of Commerce, and the 2024 Best Companies to Work For in Florida by Florida Trend magazine. We are honored to be consistently recognized globally, nationally and locally for our engaged culture of integrity and commitment to community development.

    First Busey Corporation Contacts
    For Financials:  For Media:
    Scott Phillips, Interim CFO Amy L. Randolph, EVP & COO
    First Busey Corporation  First Busey Corporation
    (239) 689-7167 (217) 365-4049
    scott.phillips@busey.com amy.randolph@busey.com
       

    Forward-Looking Statements
    This press release may contain “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995 with respect to Busey’s financial condition, results of operations, plans, objectives, future performance, and business. Forward-looking statements, which may be based upon beliefs, expectations, and assumptions of Busey’s management and on information currently available to management, are generally identifiable by the use of words such as “believe,” “expect,” “anticipate,” “plan,” “intend,” “estimate,” “may,” “will,” “would,” “could,” “should,” “position,” or other similar expressions. Additionally, all statements in this document, including forward-looking statements, speak only as of the date they are made, and Busey undertakes no obligation to update any statement in light of new information or future events.

    A number of factors, many of which are beyond Busey’s ability to control or predict, could cause actual results to differ materially from those in any forward-looking statements. These factors include, among others, the following: (1) the strength of the local, state, national, and international economies and financial markets (including effects of inflationary pressures, the threat or implementation of tariffs, trade wars, and changes to immigration policy); (2) changes in, and the interpretation and prioritization of, local, state, and federal laws, regulations, and governmental policies (including those concerning Busey’s general business); (3) the economic impact of any future terrorist threats or attacks, widespread disease or pandemics, or other adverse external events that could cause economic deterioration or instability in credit markets (including Russia’s invasion of Ukraine and the conflict in the Middle East); (4) unexpected results of acquisitions, including the acquisition of CrossFirst Bankshares, Inc., which may include the failure to realize the anticipated benefits of the acquisitions and the possibility that the transaction and integration costs may be greater than anticipated; (5) the imposition of tariffs or other governmental policies impacting the value of products produced by Busey’s commercial borrowers; (6) new or revised accounting policies and practices as may be adopted by state and federal regulatory banking agencies, the Financial Accounting Standards Board, the Securities and Exchange Commission, or the Public Company Accounting Oversight Board; (7) changes in interest rates and prepayment rates of Busey’s assets (including the impact of sustained elevated interest rates); (8) increased competition in the financial services sector (including from non-bank competitors such as credit unions and fintech companies) and the inability to attract new customers; (9) changes in technology and the ability to develop and maintain secure and reliable electronic systems; (10) the loss of key executives or associates, talent shortages, and employee turnover; (11) unexpected outcomes and costs of existing or new litigation, investigations, or other legal proceedings, inquiries, and regulatory actions involving Busey (including with respect to Busey’s Illinois franchise taxes); (12) fluctuations in the value of securities held in Busey’s securities portfolio, including as a result of changes in interest rates; (13) credit risk and risk from concentrations (by type of borrower, geographic area, collateral, and industry), within Busey’s loan portfolio and large loans to certain borrowers (including commercial real estate loans); (14) the concentration of large deposits from certain clients who have balances above current Federal Deposit Insurance Corporation insurance limits and may withdraw deposits to diversify their exposure; (15) the level of non-performing assets on Busey’s balance sheets; (16) interruptions involving information technology and communications systems or third-party servicers; (17) breaches or failures of information security controls or cybersecurity-related incidents; (18) the economic impact on Busey and its customers of climate change, natural disasters, and exceptional weather occurrences such as tornadoes, hurricanes, floods, blizzards, and droughts; (19) the ability to successfully manage liquidity risk, which may increase dependence on non-core funding sources such as brokered deposits, and may negatively impact Busey’s cost of funds; (20) the ability to maintain an adequate level of allowance for credit losses on loans; (21) the effectiveness of Busey’s risk management framework; and (22) the ability of Busey to manage the risks associated with the foregoing. These risks and uncertainties should be considered in evaluating forward-looking statements and undue reliance should not be placed on such statements.

    The MIL Network –

  • MIL-OSI: Himax and Vuzix to Showcase Integrated Industry-Ready AR Display Module at Display Week 2025

    Source: GlobeNewswire (MIL-OSI)

    TAINAN, Taiwan and ROCHESTER, N.Y., May 14, 2025 (GLOBE NEWSWIRE) — Vuzix® Corporation (Nasdaq: VUZI), (“Vuzix”), a leading supplier of AI-powered smart glasses, waveguides and Augmented Reality (AR) technologies and Himax Technologies, Inc. (Nasdaq: HIMX) (“Himax”), a leading supplier and fabless manufacturer of display drivers and other semiconductor products, today announced the joint debut of a next-generation AR optical module at Display Week 2025, one of the premier symposiums and exhibitions in the display industry and taking place May 11–16, 2025 in San Jose, California. The demonstration features Himax’s latest ultra-luminous, miniature Dual-Edge Front-lit LCoS microdisplay seamlessly integrated with Vuzix’ production-ready waveguides. Together, the technologies form a fully integrated module that delivers breakthrough brightness and power efficiency in an unparalleled compact design, enabling sleek, lightweight AR glasses for both enterprise and consumer applications. This co-design initiative, scheduled for commercial release at the end of 2025, focuses on optimizing optical performance to deliver industry-leading visual quality.

    Himax’s innovative and proprietary Dual-Edge Front-lit LCoS microdisplay sets a new industry benchmark with a volume of just 0.09 c.c., weighing less than 0.2 grams, yet capable of delivering 1 lumen of output and up to 350,000 nits of luminance, all while consuming no more than 250mW total power consumption. This ensures exceptional eye-level visibility across diverse lighting environments.

    Vuzix’ mass production waveguides elevate the optical experience with a slim 0.7 mm thickness, industry-leading lightweight, less than 5 grams, minimal discreet eye glow below 5%, and a 30-degree diagonal field of view (FOV). Fully customizable and integration-ready for next-generation AR devices, these waveguides support prescription lenses, offer both plastic-substrate and higher-refractive-index options, and are engineered for cost-effective large-scale deployment.

    “This demonstration showcases a commercially viable integration of Himax’s high-performance color LCoS microdisplay with Vuzix’ advanced waveguides, an industry-leading solution engineered for scale,” said Paul Travers, CEO of Vuzix. “Our waveguides are optically superior, customizable, and production-ready. Together, we’re helping accelerate the adoption of next-generation AR wearables.”

    “We are proud to work alongside Vuzix to bring this industry-ready solution to market,” said Simon Fan-Chiang, Senior Director at Himax. “Our latest LCoS innovation redefines what’s possible in size, brightness, and power efficiency paving the way for next generation AR devices. By pairing with Vuzix’ world-class waveguides, we are enabling AR devices that are immersive, comfortable and truly wearable.”

    Himax and Vuzix invite all interested parties to stop by at Booth #1711 at Display Week 2025 to experience the demo and learn more about this exciting joint solution.

    About Vuzix Corporation

    Vuzix is a leading designer, manufacturer and marketer of AI-powered Smart Glasses, Waveguides and Augmented Reality (AR) technologies, components and products for the enterprise, medical, defense and consumer markets. The Company’s products include head-mounted smart personal display and wearable computing devices that offer users a portable high-quality viewing experience, provide solutions for mobility, wearable displays and augmented reality, as well OEM waveguide optical components and display engines. Vuzix holds more than 425 patents and patents pending and numerous IP licenses in the fields of optics, head-mounted displays, and the augmented reality wearables field. The Company has won Consumer Electronics Show (or CES) awards for innovation for the years 2005 to 2024 and several wireless technology innovation awards among others. Founded in 1997, Vuzix is a public company (NASDAQ: VUZI) with offices in: Rochester, NY; and Kyoto and Okayama, Japan. For more information, visit the Vuzix website, X and Facebook pages.

    www.vuzix.com

    About Himax Technologies, Inc.

    Himax Technologies, Inc. (NASDAQ: HIMX) is a leading global fabless semiconductor solution provider dedicated to display imaging processing technologies. The Company’s display driver ICs and timing controllers have been adopted at scale across multiple industries worldwide including TVs, PC monitors, laptops, mobile phones, tablets, automotive, ePaper devices, industrial displays, among others. As the global market share leader in automotive display technology, the Company offers innovative and comprehensive automotive IC solutions, including traditional driver ICs, advanced in-cell Touch and Display Driver Integration (TDDI), local dimming timing controllers (Local Dimming Tcon), Large Touch and Display Driver Integration (LTDI) and OLED display technologies. Himax is also a pioneer in tinyML visual-AI and optical technology related fields. The Company’s industry-leading WiseEyeTM Ultralow Power AI Sensing technology which incorporates Himax proprietary ultralow power AI processor, always-on CMOS image sensor, and CNN-based AI algorithm has been widely deployed in consumer electronics and AIoT related applications. Himax optics technologies, such as diffractive wafer level optics, LCoS microdisplays and 3D sensing solutions, are critical for facilitating emerging AR/VR/metaverse technologies. Additionally, Himax designs and provides touch controllers, OLED ICs, LED ICs, EPD ICs, power management ICs, and CMOS image sensors for diverse display application coverage. Founded in 2001 and headquartered in Tainan, Taiwan, Himax currently employs around 2,200 people from three Taiwan-based offices in Tainan, Hsinchu and Taipei and country offices in China, Korea, Japan, Germany, and the US. Himax has 2,603 patents granted and 389 patents pending approval worldwide as of March 31, 2025.

    http://www.himax.com.tw

    Forward Looking Statements

    Factors that could cause actual events or results to differ materially from those described in this conference call include, but are not limited to, the effect of the Covid-19 pandemic on the Company’s business; general business and economic conditions and the state of the semiconductor industry; market acceptance and competitiveness of the driver and non-driver products developed by the Company; demand for end-use applications products; reliance on a small group of principal customers; the uncertainty of continued success in technological innovations; our ability to develop and protect our intellectual property; pricing pressures including declines in average selling prices; changes in customer order patterns; changes in estimated full-year effective tax rate; shortage in supply of key components; changes in environmental laws and regulations; changes in export license regulated by Export Administration Regulations (EAR); exchange rate fluctuations; regulatory approvals for further investments in our subsidiaries; our ability to collect accounts receivable and manage inventory and other risks described from time to time in the Company’s SEC filings, including those risks identified in the section entitled “Risk Factors” in its Form 20-F for the year ended December 31, 2024 filed with the SEC, as may be amended.

    Vuzix Contact:
    Ed McGregor, Director of Investor Relations
    Vuzix Corporation
    Tel: (585) 359-5985
    Email: IR@vuzix.com
    www.vuzix.com

    Himax Contacts:
    Karen Tiao, Head of IR/PR
    Himax Technologies, Inc.
    Tel: +886-2-2370-3999
    Fax: +886-2-2314-0877
    Email: hx_ir@himax.com.tw
    www.himax.com.tw

    Mark Schwalenberg, Director
    Investor Relations – US Representative
    MZ North America
    Tel: +1-312-261-6430
    Email: HIMX@mzgroup.us
    www.mzgroup.us

    The MIL Network –