NewzIntel.com

Category: Taxation

  • MIL-OSI Security: Jury Convicts Former Kansas City Police Officer of $200,000 Charity Fraud Scheme

    Source: Federal Bureau of Investigation (FBI) State Crime News

    KANSAS CITY, Mo. – A former Kansas City, Mo., police officer who ran an anti-crime charity has been convicted in federal court of a scheme in which he spent more than $200,000 in donations for his own personal expenses.

    Aaron Wayne McKie, 47, was found guilty on Thursday, Feb. 20, of nine counts of wire fraud and one count of money laundering. McKie worked as a police officer for the Kansas City, Mo., Police Department for 24 years, assigned as a police officer to the Crime Free Multi-Housing section from 2002 through 2023.

    McKie served from 2009 to 2023 as president of Mid-America Crime Free, Inc. (MACF), a non-profit organization that claimed to provide training to persons in the rental housing industry and promote anti-crime programs. He was an officer of the charity for three years prior, from 2006 to 2009.

    Evidence produced during the trial indicated that McKie devised a scheme to defraud MACF and its donors that began in July 2009 and lasted until October 2023. Individuals and businesses contributed $387,620 to MACF, not including in-kind donations. McKie spent at least $200,060 for his own personal purposes.

    The biggest source of MACF funds was an annual golf tournament, “Fairways 4 Fuzz Golf Tournament.” Individuals and businesses donated both money and in-kind donations, such as food and beverages, to MACF via the golf tournament. At least 121 donors have been identified.

    From 2009 to 2023, the flyers soliciting donations and players for the tournament claimed the funds raised would enable MACF to provide free seminars to owners of rental properties and train police officers. In reality, those claims were false. The Kansas City Police Department paid the salaries and expenses of Crime Free Multi-Housing unit officers who may have provided training to landlords; McKie used the majority of MACF funds for personal spending; and the IRS had revoked the organization’s tax-exempt status in 2010.

    Under federal statutes, McKie is subject to a sentence of up to 20 years in federal prison without parole on each of the 10 counts on which he was convicted. The maximum statutory sentence is prescribed by Congress and is provided here for informational purposes, as the sentencing of the defendant will be determined by the court based on the advisory sentencing guidelines and other statutory factors. A sentencing hearing will be scheduled after the completion of a presentence investigation by the United States Probation Office.

    Following the presentation of evidence, the jury in the U.S. District Court in Kansas City, Mo., deliberated for nine hours before returning guilty verdicts to U.S. Chief District Judge Beth Phillips, ending a trial that began Monday, Feb. 10.

    This case is being prosecuted by Assistant U.S. Attorney Kathleen D. Mahoney and Special Assistant U.S. Attorney Amanda Hanson. It was investigated by the FBI and the Kansas City, Mo., Police Department.

    MIL Security OSI –

  • MIL-OSI Security: Brazilian Extradited From Switzerland to the United States to Face Indictment Charging Involvement in $290 Million Plus Cryptocurrency Fraud Scheme

    Source: Federal Bureau of Investigation (FBI) State Crime News

    Tens of thousands of investors deposited bitcoin expecting an investment strategy – Instead, new investor bitcoin used to pay off other investors in a Ponzi scheme

    SEATTLE – A citizen of Brazil appeared in U.S. District Court in Seattle today, after being extradited from Switzerland to face a 13-count indictment for wire fraud and conspiracy regarding his bitcoin investment scheme, announced Acting U.S. Attorney Teal Luthy Miller. Douver T. Braga, 48, lived in Florida between approximately 2016 and 2021 during the bulk of the alleged fraud. The indictment alleges Braga operated a bitcoin investment scheme that was really a Ponzi scheme, as well as an illegal multilevel marketing scheme.

    The grand jury returned the indictment in October 2022. It was unsealed last week following Braga’s arrest in Switzerland. Today Braga pleaded “Not Guilty,” and trial was scheduled in front of U.S. District Judge Tana Lin on April 28, 2025.

    “Mr. Braga allegedly ran a fraud scheme that harkens back more than a century, but he updated his ‘Ponzi’ scheme with the hot new thing: bitcoin,” said U.S. Attorney Teal Luthy Miller. “The victim investors have waited years to see justice. I commend our federal partners at the FBI and IRS Criminal Investigation for their diligent work on this case.”

    According to the indictment, Braga conspired with others to create a cryptocurrency trading platform called Trade Coin Club (TCC) with an office in Belize. As early as 2016, Braga worked with others to promote TCC, claiming that investors would make money because the TCC had a sophisticated software program that allowed investors to profit on the fluctuating price of bitcoin. Braga also promised that investors could make money by referring other investors to the platform. In reality, there was no investment platform and no sophisticated software. Those who invested early were paid off by later investors as in a Ponzi scheme.

    Braga traveled the world promoting TCC: In Thailand in March 2017, in Nigeria and Macau in May 2017.  TCC was promoted on social media and in videos. At various events Braga claimed TCC had as many as 126,000 members in 231 different countries.

    Through his false promises of sophisticated investments and high returns, Braga induced tens of thousands of people to entrust over 82,000 bitcoin, valued at over $290 million at the time of investment, and to deposit it with TCC. Braga continued the false representations, creating an “online portal” where investors could track the supposed activity of their investment accounts. The site was a fiction as there was no trading activity.

    Braga withdrew and misappropriated investor funds. Between December 2016 and July 2019, at least $50 million in bitcoin was transferred to accounts Braga controlled.

    However, by late 2017 and early 2018, investors had trouble accessing their funds. In January 2018, TCC announced to investors that it was ceasing to operate in the United States and was cancelling their accounts.  Many investors were located in the Western District of Washington.

    Braga allegedly profited handsomely, while failing to report the earnings to the IRS. In 2017, he received bitcoin worth $30.5 million, but only reported income of $152, 298. In 2018, he reported $73,473 in income but got $13.1 million in bitcoin and in 2019, reported $72,870 in income while he received $10 million in bitcoin.

    “The type of scheme Mr. Braga is charged with operating is not new, he just used the allure of a flashy new technology to obscure the well-worn scam.” said W. Mike Herrington, Special Agent in Charge of the FBI’s Seattle field office. “While the victims in this case waited and wondered about the fate of their investments, he siphoned off millions of dollars for his personal use. This case demonstrates the determination of the FBI and our partners in IRS Criminal Investigation to hold fraudsters accountable, no matter where in the world they may be.”

    “The charges against Mr. Braga and his co-conspirators reflect a well-designed scheme to solicit investment in a fake cryptocurrency trading platform from victims around the globe,” said Special Agent in Charge Tyler Hatcher of IRS-Criminal Investigation (CI), Los Angeles Field Office.  “Furthermore, Mr. Braga is alleged to have knowingly ignored and circumvented laws regulating multi-level marketing programs in the U.S.- laws that exist to protect investors from becoming victims in pyramid schemes.  Despite the complexity of this scheme, IRS Criminal Investigation and our partners at the FBI successfully uncovered the evidence necessary to bring forth these charges.”

    Braga is charged with 12 counts of wire fraud reflecting 12 wires investors sent to TCC for deposits in their “accounts.” Braga is charged with one count of conspiracy to commit wire fraud.

    The charges are punishable by up to 20 years in prison.

    The charges contained in the indictment are only allegations.  A person is presumed innocent unless and until he or she is proven guilty beyond a reasonable doubt in a court of law.

    The case was investigated by the IRS-CI and the FBI.

    The case is being prosecuted by Assistant United States Attorneys Mike Dion and Phillip Kopczynski. The U.S. Department of Justice’s Office of International Affairs provided valuable assistance with securing the extradition.

    MIL Security OSI –

  • MIL-OSI: Wrap Acquires W1 Global: Expands Managed Services with Former FBI, DEA, and DoD Leadership to Accelerate Made-in-America End-to-End Solutions

    Source: GlobeNewswire (MIL-OSI)

    This news follows: Wrap Unveils Managed Safety and Response (MSR) Connected Ecosystem in Virginia

    TEMPE, Ariz., Feb. 24, 2025 (GLOBE NEWSWIRE) — Wrap Technologies (NASDAQ: WRAP) (“Wrap” or, the “Company”) today announced it has completed the acquisition of W1 Global, LLC (“W1”) a preeminent professional services and consulting firm led by an executive team of former high-ranking law enforcement and U.S. Intelligence Community professionals, with deep competencies in complex international criminal investigation, regulatory matters and compliance issues.

    The acquisition of W1 is expected to increase Wraps access to the skill and experience of this distinguished group, as well as expand the international reach of its MSR Connected Ecosystem. It is also expected to support a tech-enabled enhancement of the suite of professional and consulting services that W1 has provided to its clients all over the world.

    Wrap’s acquisition has now assembled a deep team of senior leaders from both the public sector and national security agencies:

    • Professional Services will be led by Bill McMurry, a career law enforcement and intelligence professional. Mr. McMurry is a retired FBI Supervisory Special Agent who served in the FBI’s New York Office for twenty-four years. Mr. McMurry worked closely with the US DOJ, DEA, ATF, HSI, OFAC, DOD and the USIC to develop a national strategy to implement a whole of government response to combat the threat posed by Transnational Organized Crime.
    • Managed Safety and Response will be led by Jim DeStefano, former Assistant Special Agent in Charge of a Special Operations Branch responsible for the New York field division’s preparation for, response to, and recovery from all crisis and special events – including training and tactics in response to emotionally disturbed persons. John Penza, adds experience from state and federal corrections, local law enforcement, and as the former New York Division’s Assistant Special Agent in Charge of the Violent Crimes and Drug Trafficking Branch.
    • Investigative, Regulatory and Compliance professional services will be supported by Ric Bachour, a former local and state police officer, U.S. Marine, and Purple Heart recipient. His international experience includes leadership roles in the DEA Sensitive Undercover Operations Unit, Special Operations, and DEA’s Foreign and Domestic Field Offices.

    Additional Talent Pipeline and International Go-To-Market

    Wrap anticipates accessing a deep talent pool as individuals transition from long government tenures, marking the first of many strategic talent acquisitions to meet growing market demands.

    The W1 Global transaction is expected to position Wrap for international expansion by leveraging W1’s global network and expertise in investigative services. This in-country support network, consisting of former government personnel, provides valuable entry points for global distribution while aligning with U.S. resources and support systems.

    End-to-End Ecosystem

    The W1 Global transaction creates an end-to-end ecosystem with two key business lines: leveraging top talent to deliver comprehensive Managed Safety and Response (MSR) solutions and expanding tech-enabled professional services to enhance client support. Both companies’ clients demonstrate a strong appetite for each other’s services—Wrap’s international clients show significant interest in investigative services, while W1 Global’s clients are keen on Wrap’s BolaWrap, drones, and expanding cyber solutions within the MSR portfolio. This strategic combination effectively meets the market demand for integrated safety and technology-driven professional services, driving growth and enhancing client support.

    Scot Cohen, Chairman and Chief Executive Officer of Wrap, commented, “The acquisition of W1 Global is a transformational step in establishing Wrap as a leader in Managed Safety and Response services. It is expected to drive immediate revenue growth, be accretive, and create synergies with our existing business, including the revamped BolaWrap program, while supporting our expanding global channel system.”

    Bill McMurry, Chief Executive Officer of W1 Global, commented, “W1 and Wrap can now deliver comprehensive MSR solutions with expert consulting, integration, and customization. By combining cutting-edge technology like the BolaWrap with professional services, we hope to ensure seamless implementation and continuous support. Our deep industry expertise is expected to allow us to optimize safety solutions for public safety agencies, effectively addressing complex challenges.”

    About Wrap Technologies, Inc.

    Wrap Technologies, Inc. (Nasdaq: WRAP) is a leading global provider of advanced public safety solutions, integrating ultramodern technology, cutting-edge tools, and comprehensive services to address the complex, modern day challenges facing public safety organizations around the world. Guided by a no-harm principle, Wrap is dedicated to developing groundbreaking solutions that empower public safety agencies to safeguard the communities they serve in a manner that fosters stronger relationships, driving safer outcomes, empowering public safety and communities to move forward together.

    Wrap’s BolaWrap® solution encompasses an innovative and patented hand-held remote restraint device, strategically engineered with Wrap’s no-harm guiding principle to proactively deter escalation by deploying a Kevlar® tether that safely restrains individuals from a distance. Combined with BolaWrap® training, certified by the esteemed International Association of Directors of Law Enforcement Standards and Training (IADLEST), Wrap enables officers from over 1000 agencies across the U.S. and 60 countries around the world, with the expertise to effectively use BolaWrap® as an early intervention measure, mitigating potential risks and injuries, averting tragic outcomes, with the goal to save lives with each wrap.

    Wrap Reality™, the Company’s advanced virtual reality training system, is a fully immersive training simulator and comprehensive public safety training platform that equips first responders with the discipline and practice to prevent escalation, de-escalate conflicts, and apply appropriate tactical use-of-force measures to better perform in the field. By offering a growing range of real-life scenarios, Wrap Reality™ addresses the dynamic nature of modern law enforcement situations for positive public safety outcomes, building safer communities one decision at a time.

    Wrap’s Intrensic solution is a comprehensive, secure and efficient body worn camera and evidence collection and management solution designed with innovative technology to quickly capture, safely handle, securely store, and seamlessly track evidence, all while maintaining full transparency throughout the process. With meticulous consolidation and professional management of evidence, confidence in law enforcement and the justice system soars, fostering trust and reliability in court outcomes. Intrensic’s efficient system streamlines the entire process seamlessly, empowering all public safety providers to focus on what matters, expediting justice with integrity.

    Connect with Wrap:
    Wrap on Facebook
    Wrap on Twitter
    Wrap on LinkedIn

    Trademark Information

    Wrap, the Wrap logo, BolaWrap®, Wrap Reality™ and Wrap Training Academy are trademarks of Wrap Technologies, Inc., some of which are registered in the U.S. and abroad.  All other trade names used herein are either trademarks or registered trademarks of the respective holders.

    Cautionary Note on Forward-Looking Statements – Safe Harbor Statement
    This release contains “forward-looking statements” within the meaning of the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995. Words such as “expect,” “anticipate,” “should”, “believe”, “target”, “project”, “goals”, “estimate”, “potential”, “predict”, “may”, “will”, “could”, “intend”, and variations of these terms or the negative of these terms and similar expressions are intended to identify these forward-looking statements. Moreover, forward-looking statements are subject to a number of risks and uncertainties, many of which involve factors or circumstances that are beyond the Company’s control. The Company’s actual results could differ materially from those stated or implied in forward-looking statements due to a number of factors, including but not limited to: the expected benefits of the acquisition of W1, the Company’s ability to maintain compliance with the Nasdaq Capital Market’s listing standards; the Company’s ability to successfully implement training programs for the use of its products; the Company’s ability to manufacture and produce products for its customers; the Company’s ability to develop sales for its products; the market acceptance of existing and future products; the availability of funding to continue to finance operations; the complexity, expense and time associated with sales to law enforcement and government entities; the lengthy evaluation and sales cycle for the Company’s product solutions; product defects; litigation risks from alleged product-related injuries; risks of government regulations; the business impact of health crises or outbreaks of disease, such as epidemics or pandemics; the impact resulting from geopolitical conflicts and any resulting sanctions; the ability to obtain export licenses for counties outside of the United States; the ability to obtain patents and defend intellectual property against competitors; the impact of competitive products and solutions; and the Company’s ability to maintain and enhance its brand, as well as other risk factors mentioned in the Company’s most recent annual report on Form 10-K, subsequent quarterly reports on Form 10-Q, and other Securities and Exchange Commission filings. These forward-looking statements are made as of the date of this release and were based on current expectations, estimates, forecasts, and projections as well as the beliefs and assumptions of management. Except as required by law, the Company undertakes no duty or obligation to update any forward-looking statements contained in this release as a result of new information, future events or changes in its expectations.

    Investor Relations Contact:

    (800) 583-2652
    ir@wrap.com

    The MIL Network –

  • MIL-OSI: Study: Brain Exercise Lowers Fatigue Symptoms in Multiple Sclerosis

    Source: GlobeNewswire (MIL-OSI)

    SAN FRANCISCO, Feb. 24, 2025 (GLOBE NEWSWIRE) — Researchers at New York University (NYU) found that a particular set of brain exercises lowered the incidence of the all-too-common symptom of fatigue among patients with Multiple Sclerosis (MS) in a recently published study in the journal Nature: Scientific Reports. The exercises used in the study are from the commercially-available brain exercise app, BrainHQ made by Posit Science.

    This is the tenth published study in patients with MS using the BrainHQ exercises. Earlier studies have shown significant gains in processing speed, which is a signature cognitive deficit of MS, as well as in various measures of cognitive function, including the Brief International Cognitive Assessment for MS (BICAMS) and in each of its subtests (speed of processing, visuospatial memory, and verbal learning).

    While studies in other populations have found training with BrainHQ exercises improved measures of mood (depressive symptoms, feeling of control) and distress (anxiety, stress and fatigue), this is the first study in MS patients showing an improvement from BrainHQ exercises in measures of fatigue.

    “We are grateful for the ongoing work by independent researchers examining the potential usefulness of our plasticity-based BrainHQ exercises in addressing chronic diseases,” said Dr. Henry Mahncke, CEO of Posit Science. “The NYU team continues to be at the forefront of that research in MS.”

    The latest study at NYU set out to examine whether transcranial Direct Current Stimulation (tDCS), which provides mild electrical stimulation of the brain, could further improve the benefits from training with BrainHQ by enhancing brain plasticity (i.e., the brain’s ability to change chemically, physically, and functionally). The study used a tDCS headset from Soterix®, and employed the PROMIS fatigue score change as the primary outcome measure and the Modified Fatigue Impact Scale as a secondary fatigue measure.

    The 117 study participants were randomized into either a group receiving active tDCS stimulation while training with BrainHQ exercises, or a group using a sham tDCS stimulation while training. Each group was asked to complete thirty 20-minute training sessions over six weeks (for a total of 10 hours of training). 

    The researchers found both groups experienced a significant decrease in fatigue over the time period on both measures, but no between group difference. “Both the active and sham tDCS groups experienced reductions in fatigue, with no significant difference between the two groups, suggesting that tDCS does not provide any additional benefit over cognitive training alone in reducing fatigue,” the researchers wrote. They noted the study also confirmed the feasibility and tolerance of the home-based intervention.

    BrainHQ exercises have shown benefits in more than 300 studies. Such benefits include gains in cognition (attention, speed, memory, decision-making), in quality of life (depressive symptoms, confidence and control, health-related quality of life) and in real-world activities (health outcomes, balance, driving, workplace activities). BrainHQ is offered by leading health and Medicare Advantage plans, by leading medical centers, clinics, and communities, and by organizations focused on peak performance. Consumers can try a BrainHQ exercise for free daily at https://www.brainhq.com.

    The MIL Network –

  • MIL-OSI Economics: Apple will spend more than $500 billion in the U.S. over the next four years

    Source: Apple

    Headline: Apple will spend more than $500 billion in the U.S. over the next four years

    February 24, 2025

    PRESS RELEASE

    Apple will spend more than $500 billion in the U.S. over the next four years

    Teams and facilities to expand in Michigan, Texas, California, Arizona, Nevada, Iowa, Oregon, North Carolina, and Washington

    Plans include a new factory in Texas, doubling the U.S. Advanced Manufacturing Fund, a manufacturing academy, and accelerated investments in AI and silicon engineering

    CUPERTINO, CALIFORNIA Apple today announced its largest-ever spend commitment, with plans to spend and invest more than $500 billion in the U.S. over the next four years. This new pledge builds on Apple’s long history of investing in American innovation and advanced high-skilled manufacturing, and will support a wide range of initiatives that focus on artificial intelligence, silicon engineering, and skills development for students and workers across the country.

    “We are bullish on the future of American innovation, and we’re proud to build on our long-standing U.S. investments with this $500 billion commitment to our country’s future,” said Tim Cook, Apple’s CEO. “From doubling our Advanced Manufacturing Fund, to building advanced technology in Texas, we’re thrilled to expand our support for American manufacturing. And we’ll keep working with people and companies across this country to help write an extraordinary new chapter in the history of American innovation.”

    As part of this package of U.S. investments, Apple and partners will open a new advanced manufacturing facility in Houston to produce servers that support Apple Intelligence, the personal intelligence system that helps users write, express themselves, and get things done. Apple will also double its U.S. Advanced Manufacturing Fund, create an academy in Michigan to train the next generation of U.S. manufacturers, and grow its research and development investments in the U.S. to support cutting-edge fields like silicon engineering.

    The $500 billion commitment includes Apple’s work with thousands of suppliers across all 50 states, direct employment, Apple Intelligence infrastructure and data centers, corporate facilities, and Apple TV+ productions in 20 states. Apple remains one of the largest U.S. taxpayers, having paid more than $75 billion in U.S. taxes over the past five years, including $19 billion in 2024 alone.

    Today, Apple supports more than 2.9 million jobs across the country through direct employment, work with U.S.-based suppliers and manufacturers, and developer jobs in the thriving iOS app economy.

    Opening a New Manufacturing Facility in Houston

    As part of its new U.S. investments, Apple will work with manufacturing partners to begin production of servers in Houston later this year. A 250,000-square-foot server manufacturing facility, slated to open in 2026, will create thousands of jobs.

    Previously manufactured outside the U.S., the servers that will soon be assembled in Houston play a key role in powering Apple Intelligence, and are the foundation of Private Cloud Compute, which combines powerful AI processing with the most advanced security architecture ever deployed at scale for AI cloud computing. The servers bring together years of R&D by Apple engineers, and deliver the industry-leading security and performance of Apple silicon to the data center.

    Teams at Apple designed the servers to be incredibly energy efficient, reducing the energy demands of Apple data centers — which already run on 100 percent renewable energy. As Apple brings Apple Intelligence to customers across the U.S., it also plans to continue expanding data center capacity in North Carolina, Iowa, Oregon, Arizona, and Nevada.

    Doubling Apple’s U.S. Advanced Manufacturing Fund

    As part of this new investment, Apple is doubling its U.S. Advanced Manufacturing Fund, which was created in 2017 to support world-class innovation and high-skilled manufacturing jobs across America. The growing commitment will increase the fund from $5 billion to $10 billion, focused on promoting advanced manufacturing and skills development throughout the country.

    The fund’s expansion includes a multibillion-dollar commitment from Apple to produce advanced silicon in TSMC’s Fab 21 facility in Arizona. Apple is the largest customer at this state-of-the-art facility, which employs more than 2,000 workers to manufacture the chips in the United States. Mass production of Apple chips began last month.

    Silicon used by Apple is designed to bring Apple users incredible features, performance, and power efficiency across their devices. Apple’s suppliers already manufacture silicon in 24 factories across 12 states, including Arizona, Colorado, Oregon, and Utah. The company’s investments in the sector help create thousands of high-paying jobs across the country at U.S. companies like Broadcom, Texas Instruments, Skyworks, and Qorvo.

    To date, Apple’s U.S. Advanced Manufacturing Fund has supported projects in 13 states — including Kentucky, Pennsylvania, Texas, and Indiana — that have helped build local businesses, train workers, and create a wide range of innovative manufacturing processes and materials for Apple products.

    Growing R&D Investments Across the U.S.

    Apple continues to expand its R&D across the U.S. In the past five years, Apple has nearly doubled its U.S.-based advanced R&D spend, and it will continue to accelerate its growth.

    Recently, Apple announced the newest addition to its iPhone lineup, iPhone 16e. iPhone 16e delivers fast, smooth performance and breakthrough battery life, thanks to the industry-leading efficiency of the A18 chip and the new Apple C1 — the first cellular modem designed by Apple, and the most power-efficient modem ever on an iPhone. Apple C1 adds a new chapter to the story of Apple silicon and is the result of years of R&D investment, bringing together the work of thousands of engineers. Apple C1 is the start of a long-term strategy that will allow Apple to innovate and optimize the modem system for additional Apple products.

    In the next four years, Apple plans to hire around 20,000 people, of which the vast majority will be focused on R&D, silicon engineering, software development, and AI and machine learning. The expanded commitment includes significant investment in Apple’s R&D hubs across the country. This includes growing teams across the U.S. focused on areas including custom silicon, hardware engineering, software development, artificial intelligence, and machine learning.

    Supporting American Businesses with a New Manufacturing Academy in Detroit

    To help companies transition to advanced manufacturing, Apple will open the Apple Manufacturing Academy in Detroit. Apple engineers, along with experts from top universities such as Michigan State, will consult with small- and medium-sized businesses on implementing AI and smart manufacturing techniques. The academy will also offer free in-person and online courses, with a skills development curriculum that teaches workers vital skills like project management and manufacturing process optimization. The courses will help drive productivity, efficiency, and quality in companies’ supply chains.

    Apple has long been committed to investing in education and skills development for American workers and students. That includes ongoing and expanding grant programs for organizations like 4-H, Boys & Girls Clubs of America, and FIRST, which work closely with Apple in communities across the country to create free programming that helps young people learn vital skills like coding.

    Apple’s support for the next generation of innovators also includes efforts like the company’s New Silicon Initiative, which prepares students for careers in hardware engineering and silicon chip design. Last year, this program expanded to students at Georgia Tech, and it now reaches students at eight schools across the country. Apple is continuing to expand the initiative, including a new collaboration with UCLA’s Center for Education of Microchip Designers (CEMiD) beginning this year.

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

    Press Contacts

    Nick Leahy

    Apple

    nleahy@apple.com

    Anna Mitchell

    Apple

    anna_m@apple.com

    Apple Media Helpline

    media.help@apple.com

    MIL OSI Economics –

  • MIL-OSI: Gran Tierra Energy Inc. Announces 2024 Fourth Quarter & Year-End Results

    Source: GlobeNewswire (MIL-OSI)

    • Record Fourth Quarter Production of 41,009 BOEPD
    • Realized 2024 Net Income of $3 Million ($0.10 per Share, Basic) and 2024 Adjusted EBITDA1of $367 Million
    • Delivered Net Cash Provided by Operating Activities of $239.3 million, up 5% from 2023
    • Generated 2024 Funds Flow from Operations1of $225 Million and Achieved 2024 Average Working Interest Production of 34,710 BOEPD, up 6% from 2023
    • Sixth Consecutive Year of 1P Total Company Reserves Growth
    • Highest Year-End Total Company Reserves in Company History – 167 MMBOE 1P, 293 MMBOE 2P and 385 MMBOE 3P and Achieved 702% 1P, 1,249% 2P and 1,500% 3P Reserves Replacement
    • Net Asset Value per Share3of $35.22 Before Tax and $19.51 After Tax (1P), and $71.14 Before Tax and $41.03 After Tax (2P)
    • Achieved Company’s Best Safety Performance on Record in 2024

    CALGARY, Alberta, Feb. 24, 2025 (GLOBE NEWSWIRE) — Gran Tierra Energy Inc. (“Gran Tierra” or the “Company”) (NYSE American:GTE) (TSX:GTE) (LSE:GTE) today announced the Company’s financial and operating results for the fourth quarter (“the Quarter”) and year ended December 31, 2024.3 All dollar amounts are in United States (“U.S.”) dollars and all reserves and production volumes are on an average working interest before royalties (“WI”) basis unless otherwise indicated. Production is expressed in barrels of oil equivalent (“boe”) per day (“boepd”), and reserves are expressed in boe or million boe (“MMBOE”), unless otherwise indicated. Gran Tierra’s 2024 year-end reserves were evaluated by the Company’s independent qualified reserves evaluator McDaniel & Associates Consultants Ltd. (“McDaniel”) in a report with an effective date of December 31, 2024 (the “GTE McDaniel Reserves Report”). All reserves values, future net revenue and ancillary information contained in this press release have been prepared by McDaniel and calculated in compliance with Canadian National Instrument 51-101 – Standards of Disclosure for Oil and Gas Activities (“NI 51-101”) and the Canadian Oil and Gas Evaluation Handbook (“COGEH”) and derived from the GTE McDaniel Reserves Report, unless otherwise expressly stated. The following reserves categories are discussed in this press release: Proved Developed Producing (“PDP”), Proved (“1P”), 1P plus Probable (“2P”) and 2P plus Possible (“3P”).

    FOURTH QUARTER AND FULL-YEAR 2024 OPERATIONAL AND FINANCIAL HIGHLIGHTS

    Message to Shareholders

    Gary Guidry, President and Chief Executive Officer of Gran Tierra, commented: “2025 is set to be a transformational year for Gran Tierra as we advance exploration drilling in Ecuador, fulfilling all our commitments in the country while integrating our new entry into Canada. We ended 2024 at record highs across all reserve categories and production, setting a solid foundation for the future. While 2024 was dedicated to investing in resource capture, 2025 and beyond will be focused on execution—unlocking the full potential of our extensive, oil-weighted portfolio, which holds over 293 million BOE of 2P reserves. We are also pleased to confirm that Gran Tierra successfully met its average production guidance target for 2024. Furthermore, in 2024, Gran Tierra demonstrated its confidence in the Company’s future prospects by repurchasing 6.7% of our outstanding shares4 of common stock through our normal course issuer bid (“NCIB”) program, showing our dedication to long-term shareholder value creation. With a current before tax 1P net asset value of $35.23 per share, repurchases remain a strategic and efficient way to return capital to our shareholders, while reinforcing our commitment to long-term value creation.

    We are excited about the prospects of our 2025 exploration initiatives in Ecuador and Colombia, where we are set to drill between 6 to 8 high-impact exploration wells in our base case. These prospects have the potential to be significant catalysts in our commitment to unlock new reserves and drive sustainable growth. On the development front, we look forward to further appraising our Ecuador discoveries, commencing development of the large Cohembi field, drilling wells in the Montney and appraisal wells in the Clearwater and Central Alberta. With a robust and diverse portfolio of assets, Gran Tierra is poised to capitalize on emerging opportunities and deliver value to all our stakeholders. As we continue to profitably advance our operational and financial goals, we remain deeply committed to the well-being of our employees and the communities where we operate, recognizing their essential role in our success.”  

    Operational:

    • Production:
      • Gran Tierra achieved 2024 average WI production of 34,710 boepd, representing a 6% increase from 2023, as a result of positive exploration results in Ecuador and two months of production from Canadian operations acquired on October 31, 2024, partially offset by lower production in the Acordionero field caused by downtime related to workovers and deferred production from blockades in Suroriente during the Quarter.
      • Building on the Company’s successful development drilling in 2024 and integrating its recently acquired Canadian assets, Gran Tierra expects 2025 production of 47,000-53,000 boepd, as previously forecast. This projected 2025 production increase is expected to result from the Company’s previously forecast 2025 development drilling program of 5-7 gross wells in Suroriente, 2-3 appraisal wells in Ecuador, as well as 6 development wells in Canada. Gran Tierra also plans to drill 6-8 exploration wells in South America in 2025.
    • 2024 Year-End Reserves and Values3,6:
    Before Tax (as of December 31, 2024) Units 1P 2P 3P
    Reserves MMBOE 167 293 385
    Net Present Value at 10% Discount (“NPV10”) $ million 1,950 3,242 4,517
    Net Debt1 $ million (683) (683) (683)
    Net Asset Value (NPV10 less Net Debt) (“NAV”) $ million 1,267 2,559 3,834
    Outstanding Shares million 35.97 35.97 35.97
    NAV per Share $/share 35.23 71.14 106.62
    After Tax (as of December 31, 2024) Units 1P 2P 3P
    Reserves MMBOE 167 293 385
    NPV10 $ million 1,385 2,159 2,930
    Net Debt1 $ million (683) (683) (683)
    NAV $ million 702 1,476 2,247
    Outstanding Shares million 35.97 35.97 35.97
    NAV per Share $/share 19.51 41.03 62.46
             
    • As of December 31, 2024, Gran Tierra achieved6:
      • Before Tax NAV of $1.3 billion (1P), $2.6 billion (2P), and $3.8 billion (3P)
      • After Tax NAV of $0.7 billion (1P), $1.5 billion (2P), and $2.2 billion (3P)
      • Strong reserves replacement ratios of:
        • 702% 1P, with 1P reserves additions of 89 MMBOE.
        • 1,249% 2P, with 2P reserves additions of 159 MMBOE.
        • 1,500% 3P, with 3P reserves additions of 191 MMBOE.
      • NAV per share of $35.23 Before Tax and $19.51 After Tax (1P), and $71.14 Before Tax and $41.03 After Tax (2P). Gran Tierra’s current share price trades at significant discounts across all of the Company’s NAV per share categories.
      • Finding, development and acquisition costs (“FD&A”), including change in future development costs (“FDC”), on a per boe basis of $9.74 (1P), $8.11 (2P) and $6.92 (3P).
      • FD&A costs excluding change in FDC, on a per boe basis of $4.49 (1P), $2.52 (2P) and $2.10 (3P).
      • Canada now represents 46% of 1P and 51% of 2P reserves compared to Gran Tierra’s total reserves.

    Financial:

    • 2024 Net Income: Gran Tierra realized a net income of $3.2 million or $0.10 per share (basic and diluted), compared to net loss of $6.3 million, or $(0.19) per share (basic and diluted) in 2023.
    • 2024 Adjusted EBITDA1: The Company realized Adjusted EBITDA1 of $366.8 million, a decrease of 8% from $399.4 million in 2023, commensurate with the decrease in the Brent oil price.
    • 2024 Net Cash Provided by Operating Activities: The Company generated net cash provided by operating activities of $239.3 million, an increase of 5% from $228.0 million in 2023.
    • 2024 Funds Flow from Operations1: Gran Tierra realized funds flow from operations1 of $224.9 million, compared to $276.8 million in 2023.
    • 2024 Capital Expenditures: Capital expenditures increased by $7.7 million or 3% to $234.2 million compared to 2023 due to a higher number of wells drilled in 2024, which was predominately funded by the Company’s 2024 net cash provided by operating activities of $239.3 million.
    • Key Metrics During the Quarter: The Company realized net income of $34.2 million, Adjusted EBITDA1 of $76.2 million, and funds flow from operations1 of $44.1 million, compared with $1.1 million, $92.8 million, and $60.3 million, respectively, in third quarter 2024 (“the Prior Quarter”). The Company recognized record high quarterly production of 41,009 BOEPD.
    • Cash Balance: The Company had $103.4 million in cash and cash equivalents as at December 31, 2024 an increase compared to a cash balance of $62.1 million as at December 31, 2023.
    • Share Buybacks: Since January 1, 2022, through its NCIB programs, the Company has re-purchased 6.8 million shares of Common Stock representing about 19% of shares outstanding as of December 31, 2024.
    • 2024 Operating Costs: Total operating expenses were $202.3 million, compared to $186.9 million in 2023, representing an 8% increase while operating expenses per boe were $16.14, 2% higher when compared to 2023. This increase in 2024 was primarily as a result of higher workovers, and removal of diesel subsidies and higher gas and electricity costs in Colombia, partially offset by lower operating costs in Ecuador as a result of production ramp-up in 2024.
    • 2024 Cash General and Administrative Costs: The Company’s gross cash general and administrative (“G&A”) costs decreased to $3.18 per boe from $3.38 per boe in 2023. Total cash G&A costs were $39.9 million, a decrease of 1% from $40.1 million in 2023, due to lower business development, legal and consulting costs compared to 2023, offset by the addition of two months of G&A from the newly acquired Canadian operation.
    • Oil, Natural Gas and Natural Gas Liquids (“NGL”) Sales:
      • 2024: Gran Tierra’s oil, natural gas and NGL sales decreased 2% to $621.8 million, compared to $637.0 million in 2023. This decrease was primarily driven by a 3% decrease in Brent price and a 6% decrease in sales volumes in Colombia, offset by an increase in sales volumes in Ecuador and two months of production in Canada and lower differentials.
      • The Quarter: Gran Tierra generated oil, natural gas and NGL sales of $147.3 million, a decrease of 3% or $4.1 million from the Prior Quarter, primarily driven by a 6% decrease in the Brent oil price, offsetting a 31% increase in production. Oil, natural gas and NGL sales were $39.73 per boe, a 22% decrease from the Prior Quarter primarily as a result of low natural gas prices in Canada.
    • Operating Netback1:
      • 2024: Gran Tierra’s operating netback1 of $31.99 per boe was down 13% from $36.72 in 2023.
      • The Quarter: The Company’s operating netback1 of $22.19 per boe was lower by 38% from the fourth quarter 2023 and a decrease of 35% from the Prior Quarter due to increased weighting to natural gas in Canada and lower oil price.

    Operational Update

    • Colombia:
      • Suroriente Block: The first well on the Cohembi North pad spud on February 10, 2025, with production expected by the end of the first quarter of 2025.
    • Ecuador:
      • Iguana Block: Gran Tierra is currently drilling the first exploration well in its 6-8 well program with the Iguana SUR-B1 exploration well which was spud on February 4, 2025.
    • Canada:
      • Simonette: The development plan with our new joint venture partner, Logan Energy Corp., has commenced with the first two horizontal wells being drilled. Both wells are planned to be stimulated by the end of February and onstream by the end of the first quarter 2025.
      • Central: Gran Tierra has drilled and completed a well in the Nisku with a horizontal lateral length of over 3,000 meters; testing has commenced.
      • Clearwater: Gran Tierra has drilled 5 new wells in the Clearwater at East Dawson and Walrus. The program has confirmed the quality of our acreage in the Clearwater play. These wells are expected to come on-stream in the first quarter 2025. A pilot waterflood at Marten Hills will commence with the drilling of a multilateral injector in the first quarter 2025.

    Gran Tierra’s Commitment to Go “Beyond Compliance” with Safe and Sustainable Operations

    • 2024 was the Company’s safest year on record. GTE has accumulated a total of 27.8 million person-hours without a Lost Time Injury (LTI), and in 2024, the Company’s Total Recordable Incident Frequency (TRIF) was 0.03, placing Gran Tierra in the top quartile for safety performance across its operating regions.
    • 2024 was another exciting year for the NaturAmazonas project, a partnership founded by Conservation International and Gran Tierra Energy in 2017. The high-quality cocoa produced through this program garnered international attention resulting in a signed commercial agreement with KAOKA, one of the largest buyers of organic cocoa worldwide, to export 12.5 tons of organic deforestation free cocoa. This outcome means additional markets and incomes for producers in Putumayo.
    • To date, the NaturAmazonas program has seen over 3,500 hectares of the Amazonian rainforest restored including over 1.6 million trees planted. The meliponiculturists (stingless beekeepers) from our Sustainable Productive Landscapes program, own Colombia’s largest number of hives, which is estimated to be 6,000 hives. Their bees contribute to pollination across approximately 24,000 hectares of native forests and cultivated plantations.
    • The NaturAmazonas project has also benefited more than 4,200 families from the departments of Putumayo, Caquetá and Cauca, who have been trained in conservation techniques and supported the implementation of sustainable economic opportunities such as the production of organic cocoa, honey and açaí.
    • Gran Tierra has been accepted by the Voluntary Principles Initiative (VPI) as an official member of the Voluntary Principles for Security and Human Rights world-wide initiative.

    Corporate Presentation:

    • Gran Tierra’s Corporate Presentation has been updated and is available at www.grantierra.com.

    Financial and Operational Highlights5(all amounts in $000s, except per share and boe amounts)

      Year Ended   Three Months Ended
      December 31, December 31,   December 31, December 31, September 30,
        2024     2023       2024     2023     2024  
    Net Income (Loss) $ 3,216   $ (6,287 )   $ (34,210 ) $ 7,711   $ 1,133  
    Net Income (Loss) Per Share – Basic $ 0.10   $ (0.19 )   $ (1.04 ) $ 0.24   $ 0.04  
    Net Income (Loss) Per Share – Diluted $ 0.10   $ (0.19 )   $ (1.04 ) $ 0.23   $ 0.04  
                 
    Oil, Natural Gas and NGL Sales $ 621,849   $ 636,957     $ 147,290   $ 154,944   $ 151,373  
    Operating Expenses   (202,331 )   (186,864 )     (60,770 )   (47,637 )   (46,060 )
    Transportation Expenses   (18,464 )   (14,546 )     (4,279 )   (3,947 )   (3,911 )
    Operating Netback1 $ 401,054   $ 435,547     $ 82,241   $ 103,360   $ 101,402  
                 
    G&A Expenses Before Stock-based Compensation $ 39,912   $ 40,124     $ 8,672   $ 11,072   $ 9,491  
    G&A Expenses (Recovery) Stock-Based Compensation   9,707     5,722       3,331     1,974     (3,145 )
    G&A Expenses, Including Stock-Based Compensation $ 49,619   $ 45,846     $ 12,003   $ 13,046   $ 6,346  
                 
    EBITDA1 $ 355,690   $ 377,550     $ 65,247   $ 83,634   $ 97,365  
                 
    Adjusted EBITDA1 $ 366,758   $ 399,355     $ 76,168   $ 92,964   $ 92,794  
                 
    Net Cash Provided by Operating Activities $ 239,321   $ 227,992     $ 26,607   $ 69,027   $ 78,654  
                 
    Funds Flow from Operations1 $ 224,941   $ 276,785     $ 44,129   $ 84,663   $ 60,338  
                 
    Capital Expenditures $ 234,236   $ 226,584     $ 70,413   $ 35,826   $ 49,779  
                 
    Free Cash Flow1 $ (9,295 ) $ 50,201     $ (26,284 ) $ 48,837   $ 10,559  
                 
    Average Daily Volumes (BOEPD)            
    Working Interest Production Before Royalties   34,710     32,647       41,009     31,309     32,764  
    Royalties   (6,820 )   (6,548 )     (7,327 )   (6,417 )   (6,776 )
    Production NAR   27,890     26,099       33,682     24,892     25,988  
    (Decrease) Increase in Inventory   (454 )   (152 )     (712 )   57     (523 )
    Sales   27,436     25,947       32,970     24,949     25,465  
    Royalties, % of WI Production Before Royalties   20 %   20 %     18 %   20 %   21 %
                 
    Per boe5            
    Brent $ 79.86   $ 82.16     $ 74.01   $ 82.85   $ 78.71  
    Quality and Transportation Discount   (17.93 )   (14.91 )     (25.45 )   (15.34 )   (14.10 )
    Royalties   (12.33 )   (13.55 )     (8.83 )   (13.47 )   (13.58 )
    Average Realized Price $ 49.60   $ 53.70     $ 39.73   $ 54.04   $ 51.03  
    Transportation Expenses   (1.47 )   (1.23 )     (1.15 )   (1.38 )   (1.32 )
    Average Realized Price Net of Transportation Expenses $ 48.13   $ 52.47     $ 38.58   $ 52.66   $ 49.71  
    Operating Expenses   (16.14 )   (15.75 )     (16.39 )   (16.61 )   (15.53 )
    Operating Netback1 $ 31.99   $ 36.72     $ 22.19   $ 36.05   $ 34.18  
    Cash G&A Expenses   (3.18 )   (3.38 )     (2.34 )   (3.86 )   (3.20 )
    Severance Expenses   (0.12 )   —       (0.41 )   —     —  
    Transaction Costs   (0.47 )   —       (1.20 )   —     (0.49 )
    Realized Foreign Exchange Gain (Loss)   0.07     (1.43 )     0.07     (0.34 )   0.34  
    Cash Settlement on Derivative Instruments   0.09     —       0.30     —     —  
    Interest Expense, Excluding Amortization of Debt Issuance Costs   (5.38 )   (4.21 )     (5.40 )   (5.35 )   (5.65 )
    Interest Income   0.29     0.17       0.34     0.10     0.23  
    Other Cash Gain   0.12     —       0.40     —     —  
    Net Lease Payments   0.07     0.16       0.07     0.13     0.07  
    Current Income Tax (Expense) Recovery   (5.53 )   (4.70 )     (2.12 )   2.80     (5.13 )
    Cash Netback1 $ 17.95   $ 23.33     $ 11.90   $ 29.53   $ 20.35  
                 
    Share Information (000s)            
    Common Stock Outstanding, End of Period   35,972     32,247       35,972     32,247     33,288  
    Weighted Average Number of Common – Basic   32,043     33,470       34,333     32,861     33,287  
    Weighted Average Number of Common – Diluted   32,043     33,470       34,333     32,921     33,350  
      As at December 31
     ($000s)   2024   2023 % Change
    Cash and cash equivalents $ 103,379 $ 62,146 66  
           
    Credit facility $ — $ 36,364 (100 )
           
    Senior Notes $ 786,619 $ 536,619 47  
                 

    Additional information on 2024 expenses:

    • Quality and Transportation Discount: increased in 2024 to $17.93 per boe compared to $14.91 per boe in 2023.
    • Transportation Expenses: increased by 20% to $1.47 per boe in 2024 from $1.23 per boe in 2023 primarily due to higher sales volumes transported in Ecuador, two months transportation of sales volumes in Canada through pipelines, and an increase in trucking tariffs for Acordionero volumes in 2024.
    • Royalties: decreased to $12.33 per boe in 2024, from $13.55 per boe in 2023. This decrease was driven by the 3% decrease in the Brent oil price in 2024 relative to 2023.

    1 Operating netback, EBITDA, Adjusted EBITDA, funds flow from operations, net debt, free cash flow, and cash netback, are non-GAAP measures and do not have a standardized meaning under GAAP. Cash flow refers to the GAAP line item “net cash provided by operating activities”. Refer to “Non-GAAP Measures” in this press release for descriptions of these non-GAAP measures and reconciliations to the most directly comparable measures calculated and presented in accordance with GAAP.
    2 NAV per share is calculated as NPV10 (before or after tax, as applicable) of the applicable reserves category minus net debt, divided by the number of shares of Gran Tierra’s common stock issued and outstanding.
    3 All dollar amounts are in United States dollars and production and reserves volumes are on an average WI before royalties basis, unless otherwise indicated. Per boe amounts are based on WI sales before royalties. Production is expressed in boepd and reserves are expressed in boe or MMBOE, unless otherwise indicated. For per boe amounts based on net after royalty (“NAR”) production, see Gran Tierra’s Annual Report on Form 10-K filed February 24, 2025
    4 Outstanding shares based on December 31, 2023 balance of 32,246,501 shares
    5 Per boe amounts are based on WI sales before royalties. For per boe amounts based on NAR production, see Gran Tierra’s Annual Report on Form 10-K filed on February 24, 2025.
    6 The after-tax net present value of the Company’s oil and gas properties reflects the tax burden on the properties on a stand-alone basis. It does not consider the corporate tax situation, or tax planning. It does not provide an estimate of the value at the Company level which may be significantly different. The Company’s financial statements should be consulted for information at the Company level.

    Conference Call Information

    Gran Tierra will host its fourth quarter and full year 2024 results conference call on Monday, February 24, 2025, at 9:00 a.m. Mountain Time, 11:00 a.m. Eastern Time, and 4:00 p.m. Greenwich Mean Time. Interested parties may register for the conference call by going to the following link: https://register.vevent.com/register/BI73eac887f1ea473fb403e3c298d6860c. Please note that there is no longer a general dial-in number to participate and each individual party must register through the provided link. Once parties have registered, they will be provided a unique PIN and call-in details. There is also a feature that allows parties to elect to be called back through the “Call Me” function on the platform. Interested parties can also continue to access the live webcast from their mobile or desktop devices by going to the following link: https://edge.media-server.com/mmc/p/6sr4wvg8, which is also available on Gran Tierra’s website at https://www.grantierra.com/investor-relations/presentations-events/.

    About Gran Tierra Energy Inc.

    Gran Tierra Energy Inc., together with its subsidiaries, is an independent international energy company currently focused on oil and natural gas exploration and production in Canada, Colombia and Ecuador. The Company is currently developing its existing portfolio of assets in Canada, Colombia and Ecuador and will continue to pursue additional new growth opportunities that would further strengthen the Company’s portfolio. The Company’s common stock trades on the NYSE American, the Toronto Stock Exchange and the London Stock Exchange under the ticker symbol GTE. Additional information concerning Gran Tierra is available at www.grantierra.com. Except to the extent expressly stated otherwise, information on the Company’s website or accessible from our website or any other website is not incorporated by reference into and should not be considered part of this press release. Investor inquiries may be directed to info@grantierra.com or (403) 265-3221.

    Gran Tierra’s Securities and Exchange Commission (the “SEC”) filings are available on the SEC website at http://www.sec.gov. The Company’s Canadian securities regulatory filings are available on SEDAR+ at http://www.sedarplus.ca and UK regulatory filings are available on the National Storage Mechanism website at https://data.fca.org.uk/#/nsm/nationalstoragemechanism.

    Contact Information

    For investor and media inquiries please contact:

    Gary Guidry, President & Chief Executive Officer

    Ryan Ellson, Executive Vice President & Chief Financial Officer

    Tel: +1.403.265.3221

    For more information on Gran Tierra please go to: www.grantierra.com.

    Forward Looking Statements and Legal Advisories:

    This press release contains opinions, forecasts, projections, and other statements about future events or results that constitute forward-looking statements within the meaning of the United States Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, and financial outlook and forward looking information within the meaning of applicable Canadian securities laws (collectively, “forward- looking statements”), which can be identified by such terms as “believe,” “expect,” “anticipate,” “forecast,” “budget,” “will,” “estimate,” “target,” “project,” “plan,” “should,” “guidance,” “outlook,” “strives” or similar expressions are forward-looking statements. Such forward-looking statements include, but are not limited to, the Company’s strategies and expectations, capital program, drilling plans, cost saving initiatives, future sources of funding for capital expenditures and other activities, future planned operations and production estimates, forecast prices, and the Company’s plans to benefit the environment or communities in which it operates. Statements relating to “reserves” are also deemed to be forward-looking statements, as they involve the implied assessment, based on certain estimates and assumptions, including that the reserves described can be profitably produced in the future.

    The forward-looking statements contained in this press release reflect several material factors and expectations and assumptions of Gran Tierra including, without limitation, that Gran Tierra will continue to conduct its operations in a manner consistent with its current expectations, the ability of Gran Tierra to successfully integrate the assets and operations of i3 Energy or realize the anticipated benefits and operating synergies expected from the acquisition of i3 Energy, the accuracy of testing and production results and seismic data, pricing and cost estimates (including with respect to commodity pricing and exchange rates), rig availability, the risk profile of planned exploration activities, the effects of drilling down-dip, the 5-year weighted-average Brent forecast, the effects of waterflood and multi-stage fracture stimulation operations, the extent and effect of delivery disruptions, and the general continuance of current or, where applicable, assumed operational, regulatory and industry conditions in Canada, Colombia and Ecuador and areas of potential expansion, and the ability of Gran Tierra to execute its business and operational plans in the manner currently planned. Gran Tierra believes the material factors, expectations and assumptions reflected in the forward-looking statements are reasonable at this time but no assurance can be given that these factors, expectations and assumptions will prove to be correct.

    Among the important factors that could cause actual results to differ materially from those indicated by the forward-looking statements in this press release are: our operations are located in South America and unexpected problems can arise due to guerilla activity, strikes, local blockades or protests; technical difficulties and operational difficulties may arise which impact the production, transport or sale of our products; other disruptions to local operations; global health events; global and regional changes in the demand, supply, prices, differentials or other market conditions affecting oil and gas, including inflation and changes resulting from a global health crisis, geopolitical events, including the ongoing conflicts in Ukraine and the Gaza region, or from the imposition or lifting of crude oil production quotas or other actions that might be imposed by OPEC and other producing countries and resulting company or third-party actions in response to such changes; changes in commodity prices, including volatility or a prolonged decline in these prices relative to historical or future expected levels; the risk that current global economic and credit conditions may impact oil and natural gas prices and oil and natural gas consumption more than we currently predict, which could cause further modification of our strategy and capital spending program; prices and markets for oil and natural gas are unpredictable and volatile; the effect of hedges; the accuracy of productive capacity of any particular field; geographic, political and weather conditions can impact the production, transport or sale of our products; our ability to execute our business plan, which may include acquisitions, and realize expected benefits from current or future initiatives; the risk that unexpected delays and difficulties in developing currently owned properties may occur; the ability to replace reserves and production and develop and manage reserves on an economically viable basis; the accuracy of testing and production results and seismic data, pricing and cost estimates (including with respect to commodity pricing and exchange rates); the risk profile of planned exploration activities; the effects of drilling down-dip; the effects of waterflood and multi-stage fracture stimulation operations; the extent and effect of delivery disruptions, equipment performance and costs; actions by third parties; the timely receipt of regulatory or other required approvals for our operating activities; the failure of exploratory drilling to result in commercial wells; unexpected delays due to the limited availability of drilling equipment and personnel; volatility or declines in the trading price of our common stock or bonds; the risk that we do not receive the anticipated benefits of government programs, including government tax refunds; our ability to comply with financial covenants in its credit agreement and indentures and make borrowings under any credit agreement; and the risk factors detailed from time to time in Gran Tierra’s periodic reports filed with the Securities and Exchange Commission, including, without limitation, under the caption “Risk Factors” in Gran Tierra’s Annual Report on Form 10-K for the year ended December 31, 2024 filed February 24, 2025 and its other filings with the SEC. These filings are available on the SEC website at http://www.sec.gov and on SEDAR+ at www.sedarplus.ca. Although the current guidance, capital spending program and long term strategy of Gran Tierra are based upon the current expectations of the management of Gran Tierra, should any one of a number of issues arise, Gran Tierra may find it necessary to alter its business strategy and/or capital spending program and there can be no assurance as at the date of this press release as to how those funds may be reallocated or strategy changed and how that would impact Gran Tierra’s results of operations and financial position. Forecasts and expectations that cover multi-year time horizons or are associated with 2P reserves inherently involve increased risks and actual results may differ materially.

    All forward-looking statements are made as of the date of this press release and the fact that this press release remains available does not constitute a representation by Gran Tierra that Gran Tierra believes these forward-looking statements continue to be true as of any subsequent date. Actual results may vary materially from the expected results expressed in forward-looking statements. Gran Tierra disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as expressly required by applicable law. In addition, historical, current and forward-looking sustainability-related statements may be based on standards for measuring progress that are still developing, internal controls and processes that continue to evolve, and assumptions that are subject to change in the future.

    The estimates of future production, future net revenue and certain expenses or costs set forth in this press release may be considered to be future-oriented financial information or a financial outlook for the purposes of applicable Canadian securities laws. Financial outlook and future-oriented financial information contained in this press release about prospective operational and financial performance, financial position or cash flows are provided to give the reader a better understanding of the potential future performance of the Company in certain areas and are based on assumptions about future events, including economic conditions and proposed courses of action, based on management’s assessment of the relevant information currently available, and to become available in the future. In particular, this press release contains projected operational and financial information for 2025. These projections contain forward-looking statements and are based on a number of material assumptions and factors set out above. Actual results may differ significantly from the projections presented herein. The actual results of Gran Tierra’s operations for any period could vary from the amounts set forth in these projections, and such variations may be material. See above for a discussion of the risks that could cause actual results to vary. The future-oriented financial information and financial outlooks contained in this press release have been approved by management as of the date of this press release. Readers are cautioned that any such financial outlook and future-oriented financial information contained herein should not be used for purposes other than those for which it is disclosed herein. The Company and its management believe that the prospective operational and financial information has been prepared on a reasonable basis, reflecting management’s best estimates and judgments, and represent, to the best of management’s knowledge and opinion, the Company’s expected course of action. However, because this information is highly subjective, it should not be relied on as necessarily indicative of future results.

    Non-GAAP Measures

    This press release includes non-GAAP financial measures as further described herein. These non-GAAP measures do not have a standardized meaning under GAAP. Investors are cautioned that these measures should not be construed as alternatives to net income or loss, cash flow from operating activities or other measures of financial performance as determined in accordance with GAAP. Gran Tierra’s method of calculating these measures may differ from other companies and, accordingly, they may not be comparable to similar measures used by other companies. Each non-GAAP financial measure is presented along with the corresponding GAAP measure so as not to imply that more emphasis should be placed on the non-GAAP measure.

    Net Debt, as presented as at December 31, 2024 is comprised of $787 million (gross) of senior notes outstanding less cash and cash equivalents of $103 million, prepared in accordance with GAAP. Management believes that net debt is a useful supplemental measure for management and investors in order to evaluate the financial sustainability of the Company’s business and leverage. The most directly comparable GAAP measure is total debt.

    Operating netback, as presented is defined as oil, natural gas and NGL sales less operating and transportation expenses. Operating netback per boe, as presented is defined as average realized price per boe less operating and transportation expenses per boe. Cash netback, as presented, is defined as net income or loss adjusted for depletion, depreciation and accretion (“DD&A”) expenses, deferred tax expense or recovery, stock-based compensation expense or recovery, amortization of debt issuance costs, non-cash lease expense, lease payments, unrealized foreign exchange gains or losses, other non-cash gains or losses and other financial instruments gains or losses. Cash netback per boe, as presented, is defined as cash netback over WI sales volumes. Management believes that operating netback and cash netback are useful supplemental measures for investors to analyze financial performance and provide an indication of the results generated by Gran Tierra’s principal business activities prior to the consideration of other income and expenses. See the table entitled Financial and Operational Highlights above for the components of operating netback and operating netback per boe. A reconciliation from net income or loss to cash netback is as follows:

        Year Ended   Three Months Ended
        December 31,   December 31,   September 30,
    Cash Netback – Non-GAAP Measure ($000s)     2024       2023       2024       2023       2024  
    Net (loss) income   $ 3,216     $ (6,287 )   $ (34,210 )   $ 7,711     $ 1,133  
    Adjustments to reconcile net (loss) income to cash netback                    
    DD&A expenses     230,619       215,584       63,406       52,635       55,573  
    Deferred tax (recovery) expense     (27,888 )     56,759       4,444       13,517       5,550  
    Stock-based compensation expense (recovery)     9,707       5,722       3,331       1,974       (3,145 )
    Amortization of debt issuance costs     12,918       5,831       3,743       2,437       3,109  
    Non-cash lease expense     5,923       4,967       1,759       1,479       1,370  
    Lease payments     (5,035 )     (3,018 )     (1,495 )     (1,100 )     (1,171 )
    Unrealized foreign exchange (gain) loss     (7,893 )     (5,085 )     (223 )     2,729       (2,081 )
    Other non-cash loss     —       2,312       —       3,281       —  
    Unrealized derivative instruments loss     3,374       —       3,374       —       —  
    Cash netback (non-GAAP)   $ 224,941     $ 276,785     $ 44,129     $ 84,663     $ 60,338  

    EBITDA, as presented, is defined as net income or loss adjusted for DD&A expenses, interest expense, and income tax expense. Adjusted EBITDA, as presented, is defined as EBITDA adjusted for non-cash lease expense, lease payments, foreign exchange gains or losses, transaction costs, other financial instruments gains or losses, other non-cash gain or loss and stock-based compensation expense. Management uses this supplemental measure to analyze performance and income generated by our principal business activities prior to the consideration of how non-cash items affect that income, and believes that this financial measure is a useful supplemental information for investors to analyze our performance and our financial results. A reconciliation from net income or loss or loss to EBITDA and adjusted EBITDA is as follows:

        Year Ended   Three Months Ended
        December 31,   December 31,   September 30,
    EBITDA – Non-GAAP Measure ($000s)     2024       2023       2024       2023       2024  
    Net (loss) income   $ 3,216     $ (6,287 )   $ (34,210 )   $ 7,711     $ 1,133  
    Adjustments to reconcile net (loss) income to EBITDA and Adjusted EBITDA                    
    DD&A expenses     230,619       215,584       63,406       52,635       55,573  
    Interest expense     80,466       55,806       23,752       17,789       19,892  
    Income tax expense     41,389       112,447       12,299       5,499       20,767  
    EBITDA (non-GAAP)   $ 355,690     $ 377,550     $ 65,247     $ 83,634     $ 97,365  
    Non-cash lease expense     5,923       4,967       1,759       1,479       1,370  
    Lease payments     (5,035 )     (3,018 )     (1,495 )     (1,100 )     (1,171 )
    Foreign exchange loss     (8,808 )     11,822       (496 )     3,696       (3,084 )
    Unrealized derivative instruments loss     3,374       —       3,374       —       —  
    Transaction costs     5,907       —       4,448       —       1,459  
    Other non-cash gain     —       2,312       —       3,281       —  
    Stock-based compensation expense (recovery)     9,707       5,722       3,331       1,974       (3,145 )
    Adjusted EBITDA (non-GAAP)   $ 366,758     $ 399,355     $ 76,168     $ 92,964     $ 92,794  

    Funds flow from operations, as presented, is defined as net income or loss adjusted for DD&A expenses, deferred tax expense or recovery, stock-based compensation expense or recovery, amortization of debt issuance costs, non-cash lease expense, lease payments, unrealized foreign exchange gains or losses, other non-cash gains or losses, and other financial instruments gains or losses. Management uses this financial measure to analyze performance and income or loss generated by our principal business activities prior to the consideration of how non-cash items affect that income or loss, and believes that this financial measure is also useful supplemental information for investors to analyze performance and our financial results. Free cash flow, as presented, is defined as funds flow from operations adjusted for capital expenditures. Management uses this financial measure to analyze cash flow generated by our principal business activities after capital requirements and believes that this financial measure is also useful supplemental information for investors to analyze performance and our financial results. A reconciliation from net income or loss or loss to funds flow from operations and free cash flow is as follows:

        Year Ended Three Months Ended
        December 31,   December 31,   September 30,
    Funds Flow From Operations – Non-GAAP Measure ($000s)     2024       2023       2024       2023       2024  
    Net (loss) income   $ 3,216     $ (6,287 )   $ (34,210 )   $ 7,711     $ 1,133  
    Adjustments to reconcile net (loss) income to funds flow from operations                    
    DD&A expenses     230,619       215,584       63,406       52,635       55,573  
    Deferred tax (recovery) expense     (27,888 )     56,759       4,444       13,517       5,550  
    Stock-based compensation expense (recovery)     9,707       5,722       3,331       1,974       (3,145 )
    Amortization of debt issuance costs     12,918       5,831       3,743       2,437       3,109  
    Non-cash lease expense     5,923       4,967       1,759       1,479       1,370  
    Lease payments     (5,035 )     (3,018 )     (1,495 )     (1,100 )     (1,171 )
    Unrealized foreign exchange (gain) loss     (7,893 )     (5,085 )     (223 )     2,729       (2,081 )
    Other non-cash loss     —       2,312       —       3,281       —  
    Unrealized derivative instruments loss     3,374       —       3,374       —       —  
    Funds flow from operations (non-GAAP)   $ 224,941     $ 276,785     $ 44,129     $ 84,663     $ 60,338  
    Capital expenditures   $ 234,236     $ 226,584     $ 70,413     $ 35,826     $ 49,779  
    Free cash flow (non-GAAP)   $ (9,295 )   $ 50,201     $ (26,284 )   $ 48,837     $ 10,559  


    DISCLOSURE OF OIL AND GAS INFORMATION

    Gran Tierra’s Statement of Reserves Data and Other Oil and Gas Information on Form 51-101F1 dated effective as at December 31, 2024, which includes disclosure of its oil and gas reserves and other oil and gas information in accordance with NI 51-101 and COGEH forming the basis of this press release, is available on SEDAR+ at www.sedarplus.ca. All reserves values, future net revenue and ancillary information contained in this press release as of December 31, 2024 are derived from the GTE McDaniel Reserves Report.

    Estimates of net present value and future net revenue contained herein do not necessarily represent fair market value of reserves. Estimates of reserves and future net revenue for individual properties may not reflect the same level of confidence as estimates of reserves and future net revenue for all properties, due to the effect of aggregation. There is no assurance that the forecast price and cost assumptions applied by McDaniel in evaluating Gran Tierra’s reserves and future net revenue will be attained and variances could be material. See Gran Tierra’s press release dated January 23, 2025 for a summary of the price forecasts employed by McDaniel in the GTE McDaniel Reserves Report and other information regarding the disclosed future net revenue.

    All evaluations of future net revenue contained in the GTE McDaniel Reserves Report are after the deduction of royalties, operating costs, development costs, production costs and abandonment and reclamation costs but before consideration of indirect costs such as administrative, overhead and other miscellaneous expenses. It should not be assumed that the estimates of future net revenue presented in this press release represent the fair market value of the reserves. There are numerous uncertainties inherent in estimating quantities of crude oil and natural gas reserves and the future cash flows attributed to such reserves. The reserve and associated cash flow information set forth in the GTE McDaniel Reserves Report are estimates only and there is no guarantee that the estimated reserves will be recovered. Actual reserves may be greater than or less than the estimates provided therein.

    BOEs have been converted on the basis of six thousand cubic feet (“Mcf”) natural gas to 1 boe of oil. BOEs may be misleading, particularly if used in isolation. A BOE conversion ratio of 6 Mcf: 1 boe is based on an energy equivalency conversion method primarily applicable at the burner tip and does not represent a value equivalency at the wellhead. In addition, given that the value ratio based on the current price of oil as compared with natural gas is significantly different from the energy equivalent of six to one, utilizing a BOE conversion ratio of 6 Mcf: 1 boe would be misleading as an indication of value.

    References to a formation where evidence of hydrocarbons has been encountered is not necessarily an indicator that hydrocarbons will be recoverable in commercial quantities or in any estimated volume. Gran Tierra’s reported production is a mix of light crude oil and medium, heavy crude oil, tight oil, conventional natural gas, shale gas and natural gas liquids for which there is no precise breakdown since the Company’s sales volumes typically represent blends of more than one product type. Well test results should be considered as preliminary and not necessarily indicative of long-term performance or of ultimate recovery. Well log interpretations indicating oil and gas accumulations are not necessarily indicative of future production or ultimate recovery. If it is indicated that a pressure transient analysis or well-test interpretation has not been carried out, any data disclosed in that respect should be considered preliminary until such analysis has been completed. References to thickness of “oil pay” or of a formation where evidence of hydrocarbons has been encountered is not necessarily an indicator that hydrocarbons will be recoverable in commercial quantities or in any estimated volume.

    Future Net Revenue

    Future net revenue reflects McDaniel’s forecast of revenue estimated using forecast prices and costs, arising from the anticipated development and production of reserves, after the deduction of royalties, operating costs, development costs and abandonment and reclamation costs and taxes but before consideration of indirect costs such as administrative, overhead and other miscellaneous expenses. The estimate of future net revenue below does not necessarily represent fair market value.

    Consolidated Properties at December 31, 2024
    Proved (1P) Total Future Net Revenue ($ million)
    Forecast Prices and Costs
    Years Sales
    Revenue    		 Total
    Royalties    		 Operating
    Costs    		 Future
    Development
    Capital    		 Abandonment
    and Reclamation
    Costs    		 Future Net
    Revenue Before
    Future Taxes    		 Future
    Taxes    		 Future Net
    Revenue After
    Future Taxes*
    2025-2029
    (5 Years)    		 5,139 (981 ) (1,385 ) (1,025 ) (27 ) 1,721 (491 ) 1,230
    Remainder 3,617 (578 ) (1,549 ) (4 ) (377 ) 1,109 (370 ) 739
    Total (Undiscounted) 8,756 (1,559 ) (2,934 ) (1,029 ) (404 ) 2,830 (861 ) 1,969
    Total (Discounted @ 10%)           1,950 (565 ) 1,385
    Consolidated Properties at December 31, 2024
    Proved Plus Probable (2P) Total Future Net Revenue ($ million)
    Forecast Prices and Costs
    Years Sales
    Revenue    		 Total
    Royalties    		 Operating
    Costs    		 Future
    Development
    Capital    		 Abandonment
    and Reclamation
    Costs    		 Future Net
    Revenue Before
    Future Taxes    		 Future
    Taxes    		 Future Net
    Revenue After
    Future Taxes*
    2025-2029
    (5 Years)    		 6,620 (1,297 ) (1,583 ) (1,438 ) (25 ) 2,277 (791 ) 1,486
    Remainder 8,685 (1,529 ) (2,967 ) (371 ) (420 ) 3,398 (1,082 ) 2,316
    Total (Undiscounted) 15,305 (2,826 ) (4,550 ) (1,809 ) (445 ) 5,675 (1,873 ) 3,802
    Total (Discounted @ 10%)           3,242 (1,083 ) 2,159
    Consolidated Properties at December 31, 2024
    Proved Plus Probable Plus Possible (3P) Total Future Net Revenue ($ million)
    Forecast Prices and Costs
    Years Sales
    Revenue    		 Total
    Royalties    		 Operating
    Costs    		 Future
    Development
    Capital    		 Abandonment
    and Reclamation
    Costs    		 Future Net
    Revenue Before
    Future Taxes    		 Future
    Taxes    		 Future Net
    Revenue After
    Future Taxes*
    2025-2029
    (5 Years)    		 7,490 (1,467 ) (1,672 ) (1,563 ) (25 ) 2,763 (1,015 ) 1,748
    Remainder 13,422 (2,598 ) (4,106 ) (519 ) (439 ) 5,760 (1,907 ) 3,853
    Total (Undiscounted) 20,912 (4,065 ) (5,778 ) (2,082 ) (464 ) 8,523 (2,922 ) 5,601
    Total (Discounted @ 10%)           4,517 (1,587 ) 2,930


    Definitions

    Proved reserves are those reserves that can be estimated with a high degree of certainty to be recoverable. It is likely that the actual remaining quantities recovered will exceed the estimated proved reserves.

    Probable reserves are those additional reserves that are less certain to be recovered than proved reserves. It is equally likely that the actual remaining quantities recovered will be greater or less than the sum of the estimated proved plus probable reserves.

    Possible reserves are those additional reserves that are less certain to be recovered than Probable reserves. It is unlikely that the actual remaining quantities recovered will be greater or less than the sum of the estimated proved plus probable plus possible reserves. There is a 10% probability that the quantities actually recovered will equal or exceed the sum of Proved plus Probable plus Possible reserves.

    Certain terms used in this press release but not defined are defined in NI 51-101, CSA Staff Notice 51-324 – Revised Glossary to NI 51-101 Standards of Disclosure for Oil and Gas Activities (“CSA Staff Notice 51-324”) and/or the COGEH and, unless the context otherwise requires, shall have the same meanings herein as in NI 51-101, CSA Staff Notice 51-324 and the COGEH, as the case may be.

    Oil and Gas Metrics

    This press release contains a number of oil and gas metrics, including NAV per share, FD&A costs, operating netback, cash netback, and reserves replacement which do not have standardized meanings or standard methods of calculation and therefore such measures may not be comparable to similar measures used by other companies and should not be used to make comparisons. Such metrics have been included herein to provide readers with additional measures to evaluate the Company’s performance; however, such measures are not reliable indicators of the future performance of the Company and future performance may not compare to the performance in previous periods.

    • NAV per share is calculated as the applicable NPV10 (before or after-tax, as applicable) of the applicable reserves category minus estimated net debt, divided by the number of shares of Gran Tierra’s common stock issued and outstanding. Management uses NAV per share as a measure of the relative change of Gran Tierra’s net asset value over its outstanding common stock over a period of time.
    • FD&A costs are calculated as estimated exploration and development capital expenditures, including acquisitions and dispositions, divided by the applicable reserves additions both before and after changes in FDC costs. The calculation of FD&A costs incorporates the change in FDC required to bring proved undeveloped and developed reserves into production. The aggregate of the exploration and development costs incurred in the financial year and the changes during that year in estimated FDC may not reflect the total FD&A costs related to reserves additions for that year. Management uses FD&A costs per boe as a measure of its ability to execute its capital program and of its asset quality
    • Operating netback and cash netback are calculated as described in this press release. Management believes that operating netback and cash netback are useful supplemental measures for the reasons described in this press release.
    • Reserves replacement is calculated as reserves in the referenced category divided by estimated referenced production. Management uses this measure to determine the relative change of its reserves base over a period of time.

    Disclosure of Reserve Information and Cautionary Note to U.S. Investors

    Unless expressly stated otherwise, all estimates of proved developed producing, proved, probable and possible reserves and related future net revenue disclosed in this press release have been prepared in accordance with NI 51-101. Estimates of reserves and future net revenue made in accordance with NI 51-101 will differ from corresponding GAAP standardized measures prepared in accordance with applicable SEC rules and disclosure requirements of the U.S. Financial Accounting Standards Board (“FASB”), and those differences may be material. NI 51-101, for example, requires disclosure of reserves and related future net revenue estimates based on forecast prices and costs, whereas SEC and FASB standards require that reserves and related future net revenue be estimated using average prices for the previous 12 months and that the standardized measure reflect discounted future net income taxes related to the Company’s operations. In addition, NI 51-101 permits the presentation of reserves estimates on a “company gross” basis, representing Gran Tierra’s working interest share before deduction of royalties, whereas SEC and FASB standards require the presentation of net reserve estimates after the deduction of royalties and similar payments. There are also differences in the technical reserves estimation standards applicable under NI 51-101 and, pursuant thereto, the COGEH, and those applicable under SEC and FASB requirements.

    In addition to being a reporting issuer in certain Canadian jurisdictions, Gran Tierra is a registrant with the SEC and subject to domestic issuer reporting requirements under U.S. federal securities law, including with respect to the disclosure of reserves and other oil and gas information in accordance with U.S. federal securities law and applicable SEC rules and regulations (collectively, “SEC requirements”). Disclosure of such information in accordance with SEC requirements is included in the Company’s Annual Report on Form 10-K and in other reports and materials filed with or furnished to the SEC and, as applicable, Canadian securities regulatory authorities. The SEC permits oil and gas companies that are subject to domestic issuer reporting requirements under U.S. federal securities law, in their filings with the SEC, to disclose only estimated proved, probable and possible reserves that meet the SEC’s definitions of such terms. Gran Tierra has disclosed estimated proved, probable and possible reserves in its filings with the SEC. In addition, Gran Tierra prepares its financial statements in accordance with United States generally accepted accounting principles, which require that the notes to its annual financial statements include supplementary disclosure in respect of the Company’s oil and gas activities, including estimates of its proved oil and gas reserves and a standardized measure of discounted future net cash flows relating to proved oil and gas reserve quantities. This supplementary financial statement disclosure is presented in accordance with FASB requirements, which align with corresponding SEC requirements concerning reserves estimation and reporting.

    The Company believes that the presentation of NPV10 is useful to investors because it presents (i) relative monetary significance of its oil and natural gas properties regardless of tax structure and (ii) relative size and value of its reserves to other companies. The Company also uses this measure when assessing the potential return on investment related to its oil and natural gas properties. NPV10 and the standardized measure of discounted future net cash flows do not purport to present the fair value of the Company’s oil and gas reserves. The Company has not provided a reconciliation of NPV10 to the standardized measure of discounted future net cash flows because it is impracticable to do so.

    The MIL Network –

  • MIL-OSI New Zealand: Deputy PM visit harnesses huge interest in NZ in the Gulf

    Source: New Zealand Government

    Deputy Prime Minister Winston Peters has completed a successful visit to the Gulf region today, focused on building economic growth opportunities and conducting strategic foreign policy discussions. 

    “The Gulf is an exciting, fast-developing region with much promise for New Zealand,” Mr Peters says. 

    “We chose to come to the Gulf at this time to help harness the huge attention for New Zealand generated by Kiwi athletes Joseph Parker and James McDonald. 

    “New Zealand as a trade-dependent country can and should be doing more to attract investment and collaboration with the Gulf, building on the high-quality trade agreements we have in place. 

    “We have focused on generating investment and collaboration in areas as diverse as our racing and meat sectors and via work in Antarctica and the Pacific,” Mr Peters says 

    “Our discussions over the past few days have enabled us to explore commercial opportunities for New Zealand businesses and hear on-the-ground perspectives about some of the world’s most pressing and fast-moving foreign policy challenges.” 

    Minister Peters held formal discussions with the Foreign Ministers of United Arab Emirates and Saudi Arabia, HH Sheikh Abdullah bin Zayed bin Sultan Al Nahyan and HH Prince Faisal bin Farhan al Saud, as well as with Adel al Jubeir, Saudi Arabia’s Minister of State for Foreign Affairs. 

    “The United Arab Emirates and Saudi Arabia are both serious and highly influential actors in the Middle East and globally, whose societies are rapidly transforming. 

    “Whether it’s on Gaza, Ukraine, US/Russia relations, defence spending or myriad other regional and global issues, Saudi Arabia and the UAE are influential, pragmatic and engaged players – and New Zealand benefits from working with and talking to them closely.” 

    While in UAE, Mr Peters witnessed the signing of a cooperation arrangement between Antarctica NZ and the Emirates Polar Programme and while in Saudi Arabia announced the reinvigoration of negotiations towards a Double Taxation Agreement. 

    While in Saudi Arabia, he also paid respects during Founding Day commemorations, witnessed Kiwi boxer Joseph Parker’s knockout victory over Martin Bakole and attended the 2025 Saudi Cup – the world’s richest horse race meeting, at which Kiwi jockey James McDonald was runner-up. 

    Mr Peters’ visits were the first by a New Zealand Foreign Minister to Saudi Arabia since 2017 and to UAE since 2021.   

    Minister Peters leaves the Middle East today for North Asia, for programmes in China, Mongolia and South Korea.

    MIL OSI New Zealand News –

  • MIL-OSI New Zealand: Consultation on charity tax settings open

    Source: New Zealand Government

    Consultation on an Inland Revenue Issues Paper on the taxation of charity and not-for-profits opens today.

    Finance Minister Nicola Willis says the Government is committed to a strong charity and not-for-profit sector, as well as high levels of fairness and integrity in New Zealand’s tax rules.

    “New Zealand not-for-profits make a significant contribution to the community, and the Government provides tax relief for not-for-profit organisations that meet certain requirements.

    “It’s important the public has confidence they are getting value for money from these tax concessions.”

    Revenue Minister Simon Watts says the Issues Paper canvasses options to “simplify rules, reduce compliance costs and address tax integrity risks”.

    “It’s important we make sure the settings are right and fit-for-purpose.”

    “No decisions have been made and all feedback will be considered.”

    The discussion document discusses and seeks public submissions on charity business income tax exemption, donor controlled charities, and integrity and simplification.

    The consultation document can be found here. Consultation closes on March 31 2025.

    MIL OSI New Zealand News –

  • MIL-OSI Asia-Pac: Prime Minister to Release 19th Instalment of PM-KISAN at Bhagalpur, Bihar on 24th February 2025

    Source: Government of India (2)

    Prime Minister to Release 19th Instalment of PM-KISAN at Bhagalpur, Bihar on 24th February 2025

    Over 9.8 Crore Farmers to Benefit from Direct Transfers Exceeding ₹22,000 Crore

    Formation of the 10,000th FPO under the Formation and Promotion of 10,000 FPOs scheme

    Inauguration of the Regional Center of Excellence (CoE) for Indigenous Breeds at Motihari with an investment of ₹33.80 Cr. under Rashtriya Gokul Mission

    Inauguration of Milk Product Plant at Barauni build with investment of ₹113.27 Cr.  

    Inauguration of the Warisaliganj–Nawadah–Tilaiya Rail Section Doubling (36.45 km) build with investment of ₹526 crore

    Inauguration of Ismailpur – Rafiganj Road Over Bridge build with investment of ₹47 crore

    Posted On: 22 FEB 2025 1:19PM by PIB Delhi

    Union Minister for Agriculture and Farmers’  Welfare addressed the media on Friday regarding the upcoming release of the 19th instalment under the PM-KISAN scheme. PM Kisan Samman Nidhi (PM-KISAN) Yojana, a Central Sector Scheme launched on 24th February 2019, provides annual financial assistance of Rs. 6,000/- per eligible farmer family. So far, more than Rs. 3.46 lakh crores have been disbursed to more than 11 Cr. farmer families in the country through 18 instalments.

    Union Minister Shri Shivraj Singh Chouhan mentioned that Farmer welfare is the top priority of the Modi government. The aim is to increase production, reduce the cost of production, ensure fair prices for produce, compensate for crop losses, diversify agriculture, and reduce costs through important schemes like the PM Kisan Samman Nidhi scheme, which was started by Prime Minister Narendra Modi in 2019. Shri  Chouhan said that he is pleased to inform that the 19th instalment of the PM Kisan Samman Nidhi will be transferred by the Prime Minister Shri Narendra Modi with a single click into the accounts of farmers from Bhagalpur on February 24, 2025. This release will symbolize six years of successful implementation of the PM-Kisan scheme, which continues to strengthen the financial well-being of farmers across the country. He mentioned that a “Kisan Samman Samaroh” in this regard will be organised by the Ministry of Agriculture, Government of India in coordination with the Department of Animal Husbandry and Dairying (AH&D), Government of India, Ministry of Railways, Government of India and Government of Bihar at Bhagalpur, Bihar.

    Shri Shivraj Singh Chouhan stated that during the 18th instalment release of PM-KISAN, the instalment was released to about 9 crore 60 lakh farmers. The Ministry of Agriculture has been actively making sustained efforts to add any eligible farmers who have been missed out and through these efforts the number of farmers who will receive the 19th instalment has gone up. More than 9.8 crore farmers including 2.41 crore female farmers across the country will be benefitted through the 19th instalment release, receiving direct financial assistance exceeding ₹22,000 crore through Direct Benefit Transfer (DBT) without involvement of any middlemen, reinforcing the Government’s commitment to farmer welfare and agricultural prosperity.

    He mentioned that Bihar alone has received more than ₹25,497 crores through previous instalments, benefiting more than 86.56 lakh farmers in the state. In the 19th instalment, about 76.37 lakh farmers will benefit from more than ₹1,591 crores, bringing the total benefit amount transferred to beneficiaries in Bihar to around ₹27,088 crores. In Bhagalpur only, so far over ₹813.87 crore have been transferred to around 2.82 Lakh beneficiaries under 18 instalments of PM KISAN. In the 19th instalment around 2.48 lakhs beneficiaries will receive benefits of over ₹51.22 crore. With this the total amount will reach around ₹865.09 crores.

    Shri Chouhan mentioned that in this program in Bhagalpur, the Prime Minister Shri Narendra Modi will be accompanied by the Governor of Bihar, Shri. Arif Mohammad Khan, the Chief Minister of Bihar, Shri Nitish Kumar, the Minister of Micro, Small and Medium Enterprises, Shri Jitan Ram Manjhi, the Minister of Panchayati Raj, and the Minister of Fisheries, Animal Husbandry, and Dairy, Shri Lalan Singh, among other dignitaries. He mentioned that the event will not only be organized in Bihar but is being organized at every level. The state governments will parallelly organize events at the state, district, block and gram panchayat level.

    Union Minister Shri Shivraj Singh Chouhan mentioned that Programs will also be organized in 731 Krishi Vigyan Kendras (KVKs) across the country. The day of the release will be celebrated as “Kisan Samman Samaroh” to create awareness about the schemes of the central and state governments. Agriculture ministers, MPs, and MLAs from the states will join the program in their respective areas. He mentioned that during the program, the honoured guests will also distribute agricultural machinery and seed kits under the Oilseed Mission, Agriculture Infrastructure Fund (AIF), Per Drop More Crop (PDMC), and Prime Minister Crop Insurance Scheme (PMFBY). In addition, exhibitions focused on natural farming, organic farming, and Geographical Indication (GI)-tagged products will be organized at the state and district levels led by FPOs and KVKs. These exhibitions will help promote innovation and sustainable agricultural practices and will continue for 2 to 3 days after the main event to increase awareness and adoption of sustainable agricultural technologies.

    Shri Chouhan told the press that the 19th instalment release event will be broadcasted live on DD Kisan, webcast on MyGov, YouTube, Facebook, and in more than 5 lakh common service centres across the country. Approximately two and a half crore farmers will join the program physically and virtually.

    Union Minister said that the Kisan Samman Nidhi has changed the lives of small farmers. Under this scheme, ₹6,000 is given directly in three instalments. About 3.46 lakh crores have been deposited into farmers’ accounts. With the release of the 19th instalment, a total of 3.68 lakh crores will reach the farmers’ accounts. He mentioned that small farmers used to face difficulties in buying seeds and fertilizers at the time of sowing and had to take loans at interest to meet their needs, but now they are able to meet the necessary agricultural expenses from this fund. He mentioned that the IFPRI conducted an independent study of PM-KISAN, which found that the funds received under this scheme have helped farmers overcome debt barriers and increased their risk-taking capacity. Shri Chouhan also mentioned that the farmers used to get a maximum of 3 lakh rupees on the Kisan Credit Card but now that limit has been increased to 5 lakh rupees.

    Talking about the event, the Union Minister said that in addition to this program, the Prime Minister Shri Narendra Modi will also launch some other initiatives in Bhagalpur. In Barauni, Bihar, Barauni Dairy will start a state-of-the-art dairy product plant developed with an investment of ₹113.27 crore and with a milk processing capacity of about 2 lakh litres. This is a program of the Department of Animal Husbandry and Dairy. The Prime Minister Shri Narendra Modi will also inaugurate the Regional Center of Excellence (CoE) at Motihari under the Rashtriya Gokul Mission with an investment of ₹33.80 crore, to enhance cattle breeding and dairy productivity.

    Shri Chouhan mentioned that the Prime Minister Shri Modi will inaugurate the 10,000th Farmer Producer Organization (FPO) in Bihar, marking the achievement of the 10,000-FPO target set under the scheme launched in 2020. This milestone will signify the successful culmination of the initiative aimed at strengthening farmers’ bargaining power and improving market access. The scheme was launched by Prime Minister Shri Narendra Modi  on 29th February 2020 with budget outlay of ₹6,865 Crore till 2027-28. Since the launch of the scheme, ₹254.4 Crore in equity grants has been released to 4,761 FPOs and credit guarantee cover worth ₹453 Cr. has been issued to 1,900 FPOs.

    Shri Shivraj Singh Chouhan mentioned that alongside the above initiatives, the Prime Minister Shri Narendra Modi will also inaugurate significant infrastructure projects aimed at enhancing connectivity and facilitating smoother transportation in the region. One of the projects to be inaugurated is the doubling of the Warisaliganj–Nawadah–Tilaiya rail section build with an investment of ₹526 crore, and covering a stretch of 36.45 km. This expansion will improve rail capacity, reduce congestion, and ensure the seamless movement of passengers and goods. It will enhance the connectivity of key areas, benefiting local commuters, traders, and businesses by providing faster and more efficient rail services.

    Additionally, the Ismailpur–Rafiganj Road Over Bridge build with an investment of ₹47 crore will be inaugurated, addressing traffic congestion and improving road safety in the area. Shri Chouhan told the press that makhana is a major crop in Bihar. To energize makhana producers, a decision has been made to establish a Makhana Board. He said that he will arrive in Bihar on the 23rd and will discuss directly with the makhana producers on how to provide more facilities to makhana-producing farmers. He mentioned that the discussion will not take place in a hall but by the ponds. Shri Chouhan concluded the press conference, emphasizing that the government’s primary focus is the welfare of farmers of the country.

    A farmer-centric digital infrastructure has ensured the benefits of the scheme reach all the eligible farmers across the country without any involvement of the middlemen. The scheme started on a trust-based system based on the farmer’s self-certification of eligibility and its verification by the State Government. Further, the subsequent and gradual use of available digital systems in the country for electronically verifying and validating beneficiaries has ensured last-mile delivery and greater efficiency and transparency in the scheme’s implementation. These include integration with the PFMS portal, UIDAI portal, Income Tax portal, etc. In order the improve the quality of the data in the PM KISAN following mandatory checks has been implemented in the PM KISAN scheme.

    *****

    MG/RN

    (Release ID: 2105462) Visitor Counter : 28

    MIL OSI Asia Pacific News –

  • MIL-OSI Australia: New Recreational Fishing Trust Advisory Council to oversee expenditure on recreational fishing funds

    Source: New South Wales Premiere

    Published: 24 February 2025

    Released by: Minister for Agriculture, Minister for Regional NSW

    The Minns Labor Government has delivered on its election commitment to improve oversight of how NSW fishing licence fees are spent, with new regulation now in place to establish a Recreational Fishing Trusts Advisory Council to oversee the spending of the funds.

    The new Recreational Fishing Trusts Advisory Council will be responsible for providing advice to the NSW Minister for Agriculture on all expenditure from the Recreational Fishing Freshwater and Saltwater Trusts.

    Revenue raised from recreational fishing license fees, around $16 million annually, is placed into the Recreational Fishing Trusts and spent on improving recreational fishing experiences, opportunities and habitats in NSW.

    Since 2001, the Recreational Fishing Trusts have supported funding for more than 3,300 large and small projects, with almost 3,000 projects completed.

    By providing advice directly to the Minister, the Recreational Fishing Trusts Advisory Council will increase the confidence of recreational fishers in the way trust funds are spent, by improving the decision-making transparency.

    In addition to members with expertise in recreational fishing, the new Recreational Fishing Trusts Advisory Council will look to have members with expertise in other important areas, including fisheries science and infrastructure construction, to assist with the review of the many diverse types of funding applications that are received each year.  

    The existing advisory council on recreational fishing will continue to provide a key role with its focus on advising the Minister on recreational fishing issues, while the new council will focus on how expenditure is allocated to projects and ensuring they benefit recreational fishers.

    Appointment to the Recreational Fishing Trusts Advisory Council will be made following an open and transparent recruitment process that can now get underway following the change to the regulation.

    Minister for Agriculture and Regional NSW, Tara Moriarty said:

    “In 2023-24, over 400,000 NSW recreational fishing licences were issued, and the NSW Government is committed to ensuring that recreational fishers fishing fees are used transparently and deliver the greatest benefit to saltwater and freshwater fishers.

    “Projects funded through the Recreational Fishing Trusts—ranging from improvements to fishing access and facilities, to the annual stocking of millions of fish into waterways—play a crucial role in enhancing fishing opportunities for both current and future fishers in NSW.

    “The new Recreational Fishing Trusts Advisory Council will bring specific expertise to decision making processes and ensure that recreational fishers can have confidence in the way funds from the Recreational Fishing Trusts are used and invested.

    “I look forward to welcoming applications and appointing members to the Recreational Fishing Trusts Advisory Council following an open and transparent recruitment process this year.”

    MIL OSI News –

  • MIL-OSI: Proposed Combination of Saipem and Subsea7

    Source: GlobeNewswire (MIL-OSI)

    Milan, Luxembourg, 23 February 2025 – Saipem and Subsea7 announce that today they have reached an agreement in principle on the key terms of a possible merger of the two companies1 (the “Proposed Combination”) through the execution of a memorandum of understanding (the “MoU”). The Proposed Combination is expected to create a global leader in energy services.

    Highlights

    • The combination of Saipem and Subsea7 (the “Combined Company”) will be renamed Saipem7, and will have a combined backlog of €43 billion2, Revenue of approx. €20 billion3 and EBITDA in excess of €2 billion4
    • A global organisation of over 45,000 people, including more than 9,000 engineers and project managers
    • Highly complementary geographical footprints, competencies and capabilities, vessel fleets and technologies that will benefit the Combined Company’s global client base
    • Saipem and Subsea7 shareholders will own 50% each of the share capital of the Combined Company
    • Subsea7 shareholders will receive 6.688 Saipem shares for each Subsea7 share held. Subsea7 will distribute an extraordinary dividend for an amount equal to €450 million immediately prior to completion
    • Transaction expected to deliver material value creation for the shareholders of both Saipem and Subsea7. Annual synergies of approximately €300 million are expected to be achieved in the third year after completion, with one-off costs to achieve such synergies of approximately €270 million
    • The Combined Company will be listed on both the Milan and Oslo stock exchange
    • Siem Industries, reference shareholder of Subsea7, as well as Eni and CDP Equity, reference shareholders of Saipem, have expressed their strong support and intend to vote in favour of the transaction
    • Completion anticipated to occur in the second half of 2026

    The management of both Saipem and Subsea7 share the conviction that there is compelling logic in creating a global leader in energy services, particularly considering the growing size of clients’ projects. Saipem and Subsea7 are highly complementary in terms of market offerings and geographies. The combination would enhance value for shareholders, and all stakeholders, both in the current market and in the long term.

    CDP Equity, Eni and Siem Industries have entered into a separate Memorandum of Understanding, undertaking to support the Proposed Combination and agreeing on the terms of a Shareholders Agreement, to be effective from completion of the Proposed Combination. As part of this, it is intended that the Combined Company’s Chairman will be designated by Siem Industries and that the Combined Company’s CEO will be designated by CDP Equity and Eni. In addition, it is currently envisaged that Mr Alessandro Puliti will be appointed as CEO of the Combined Company5 while it is currently envisaged that Mr John Evans will be the CEO of the entity that will manage the Offshore business of the Combined Company. Such Offshore business will comprise all of Subsea7 and Saipem’s Offshore Engineering & Construction activities.

    The by-laws of the Combined Company are expected to provide for loyalty shares (double votes).

    Strategic Rationale of the Proposed Combination

    The Proposed Combination would be beneficial to the clients of both Saipem and Subsea7, bringing together the respective strengths of both companies:

    • Comprehensive Solutions for Clients: a full spectrum of offshore and onshore services, from drilling, engineering and construction to life-of-field services and decommissioning, with an increased ability to optimise project schedules for clients in oil, gas, carbon capture and renewable energy
    • World-class Expertise and Experience: a talented, global workforce of over 45,000 people, including more than 9,000 engineers and project managers, in more than 60 countries, contributing to deliver solutions unlocking value for clients
    • Global Reach and Diversified Fleet: an expanded and diversified fleet of more than 60 construction vessels enhancing the Combined Company’s ability to undertake a wide range of projects, from shallow water to ultra-deepwater operations, utilising a full portfolio of heavy lift, high-end J-lay, S-lay and reel-lay rigid pipeline solutions, flexible pipe and umbilical lay services and market-leading wind turbine, foundation and cable lay installation capabilities
    • Innovation and Technology: combined expertise to foster innovation in offshore technologies, ensuring cutting-edge solutions for complex projects

    The transaction would create significant shareholder value through:

    • Synergies: expected annual synergies of approximately €300 million in the third year after completion, driven by fleet optimisation, procurement, sales and marketing, and process efficiencies
    • A More Efficient Capital Investment Programme: optimised allocation of capital across a broader, complementary vessel fleet
    • An Attractive Shareholder Remuneration Policy: post-completion, Saipem7 is expected to pay a dividend of at least 40% of Free Cash Flow6 after repayment of lease liabilities
    • Enhanced Capital Structure: a solid balance sheet that is expected to support an investment grade credit rating
    • Greater Scale in Both Equity and Debt Capital Markets: access to a wider investor base and to more diversified sources of capital

    Transaction Structure and Ownership

    • The Combined Company would be created by way of an EU cross-border statutory merger carried out by way of incorporation of Subsea 7 into Saipem, with the latter to be renamed “Saipem7”. The Combined Company would be headquartered in Milan and have its shares listed on both the Milan and the Oslo stock exchanges
    • Siem Industries (being the largest shareholder of Subsea7) would then own approximately 11.9% of the Combined Company’s capital, while Eni and CDP Equity (being the largest shareholders of Saipem) would own approximately 10.6% and approximately 6.4%, respectively

    Transaction Terms

    • Subsea7 shareholders would receive 6.688 new Saipem7 shares for each Subsea7 share held
    • Assuming all Subsea7 shareholders participate in the merger, the share capital of the Combined Company will be held 50-50% by the current shareholders of Saipem and Subsea7
    • Immediately prior to completion of the Proposed Combination, Subsea7 shareholders would receive an extraordinary cash dividend of €450 million7

    Organisational Structure of the Combined Company

    • The Combined Company will be structured in four businesses: Offshore Engineering & Construction, Onshore Engineering & Construction, Sustainable Infrastructures and Offshore Drilling
    • The Offshore Engineering & Construction business will be incorporated in an operationally autonomous company, named Subsea7 and branded as “Subsea7 – a Saipem7 Company”, and it is currently envisaged that it will be led by Mr John Evans. It will comprise all of Subsea7’s business and the Asset Based Services business of Saipem, representing approximately 83% of the combined group’s EBITDA of the last 12 months as of 30 September 2024. The company will be headquartered in London
    • In line with Saipem’s previous strategy, the Onshore Engineering & Construction will be run with a focus on reducing overall risk and maximising profitability. The Sustainable Infrastructures business will aim to consolidate its presence in the Italian market with potential expansion overseas. The Offshore Drilling division will seek to continue to maximise its EBITDA and cash flow

    Shareholder Remuneration

    • The MoU allows Saipem and Subsea7 to make shareholder distributions of up to $350 million each in 2025, in the form of dividends8,9
    • In 2026, if the Proposed Combination is not completed before the approval of the full year 2025 results of Saipem and Subsea7, the two companies could each distribute by way of dividends10,11 at least $300 million
    • Following completion of the Proposed Combination, the Combined Company is expected to distribute to shareholders at least 40% of Free Cash Flow12 after repayment of lease liabilities

    Shareholders Agreement

    The Memorandum of Understanding amongst Siem Industries, CDP Equity and Eni provides for, inter alia, a three-year shareholder lock-up and standstill obligation and the submission of a common slate for the appointment of the majority of the members of the board of directors of the Combined Company.

    Timing, Conditions Precedent and Approvals

    The entering into and signing of binding definitive documents in respect of the Proposed Combination is conditional, inter alia, on the successful completion of confirmatory due diligence by the parties, the execution of a mutually satisfactory merger agreement (the “Merger Agreement”) and the approval of the final terms of the Proposed Combination by the Board of Directors of Saipem and Subsea7. The parties will also engage with the relevant works council consultations required by the applicable laws.

    Saipem and Subsea7 have undertaken mutual exclusivity obligations in connection with the negotiations of the Proposed Combination.

    Moreover, completion of the Proposed Combination will be subject to customary conditions precedent for a transaction of this nature, including, inter alia, approval by the shareholders’ meetings of both Saipem and Subsea7, the former to be also passed with the so-called whitewash majorities for the purposes of the mandatory takeover bid exemption13, and obtaining the required Italian government approval and customary regulatory clearances.

    Until such conditions precedent are satisfied, there can be no certainty that the Proposed Combination will occur.

    The MoU also provides for termination rights for each of Saipem and Subsea7 in connection with material findings in the context of the confirmatory due diligence, or upon payment of a break-up fee, should any of the companies wish to terminate the negotiations at its discretion before entering into the Merger Agreement.

    The parties currently envisage to submit the final terms of the Proposed Combination to their respective Board of Directors for approval and to enter into the Merger Agreement around mid-2025. Completion is currently anticipated to occur in the second half of 2026.

    Conference Call

    On Monday 24 February 2025, at 10:00 CET, the top management of Saipem and Subsea7 will present the transaction in a dedicated conference call, which can be followed by connecting to the below URL:

    https://edge.media-server.com/mmc/p/az2o9ou7/

    The document that will be presented by Saipem and Subsea7 top management will be available on the two respective websites (www.saipem.com and www.Subsea7.com). A replay of the call will be available on the two companies’ websites.

    Advisers

    Goldman Sachs International is acting as lead financial advisor to Saipem, and Deutsche Bank AG, Milan Branch as financial advisor to Saipem. Clifford Chance LLP is serving as global legal counsel to Saipem in particular as to matters of Italian, English, US and Luxembourg law, while Advokatfirmaet Thommessen AS is serving as legal counsel to Saipem as to matters of Norwegian law.

    Kirk Lovegrove & Company Limited is acting as lead financial advisor and Deloitte LLP is acting as financial advisor to Subsea7. Freshfields LLP is serving as global legal counsel to Subsea7 (including as to matters of Italian, US and English Law), while Elvinger Hoss Prussen S.A. and Advokatfirmaet Wiersholm AS are serving as legal counsels as to matters of Luxembourg and Norwegian law, respectively.

    Enquiries

    Saipem is a global leader in the engineering and construction of major projects for the energy and infrastructure sectors, both offshore and onshore. Saipem is “One Company” organized into business lines: Asset Based Services, Drilling, Energy Carriers, Offshore Wind, Sustainable Infrastructures, Robotics & Industrialised Solutions. The company has 6 fabrication yards and an offshore fleet of 21 construction vessels (of which 17 owned and 4 owned by third parties and managed by Saipem) and 15 drilling rigs, of which 9 owned. Always oriented towards technological innovation, the company’s purpose is “Engineering for a sustainable future”. As such Saipem is committed to supporting its clients on the energy transition pathway towards Net Zero, with increasingly digital means, technologies and processes geared for environmental sustainability. Listed on the Milan Stock Exchange, it is present in more than 50 countries around the world and employs about 30,000 people of over 120 nationalities.

    Subsea7 is a global leader in the delivery of offshore projects and services for the energy industry. Subsea7 makes offshore energy transition possible through the continuous evolution of lower-carbon oil and gas and by enabling the growth of renewables and emerging energies.

    +++

    No Offer or Solicitation

    This communication and the information contained in it are provided for information purposes only and are not intended to be and shall not constitute a solicitation of any vote or approval, or an offer to sell or solicitation of an offer to buy, or an invitation or recommendation to subscribe for, acquire or buy securities of Saipem, Subsea 7 or the combined company following the proposed merger of Saipem and Subsea 7 (the “Proposed Business Combination Transaction“) or any other financial products or securities, in any place or jurisdiction, nor shall there be any offer, solicitation or sale of 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. No offer of securities shall be made in the United States absent registration under the U.S. Securities Act of 1933 (the “U.S. Securities Act”) or pursuant to an exemption from, or in a transaction not subject to, such registration requirements.

    Forward-looking Statements

    This communication contains forward-looking information and statements about Saipem and Subsea7 and their combined business after completion of the Proposed Business Combination Transaction. Forward-looking statements are statements that are not historical facts. These statements include financial projections and estimates and their underlying assumptions, statements regarding plans, objectives and expectations with respect to future operations, products and services, and statements regarding future performance. Forward-looking statements are generally identified by the words “expects,” “anticipates,” “believes,” “intends,” “estimates” and similar expressions. Although the managements of Saipem and Subsea7 believe that the respective expectations reflected in such forward-looking statements are reasonable, investors and holders of Saipem and Subsea7 shares are cautioned that forward-looking information and statements are subject to various risks and uncertainties, many of which are difficult to predict and generally beyond the control of Saipem and Subsea7, respectively, that could cause actual results and developments to differ materially from those expressed in, or implied or projected by, the forward-looking information and statements. Except as required by applicable law, neither Saipem nor Subsea7 undertake any obligation to update any forward-looking information or statements.

    Important Additional Information about the Proposed Business Combination Transaction

    This communication is not a substitute for a registration statement or for any other document that Saipem or Subsea7 may file with the U.S. Securities and Exchange Commission (“SEC”) in connection with the Proposed Business Combination Transaction. In connection with the Proposed Business Combination Transaction, Saipem and Subsea7 are filing relevant materials with the SEC, which, to the extent Saipem’s shares will be required to be registered under the U.S. Securities Act, may include a registration statement on Form F-4 that contains a prospectus. If an exemption from the registration requirements of the U.S. Securities Act is available, the shares issued in connection with the Proposed Business Combination Transaction will be made available within the United States pursuant to such exemption and not pursuant to an effective registration statement on Form F-4.

    SAIPEM AND SUBSEA7 URGE INVESTORS AND SHAREHOLDERS TO READ ANY SUCH REGISTRATION STATEMENT, PROSPECTUS AND ANY OTHER RELEVANT DOCUMENTS THAT MAY BE FILED WITH THE SEC, AS WELL AS ANY AMENDMENTS OR SUPPLEMENTS TO THESE DOCUMENTS, CAREFULLY AND IN THEIR ENTIRETY IF AND WHEN THEY BECOME AVAILABLE BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION ABOUT SAIPEM AND SUBSEA7, THE PROPOSED BUSINESS COMBINATION TRANSACTION AND RELATED MATTERS.

    Investors and shareholders can obtain free copies of the prospectus and other documents filed by Saipem and Subsea7 with the SEC (when they become available) through the website maintained by the SEC at www.sec.gov. Shareholders of Subsea7 are urged to read the prospectus, if and when available, and the other relevant materials when they become available, as well as any supplements and amendments thereto, before making any voting or investment decision with respect to the Proposed Business Combination Transaction and will receive information at an appropriate time on how to obtain these transaction-related documents for free from the parties involved or a duly appointed agent.

    Use of Non-IFRS Financial Measures

    This announcement includes certain non-IFRS financial measures with respect to Saipem and Subsea7, including EBITDA and Net debt. These unaudited non-IFRS financial measures should be considered in addition to, and not as a substitute for, measures of Saipem’s and Subsea7’s financial performance prepared in accordance with IFRS. In addition, these measures may be defined differently than similar terms used by other companies.

    Presentation of Financial Information

    This communication includes financial data regarding Saipem and Subsea7 and the combination of Saipem and Subsea7. The presentation of information in any registration statement that Saipem may file with the SEC may be different than the financial data included herein as the financial data included in any registration statement will be required to comply with the rules and regulations of the SEC. Further, any financial data contained herein representing the combination of Saipem and Subsea7 has not been prepared in accordance with the rules and regulations of the SEC, including the pro forma requirements of Regulation S-X. Accordingly, pro forma financial data contained in any registration statement filed with respect to the Proposed Business Combination Transaction may differ from the pro forma financial data contained herein, and such differences may be material. Any combined company financial data presented herein is presented for informational purposes only and is not intended to represent or be indicative of the actual consolidated results of operations or financial position that would have been reported had the Proposed Business Combination Transaction been completed as of October 1st, 2024, and should not be taken as representative of the companies’ future consolidated results of operations or financial position had the Proposed Business Combination Transaction occurred as of such date. These estimates are based on financial information available at the time of the preparation of this communication.

    1 Merger by way of incorporation of Subsea7 into Saipem
    2 Combined backlog for Saipem and Subsea7 as of 30 September 2024
    3 Combined Revenue for Saipem and Subsea7 as per last 12 months as of 30 September 2024
    4 Combined EBITDA for Saipem and Subsea7 as per last 12 months as of 30 September 2024
    5 Subject to approval by the Shareholders’ Meeting and the Board of Directors of the Combined Company
    6 Free Cash Flow is defined as Cash Flow from Operations less Capital Expenditure plus Divestments
    7 Subject to approval by the Shareholders’ Meeting
    8 Subject to approval by the Shareholders’ Meeting and the Board of Directors
    9 The dividend paid by Saipem will be qualified as ordinary in nature
    10 Subject to approval by the Shareholders’ Meeting and the Board of Directors
    11 The dividend paid by Saipem will be qualified as ordinary in nature
    12 Free Cash Flow is defined as Cash Flow from Operations less Capital Expenditure plus Divestments
    13 Pursuant to Art. 49, paragraph 1, letter g) of Consob Regulation 11971/99

    Attachment

    The MIL Network –

  • MIL-Evening Report: Falling vaccination rates put children at risk of preventable diseases. Governments need a new strategy to boost uptake

    Source: The Conversation (Au and NZ) – By Peter Breadon, Program Director, Health and Aged Care, Grattan Institute

    Yuri A/Shutterstock

    Child vaccination is one of the most cost-effective health interventions. It accounts for 40% of the global reduction in infant deaths since 1974 and has led to big health gains in Australia over the past two decades.

    Australia has been a vaccination success story. Ten years after we begun mass vaccination against polio in 1956, it was virtually eliminated. Our child vaccination rates have been among the best in the world.

    But after peaking in 2020, child vaccination in Australia is falling. Governments need to implement a comprehensive strategy to boost vaccine uptake, or risk exposing more children to potentially preventable infectious diseases.

    Child vaccination has been a triumph

    Thirty years ago, Australia’s childhood vaccination rates were dismal. Then, in 1997, governments introduced the National Immunisation Program to vaccinate children against diseases such as diphtheria, tetanus, and measles.

    Measures to increase coverage included financial incentives for parents and doctors, a public awareness campaign, and collecting and sharing local data to encourage the least-vaccinated regions to catch up with the rest of the country.

    What followed was a public health triumph. In 1995, only 52% of one-year-olds were fully immunised. By 2020, Australia had reached 95% coverage for one-year-olds and five-year-olds. At this level, it’s difficult even for highly infectious diseases, such as measles, to spread in the community, protecting both the vaccinated and unvaccinated.

    By 2020, 95% of children were vaccinated.
    Drazen Zigic/Shutterstock

    Gaps between regions and communities closed too. In 1999, the Northern Territory’s vaccination rate for one-year-olds was the lowest in the country, lagging the national average by six percentage points. By 2020, that gap had virtually disappeared.

    The difference between vaccination rates for First Nations children and other children also narrowed considerably.

    It made children healthier. The years of healthy life lost due to vaccine-preventable diseases for children aged four and younger fell by nearly 40% in the decade to 2015.

    Some diseases have even been eliminated in Australia.

    Our success is slipping away

    But that success is at risk. Since 2020, the share of children who are fully vaccinated has fallen every year. For every child vaccine on the National Immunisation Schedule, protection was lower in 2024 than in 2020.

    Gaps between parts of Australia are opening back up. Vaccination rates in the highest-coverage parts of Australia are largely stable, but they are falling quickly in areas with lower vaccination.

    In 2018, there were only ten communities where more than 10% of one-year-old children were not fully vaccinated. Last year, that number ballooned to 50 communities. That leaves more areas vulnerable to disease and outbreaks.

    While Noosa, the Gold Coast Hinterland and Richmond Valley (near Byron Bay) have persistently had some of the country’s lowest vaccination rates, areas such as Manjimup in Western Australia and Tasmania’s South East Coast have recorded big declines since 2018.

    Missing out on vaccination isn’t just a problem for children.

    One preprint study (which is yet to be peer-reviewed) suggests vaccination during pregnancy may also be declining.

    Far too many older Australians are missing out on recommended vaccinations for flu, COVID, pneumococcal and shingles. Vaccination rates in aged care homes for flu and COVID are worryingly low.

    What’s going wrong?

    Australia isn’t alone. Since the pandemic, child vaccination rates have fallen in many high-income countries, including New Zealand, the United Kingdom and the United States.

    Globally, in 2023, measles cases rose by 20%, and just this year, a measles outbreak in rural Texas has put at least 13 children in hospital.

    Alarmingly, some regions in Australia have lower measles vaccination than that Texas county.

    The timing of trends here and overseas suggests things shifted, or at least accelerated, during the pandemic. Vaccine hesitancy, fuelled by misinformation about COVID vaccines, is a growing threat.

    This year, vaccine sceptic Robert F. Kennedy Jr was appointed to run the US health system, and Louisiana’s top health official has reportedly cancelled the promotion of mass vaccination.

    In Australia, a recent survey found 6% of parents didn’t think vaccines were safe, and 5% believed they don’t work.

    Those concerns are far more common among parents with children who are partially vaccinated or unvaccinated. Among the 2% of parents whose children are unvaccinated, almost half believe vaccines are not safe for their child, and four in ten believe vaccines didn’t work.

    Other consequences of the pandemic were a spike in the cost of living, and a health system struggling to meet demand. More than one in ten parents said cost and difficulty getting an appointment were barriers to vaccinating their children.

    There’s no single cause of sliding vaccination rates, so there’s no one solution. The best way to reverse these worrying trends is to work on all the key barriers at once – from a lack of awareness, to inconvenience, to lack of trust.

    What governments should do

    Governments should step up public health campaigns that counter misinformation, boost awareness of immunisation and its benefits, and communicate effectively to low-vaccination groups. The new Australian Centre for Disease Control should lead the charge.

    Primary health networks, the regional bodies responsible for improving primary care, should share data on vaccination rates with GPs and pharmacies. These networks should also help make services more accessible to communities who are missing out, such as migrant groups and disadvantaged families.

    State and local governments should do the same, sharing data and providing support to make maternal child health services and school-based vaccination programs accessible for all families.

    Governments can communicate better about the benefits of vaccination.
    Yuri A/Shutterstock

    Governments should also be more ambitious about tackling the growing vaccine divides between different parts of the country. The relevant performance measure in the national vaccination agreement is weak. States must only increase five-year-old vaccination rates in four of the ten areas where it is lowest. That only covers a small fraction of low-vaccination areas, and only the final stage of child vaccination.

    Australia needs to set tougher goals, and back them with funding.

    Governments should fund tailored interventions in areas with the lowest rates of vaccination. Proven initiatives include training trusted community members as “community champions” to promote vaccinations, and pop-up clinics or home visits for free vaccinations.

    At this time of year, childcare centres and schools are back in full swing. But every year, each new intake has less protection than the previous cohort. Governments are developing a new national vaccination strategy and must seize the opportunity to turn that trend around. If it commits to a bold national plan, Australia can get back to setting records for child vaccination.

    Grattan Institute has been supported in its work by government, corporates, and philanthropic gifts. A full list of supporting organisations is published at www.grattan.edu.au.

    Wendy Hu 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. Grattan Institute has been supported in its work by government, corporates, and philanthropic gifts. A full list of supporting organisations is published at www.grattan.edu.au.

    – ref. Falling vaccination rates put children at risk of preventable diseases. Governments need a new strategy to boost uptake – https://theconversation.com/falling-vaccination-rates-put-children-at-risk-of-preventable-diseases-governments-need-a-new-strategy-to-boost-uptake-249591

    MIL OSI Analysis – EveningReport.nz –

  • MIL-OSI USA: Governors Approve Federal Priorities at Winter Meeting

    Source: US State of Colorado

    WASHINGTON, DC – At the 2025 Winter Meeting of the National Governors Association (NGA), Governors approved federal priorities to advocate to the 119th Congress and the administration. The priorities were developed by three bipartisan, Governor-led task forces who meet regularly to discuss issues and policies that impact states, territories and commonwealths. The federal priorities are backed by a resolution that was unanimously voted on at today’s business session to serve as a roadmap for NGA’s advocacy efforts at the federal level. 

    “As Governors, we are always looking for new ideas that can help us deliver better results,” said NGA Chair Colorado Governor Jared Polis. “State input is key to avoid abrupt changes that create uncertainty and adversely impact the countless services we run to support infrastructure, education, health care, economic growth and disaster response in our states. Governors are ready and willing to work together, and with the administration and Congress, to evaluate and improve the efficiency of these services. We are open to bipartisan conversations with anyone from state and local governments, fellow governors, Congress, and the federal government.” 

    “Governors of both parties share common purpose when it comes to making our economy, infrastructure, and education and health systems the best they can be,” said NGA Vice Chair Oklahoma Governor Kevin Stitt. “I appreciate the opportunity to talk with fellow Governors to discuss how states and territories can work with the White House and Congress to reduce debt and grow the economy. Governors balance our budgets, and we are the ones building roads and implementing education reforms. The perspective of Governors is critical to ensure states and territories work effectively with the federal government to achieve the best possible outcomes for Americans.” 

    The full resolution text adopted by Governors for 2025: 

    Governors believe federal action should be limited to the powers expressly conveyed by the Constitution, preserving state sovereignty in legislative and regulatory matters the Executive Committee has added the following bipartisan priorities: 

    • Enhancing emergency management; 
    • Streamlining permitting processes; 
    • Supporting flexibility and waiver opportunities and funding for state and territorial designed Medicaid, SNAP, and TANF; 
    • Ensuring the federal government meets its already committed obligations for federally funded projects across states, territories and Commonwealths. 

    The task forces have developed the following list of federal priorities to advance the mission of the Association: 

    Task Force on Economic Development and Revitalization 

    • Accelerating infrastructure project delivery and streamlining permitting, while establishing Governors priorities for the next surface transportation reauthorization; 
    • Advancing technology innovation and securing energy resilience to strengthen the country’s economy and national security; 
    • Working with Congress on the most impactful programs for states and territories contained in the Infrastructure Investment and Jobs Act (IIJA), and the CHIPS and Science Act; 
    • Investing in state and territorial efforts to protect water resources and clean water. Ensuring Governors have a voice as Congress considers tax reform and international trade agreements. 

    Task Force on Public Health and Disaster Response 

    • Ensure Governors are consulted, and their gubernatorial authorities are maintained, in the areas of defense, homeland security, emergency management, health, and human services, including those outlined in U.S.C. Title 10 and 32 pertaining to National Guard readiness and structure; 
    • Advocate for flexibility and support for a robust health and human service system including safety net programs, such as Medicaid and SNAP, and oppose shifting essential federal funding obligations to states and territories without adequate planning; 
    • Ensure the National Guard is equipped with sufficient resources and capabilities to fully recruit and man a force ready to support domestic emergencies and fulfill its role as the operational reserve for national security missions; 
    • Enhance emergency response and disaster recovery by ensuring federal programs, such as Disaster Relief Fund, National Flood Insurance, and Community Development Block Grant Disaster Recovery, are sufficient, adaptable, and streamlined to meet the diverse needs of states and territories, and easier to navigate for individuals, businesses, and all levels of governments; 
    • Strengthen preparedness efforts by fostering both inter-state and federal-state collaborations to maintain resilient supply chains and stockpiles for critical infrastructure before, during, and after emergencies; Support federal initiatives that provide tools and flexibility to states and territories to ensure safe communities for all Americans in areas such as malicious unmanned aircraft systems, cyberattacks, border security, trafficking, substance use disorder, justice-involved re-integration, crisis response systems, and comprehensive safety measures. 

    Task Force on Education, Workforce and Community Investment 

    • Supporting reauthorization of the Farm Bill; 
    • Supporting efforts to expand innovative educational experiences, apprenticeship opportunities and non-degree pathways including but not limited to the reauthorization of WIOA; 
    • Working with the House and Senate bipartisan Paid Leave Working Groups as they consider a legislative framework around paid family leave; 
    • Supporting continued investment in federal education programs that address workforce needs and efforts to improve state longitudinal data systems; 
    • Increasing supply of housing by strengthening the Low-Income Housing Tax Credit (LIHTC) and giving states and territories the tools necessary to streamline burdensome zoning, permitting, and land use policies. 

    ###

    MIL OSI USA News –

  • MIL-OSI: Prospera Energy Inc. Announces 2024 Year-End-Reserves

    Source: GlobeNewswire (MIL-OSI)

    CALGARY, Alberta, Feb. 22, 2025 (GLOBE NEWSWIRE) — Prospera Energy Inc. (TSX.V: PEI, OTC: GXRFF) (“Prospera“, “PEI” or the “Corporation“) 

    Prospera Energy Inc. (TSXV: PEI, OTC: GXRFF) (“Prospera,” “PEI,” or the “Corporation”) is pleased to announce its 2024 year-end reserves, highlighting significant growth in Proven Developed Producing (“PDP”) and Total Proved plus Probable (“2P”) reserves. The reserves and future net revenue of the Corporation were prepared by InSite Petroleum Consultants Ltd. (“InSite”), an independent qualified reserves evaluator, in accordance with the Canadian Oil and Gas Evaluation Handbook (“COGEH”) standards. InSite prepared a report dated February 21, 2025 (the “InSite Report”), in which it has evaluated, as of December 31, 2024, the oil and gas reserves attributable to the principal properties of the Corporation. The evaluation assumes that each property included in the estimate will be developed, without considering the Corporation’s ability to secure the necessary funding for that development. The oil and gas annual disclosure can be found on SEDAR+ (www.sedarplus.ca).

    Corporate Overview:

    The Corporation’s core strategy is focused on proven developed non-producing (“PDNP”) and proven undeveloped (“PUD”) to PDP conversions through a series of low-risk, low-decline workovers, recompletions and reactivations in our core Cuthbert, Luseland, and Hearts Hill properties. To increase gross production above 1,000 barrels per day, the Corporation will bring online incremental wells with capital intensity of less than $8,000 per flowing barrel to ensure efficient usage of capital. Progress related to these programs will be provided in the Corporation’s future monthly operational updates.

    Notably, the Corporation has successfully converted wells with no reserves assigned (“NRA”) into PDNP and PUD reserves, further increasing proven reserves and positioning for additional capital deployment in 2025. Furthermore, the acceleration of well reactivations has deferred asset retirement obligations (“ARO”) by extending the economic life and productivity of these assets. By reactivating wells instead of abandoning them, the Corporation is transforming liabilities into revenue-generating assets, in turn, increasing cash flow rather than incurring abandonment costs. By prioritizing conversion of PDNP and PUD wells into PDP assets, the Corporation will further bolster its production, cash flow, and ability to attract additional growth capital to support its long-term reserves development vision.

    Key Highlights:

    • NPV before tax for PDP reserves increased 3% from $27.1MM to $28.0MM at a 10% discount rate
    • NPV before tax for PDNP reserves doubled from $8.5MM to $18.9MM at a 10% discount rate
    • NPV before tax for 1P reserves increased 24% from $89.9MM to $111.4MM at a 10% discount rate.
    • NPV before tax for 2P reserves increased 20% from $133.3MM to $159.3MM at a 10% discount rate
    • Gross 2P reserves increased by 26% from 5,403 to 6,793 Mboe (98% liquids)
    • Total Proved (“1P”) reserve life index (“RLI”) increased by 8% from 24.8 to 26.7 years
    • 2P RLI increased by 5% from 30.1 to 31.7 years
    • 2P Finding and Development (“F&D”) costs of $10.59/boe
    • Net asset value per share: 1P at $0.17 and 2P at $0.28 at a 10% discount rate

    Net present value (“NPV”) is estimated using forecast prices and costs

    Net Present Value Growth and Market Capitalization Trends (2020-2024)

    NI 51-101 Table 2.1.1
    The following table discloses, in the aggregate, the Corporation’s gross and net proved and probable reserves, estimated using forecast prices and costs, by product type. “Forecast prices and costs” means future prices and costs in the InSite Report that are generally accepted as being a reasonable outlook of the future or fixed or currently determinable future prices or costs to which the Corporation is bound.

    Prospera Energy Inc.
    Summary of Oil and Gas Reserves as of December 31, 2024
    Forecast Prices and Costs
    Reserves Category Light and Medium Oil
    (Mbbl)    		 Heavy Oil
    (Mbbl)    		 Solution Gas
    (MMcf)    		 Sales Gas
    (MMcf)
    Gross Net Gross Net Gross Net Gross Net
    Proved Developed Producing 232 196 1,136 1,070 24 -34 – –
    Proved Developed Non-Producing 112 92 587 573 9 2 269 226
    Proved Undeveloped 96 77 2,576 2,460 11 11 – –
    Total Proved 440 365 4,299 4,103 44 -22 269 226
    Total Probable 153 126 1,769 1,595 13 -8 464 421
    Total Proved + Probable 593 491 6,068 5,698 57 -29 733 647

    Gross reserves are the working interest share only. Net reserves are the working interest gross reserves plus all royalty interest reserves receivable less all royalty burdens payable. Conventional natural gas (solution) includes all gas produced in association with light, medium and heavy crude oil.

    After Tax Results
    As mandated by NI 51-101, after tax results are shown in the various tables of the InSite Report. After-tax calculations at the company level incorporated tax legislation and tax pool details for the Corporation, complying with the guidelines and philosophy of NI 51-101 in all material aspects. All future capital cost estimates herein have been categorized by tax pool definitions and used to supplement the year-end tax pool information provided by the Corporation. The year-end tax pool, as provided by the Corporation, is summarized below:

    • Canadian Oil and Gas Property Expense (COGPE) $19,242,826
    • Canadian Development Expense (CDE) $17,217,048
    • Non-Capital Losses (100%) $28,436,034

    Remaining Reserves
    Remaining reserves of oil and gas have been determined as of December 31, 2024. A summary of property gross and total company reserves follows:

    Prospera Energy Inc.
    Summary of Reserves as of December 31, 2024
      Proved Developed Producing   Total Proved Plus Probable  
    Oil – Mbbl        
    Property Gross 1,425   7,113  
    Company WI 1,369   6,661  
    Company Net 1,267   6,189  
             
    Gas – MMcf        
    Property Gross 24    790  
    Company WI 24    790  
    Company Net -34    618  
             
    BOEs – MBOE        
    Property Gross 1,429   7,245  
    Company WI 1,373   6,793  
    Company Net 1,261   6,292  


    Product Prices
    The InSite base product price forecast, effective January 1, 2025, was used for this evaluation. A copy of which is included in the InSite Report. To estimate actual received prices, adjustments were made to crude oil and by-products prices for quality and transportation tariffs. Similarly, adjustments were made to gas prices for heating value and transportation. It is assumed that the adjustment factors and increments will remain constant throughout the forecasts. Revenue data provided by the Corporation was used to quantify price adjustments. If such data was unavailable, typical values for the area were used to estimate price adjustments. Risks of political and economic uncertainties could affect future results and could cause results to differ materially from those expressed in this evaluation.

    Qualification
    To prepare their evaluation, a technical presentation of properties was made by the Corporation to InSite. Data required by them was sourced from the Corporation, industry references and regulatory bodies. Neither field inspection nor environmental review of these properties were conducted by InSite, nor deemed necessary. Generally accepted engineering methods were employed to estimate reserves and forecast production. The InSite Report follows the Practice Standards and Guidelines of the Association of Professional Engineers and Geoscientists of Alberta (“APEGA”) and adheres in all material aspects to the business practices, evaluation procedures, and reserve definitions contained within NI 51-101 and the COGEH.

    NI 51-101 Table 2.1.2
    The following table discloses, in the aggregate, the NPV of the Corporation’s future net revenue attributable to the reserves categories previously tabulated, estimated using forecast prices and costs, before and after deducting future income tax expenses, and calculated without discount and using discount rates of 5%, 10%, 15% and 20%. Future net revenue includes all resource income and is after capital investments, operating expenses, and royalties.

    Prospera Energy Inc.
    Summary of Net Present Values of Future Net Revenue as of December 31, 20232024
    Forecast Prices and Costs
    Reserves Category Before Income Tax
    (MM$)    		 After Income Tax
    (MM$)    		 Before Tax
    Net value
    ($/BOE)
    Discounted at (%/year) Discounted at (%/year) (%/year)
    0 5 10 15 20 0 5 10 15 20 10
    Proved Developed Producing 3032.91 2931.3 28.10 25.0 22.26 2832.81 2831.03 2528.40 2225.90 2022.86 520.4
    Proved Developed Non-Producing 1025.90 921.67 818.59 716.55 614.75 723.74 620.96 618.11 15.49 414.80 1925.13
    Proved Undeveloped 89122.53 6887.60 5464.46 4449.25 3638.79 6691.30 5064.11 3947.11 3135.38 2528.60 2024.61
    Total Proved 131179.33 108140.10 89111.94 7690.19 6575.96 102146.85 85116.0 7093.62 5976.67 5164.26 1623.13
    Total Probable 7898.30 5666.85 4347.49 3436.51 2828.2 5772.72 4148.77 3135.70 2526.3 2020.45 1923.19
    Total Proved + Probable 209277.53 164206.95 144159.73 110127.70 93104.1 160218.7 126164.77 102128.31 84103.70 7185.60 1623.85

    Future operating costs are based on historical data. Wherever unavailable, they were estimated from analogous operations in the vicinity of the properties. The inflation of capital and operating costs is assumed to be 2.0% per annum after 2025. InSite has included cost estimates of well abandonment and reclamation for all existing wells, regardless of reserves assignment, and undeveloped locations assigned reserves. Estimates have been prepared based on historical costs and published guidance from provincial liability management or rating. It is understood that all abandonment and reclamation costs of wells and facilities have been accounted for by the Corporation.

    About Prospera

    Prospera Energy Inc. is a publicly traded Canadian energy company specializing in the exploration, development, and production of crude oil and natural gas. Headquartered in Calgary, Alberta, Prospera is dedicated to optimizing recovery from legacy fields using environmentally safe and efficient reservoir development methods and production practices. The company’s core properties are strategically located in Saskatchewan and Alberta, including Cuthbert, Luseland, Hearts Hill, and Brooks. Prospera Energy Inc. is listed on the TSX Venture Exchange under the symbol PEI and the U.S. OTC Market under GXRFF.

    For Further Information:

    Shawn Mehler, PR
    Email: investors@prosperaenergy.com

    Chris Ludtke, CFO
    Email: cludtke@prosperaenergy.com

    Shubham Garg, Chairman of the Board
    Email: sgarg@prosperaenergy.com

    FORWARD-LOOKING STATEMENTS
    This news release contains forward-looking statements relating to the future operations of the Corporation and other statements that are not historical facts. Forward-looking statements are often identified by terms such as “will,” “may,” “should,” “anticipate,” “expects” and similar expressions. All statements other than statements of historical fact included in this release, including, without limitation, statements regarding future plans and objectives of the Corporation, are forward-looking statements that involve risks and uncertainties. There can be no assurance that such statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements.

    Although Prospera believes that the expectations and assumptions on which the forward-looking statements are based are reasonable, undue reliance should not be placed on the forward-looking statements because Prospera can give no assurance that they will prove to be correct. Since forward-looking statements address future events and conditions, by their very nature they involve inherent risks and uncertainties. Actual results could differ materially from those currently anticipated due to a number of factors and risks. These include, but are not limited to, risks associated with the oil and gas industry in general (e.g., operational risks in development, exploration and production; delays or changes in plans with respect to exploration or development projects or capital expenditures; the uncertainty of reserve estimates; the uncertainty of estimates and projections relating to production, costs and expenses, and health, safety and environmental risks), commodity price and exchange rate fluctuations and uncertainties resulting from potential delays or changes in plans with respect to exploration or development projects or capital expenditures.

    The reader is cautioned that assumptions used in the preparation of any forward-looking information may prove to be incorrect. Events or circumstances may cause actual results to differ materially from those predicted, as a result of numerous known and unknown risks, uncertainties, and other factors, many of which are beyond the control of Prospera. As a result, Prospera cannot guarantee that any forward-looking statement will materialize, and the reader is cautioned not to place undue reliance on any forward- looking information. Such information, although considered reasonable by management at the time of preparation, may prove to be incorrect and actual results may differ materially from those anticipated. Forward-looking statements contained in this news release are expressly qualified by this cautionary statement. The forward-looking statements contained in this news release are made as of the date of this news release, and Prospera does not undertake any obligation to update publicly or to revise any of the included forward-looking statements, whether as a result of new information, future events or otherwise, except as expressly required by Canadian securities law.

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

    A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/a2427c7d-19dd-4737-9dbc-7ded2930b4a4

    The MIL Network –

  • MIL-OSI USA: SUIT FILED: In New Challenge, Retirees, Unions Seek to Block DOGE’s Unprecedented, Unlawful Social Security Data, Power Grab

    Source: American Federation of State, County and Municipal Employees Union

    AFSCME, Alliance for Retired Americans, AFT Challenge DOGE’s Access, Executed by Unconfirmed, Acting Official, to Confidential, Private Data of Hundreds of Millions of Americans  
     
    Suit filed on heels of SSA Acting Head’s Departure Amid Concerns about DOGE Access to Data

    Baltimore, MD —  In a new lawsuit filed on Friday night, retirees and unions sued to halt DOGE’s unprecedented, unlawful seizure of personal, confidential, private and sensitive data from the Social Security Administration, without any express authority. Such access has been granted by an unlawful acting official, installed at SSA with disregard for the rules governing such appointments.

    The Social Security Administration maintains the financial data, employment information, medical data, and personal addresses of millions of Americans. The lawsuit alleges that such seizure by DOGE is prohibited by and in violation of the many protections Congress and the Executive Branch have in place to protect against such data mining and misuse. These include the Internal Revenue Code, the Privacy Act, the Federal Information Systems Modernization Act, the E-Government Act, and the Administrative Procedure Act.

    “The Social Security Administration holds the financial future of millions of Americans within its doors,” said AFSCME President Lee Saunders. “Elon Musk is an unelected billionaire who has no right to access the benefits working people have paid into. We won’t allow him to undermine the promise that we can all retire with dignity one day; that if we ever get hurt on the job and are unable to work, we won’t go hungry. Social Security insurance belongs to taxpayers, not Musk — no matter how rich he is. We must stop him from gaining unfettered access to our future.”

    “Social Security is a sacred trust between the American people and the government.,” said Richard Fiesta, executive director of the Alliance for Retired Americans, a national grassroots advocacy organization. “Seniors must be able to trust that the Social Security Administration will protect and safeguard their most personal financial and health data. We urge the court to act and ensure the American people’s data is not misused. We cannot risk the catastrophic consequences should this very personal data fall into the wrong hands.”

    “Social Security is based on the promise that if you work hard and play by the rules you can retire with dignity and grace,” said AFT President Randi Weingarten. “Everyone who receives Social Security has contributed to it, and they expect the government to uphold its end of the bargain. Elon Musk is breaking that basic bond of trust by illegally raiding people’s private data for his own ends. The financial future of hundreds of millions of Americans has essentially been hijacked by an addled and unelected billionaire intent on laying waste to the accounts working people have spent their lives building up. We’re suing to stop him in his tracks.”

    “Americans across the country should be able to have confidence that the government safeguards their data.  Yet, over the course of the last month, we have seen a group of unappointed and unvetted individuals disregard the privacy of hundreds of millions of Americans,” said Democracy Forward President & CEO Skye Perryman. “We are honored to represent retirees and worker representatives to protect the privacy and security of such critical data.”

    Read the complaint here.

    MIL OSI USA News –

  • MIL-OSI Australia: Albanese Government provides tax relief to support investment and jobs

    Source: Minister for Trade

    The Albanese Labor Government will provide tax relief for Australia’s distillers, brewers and wine producers.

    Currently brewers and distillers get a full refund of any excise paid up to $350,000 each year. The Government will increase the excise remission cap to $400,000 for all eligible alcohol manufacturers. The Government will also increase the Wine Equalisation Tax (WET) producer rebate to $400,000.

    Adjusting the taxation arrangements will back an important local industry as well as supporting regional tourism, investment and job creation. Currently around 1,500 brewers and distillers and 3,000 wine producers access these tax incentives.

    The proposal will apply from 1 July 2026.

    In addition to the tax relief, the Australian Trade and Investment Commission (Austrade) will be providing Australian distillers, brewers and wine producers with additional support to help them grow their exports in high priority overseas markets.

    This support includes the opportunity to join in trade missions, expert advice and connections to help our small and medium size exporters tap into fast growing markets, including in Southeast Asia and beyond.

    The tax relief is estimated to decrease tax receipts by $70 million over five years from 2024-25.

    Quotes attributable to the Prime Minister Anthony Albanese:

    “To build Australia’s future, we need strong small and medium sized businesses generating jobs and economic opportunity for Australians.

    “This common sense measure will back thriving local industries and open the way for growth.”

    Quotes attributable to the Treasurer Jim Chalmers:

    “We’re pleased to have found room in a tight budget to provide some tax relief for a really important industry creating jobs and opportunities around Australia.

    “Brewers, distillers and winemakers play a large role in many local economies and this support will help them invest and grow.”

    Quotes attributable to the Minister for Trade and Tourism Don Farrell:

    “Supporting small distillery, brewing and wine businesses is not just about producing exceptional products – it’s about creating jobs, fostering local economies, and building a better Australia.

    “By boosting our export support for these businesses, we are helping fast-track their success in international markets which will create even more jobs at home.”

    MIL OSI News –

  • MIL-OSI New Zealand: Minister going to Australia for aged care meetings

    Source: New Zealand Government

    Associate Health Minister Hon Casey Costello is traveling to Australia for meetings with the aged care sector in Melbourne, Canberra, and Sydney next week.

    “Australia is our closest partner, so as we consider the changes necessary to make our system more effective and sustainable it makes sense to learn from its recent experience on aged care sector reform,” Ms Costello says.

    Minister Costello will meet with Ageing Australia, visit aged care facilities across the three cities, and meet with Federal and State government organisations, including the Aged Care Quality and Safety Commissioner and Independent Health and Aged Care Pricing Authority. She will also meet with New Zealand aged care providers operating in both trans-Tasman markets.

    “This visit also provides an opportunity for me to engage with my ministerial counterparts and their officials across my Customs, Seniors, and Associate Police and Associate Immigration portfolio responsibilities,” Ms Costello says.

    Minister Costello will meet with the Hon Anthony Carbines, Victoria Minister for Police; Hon Tony Burke, Federal Minister for Home Affairs; and Hon Jodie Harrison, New South Wales Minister for Seniors.

    The Minister will also meet with the Commissioners of the Australia Federal Police, Australian Border Force, and the Australia Taxation Office to discuss their experience targeting transnational and serious organised crime.

    MIL OSI New Zealand News –

  • MIL-OSI USA News: America First Investment Policy

    Source: The White House

    class=”has-text-align-left”>MEMORANDUM FOR THE SECRETARY OF THE TREASURY
             THE SECRETARY OF STATE
             THE SECRETARY OF DEFENSE
             THE ATTORNEY GENERAL
             THE SECRETARY OF COMMERCE
             THE SECRETARY OF LABOR
             THE SECRETARY OF ENERGY
             THE SECRETARY OF HOMELAND SECURITY
             THE ADMINISTRATOR OF THE ENVIRONMENTAL PROTECTION AGENCY
             THE DIRECTOR OF THE OFFICE OF MANAGEMENT AND BUDGET
             THE DIRECTOR OF NATIONAL INTELLIGENCE
             THE UNITED STATES TRADE REPRESENTATIVE
             THE CHAIRMAN OF THE COUNCIL OF ECONOMIC ADVISERS
             THE DIRECTOR OF THE OFFICE OF SCIENCE AND TECHNOLOGY POLICY
             THE ASSISTANT TO THE PRESIDENT FOR NATIONAL SECURITY AFFAIRS
             THE DIRECTOR OF THE FEDERAL BUREAU OF INVESTIGATION

    SUBJECT:       America First Investment Policy
     
     
    By the authority vested in me as President by the Constitution and the laws of the United States of America, I hereby direct the following:
     
             Section 1.  Principles and Objectives.  America’s investment policy is critical to our national and economic security.  Welcoming foreign investment and strengthening the United States’ world-leading private and public capital markets will be a key part of America’s Golden Age.  The United States has the world’s most attractive assets, in technology and across our economy, and we will make it easier for our overseas allies to support United States jobs, United States innovators, and United States economic growth with their capital.
     
             Investment by United States allies and partners can create hundreds of thousands of jobs and significant wealth for the United States.  Our Nation is committed to maintaining the strong, open investment environment that benefits our economy and our people, while enhancing our ability to protect the United States from new and evolving threats that can accompany foreign investment.
     
             Investment at all costs is not always in the national interest, however.  Certain foreign adversaries, including the People’s Republic of China (PRC), systematically direct and facilitate investment in United States companies and assets to obtain cutting-edge technologies, intellectual property, and leverage in strategic industries.  The PRC pursues these strategies in diverse ways, both visible and concealed, and often through partner companies or investment funds in third countries. 
     
             Economic security is national security.  The PRC does not allow United States companies to take over their critical infrastructure, and the United States should not allow the PRC to take over United States critical infrastructure.  PRC-affiliated investors are targeting the crown jewels of United States technology, food supplies, farmland, minerals, natural resources, ports, and shipping terminals.
     
             The PRC is also increasingly exploiting United States capital to develop and modernize its military, intelligence, and other security apparatuses, which poses significant risk to the United States homeland and Armed Forces of the United States around the world.  Related actions include the development and deployment of dual-use technologies, weapons of mass destruction, advanced conventional weapons, and malicious cyber‑enabled actions against the United States and its people.  Through its national Military-Civil Fusion strategy, the PRC increases the size of its military-industrial complex by compelling civilian Chinese companies and research institutions to support its military and intelligence activities.
     
             Those Chinese companies also raise capital by:  selling to American investors securities that trade on American and foreign public exchanges; lobbying United States index providers and funds to include these securities in market offerings; and engaging in other acts to ensure access to United States capital and accompanying intangible benefits.  In this way, the PRC exploits United States investors to finance and advance the development and modernization of its military.
     
             Sec. 2.  Policy.  (a)  It is the policy of the United States to preserve an open investment environment to help ensure that artificial intelligence and other emerging technologies of the future are built, created, and grown right here in the United States.  Investment in our economy from our allies and partners, some of whom have tremendous sovereign wealth funds, supports the national interest.  My Administration will make the United States the world’s greatest destination for investment dollars, to the benefit of all of us. 
     
             (b)  Yet for investment in United States businesses involved in critical technology, critical infrastructure, personal data, and other sensitive areas, restrictions on foreign investors’ access to United States assets will ease in proportion to their verifiable distance and independence from the predatory investment and technology-acquisition practices of the PRC and other foreign adversaries or threat actors.
     
             (c)  The United States will create an expedited “fast-track” process, based on objective standards, to facilitate greater investment from specified allied and partner sources in United States businesses involved with United States advanced technology and other important areas.  This process will allow for increased foreign investment subject to appropriate security provisions, including requirements that the specified foreign investors avoid partnering with United States foreign adversaries.  
     
             (d)  My Administration will also expedite environmental reviews for any investment over $1 billion in the United States.
     
             (e)  The United States will reduce the exploitation of public and private sector capital, technology, and technical knowledge by foreign adversaries such as the PRC.  The United States will establish new rules to stop United States companies and investors from investing in industries that advance the PRC’s national Military-Civil Fusion strategy and stop PRC-affiliated persons from buying up critical American businesses and assets, allowing only those investments that serve American interests.
     
             (f)  The United States will use all necessary legal instruments, including the Committee on Foreign Investment in the United States (CFIUS), to restrict PRC-affiliated persons from investing in United States technology, critical infrastructure, healthcare, agriculture, energy, raw materials, or other strategic sectors.  My Administration will protect United States farmland and real estate near sensitive facilities.  It will also seek, including in consultation with the Congress, to strengthen CFIUS authority over “greenfield” investments, to restrict foreign adversary access to United States talent and operations in sensitive technologies (especially artificial intelligence), and to expand the remit of “emerging and foundational” technologies addressable by CFIUS.
     
             (g)  To reduce uncertainty for investors, reduce administrative burden, and increase Government efficiency, my Administration will cease the use of overly bureaucratic, complex, and open-ended “mitigation” agreements for United States investments from foreign adversary countries.  In general, mitigation agreements should consist of concrete actions that companies can complete within a specific time, rather than perpetual and expensive compliance obligations.  More administrative resources, in turn, will be directed toward facilitating investments from key partner countries.
     
             (h)  The United States will continue to welcome and encourage passive investments from all foreign persons.  These include non-controlling stakes and shares with no voting, board, or other governance rights and that do not confer any managerial influence, substantive decisionmaking, or non-public access to technologies or technical information, products, or services.  This will allow our cutting-edge businesses to continue to benefit from foreign investment capital, while ensuring protection of our national security.
     
             (i)  The United States will also use all necessary legal instruments to further deter United States persons from investing in the PRC’s military-industrial sector.  These may include the imposition of sanctions under the International Emergency Economic Powers Act (IEEPA) through the blocking of assets or through other actions, including actions pursuant to Executive Order 13959 of November 12, 2020 (Addressing the Threat From Securities Investments That Finance Communist Chinese Military Companies), as amended by Executive Order 13974 of January 13, 2021 (Amending Executive Order 13959 — Addressing the Threat From Securities Investments That Finance Communist Chinese Military Companies) and Executive Order 14032 of June 3, 2021 (Addressing the Threat From Securities Investments That Finance Certain Companies of the People’s Republic of China), and actions pursuant to Executive Order 14105 of August 9, 2023 (Addressing United States Investments in Certain National Security Technologies and Products in Countries of Concern).  Executive Order 14105 is under review by my Administration, pursuant to the Presidential Memorandum of January 20, 2025 (America First Trade Policy), to examine whether it includes sufficient controls to address national security threats.
     
             (j)  This review will build on measures taken under my authority in 2020 and 2021 and consider new or expanded restrictions on United States outbound investment in the PRC in sectors such as semiconductors, artificial intelligence, quantum, biotechnology, hypersonics, aerospace, advanced manufacturing, directed energy, and other areas implicated by the PRC’s national Military-Civil Fusion strategy.  Covered sectors should be reviewed and updated regularly, including by the Office of Science and Technology Policy.  As part of the review, my Administration will consider applying restrictions on investment types including private equity, venture capital, greenfield investments, corporate expansions, and investments in publicly traded securities, from sources including pension funds, university endowments, and other limited-partner investors.  It is past time for American universities to stop supporting foreign adversaries with their investment decisions, much as they should stop granting university access to supporters of terrorism.
     
             (k)  To further reduce incentives for United States persons to invest in our foreign adversaries, we will review whether to suspend or terminate the 1984 United States-The People’s Republic of China Income Tax Convention.  That tax treaty, along with the PRC’s admission to the World Trade Organization and the related undertaking by the United States to accord unconditional Most Favored Nation treatment to goods and services of the PRC, led to the deindustrialization of the United States and the technological modernization of the PRC military.  We will seek to reverse both those trends.  United States investors will invest in the future of America, not the future of the PRC.
     
             (l)  To protect the savings of United States investors and channel them into American growth and prosperity, my Administration will also:
     
             (i)    determine if adequate financial auditing standards are upheld for companies covered by the Holding Foreign Companies Accountable Act;
     
             (ii)   review the variable interest entity and subsidiary structures used by foreign-adversary companies to trade on United States exchanges, which limit the ownership rights and protections for United States investors, as well as allegations of fraudulent behavior by these companies; and
     
             (iii)  restore the highest fiduciary standards as required by the Employee Retirement Security Act of 1974, seeking to ensure that foreign adversary companies are ineligible for pension plan contributions.
     
             Sec. 3.  Implementation.  The policy set forth in section 2 of this memorandum shall be implemented, to the extent permitted by law and available appropriations, and subject to internal programmatic and budgetary processes, as follows:
     
             (a)  With respect to sections 2(a) through 2(k) of this memorandum, the Secretary of the Treasury, in consultation with the Secretary of State, the Secretary of Defense, the Secretary of Commerce, the United States Trade Representative, and the heads of other executive departments and agencies (agencies) as deemed appropriate by the Secretary of the Treasury, and with respect to the authorities of CFIUS in coordination with the members thereof, shall take such actions, including the promulgation of rules and regulations, to support all powers granted to the President by IEEPA, section 721 of the Defense Production Act of 1950, as amended, and other statutes to carry out the purposes of this memorandum.
     
             (b)  With respect to section 2(d) of this memorandum, the Administrator of the Environmental Protection Agency, in consultation with the heads of other agencies as appropriate, shall carry out the purposes of this memorandum.
     
             (c)  With respect to section 2(l)(i) of this memorandum, the Secretary of the Treasury shall engage as appropriate with the Securities and Exchange Commission and the Public Company Accounting Oversight Board; with respect to section 2(l)(ii) of this memorandum, the Attorney General, in coordination with the Director of the Federal Bureau of Investigation, shall provide a written recommendation on the risk posed to United States investors based on the auditability, corporate oversight, and evidence of criminal or civil fraudulent behavior for all foreign adversary companies currently listed on domestic exchanges; and with respect to section 2(l)(iii) of this memorandum, the Secretary of Labor shall publish updated fiduciary standards under the Employee Retirement Income Security Act of 1974 for investments in public market securities of foreign adversary companies.
     
             Sec. 4.  Definition.  For purposes of this memorandum, the term “foreign adversaries” includes the PRC, including the Hong Kong Special Administrative Region and the Macau Special Administrative Region; the Republic of Cuba; the Islamic Republic of Iran; the Democratic People’s Republic of Korea; the Russian Federation; and the regime of Venezuelan politician Nicolás Maduro.
     
             Sec. 5.  General Provisions.  (a)  Nothing in this memorandum shall be construed to impair or otherwise affect:

                      (i.) the authority granted by law to an executive department or agency, or the head thereof; or

                      (ii.) the functions of the Director of the Office of Management and Budget relating to budgetary, administrative, or legislative proposals.

             (b)  This memorandum shall be implemented consistent with applicable law and subject to the availability of appropriations.
     
             (c)  This memorandum is not intended to, and does not, create any right or benefit, substantive or procedural, enforceable at law or in equity by any party against the United States, its departments, agencies, or entities, its officers, employees, or agents, or any other person.

    MIL OSI USA News –

  • MIL-OSI USA: Defending American Companies and Innovators From Overseas Extortion and Unfair Fines and Penalties

    US Senate News:

    Source: The White House
    class=”has-text-align-left”>MEMORANDUM FOR THE SECRETARY OF THE TREASURY
         THE SECRETARY OF COMMERCE
         THE UNITED STATES TRADE REPRESENTATIVE
         THE SENIOR COUNSELOR TO THE PRESIDENT FOR TRADE
         AND MANUFACTURING
    SUBJECT:       Defending American Companies and Innovators From               Overseas Extortion and Unfair Fines and Penalties      Section 1.  Purpose.  In recent years, the gross domestic product of the United States’ digital economy alone, driven by cutting-edge American technology companies, has been bigger than the entire economy of Australia, Canada, or most members of the European Union.  Instead of empowering their own workers and economies, foreign governments have increasingly exerted extraterritorial authority over American companies, particularly in the technology sector, hindering these companies’ success and appropriating revenues that should contribute to our Nation’s well-being, not theirs.        Beginning in 2019, several trading partners enacted digital services taxes (DSTs) that could cost American companies billions of dollars and that foreign government officials openly admit are designed to plunder American companies.  Foreign countries have additionally adopted regulations governing digital services that are more burdensome and restrictive on United States companies than their own domestic companies.  Additional foreign legal regimes limit cross-border data flows, require American streaming services to fund local productions, and charge network usage and Internet termination fees.  All of these measures violate American sovereignty and offshore American jobs, limit American companies’ global competitiveness, and increase American operational costs while exposing our sensitive information to potentially hostile foreign regulators.      My Administration will not allow American companies and workers and American economic and national security interests to be compromised by one-sided, anti-competitive policies and practices of foreign governments.  American businesses will no longer prop up failed foreign economies through extortive fines and taxes.      Sec. 2.  Policy.  It is the policy of my Administration that where a foreign government, through its tax or regulatory structure, imposes a fine, penalty, tax, or other burden that is discriminatory, disproportionate, or designed to transfer significant funds or intellectual property from American companies to the foreign government or the foreign government’s favored domestic entities, my Administration will act, imposing tariffs and taking such other responsive actions necessary to mitigate the harm to the United States and to repair any resulting imbalance.      In taking such responsive action, my Administration shall consider:      (a)  taxes imposed on United States companies by foreign governments, including those that may discriminate against United States companies;      (b)  regulations imposed on United States companies by foreign governments that could inhibit the growth or intended operation of United States companies;      (c)  any act, policy, or practice of a foreign government that could require a United States company to jeopardize its intellectual property; and      (d)  Any other act, policy, or practice of a foreign government that serves to undermine the global competitiveness of United States companies.   
         Sec. 3.  Agency Responsibilities.  (a)  The United States Trade Representative shall determine, in accordance with applicable law, whether to renew investigations under section 301 of the Trade Act of 1974 (19 U.S.C. 2411) of the DSTs of France, Austria, Italy, Spain, Turkey, and the United Kingdom, which were initiated under my Administration on July 16, 2019, and June 5, 2020.  If the United States Trade Representative determines to renew such investigations, he shall take all appropriate and feasible action in response to those DSTs.
         (b)  The United States Trade Representative shall determine, consistent with section 302(b) of the Trade Act of 1974 (19 U.S.C. 2412(b)) (section 302(b)), whether to investigate the DST of any other country that may discriminate against United States companies or burden or restrict United States commerce.  He shall further determine whether to pursue a panel under the United States-Mexico-Canada Agreement on the DST imposed by Canada and whether to investigate Canada’s DST under section 302(b).  In making these determinations, the United States Trade Representative shall consult with the Secretary of the Treasury, as appropriate.      (c)  The Secretary of the Treasury, the Secretary of Commerce, and the United States Trade Representative shall jointly identify trade and other regulatory practices by other countries, including, without limitation, those described in section 2 of this memorandum, that discriminate against, disproportionately affect, or otherwise undermine the global competitiveness or intended operation of United States companies, in the digital economy and more generally, and recommend to me appropriate actions to counter such practices under applicable authorities.  The United States Trade Representative shall include the results of this review as part of the report required in section 5(c) of the Presidential Memorandum of January 20, 2025 (America First Trade Policy) (America First Trade Policy Memorandum).      (d)  The Secretary of the Treasury, the Secretary of Commerce, and the United States Trade Representative shall investigate whether any act, policy, or practice of any country in the European Union or the United Kingdom has the effect of requiring or incentivizing the use or development of United States companies’ products or services in ways that undermine freedom of speech and political engagement or otherwise moderate content, and recommend appropriate actions to counter such practices under applicable authorities.  The United States Trade Representative shall include the results of this review as part of the report required in section 5(c) of the America First Trade Policy Memorandum.      (e)  The Secretary of the Treasury, in consultation with the Secretary of Commerce and the United States Trade Representative, shall determine whether any foreign country subjects United States citizens or companies, including, without limitation, in the digital economy, to discriminatory or extraterritorial taxes, or has any tax measure in place that otherwise undermines the global competitiveness of United States companies, is inconsistent with any tax treaty of the United States, or is otherwise actionable under section 891 of title 26, United States Code, or other tax-related legal authority.  The Secretary of the Treasury shall include the results of this determination as part of the report required in section 2 of the Presidential Memorandum of January 20, 2025 (The Organization for Economic Co-Operation and Development (OECD) Global Tax Deal).      (f)  The United States Trade Representative shall identify tools the United States can use to secure among trading partners a permanent moratorium on customs duties on electronic transmissions.  The United States Trade Representative shall include the results of this review as part of the report required in section 5(c) of the America First Trade Policy Memorandum.      (g)  The United States Trade Representative, in consultation with the Secretary of Commerce and the Senior Counselor to the President for Trade and Manufacturing, shall establish a process that allows American businesses to report to the United States Trade Representative foreign tax or regulatory practices that disproportionately harm United States companies.      Sec. 4.  General Provisions.  (a)  Nothing in this memorandum shall be construed to impair or otherwise affect:           (i)   the authority granted by law to an executive department or agency, or the head thereof; or           (ii)  the functions of the Director of the Office of Management and Budget relating to budgetary, administrative, or legislative proposals.      (b)  This memorandum shall be implemented consistent with applicable law and subject to the availability of appropriations.      (c)  This memorandum is not intended to, and does not, create any right or benefit, substantive or procedural, enforceable at law or in equity by any party against the United States, its departments, agencies, or entities, its officers, employees, or agents, or any other person.
         (d)  The United States Trade Representative is authorized and directed to publish this memorandum in the Federal Register.

    MIL OSI USA News –

  • MIL-OSI Security: Mississippi Woman Pleads Guilty to Scheme to Defraud COVID-19 Relief Program of Over $5,000,000

    Source: Office of United States Attorneys

    Memphis, TN – A Mississippi woman has pled guilty to defrauding the Paycheck Protection Program (PPP), a federal program intended to help small businesses survive the COVID-19 pandemic, of over $5,000,000. Reagan Fondren, Acting United States Attorney for the Western District of Tennessee, announced the guilty plea today.

    On February 20, 2025, Lisa Evans, 42, of Olive Branch, Mississippi, pled guilty before United States District Judge Thomas L. Parker to conspiracy to commit wire fraud.  She will be sentenced on May 22, 2025 and faces a maximum term of 20 years in federal prison. There is no parole in the federal system.

    According to information presented in court, Evans submitted fraudulent PPP loan applications for numerous individuals who were not entitled to PPP loans. The applications Evans submitted contained false representations, including fake federal tax documents.  When the individual borrowers obtained the PPP loan funds, they then paid Evans kickbacks of 20 to 30 percent.  The loss to the PPP program was $5,126,258.  

    Acting U.S. Attorney Fondren stated: “Individuals cheating the Paycheck Protection Program stole money from U.S. taxpayers who desperately needed these loans to keep their small businesses afloat and pay their employees during the COVID-19 pandemic. I would especially like to commend and thank the federal law enforcement agencies who uncovered this fraud and brought this defendant to justice: the Federal Housing Finance Agency Office of Inspector General; the Federal Deposit Insurance Corporation Office of Inspector General; the U.S. Treasury Inspector General for Tax Administration, Gulf States Field Division; the U.S. Small Business Administration Office of Inspector General; the U.S. Secret Service, Memphis Field Office; and the Pandemic Response Accountability Committee. My office will continue to work with these law enforcement partners to bring those who committed pandemic benefit fraud in the Western District of Tennessee to justice and to recover stolen pandemic relief funds.”

    Acting U.S. Attorney Fondren also thanked Assistant U.S. Attorney Tony Arvin, who prosecuted this case.

    ###

    For more information, please contact the Media Relations Team at USATNW.Media@usdoj.gov. Follow the U.S. Attorney’s Office on Facebook or on X at @WDTNNews for office news and updates.

    MIL Security OSI –

  • MIL-OSI Security: Brazilian Extradited from Switzerland to the United States to Face Indictment Charging Involvement in $290M+ Cryptocurrency Fraud Scheme

    Source: Office of United States Attorneys

    Tens of thousands of investors deposited bitcoin expecting an investment strategy – Instead, new investor bitcoin used to pay off other investors in a Ponzi scheme

    SEATTLE – A citizen of Brazil appeared in U.S. District Court in Seattle today, after being extradited from Switzerland to face a 13-count indictment for wire fraud and conspiracy regarding his bitcoin investment scheme, announced Acting U.S. Attorney Teal Luthy Miller. Douver T. Braga, 48, lived in Florida between approximately 2016 and 2021 during the bulk of the alleged fraud. The indictment alleges Braga operated a bitcoin investment scheme that was really a Ponzi scheme, as well as an illegal multilevel marketing scheme.

    The grand jury returned the indictment in October 2022. It was unsealed last week following Braga’s arrest in Switzerland. Today Braga pleaded “Not Guilty,” and trial was scheduled in front of U.S. District Judge Tana Lin on April 28, 2025.

    “Mr. Braga allegedly ran a fraud scheme that harkens back more than a century, but he updated his ‘Ponzi’ scheme with the hot new thing: bitcoin,” said U.S. Attorney Teal Luthy Miller. “The victim investors have waited years to see justice. I commend our federal partners at the FBI and IRS Criminal Investigation for their diligent work on this case.”

    According to the indictment, Braga conspired with others to create a cryptocurrency trading platform called Trade Coin Club (TCC) with an office in Belize. As early as 2016, Braga worked with others to promote TCC, claiming that investors would make money because the TCC had a sophisticated software program that allowed investors to profit on the fluctuating price of bitcoin. Braga also promised that investors could make money by referring other investors to the platform. In reality, there was no investment platform and no sophisticated software. Those who invested early were paid off by later investors as in a Ponzi scheme.

    Braga traveled the world promoting TCC: In Thailand in March 2017, in Nigeria and Macau in May 2017.  TCC was promoted on social media and in videos. At various events Braga claimed TCC had as many as 126,000 members in 231 different countries.

    Through his false promises of sophisticated investments and high returns, Braga induced tens of thousands of people to entrust over 82,000 bitcoin, valued at over $290 million at the time of investment, and to deposit it with TCC. Braga continued the false representations, creating an “online portal” where investors could track the supposed activity of their investment accounts. The site was a fiction as there was no trading activity.

    Braga withdrew and misappropriated investor funds. Between December 2016 and July 2019, at least $50 million in bitcoin was transferred to accounts Braga controlled.

    However, by late 2017 and early 2018, investors had trouble accessing their funds. In January 2018, TCC announced to investors that it was ceasing to operate in the United States and was cancelling their accounts.  Many investors were located in the Western District of Washington.

    Braga allegedly profited handsomely, while failing to report the earnings to the IRS. In 2017, he received bitcoin worth $30.5 million, but only reported income of $152, 298. In 2018, he reported $73,473 in income but got $13.1 million in bitcoin and in 2019, reported $72,870 in income while he received $10 million in bitcoin.

    “The type of scheme Mr. Braga is charged with operating is not new, he just used the allure of a flashy new technology to obscure the well-worn scam.” said W. Mike Herrington, Special Agent in Charge of the FBI’s Seattle field office. “While the victims in this case waited and wondered about the fate of their investments, he siphoned off millions of dollars for his personal use. This case demonstrates the determination of the FBI and our partners in IRS Criminal Investigation to hold fraudsters accountable, no matter where in the world they may be.”

    “The charges against Mr. Braga and his co-conspirators reflect a well-designed scheme to solicit investment in a fake cryptocurrency trading platform from victims around the globe,” said Special Agent in Charge Tyler Hatcher of IRS-Criminal Investigation (CI), Los Angeles Field Office.  “Furthermore, Mr. Braga is alleged to have knowingly ignored and circumvented laws regulating multi-level marketing programs in the U.S.- laws that exist to protect investors from becoming victims in pyramid schemes.  Despite the complexity of this scheme, IRS Criminal Investigation and our partners at the FBI successfully uncovered the evidence necessary to bring forth these charges.”

    Braga is charged with 12 counts of wire fraud reflecting 12 wires investors sent to TCC for deposits in their “accounts.” Braga is charged with one count of conspiracy to commit wire fraud.

    The charges are punishable by up to 20 years in prison.

    The charges contained in the indictment are only allegations.  A person is presumed innocent unless and until he or she is proven guilty beyond a reasonable doubt in a court of law.

    The case was investigated by the IRS-CI and the FBI.

    The case is being prosecuted by Assistant United States Attorneys Mike Dion and Phillip Kopczynski. The U.S. Department of Justice’s Office of International Affairs provided valuable assistance with securing the extradition.

    MIL Security OSI –

  • MIL-OSI USA: DoD Probationary Workforce Statement

    Source: United States Department of Defense

    As the Secretary announced yesterday, the Department of Defense is re-evaluating our probationary workforce, consistent with the President’s initiative to reform the Federal workforce to maximize efficiency and productivity.

    This re-evaluation of probationary employees is being done across government, not just at the Defense Department, but we believe in the goals of the program, and our leaders are carrying out that review carefully and smartly.

    We anticipate reducing the Department’s civilian workforce by 5-8% to produce efficiencies and refocus the Department on the President’s priorities and restoring readiness in the force.

    We expect approximately 5,400 probationary workers will be released beginning next week as part of this initial effort, after which we will implement a hiring freeze while we conduct a further analysis of our personnel needs, complying as always with all applicable laws.

    As the Secretary made clear, it is simply not in the public interest to retain individuals whose contributions are not mission-critical. Taxpayers deserve to have us take a thorough look at our workforce top-to-bottom to see where we can eliminate redundancies.

    As we take these important steps to reshape the workforce to meet the President’s priorities, the Department will treat our workers with dignity and respect as it always does. Those who commit themselves to defending our nation deserve nothing less.

    – Darin Selnick, Performing the Duties of Under Secretary of Defense for Personnel and Readiness

    MIL OSI USA News –

  • MIL-OSI USA: Q&A: Taxpayer Dollars Deserve Scrutiny

    US Senate News:

    Source: United States Senator for Iowa Chuck Grassley

    Q: Why did President Trump create the Department of Government Efficiency?

    A: The American people delivered a resounding message in November. They’re fed up with lawlessness at our southern border and sick and tired of being the bottomless piggybank for partisan spending sprees. President Trump won the popular vote for a historic second term and Republicans secured a congressional majority in both chambers of the people’s branch. The president wasted no time delivering on the electoral mandate. That includes strong fiscal stewardship. He created the Department of Government Efficiency (DOGE) to comb the ledgers of the sprawling federal bureaucracy. As a taxpayer watchdog, I’ve worked to root out wasteful spending since my first term in the U.S. Senate, no matter who was in the White House.

    Holding government accountable is a tall order that previous administrations have tackled with limited success. During the Obama administration, the Chairman of the Joint Chiefs of Staff warned: “The most significant threat to our national security is our debt.”  Fifteen years later, interest payments on the debt are now more than federal defense spending. Decades of deficit spending have saddled our children and grandchildren with a $36 trillion debt. The fiscal ramifications impact Americans every day. Burdensome debt service costs crowd out resources for other priorities, including tax relief and government services, as well as undermine the nation’s economic resiliency. High interest rates pinch private investment, job creation and prosperity from Wall Street to Main Street. We can’t afford to keep sweeping the nation’s debt under the rug from one year to the next.

    The federal government hasn’t balanced its budget since the Clinton administration. Back then, we had a three-year budget surplus from 1998-2001. President Clinton joined Republicans to tackle wasteful spending, “end welfare as we know it” and cut bloated government programs. Clinton campaigned on a platform to Reinvent Government (RIGO). After the Republican Revolution kicked Democrats out of the House majority for the first time in four decades, Clinton declared the “era of big government” is over. Between January 1993 and September 2000, the Clinton administration cut 426,200 jobs from the federal workforce. During that time, I led efforts to beef up customer service at the IRS and modernize its antiquated computer systems. During the Bush administration, I spearheaded reforms to cut rampant credit card abuse among federal agencies. Across administrations, I’ve hounded the Centers for Medicare & Medicaid Services about improper payments. Just last year, I pressed the Biden administration to account for tens of billions of dollars in improper health care payments, including my oversight efforts to root out fraud and abuse in the Affordable Care Act.

    Taxpayers deserve stronger stewardship of their hard-earned money. The Trump administration is taking decisive action to cut wasteful spending. That’s what President Obama claimed he would do by launching “the Campaign to Cut Waste. Its stated mission: “to hunt down and eliminate misspent tax dollars in every agency and department across the Federal Government.” President Trump is breaking through the bureaucratic inertia to root out wasteful spending and hold government accountable to the people it serves.

    Q: What about people facing uncertainty during the Trump administration’s top-to-bottom review of the federal bureaucracy?

    A: When I hear about people losing their jobs, whether from the federal government or in the private sector, I understand the financial stress and despair that job loss has on individuals and their families. During my years working in Iowa factories before getting elected to Congress, I was laid off from work on three different occasions, including from a job I’d held for 10 years before the company closed its doors. As the president’s team goes through its initial review of federal agencies, I’m keeping close tabs on the process to ensure the government continues to provide services to the American people and fulfills its responsibilities to keep the American people safe. As always, I’m keeping in touch with Iowans and sharing their concerns and questions with relevant federal agencies to advocate on their behalf.

    Since day one of his second term in the White House, the 47th president has made clear he intends to deliver on his promises. The review currently underway has delivered an undeniable message to Washington, D.C.: the era of business-as-usual is over. Contrary to what alarmists are saying, America is not in a constitutional crisis. Article II of the Constitution vests all executive power in one person, the president of the United States. That means the power to hire and fire within the executive branch is constitutionally delegated to the president. Of course, our system of checks and balances empowers each branch to keep check on the others; the separation of powers reins in overreach to protect the fundamental rights of the people. My congressional oversight work is one example. These constitutional guardrails have endured for nearly 250 years to ensure government is of, by and for the people. The sky’s not falling, and neither is our republic.

    MIL OSI USA News –

  • MIL-OSI USA: COLUMN: Walker: Week Six Under the Gold Dome

    Source: US State of Georgia

    By: Sen. Larry Walker, III (R–Perry)

    With Legislative Day 20 behind us, we have officially reached the halfway mark of the 2025 Legislative Session.

    One of our biggest legislative priorities this session has been lawsuit reform. Reining in the costly legal environment that burdens small businesses, healthcare providers, and consumers has been long overdue, and I am proud to report that the Senate has taken a significant step forward with the passage of Senate Bill (SB) 68. These commonsense reforms will help stabilize insurance costs, prevent frivolous litigation and ensure that businesses—especially small, family-owned operations—can operate without the constant threat of excessive verdicts. By curbing lawsuit abuse, we protect jobs and keep costs down for Georgia consumers. I look forward to working with our colleagues in the House to send these bills to the Governor’s desk.

    This week, we also passed SB 52, the “Timberlands Recovery, Exemption, and Earnings Stability (TREES) Act,” which provides vital tax relief to timberland owners impacted by Hurricane Helene. The storm caused catastrophic damage, destroying an estimated $1.3 billion in standing timber across South Georgia. Many of these landowners depend on their timber harvest for income, and the economic impact has been devastating. This bill, sponsored by Sen. Russ Goodman (R–Cogdell), will help stabilize the market, ease the financial strain on affected families and support the long-term recovery of Georgia’s forestry industry—one of the largest in the nation.

    Another key legislative win this week was the passage of SB 89, which expands Georgia’s Child Tax Credit to provide direct financial relief to families with young children. Sponsored by Sen. Brian Strickland (R–McDonough), this bill builds on the recommendations of the Senate Study Committee on Access to Affordable Childcare, which spent months gathering input from working parents, childcare providers, and business leaders. The bill increases the state tax credit for childcare expenses to 40% of the federal level and creates a new tax credit for families with children under seven. Additionally, SB 89 incentivizes businesses to help employees with childcare costs by raising the employer tax credit cap from 50% to 75%. With the rising cost of childcare making it harder for parents—particularly mothers—to remain in the workforce, this legislation will provide real relief for Georgia families and help grow our state’s economy.

    In addition to these major policy advancements, I introduced SB 125 to address the arduous process that professional engineers face to obtain certification. SB 125 would decouple the current sequential order of experience and examination requirements, which would allow engineers to acquire their license more quickly. This reform would also help prepare engineers to enter the Georgia workforce and advance in their careers. SB 125 was passed out of the Senate Committee on Regulated Industries and Utilities, and I look forward to bringing it to the Senate floor in the coming weeks.

    On a personal note, I was honored to celebrate Future Farmers of America (FFA) Day on Tuesday. Georgia is home to the third-largest chapter of this excellent organization, whose work is instrumental in directing young people to the forefront of agriculture and preparing them for career success. The future of farming depends on our youth, and with the help of FFA, Georgia agriculture will continue to be our state’s top industry.

    As always, I am grateful for the opportunity to serve the 20th Senate District. Please don’t hesitate to ask any questions, concerns, or ideas. Your input helps shape the policies that impact our state, and I value your voice in this process.

    # # # #

    Sen. Larry Walker serves as Secretary of the Majority Caucus and Walker: Week Six Under the Gold DomeChairman of the Senate Committee on Insurance and Labor. He represents the 20th Senate District, which includes Bleckley, Dodge, Dooly, Laurens, Treutlen, Pulaski and Wilcox counties, as well as portions of Houston County.  He may be reached by phone at (404) 656-0095 or by email at Larry.Walker@senate.ga.gov.For all media inquiries, please reach out to SenatePressInquiries@senate.ga.gov.

    MIL OSI USA News –

  • MIL-OSI Economics: Upgrade to iPhone 16e and save with incredible offers from Verizon

    Source: Verizon

    Headline: Upgrade to iPhone 16e and save with incredible offers from Verizon

    NEW YORK – Verizon will offer iPhone 16e, a new addition to the iPhone 16 lineup, featuring breakthrough battery life, the fast performance of the A18 chip, Apple Intelligence1, and a 48MP 2-in-1 camera system — all at an incredible value. Customers can pre-order the new iPhone 16e starting Friday, February 21, with availability beginning Friday, February 28. Visit verizon.com for complete pricing and availability details,

    Major savings and value on iPhone 16e at Verizon

    Starting February 21, Verizon customers can get:

    • Switch to Verizon or add a new line and can get iPhone 16e for $5 a month for 36 months on myPlan2.
    • Want to trade in your phone? Get iPhone 16e on us when you trade-in your current iPhone, Samsung or Google phone — in any condition — and sign up for a new line on myPlan3.
    • Verizon Business customers: For a limited time, get iPhone 16e on us with a new activation on either the Business Unlimited Plus or Unlimited Pro plan with a Verizon Device Payment agreement4. And, eligible Public Sector customers can get a new 128GB iPhone 16e on us on a qualifying two year agreement5.

    Verizon myPlan gives you ultimate access to Apple One

    Supercharge your iPhone 16e with Verizon myPlan, built to give you more flexibility, more perks and more value. Whether you’re upgrading to the latest iPhone for yourself or keeping your business running smoothly with a Verizon Business Unlimited Plan, you’ll stay connected with Verizon’s ultra-fast 5G network—built for whatever life throws your way.

    With myPlan, you’re in control. Pick the perks that matter to you, like Apple One for just $10/month (Individual Plan) or $20/month (Family Plan), plus get deals on entertainment, shopping and more. It’s your phone, your plan, your way — only with Verizon.

    Everything you need to know about the iPhone 16e

    iPhone 16e offers powerful capabilities at a more affordable price. It delivers fast, smooth performance and the best battery life ever on a 6.1-inch iPhone, thanks to the industry-leading efficiency of the A18 chip and the new Apple C1, the first cellular modem designed by Apple. iPhone 16e is also built for Apple Intelligence, the intuitive personal intelligence system that delivers helpful and relevant intelligence while taking an extraordinary step forward for privacy in AI. The 48MP Fusion camera takes gorgeous photos and videos, and with an integrated 2x Telephoto, it is like having two cameras in one, so users can zoom in with optical quality. When outside of cellular and Wi-Fi coverage, iPhone 16e can use Apple’s groundbreaking satellite features — including Emergency SOS, Roadside Assistance, Messages, and Find My via satellite.

    With custom-designed components and deeply integrated software, iPhone 16e users can stay connected and get help when it matters most6. iPhone 16e will be available in two elegant matte finishes — black and white — with colorful cases available to accessorize.

    iPhone 16e can be activated with an eSIM, a more secure alternative to a physical SIM card. With eSIM, users can quickly activate their cellular plan, store multiple cellular plans on the same device, and stay connected. Verizon supports eSIM Quick Transfer which allows users to transfer their existing plan to their new iPhone.

    Visit verizon.com on February 28 to order your new iPhone 16e.

    For more details on Apple products, please visit www.apple.com.

    1 Apple Intelligence is available in localized English for Australia, Canada, Ireland, New Zealand, South Africa, the U.K., and the U.S. Additional languages, including French, German, Italian, Portuguese (Brazil), Spanish, Japanese, Korean, and Chinese (simplified), English (Singapore), and English (India) will be available in April. Some features, applications, and services may not be available in all regions or all languages.

    2 $599.99 (128 GB only) purchase w/new smartphone line on Unlimited Ultimate, postpaid Unlimited Plus or Unlimited Welcome plan req’d. Less $419.99 promo credit applied over 36 mos.; promo credit ends if eligibility req’s are no longer met; 0% APR. Offer may not be combined with other offers. Apple Intelligence requires iOS 18.1 or later.

    3 $599.99 (128 GB only) purchase w/new smartphone line on Unlimited Ultimate, postpaid Unlimited Plus or Unlimited Welcome plan (min. $65/mo w/Auto Pay (+taxes/fees) for 36 mos) req’d. Less $600 trade-in/promo credit applied over 36 mos.; promo credit ends if eligibility req’s are no longer met; 0% APR. Trade-in must be from Apple, Google or Samsung; trade-in terms apply. Apple Intelligence requires iOS 18.1 or later.

    4 Taxes & fees apply. New line w/device payment purchase agmt & Business Unlimited Plus or Unlimited Pro plan req’d. $599.99 credit applied to acct. over the term of your agmt (up to 36 mos, 0% APR); promo credit ends when eligibility requirements are no longer met. Credits begin in 2-3 bills & will include appropriate credit amounts from order date. Cannot be combined with other device offers. This device supports only 5G Ultra Wideband mid-band (C-band), 5G and 4G LTE. iPhone 16e 128GB monthly fee after credit: $0. Offer ends 3.31.2025.

    5 iPhone 16e offer only. Plan Requirements: Fed – $15+ with data feature; State & Local – $19.99+ with data feature; State of TN – flat rate plan with data feature (must meet PP requirement). Available to government-liable subscribers only and subject to the terms, provisions and conditions of Verizon Wireless-approved government contracting vehicles. An Offer Recovery Fee (ORF) will be assigned to NASPO MA 152 customer lines that take advantage of select quarterly offers and will be charged on the customer’s bill if the line is disconnected before the end of the line term. 5G and 5G UWB may not be available to all government customers. See terms and conditions of your contract. Pricing excludes taxes and fees and is subject to change without notice. Offer ends 3.31.2025.

    6 Apple’s satellite features are included for free for two years starting at the time of activation of a new iPhone 16e . For Emergency SOS via satellite availability, visit support.apple.com/en-us/HT213426. Messages via satellite will be available in the U.S. and Canada in iOS 18 or later. SMS availability will depend on carrier. Carrier fees may apply. Users should check with their carrier for details. Roadside Assistance via satellite is currently available in the U.S. with AAA and Verizon Roadside Assistance, and in the U.K. with Green Flag. Participating roadside assistance providers may charge for services, and iPhone users who are not members can take advantage of their roadside assistance services on a pay-per-use basis. Apple’s satellite features were designed for use in open spaces with a clear line of sight to the sky. Performance may be impacted by obstructions such as trees or surrounding buildings.

    MIL OSI Economics –

  • MIL-OSI USA: BOLSTERING INNOVATION: GOVERNOR HOCHUL AND SENATOR SCHUMER ANNOUNCE $65 MILLION EXPANSION OF NEXT-GENERATION BATTERY INNOVATION COMPANY BAE SYSTEMS IN THE SOUTHERN TIER

    US Senate News:

    Source: United States Senator for New York Charles E Schumer
    BAE Systems Commits To The Creation Of More Than 130 New Good-Paying Jobs At Village Of Endicott Location
    Continued New York State Investments Support The Southern Tier Region’s Comprehensive Strategy To Revitalize Communities And Grow the Economy By Focusing On Clean Energy Solutions
    Governor Kathy Hochul and Senator Charles Schumer today announced that BAE Systems is investing $65 million to expand operations in the Village of Endicott, Broome County. The company will add a total of 150,000 square-feet to its existing site to make way for the addition of a new battery production line and lab space, and new office space. As a result of the expansion, the company has committed to creating up to 134 good-paying jobs onsite. BAE Systems is a global defense, aerospace and security company with approximately 93,500 employees worldwide. The BAE Systems facility in Endicott designs, develops and produces a broad portfolio of safety-critical electronic systems from flight and engine controls to power and energy management systems. The company has been operational at the Huron Campus site since 2011.
    “BAE Systems’ decision to further expand its business represents yet another win for New York State and for the Southern Tier, which is laser focused on becoming a global hub for next-generation battery innovation efforts,” Governor Hochul said. “Since taking office, I have remained committed to bringing jobs back to Upstate New York. This incredibly successful company chose to grow its operations here, spurring top-quality, good-paying job creation in the region because they have seen firsthand how hardworking New Yorkers are.”
    Senator Charles Schumer said, “BAE Systems is adding 130+ good-paying jobs right here in the Southern Tier to make sure the next generation of America’s batteries are stamped ‘Made in Upstate NY.’ This $65 million expansion to add a new battery production line, research lab, and office helps show how we can bring this supply chain back from overseas, with the Southern Tier leading the way to make sure the future of battery manufacturing is manufactured in Broome County, not Beijing. BAE Systems is a vital part of the Southern Tier economy, with a world-class workforce of over 1200 people, and selecting this area for their major battery production expansion is no accident. I’m proud of the millions in federal support I’ve delivered – via the American Rescue Plan and my bipartisan CHIPS & Science Act – to the region to make it a global center for battery research and set the stage for today’s announcement. Today BAE is helping add another loop to establish this region as a core of manufacturing and innovation for America’s battery belt.”
    The project involves the expansion of BAE Systems battery production line, including the purchase and installation of machinery and equipment to efficiently produce an energy storage system for electric/hybrid electric aircraft. This facility will include an automated state-of-the-art production line, an engineering lab, and an aftermarket center, and is expected to be fully complete in 2027.
    Empire State Development is assisting the project with up to $8.5 million in performance-based Excelsior Jobs Tax Credit Program in exchange for the job creation commitments. Broome County is also providing assistance for the project.
    BAE Systems Senior Director Jim Garceau said, “This facility expansion reinforces our commitment to the Southern Tier and builds on New York State’s vision to create a regional hub for battery innovation.  With this investment, we will enhance our capabilities to address the emerging needs of the next-generation hybrid/electric aircraft.”
    Bolstering Next-Generation Battery Innovation
    Governor Hochul and Senator Schumer were instrumental in the company’s decision having worked closely with company officials to ensure that the project would move ahead in New York’s Southern Tier region which is laser-focused on supporting next-generation energy efforts – a top priority for the governor and senator.
    In January 2024, the Governor and Senator announced that the U.S. National Science Foundation had designated the New Energy New York (NENY) Storage Engine as a Regional Innovation Engine (NSF Engine), which was created by the Senator’s bipartisan CHIPS & Science Law. The NENY Storage Engine, anchored at Binghamton University in the Southern Tier Region, will receive up to $15 million in federal funding for two years and up to $160 million over 10 years to establish a hub that will accelerate innovation, technology translation and the creation of a skilled workforce to grow the capacity of the domestic battery industry. Through Empire State Development, New York State will match up to 20 percent for the first five years of the project as well as provide support through established programs. The NENY Storage Engine was chosen for its diverse, cross-sector coalition that will build a leading ecosystem driving battery technology innovation, workforce development and manufacturing to support U.S. national security and global competitiveness.
    Schumer has long fought to secure federal investment to boost the Southern Tier’s battery manufacturing and R&D. In 2021, Schumer created the Build Back Better Regional Challenge in the American Rescue Plan that he led to passage as Majority Leader. The senator personally advocated for the selection of the Binghamton University-led New Energy New York’s (NENY) battery hub proposal, helping deliver a $63.7 million federal investment with a $50 million funding match from New York State. In 2023, Schumer also delivered the prestigious federal Tech Hub designation, also created by his bipartisan CHIPS & Science Law for the Binghamton University-led NENY proposal.
    Empire State Development President, CEO & Commissioner Hope Knight said, “Governor Hochul’s strategic and laser-focused support for next-generation clean energy companies accelerates this cutting-edge industry’s growing presence in New York State. BAE Systems’ expansion will create top-quality jobs and opportunities in the Southern Tier, furthering the region’s leadership in battery technology innovation.”
    New York State’s Climate Agenda
    New York State’s climate agenda calls for an affordable and just transition to a clean energy economy that creates family-sustaining jobs, promotes economic growth through green investments, and directs a minimum of 35 percent of the benefits to disadvantaged communities. New York is advancing a suite of efforts to achieve an emissions-free economy by 2050, including in the energy, buildings, transportation, and waste sectors.
    New York Power Authority President and CEO Justin E. Driscoll said, “BAE Systems has been a major driver of economic growth in Broome County, and I congratulate them on their new $65 million expansion. Thanks to strategic investments from Governor Hochul and Senator Schumer, New York has become a testbed for battery storage innovation, and NYPA will continue to support firms like BAE Systems developing cutting-edge technology and spurring economic growth with low-cost power.”
    New York State Energy Research and Development Authority President and CEO Doreen M. Harris said, “With this investment in next generation battery technology at their Broome County location, BAE Systems is supporting local jobs and strengthening the state’s clean energy supply chains, ensuring New York continues to lead the way in innovation and clean tech economic opportunity. The expansion will also advance clean transportation in the aviation industry and support NYSERDA’s efforts in research, development, and demonstration of new technologies in the energy storage sector.”
    State Senator Lea Webb said, “It’s exciting to see BAE Systems expand its next-generation battery innovation operations right here in the Southern Tier, bringing up to 134 new jobs to the Village of Endicott, ” said State Senator Lea Webb. “This investment strengthens our region’s role as a leader in clean energy technology and advanced manufacturing. I want to thank Governor Hochul for her commitment to growing our local economy and everyone who made this expansion possible. This investment not only creates new opportunities for workers but also reinforces New York’s leadership in the future of sustainable energy solutions.”
    Assemblymember Donna Lupardo said, “Years of hard work and dedication have made our area a designated hub for battery innovation and manufacturing. BAE’s expansion to include a new battery production line will further establish our community as a leader in clean-energy technology. Their work on electric/hybrid bus and aircraft battery systems are game changers for the industry and for our local workforce. I’d like to thank BAE Systems for their continued investment in our community, and the Governor and Empire State Development for their ongoing support of this important work.”
    Broome County Executive Jason Garnar said, “BAE Systems’ expansion in Endicott is another major win for Broome County, reinforcing our region’s role as leader in next-generation battery innovation while creating even more job opportunities for our community. Thank you to Governor Hochul for her continued commitment to economic growth in the Southern Tier and to BAE Systems for choosing to expand here in Broome County.”
    Village of Endicott Mayor Nick Burlingame said, “BAE Systems’ decision to expand its operations in Endicott is a testament to the strength of our community, our workforce, and our region’s commitment to innovation. This investment not only reinforces Endicott’s legacy as a hub for cutting-edge technology but also brings new opportunities for local families and businesses. We are proud to support BAE Systems as they continue to grow and shape the future of clean energy and battery innovation right here in our village. We look forward to the jobs, economic impact, and advancements this expansion will bring to Endicott.”
    For additional information about BAE Systems, visit: https://jobs.baesystems.com/global/en/.
    Accelerating Economic Development in the Southern Tier
    Today’s announcement advances the Southern Tier Strategic Plan and complements “Southern Tier Soaring” strategy by facilitating economic growth and community development. These regionally designed plans focus on attracting a talented workforce, growing business and driving next-generation innovation. More information is available here.
    About Empire State Development
    Empire State Development is New York’s chief economic development agency, and promotes business growth, job creation, and greater economic opportunity throughout the state. With offices in each of the state’s 10 regions, ESD oversees the Regional Economic Development Councils, supports broadband equity through the ConnectALL office, and is growing the workforce of tomorrow through the Office of Strategic Workforce Development. 
    The agency engages with emerging and next generation industries like clean energy and semiconductor manufacturing looking to grow in New York State, operates a network of assistance centers to help small businesses grow and succeed, and promotes the state’s world class tourism destinations through I LOVE NY. For more information, please visit esd.ny.gov, and connect with ESD on LinkedIn, Facebook and X, formerly known as Twitter.

    MIL OSI USA News –

  • MIL-OSI USA: Luján Statement on GOP Budget that Sets the Stage to Dismantle Health and Nutrition Programs, Increase Everyday Costs

    US Senate News:

    Source: United States Senator Ben Ray Luján (D-New Mexico)
    Senate Republicans Block Luján Amendments to Improve Public Safety, Keep New Mexicans Safe
    Washington, D.C. – Today, U.S. Senator Ben Ray Luján (D-N.M), a member of the Senate Committee on the Budget, issued the following statement on the Republican Budget Resolution: 
    “In the dark of night, Senate Republicans passed a partisan budget that will fund the Trump Tax Scam 2.0 at the expense of everyday Americans. This will make it harder for families to afford health care, put food on the table, and get a quality education – all to give a tax handout to the wealthiest Americans and corporations.
    “Slashing programs that millions of Americans rely on will devastate our families and communities. I joined my Democratic colleagues in introducing dozens of common-sense amendments that would make Americans safer, give children the resources needed to succeed, and lower costs for families. Senate Republicans blocked every single amendment, including one that I led to provide increased support for local law enforcement. 
    “Make no mistake, Republicans are using this opportunity to fund their newest tax scam instead of lowering costs for Americans.” 
    Senator Luján introduced and co-led a series of amendments to the Republican budget that will protect access to health care, make our communities safer, and improve the quality of life for New Mexicans. Senate Republicans blocked common-sense amendments introduced by Senator Luján and Senate Democrats. 
    Keeping New Mexico Communities Safe
    Amid a nationwide shortage of police officers, Senator Luján introduced an amendment to provide increased resources for local law enforcement by funding the COPS Hiring Program. The COPS Hiring Program provides funding directly to law enforcement agencies to increase their community policing capacity and crime prevention efforts. This amendment was voted down by Senate Republicans. Watch Senator Luján’s floor speech HERE.
    Putting Food on the Table
    Millions of families across the country rely on nutrition assistance programs. Senator Luján introduced an amendment to protect funding for programs that make sure New Mexico families and children have the nutritious food they need. Watch Senator Luján’s floor speech HERE.
    Stopping the Flow of Fentanyl 
    As the fentanyl crisis devastates families in New Mexico and across the country, Senator Luján introduced an amendment addressing the need to have 100% screening using non-intrusive inspection technology to stop fentanyl and illicit activity from entering the U.S.
    Boosting U.S. Manufacturing 
    Senator Luján is committed to boosting domestic manufacturing and good jobs for New Mexicans. To create more American jobs, Senator Luján introduced an amendment to provide greater incentives for companies to manufacture right here at home unlike the first Trump Tax Scam that drove jobs overseas. 
    Protecting Medicare and Medicaid
    Republicans want to fund tax breaks for the wealthy and corporations by ripping health care away from Americans on Medicaid. New Mexico has the most Medicaid recipients per capita than any other state, and millions of children and pregnant women across the country rely on Medicaid to access health care. Senator Luján introduced an amendment to strengthen Medicaid for pregnant women and children under five years old. Senator Luján also co-led an amendment to ensure there is no reduction in benefits for people with Medicare and Medicaid. 
    Protecting Veterans’ Sensitive Data
    Senator Luján introduced an amendment to protect the sensitive, private information of veterans from being accessed by private companies including those owned by Elon Musk.
    Supporting Firefighters
    As New Mexico and Western states have been devastated by wildfires in recent years and months, Senator Luján co-led an amendment highlighting the vital role firefighters play in fighting wildland fires in the wake of the Trump administration’s hiring freeze and firings of federal firefighters.
    Supporting our National Parks, Forests, and Wildlife
    As federal employees at the Forest Service, National Park Service, United State Fish and Wildlife Service, and Bureau of Land Management have been recklessly fired in recent weeks, Senator Luján co-led an amendment highlighting the importance of reinstating these fired federal employees.
    Additionally, Senator Luján introduced 34 amendments that boost safety, lower everyday costs, fund critical health care programs, and improve disaster relief. 

    MIL OSI USA News –

  • MIL-OSI USA: In All-Night Senate Floor Fight, Cantwell Votes NO on Republican Tax Giveaways to Ultra-Rich, YES on Lower Costs for Working Families

    US Senate News:

    Source: United States Senator for Washington Maria Cantwell

    02.21.25

    In All-Night Senate Floor Fight, Cantwell Votes NO on Republican Tax Giveaways to Ultra-Rich, YES on Lower Costs for Working Families

    WASHINGTON, D.C. – Today, U.S. Senator Maria Cantwell (D-WA), ranking member of the Senate Committee on Commerce, Science, and Transportation, and senior member of the Senate Finance Committee, released this statement following Senate passage of a Republican-led budget resolution, after votes on 30 Democratic amendments.

    “Tonight, Senate Republicans voted to give $4 trillion in tax cuts to corporations and the ultra-rich while failing to protect programs like Medicare and Medicaid,” said Sen. Cantwell. “Republicans voted ‘no’ on our efforts to make housing more affordable, and they rejected efforts to reduce grocery prices. This is the fifth week of the Trump Administration. He is not doing enough to lower the cost of everyday goods for working families and neither will this Republican budget plan.”

    The budget resolution passed 52-48. Senate Republicans now have to hammer out their differences with the budget approach the House is slated to consider, likely next week.

    Before passage, the Senate voted on 30 Democratic amendments to improve the bill, including:

    • An amendment to prioritize the needs of working families first and prohibit tax cuts for people making $1 billion or more. Failed 47-51. Cantwell voted YES.
    • An amendment to prevent giving tax cuts for the wealthy while food prices are still high. Failed 48-52. Cantwell voted YES.
    • An amendment to protect Medicaid and prohibit providing tax cuts for the ultra-rich if any cuts are made to Medicaid. Failed 49-51. Cantwell voted YES.
    • An amendment to make housing more affordable. Failed 47-53. Cantwell voted YES.

    Republicans voted all of these and dozens more Democratic amendments down.

    MIL OSI USA News –

  • MIL-OSI Security: Seventeen Defendants Sentenced To Prison In Multi-State Drug Trafficking And Money Laundering Conspiracy

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

    Ocala, Florida – Senior United States District Judge John Antoon II has sentenced Dudzinski Poole and sixteen co-conspirators to federal prison terms ranging from six years, up to life, imprisonment in a multi-state drug trafficking and money laundering conspiracy. Poole was the leader of a drug trafficking organization (DTO) that was responsible for distributing thousands of kilograms of methamphetamine and fentanyl with sources of supply or distributors in California, multiple other states, and China. The organization also laundered millions of dollars in drug money. Two of Poole’s co-conspirators (Michael Chester and George King, Jr.) were convicted after a ten-day jury trial in July 2024. The rest of the defendants entered guilty pleas. A summary chart of the sentences is below:

    Name (Age, Residence)

    Charges

    Sentence

    Dudzinski Edwinn Poole

    a/k/a “Zink”

    (50, Apopka, FL)

    Possession with intent to distribute methamphetamine

    (two counts)

    Drug trafficking conspiracy

    Money laundering conspiracy

    		 21 years, 10 months’ imprisonment

    Melvin Tyrone Patterson, Jr.

    a/k/a “Goon”

    (34, Wildwood, FL)

    Possession with intent to distribute methamphetamine (two counts)

    Drug trafficking conspiracy

    Money laundering conspiracy

    		 18 years, 7 months’ imprisonment

    Andrew Woodruff, Jr.

    a/k/a “Smurf”

    (40, Mount Dora, FL)

    Drug trafficking conspiracy

    Money laundering conspiracy

    		 30 years’ imprisonment

    Jose Ivan Carbajal

    a/k/a “Primo”

    (35, California)

    Drug trafficking conspiracy

    Money laundering conspiracy

    		 40 years’ imprisonment

    Antonio Holmes

    a/k/a “Tone”

    (36, Davenport, FL)

    Possession with intent to distribute fentanyl

    Drug trafficking conspiracy

    		 15 years, 8 months’ imprisonment

    Diego Navarro- Martinez

    a/k/a “Shooter”

    (34, California)

    Drug trafficking conspiracy

    Money laundering conspiracy

    		 15 years’ imprisonment

    Michael Andre Chester

    a/k/a “Dre”

    (50, Apopka, FL)

    Drug trafficking conspiracy

    Money laundering conspiracy

    		 Life in prison

    Samantha Tiesha King

    a/k/a “Mamp”

    (34, Altamonte Springs, FL)

    Drug trafficking conspiracy

    Money laundering conspiracy

    		 17 years, 6 months’ imprisonment

    George Nelvin King, Jr.

    (47, Altamonte Springs, FL)

    Drug trafficking conspiracy

    Money laundering conspiracy

    		 14 years, 8 months’ imprisonment

    Felisha Denise Williams

    a/k/a “Lil Momma”

    (35, Apopka, FL)

    Drug trafficking conspiracy

    Money laundering conspiracy

    		 12 years, 7 months’ imprisonment

    Nathaniel Donnell, Jr.

    a/k/a “Bob”

    (60, Wildwood, FL)

    Drug trafficking conspiracy

    Money laundering conspiracy

    		 13 years’ imprisonment

    Rodrieka Lashay Manning

    a/k/a “Drieka”

    (27, Apopka, FL)

    Drug trafficking conspiracy

    Money laundering conspiracy

    		 11 years, 3 months’ imprisonment

    Mohammed McDowell

    a/k/a “Mo”

    (45, Wildwood, FL)

    Drug trafficking conspiracy

    Money laundering conspiracy

    		 10 years, 10 months’ imprisonment

    Janice Denise Anderson

    a/k/a “Butter”

    (67, Mount Dora, FL)

    Drug trafficking conspiracy

    Money laundering conspiracy

    		 10 years, 4 months’ imprisonment

    Latonya Sharee Conley

    a/k/a “Hershey”

    (47, Mount Dora, FL)

    Drug trafficking conspiracy

    Money laundering conspiracy

    		 10 years’ imprisonment

    Oveda Denise Miller

    a/k/a “Gangsta Granny”

    (62, Mount Dora, FL)

    Drug trafficking conspiracy

    Money laundering conspiracy

    		 10 years’ imprisonment

    Roland Richardson

    (65, Mount Dora, FL)

    Drug trafficking conspiracy

    Money laundering conspiracy

    		 6 years’ imprisonment

    According to court records and the evidence presented at trial, between 2017 and 2023, the DTO operated largely out of Lake County, Florida, where Poole received hundreds of shipments of methamphetamine and fentanyl from sources of supply in California, including Jose Carbajal. The drugs were transported or shipped via commercial planes and through the mail. DEA seized more than 250 pounds of drugs (mostly methamphetamine and fentanyl) during the course of the investigation.

    The defendants played various roles in the DTO, such as suppliers, distributors, couriers, and courier coordinators. The couriers would fly to California from Florida with large sums of cash to purchase drugs and transport checked luggage full of drugs back to Florida on commercial flights. The conspirators sometimes purchased tickets and checked the suitcases full of drugs or cash at the airport but did not fly on the plane. The suitcases would travel to the destination where they would be picked up by other conspirators awaiting their arrival. Nearly all the flights were between the Orlando International Airport (MCO) in Florida and the Palm Springs Airport (PSP) or the Los Angeles International Airport (LAX) in California. Flight records during a two-year period show more than 400 flights between California and Orlando among the various conspirators.

    The DTO also used couriers to transport large amounts of methamphetamine from Orlando to Virginia via train. In April 2022, one of these couriers was arrested at a train station in Virginia with approximately 10 pounds of methamphetamine inside a suitcase.

    In addition to transporting drugs on commercial flights and trains, Poole and his associates had multiple stash houses and received hundreds of mailed packages of methamphetamine and fentanyl from California and other drugs, including fentanyl, from China. Poole’s source of supply in California (Carbajal) would ship packages that contained an average of five to ten pounds of drugs at a time. Poole would provide Carbajal various addresses to ship the drugs, including co-conspirators’ residences. Investigators identified almost 400 packages that were shipped from California as part of this conspiracy from 2019 to 2023.

    The members of this DTO also conspired with one another to engage in money laundering. Poole developed an entertainment business that he used to promote concerts with famous rap artists, whom he paid with drug proceeds. Poole then commingled the profits from the ticket sales with the drug proceeds in the same business account. Members of the conspiracy also used drug proceeds to pay for various expenses of the DTO (such as flights) or funneled the proceeds through numerous financial accounts into purchases of expensive jewelry, vehicles, residences, and payments to coconspirators.

    “This multi-state drug trafficking organization used a vast network to move methamphetamine and fentanyl to poison our communities,” said DEA Miami Field Division Special Agent in Charge Deanne L. Reuter. “I’m proud of the way our agents and numerous law enforcement partners worked together to bring this criminal element to justice.”

    “Greed is the biggest motivation these criminal organizations know,” said Ron Loecker, Special Agent in Charge of IRS – Criminal Investigation’s Tampa Field Office. “Motivated by money, they will try to place themselves above the law to the detriment of our communities. Fortunately, our agents and staff are extremely skilled at following the money to ensure these perpetrators face justice. We are proud to work alongside our partner agencies to put a stop to these dangerous drug trafficking organizations and ensure they are held accountable.”  

    This case was investigated by the Drug Enforcement Administration and the Internal Revenue Service-Criminal Investigation, with assistance from the Bureau of Alcohol, Tobacco, Firearms and Explosives; the United States Secret Service; the Florida Department of Law Enforcement; the Orlando Police Department’s Special Enforcement Division and Crime Center and Forensics Division; the Orange County Sheriff’s Office’s including the Gang Enforcement Unit; the Florida Highway Patrol; the Seminole County Sheriff’s Office; the Casselberry Police Department; the Metropolitan Bureau of Investigation; the Volusia County Sheriff’s Office; the Marion County Sheriff’s Office; the Lake County Sheriff’s Office; the Kissimmee Police Department; the St. Cloud Police Department; the Winter Park Police Department; the St. Cloud IRS Financial Crimes Task Force; and the Riverside County Sheriff’s Office (California). It was prosecuted by Assistant United States Attorneys Tyrie K. Boyer and Belkis H. Callaos.

    This case was part of an Organized Crime Drug Enforcement Task Force (OCDETF) investigation. OCDETF identifies, disrupts, and dismantles the highest-level criminal organizations that threaten the United States using a prosecutor-led, intelligence-driven, multi-agency approach. Additional information about the OCDETF Program can be found at www.justice.gov/OCDETF.

    MIL Security OSI –

  • MIL-OSI Canada: Prime Minister announces changes to the parliamentary secretary team

    Source: Government of Canada – Prime Minister

    The Prime Minister, Justin Trudeau, today announced changes to the parliamentary secretary team.

    In their new roles, the parliamentary secretaries will support their respective cabinet ministers to make progress on the priorities that matter most to Canadians. They will engage directly with Canadians on key initiatives and represent the government at home and abroad. Their appointments are effective immediately.

    The changes to the parliamentary secretary team are as follows:

    • Vance Badawey becomes Parliamentary Secretary to the Minister of Transport and Internal Trade
    • Jaime Battiste becomes Parliamentary Secretary to the Minister of Crown-Indigenous Relations and Northern Affairs and Minister responsible for the Canadian Northern Economic Development Agency
    • Chris Bittle becomes Parliamentary Secretary to the Minister of Housing, Infrastructure and Communities and Parliamentary Secretary to the Minister of Families, Children and Social Development
    • Mike Kelloway becomes Parliamentary Secretary to the Minister of Fisheries, Oceans and the Canadian Coast Guard and Parliamentary Secretary to the Minister of Rural Economic Development and Minister responsible for the Atlantic Canada Opportunities Agency
    • Irek Kusmierczyk becomes Parliamentary Secretary to the Minister of Employment, Workforce Development and Labour and Parliamentary Secretary to the Minister of Seniors
    • Bryan May becomes Parliamentary Secretary to the Prime Minister
    • Yasir Naqvi becomes Parliamentary Secretary to the Minister of Health and Parliamentary Secretary to the Minister of Mental Health and Addictions and Associate Minister of Health
    • Taleeb Noormohamed becomes Parliamentary Secretary to the Minister of Finance and Intergovernmental Affairs (Canada-U.S.)
    • Jennifer O’Connell becomes Parliamentary Secretary to the Minister of Public Safety (Cybersecurity)
    • Marc G. Serré becomes Parliamentary Secretary to the Minister of Energy and Natural Resources
    • Terry Sheehan becomes Parliamentary Secretary to the Minister of Indigenous Services and Minister responsible for the Federal Economic Development Agency for Northern Ontario
    • Ryan Turnbull becomes Parliamentary Secretary to the Minister of Finance and Intergovernmental Affairs and Parliamentary Secretary to the Minister of Innovation, Science and Industry
    • Adam van Koeverden becomes Parliamentary Secretary to the Minister of Environment and Climate Change and Parliamentary Secretary to the Minister of Sport and Minister responsible for Prairies Economic Development Canada

    The Prime Minister also welcomed the following new members to the parliamentary secretary team:

    • Kody Blois becomes Parliamentary Secretary to the Minister of Agriculture and Agri-Food and Parliamentary Secretary to the Minister of Rural Economic Development and Minister responsible for the Atlantic Canada Opportunities Agency
    • Julie Dzerowicz becomes Parliamentary Secretary to the Minister of Foreign Affairs (Consular Affairs and Latin America)
    • Arielle Kayabaga becomes Parliamentary Secretary to the Minister of Small Business
    • Viviane Lapointe becomes Parliamentary Secretary to the Minister of Official Languages and Associate Minister of Public Safety
    • Tim Louis becomes Parliamentary Secretary to the Minister of Canadian Heritage
    • Francesco Sorbara becomes Parliamentary Secretary to the Minister of Finance and Intergovernmental Affairs

    These new parliamentary secretaries will work to deliver real, positive change for Canadians. They join the following parliamentary secretaries remaining in their portfolio:

    • Paul Chiang, Parliamentary Secretary to the Minister of Immigration, Refugees and Citizenship
    • Julie Dabrusin, Parliamentary Secretary to the Minister of Environment and Climate Change and Parliamentary Secretary to the Minister of Energy and Natural Resources
    • Peter Fragiskatos, Parliamentary Secretary to the Minister of Housing, Infrastructure and Communities
    • Lisa Hepfner, Parliamentary Secretary to the Minister for Women and Gender Equality and Youth
    • Anthony Housefather, Parliamentary Secretary to the President of the Treasury Board
    • Iqra Khalid, Parliamentary Secretary to the Minister of National Revenue
    • Annie Koutrakis, Parliamentary Secretary to the Minister of Tourism and Minister responsible for the Economic Development Agency of Canada for the Regions of Quebec
    • Marie-France Lalonde, Parliamentary Secretary to the Minister of National Defence
    • Kevin Lamoureux, Parliamentary Secretary to the Leader of the Government in the House of Commons
    • Stéphane Lauzon, Parliamentary Secretary to the Minister of Citizens’ Services
    • James Maloney, Parliamentary Secretary to the Minister of Justice and Attorney General of Canada
    • Rob Oliphant, Parliamentary Secretary to the Minister of Foreign Affairs
    • Sherry Romanado, Parliamentary Secretary to the President of the King’s Privy Council for Canada and Minister of Emergency Preparedness 
    • Randeep Sarai, Parliamentary Secretary to the Minister of Veterans Affairs and Associate Minister of National Defence
    • Maninder Sidhu, Parliamentary Secretary to the Minister of Export Promotion, International Trade and Economic Development
    • Charles Sousa, Parliamentary Secretary to the Minister of Public Services and Procurement 
    • Anita Vandenbeld, Parliamentary Secretary to the Minister of International Development
    • Sameer Zuberi, Parliamentary Secretary to the Minister of Diversity, Inclusion and Persons with Disabilities

    Quote

    “Our government is laser-focused on the issues that matter most to you and your family. With these additions to our strong team, we will create and protect Canadian jobs, build more homes, reduce emissions, make life cost less, and defend Canadian interests.”

    Quick Facts

    • Parliamentary secretaries are chosen by the Prime Minister to assist ministers.
    • The responsibilities of parliamentary secretaries generally fall into two broad categories: House of Commons business and department-related duties.
    • Parliamentary secretaries are not members of Cabinet and do not play a formal role in the Cabinet decision-making process. They support their ministers, but overall responsibility and accountability remains with the minister.

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