NewzIntel.com

Category: Taxation

  • MIL-OSI Australia: Supporting Australian TV and radio

    Source: Australian Executive Government Ministers

    The Albanese Government is delivering on its commitment to support commercial television and radio broadcasters through the suspension of the Commercial Broadcasting Tax (CBT) for one year.
     
    Announced as part of the Mid-Year Economic and Fiscal Outlook 2024-25, the measure will provide temporary relief for commercial broadcasters in the face of continuing financial pressures impacting the sector.
     
    The one-year suspension will apply from 9 June 2025 to 8 June 2026 and has been implemented by way of a 100% rebate of the CBT liabilities of all commercial television and radio broadcasters, reducing their liabilities to zero. This will save commercial broadcasters an estimated $50.3 million.
     
    Those regional commercial television and radio broadcasters currently eligible for a partial rebate of their CBT liabilities will be entitled to receive the 100% rebate for one year, after which their partial rebate entitlement will resume.
     
    The one-year 100% rebate has been implemented by the Commercial Broadcasting (Tax) Amendment (Transmitter Licence Tax Rebate) Rules 2025, which are available on the Federal Register of Legislation.
     
    The rebate will be administered by the Australian Communications and Media Authority.
     
    The CBT is a charge for the use of spectrum by commercial radio and television broadcasters. As spectrum is a finite and valuable public resource, the CBT is imposed to ensure the efficient use of spectrum.
     
    The measure is part of the Government’s work to support news and media diversity in Australia, including through increased funding for the national broadcaster and the community broadcasting sector, additional support for the Australian Associated Press, and funding for the News Media Assistance Program.
     
    Quotes attributable to the Minister for Communications, the Hon Michelle Rowland MP:
     
    “Free-to-air broadcasting services keep Australians informed and entertained with high quality programs that feature local voices and stories.
     
    “The sector continues to face a challenging operating environment, which is why the Government is providing relief by suspending the Commercial Broadcasting Tax for one year.
     
    “This measure is in addition to the Government’s delivery of media reforms to modernise the regulatory framework, the provision of stable funding arrangements for the Viewer Access Satellite Television service and our commitment to work with industry on a plan to secure the future of free-to-air television across Australia.”

    MIL OSI News –

  • MIL-Evening Report: With billions in ‘profit’ exempt from tax, changes to NZ’s charity rules are long overdue

    Source: The Conversation (Au and NZ) – By Ranjana Gupta, Senior Lecturer, Accounting Department, Auckland University of Technology

    Jirsak/Shutterstock

    The profit made on every breakfast bowl of weet-bix is tax exempt, giving Sanitarium Health Food Company, owned by the Seventh-day Adventist Church, an advantage over other breakfast food companies. But this could be about to change.

    Under current rules, New Zealand’s charities are allowed to run businesses as long as the profits are not for personal gain. This means the government gives up millions in tax revenue from charities across the government.

    In December, Finance Minister Nicola Willis proposed revising the tax rules for charitable organisations. The changes are set to be announced with this year’s Budget. According to Willis, there was about NZ$2 billion of “profit” in the charitable sector that was not subject to tax.

    My new research – to be published later this year – looks at the integrity and fairness of the taxation framework that gives exemptions to charitable organisations competing directly with the for-profit sector.

    Striking the right balance between supporting legitimate charitable activities and preventing the abuse of tax concessions is crucial for ensuring a level playing field in the tax system.

    My study shows the tax exemption system in New Zealand, as it stands now, is not really fair and equitable. And it is past time for this to change.

    For the public benefit

    Under New Zealand’s charity law, a charitable organisation must operate for the public benefit and relieve the government of its burden to provide welfare services and assist disadvantaged people.

    A paper prepared by the Tax Working Group, an advisory group that looked at New Zealand’s tax system between 2017 and 2019, estimated 30% of registered charities were likely to have some sort of trading activities, such as second-hand stores.

    To be eligible for tax exemptions, any gains from businesses must be reinvested in the organisation’s charitable activities.

    The traditional justification for granting charitable organisations tax concessions is that they are dedicated to the greater good of society. The concessions are also meant to offset the disadvantages charities face in accessing capital.

    But by treating the producers of identical goods and services differently, there is a risk of compromising horizontal equity principles – basically the idea that taxpayers in similar positions should pay similar amounts of tax.

    There are concerns for the tax system’s integrity when charitable organisations shift their focus from providing a public good to providing private or unrelated goods (commercial activities).

    In these cases, it is clear that tax breaks should be limited.

    When governments offer tax breaks, they forego tax revenue. Governments end up having to raise money from other sources to meet their total tax collection targets, such as increasing tax rates on non-exempt firms, items and individuals.

    Taxing unrelated activities

    Overseas tax systems take a different view of exemptions for charities, offering examples for New Zealand to follow.

    In the United Kingdom, for example, charities cannot undertake commercial trading activities unrelated to their charitable purposes while claiming exemption from income tax. This ensures fair competition between commercial activities.

    In the United States, “unrelated business income” is subject to tax, restricting concessions to ensure the tax regime matches conventional tax policy or social welfare policy.

    In Australia, commercial trading unrelated to the charity’s core purpose is not allowed.

    Ensuring transparency

    To ensure greater transparency over who gets an exemption, the financial statements of all charities in New Zealand should also be filed on the Charities Register. These statements should be publicly available.

    Charities also need to become more responsible and equitable in their operations. There needs to be stricter regulation, and compliance measures should be implemented. These would prevent tax exemption misuse that benefits a specific group or individuals.

    The time for reviewing charitable purposes is long overdue in New Zealand, particularly given the UK and Australia have set out their concepts of charitable purposes in recent years.

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

    – ref. With billions in ‘profit’ exempt from tax, changes to NZ’s charity rules are long overdue – https://theconversation.com/with-billions-in-profit-exempt-from-tax-changes-to-nzs-charity-rules-are-long-overdue-249575

    MIL OSI Analysis – EveningReport.nz –

  • MIL-OSI USA: Reed Works to Nix “Carried Interest” Tax Loophole & Make Wall Street Pay Its Fair Share

    US Senate News:

    Source: United States Senator for Rhode Island Jack Reed

    WASHINGTON, DC –In an effort to restore fairness to the tax code, U.S. Senator Jack Reed (D-RI) is seeking to close the “carried interest” tax loophole, which lets private equity firms and Wall Street managers at investment partnerships pay a lower tax rate on their income than most American workers.

    Reed is teaming up with U.S. Senator Tammy Baldwin (D-WI) to introduce the Carried Interest Fairness Act (S. 445).  Their legislation would ensure that income earned by investment managers of private equity, venture capital, and hedge funds is taxed at the same rate paid by the vast majority of Americans.  The non-partisan Congressional Budget Office (CBO) estimates that ending the loophole could reduce the federal deficit by $13 billion through 2034.

    Under the current system, fund managers get paid up to two percent of assets as a regular fee, plus twenty percent of the fund’s profits.  The managers pay regular income tax on the two percent, but when it comes to their share of the profits, which is called “carried interest,” they usually pay only the lower long-term capital gains tax rate.  In a sense, they are converting income from labor into capital gains.  So even though the investors are putting up the fund’s capital and taking the risk, the fund managers are able to treat their part of the fund’s earnings as a capital gain, subject only to a top capital gains tax rate at 20 percent compared to the top federal income tax rate of 37 percent for the wealthiest Americans. 

    “Americans feel the system is fixed against them, and this big, fat loophole sure seems that way. This commonsense legislation would close a glaring loophole in the tax code and restore a key measure of fairness so that wealthy fund managers pay the same rate as regular working Americans.  It would end preferential treatment for Wall Street elites and prevent these wealthy executives from paying lower rates than their salaried employees.  Everyone has a right to earn their pay, but there shouldn’t be a special set of tax breaks just for the wealthy and well-connected.  Congress needs to close this loophole, simplify the tax code, and enact other sensible reforms that will strengthen our economy,” said Senator Reed, a senior member of the Senate Banking Committee.

    “Wall Street investors should not be paying less in taxes than Wisconsin firefighters, teachers, and small business owners. But right now, the wealthiest Americans are gaming our tax system to get out of paying their fair share, passing their tax burden onto working Wisconsinites,” said Senator Baldwin.

    Despite President Donald Trump previously pledging “we will eliminate the carried interest deduction and other special interest loopholes…”  during the 2016 election, his 2017 Tax Cuts and Jobs Act “failed to eliminate [the] key deduction used by wealthy investment firms that Trump had vowed to kill,” leading PolitiFact to rate this a “Promise Broken.”

    In 2017, Senate Republicans rejected an amendment to the Trump tax bill by Senator Baldwin to close the carried interest loophole.

    In 2022, Senator Reed and the majority of his Democratic colleagues pushed for a provision to eliminate the carried interest loophole as part of the Inflation Reduction Act.  But with a 50-50 split in the U.S. Senate, the measure was stripped out of the underlying bill after then-Senator Kyrsten Sinema (I-AZ) objected to its inclusion.

    In addition to Baldwin and Reed, the Carried Interest Fairness Act is cosponsored by U.S. Senators Chris Van Hollen (D-MD), Patty Murray (D-WA), Brian Schatz (D-HI), Ed Markey (D-MA), Amy Klobuchar (D-MN), Tim Kaine (D-VA), Jeff Merkley (D-OR), Peter Welch (D-VT), Elizabeth Warren (D-MA), Cory Booker (D-NJ), Bernie Sanders (I-VT), and Mazie Hirono (D-HI).

    Companion legislation has been introduced in the U.S. House of Representatives by Congresswoman Marie Gluesenkamp Perez (D-WA-03).

    The legislation is endorsed by Communications Workers of America, Americans for Tax Fairness, the American Federation of Teachers (AFT), Public Citizen, American Federation of State, County and Municipal Employees (AFSCME), Alliance for Retired Americans, Americans for Financial Reform, Take on Wall Street, Patriotic Millionaires, 20/20 Vision, Community Catalyst, Main Street Alliance, American Federation of Government Employees, Small Business Minority, Economic Policy Institute, and the National Women’s Law Center.

    MIL OSI USA News –

  • MIL-OSI: Orca Energy Group Inc. Announces Independent Reserves Evaluation for Year End 2024

    Source: GlobeNewswire (MIL-OSI)

    TORTOLA, British Virgin Islands, Feb. 18, 2025 (GLOBE NEWSWIRE) — February 19, 2025 – Orca Energy Group Inc. (“Orca” or the “Company” and includes PanAfrican Energy Tanzania Limited (“PAET“) and its other subsidiaries and affiliates) (TSX-V: ORC.A, ORC.B) announces the approval of its Independent Reserves Evaluation as at December 31, 2024. All currency amounts in this news release are in United States Dollars ($) unless otherwise stated.

    INDEPENDENT RESERVES EVALUATION
    The Company’s conventional natural gas reserves as at December 31, 2024 for the period to the end of the primary 25-year term of the production sharing agreement (the “Songo Songo PSA“) with the Tanzanian Petroleum Development Corporation (the “TPDC“) have been evaluated by independent petroleum engineering consultants McDaniel & Associates Consultants Ltd. (“McDaniel“), an independent reserves evaluator, in accordance with the definitions, standards and procedures contained in the Canadian Oil and Gas Evaluation Handbook (“COGE Handbook“) and National Instrument 51-101 – Standards of Disclosure for Oil and Gas Activities (“NI 51-101“). The Songo Songo PSA expires upon the expiry of TPDC’s Songo Songo licence in respect of the Songo Songo gas field (the “Songo Songo Licence“) in October 2026. The preparation date of the independent reserves evaluation prepared by McDaniel is February 18, 2025 and the effective date of the evaluation is December 31, 2024 (the “McDaniel Report“).

    All of the Company’s reserves are located in Tanzania. Reserves included herein are stated on a Company gross reserves basis unless noted otherwise. Company gross reserves are the total of the Company’s working interest share in reserves.

    The Company’s Board of Directors has reviewed and approved the McDaniel Report. Additional reserves information required under NI 51-101 is included in Orca’s reports relating to reserves data and other oil and gas information under NI 51-101, which will be filed on its profile on SEDAR+ at www.sedarplus.ca. The following discussion is subject to a number of cautionary statements, assumptions, contingencies and risks as set forth in this news release.

    HIGHLIGHTS

    • Total Proved (“1P”) Gross Company conventional natural gas reserves at year ended December 31, 2024, were 40.2 billion standard cubic feet (“Bcf“) compared to 85.0 Bcf at year end 2023, representing a 53% decrease.
    • Total Proved plus Probable (“2P”) Gross Company conventional natural gas reserves at year ended December 31, 2024, were 41.5 Bcf compared to 93.9 Bcf at year end 2023, representing a 56% decrease.
    • The Company estimated gas sales of 26.7 Bcf in 2024, representing a decrease of approximately 15% compared to year end 2023. The reduction in Gross Company 1P reserves from year end 2023 to year end 2024 was primarily attributed to 26.7 BCF of production in 2024 and 18.1 Bcf of negative technical revisions. The technical revisions were primarily due to lower forecasted gas sales to the end of the license (October 2026) attributed to increased hydro power in Tanzania and the removal of Proved Undeveloped reserves due to the unsuccessful well intervention on SS-7.
    • Net present value of 1P future net revenue discounted at 10% was $61.8 million at year end 2024, compared to $108.4 million at year end 2023, representing a 43% decrease.
    • Net present value of 2P future net revenue discounted at 10% was $64.7 million at year end 2024, compared to $118.7 million at year end 2023, representing a 45% decrease.
    • The 43% reduction in net present value of 1P future net revenues from year end 2023 to year end 2024 was primarily attributed to lower reserves at year end 2024 and the associated 33% reduction in the number of years outstanding on the current Songo Songo Licence.
    • The following tables outline the Company’s conventional natural gas reserves as at December 31, 2024 and the net present value of future net revenue attributable to such reserves as evaluated in the McDaniel Report utilizing McDaniel’s forecast price and cost assumptions to the end of the Songo Songo Licence term in October 2026.
      Company Gross Reserves   Company Net Reserves
      Conventional.

    Natural Gas

    		   Conventional.

    Natural Gas
      MMcf   MMcf
    Proved      
      Developed Producing 40,244   28,020
      Developed Non-Producing –   –
      Undeveloped –   –
    Total Proved 40,244   28,020
    Probable 1,224   803
    Total Proved plus Probable 41,469   28,823

    Net Present Value of Future Net Revenue of Gas Reserves

        Before and After Future Income Tax Expenses Discounted at   Unit Value
          Before and
    After Tax at
    10%
        0 %   5 %   10 %   15 %   20 %   $/Mcf
    ($’000)                        
    Proved                        
    Developed Producing   67,574     64,549     61,824     59,357     57,112     2.21
    Developed Non-Producing   –     –     –     –     –     –
    Undeveloped   –     –     –     –     –     –
    Total Proved   67,574     64,549     61,824     59,357     57,112     2.21
    Probable   3,160     3,016     2,887     2,769     2,663     3.60
    Total Proved plus Probable   70,735     67,565     64,710     62,126     59,775     2.25

    Notes:

    1. During the third quarter of 2015, The Petroleum Act, 2015 (the “Act“) was passed into law by Presidential decree. The Act repeals earlier legislation, provides a regulatory framework over upstream, mid-stream and downstream gas activity, and as well consolidates and puts in place a single, effective and comprehensive legal framework for regulating the oil and gas industry in Tanzania. The Act also provides for the creation of an upstream regulator, the Petroleum Upstream Regulatory Authority. The mid and downstream petroleum as well as gas activities are proposed to be regulated by the current authority, the Energy and Water Utilities Regulatory Authority (“EWURA“). The Act also confers upon on the TPDC the status of the National Oil Company, mandated with the task of managing the country’s commercial interest in the petroleum operations as well as mid and downstream natural gas activities. The Act vests TPDC with exclusive rights in the entire petroleum upstream value chain and the natural gas mid and downstream value chain. However, the exclusive rights of TPDC do not extend to mid and downstream petroleum supply operations. The Act does provide grandfathering provisions upholding the rights of the Company under the Songo Songo PSA as it was signed prior to the passing of the Act.
    2. On October 7, 2016, the Government of Tanzania issued the Petroleum (Natural Gas Pricing) Regulation made under Sections 165 and 258 (1) of the Act (the “Natural Gas Pricing Policy“). Article 260(3) of the Act preserves the Company’s pre-existing right with TPDC to market and sell natural gas together or independently on terms and conditions (including prices) negotiated with third party natural gas customers. To date, the Natural Gas Pricing Policy has not impacted the Company’s ability to market and sell natural gas at prices freely negotiated with natural gas customers. The future impact of the Natural Gas Pricing Policy, if any, cannot be determined at this time.
    3. On January 16, 2018, Orca sold (the “First Swala Transaction“) 7.933 percent of the Class A common shares (7,933 Class A common shares) of its wholly owned subsidiary PAE PanAfrican Energy Corporation (“PAEM“), a Mauritius registered Company and sole shareholder of PAET, a Jersey registered Company, to a wholly owned subsidiary of Swala. The Songo Songo PSA is held by PAET. While Swala had no management or control of PAEM and no shareholding in, or management or control of PAET, the McDaniel Report was previously prepared based on Orca’s ownership of 92.07 percent of PAET’s gross reserves. On July 21, 2023, the Company repurchased (the “Second Swala Transaction”) the 7.933% shares in PAEM eliminating Swala’s interest in the reserves. Accordingly, the 2024 McDaniel Report is prepared based on Orca’s ownership of 100% of PAET’s gross reserves.
    4. “Company Gross Reserves” are the total of the Company’s working interest share in reserves before deduction of royalties owned by others and without including any royalty interests of the Company.
    5. “Company Net Reserves” are the total of the Company’s working interest share in reserves after deducting the amounts attributable to royalties and Profit Gas owned by others (as defined in the PSA), plus the Company’s royalty interests in such reserves.
    6. Company Gross and Net Reserves are based on the Company’s 100 percent ownership interest in the reserves following the Second Swala Transaction.
    7. Under the terms of the Songo Songo Production Sharing Agreement with TPDC and the Government of Tanzania (“PSA“), the Company is required to pay Tanzanian income tax, but this is recovered by the Company through the profit sharing arrangements with TPDC. Where income tax is accrued, the Company’s revenue will be grossed up by the tax due and the tax will be shown as a tax in the Company’s accounts. However, the income tax has no material impact on the cash flows emanating from the PSA and accordingly it has not been identified as a separate cash flow stream in the analysis of the net present values.

    McDaniel employed the following gas sales, pricing and inflation rate assumptions as of December 31, 2024 in estimating the Company’s reserves data using forecast prices and costs. The Company received an average gas price of $4.67/Mcf in 2024 and $4.22/Mcf net of the transportation tariff imposed by Songas Limited as determined by the energy regulator, EWURA.

        Songo Songo gas prices  

    Year

    		 Brent crude

    $/bbl

    		 Proved

    $/Mcf

    		 Proved plus probable

    $/Mcf

    		 Annual inflation

    %

    		  
               
    2025 76.50 5.15 5.20 2  
    2026 78.03 5.25 5.32 2  
               

    Note:   Brent price forecast based on the McDaniel January 1, 2025 price forecast.

    The price of gas for the Industrial sector is based on a formula related to discounts to heavy fuel oil prices and includes caps and floors. This has been reflected in the above pricing.

    Orca Energy Group Inc.

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

    For further information please contact:

    Jay Lyons                                
    Chief Executive Officer                        
    +44 (0)20 8434 2754                        
    ir@orcaenergygroup.com                 

    For media enquiries:
    Celicourt (PR)
    Mark Antelme
    Jimmy Lea
    Orca@celicourt.uk
    +44 (0)20 8434 2754

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

    Abbreviations

    bbl cubic meters
    Mcf thousand cubic feet
    MMcf million standard cubic feet


    Forward Looking Information

    Certain information regarding Orca set forth in this news release contains forward-looking information and statements as defined under applicable securities laws (collectively, “forward-looking statements” or “statements“) that involve substantial known and unknown risks and uncertainties. The use of any of the words “plan”, “expect”, “prospective”, “project”, “intend”, “believe”, “should”, “anticipate”, “estimate” or other similar words, or statements that certain events or conditions “may” or “will” occur are intended to identify forward-looking statements. These statements are only predictions and actual events or results may differ materially. Although the Company’s management believes that the expectations reflected in the forward-looking statements are reasonable, it cannot guarantee future results, levels of activity, performance or achievement since such expectations are inherently subject to significant business, economic, competitive, political and social uncertainties and contingencies. Many factors could cause Orca’s actual results to differ materially from those expressed or implied in any forward-looking statements made by, or on behalf of, Orca.

    In particular, statements relating to “reserves” are deemed to be forward-looking statements, as they involve the implied assessment, based on certain estimates and assumptions that the resources described exist in the quantities predicted or estimated, and that the resources described can be profitably produced in the future. Additional forward-looking statements in this news release include statements regarding: expectations regarding demand for natural gas and the implications of decreasing demand; expiration of the Songo Songo PSA and the Songo Songo Licence and pending extension of the Songo Songo Licence and Songo Songo PSA; reserves and future net revenue from the Company’s reserves; assumptions regarding the increased demand for hydro power in Tanzania; and assumptions regarding gas sales, pricing and inflation rates.

    These forward-looking statements are subject to numerous risks and uncertainties, including but not limited to risks and uncertainties regarding or associated with: drilling wells, including the costs of drilling and whether development drilling results in commercially productive quantities of oil and gas; the terms of Orca’s future petroleum contracts, including potential obligations to drill wells and declare discoveries in order to retain Orca’s exploration and production rights; Orca’s local operational dependence and focus of its existing contracts; Orca’s future control over the Songo Songo Licence areas and facilities, including its status as operator thereof, and the timing and extent of costs in association therewith; estimations of reserves and the present value of future net revenues derived from them; Orca’s dependency on its management and technical team; Orca’s business plan including the additional capital required to execute such plans; commercializing Orca’s interests in any hydrocarbons produced from future licence areas; Orca’s ability to access appropriate equipment and infrastructure in a timely manner; the exploration and production of oil and natural gas, including but not limited to drilling and other operational and environmental risks and hazards; severe weather including but not limited to tropical storms and hurricanes; disagreements with TPDC regarding the Songo Songo PSA; the political and economic circumstances in the countries in which Orca operates; disputes with the Government of Tanzania; technological development; activism against oil and exploration and development; limitations on insurance coverage; Orca’s operations in a litigious environment; global populism; Orca’s future capitalization which may include additional indebtedness; acquisitions and the integration of any target entity or business into Orca’s current business; cybersecurity and data breaches; impacts of pandemics; share price volatility and dilution; Orca’s controlling shareholder and its control over key decision making as a result of its control of a majority of the voting rights attached to Orca’s issued and outstanding securities; Orca’s status as a holding company that’s ability to declare and pay dividends and purchase its own securities is dependent upon the receipt of funds from Orca’s subsidiaries by way of dividends, fees, interest, loans or otherwise; the impact of general economic conditions, including global and local oil and gas prices; industry conditions including changes in laws and regulations, and changes in how they are interpreted and enforced; competition; lack of availability of qualified personnel; risks related to obtaining required approvals of regulatory authorities; risks associated with negotiating with governments and other counterparties; fluctuations in foreign exchange or interest rates; risks and uncertainties associated with obtaining an extension to the Songo Songo PSA and related Songo Songo Licence or successfully renegotiating them; changes in income tax laws or tax rates; ability to access sufficient capital from internal and external sources; associated with the failure of counterparties to perform under the terms of their contracts, including collectability of Orca’s receivables from such parties; reduced global economic activity as a result of global pandemics, including lower demand for natural gas and a reduction in the price of natural gas; prolonged deficiency in Tanzania’s official reserve and foreign exchange losses; political instability and the impacts of the Russian-Ukrainian conflict, the Israel-Hamas conflict, conflicts in the Middle East and related actions; and other factors, many of which are beyond the control of the Company. Readers are cautioned that the foregoing list of factors is not exhaustive.

    Although the forward-looking statements contained in this news release are based upon assumptions which management believes to be reasonable, Orca cannot assure investors that actual results will be consistent with these forward-looking statements. Readers are cautioned not to place undue reliance on forward-looking statements included in this news release, as there can be no assurance that the plans, intentions or expectations upon which the forward-looking statements are based will occur. By their nature, forward-looking statements involve numerous assumptions, known and unknown risks and uncertainties that contribute to the possibility that the predictions, forecasts, projections and other forward-looking statements will not occur. With respect to forward-looking statements contained in this news release, Orca has made assumptions regarding, among other things: continued and timely development of infrastructure in areas of new production; obtaining an extension to the Songo Songo PSA and related Songo Songo Licence on terms acceptable to Orca; accuracy of estimates of Orca’s reserves volumes; the impact of any pandemics or political conflicts on the demand for and price of natural gas, volatility in financial markets, disruptions to global supply chains and the Company’s business, operations, access to customers and suppliers, availability of employees to carry out day-to-day operations, and other resources; future commodity prices and commodity price fluctuations; availability of skilled labour; availability of transactions to facilitate Orca’s growth strategy; growth of demand and consumption of natural gas in Tanzania and throughout Africa; the impact of increasing competition; conditions in general economic and financial markets; effects of regulation by governmental agencies; receipt of partner, regulatory and community approvals; future operating costs; effects of regulation by governmental agencies; that Orca’s conduct and results of operations will be consistent with its expectations; current or, where applicable, proposed industry conditions, laws and regulations will continue in effect or as anticipated as described herein; and other matters. There are a number of assumptions associated with the development of the evaluated areas, including continued performance of existing wells, future drilling programs and performance from new wells, the growth of infrastructure, well density per section, and recovery factors and development necessary involves known and unknown risks and uncertainties, including those risks identified in this news release. Orca believes the material factors, expectations and assumptions reflected in the forward-looking information are reasonable but no assurance can be given that these factors, expectations and assumptions will prove to be correct.

    Management has included the above summary of assumptions and risks related to forward-looking information provided in this news release in order to provide investors with a more complete perspective on Orca’s current and future operations and such information may not be appropriate for other purposes. Orca’s actual results, performance or achievement could differ materially from those expressed in, or implied by, these forward-looking statements and, accordingly, no assurance can be given that any of the events anticipated by the forward-looking statements will transpire or occur, or if any of them do, what benefits Orca will derive. These forward-looking statements are made as of the date of this news release and Orca disclaims any intent or obligation to update publicly any forward-looking statements, whether as a result of new information, future events or results or otherwise, other than as required by applicable securities laws. The forward-looking statements contained in this news release are expressly qualified by this cautionary statement.

    Oil and Gas Advisory

    The Company’s conventional natural gas reserves as at December 31, 2024 disclosed herein were evaluated by McDaniel in accordance with the definitions, standards and procedures contained in the COGE Handbook and NI 51-101. The McDaniel Report had an effective date of December 31, 2024. The Company’s conventional natural gas reserves as at December 31, 2023 disclosed herein were evaluated by McDaniel in accordance with the definitions, standards and procedures contained in the COGE Handbook and NI 51-101. Such report had an effective date of December 31, 2023.

    Additional reserves information required under NI 51-101 are included in Orca’s reports relating to reserves data and other oil and gas information under NI 51-101, which are filed on its profile on SEDAR at www.sedar.com.

    This news release contains estimates of the net present value of Orca’s future net revenue from the Company’s reserves. The net present value of future net revenue attributable to the Company’s reserves is stated without provision for interest costs and out of country general and corporate administrative costs, but after providing for estimated royalties, production costs, development costs, other income and future capital expenditures. It should not be assumed that the undiscounted or discounted net present value of future net revenue attributable to the Company’s reserves estimated by McDaniel represent the fair market value of those reserves. Such amounts do not represent the fair market value of the Company’s reserves. The recovery and reserve estimates of the Company’s conventional natural gas reserves provided herein 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 herein.

    The MIL Network –

  • MIL-OSI USA: 02.18.2025 Sen. Cruz Files Bill to Repeal Costly Chemical Tax on American Manufacturers

    US Senate News:

    Source: United States Senator for Texas Ted Cruz
    WASHINGTON, D.C. – U.S. Sen. Ted Cruz (R-Texas) reintroduced the Chemical Tax Repeal Act today. The bill eliminates the Superfund excise tax imposed by the Infrastructure Investment and Jobs Act passed in 2021. That law re-imposed taxes on 42 different chemicals, critical minerals, and metallic elements used in common household items such as plastics, rubber, concrete, soap, lightbulbs, and electronics.
    Upon reintroduction, Sen. Cruz said, “We should be unleashing American manufacturing and strengthening our economy, not increasing the tax burden on Texan and American businesses. Repealing this tax will strengthen the competitiveness of American industries, protect jobs, and ensure everyday essentials remain affordable for American families. I urge my colleagues to expeditiously take up and advance this bill.”
    U.S. Chamber of Commerce said, “The U.S. Chamber of Commerce supports the efforts of Senator Ted Cruz and Representative Beth Van Duyne to repeal the Superfund Tax. This tax has increased costs for essential household items and undermined the competitiveness of American manufacturers, yet the EPA has failed to accelerate site cleanups despite the additional revenue. We urge Congress to act swiftly to remove this burden and strengthen the U.S. economy.”
    American Chemistry Council said, “We welcome the Senate reintroduction of the Chemical Tax Repeal Act and commend Senators Cruz, Barrasso, Kennedy, Lee, and Cornyn for their leadership on this key issue for America’s economy. Estimates by the Joint Committee on Taxation indicate that the excise taxes could result in a nearly $15 billion hit to the U.S. economy by the time they expire at the end of 2031. The taxes are affecting chemical supply chains and markets and continue to increase costs for consumers and businesses. … We urge additional lawmakers to join the legislation and look forward to swift passage by both chambers.”
    Eric R. Byer, President & CEO, Alliance for Chemical Distribution (ACD) said, “The Alliance for Chemical Distribution (ACD) commends Senators Cruz, Kennedy, Cornyn, Barrasso, and Lee for championing the Chemical Tax Repeal Act, which aims to alleviate the undue burdens and uncertainties imposed by the reinstated Superfund Tax. Since its reimplementation in 2021, this tax has posed significant regulatory and financial hurdles for our members, many of whom operate small, family-owned businesses. The situation is further exacerbated by unclear guidance from the Internal Revenue Service. ACD strongly advocates for the prompt enactment of the Chemical Tax Repeal Act to enable the chemical distribution industry to continue its essential operations without the constraints of this excise tax.”
    The bill was co-sponsored by Sens. John Kennedy (R-La.), John Cornyn (R-Texas), John Barrasso (R-Wyo.), and Mike Lee (R-Utah).
    Read the bill text here.
    BACKGROUND
    The Chemical Tax, also known as the Superfund Tax, existed from 1987-1995 and was used to mitigate certain contaminated sites around the country with mixed success and high costs. The 2021 Infrastructure Investment and Jobs Act re-imposed the tax at twice its prior levels. The costs imposed by this measure travel down the supply chain, increasing prices for manufacturing materials to final products. Texas is home to forty percent of the nation’s chemical manufacturing plants.
    Sen. Cruz’s legislation received support from the U.S. Chamber of Commerce, American Chemistry Council, Alliance for Chemical Distribution (ACD), Vinyl Institute, National Taxpayers Union (NTU), Taxpayer Protection Alliance (TPA), Battery Council International (BCI), Americans for Prosperity (AFP), and Institute of Makers of Explosives (IME).
    Sen. Cruz previously introduced the Chemical Tax Repeal Act in April 2023 and December 2021.

    MIL OSI USA News –

  • MIL-OSI USA: arner, Colleagues Warn IRS that Staffing Cuts will Wreak Havoc on Tax Refunds, Taxpayer Service, and Undermine Law Enforcement

    US Senate News:

    Source: United States Senator for Commonwealth of Virginia Mark R Warner
    WASHINGTON – Today, U.S. Sen. Mark R. Warner (D-VA), a member of the Senate Finance Committee, joined colleagues in warning the Trump administration and Internal Revenue Service (IRS) leadership that staffing reductions at the IRS resulting from Trump’s hiring freeze and potential layoffs would likely delay tax refunds, harm taxpayer service and undermine law enforcement efforts.
    The senators urged the administration to end the IRS hiring freeze immediately, avoid further staffing cuts, and protect the Criminal Investigation division that plays a key role in combating drug and human trafficking, terrorism and sanctions evasion. 
    Regarding the impact of the hiring freeze and layoffs on taxpayer refunds and service, the senators wrote: “Americans need the IRS to be fully staffed with employees who can answer their questions, process their returns, send refunds, and keep IRS systems online and functional. It is nearly inevitable that this hiring freeze, compounded by layoffs and further reductions in staff mandated as a result of Elon Musk’s unprecedented power grab, will delay refunds and degrade taxpayer service. Millions of Americans plan their budgets around timely refunds every filing season. These reckless decisions on the part of Elon Musk and the Trump administration will likely cause serious financial hardship for people across the country.”
    Regarding the impact on law enforcement and national security they continued, “IRS Criminal Investigation is at the forefront of federal law enforcement efforts to investigate fentanyl trafficking by cartels, human trafficking, terrorism financing, and sanctions evasion. For example, CI was the lead investigative agency in the largest international fentanyl/opioid seizure in U.S. history. This operation took down a massive drug trafficking operation and seized 864 kg of drugs, including an astounding 64kg of fentanyl and fentanyl-laced opioids, enough to kill thousands of people. CI was also responsible for the dismantling of several large fentanyl trafficking networks operated by the Sinaloa cartel, including a collaboration with Chinese money laundering organizations. An indefinite hiring freeze at CI would endanger both public safety and national security by directly hampering multi-agency efforts to pursue and dismantle these highly dangerous criminal networks.”
    The letter was also signed by Finance Committee Ranking Member Ron Wyden (D-OR), and U.S. Sens. Chuck Schumer (D-NY), Sheldon Whitehouse (D-RI), Elizabeth Warren (D-MA) Bernie Sanders, (I-VT), Tina Smith (D-MN), Ben Ray Luján (D-NM), and Peter Welch (D-VT).

    MIL OSI USA News –

  • MIL-OSI: Purpose Investments Inc. Announces February 2025 Distributions

    Source: GlobeNewswire (MIL-OSI)

    TORONTO, Feb. 18, 2025 (GLOBE NEWSWIRE) — Purpose Investments Inc. (“Purpose”) is pleased to announce distributions for the month of February 2025 for its open-end exchange-traded funds and closed-end funds (“the Funds”).

    The ex-distribution date for all Open-End Funds is February 26, 2025. The ex-distribution date for all closed-end funds is February 28, 2025.

    Open-End Funds Ticker
    Symbol    		 Distribution
    per
    share/unit    		 Record
    Date    		 Payable
    Date    		 Distribution
    Frequency
    Apple (AAPL) Yield Shares Purpose ETF – ETF Units APLY $0.1667 02/26/2025 03/04/2025 Monthly
    Purpose Canadian Financial Income Fund – ETF Series BNC $0.1225¹ 02/26/2025 03/04/2025 Monthly
    Purpose Global Bond Fund – ETF Units BND $0.0840 02/26/2025 03/04/2025 Monthly
    Berkshire Hathaway (BRK) Yield Shares Purpose ETF – ETF Units BRKY $0.1000 02/26/2025 03/04/2025 Monthly
    Purpose Bitcoin Yield ETF – ETF Units BTCY $0.0850 02/26/2025 03/04/2025 Monthly
    Purpose Bitcoin Yield ETF – ETF Non-Currency Hedged Units BTCY.B $0.0970 02/26/2025 03/04/2025 Monthly
    Purpose Bitcoin Yield ETF – ETF USD Units BTCY.U US $0.0815 02/26/2025 03/04/2025 Monthly
    Purpose Credit Opportunities Fund – ETF Units CROP $0.0875 02/26/2025 03/04/2025 Monthly
    Purpose Credit Opportunities Fund – ETF USD Units CROP.U US $0.0975 02/26/2025 03/04/2025 Monthly
    Purpose Ether Yield – ETF Units ETHY $0.0405 02/26/2025 03/04/2025 Monthly
    Purpose Ether Yield ETF – ETF Non-Currency Hedged Units ETHY.B $0.0500 02/26/2025 03/04/2025 Monthly
    Purpose Ether Yield ETF – ETF Units Non-Currency Hedged USD Units ETHY.U US $0.0395 02/26/2025 03/04/2025 Monthly
    Purpose Global Flexible Credit Fund – ETF Units FLX $0.0461 02/26/2025 03/04/2025 Monthly
    Purpose Global Flexible Credit Fund – Non-Currency Hedged – ETF Units FLX.B $0.0551 02/26/2025 03/04/2025 Monthly
    Purpose Global Flexible Credit Fund – Non-Currency Hedged USD – ETF Units FLX.U US $0.0385 02/26/2025 03/04/2025 Monthly
    Purpose Global Bond Class – ETF Units IGB $0.0860¹ 02/26/2025 03/04/2025 Monthly
    Microsoft (MSFT) Yield Shares Purpose ETF – ETF units MSFY $0.1100 02/26/2025 03/04/2025 Monthly
    Purpose Enhanced Premium Yield Fund – ETF Series PAYF $0.1375¹ 02/26/2025 03/04/2025 Monthly
    Purpose Total Return Bond Fund – ETF Series PBD $0.0590¹ 02/26/2025 03/04/2025 Monthly
    Purpose Core Dividend Fund – ETF Series PDF $0.1050¹ 02/26/2025 03/04/2025 Monthly
    Purpose Enhanced Dividend Fund – ETF Series PDIV $0.0950¹ 02/26/2025 03/04/2025 Monthly
    Purpose Real Estate Income Fund – ETF Series PHR $0.0720¹ 02/26/2025 03/04/2025 Monthly
    Purpose International Dividend Fund – ETF Series PID $0.0780 02/26/2025 03/04/2025 Monthly
    Purpose Monthly Income Fund – ETF Series PIN $0.0830¹ 02/26/2025 03/04/2025 Monthly
    Purpose Multi-Asset Income Fund – ETF Units PINC $0.0840 02/26/2025 03/04/2025 Monthly
    Purpose Conservative Income Fund – ETF Series PRP $0.0600¹ 02/26/2025 03/04/2025 Monthly
    Purpose Premium Yield Fund – ETF Series PYF $0.1100¹ 02/26/2025 03/04/2025 Monthly
    Purpose Premium Yield Fund Non-Currency Hedged – ETF Series PYF.B $0.1230¹ 02/26/2025 03/04/2025 Monthly
    Purpose Premium Yield Fund Non-Currency Hedged – ETF USD Series PYF.U US $0.1200¹ 02/26/2025 03/04/2025 Monthly
    Purpose Core Equity Income Fund – ETF Series RDE $0.0875¹ 02/26/2025 03/04/2025 Monthly
    Purpose Emerging Markets Dividend Fund – ETF Units REM $0.0950 02/26/2025 03/04/2025 Monthly
    Purpose Canadian Preferred Share Fund – ETF Units RPS $0.0950 02/26/2025 03/04/2025 Monthly
    Purpose US Preferred Share Fund – ETF Series RPU $0.0940 02/26/2025 03/04/2025 Monthly
    Purpose US Preferred Share Fund Non-Currency Hedged – ETF Units2 RPU.B / RPU.U $0.0940 02/26/2025 03/04/2025 Monthly
    Purpose Strategic Yield Fund – ETF Units SYLD $0.0970 02/26/2025 03/04/2025 Monthly
    AMD (AMD) Yield Shares Purpose ETF – ETF Series YAMD $0.2000 02/26/2025 03/04/2025 Monthly
    Amazon (AMZN) Yield Shares Purpose ETF- ETF Units YAMZ $0.4000 02/26/2025 03/04/2025 Monthly
    Alphabet (GOOGL) Yield Shares Purpose ETF – ETF Units YGOG $0.2500 02/26/2025 03/04/2025 Monthly
    META (META) Yield Shares Purpose ETF – ETF Series YMET $0.1600 02/26/2025 03/04/2025 Monthly
    NVIDIA (NVDA) Yield Shares Purpose ETF – ETF Units YNVD $0.7500 02/26/2025 03/04/2025 Monthly
    Tesla (TSLA) Yield Shares Purpose ETF – ETF Units YTSL $0.5500 02/26/2025 03/04/2025 Monthly
               
    Closed-End Funds Ticker Symbol Distribution
    per share/unit    		 Record Date Payable Date Distribution Frequency
    Big Banc Split Corp, Class A BNK $0.1200¹ 02/28/2025 03/14/2025 Monthly
    Big Banc Split Corp, Preferred Shares BNK.PR.A $0.0700¹ 02/28/2025 03/14/2025 Monthly
               

    Estimated February 2025 Distributions for Purpose USD Cash Management Fund, Purpose Cash Management Fund, Purpose High Interest Savings Fund, and Purpose US Cash Fund

    The February 2025 distribution rates for Purpose USD Cash Management Fund, Purpose Cash Management Fund, Purpose High Interest Savings Fund, and Purpose US Cash Fund are estimated to be as follows:

    Fund Name Ticker
    Symbol    		 Estimated
    Distribution
    per unit    		 Record
    Date    		 Payable
    Date    		 Distribution
    Frequency
    Purpose USD Cash Management Fund – ETF Units MNU.U US $0.3407 02/26/2025 03/04/2025 Monthly
    Purpose Cash Management Fund – ETF Units MNY $0.2707 02/26/2025 03/04/2025 Monthly
    Purpose High Interest Savings Fund – ETF Units PSA $0.1125 02/26/2025 03/04/2025 Monthly
    Purpose US Cash Fund – ETF Units PSU.U US $0.3244 02/26/2025 03/04/2025 Monthly
               

    Purpose expects to issue a press release on or about February 25, 2025, which will provide the final distribution rate for Purpose USD Cash Management Fund, Purpose Cash Management Fund, Purpose High Interest Savings Fund, and Purpose US Cash Fund. The ex-distribution date will be February 26, 2025.

    (1) Dividend is designated as an “eligible” Canadian dividend for purposes of the Income Tax Act (Canada) and any similar provincial and territorial legislation.
    (2) Purpose US Preferred Share Fund Non-Currency Hedged – ETF Units have both a CAD and USD purchase option. Distribution per unit is declared in CAD; however, the USD purchase option (RPU.U) distribution will be made in the USD equivalent. Conversion into USD will use the end-of-day foreign exchange rate prevailing on the ex-distribution date.
       

    About Purpose Investments Inc.

    Purpose Investments is an asset management company with more than $23 billion in assets under management. Purpose Investments has an unrelenting focus on client-centric innovation and offers a range of managed and quantitative investment products. Purpose Investments is led by well-known entrepreneur Som Seif and is a division of Purpose Unlimited, an independent technology-driven financial services company.

    For further information, please email us at info@purposeinvest.com

    Media inquiries:
    Keera Hart
    keera.hart@kaiserpartners.com
    905-580-1257

    Commissions, trailing commissions, management fees, and expenses may all be associated with investment fund investments. Please read the prospectus and other disclosure documents before investing. Investment funds are not covered by the Canada Deposit Insurance Corporation or any other government deposit insurer. There can be no assurance that the full amount of your investment in a fund will be returned to you. If the securities are purchased or sold on a stock exchange, you may pay more or receive less than the current net asset value. Investment funds are not guaranteed, their values change frequently, and past performance may not be repeated.

    The MIL Network –

  • MIL-OSI USA: Luján, Colleagues Warn IRS Staffing Cuts Will Cause a Tax Refund Train Wreck, Degrade Taxpayer Service, Undermine Law Enforcement

    US Senate News:

    Source: US Senator for New Mexico Ben Ray Luján

    With Tax Filing Season Underway, Trump Cuts Have Already Hampered Key Tax Filing Assistance Programs; Democrats Warn Further Cuts Could Hurt Families Waiting for Refunds

    Washington, D.C. – U.S. Senator Ben Ray Luján (D-N.M.), a member of the Senate Committee on Finance, Finance Committee Ranking Member U.S. Senator Ron Wyden (D-Ore.), Senate Democratic Leader Chuck Schumer (D-N.Y.), and six Democratic committee members warned the Trump administration and IRS leadership today that staffing reductions at the IRS resulting from Trump’s hiring freeze and potential layoffs would likely delay tax refunds, harm taxpayer service, and undermine law enforcement efforts. The senators urged the Administration to end the IRS hiring freeze immediately, avoid further staffing cuts, and protect the Criminal Investigation division that plays a key role in combating drug and human trafficking, terrorism, and sanctions evasion.

    Regarding the impact of the hiring freeze and layoffs on taxpayer refunds and service, the senators wrote: “Americans need the IRS to be fully staffed with employees who can answer their questions, process their returns, send them refunds, and keep IRS systems online and functional. It is nearly inevitable that this hiring freeze, compounded by layoffs and further reductions in staff mandated as a result of Elon Musk’s unprecedented power grab, will delay refunds and degrade taxpayer service. Millions of Americans plan their budgets around timely refunds every filing season. These reckless decisions on the part of Elon Musk and the Trump administration will likely cause serious financial hardship for people across the country.”

    Regarding the impact on law enforcement and national security: “IRS Criminal Investigation is at the forefront of federal law enforcement efforts to investigate fentanyl trafficking by cartels, human trafficking, terrorism financing, and sanctions evasion. For example, CI was the lead investigative agency in the largest international fentanyl/opioid seizure in U.S. history. This operation took down a massive drug trafficking operation and seized 864 kg of drugs, including an astounding 64kg of fentanyl and fentanyl-laced opioids, enough to kill thousands of people. CI was also responsible for the dismantling of several large fentanyl trafficking networks operated by the Sinaloa cartel, including a collaboration with Chinese money laundering organizations. An indefinite hiring freeze at CI would endanger both public safety and national security by directly hampering multi-agency efforts to pursue and dismantle these highly dangerous criminal networks.”

    The complete text of the letter to Treasury Secretary Bessent, OMB Director Vought, acting OPM Director Ezell and acting IRS Commissioner O’Donnell is available here.

    U.S. Senators Mark Warner (D-Va.), Sheldon Whitehouse (D-R.I), Elizabeth Warren (D-Mass.), Bernie Sanders (I-Vt.), Tina Smith (D-Minn.), and Peter Welch (D-Vt.) also signed the letter.

    MIL OSI USA News –

  • MIL-OSI USA: Justice Department Sues to Shut Down Atlanta-Area Return Preparers

    Source: US State of North Dakota

    The Justice Department filed a complaint today in the U.S. District Court for the Northern District of Georgia seeking to bar three Atlanta-area tax return preparers from owning or operating a tax return preparation business and preparing federal tax returns for others, as well as to require the defendants to disgorge the fees they received for fraudulently prepared returns.

    The civil complaint was filed against Mabika Ilunga; Simon Ilunga; Simon Ilunga Jr.; Mabilus Inc. doing business as Metro Insurance and Tax Service; Big Cheez Inc. doing business as Metro Insurance and Tax Service and SN Tax Services Inc. doing business as Metro Insurance and Tax Service. According to the complaint, the defendants prepared and filed tax returns that falsely understated their customers’ federal income tax liabilities by fabricating, among other things:

    • Businesses and related business expenses and losses;
    • Education and qualified electric vehicle credits;
    • Unreimbursed employee business expenses and
    • Dependents and filing status.

    The defendants fabricated these items to inflate their customers’ refunds and increase their eligibility for the Earned Income Tax Credit.

    According to the complaint, the defendants prepared thousands of tax returns for 2020 through 2023, and already prepared over 400 returns between the start of the 2025 filing season and today’s filing. The complaint alleges that the IRS reviewed income tax returns for 34 of the defendants’ customers and found that returns for 33 of those customers had errors that required an adjustment, often included without the customers’ knowledge or consent. As a result, the complaint alleges that the defendants have cost the United States lost tax revenue as well as the time and resources necessary to investigate the false returns. The complaint further alleges that the defendants harmed their customers who could potentially face large income tax debts and may be liable for penalties and interest.

    The Justice Department’s Tax Division made the announcement.

    Return preparer fraud is one of the IRS’ Dirty Dozen Tax Scams and taxpayers seeking a return preparer should remain vigilant. (More information can also be found here.) The IRS has information on its website for choosing a tax preparer, has launched a free directory of federal tax preparers, and offers information on how to avoid “ghost” tax preparers, whose refusal to sign a return should be a red flag to taxpayers. The IRS also has a checklist of things to remember when filing income tax returns in 2025.

    In addition, IRS Free File, a public-private partnership, offers free online tax preparation and filing options on IRS partner websites for individuals whose adjusted gross income is under $84,000. For individuals whose income is over that threshold, IRS Free File offers electronical federal tax forms that can be filled out and filed online for free. The IRS has tips on how seniors and individuals with low to moderate income can get other help or guidance on tax return preparation, too.

    In the past decade, the Tax Division has obtained injunctions against hundreds of unscrupulous tax preparers. Information about these cases is available on the Justice Department’s website. An alphabetical listing of persons enjoined from preparing returns and promoting tax schemes can be found this page. If you believe that one of the enjoined persons or businesses may be violating an injunction, please contact the Tax Division with details.

    MIL OSI USA News –

  • MIL-OSI Security: Justice Department Sues to Shut Down Atlanta-Area Return Preparers

    Source: United States Attorneys General

    The Justice Department filed a complaint today in the U.S. District Court for the Northern District of Georgia seeking to bar three Atlanta-area tax return preparers from owning or operating a tax return preparation business and preparing federal tax returns for others, as well as to require the defendants to disgorge the fees they received for fraudulently prepared returns.

    The civil complaint was filed against Mabika Ilunga; Simon Ilunga; Simon Ilunga Jr.; Mabilus Inc. doing business as Metro Insurance and Tax Service; Big Cheez Inc. doing business as Metro Insurance and Tax Service and SN Tax Services Inc. doing business as Metro Insurance and Tax Service. According to the complaint, the defendants prepared and filed tax returns that falsely understated their customers’ federal income tax liabilities by fabricating, among other things:

    • Businesses and related business expenses and losses;
    • Education and qualified electric vehicle credits;
    • Unreimbursed employee business expenses and
    • Dependents and filing status.

    The defendants fabricated these items to inflate their customers’ refunds and increase their eligibility for the Earned Income Tax Credit.

    According to the complaint, the defendants prepared thousands of tax returns for 2020 through 2023, and already prepared over 400 returns between the start of the 2025 filing season and today’s filing. The complaint alleges that the IRS reviewed income tax returns for 34 of the defendants’ customers and found that returns for 33 of those customers had errors that required an adjustment, often included without the customers’ knowledge or consent. As a result, the complaint alleges that the defendants have cost the United States lost tax revenue as well as the time and resources necessary to investigate the false returns. The complaint further alleges that the defendants harmed their customers who could potentially face large income tax debts and may be liable for penalties and interest.

    The Justice Department’s Tax Division made the announcement.

    Return preparer fraud is one of the IRS’ Dirty Dozen Tax Scams and taxpayers seeking a return preparer should remain vigilant. (More information can also be found here.) The IRS has information on its website for choosing a tax preparer, has launched a free directory of federal tax preparers, and offers information on how to avoid “ghost” tax preparers, whose refusal to sign a return should be a red flag to taxpayers. The IRS also has a checklist of things to remember when filing income tax returns in 2025.

    In addition, IRS Free File, a public-private partnership, offers free online tax preparation and filing options on IRS partner websites for individuals whose adjusted gross income is under $84,000. For individuals whose income is over that threshold, IRS Free File offers electronical federal tax forms that can be filled out and filed online for free. The IRS has tips on how seniors and individuals with low to moderate income can get other help or guidance on tax return preparation, too.

    In the past decade, the Tax Division has obtained injunctions against hundreds of unscrupulous tax preparers. Information about these cases is available on the Justice Department’s website. An alphabetical listing of persons enjoined from preparing returns and promoting tax schemes can be found this page. If you believe that one of the enjoined persons or businesses may be violating an injunction, please contact the Tax Division with details.

    MIL Security OSI –

  • MIL-OSI: SiriusPoint reports ninth consecutive quarter of underwriting profits with FY Core combined ratio of 91.0%

    Source: GlobeNewswire (MIL-OSI)

    HAMILTON, Bermuda, Feb. 18, 2025 (GLOBE NEWSWIRE) — SiriusPoint Ltd. (“SiriusPoint” or the “Company”) (NYSE:SPNT) today announced results for its fourth quarter ended December 31, 2024

    • Combined ratio of 90.2% in the fourth quarter for Core business, representing a 3.2 point improvement versus prior year, resulting in a full year 2024 Core combined ratio of 91.0% and Core underwriting income of $200 million
    • Growth in the quarter of 21% on gross premiums written for continuing lines business (excluding 2023 exited programs), contributing to 10% growth for the full year
    • Fourth quarter net loss of $21 million, materially impacted by three significant items linked to our efforts to reposition the Company, including the CM Bermuda repurchase transaction, closure of previously announced LPT transaction with Enstar, and the write-down of a single MGA investment. This marks the end of the significant reshaping of the Company
    • Underlying net income of $44 million in the fourth quarter contributing to $304 million for the full year, up 14% versus prior year
    • Return on equity for 2024 of 9.1%, or 14.6% on an underlying basis and at the upper end of the target range of 12-15%
    • Book value per diluted common share (ex. AOCI) of $14.64, up 2.7% in the quarter and up 9.8% from December 31, 2023. Balance sheet remains strong post CM Bermuda transaction with Q4’24 BSCR estimate at 214%
    • Permanent retirement of the 45.7 million common shares repurchased from CM Bermuda on closure of the transaction, driving greater than 20% earnings per share accretion

    Scott Egan, Chief Executive Officer, said: “2024 has been a remarkable year of delivery for SiriusPoint. Despite increased catastrophe activity, our Core combined ratio has improved meaningfully from last year to 91.0%, excluding the impact from the loss portfolio transfer in 2023. Our 4.2 point improvement in attritional loss ratio demonstrates our focus on improving the quality of our underwriting. We saw 21% growth of gross premiums written for the quarter and 10% for the full year for our continuing lines business.

    Our underlying return on equity of 14.6% is at the upper end of the 12-15% target range set out a year ago. In optimizing our capital position, we have returned over $1 billion to investors during 2024 while maintaining robust capital ratios, due to our strong performance, reshaping actions, and capital generation over the past two years.

    We have strengthened our underlying business performance year-over-year, providing a strong basis for 2025. While this quarter our net income was impacted by several one-off items, we see 2024 as the end of the repositioning and reshaping of the Company. Our efforts are now fully focused on both growing the business and continuing to enhance performance.

    I take great pride in the accomplishments of the SiriusPoint team, who have worked with commitment and dedication to produce improvements in our underlying results, quarter after quarter. I am immensely grateful for all that they do every day for our customers, partners and shareholders.”

    Fourth Quarter 2024 Highlights

    • Net loss attributable to SiriusPoint common shareholders of $21.3 million, or $0.13 per diluted common share
    • Core income of $66.7 million, including underwriting income of $56.3 million, Core combined ratio of 90.2%
    • Core net services fee income of $10.4 million, with service margin of 20.2%
    • Net investment income of $68.9 million and total investment result of $29.0 million
    • Book value per diluted common share decreased $0.13 per share, or 0.9%, from September 30, 2024 to $14.60
    • Annualized return on average common equity of (4.0)%

    Year Ended December 31, 2024

    • Net income available to SiriusPoint common shareholders of $183.9 million, or $1.04 per diluted common share
    • Core income of $244.6 million, including underwriting income of $200.0 million, Core combined ratio of 91.0%
    • Core net services fee income of $46.7 million, with service margin of 21.0%
    • Net investment income of $303.6 million and total investment result of $224.6 million
    • Book value per diluted common share increased $1.25 per share, or 9.4%, from December 31, 2023 to $14.60
    • Return on average common equity of 9.1%
    • Debt to capital ratio increased to 24.8% compared to 23.8% as of December 31, 2023

    Key Financial Metrics

    The following table shows certain key financial metrics for the three and twelve months ended December 31, 2024 and 2023:

           
      Three months ended   Twelve months ended
      December 31,
    2024    		   December 31,
    2023    		   December 31,
    2024    		   December 31,
    2023
      ($ in millions, except for per share data and ratios)
    Combined ratio   94.4 %     93.6 %     88.3 %     84.5 %
    Core underwriting income (1) $ 56.3     $ 37.0     $ 200.0     $ 250.2  
    Core net services income (1) $ 10.4     $ 9.3     $ 44.6     $ 41.2  
    Core income (1) $ 66.7     $ 46.3     $ 244.6     $ 291.4  
    Core combined ratio (1)   90.2 %     93.4 %     91.0 %     89.1 %
    Annualized return on average common shareholders’ equity attributable to SiriusPoint common shareholders (4.0 )%     17.1 %     9.1 %     16.2 %
    Book value per common share $ 14.92     $ 13.76     $ 14.92     $ 13.76  
    Book value per diluted common share $ 14.60     $ 13.35     $ 14.60     $ 13.35  
    Book value per diluted common share ex. AOCI (1) $ 14.64     $ 13.33     $ 14.64     $ 13.33  
    Tangible book value per diluted common share (1) $ 13.42     $ 12.47     $ 13.42     $ 12.47  
    (1) Core underwriting income, Core net services income, Core income and Core combined ratio are non-GAAP financial measures. See definitions in “Non-GAAP Financial Measures” and reconciliations in “Segment Reporting.” Book value per diluted common share ex. AOCI and tangible book value per diluted common share are non-GAAP financial measures. See definition and reconciliation in “Non-GAAP Financial Measures.”
       

    Fourth Quarter 2024 Summary

    Consolidated underwriting income for the three months ended December 31, 2024 was $32.7 million compared to $36.7 million for the three months ended December 31, 2023. The decrease was primarily driven by higher catastrophe losses, partially offset by an increase in favorable prior year loss reserve development. Catastrophe losses, net of reinsurance and reinstatement premiums, were $38.6 million, or 6.5 percentage points on the combined ratio, for the three months ended December 31, 2024 mainly from Hurricane Milton, compared to minimal losses for the three months ended December 31, 2023. Favorable prior year reserve development was $37.3 million primarily driven by favorable development in Reinsurance, mainly in Property and Specialty from reserve releases relating to prior year’s catastrophe events, as well as in Insurance & Services, mainly due to lower than expected reported attritional losses in A&H, compared to $11.1 million for the three months ended December 31, 2023 which included reserve strengthening for specific areas of uncertainty for the loss reserves.

    Consolidated underwriting income for the year ended December 31, 2024 was $276.4 million compared to $375.9 million for the year ended December 31, 2023. The decrease was primarily driven by lower favorable prior year loss reserve development as the year ended December 31, 2023 included $127.8 million driven by reserving analyses performed in connection with the loss portfolio transfer transaction with Pallas Reinsurance Company Ltd that closed on June 30, 2023 (“2023 LPT”). Excluding the favorable development linked to the 2023 LPT, underwriting income increased by $15.8 million primarily driven by favorable development in Reinsurance, as well as lower attritional losses in both Reinsurance and Insurance & Services, partially offset by higher acquisition costs from business mix changes, including the growth of Insurance & Services, and higher catastrophe losses. Catastrophe losses, net of reinsurance and reinstatement premiums, were $54.8 million, or 2.3 percentage points on the combined ratio, for the year ended December 31, 2024, primarily driven by Hurricanes Milton and Helene, compared to $24.8 million, or 1.0 percentage points on the combined ratio, for the year ended December 31, 2023, primarily driven by the Turkey Earthquake and Chile Wildfire.

    Reportable Segments

    The determination of our reportable segments is based on the manner in which management monitors the performance of our operations, which consist of two reportable segments – Reinsurance and Insurance & Services.

    Collectively, the sum of our two segments, Reinsurance and Insurance & Services, constitute our “Core” results. Core underwriting income, Core net services income, Core income and Core combined ratio are non-GAAP financial measures. See reconciliations in “Segment Reporting”. We believe it is useful to review Core results as it better reflects how management views the business and reflects our decision to exit the runoff business. The sum of Core results and Corporate results are equal to the consolidated results of operations.

    Three months ended December 31, 2024 and 2023

    Core Premium Volume

    Gross premiums written increased by $42.7 million, or 5.9%, to $762.5 million for the three months ended December 31, 2024 compared to $719.8 million for the three months ended December 31, 2023. Net premiums earned increased by $23.2 million, or 4.2%, to $581.6 million for the three months ended December 31, 2024 compared to $558.4 million for the three months ended December 31, 2023. The increases in premium volume were primarily driven by increases in Insurance & Services from strategic organic and new program growth, as well higher A&H premiums, and in Reinsurance in Specialty and Property from new business and renewal growth. These increases were partially offset by the movement of certain lines from Insurance & Services to Corporate, including the non-renewal of a Workers’ Compensation program and the planned transition of a Cyber program to another carrier, representing $89.9 million of gross premiums written for the three months ended December 31, 2023.

    Core Results

    Core results for the three months ended December 31, 2024 included income of $66.7 million compared to $46.3 million for the three months ended December 31, 2023. Income for the three months ended December 31, 2024 consists of underwriting income of $56.3 million (90.2% combined ratio) and net services income of $10.4 million, compared to underwriting income of $37.0 million (93.4% combined ratio) and net services income of $9.3 million for the three months ended December 31, 2023. The improvement in net underwriting results was primarily driven by increased favorable prior year loss reserve development and lower attritional losses, partially offset by higher catastrophe losses.

    Losses incurred included $58.1 million of favorable prior year loss reserve development for the three months ended December 31, 2024 mainly in Property and Specialty from reserve releases relating to prior year’s catastrophe events, compared to $37.7 million for the three months ended December 31, 2023 driven by management reflecting the continued favorable reported loss emergence through December 31, 2023 in its best estimate of reserves.

    Catastrophe losses, net of reinsurance and reinstatement premiums, for the three months ended December 31, 2024, were $38.6 million, or 6.6 percentage points on the combined ratio, mainly from Hurricane Milton, compared to minimal losses for the three months ended December 31, 2023. Despite increased catastrophe losses for the three months ended December 31, 2024, catastrophe losses for the year ended December 31, 2024 were in line with our expectations evidencing our actions to reduce our catastrophe exposed business during the last two years.

    Year ended December 31, 2024 and 2023

    Core Premium Volume

    Gross premiums written decreased by $134.3 million, or 4.1%, to $3,176.4 million for the year ended December 31, 2024 compared to $3,310.7 million for the year ended December 31, 2023. Net premiums earned decreased by $81.5 million, or 3.6%, to $2,199.1 million for the year ended December 31, 2024 compared to $2,280.6 million for the year ended December 31, 2023. The decreases in premium volume were primarily due to the movement of certain lines from Insurance & Services to Corporate, including the non-renewal of a Workers’ Compensation program and the planned transition of a Cyber program to another carrier, representing $421.8 million of gross premiums written for the year ended December 31, 2023, with the most significant offset being strategic organic and new program growth within Insurance & Services.

    Core Results

    Core results for the year ended December 31, 2024 included income of $244.6 million compared to $291.4 million for the year ended December 31, 2023. Income for the year ended December 31, 2024 consists of underwriting income of $200.0 million (91.0% combined ratio) and net services income of $44.6 million, compared to underwriting income of $250.2 million (89.1% combined ratio) and net services income of $41.2 million for the year ended December 31, 2023. The decrease in net underwriting results was primarily driven by lower favorable prior year loss reserve development as the year ended December 31, 2023 included $104.8 million driven by reserving analyses performed in connection with the 2023 LPT.

    Excluding the favorable development linked to the 2023 LPT, net underwriting income increased by $49.0 million primarily driven by favorable development in Reinsurance, mainly in Property and Specialty from reserve releases relating to prior year’s catastrophe events, as well as lower attritional losses in both Reinsurance and Insurance & Services, partially offset by higher acquisition costs from business mix changes, including the growth of Insurance & Services, and higher catastrophe losses.

    For the year ended December 31, 2024 catastrophe losses, net of reinsurance and reinstatement premiums, were $54.8 million, or 2.5 percentage points on the combined ratio, which includes losses from Hurricanes Milton and Helene compared to $13.5 million, or 0.6 percentage points on the combined ratio, including losses from the Turkey Earthquake, Hawaii wildfires and Hurricane Idalia, for the year ended December 31, 2023.

    Reinsurance Segment

    Three months ended December 31, 2024 and 2023

    Reinsurance gross premiums written were $312.2 million for the three months ended December 31, 2024, an increase of $60.5 million, or 24.0%, compared to the three months ended December 31, 2023, primarily driven by new business and renewal growth across Specialty and Property, partially offset by reduced premiums written in Casualty reflecting underwriting actions to improve profitability.

    Reinsurance generated underwriting income of $18.3 million (93.2% combined ratio) for the three months ended December 31, 2024, compared to underwriting income of $27.8 million (88.6% combined ratio) for the three months ended December 31, 2023. The decrease in net underwriting results was primarily due to higher catastrophe losses, partially offset by increased favorable development. Catastrophe losses, net of reinsurance and reinstatement premiums, for the three months ended December 31, 2024, were $35.2 million, or 13.2 percentage points on the combined ratio, mainly from Hurricane Milton, compared to minimal losses for the three months ended December 31, 2023. Losses incurred included $41.8 million of favorable prior year loss reserve development for the three months ended December 31, 2024 mainly in Property and Specialty from reserve releases relating to prior year’s catastrophe events, compared to $21.1 million for the three months ended December 31, 2023 driven by management reflecting the continued favorable reported loss emergence through December 31, 2023 in its best estimate of reserves.

    Year ended December 31, 2024 and 2023

    Reinsurance gross premiums written were $1,335.6 million for the year ended December 31, 2024, an increase of $64.6 million, or 5.1%, compared to the year ended December 31, 2023, primarily driven by new business and renewal growth across Specialty and Property, partially offset by reduced premiums written in Casualty reflecting underwriting actions to improve profitability.

    Reinsurance generated underwriting income of $124.8 million (88.0% combined ratio) for the year ended December 31, 2024, compared to underwriting income of $206.2 million (80.0% combined ratio) for the year ended December 31, 2023. The decrease in net underwriting results was primarily due to decreased favorable prior year loss reserve development and higher catastrophe losses, partially offset by lower attritional losses. Net favorable prior year loss reserve development was $75.0 million for the year ended December 31, 2024 primarily driven by favorable development in Property and Specialty from reserve releases relating to prior year’s catastrophe events, compared to $140.8 million for the year ended December 31, 2023, which included $93.0 million driven by reserving analyses performed in connection with the 2023 LPT.

    For the year ended December 31, 2024, catastrophe losses, net of reinsurance and reinstatement premiums, were $49.5 million, or 4.7 percentage points on the combined ratio, which includes losses from Hurricanes Milton and Helene compared to $12.2 million, or 1.2 percentage points on the combined ratio, including losses from the Turkey Earthquake, Hawaii wildfires and Hurricane Idalia for the year ended December 31, 2023.

    Insurance & Services Segment

    Three months ended December 31, 2024 and 2023

    Insurance & Services gross premiums written were $450.3 million for the three months ended December 31, 2024, a decrease of $17.8 million, or 3.8%, compared to the three months ended December 31, 2023, primarily driven by the movement of certain lines from Insurance & Services to Corporate, including the non-renewal of a Workers’ Compensation program and the planned transition of a Cyber program to another carrier, representing $89.9 million of gross premiums written for the three months ended December 31, 2023, partially offset by strategic organic and new program growth, as well higher A&H premiums.

    Insurance & Services generated segment income of $48.4 million for the three months ended December 31, 2024, compared to $16.8 million for the three months ended December 31, 2023. Segment income for the three months ended December 31, 2024 consists of underwriting income of $38.0 million (87.9% combined ratio) and net services income of $10.4 million, compared to underwriting income of $9.2 million (97.0% combined ratio) and net services income of $7.6 million for the three months ended December 31, 2023. The improvement in underwriting results was primarily driven by our decreased loss ratio mainly from lower attritional losses, partially offset by higher acquisition costs from business mix changes as we grow our Insurance & Services segment.

    Year ended December 31, 2024 and 2023

    Insurance & Services gross premiums written were $1,840.8 million for the year ended December 31, 2024, a decrease of $198.9 million, or 9.8%, compared to the year ended December 31, 2023, primarily driven by the movement of certain lines from Insurance & Services to Corporate, including the non-renewal of a Workers’ Compensation program and the planned transition of a Cyber program to another carrier, representing $421.8 million of gross premiums written for the year ended December 31, 2023, as well as lower A&H premiums, partially offset by strategic organic and new program growth.

    Insurance & Services generated segment income of $119.8 million for the year ended December 31, 2024, compared to income of $86.3 million for the year ended December 31, 2023. Segment income for the year ended December 31, 2024 consists of underwriting income of $75.2 million (93.5% combined ratio) and net services income of $44.6 million, compared to underwriting income of $44.0 million (96.5% combined ratio) and net services income of $42.3 million for the year ended December 31, 2023. The improvement in underwriting income of $31.2 million for the year ended December 31, 2024 compared to the year ended December 31, 2023 was primarily driven by our decreased loss ratio mainly from lower attritional losses, partially offset by higher acquisition costs from business mix changes as we grow our Insurance & Services segment.

    As of December 31, 2024, we have equity stakes in 20 entities (managing general agents (“MGAs”), Insurtech and Other) compared to 36 at the start of 2023. We continue to rationalize our MGA equity stakes and realize the significant off-balance sheet value of our consolidated MGAs, with 6 of these rationalized in 2024. Book value for our three consolidated MGAs was $90.1 million as of December 31, 2024, compared to $76.3 million at December 31, 2023, when adjusted to exclude Arcadian Risk Capital Ltd. which we deconsolidated on June 30, 2024.

    Investments

    Three months ended December 31, 2024 and 2023

    Total net investment income and realized and unrealized investment gains (losses) for the three months ended December 31, 2024 was primarily attributable to net investment income related to interest income from our debt portfolio of $61.2 million, partially offset by unrealized losses resulting from fair value analyses on our strategic investment portfolio.

    Total net investment income and realized and unrealized investment gains (losses) for the three months ended December 31, 2023 was primarily attributable to investment results from our debt and short-term investment portfolio of $68.5 million. This result was driven by interest income primarily on securitized assets and corporate debt positions, which made up 65.6% of our total investments as of December 31, 2023.

    Year ended December 31, 2024 and 2023

    Total net investment income and realized and unrealized investment gains (losses) for the year ended December 31, 2024 was primarily attributable to net investment income related to interest income from our debt and short-term investment portfolio of $289.7 million, partially offset by unrealized losses on other long-term investments of $70.0 million. Increased investment income is primarily due to the rotation of the portfolio from cash and cash equivalents and U.S. government and government agency positions to high-grade corporate debt and other securitized assets, in an effort to better diversify our portfolio. Losses on private other long-term investments were the result of updated fair value analyses consistent with the current insurtech market trends and disposals of positions as we execute our strategy to focus on underwriting relationships with MGAs.

    Total net investment income and realized and unrealized investment gains (losses) for the year ended December 31, 2023 was primarily attributable to net investment income related to interest income from our debt and short-term investment portfolio of $277.0 million.

    Webcast Details

    The Company will hold a webcast to discuss its fourth quarter 2024 results at 8:30 a.m. Eastern Time on February 19, 2025. The webcast of the conference call will be available over the Internet from the Company’s website at www.siriuspt.com under the “Investor Relations” section. Participants should follow the instructions provided on the website to download and install any necessary audio applications. The conference call will be available by dialing 1-877-451-6152 (domestic) or 1-201-389-0879 (international). Participants should ask for the SiriusPoint Ltd. fourth quarter 2024 earnings call.

    The online replay will be available on the Company’s website immediately following the call at www.siriuspt.com under the “Investor Relations” section.

    Safe Harbor Statement Regarding Forward-Looking Statements
    This press release includes “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements are subject to known and unknown risks and uncertainties, many of which may be beyond the Company’s control. The Company cautions you that the forward-looking information presented in this press release is not a guarantee of future events, and that actual events may differ materially from those made in or suggested by the forward-looking information contained in this press release. In addition, forward-looking statements generally can be identified by the use of forward-looking terminology such as “believes,” “intends,” “seeks,” “anticipates,” “aims,” “plans,” “targets,” “estimates,” “expects,” “assumes,” “continues,” “guidance,” “should,” “could,” “will,” “may” and the negative of these or similar terms and phrases. Specific forward-looking statements in this press release include, but are not limited to, statements regarding the trend of our performance as compared to the previous guidance, the success of our strategic transaction with CMIG International Holding Pte. Ltd., the current insurtech market trends, our ability to generate shareholder value and whether we will continue to have momentum in our business in the future. Actual events, results and outcomes may differ materially from the Company’s expectations due to a variety of known and unknown risks, uncertainties and other factors. Among the risks and uncertainties that could cause actual results to differ from those described in the forward-looking statements are the following: our ability to execute on our strategic transformation, including re-underwriting to reduce volatility and improve underwriting performance, de-risking our investment portfolio, and transforming our business; the impact of unpredictable catastrophic events, including uncertainties with respect to current and future COVID-19 losses across many classes of insurance business and the amount of insurance losses that may ultimately be ceded to the reinsurance market, supply chain issues, labor shortages and related increased costs, changing interest rates and equity market volatility; inadequacy of loss and loss adjustment expense reserves, the lack of available capital, and periods characterized by excess underwriting capacity and unfavorable premium rates; the performance of financial markets, impact of inflation and interest rates, and foreign currency fluctuations; our ability to compete successfully in the insurance and reinsurance market and the effect of consolidation in the insurance and reinsurance industry; technology breaches or failures, including those resulting from a malicious cyber-attack on us, our business partners or service providers; the effects of global climate change, including increased severity and frequency of weather-related natural disasters and catastrophes, including wildfires, and increased coastal flooding in many geographic areas; geopolitical uncertainty, including the ongoing conflicts in Europe and the Middle East and the new presidential administration in the U.S.; our ability to retain key senior management and key employees; a downgrade or withdrawal of our financial ratings; fluctuations in our results of operations; legal restrictions on certain of SiriusPoint’s insurance and reinsurance subsidiaries’ ability to pay dividends and other distributions to SiriusPoint; the outcome of legal and regulatory proceedings and regulatory constraints on our business; reduced returns or losses in SiriusPoint’s investment portfolio; our exposure or potential exposure to corporate income tax in Bermuda and the E.U., U.S. federal income and withholding taxes and our significant deferred tax assets, which could become devalued if we do not generate future taxable income or applicable corporate tax rates are reduced; risks associated with delegating authority to third party managing general agents; future strategic transactions such as acquisitions, dispositions, investments, mergers or joint ventures; SiriusPoint’s response to any acquisition proposal that may be received from any party, including any actions that may be considered by the Company’s Board of Directors or any committee thereof; and other risks and factors listed under “Risk Factors” in the Company’s most recent Annual Report on Form 10-K and other subsequent periodic reports filed with the Securities and Exchange Commission.

    All forward-looking statements speak only as of the date made and the Company undertakes no obligation to update or revise publicly any forward-looking statements, whether as a result of new information, future events or otherwise.

    Non-GAAP Financial Measures and Other Financial Metrics

    In presenting SiriusPoint’s results, management has included financial measures that are not calculated under standards or rules that comprise accounting principles generally accepted in the United States (“GAAP”). SiriusPoint’s management uses this information in its internal analysis of results and believes that this information may be informative to investors in gauging the quality of SiriusPoint’s financial performance, identifying trends in our results and providing meaningful period-to-period comparisons. Core underwriting income, Core net services income, Core income, and Core combined ratio are non-GAAP financial measures. Management believes it is useful to review Core results as it better reflects how management views the business and reflects the Company’s decision to exit the runoff business. Book value per diluted common share excluding accumulated other comprehensive income (loss) (“AOCI”) and tangible book value per diluted common share, as presented, are non-GAAP financial measures and the most directly comparable U.S. GAAP measure is book value per common share. Management believes it is useful to exclude AOCI because it may fluctuate significantly between periods based on movements in interest and currency rates. Management believes the effects of intangible assets are not indicative of underlying underwriting results or trends and make book value comparisons to less acquisitive peer companies less meaningful. Underlying net income is a non-GAAP financial measure and the most directly comparable U.S. GAAP measure is net income. Underlying net income excludes items which we believe are not indicative of the operations of our underlying businesses. Management believes it is useful to review underlying net income as it better reflects how we view the business, as well as provides investors with an alternative metric that can assist in predicting future earnings and profitability that are complementary to GAAP metrics. Underlying return on average common shareholders’ equity is calculated by dividing underlying net income available to SiriusPoint common shareholders for the period by the average common shareholders’ equity, excluding AOCI. Reconciliations of such non-GAAP financial measures to the most directly comparable GAAP figures are included in the attached financial information in accordance with Regulation G and Item 10(e) of Regulation S-K, as applicable.

    About the Company

    SiriusPoint is a global underwriter of insurance and reinsurance providing solutions to clients and brokers around the world. Bermuda-headquartered with offices in New York, London, Stockholm and other locations, we are listed on the New York Stock Exchange (SPNT). We have licenses to write Property & Casualty and Accident & Health insurance and reinsurance globally. Our offering and distribution capabilities are strengthened by a portfolio of strategic partnerships with Managing General Agents and Program Administrators. With approximately $2.6 billion total capital, SiriusPoint’s operating companies have a financial strength rating of A- (Stable) from AM Best, S&P and Fitch, and A3 (Stable) from Moody’s. For more information please visit www.siriuspt.com.

    Contacts

    Investor Relations
    Liam Blackledge – Investor Relations and Strategy Manager
    Liam.Blackledge@siriuspt.com
    + 44 203 772 3082

    Media
    Natalie King – Global Head of Marketing and External Communications
    Natalie.King@siriuspt.com
    + 44 20 3772 3102

           
    SIRIUSPOINT LTD.
    CONSOLIDATED BALANCE SHEETS (UNAUDITED)
    As of December 31, 2024 and December 31, 2023
    (expressed in millions of U.S. dollars, except per share and share amounts)
           
      December 31,
    2024    		   December 31,
    2023
    Assets      
    Debt securities, available for sale, at fair value, net of allowance for credit losses of $1.1 (2023 – $0.0) (cost – $5,143.8; 2023 – $4,754.6) $ 5,131.0     $ 4,755.4  
    Debt securities, trading, at fair value (cost – $187.3; 2023 – $568.1)   162.2       534.9  
    Short-term investments, at fair value (cost – $95.3; 2023 – $370.8)   95.8       371.6  
    Investments in related party investment funds, at fair value   116.5       105.6  
    Other long-term investments, at fair value (cost – $317.8; 2023 – $358.1) (includes related party investments at fair value of $100.7 (2023 – $173.7))   200.0       310.1  
    Total investments   5,705.5       6,077.6  
    Cash and cash equivalents   682.0       969.2  
    Restricted cash and cash equivalents   212.6       132.1  
    Redemption receivable from related party investment fund   —       3.0  
    Due from brokers   11.2       5.6  
    Interest and dividends receivable   44.0       42.3  
    Insurance and reinsurance balances receivable, net   2,054.4       1,966.3  
    Deferred acquisition costs, net   327.5       308.9  
    Unearned premiums ceded   463.9       449.2  
    Loss and loss adjustment expenses recoverable, net   2,315.3       2,295.1  
    Deferred tax asset   297.0       293.6  
    Intangible assets   140.8       152.7  
    Other assets   270.7       175.9  
    Total assets $ 12,524.9     $ 12,871.5  
    Liabilities      
    Loss and loss adjustment expense reserves $ 5,653.9     $ 5,608.1  
    Unearned premium reserves   1,639.2       1,627.3  
    Reinsurance balances payable   1,781.6       1,736.7  
    Deposit liabilities   17.4       134.4  
    Deferred gain on retroactive reinsurance   8.5       27.9  
    Debt   639.1       786.2  
    Due to brokers   18.0       6.2  
    Deferred tax liability   76.2       68.7  
    Liability-classified capital instruments   —       67.3  
    Share repurchase liability   483.0       —  
    Accounts payable, accrued expenses and other liabilities   269.2       278.1  
    Total liabilities   10,586.1       10,340.9  
    Commitments and contingent liabilities      
    Shareholders’ equity      
    Series B preference shares (par value $0.10; authorized and issued: 8,000,000)   200.0       200.0  
    Common shares (issued and outstanding: 116,429,057; 2023 – 168,120,022)   11.6       16.8  
    Additional paid-in capital   945.0       1,693.0  
    Retained earnings   784.9       601.0  
    Accumulated other comprehensive income (loss), net of tax   (4.1 )     3.1  
    Shareholders’ equity attributable to SiriusPoint shareholders   1,937.4       2,513.9  
    Noncontrolling interests   1.4       16.7  
    Total shareholders’ equity   1,938.8       2,530.6  
    Total liabilities, noncontrolling interests and shareholders’ equity $ 12,524.9     $ 12,871.5  
                   
    SIRIUSPOINT LTD.
    CONSOLIDATED STATEMENTS OF INCOME (LOSS) (UNAUDITED)
    For the three and twelve months ended December 31, 2024 and 2023
    (expressed in millions of U.S. dollars, except per share and share amounts)
           
      Three months ended   Twelve months ended
      December 31,
    2024    		   December 31,
    2023    		   December 31,
    2024    		   December 31,
    2023
    Revenues              
    Net premiums earned $ 590.3     $ 578.0     $ 2,343.5     $ 2,426.2  
    Net investment income   68.9       78.4       303.6       283.7  
    Net realized and unrealized investment losses   (40.7 )     (12.4 )     (88.7 )     (10.0 )
    Net realized and unrealized investment gains (losses) from related party investment funds   0.8       (1.0 )     9.7       (1.0 )
    Net investment income and net realized and unrealized investment gains (losses)   29.0       65.0       224.6       272.7  
    Other revenues   19.4       17.8       184.2       97.8  
    Loss on settlement and change in fair value of liability-classified capital instruments   (25.9 )     (15.0 )     (148.5 )     (59.4 )
    Total revenues   612.8       645.8       2,603.8       2,737.3  
    Expenses              
    Loss and loss adjustment expenses incurred, net   369.1       365.4       1,368.5       1,381.3  
    Acquisition costs, net   134.6       111.7       516.9       472.7  
    Other underwriting expenses   53.9       64.2       181.7       196.3  
    Net corporate and other expenses   58.1       64.5       232.1       258.2  
    Intangible asset amortization   3.0       2.9       11.9       11.1  
    Interest expense   19.6       19.8       69.6       64.1  
    Foreign exchange (gains) losses   (12.9 )     19.2       (10.0 )     34.9  
    Total expenses   625.4       647.7       2,370.7       2,418.6  
    Income (loss) before income tax (expense) benefit   (12.6 )     (1.9 )     233.1       318.7  
    Income tax (expense) benefit   (4.4 )     101.6       (30.7 )     45.0  
    Net income (loss)   (17.0 )     99.7       202.4       363.7  
    Net income attributable to noncontrolling interests   (0.3 )     (2.2 )     (2.5 )     (8.9 )
    Net income (loss) available to SiriusPoint   (17.3 )     97.5       199.9       354.8  
    Dividends on Series B preference shares   (4.0 )     (4.0 )     (16.0 )     (16.0 )
    Net income (loss) available to SiriusPoint common shareholders $ (21.3 )   $ 93.5     $ 183.9     $ 338.8  
    Earnings (loss) per share available to SiriusPoint common shareholders              
    Basic earnings (loss) per share available to SiriusPoint common shareholders $ (0.13 )   $ 0.52     $ 1.06     $ 1.93  
    Diluted earnings (loss) per share available to SiriusPoint common shareholders $ (0.13 )   $ 0.50     $ 1.04     $ 1.85  
    Weighted average number of common shares used in the determination of earnings (loss) per share              
    Basic   161,378,360       166,640,624       166,537,394       163,341,448  
    Diluted   161,378,360       173,609,940       169,470,681       169,607,348  
                                   
    SIRIUSPOINT LTD.
    SEGMENT REPORTING
       
      Three months ended December 31, 2024
      Reinsurance   Insurance &
    Services    		   Core   Eliminations
     (2)    		   Corporate   Segment
    Measure
    Reclass    		   Total
    Gross premiums written $ 312.2     $ 450.3     $ 762.5     $ —     $ (3.0 )   $ —     $ 759.5  
    Net premiums written   237.5       322.7       560.2       —       4.8       —       565.0  
    Net premiums earned   265.9       315.7       581.6       —       8.7       —       590.3  
    Loss and loss adjustment expenses incurred, net   148.3       175.3       323.6       (1.4 )     46.9       —       369.1  
    Acquisition costs, net   73.1       77.8       150.9       (27.6 )     11.3       —       134.6  
    Other underwriting expenses   26.2       24.6       50.8       —       3.1       —       53.9  
    Underwriting income (loss)   18.3       38.0       56.3       29.0       (52.6 )     —       32.7  
    Services revenues   —       51.6       51.6       (31.4 )     —       (20.2 )     —  
    Services expenses   —       41.2       41.2       —       —       (41.2 )     —  
    Net services income   —       10.4       10.4       (31.4 )     —       21.0       —  
    Segment income (loss)   18.3       48.4       66.7       (2.4 )     (52.6 )     21.0       32.7  
    Net investment income                   68.9       —       68.9  
    Net realized and unrealized investment losses     (40.7 )     —       (40.7 )
    Net realized and unrealized investment gains from related party investment funds     0.8       —       0.8  
    Other revenues                   (0.8 )     20.2       19.4  
    Loss on settlement and change in fair value of liability-classified capital instruments     (25.9 )     —       (25.9 )
    Net corporate and other expenses                   (16.9 )     (41.2 )     (58.1 )
    Intangible asset amortization                   (3.0 )     —       (3.0 )
    Interest expense                   (19.6 )     —       (19.6 )
    Foreign exchange gains                   12.9       —       12.9  
    Income (loss) before income tax expense $ 18.3     $ 48.4       66.7       (2.4 )     (76.9 )     —       (12.6 )
    Income tax expense           —       —       (4.4 )     —       (4.4 )
    Net income (loss)           66.7       (2.4 )     (81.3 )     —       (17.0 )
    Net income attributable to noncontrolling interest     —       —       (0.3 )     —       (0.3 )
    Net income (loss) available to SiriusPoint   $ 66.7     $ (2.4 )   $ (81.6 )   $ —     $ (17.3 )
                               
    Attritional losses $ 154.9     $ 188.2     $ 343.1     $ (1.4 )   $ 26.1     $ —     $ 367.8  
    Catastrophe losses   35.2       3.4       38.6       —       —       —       38.6  
    Prior year loss reserve development   (41.8 )     (16.3 )     (58.1 )     —       20.8       —       (37.3 )
    Loss and loss adjustment expenses incurred, net $ 148.3     $ 175.3     $ 323.6     $ (1.4 )   $ 46.9     $ —     $ 369.1  
                               
    Underwriting Ratios: (1)                          
    Attritional loss ratio   58.3 %     59.6 %     59.0 %                 62.3 %
    Catastrophe loss ratio   13.2 %     1.1 %     6.6 %                 6.5 %
    Prior year loss development ratio (15.7 )%   (5.2 )%   (10.0 )%               (6.3 )%
    Loss ratio   55.8 %     55.5 %     55.6 %                 62.5 %
    Acquisition cost ratio   27.5 %     24.6 %     25.9 %                 22.8 %
    Other underwriting expenses ratio   9.9 %     7.8 %     8.7 %                 9.1 %
    Combined ratio   93.2 %     87.9 %     90.2 %                 94.4 %
    (1) Underwriting ratios are calculated by dividing the related expense by net premiums earned.
    (2) Insurance & Services MGAs recognize fees for service using revenue from contracts with customers accounting standards, whereas insurance companies recognize acquisition expenses using insurance contract accounting standards. While ultimate revenues and expenses recognized will match, there will be recognition timing differences based on the different accounting standards.
       
      Three months ended December 31, 2023
      Reinsurance   Insurance &
    Services    		   Core   Eliminations
     (2)    		   Corporate   Segment
    Measure
    Reclass    		   Total
    Gross premiums written $ 251.7     $ 468.1     $ 719.8     $ —     $ (4.2 )   $ —     $ 715.6  
    Net premiums written   194.9       263.3       458.2       —       (3.6 )     —       454.6  
    Net premiums earned   243.2       315.2       558.4       —       19.6       —       578.0  
    Loss and loss adjustment expenses incurred, net   121.8       206.6       328.4       (1.4 )     38.4       —       365.4  
    Acquisition costs, net   65.5       66.8       132.3       (31.6 )     11.0       —       111.7  
    Other underwriting expenses   28.1       32.6       60.7       —       3.5       —       64.2  
    Underwriting income (loss)   27.8       9.2       37.0       33.0       (33.3 )     —       36.7  
    Services revenues   1.7       54.0       55.7       (40.0 )     —       (15.7 )     —  
    Services expenses   —       43.6       43.6       —       —       (43.6 )     —  
    Net services fee income   1.7       10.4       12.1       (40.0 )     —       27.9       —  
    Services noncontrolling income   —       (2.8 )     (2.8 )     —       —       2.8       —  
    Net services income   1.7       7.6       9.3       (40.0 )     —       30.7       —  
    Segment income (loss)   29.5       16.8       46.3       (7.0 )     (33.3 )     30.7       36.7  
    Net investment income                   78.4       —       78.4  
    Net realized and unrealized investment losses     (12.4 )     —       (12.4 )
    Net realized and unrealized investment losses from related party investment funds     (1.0 )     —       (1.0 )
    Other revenues                   2.1       15.7       17.8  
    Loss on settlement and change in fair value of liability-classified capital instruments     (15.0 )     —       (15.0 )
    Net corporate and other expenses                   (20.9 )     (43.6 )     (64.5 )
    Intangible asset amortization                   (2.9 )     —       (2.9 )
    Interest expense                   (19.8 )     —       (19.8 )
    Foreign exchange losses                   (19.2 )     —       (19.2 )
    Income (loss) before income tax benefit $ 29.5     $ 16.8       46.3       (7.0 )     (44.0 )     2.8       (1.9 )
    Income tax benefit           —       —       101.6       —       101.6  
    Net income           46.3       (7.0 )     57.6       2.8       99.7  
    Net (income) loss attributable to noncontrolling interest     —       —       0.6       (2.8 )     (2.2 )
    Net income available to SiriusPoint   $ 46.3     $ (7.0 )   $ 58.2     $ —     $ 97.5  
                               
    Attritional losses $ 143.5     $ 222.8     $ 366.3     $ (1.4 )   $ 11.7     $ —     $ 376.6  
    Catastrophe losses   (0.6 )     0.4       (0.2 )     —       0.1       —       (0.1 )
    Prior year loss reserve development   (21.1 )     (16.6 )     (37.7 )     —       26.6       —       (11.1 )
    Loss and loss adjustment expenses incurred, net $ 121.8     $ 206.6     $ 328.4     $ (1.4 )   $ 38.4     $ —     $ 365.4  
                               
    Underwriting Ratios: (1)                          
    Attritional loss ratio   59.0 %     70.7 %     65.6 %                 65.2 %
    Catastrophe loss ratio (0.2 )%     0.1 %     — %                 — %
    Prior year loss development ratio (8.7 )%   (5.3 )%   (6.8 )%               (1.9 )%
    Loss ratio   50.1 %     65.5 %     58.8 %                 63.2 %
    Acquisition cost ratio   26.9 %     21.2 %     23.7 %                 19.3 %
    Other underwriting expenses ratio   11.6 %     10.3 %     10.9 %                 11.1 %
    Combined ratio   88.6 %     97.0 %     93.4 %                 93.6 %
    (1) Underwriting ratios are calculated by dividing the related expense by net premiums earned.
    (2) Insurance & Services MGAs recognize fees for service using revenue from contracts with customers accounting standards, whereas insurance companies recognize acquisition expenses using insurance contract accounting standards. While ultimate revenues and expenses recognized will match, there will be recognition timing differences based on the different accounting standards.
       
      Twelve months ended December 31, 2024
      Reinsurance   Insurance &
    Services    		   Core   Eliminations
    (2)    		   Corporate   Segment
    Measure
    Reclass    		   Total
    Gross premiums written $ 1,335.6     $ 1,840.8     $ 3,176.4     $ —     $ 68.2     $ —     $ 3,244.6  
    Net premiums written   1,104.7       1,236.2       2,340.9       —       11.2       —       2,352.1  
    Net premiums earned   1,045.1       1,154.0       2,199.1       —       144.4       —       2,343.5  
    Loss and loss adjustment expenses incurred, net   554.3       714.1       1,268.4       (5.5 )     105.6       —       1,368.5  
    Acquisition costs, net   279.9       284.7       564.6       (121.4 )     73.7       —       516.9  
    Other underwriting expenses   86.1       80.0       166.1       —       15.6       —       181.7  
    Underwriting income (loss)   124.8       75.2       200.0       126.9       (50.5 )     —       276.4  
    Services revenues   —       222.9       222.9       (132.8 )     —       (90.1 )     —  
    Services expenses   —       176.2       176.2       —       —       (176.2 )     —  
    Net services fee income   —       46.7       46.7       (132.8 )     —       86.1       —  
    Services noncontrolling income   —       (2.1 )     (2.1 )     —       —       2.1       —  
    Net services income   —       44.6       44.6       (132.8 )     —       88.2       —  
    Segment income (loss)   124.8       119.8       244.6       (5.9 )     (50.5 )     88.2       276.4  
    Net investment income                   303.6       —       303.6  
    Net realized and unrealized investment losses     (88.7 )     —       (88.7 )
    Net realized and unrealized investment gains from related party investment funds     9.7       —       9.7  
    Other revenues                   94.1       90.1       184.2  
    Loss on settlement and change in fair value of liability-classified capital instruments     (148.5 )     —       (148.5 )
    Net corporate and other expenses                   (55.9 )     (176.2 )     (232.1 )
    Intangible asset amortization                   (11.9 )     —       (11.9 )
    Interest expense                   (69.6 )     —       (69.6 )
    Foreign exchange gains                   10.0       —       10.0  
    Income (loss) before income tax expense $ 124.8     $ 119.8       244.6       (5.9 )     (7.7 )     2.1       233.1  
    Income tax expense           —       —       (30.7 )     —       (30.7 )
    Net income (loss)           244.6       (5.9 )     (38.4 )     2.1       202.4  
    Net income attributable to noncontrolling interest     —       —       (0.4 )     (2.1 )     (2.5 )
    Net income (loss) available to SiriusPoint   $ 244.6     $ (5.9 )   $ (38.8 )   $ —     $ 199.9  
                               
    Attritional losses $ 579.8     $ 734.5     $ 1,314.3     $ (5.5 )   $ 112.8     $ —     $ 1,421.6  
    Catastrophe losses   49.5       5.3       54.8       —       —       —       54.8  
    Prior year loss reserve development   (75.0 )     (25.7 )     (100.7 )     —       (7.2 )     —       (107.9 )
    Loss and loss adjustment expenses incurred, net $ 554.3     $ 714.1     $ 1,268.4     $ (5.5 )   $ 105.6     $ —     $ 1,368.5  
                               
    Underwriting Ratios: (1)                          
    Attritional loss ratio   55.5 %     63.6 %     59.8 %                 60.7 %
    Catastrophe loss ratio   4.7 %     0.5 %     2.5 %                 2.3 %
    Prior year loss development ratio (7.2 )%   (2.2 )%   (4.6 )%               (4.6 )%
    Loss ratio   53.0 %     61.9 %     57.7 %                 58.4 %
    Acquisition cost ratio   26.8 %     24.7 %     25.7 %                 22.1 %
    Other underwriting expenses ratio   8.2 %     6.9 %     7.6 %                 7.8 %
    Combined ratio   88.0 %     93.5 %     91.0 %                 88.3 %
    (1) Underwriting ratios are calculated by dividing the related expense by net premiums earned.
    (2) Insurance & Services MGAs recognize fees for service using revenue from contracts with customers accounting standards, whereas insurance companies recognize acquisition expenses using insurance contract accounting standards. While ultimate revenues and expenses recognized will match, there will be recognition timing differences based on the different accounting standards.
       
      Twelve months ended December 31, 2023
      Reinsurance   Insurance &
    Services    		   Core   Eliminations
    (2)    		   Corporate   Segment
    Measure
    Reclass    		   Total
    Gross premiums written $ 1,271.0     $ 2,039.7     $ 3,310.7     $ —     $ 116.7     $ —     $ 3,427.4  
    Net premiums written   1,061.0       1,282.7       2,343.7       —       94.2       —       2,437.9  
    Net premiums earned   1,031.4       1,249.2       2,280.6       —       145.6       —       2,426.2  
    Loss and loss adjustment expenses incurred, net   490.3       815.4       1,305.7       (5.4 )     81.0       —       1,381.3  
    Acquisition costs, net   252.2       295.5       547.7       (137.2 )     62.2       —       472.7  
    Other underwriting expenses   82.7       94.3       177.0       —       19.3       —       196.3  
    Underwriting income (loss)   206.2       44.0       250.2       142.6       (16.9 )     —       375.9  
    Services revenues   (1.1 )     238.6       237.5       (149.6 )     —       (87.9 )     —  
    Services expenses   —       187.8       187.8       —       —       (187.8 )     —  
    Net services fee income (loss)   (1.1 )     50.8       49.7       (149.6 )     —       99.9       —  
    Services noncontrolling income   —       (8.5 )     (8.5 )     —       —       8.5       —  
    Net services income (loss)   (1.1 )     42.3       41.2       (149.6 )     —       108.4       —  
    Segment income (loss)   205.1       86.3       291.4       (7.0 )     (16.9 )     108.4       375.9  
    Net investment income                   283.7       —       283.7  
    Net realized and unrealized investment losses     (10.0 )     —       (10.0 )
    Net realized and unrealized investment losses from related party investment funds     (1.0 )     —       (1.0 )
    Other revenues                   9.9       87.9       97.8  
    Loss on settlement and change in fair value of liability-classified capital instruments     (59.4 )     —       (59.4 )
    Net corporate and other expenses                   (70.4 )     (187.8 )     (258.2 )
    Intangible asset amortization                   (11.1 )     —       (11.1 )
    Interest expense                   (64.1 )     —       (64.1 )
    Foreign exchange losses                   (34.9 )     —       (34.9 )
    Income before income tax benefit $ 205.1     $ 86.3       291.4       (7.0 )     25.8       8.5       318.7  
    Income tax benefit           —       —       45.0       —       45.0  
    Net income           291.4       (7.0 )     70.8       8.5       363.7  
    Net income attributable to noncontrolling interest     —       —       (0.4 )     (8.5 )     (8.9 )
    Net income available to SiriusPoint   $ 291.4     $ (7.0 )   $ 70.4     $ —     $ 354.8  
                               
    Attritional losses $ 618.9     $ 840.7     $ 1,459.6     $ (5.4 )   $ 76.5     $ —     $ 1,530.7  
    Catastrophe losses   12.2       1.3       13.5       —       11.3       —       24.8  
    Prior year loss reserve development   (140.8 )     (26.6 )     (167.4 )     —       (6.8 )     —       (174.2 )
    Loss and loss adjustment expenses incurred, net $ 490.3     $ 815.4     $ 1,305.7     $ (5.4 )   $ 81.0     $ —     $ 1,381.3  
                               
    Underwriting Ratios: (1)                          
    Attritional loss ratio   60.0 %     67.3 %     64.0 %                 63.1 %
    Catastrophe loss ratio   1.2 %     0.1 %     0.6 %                 1.0 %
    Prior year loss development ratio (13.7 )%   (2.1 )%   (7.3 )%               (7.2 )%
    Loss ratio   47.5 %     65.3 %     57.3 %                 56.9 %
    Acquisition cost ratio   24.5 %     23.7 %     24.0 %                 19.5 %
    Other underwriting expenses ratio   8.0 %     7.5 %     7.8 %                 8.1 %
    Combined ratio   80.0 %     96.5 %     89.1 %                 84.5 %
    (1) Underwriting ratios are calculated by dividing the related expense by net premiums earned.
    (2) Insurance & Services MGAs recognize fees for service using revenue from contracts with customers accounting standards, whereas insurance companies recognize acquisition expenses using insurance contract accounting standards. While ultimate revenues and expenses recognized will match, there will be recognition timing differences based on the different accounting standards.
       

    SIRIUSPOINT LTD.
    NON-GAAP FINANCIAL MEASURES AND RECONCILIATIONS & OTHER FINANCIAL MEASURES

    Non-GAAP Financial Measures

    Core Results

    Collectively, the sum of the Company’s two segments, Reinsurance and Insurance & Services, constitute “Core” results. Core underwriting income, Core net services income, Core income and Core combined ratio are non-GAAP financial measures. We believe it is useful to review Core results as it better reflects how management views the business and reflects our decision to exit the runoff business. The sum of Core results and Corporate results are equal to the consolidated results of operations.

    Core underwriting income – calculated by subtracting loss and loss adjustment expenses incurred, net, acquisition costs, net, and other underwriting expenses from net premiums earned.

    Core net services income – consists of services revenues which include commissions, brokerage and fee income related to consolidated MGAs, and other revenues, and services expenses which include direct expenses related to consolidated MGAs, services noncontrolling income which represent minority ownership interests in consolidated MGAs. Net services income is a key indicator of the profitability of the Company’s services provided.

    Core income – consists of two components, core underwriting income and core net services income. Core income is a key measure of our segment performance.

    Core combined ratio – calculated by dividing the sum of Core loss and loss adjustment expenses incurred, net, acquisition costs, net and other underwriting expenses by Core net premiums earned. Accident year loss ratio and accident year combined ratio are calculated by excluding prior year loss reserve development to present the impact of current accident year net loss and loss adjustment expenses on the Core loss ratio and Core combined ratio, respectively. Attritional loss ratio excludes catastrophe losses from the accident year loss ratio as they are not predictable as to timing and amount. These ratios are useful indicators of our underwriting profitability.

    Book Value Per Diluted Common Share Metrics

    Book value per diluted common share excluding AOCI and tangible book value per diluted common share, as presented, are non-GAAP financial measures and the most directly comparable U.S. GAAP measure is book value per common share. Management believes it is useful to exclude AOCI because it may fluctuate significantly between periods based on movements in interest and currency rates. Tangible book value per diluted common share excludes intangible assets. Management believes that effects of intangible assets are not indicative of underlying underwriting results or trends and make book value comparisons to less acquisitive peer companies less meaningful. Tangible book value per diluted common share is useful because it provides a more accurate measure of the realizable value of shareholder returns, excluding intangible assets.

    The following table sets forth the computation of book value per common share, book value per diluted common share and tangible book value per diluted common share as of December 31, 2024 and December 31, 2023:

           
      December 31,
    2024    		   December 31,
    2023
      ($ in millions, except share and per share amounts)
    Common shareholders’ equity attributable to SiriusPoint common shareholders $ 1,737.4     $ 2,313.9  
           
    Accumulated other comprehensive income (loss), net of tax   (4.1 )     3.1  
    Common shareholders’ equity attributable to SiriusPoint common shareholders ex. AOCI   1,741.5       2,310.8  
           
    Intangible assets   140.8       152.7  
    Tangible common shareholders’ equity attributable to SiriusPoint common shareholders $ 1,596.6     $ 2,161.2  
           
    Common shares outstanding   116,429,057       168,120,022  
    Effect of dilutive stock options, restricted share units and warrants   2,559,359       5,193,920  
    Book value per diluted common share denominator   118,988,416       173,313,942  
           
    Book value per common share $ 14.92     $ 13.76  
    Book value per diluted common share $ 14.60     $ 13.35  
    Book value per diluted common share ex. AOCI $ 14.64     $ 13.33  
    Tangible book value per diluted common share $ 13.42     $ 12.47  
                   

    Underlying Net Income

    Underlying net income is a non-GAAP financial measure and the most directly comparable U.S. GAAP measure is net income. Underlying net income excludes items which we believe are not indicative of the operations of our underlying businesses, including realized and unrealized gains (losses) on strategic and other investments and liability-classified capital instruments, income (expense) related to loss portfolio transfers, deferred tax assets attributable to the enactment of the Bermuda corporate income tax, development on COVID-19 reserves resulting from the COVID-19 reserve study performed concurrently with the settlement of the Series A Preference shares in the third quarter of 2024, and foreign exchange gains (losses). We believe it is useful to review underlying net income as it better reflects how we view the business, as well as provides investors with an alternative metric that can assist in predicting future earnings and profitability that are complementary to GAAP metrics. Underlying return on average common shareholders’ equity is calculated by dividing underlying net income available to SiriusPoint common shareholders for the period by the average common shareholders’ equity, excluding AOCI. Management believes it is useful to exclude AOCI because it may fluctuate significantly between periods based on movements in interest and currency rates.

    The following table sets forth the computation of underlying net income for the three and twelve months ended December 31, 2024 and 2023:

           
      Three months ended   Twelve months ended
      December 31,
    2024    		   December 31,
    2023    		   December 31,
    2024    		   December 31,
    2023
    Net income (loss) available to SiriusPoint common shareholders $ (21.3 )   $ 93.5     $ 183.9     $ 338.8  
    Non-recurring adjustments:              
    Gains on sale or deconsolidation of consolidated MGAs   —       —       (96.0 )     —  
    Losses on strategic and other investments   34.3       15.4       90.5       40.2  
    MGA & Strategic Investment Rationalization   34.3       15.4       (5.5 )     40.2  
                   
    Losses on settlement and change in fair value of liability-classified capital instruments (“CMIG Merger Instruments”)   25.9       15.0       148.5       59.4  
    COVID-19 favorable reserve development (1)   —       —       (19.9 )     —  
    CMIG Instruments & Transactions   25.9       15.0       128.6       59.4  
                   
    (Income) expense related to loss portfolio transfers   28.9       2.1       44.6       (101.6 )
    Bermuda corporate income tax enactment   —       (100.8 )     —       (100.8 )
    Foreign exchange (gains) losses   (12.9 )     19.2       (10.0 )     34.9  
    Income tax expense on adjustments (2)   (11.4 )     (7.8 )     (38.1 )     (4.9 )
                   
    Underlying net income available to SiriusPoint common shareholders $ 43.5     $ 36.6     $ 303.5     $ 266.0  
                                   
    Return on average common shareholders’ equity attributable to SiriusPoint common shareholders   (4.0 )%     17.1 %     9.1 %     16.2 %
                   
    Common shareholders’ equity attributable to SiriusPoint common shareholders – beginning of period $ 2,494.9     $ 2,050.0     $ 2,313.9     $ 1,874.7  
    Accumulated other comprehensive income (loss), net of tax   81.5       (135.4 )     3.1       (45.0 )
    Common shareholders’ equity attributable to SiriusPoint common shareholders ex. AOCI – beginning of period   2,413.4       2,185.4       2,310.8       1,919.7  
                   
    Common shareholders’ equity attributable to SiriusPoint common shareholders – end of period   1,737.4       2,313.9       1,737.4       2,313.9  
    Impact of adjustments from above   64.8       (56.9 )     119.6       (72.8 )
    Accumulated other comprehensive income (loss), net of tax   (4.1 )     3.1       (4.1 )     3.1  
    Common shareholders’ equity attributable to SiriusPoint common shareholders ex. AOCI – end of period   1,806.3       2,253.9       1,861.1       2,238.0  
                   
    Average common shareholders’ equity attributable to SiriusPoint common shareholders ex. AOCI $ 2,109.9     $ 2,219.7     $ 2,086.0     $ 2,078.9  
                   
    Underlying return on average common shareholders’ equity attributable to SiriusPoint common shareholders ex. AOCI   8.2 %     6.6 %     14.5 %     12.8 %
    (1) This development, which is primarily related to business written by legacy Third Point Reinsurance Ltd., is the result of the COVID-19 reserve study performed concurrently with the settlement of the Series A Preference shares in the third quarter of 2024.
    (2) An effective tax rate of 15% is applied to the adjustments to calculate the income tax expense, where applicable.
       

    Other Financial Measures

    Annualized Return on Average Common Shareholders’ Equity Attributable to SiriusPoint Common Shareholders

    Annualized return on average common shareholders’ equity attributable to SiriusPoint common shareholders is calculated by dividing annualized net income (loss) available to SiriusPoint common shareholders for the period by the average common shareholders’ equity determined using the common shareholders’ equity balances at the beginning and end of the period.

    Annualized return on average common shareholders’ equity attributable to SiriusPoint common shareholders for the three and twelve months ended December 31, 2024 and 2023 was calculated as follows:

           
      Three months ended   Twelve months ended
      December 31,
    2024    		   December 31,
    2023    		   December 31,
    2024    		   December 31,
    2023
      ($ in millions)
    Net income (loss) available to SiriusPoint common shareholders $ (21.3 )   $ 93.5     $ 183.9     $ 338.8  
    Common shareholders’ equity attributable to SiriusPoint common shareholders – beginning of period   2,494.9       2,050.0       2,313.9       1,874.7  
    Common shareholders’ equity attributable to SiriusPoint common shareholders – end of period   1,737.4       2,313.9       1,737.4       2,313.9  
    Average common shareholders’ equity attributable to SiriusPoint common shareholders $ 2,116.2     $ 2,182.0     $ 2,025.7     $ 2,094.3  
    Annualized return on average common shareholders’ equity attributable to SiriusPoint common shareholders (4.0 )%     17.1 %     9.1 %     16.2 %
                               

    The MIL Network –

  • MIL-OSI: COMSTOCK RESOURCES, INC. REPORTS FOURTH QUARTER 2024 FINANCIAL AND OPERATING RESULTS

    Source: GlobeNewswire (MIL-OSI)

    FRISCO, TX, Feb. 18, 2025 (GLOBE NEWSWIRE) — Comstock Resources, Inc. (“Comstock” or the “Company”) (NYSE: CRK) today reported financial and operating results for the quarter and year ended December 31, 2024.

    Highlights of 2024‘s Fourth Quarter

    • Natural gas and oil sales, including realized hedging gains, were $336 million.
    • Operating cash flow was $223 million or $0.76 per share.
    • Adjusted EBITDAX for the quarter was $252 million.
    • Adjusted net income was $46.3 million or $0.16 per share for the quarter.
    • Six successful wells were turned to sales in the Western Haynesville with an average daily initial production rate of 40 MMcf per well.
    • Added over 64,000 net acres in the Western Haynesville, increasing total acreage in the play to 518,000 net acres.

    Financial Results for the Three Months Ended December 31, 2024

    Comstock produced 124.2 Bcfe in the fourth quarter as compared to 140.6 Bcfe in the fourth quarter of 2023. The lower production in the quarter was related to the decision to drop two operated rigs in early 2024 and to defer completion activity in the third quarter of 2024. Comstock’s realized natural gas price for the fourth quarter of 2024 averaged $2.32 per Mcf before hedging and $2.70 per Mcf after hedging. Natural gas and oil sales in the fourth quarter of 2024 totaled $336.1 million (including realized hedging gains of $47.8 million). Operating cash flow (excluding changes in working capital) generated in the fourth quarter of 2024 was $222.8 million, and the net loss for the fourth quarter was $55.3 million or $0.19 per share. Net loss in the quarter included a pre-tax $126.9 million unrealized loss on hedging contracts held for natural gas price risk management. Excluding this item, adjusted net income for the fourth quarter of 2024 was $46.3 million, or $0.16 per share.

    Comstock’s production cost per Mcfe in the fourth quarter averaged $0.72 per Mcfe, which was comprised of $0.36 for gathering and transportation costs, $0.25 for lease operating costs, $0.06 for production and other taxes and $0.05 for cash general and administrative expenses. Comstock’s unhedged operating margin was 69% in the fourth quarter of 2024 and 73% after hedging.

    Financial Results for the Year Ended December 31, 2024

    Production in 2024 was 527.8 Bcfe as compared to 524.9 Bcfe in 2023. Natural gas and oil sales for the year ended December 31, 2024 totaled $1.3 billion (including realized hedging gains of $207.8 million). Operating cash flow (excluding changes in working capital) generated during the year was $675.2 million, and the net loss was $218.8 million or $0.76 per share. The adjusted net loss excluding a pre-tax $197.6 million unrealized loss on hedging contracts for the year ended December 31, 2024 was $69.0 million or $0.24 per share.

    Comstock’s production cost per Mcfe during the year ended December 31, 2024 averaged $0.78 per Mcfe, which was comprised of $0.37 for gathering and transportation costs, $0.25 for lease operating costs, $0.11 for production and other taxes and $0.05 for cash general and administrative expenses. Comstock’s unhedged operating margin was 61% during 2024 and 68% after hedging.

    2024 Drilling Results

    Comstock drilled 50 (42.9 net) operated horizontal Haynesville/Bossier shale wells in 2024, which had an average lateral length of 10,759 feet. Comstock also turned 48 (42.9 net) operated wells to sales in 2024, which had an average initial production rate of 26 MMcf per day.

    Since its last operational update in October, Comstock turned an additional six (6.0 net) operated Western Haynesville/Bossier shale wells to sales as follows:

    Well   Vertical Depth (feet)   Completed Lateral (feet)   Initial Production Rate (MMcf per day)
                 
    Hodges #1   16,705   11,405   39
    Powell #1   18,081   9,758   42
    Hogue #1   18,872   12,055   44
    Deornellas A #1   18,975   10,884   42
    Deornellas B #2   17,552   9,473   40
    Miles #1   15,921   10,584   34

    These wells had average initial daily production rates of 40 MMcf per day and average completed lateral lengths of 10,693 feet.

    2024 Proved Oil and Gas Reserves

    Comstock also announced that proved natural gas and oil reserves as of December 31, 2024 were estimated at 3.8 trillion cubic feet equivalent (“Tcfe”) as compared to 4.9 Tcfe as of December 31, 2023. The reserve estimates were determined under SEC guidelines and were audited by the Company’s independent reserve engineering firm. The 3.8 Tcfe of proved reserves at December 31, 2024 were substantially all natural gas, 73% developed and 98% operated by Comstock. The present value, using a 10% discount rate, of the future net cash flows before income taxes of the proved reserves (the “PV-10 Value”), was approximately $1.6 billion using the Company’s average first of month 2024 prices of $1.84 per Mcf of natural gas and $71.07 per barrel of oil. The natural gas and oil prices used in determining the December 31, 2024 proved reserve estimates were 23% lower for natural gas and 2% lower for oil as compared to prices used at December 31, 2023.

    The very low natural gas prices used to determine proved reserves resulted in many of the Company’s proved undeveloped locations being excluded from the year-end proved reserve estimates as they did not generate an adequate return at that natural gas price. Using NYMEX future market prices as of December 31, 2024 of $3.26 per Mcf for natural gas and $59.10 per barrel of oil, as adjusted for the Company’s basis differentials, proved reserves would have been 7.0 Tcfe with a PV-10 value of $5.7 billion.

    The following table reflects the changes in the SEC and NYMEX proved reserve estimates since the end of 2023:

      SEC     NYMEX  
      (Bcfe)  
    Proved Reserves:          
    Proved Reserves at December 31, 2023   4,943.5       6,654.4  
    Production   (527.8 )     (528.0 )
    Extensions and discoveries   531.3       899.4  
    Divestitures   (2.4 )     (3.0 )
    Revisions   (1,180.5 )     (0.3 )
    Proved Reserves at December 31, 2024   3,764.1       7,022.5  

    Comstock replaced 101% of its 2024 production excluding revisions under SEC pricing and replaced 170% of its 2024 production under NYMEX pricing.

    2025 Budget

    In response to improved natural gas prices, the Company plans to increase the number of operating drilling rigs it is running from five to seven during 2025. Four of the rigs will be devoted to the Western Haynesville to continue to delineate the new play. As a result, Comstock plans to spend approximately $1.0 billion to $1.1 billion in 2025 on its development and exploration projects to drill 46 (40.3 net) operated horizontal wells and to turn 46 (39.7 net) operated wells to sales in 2025. Comstock expects to spend $130 million to $150 million on its Western Haynesville midstream system, which will be funded by its midstream partnership.

    Earnings Call Information

    Comstock has planned a conference call for 10:00 a.m. Central Time on February 19, 2025, to discuss the fourth quarter 2024 operational and financial results. Investors wishing to listen should visit the Company’s website at www.comstockresources.com for a live webcast. Investors wishing to participate in the conference call telephonically will need to register at:
    https://register.vevent.com/register/BI6e0b4d6ba76e49049b0b8093ff4a87a6

    Upon registering to participate in the conference call, participants will receive the dial-in number and a personal PIN number to access the conference call. On the day of the call, please dial in at least 15 minutes in advance to ensure a timely connection to the call. The conference call will also be broadcast live in listen-only mode and can be accessed via the website URL: https://edge.media-server.com/mmc/p/siuhk9j5.

    If you are unable to participate in the original conference call, a web replay will be available for twelve months beginning at 1:00 p.m. CT on February 19, 2025. The replay of the conference can be accessed using the webcast link: https://edge.media-server.com/mmc/p/siuhk9j5.

    This press release may contain “forward-looking statements” as that term is defined in the Private Securities Litigation Reform Act of 1995. Such statements are based on management’s current expectations and are subject to a number of factors and uncertainties which could cause actual results to differ materially from those described herein. Although the Company believes the expectations in such statements to be reasonable, there can be no assurance that such expectations will prove to be correct. Information concerning the assumptions, uncertainties and risks that may affect the actual results can be found in the Company’s filings with the Securities and Exchange Commission (“SEC”) available on the Company’s website or the SEC’s website at sec.gov.

    Comstock Resources, Inc. is a leading independent natural gas producer with operations focused on the development of the Haynesville shale in North Louisiana and East Texas. The Company’s stock is traded on the New York Stock Exchange under the symbol CRK.

    COMSTOCK RESOURCES, INC.
    CONSOLIDATED STATEMENTS OF OPERATIONS
    (In thousands, except per share amounts)

        Three Months Ended
    December 31,    		     Year Ended
    December 31,    		  
        2024     2023     2024     2023  
    Revenues:                        
    Natural gas sales   $ 287,626     $ 348,385     $ 1,043,886     $ 1,259,450  
    Oil sales     672       1,050       3,597       5,161  
    Total natural gas and oil sales     288,298       349,435       1,047,483       1,264,611  
    Gas services     78,208       61,148       206,097       300,498  
    Total revenues     366,506       410,583       1,253,580       1,565,109  
    Operating expenses:                        
    Production and ad valorem taxes     7,707       31,912       57,437       91,803  
    Gathering and transportation     44,434       46,925       194,890       184,906  
    Lease operating     31,379       31,678       130,504       132,203  
    Exploration     —       —       —       1,775  
    Depreciation, depletion and amortization     202,116       185,558       795,397       607,908  
    Gas services     72,611       57,733       205,407       282,050  
    General and administrative     10,164       6,000       39,435       37,992  
    Loss (gain) on sale of assets     35       —       (875 )     (125 )
    Total operating expenses     368,446       359,806       1,422,195       1,338,512  
    Operating income (loss)     (1,940 )     50,777       (168,615 )     226,597  
    Other income (expenses):                        
    Gain (loss) from derivative financial instruments     (79,022 )     111,449       10,196       187,639  
    Other income     284       304       1,211       1,771  
    Interest expense     (54,616 )     (47,936 )     (210,621 )     (169,018 )
    Total other income (expenses)     (133,354 )     63,817       (199,214 )     20,392  
    Income (loss) before income taxes     (135,294 )     114,594       (367,829 )     246,989  
    (Provision for) benefit from income taxes     79,981       (6,217 )     149,075       (35,095 )
    Net income (loss)     (55,313 )     108,377       (218,754 )     211,894  
    Net income attributable to noncontrolling interest     (2,816 )     (777 )     (10,897 )     (777 )
    Net income (loss) attributable to Comstock   $ (58,129 )   $ 107,600     $ (229,651 )   $ 211,117  
                             
    Net income (loss) per share:                        
    Basic   $ (0.19 )   $ 0.39     $ (0.76 )   $ 0.76  
    Diluted   $ (0.19 )   $ 0.39     $ (0.76 )   $ 0.76  
    Weighted average shares outstanding:                        
    Basic     290,170       276,999       287,010       276,806  
    Diluted     290,170       276,999       287,010       276,806  
    Dividends per share   $ —     $ 0.125     $ —     $ 0.500  

    COMSTOCK RESOURCES, INC.
    OPERATING RESULTS
    (In thousands, except per unit amounts)

        Three Months Ended
    December 31,    		     Year Ended
    December 31,    		  
        2024     2023     2024     2023  
    Natural gas production (MMcf)     124,128       140,565       527,548       524,467  
    Oil production (Mbbls)     10       13       50       70  
    Total production (MMcfe)     124,185       140,649       527,847       524,890  
                             
    Natural gas sales   $ 287,626     $ 348,385     $ 1,043,886     $ 1,259,450  
    Natural gas hedging settlements (1)     47,847       4,107       207,803       80,328  
    Total natural gas including hedging     335,473       352,492       1,251,689       1,339,778  
    Oil sales     672       1,050       3,597       5,161  
    Total natural gas and oil sales including hedging   $ 336,145     $ 353,542     $ 1,255,286     $ 1,344,939  
                             
    Average natural gas price (per Mcf)   $ 2.32     $ 2.48     $ 1.98     $ 2.40  
    Average natural gas price including hedging (per Mcf)   $ 2.70     $ 2.51     $ 2.37     $ 2.55  
    Average oil price (per barrel)   $ 67.20     $ 80.77     $ 71.94     $ 73.73  
    Average price (per Mcfe)   $ 2.32     $ 2.48     $ 1.98     $ 2.41  
    Average price including hedging (per Mcfe)   $ 2.71     $ 2.51     $ 2.38     $ 2.56  
                             
    Production and ad valorem taxes   $ 7,707     $ 31,912     $ 57,437     $ 91,803  
    Gathering and transportation     44,434       46,925       194,890       184,906  
    Lease operating     31,379       31,678       130,504       132,203  
    Cash general and administrative (2)     6,282       3,141       24,174       28,125  
    Total production costs   $ 89,802     $ 113,656     $ 407,005     $ 437,037  
                             
    Production and ad valorem taxes (per Mcfe)   $ 0.06     $ 0.23     $ 0.11     $ 0.18  
    Gathering and transportation (per Mcfe)     0.36       0.33       0.37       0.35  
    Lease operating (per Mcfe)     0.25       0.23       0.25       0.25  
    Cash general and administrative (per Mcfe)     0.05       0.02       0.05       0.05  
    Total production costs (per Mcfe)   $ 0.72     $ 0.81     $ 0.78     $ 0.83  
                             
    Unhedged operating margin     69 %     67 %     61 %     65 %
    Hedged operating margin     73 %     68 %     68 %     68 %
                             
    Gas services revenues   $ 78,208     $ 61,148     $ 206,097     $ 300,498  
    Gas services expenses     72,611       57,733       205,407       282,050  
    Gas services margin   $ 5,597     $ 3,415     $ 690     $ 18,448  
                             
    Natural Gas and Oil Capital Expenditures:                        
    Unproved property acquisitions   $ 18,448     $ 21,907     $ 106,386     $ 98,553  
    Total natural gas and oil properties acquisitions   $ 18,448     $ 21,907     $ 106,386     $ 98,553  
    Exploration and Development:                        
    Development leasehold   $ 1,308     $ 8,818     $ 13,461     $ 27,905  
    Exploratory drilling and completion     134,779       65,079       354,557       244,129  
    Development drilling and completion     96,021       233,856       503,550       974,664  
    Other development costs     8,325       6,262       30,500       25,130  
    Total exploration and development capital expenditures   $ 240,433     $ 314,015     $ 902,068     $ 1,271,828  

    (1)   Included in gain (loss) from derivative financial instruments in operating results.

    (2)   Excludes stock-based compensation.

    COMSTOCK RESOURCES, INC.
    NON-GAAP FINANCIAL MEASURES
    (In thousands, except per share amounts)

        Three Months Ended
    December 31,    		     Year Ended
    December 31,    		  
        2024     2023     2024     2023  
    ADJUSTED NET INCOME (LOSS):                        
    Net income (loss)   $ (55,313 )   $ 108,377     $ (218,754 )   $ 211,894  
    Unrealized loss (gain) from derivative financial instruments     126,869       (107,342 )     197,607       (107,311 )
    Exploration expense     —       —       —       1,775  
    Loss (gain) on sale of assets     35       —       (875 )     (125 )
    Adjustment to income taxes     (25,333 )     26,868       (46,981 )     26,450  
    Adjusted net income (loss) (1)   $ 46,258     $ 27,903     $ (69,003 )   $ 132,683  
                             
    Adjusted net income (loss) per share (2)   $ 0.16     $ 0.10     $ (0.24 )   $ 0.47  
    Diluted shares outstanding     292,983       276,999       287,010       276,806  
                             
                             
    ADJUSTED EBITDAX:                        
    Net income (loss)   $ (55,313 )   $ 108,377     $ (218,754 )   $ 211,894  
    Interest expense     54,616       47,936       210,621       169,018  
    Income taxes     (79,981 )     6,217       (149,075 )     35,095  
    Depreciation, depletion, and amortization     202,116       185,558       795,397       607,908  
    Exploration     —       —       —       1,775  
    Unrealized loss (gain) from derivative financial instruments     126,869       (107,342 )     197,607       (107,311 )
    Stock-based compensation     3,881       2,861       15,261       9,867  
    Loss (gain) on sale of assets     35       —       (875 )     (125 )
    Total Adjusted EBITDAX (3)   $ 252,223     $ 243,607     $ 850,182     $ 928,121  

    (1)   Adjusted net income (loss) is presented because of its acceptance by investors and by Comstock management as an indicator of the Company’s profitability excluding, non-cash unrealized gains and losses on derivative financial instruments, gains and losses on sales of assets and other unusual items.

    (2)   Adjusted net income (loss) per share is calculated to include the dilutive effects of unvested restricted stock pursuant to the two-class method and performance stock units and preferred stock pursuant to the treasury stock method.

    (3)   Adjusted EBITDAX is presented in the earnings release because management believes that adjusted EBITDAX, which represents Comstock’s results from operations before interest, income taxes, and certain non-cash items, including depreciation, depletion and amortization, unrealized (gain) loss from derivative financial instruments and exploration expense, is a common alternative measure of operating performance used by certain investors and financial analysts.

    COMSTOCK RESOURCES, INC.
    NON-GAAP FINANCIAL MEASURES
    (In thousands)

        Three Months Ended
    December 31,    		     Year Ended
    December 31,    		  
        2024     2023     2024     2023  
    OPERATING CASH FLOW (1):                        
    Net income (loss)   $ (55,313 )   $ 108,377     $ (218,754 )   $ 211,894  
    Reconciling items:                        
    Unrealized loss (gain) from derivative financial instruments     126,869       (107,342 )     197,607       (107,311 )
    Deferred income taxes     (57,754 )     15,423       (124,919 )     44,301  
    Depreciation, depletion and amortization     202,116       185,558       795,397       607,908  
    Amortization of debt discount and issuance costs     2,957       1,984       11,476       7,964  
    Stock-based compensation     3,881       2,861       15,261       9,867  
    Loss (gain) on sale of assets     35       —       (875 )     (125 )
    Operating cash flow   $ 222,791     $ 206,861     $ 675,193     $ 774,498  
    (Increase) decrease in accounts receivable     (18,989 )     (16,626 )     56,584       278,697  
    (Increase) decrease in other current assets     (22,144 )     1,369       (22,893 )     745  
    Increase (decrease) in accounts payable and other accrued expenses     85,395       36,603       (88,547 )     (37,094 )
    Net cash provided by operating activities   $ 267,053     $ 228,207     $ 620,337     $ 1,016,846  
        Three Months Ended
    December 31,    		     Year Ended
    December 31,    		  
        2024     2023     2024     2023  
    FREE CASH FLOW (2):                        
    Operating cash flow   $ 222,791     $ 206,861     $ 675,193     $ 774,498  
    Less:                        
    Exploration and development capital expenditures     (240,433 )     (314,015 )     (902,068 )     (1,271,828 )
    Midstream capital expenditures     (38,638 )     (14,098 )     (85,377 )     (35,694 )
    Other capital expenditures     (558 )     (11 )     (2,264 )     (491 )
    Contributions from midstream partnership     24,500       24,000       60,500       24,000  
    Free cash deficit from operations   $ (32,338 )   $ (97,263 )   $ (254,016 )   $ (509,515 )
    Acquisitions     (18,448 )     (21,907 )     (106,386 )     (98,553 )
    Proceeds from divestitures     —       —       1,214       41,295  
    Free cash deficit after acquisition and divestiture activity   $ (50,786 )   $ (119,170 )   $ (359,188 )   $ (566,773 )

    (1)   Operating cash flow is presented in the earnings release because management believes it to be useful to investors as a common alternative measure of cash flows which excludes changes to other working capital accounts.

    (2)   Free cash flow from operations and free cash flow after acquisition and divestiture activity are presented in the earnings release because management believes them to be useful indicators of the Company’s ability to internally fund acquisitions and debt maturities after exploration and development capital expenditures, midstream and other capital expenditures, proved and unproved property acquisitions, and proceeds from divestitures of natural gas and oil properties.

    COMSTOCK RESOURCES, INC.
    CONSOLIDATED BALANCE SHEETS
    (In thousands)

        December 31,
    2024    		     December 31,
    2023    		  
    ASSETS            
    Cash and cash equivalents   $ 6,799     $ 16,669  
    Accounts receivable     174,846       231,430  
    Derivative financial instruments     4,865       126,775  
    Other current assets     97,524       86,619  
    Total current assets     284,034       461,493  
    Property and equipment, net     5,688,389       5,384,771  
    Goodwill     335,897       335,897  
    Operating lease right-of-use assets     73,777       71,462  
        $ 6,382,097     $ 6,253,623  
                 
    LIABILITIES AND STOCKHOLDERS’ EQUITY            
    Accounts payable   $ 421,814     $ 523,260  
    Accrued costs     146,173       134,466  
    Operating leases     35,927       23,765  
    Derivative financial instruments     8,940       —  
    Total current liabilities     612,854       681,491  
    Long-term debt     2,952,090       2,640,391  
    Deferred income taxes     345,116       470,035  
    Derivative financial instruments     66,757       —  
    Long-term operating leases     37,740       47,742  
    Asset retirement obligation     33,996       30,773  
    Total liabilities     4,048,553       3,870,432  
    Stockholders’ Equity:            
    Common stock     146,130       139,214  
    Additional paid-in capital     1,366,274       1,260,930  
    Accumulated earnings     728,619       958,270  
    Total stockholders’ equity attributable to Comstock     2,241,023       2,358,414  
    Noncontrolling interest     92,521       24,777  
    Total stockholders’ equity     2,333,544       2,383,191  
        $ 6,382,097     $ 6,253,623  

    The MIL Network –

  • MIL-OSI: Gibson Energy Reports 2024 Fourth Quarter and Record Full Year Results Driven by All-Time High Volumes at the Gateway and Edmonton Terminals, Alongside a 5% Dividend Increase

    Source: GlobeNewswire (MIL-OSI)

    All financial figures are in Canadian dollars unless otherwise noted

    CALGARY, Alberta, Feb. 18, 2025 (GLOBE NEWSWIRE) — Gibson Energy Inc. (TSX:GEI) (“Gibson” or the “Company”) announced today its financial and operating results for the three and twelve months ended December 31, 2024.

    “We are pleased to announce record Infrastructure results for 2024, driven by a full year of contribution from Gateway,” said Curtis Philippon, President & Chief Executive Officer. “Exiting the year, the quality and stability of our Infrastructure cash flows improved due to successful re-contracting efforts and record throughput at both Gateway and Edmonton. We also announced exciting growth capital projects at Gateway. I am pleased with the progress we are making on setting up the Gibson team, increasing our focus on the business, strengthening our growth pipeline and building a high-performance culture.”

    Financial Highlights:

    • Revenue of $11,780 million for the full year, including $2,358 million in the fourth quarter, relatively consistent year over year primarily due to higher sales volumes within the Marketing segment and the revenue contribution from the Gateway Terminal
    • Infrastructure Adjusted EBITDA(1) of $601 million for the full year, including $147 million in the fourth quarter, a $107 million or 22% increase over full year 2023 primarily due to the full year contribution from the Gateway Terminal and an Edmonton tank, which were only partially offset by a reduction from the Hardisty Unit Train Facility and the impact of certain one-time items
    • Marketing Adjusted EBITDA(1) of $63 million for the full year, including a $5 million loss in the fourth quarter, an $82 million or 57% decrease over full year 2023 principally due to significantly tighter crude oil differentials and crack spreads, and increased demand for Canadian heavy oil triggering steep backwardation and limited volatility, impacting storage, quality and time-based opportunities
    • Adjusted EBITDA(1) on a consolidated basis of $610 million for the full year, including $130 million in the fourth quarter, a $20 million or 3% increase over full year 2023, due to the impact of unrealized gains and losses on financial instruments recorded in both periods and the factors noted above, partially offset by the add back of certain one-time items, and an increase in general and administrative expenses, net of executive transition and restructuring costs
    • Net income of $152 million for the full year 2024, including a $6 million loss in the fourth quarter, a $62 million or 29% decrease over full year 2023 due to the impact of items noted above, higher general and administrative costs primarily due to executive transition and restructuring costs, the impact of the Gateway acquisition that resulted in higher finance costs, depreciation and amortization expenses, and an environmental remediation provision, partially offset by acquisition and integration costs in the prior year and a lower income tax expense
    • Distributable Cash Flow(1) of $375 million for the full year, including $71 million in the fourth quarter, an $11 million or 3% decrease over full year 2023, primarily due to higher finance costs, partially offset by higher Adjusted EBITDA and lower lease payments
    • Dividend Payout ratio(2) on a trailing twelve-month basis of 71%, which is at the low end of the 70% – 80% target range
    • Net debt to Adjusted EBITDA ratio(2) of 3.5x for the twelve months ended December 31, 2024, which is at the high end of the 3.0x – 3.5x target range, compared to 3.7x for the twelve months ended December 31, 2023

    Strategic Developments and Highlights:

    • Appointed Curtis Philippon as the President and Chief Executive Officer, effective August 29, 2024
    • Announced the extension of a long-term contract with an investment grade global E&P company at the Gateway Terminal and the sanction of a connection to the Cactus II Pipeline in July
    • Refinanced $350 million 5.80% senior unsecured notes due 2026 with $350 million of 4.45% senior unsecured notes due in November 2031, resulting in annual cost savings of approximately $5 million
    • Announced the extension of a long-term contract and the sanctioning of the dredging project at the Gateway Terminal in December which, along with the earlier announcements, will allow the Company to achieve its Gateway targets
    • Placed in-service two new 435,000 barrel tanks under a long-term take-or-pay agreement with an investment grade customer at the Edmonton Terminal in December
    • Achieved a new milestone, recording 8.8 million hours without a lost time injury for our employee and contract workforce
    • Subsequent to the quarter, appointed Riley Hicks as the Senior Vice President and Chief Financial Officer, effective February 4, 2025
    • Subsequent to the quarter, Gibson’s Board of Directors also approved a quarterly dividend of $0.43 per common share, an increase of $0.02 per common share or 5%, beginning with the dividend payable in April
    (1) Adjusted EBITDA and distributable cash flow are non-GAAP financial measures. See the “Specified Financial Measures” section of this release.
    (2) Net debt to adjusted EBITDA ratio and dividend payout ratio are non-GAAP financial ratios. See the “Specified Financial Measures” section of this release.


    Management’s Discussion and Analysis and Financial Statements
    The 2024 fourth quarter Management’s Discussion and Analysis and audited Consolidated Financial Statements provide a detailed explanation of Gibson’s financial and operating results for the three months and year ended December 31, 2024, as compared to the three months and year ended December 31, 2023. These documents are available at www.gibsonenergy.com and on SEDAR+ at www.sedarplus.ca.

    Earnings Conference Call & Webcast Details
    A conference call and webcast will be held to discuss the 2024 fourth quarter and year-end financial and operating results at 7:00am Mountain Time (9:00am Eastern Time) on Wednesday, February 19, 2025.

    To register for the call, view dial-in numbers, and obtain a dial-in PIN, please access the following URL:

    Registration at least five minutes prior to the conference call is recommended.

    This call will also be broadcast live on the Internet and may be accessed directly at the following URL:

    The webcast will remain accessible for a 12-month period at the above URL.

    Supplementary Information
    Gibson has also made available certain supplementary information regarding the 2024 fourth quarter and full year financial and operating results, available at www.gibsonenergy.com.

    About Gibson
    Gibson is a leading liquids infrastructure company with its principal businesses consisting of the storage, optimization, processing, and gathering of liquids and refined products, as well as waterborne vessel loading. Headquartered in Calgary, Alberta, the Company’s operations are located across North America, with core terminal assets in Hardisty and Edmonton, Alberta, Ingleside and Wink, Texas, and a facility in Moose Jaw, Saskatchewan.

    Gibson shares trade under the symbol GEI and are listed on the Toronto Stock Exchange. For more information, visit www.gibsonenergy.com.

    Forward-Looking Statements
    Certain statements contained in this press release constitute forward-looking information and statements (collectively, forward-looking statements) including, but not limited to, the Company’s plans and targets, including its focus on delivering shareholder returns and progressing its cost focus campaign, and dividend payment dates and amounts thereof. All statements other than statements of historical fact are forward-looking statements. The use of any of the words “will,” “anticipate”, “continue”, “expect”, “intend”, “may”, “should”, “could”, “believe”, “further” and similar expressions are intended to identify forward looking statements. These statements involve known and unknown risks, uncertainties and other factors that may cause actual results or events to differ materially from those anticipated in such forward-looking statements. No assurance can be given that these expectations will prove to be correct and such forward-looking statements included in this press release should not be unduly relied upon. These statements speak only as of the date of this press release. The Company does not undertake any obligations to publicly update or revise any forward-looking statements except as required by securities law. Actual results could differ materially from those anticipated in these forward-looking statements as a result of numerous risks and uncertainties including, but not limited to, the risks and uncertainties described in “Forward-Looking Information” and “Risk Factors” included in the Company’s Annual Information Form and Management’s Discussion and Analysis, each dated February 18, 2025, as filed on SEDAR+ and available on the Gibson website at www.gibsonenergy.com.

    For further information, please contact:

    Investor Relations:
    (403) 776-3077
    investor.relations@gibsonenergy.com

    Media Relations:
    (403) 476-6334
    communications@gibsonenergy.com

    Specified Financial Measures

    This press release refers to certain financial measures that are not determined in accordance with GAAP, including non-GAAP financial measures and non-GAAP financial ratios. Readers are cautioned that non-GAAP financial measures and non-GAAP financial ratios do not have standardized meanings prescribed by GAAP and, therefore, may not be comparable to similar measures presented by other entities. Management considers these to be important supplemental measures of the Company’s performance and believes these measures are frequently used by securities analysts, investors and other interested parties in the evaluation of companies in industries with similar capital structures.

    For further details on these specified financial measures, including relevant reconciliations, see the “Specified Financial Measures” section of the Company’s MD&A for the years ended December 31, 2024 and 2023, which is incorporated by reference herein and is available on Gibson’s SEDAR+ profile at www.sedarplus.ca and Gibson’s website at www.gibsonenergy.com.

    a)   Adjusted EBITDA

    Noted below is the reconciliation to the most directly comparable GAAP measures of the Company’s segmented and consolidated adjusted EBITDA for the three months and years ended December 31, 2024, and 2023:

    Three months ended December 31, Infrastructure Marketing Corporate and
    Adjustments    		 Total
    ($ thousands) 2024 2023   2024   2023 2024   2023   2024   2023  
                     
    Segment profit 127,444 157,968   (16,435 ) 24,474 —   —   111,009   182,442  
    Unrealized loss (gain) on derivative financial instruments 6,359 (5,377 ) 11,662   3,388 —   —   18,021   (1,989 )
    General and administrative — —   —   — (18,065 ) (10,893 ) (18,065 ) (10,893 )
    Adjustments to share of profit from equity accounted investees 1,169 155   —   — —   —   1,169   155  
    Executive transition and restructuring costs — —   —   — 6,304   —   6,304   —  
    Environmental remediation provision (1) 9,287 —   —   — —   —   9,287   —  
    Post-close purchase price adjustment (1) 2,670 —   —   — —   —   2,670   —  
    Renewable power purchase agreement — —   —   — (713 ) —   (713 ) —  
    Other — —   —   — —   (34 ) —   (34 )
    Adjusted EBITDA 146,929 152,746   (4,773 ) 27,862 (12,474 ) (10,927 ) 129,682   169,681  
    Years ended December 31, Infrastructure Marketing Corporate and
    Adjustments    		 Total
    ($ thousands) 2024 2023   2024 2023   2024   2023   2024   2023  
                     
    Segment profit 574,010 494,451   52,956 148,436   —   —   626,966   642,887  
    Unrealized loss (gain) on derivative financial instruments 10,105 (4,637 ) 9,778 (3,484 ) —   —   19,883   (8,121 )
    General and administrative — —   — —   (69,985 ) (49,570 ) (69,985 ) (49,570 )
    Adjustments to share of profit from equity accounted investees 5,240 4,448   — —   —   —   5,240   4,448  
    Executive transition and restructuring costs — —   — —   16,969   —   16,969   —  
    Environmental remediation provision (1) 9,287 —   — —   —   —   9,287   —  
    Post-close purchase price adjustment (1) 2,670 —   — —   —   —   2,670   —  
    Renewable power purchase agreement — —   — —   (888 ) —   (888 ) —  
    Other — —   — —   —   184   —   184  
    Adjusted EBITDA 601,312 494,262   62,734 144,952   (53,904 ) (49,386 ) 610,142   589,828  

    (1) added back in the calculation of adjusted EBITDA as these charges are not reflective of the ongoing earning capacity of the business, as described in the discussion of Infrastructure segment results in the MD&A.

      Three months ended December 31,
    		  
    ($ thousands) 2024   2023  
         
    Net (Loss) Income (5,563 ) 53,301  
         
    Income tax expense 7,575   20,259  
    Depreciation, amortization, and impairment charges 55,217   47,690  
    Finance costs, net 34,033   35,919  
    Unrealized loss (gain) on derivative financial instruments 18,021   (1,989 )
    Unrealized (gain) loss on renewable power purchase agreement (4,375 ) 866  
    Share-based compensation 6,882   5,600  
    Acquisition and integration costs —   2,083  
    Adjustments to share of profit from equity accounted investees 1,169   155  
    Corporate foreign exchange (gain) loss and other (1,538 ) 5,797  
    Environmental remediation provision (1) 9,287   —  
    Post-close purchase price adjustment (1) 2,670   —  
    Executive transition and restructuring costs 6,304   —  
    Adjusted EBITDA 129,682   169,681  
      Years ended December 31,
    		  
    ($ thousands) 2024   2023  
         
    Net Income 152,174   214,211  
         
    Income tax expense 53,780   71,123  
    Depreciation, amortization, and impairment charges 186,669   142,478  
    Finance costs, net 138,318   116,276  
    Unrealized loss (gain) on derivative financial instruments 19,883   (8,121 )
    Corporate unrealized loss on derivative financial instruments 2,332   1,296  
    Share-based compensation 22,040   20,944  
    Acquisition and integration costs 1,371   22,042  
    Adjustments to share of profit from equity accounted investees 5,240   4,448  
    Corporate foreign exchange (gain) loss and other (591 ) 5,131  
    Environmental remediation provision (1) 9,287   —  
    Post-close purchase price adjustment (1) 2,670   —  
    Executive transition and restructuring costs 16,969   —  
    Adjusted EBITDA 610,142   589,828  

    (1) added back in the calculation of adjusted EBITDA as these charges are not reflective of the ongoing earning capacity of the business, as described in the discussion of Infrastructure segment results in the MD&A.

    b)   Distributable Cash Flow

    The following is a reconciliation of distributable cash flow from operations to its most directly comparable GAAP measure, cash flow from operating activities:

    Three months ended December 31,
    		   Years ended December 31,
    		  
    ($ thousands) 2024   2023   2024   2023  
             
    Cash flow from operating activities 67,276   155,602   598,454   574,856  
    Adjustments:        
    Changes in non-cash working capital and taxes paid 53,978   7,487   (10,642 ) (7,434 )
    Replacement capital (11,727 ) (10,226 ) (35,987 ) (35,928 )
    Cash interest expense, including capitalized interest (31,931 ) (34,456 ) (134,336 ) (100,133 )
    Acquisition and integration costs (1) —   2,083   1,371   22,042  
    Executive transition and restructuring costs (1) 6,304   —   16,969   —  
    Lease payments (6,063 ) (9,628 ) (30,241 ) (35,896 )
    Current income tax (6,685 ) (7,917 ) (30,318 ) (31,717 )
    Distributable cash flow 71,152   102,945   375,270   385,790  

    (1) Costs adjusted on an incurred basis.

    c)   Dividend Payout Ratio

      Years ended December 31,  
      2024   2023  
    Distributable cash flow 375,270   385,790  
    Dividends declared 266,858   236,907  
    Dividend payout ratio 71 % 61 %


    d)       Net Debt To Adjusted EBITDA Ratio

      Years ended December 31,
    		  
      2024   2023  
         
    Current and long-term debt 2,598,635   2,711,543  
    Lease liabilities 48,180   62,005  
    Less: unsecured hybrid debt (450,000 ) (450,000 )
    Less: cash and cash equivalents (57,069 ) (143,758 )
         
    Net debt 2,139,746   2,179,790  
    Adjusted EBITDA 610,142   589,828  
    Net debt to adjusted EBITDA ratio 3.5   3.7  

    The MIL Network –

  • MIL-OSI: Tactile Systems Technology, Inc. Reports Fourth Quarter and Full Year 2024 Financial Results

    Source: GlobeNewswire (MIL-OSI)

    MINNEAPOLIS, Feb. 18, 2025 (GLOBE NEWSWIRE) — Tactile Systems Technology, Inc. (“Tactile Medical”; the “Company”) (Nasdaq: TCMD), a medical technology company providing therapies for people with chronic disorders, today reported financial results for the fourth quarter and full year ended December 31, 2024.

    Fourth Quarter 2024 Summary & Recent Business Highlights:

    • Total revenue increased 10% year-over-year to $85.6 million
    • Gross margin of 75% versus 72% in Q4 2023
    • Net income of $9.7 million versus $8.2 million in Q4 2023
    • Adjusted EBITDA of $16.2 million versus $15.4 million in Q4 2023
    • Expanded launch of Nimbl to include patients with lower extremity lymphedema
    • Appointed Laura King to Board of Directors
    • Promoted Aaron Snodgrass to Senior Vice President, Sales, effective February 18, 2025

    Full Year 2024 Summary:

    • Total revenue increased 7% year-over-year in 2024 to $293.0 million
    • Gross margin of 74% in 2024, compared to 71% in 2023
    • Operating cashflow of $40.7 million in 2024, compared to $35.9 million in 2023
    • Ended 2024 with $94.4 million in cash, up from $61.0 million at the end of 2023

    “Our fourth quarter results capped off a dynamic year for Tactile, during which we launched our next-generation lymphedema platform, generated clinical evidence supporting the value of our therapies, deployed new workflow-related tools to enhance speed and efficiency in order operations, and served over 79,000 patients with our lymphedema and airway clearance solutions,” said Sheri Dodd, President and Chief Executive Officer of Tactile Medical. “Financially, we demonstrated a consistent ability to strengthen our balance sheet and expand profitability, while also delivering double-digit revenue growth in the fourth quarter.”

    Ms. Dodd concluded, “Our financial and operational progress in 2024, coupled with strong market fundamentals and an innovative portfolio, leaves us confident that we are well-positioned to advance our market leadership this year and over the long-term while delivering sustainable, profitable growth. In 2025, we will also continue investing in our strategic priority to enhance the overall patient experience, including through improving access to care, expanding treatment options, and supporting the end-to-end patient journey.”

    Fourth Quarter 2024 Financial Results

    Total revenue in the fourth quarter of 2024 increased $7.9 million, or 10%, to $85.6 million, compared to $77.7 million in the fourth quarter of 2023. The increase in total revenue was attributable to an increase of $7.6 million, or 11%, in sales and rentals of the lymphedema product line and an increase of $0.3 million, or 4%, in sales of the airway clearance product line in the quarter ended December 31, 2024, compared to the fourth quarter of 2023.

    Gross profit in the fourth quarter of 2024 increased $8.4 million, or 15%, to $64.4 million, compared to $56.0 million in the fourth quarter of 2023. Gross margin was 75.2% of revenue, compared to 72.1% of revenue in the fourth quarter of 2023.

    Operating expenses in the fourth quarter of 2024 increased $7.6 million, or 17%, to $51.9 million, compared to $44.2 million in the fourth quarter of 2023.

    Operating income was $12.5 million in the fourth quarter of 2024, compared to $11.8 million in the fourth quarter of 2023.

    Interest income was $0.9 million in each of the fourth quarters of 2024 and 2023.

    Interest expense was $0.5 million in the fourth quarter of 2024, compared to $0.9 million in the fourth quarter of 2023.

    Income tax expense was $3.3 million in the fourth quarter of 2024, compared to $3.6 million in the fourth quarter of 2023.

    Net income in the fourth quarter of 2024 was $9.7 million, or $0.40 per diluted share, compared to $8.2 million, or $0.35 per diluted share, in the fourth quarter of 2023.

    Weighted average shares used to compute diluted net income per share were 24.5 million and 23.8 million for the fourth quarters of 2024 and 2023, respectively.

    Adjusted EBITDA was $16.2 million in the fourth quarter of 2024, compared to $15.4 million in the fourth quarter of 2023.

    Full Year 2024 Financial Results

    Total revenue in the full year of 2024 increased $18.6 million, or 7%, to $293.0 million, compared to $274.4 million in the full year of 2023. The increase in total revenue was attributable to an increase of $17.6 million, or 7%, in sales and rentals of the lymphedema product line and an increase of $0.9 million, or 3%, in sales of the airway clearance product line in the full year of 2024, compared to the full year of 2023.

    Net income in the full year of 2024 was $17.0 million, or $0.70 per diluted share, compared to $28.5 million, or $1.23 per diluted share, in the full year of 2023.

    Weighted average shares used to compute diluted net income per share were 24.1 million and 23.2 million in the full year of 2024 and 2023, respectively.

    Adjusted EBITDA was $37.1 million in the full year of 2024, compared to $29.7 million in the full year of 2023.

    Balance Sheet Summary

    As of December 31, 2024, the Company had $94.4 million in cash and $26.3 million of outstanding borrowings under its credit agreement, compared to $61.0 million in cash and $29.3 million of outstanding borrowings under its credit agreement as of December 31, 2023. As of December 31, 2024, $26.5 million remained available under the Company’s $30.0 million share repurchase program, which became effective on October 30, 2024, and expires October 31, 2026.

    2025 Financial Outlook

    The Company expects full year 2025 total revenue in the range of $316 million to $322 million, representing growth of approximately 8% to 10% year-over-year, compared to total revenue of $293.0 million in 2024. The Company also expects full year 2025 adjusted EBITDA in the range of $35 million to $37 million, compared to adjusted EBITDA of $37.1 million in 2024.

    Conference Call

    Management will host a conference call with a question-and-answer session at 5:00 p.m. Eastern Time on February 18, 2025, to discuss the results of the quarter and fiscal year. Those who would like to participate may dial 877-407-3088 (201-389-0927 for international callers) and provide access code 13751026. A live webcast of the call will also be provided on the investor relations section of the Company’s website at investors.tactilemedical.com.

    For those unable to participate, a replay of the call will be available for two weeks at 877-660-6853 (201-612-7415 for international callers); access code 13751026. The webcast will be archived at investors.tactilemedical.com.

    About Tactile Systems Technology, Inc. (DBA Tactile Medical)

    Tactile Medical is a leader in developing and marketing at-home therapies for people suffering from underserved, chronic conditions including lymphedema, lipedema, chronic venous insufficiency and chronic pulmonary disease by helping them live better and care for themselves at home. Tactile Medical collaborates with clinicians to expand clinical evidence, raise awareness, increase access to care, reduce overall healthcare costs and improve the quality of life for tens of thousands of patients each year.

    Legal Notice Regarding Forward-Looking Statements

    This release contains forward-looking statements, including guidance for the full year 2025. Forward-looking statements are generally identifiable by the use of words like “may,” “will,” “should,” “could,” “expect,” “anticipate,” “estimate,” “believe,” “intend,” “continue,” “confident,” “outlook,” “guidance,” “project,” “goals,” “look forward,” “poised,” “designed,” “plan,” “return,” “focused,” “prospects” or “remain” or the negative of these words or other variations on these words or comparable terminology. The reader is cautioned not to put undue reliance on these forward-looking statements, as these statements are subject to numerous factors and uncertainties outside of the Company’s control that can make such statements untrue, including, but not limited to, the Company’s ability to obtain reimbursement from third-party payers for its products; the impacts of inflation, rising interest rates or a recession; the adequacy of the Company’s liquidity to pursue its business objectives; adverse economic conditions or intense competition; price increases for supplies and components; wage and component price inflation; loss of a key supplier; entry of new competitors and products; compliance with and changes in federal, state and local government regulation; loss or retirement of key executives, including prior to identifying a successor; technological obsolescence of the Company’s products; technical problems with the Company’s research and products; the Company’s ability to expand its business through strategic acquisitions; the Company’s ability to integrate acquisitions and related businesses; the effects of current and future U.S. and foreign trade policy and tariff actions; or the inability to carry out research, development and commercialization plans. In addition, other factors that could cause actual results to differ materially are discussed in the Company’s filings with the SEC. Investors and security holders are urged to read these documents free of charge on the SEC’s website at http://www.sec.gov. The Company undertakes no obligation to publicly update or revise its forward-looking statements as a result of new information, future events or otherwise.

    Use of Non-GAAP Financial Measures

    This press release includes the non-GAAP financial measure of Adjusted EBITDA, which differs from financial measures calculated in accordance with U.S. generally accepted accounting principles (“GAAP”). Adjusted EBITDA in this release represents net income, plus interest expense, net, or less interest income, net, less income tax benefit or plus income tax expense, plus depreciation and amortization, plus stock-based compensation expense, plus or minus the change in fair value of earn-out and plus executive transition costs. Reconciliation of this non-GAAP financial measure to its most directly comparable GAAP measure is included in this press release.

    This non-GAAP financial measure is presented because the Company believes it is a useful indicator of its operating performance. Management uses this measure principally as a measure of the Company’s operating performance and for planning purposes, including the preparation of the Company’s annual operating plan and financial projections. The Company believes this measure is useful to investors as supplemental information and because it is frequently used by analysts, investors and other interested parties to evaluate companies in its industry. The Company also believes this non-GAAP financial measure is useful to its management and investors as a measure of comparative operating performance from period to period. In addition, Adjusted EBITDA is used as a performance metric in the Company’s compensation program.

    The non-GAAP financial measure presented in this release should not be considered as an alternative to, or superior to, its respective GAAP financial measure, as a measure of financial performance or cash flows from operations as a measure of liquidity, or any other performance measure derived in accordance with GAAP, and it should not be construed to imply that the Company’s future results will be unaffected by unusual or non-recurring items. In addition, Adjusted EBITDA is not intended to be a measure of free cash flow for management’s discretionary use, as it does not reflect certain cash requirements such as tax payments, debt service requirements, capital expenditures and certain other cash costs that may recur in the future. Adjusted EBITDA contains certain other limitations, including the failure to reflect our cash expenditures, cash requirements for working capital needs and cash costs to replace assets being depreciated and amortized. In evaluating non-GAAP financial measures, you should be aware that in the future the Company may incur expenses that are the same as or similar to some of the adjustments in this presentation. The Company’s presentation of non-GAAP financial measures should not be construed to imply that its future results will be unaffected by any such adjustments. Management compensates for these limitations by primarily relying on the Company’s GAAP results in addition to using non-GAAP financial measures on a supplemental basis. The Company’s definition of these non-GAAP financial measures is not necessarily comparable to other similarly titled captions of other companies due to different methods of calculation.

    Tactile Systems Technology, Inc.
    Consolidated Balance Sheets
        December 31,   December 31,
    (In thousands, except share and per share data)   2024   2023
    Assets          
    Current assets            
    Cash   $ 94,367   $ 61,033
    Accounts receivable     44,937     43,173
    Net investment in leases     14,540     14,195
    Inventories     18,666     22,527
    Prepaid expenses and other current assets     5,053     4,366
    Total current assets     177,563     145,294
    Non-current assets            
    Property and equipment, net     5,603     6,195
    Right of use operating lease assets     16,633     19,128
    Intangible assets, net     42,789     46,724
    Goodwill     31,063     31,063
    Accounts receivable, non-current     —     10,936
    Deferred income taxes     18,311     19,378
    Other non-current assets     5,962     2,720
    Total non-current assets     120,361     136,144
    Total assets   $ 297,924   $ 281,438
    Liabilities and Stockholders’ Equity            
    Current liabilities            
    Accounts payable   $ 5,648   $ 6,659
    Note payable     2,956     2,956
    Accrued payroll and related taxes     17,923     16,789
    Accrued expenses     7,780     5,904
    Income taxes payable     270     1,467
    Operating lease liabilities     2,980     2,807
    Other current liabilities     3,147     4,475
    Total current liabilities     40,704     41,057
    Non-current liabilities            
    Note payable, non-current     23,220     26,176
    Accrued warranty reserve, non-current     1,209     1,681
    Income taxes payable, non-current     239     446
    Operating lease liabilities, non-current     15,955     18,436
    Total non-current liabilities     40,623     46,739
    Total liabilities     81,327     87,796
                 
    Stockholders’ equity:            
    Preferred stock, $0.001 par value, 50,000,000 shares authorized; none issued and outstanding as of December 31, 2024 and December 31, 2023     —     —
    Common stock, $0.001 par value, 300,000,000 shares authorized; 23,883,475 shares issued and outstanding as of December 31, 2024; 23,600,584 shares issued and outstanding as of December 31, 2023     24     24
    Additional paid-in capital     180,719     174,724
    Retained earnings     35,854     18,894
    Total stockholders’ equity     216,597     193,642
    Total liabilities and stockholders’ equity   $ 297,924   $ 281,438
                 
    Tactile Systems Technology, Inc.
    Consolidated Statements of Operations
                             
                             
        Three Months Ended   Year Ended
        December 31,   December 31,
    (In thousands, except share and per share data)   2024   2023   2024   2023
    Revenue                        
    Sales revenue   $ 75,270     $ 67,407     $ 256,012     $ 239,493  
    Rental revenue     10,315       10,245       36,972       34,930  
    Total revenue     85,585       77,652       292,984       274,423  
    Cost of revenue                        
    Cost of sales revenue     18,005       18,190       64,815       66,713  
    Cost of rental revenue     3,211       3,455       11,481       12,577  
    Total cost of revenue     21,216       21,645       76,296       79,290  
    Gross profit                        
    Gross profit – sales revenue     57,265       49,217       191,197       172,780  
    Gross profit – rental revenue     7,104       6,790       25,491       22,353  
    Gross profit     64,369       56,007       216,688       195,133  
    Operating expenses                        
    Sales and marketing     29,206       26,581       112,009       107,119  
    Research and development     2,038       1,793       8,832       7,823  
    Reimbursement, general and administrative     19,977       15,200       71,135       62,074  
    Intangible asset amortization and earn-out     633       633       2,531       76  
    Total operating expenses     51,854       44,207       194,507       177,092  
    Income from operations     12,515       11,800       22,181       18,041  
    Interest income     948       859       3,384       1,874  
    Interest expense     (472 )     (897 )     (2,085 )     (4,147 )
    Other income     —       2       9       2  
    Income before income taxes     12,991       11,764       23,489       15,770  
    Income tax expense (benefit)     3,275       3,562       6,529       (12,745 )
    Net income   $ 9,716     $ 8,202     $ 16,960     $ 28,515  
    Net income per common share                        
    Basic   $ 0.40     $ 0.35     $ 0.71     $ 1.24  
    Diluted   $ 0.40     $ 0.35     $ 0.70     $ 1.23  
    Weighted-average common shares used to compute net income per common share                        
    Basic     24,007,863       23,551,388       23,883,729       22,925,497  
    Diluted     24,473,898       23,771,490       24,138,244       23,176,169  
                                     
    Tactile Systems Technology, Inc.
    Consolidated Statements of Cash Flows
         
        Year Ended December 31,
    (In thousands)   2024   2023
    Cash flows from operating activities            
    Net income   $ 16,960     $ 28,515  
    Adjustments to reconcile net income to net cash provided by operating activities:            
    Depreciation and amortization     6,792       6,539  
    Deferred income taxes     1,067       (19,378 )
    Stock-based compensation expense     7,819       7,547  
    Loss on disposal of property and equipment and intangibles     308       3  
    Change in fair value of earn-out liability     —       (2,475 )
    Changes in assets and liabilities, net of acquisition:            
    Accounts receivable     (1,764 )     11,653  
    Net investment in leases     (345 )     1,935  
    Inventories     3,861       597  
    Income taxes     (1,404 )     (721 )
    Prepaid expenses and other assets     (3,929 )     72  
    Right of use operating lease assets     187       71  
    Accounts receivable, non-current     10,936       12,125  
    Accounts payable     (1,087 )     (3,853 )
    Accrued payroll and related taxes     1,134       (311 )
    Accrued expenses and other liabilities     120       (6,464 )
    Net cash provided by operating activities     40,655       35,855  
    Cash flows from investing activities            
    Purchases of property and equipment     (2,392 )     (2,324 )
    Proceeds from sale of property and equipment     12       —  
    Intangible assets expenditures     (117 )     (157 )
    Net cash used in investing activities     (2,497 )     (2,481 )
    Cash flows from financing activities            
    Proceeds from issuance of note payable     —       8,250  
    Payments on earn-out     —       (10,575 )
    Payments on note payable     (3,000 )     (3,000 )
    Payments on revolving line of credit     —       (25,000 )
    Payments of deferred debt issuance costs     —       (125 )
    Proceeds from exercise of common stock options     24       14  
    Proceeds from the issuance of common stock from the employee stock purchase plan     1,660       1,541  
    Payments for repurchases of common stock     (3,508 )     —  
    Proceeds from issuance of common stock at market     —       34,625  
    Net cash (used in) provided by financing activities     (4,824 )     5,730  
    Net increase (decrease) in cash     33,334       39,104  
    Cash – beginning of period     61,033       21,929  
    Cash – end of period   $ 94,367     $ 61,033  
                 
    Supplemental cash flow disclosure            
    Cash paid for interest   $ 2,106     $ 4,560  
    Cash paid for taxes   $ 6,848     $ 5,815  
    Capital expenditures incurred but not yet paid   $ 76     $ 528  
                     

    The following table summarizes revenue by product line for the three and twelve months ended December 31, 2024 and 2023:

        Three Months Ended   Year Ended
        December 31,   December 31,
    (In thousands)   2024   2023   2024   2023
    Revenue                        
    Lymphedema products   $ 77,083     $ 69,464     $ 259,361     $ 241,721  
    Airway clearance products     8,502       8,188       33,623       32,702  
    Total   $ 85,585     $ 77,652     $ 292,984     $ 274,423  
                             
    Percentage of total revenue                        
    Lymphedema products     90 %     89 %     89 %     88 %
    Airway clearance products     10 %     11 %     11 %     12 %
    Total     100 %     100 %     100 %     100 %
                                     

    The following table contains a reconciliation of net income to Adjusted EBITDA for the three and twelve months ended December 31, 2024 and 2023, as well as the dollar and percentage change between the comparable periods:

    Tactile Systems Technology, Inc.
    Reconciliation of Net Income to Non-GAAP Adjusted EBITDA
    (Unaudited)
                                                     
        Three Months Ended   Increase   Year Ended   Increase
        December 31,   (Decrease)   December 31,   (Decrease)
    (Dollars in thousands)   2024   2023   $   %   2024   2023   $   %
    Net income   $ 9,716     $ 8,202   $ 1,514     18   %   $ 16,960     $ 28,515     $ (11,555 )   41   %
    Interest (income) expense, net     (476 )     38     (514 )   N.M.   %     (1,299 )     2,273       (3,572 )   (157 ) %
    Income tax expense (benefit)     3,275       3,562     (287 )   (8 ) %     6,529       (12,745 )     19,274     (151 )  
    Depreciation and amortization     1,714       1,624     90     6   %     6,793       6,539       254     4   %
    Stock-based compensation     1,850       1,950     (100 )   (5 ) %     7,819       7,547       272     4   %
    Change in fair value of earn-out     —       —     —     —   %     —       (2,475 )     2,475     (100 ) %
    Executive transition costs     137       —     137     —   %     248       —       248     —   %
    Adjusted EBITDA   $ 16,216     $ 15,376   $ 840     5   %   $ 37,050     $ 29,654     $ 7,396     25   %
                                                                   

    The following table contains a reconciliation of GAAP net income guidance range to the Adjusted EBITDA guidance range for the twelve months ended December 31, 2025:

                 
    Tactile Systems Technology, Inc.
    Reconciliation of FY 2025 GAAP Net Income to Adjusted EBITDA Guidance
    (Unaudited)
                 
        Year Ended
        December 31, 2025
    (Dollars in thousands)      Low      High
    Net income   $ 15,750     $ 17,150  
    Interest income, net     (2,500 )     (2,500 )
    Income tax expense benefit     6,100       6,700  
    Depreciation and amortization     6,700       6,700  
    Stock-based compensation     8,800       8,800  
    Executive transition costs     150       150  
    Adjusted EBITDA   $ 35,000     $ 37,000  
                     

    Investor Inquiries:
    Sam Bentzinger
    Gilmartin Group
    investorrelations@tactilemedical.com

    The MIL Network –

  • MIL-OSI: Fidus Investment Corporation Declares First Quarter 2025 Dividend

    Source: GlobeNewswire (MIL-OSI)

    EVANSTON, Ill., Feb. 18, 2025 (GLOBE NEWSWIRE) — Fidus Investment Corporation (NASDAQ:FDUS) (“Fidus” or the “Company”) today announced that its Board of Directors on February 18, 2025 declared a base dividend of $0.43 per share and a supplemental dividend of $0.11 per share for the first quarter of 2025. The Company’s dividends will be payable on March 27, 2025 to stockholders of record as of March 20, 2025.

    When declaring dividends, the Company’s Board of Directors reviews estimates of taxable income available for distribution, which differs from consolidated income under U.S. generally accepted accounting principles due to (i) changes in unrealized appreciation and depreciation, (ii) temporary and permanent differences in income and expense recognition, and (iii) the amount of undistributed taxable income carried over from a given year for distribution in the following year. The final determination of 2025 taxable income, as well as the tax attributes for 2025 dividends, will be made after the close of the 2025 tax year. The final tax attributes for 2025 dividends will generally include ordinary taxable income but may also include capital gains, qualified dividends and return of capital.

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

    ABOUT FIDUS INVESTMENT CORPORATION

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

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

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

    The MIL Network –

  • MIL-OSI Asia-Pac: India – Qatar Joint Statement

    Source: Government of India

    Posted On: 18 FEB 2025 8:17PM by PIB Delhi

    At the invitation of Prime Minister of India His Excellency Shri Narendra Modi, His Highness the Amir of the State of Qatar, Sheikh Tamim bin Hamad Al-Thani paid a State Visit to India on 17-18 February 2025. HH the Amir was accompanied by a high-level delegation comprising Ministers, officials and business leaders. This was the second State Visit of HH the Amir to India.

    HH the Amir was received by Hon’ble President of India Smt Droupadi Murmu and Prime Minister Shri Narendra Modi at the Forecourt of Rashtrapati Bhawan on 18 February and was accorded a ceremonial welcome. Hon’ble President also hosted a banquet reception in honour of HH the Amir and accompanying delegation.

    Prime Minister Shri Narendra Modi held bilateral talks with HH the Amir at Hyderabad House on 18 February. Both leaders recalled the historic trade linkages, deep-rooted people-to-people ties and robust bilateral relations between both countries. They expressed the desire for further expanding and deepening of the multifaceted relationship between both countries. In this context, they expressed happiness on the signing of the ‘Agreement on the Establishment of Bilateral Strategic Partnership’ between the two sides.

    In light of the newly established Strategic Partnership, the two sides reaffirmed their commitment to further strengthen the bilateral relations through regular and structured cooperation in all areas, including political, trade, investment, security, energy, culture, education, technology, innovation, sustainability and people-to-people ties. In this regard, the two sides expressed happiness at the signing of the revised Double Taxation Avoidance Agreement and also agreed to expedite negotiations on the India-Qatar Bilateral Investment Treaty.

    The two sides noted with satisfaction that regular interactions at various levels have helped provide momentum to the multifaceted bilateral cooperation. They recalled the successful visit of HH the Amir to India in March 2015 and the visits of Prime Minister to Qatar in June 2016 and February 2024. The two sides agreed to continue the high-level exchanges through regular bilateral mechanisms at Ministerial and senior-official levels.

    The two sides noted that trade and commerce has been a strong pillar of bilateral economic cooperation between the two countries and emphasized on the potential for further growth and diversification in bilateral trade. The two sides welcomed the elevation of the existing Joint Working Group on Trade and Commerce into a Joint Commission on Trade and Commerce. The Joint Commission will be an institutional mechanism to review and monitor the entire spectrum of economic ties between the two countries and will be headed by the Ministers of Commerce and Industry on both sides.

    The two sides laid emphasis on strengthening collaborations between their business and industry bodies. In this context, they welcomed the holding of the first meeting of the Joint Business Council on 13 February 2025.

    The two sides agreed on the need to explore strategies for enhanced and diversified trade between the two countries and address on priority market access issues related to trade in goods and services. In this regard, the two sides agreed to explore the possibility of entering into a bilateral Comprehensive Economic Partnership Agreement. Both sides set the target to double bilateral trade by 2030.

    Qatar and India have a strong strategic relationship and given that the Indian economy is one of the fastest growing economies, the Indian side welcomed the decision of Qatar Investment Authority (QIA) to open an office in India. Both sides expressed satisfaction with the progress made by the Joint Task Force on Investments during its first meeting in June 2024, where various avenues for investments in India were discussed.

    The Qatar side commended the steps taken by India in making a conducive environment for Foreign Direct Investment and Foreign Institutional Investment and expressed interest to explore investment opportunities in different sectors, including infrastructure, technology, manufacturing, food security, logistics, hospitality, and other areas of mutual interest. In this regard, the Qatar side announced a commitment to invest USD 10 billion in India. The Indian side also appreciated Qatar’s efforts in enhancing its investment environment and its initiatives to attract Foreign Direct Investment. India also recognized Qatar’s growing role as a regional hub for goods and services, leveraging its strategic location, world-class infrastructure, and business-friendly policies. Both sides emphasized the importance of deepening cooperation between investment authorities, financial institutions, and businesses to explore new opportunities for investment and trade expansion.

    The parties shall expand and deepen mutually beneficial trade and economic cooperation between the two countries in accordance with their respective legislations and the provisions of international conventions to which they are parties. They shall cooperate in order to achieve stable growth and diversification of trade, increase the volume of exchanged products, and provide mutual services on a systematic and long-term basis. Additionally, they shall implement measures to attract and encourage the establishment of joint projects between the private sectors of both countries. In this regard, both sides welcomed convening of the Joint Business Forum inaugurated by the Ministers of Commerce and Industry of both countries on 18 February 2025.

    Recognizing the pivotal role of businesses in driving economic growth, both sides emphasized the importance of trade exhibitions as a strategic platform for promoting commercial partnerships, increasing and diversifying bilateral trade, and facilitating investments. In pursuit of these objectives, both sides will strengthen collaboration between their export promotion agencies to support enterprises in identifying opportunities, addressing market challenges, and increasing participation in international trade exhibitions. This initiative will enable businesses from both nations to showcase their products, explore joint ventures, and establish sustainable commercial ties.

    The two sides welcomed the operationalization of India’s Unified Payment Interface (UPI) in QNB’s Points of Sales in Qatar and looked forward to implement nation-wide roll-out of UPI acceptance in Qatar. They agreed to explore settlement of bilateral trade in respective currencies. QNB’s expansion is also welcomed in India through setting up of an office in GIFT City.

    The two sides shall work to further enhance bilateral energy cooperation, including through promotion of trade and mutual investments in energy infrastructure and regular meetings of the relevant stakeholders from both sides, including the Joint Task Force on Energy.

    The two leaders unequivocally condemned terrorism in all its forms and manifestations including cross-border terrorism and agreed to cooperate in combating this menace through bilateral and multilateral mechanisms. They agreed to enhance cooperation in information and intelligence sharing, developing and exchanging experiences, best practices and technologies, capacity building and to strengthen cooperation in law enforcement, anti-money laundering, drug-trafficking, Cybercrime and other transnational crimes. The two leaders also discussed ways and means to promote cooperation in cybersecurity, including prevention of use of cyberspace for terrorism, radicalisation and for disturbing social harmony. They emphasized the importance of holding regular meetings of the Joint Committee on Security and Law Enforcement.

    The two sides acknowledged health cooperation as one of the important pillars of bilateral ties and expressed their commitment to further strengthen collaboration in this important sector. The two sides appreciated the bilateral cooperation during the Covid-19 pandemic including through the Joint Working Group on Health. The Indian side expressed interest in enhancing exports of Indian pharmaceutical products and medical devices to Qatar. Both sides also expressed their desire to facilitate the registration of national companies and pharmaceutical products.

    The two sides expressed interest in pursuing deeper collaboration in technology and innovation, including emerging technologies, startups, and Artificial Intelligence. They discussed avenues for furthering e-Governance and sharing best practices in the digital sector. Both sides welcomed the participation of Indian startups in Web Summits in Doha, Qatar in 2024-25.

    The importance of food security and protection of supply chains was emphasized by the two sides and they agreed to further strengthen cooperation in this field.

    The two sides stressed the importance of enhancing cultural cooperation through exchanging participation in cultural events and supporting effective partnerships between cultural institutions in both countries. They also decided to further strengthen cooperation in the area of sports including mutual exchange and visits of sportsmen, organising workshops, seminars and conferences, exchange of sports publications between both nations. In this regard, the two sides welcomed the decision to celebrate India-Qatar Year of Culture, Friendship and Sports in the near future.

    The two sides highlighted that education is an important area of cooperation including strengthening institutional linkages and exchanges between higher educational institutions of both countries. They also emphasized on enhanced interactions among educational institutions, including through academic exchanges, joint research, students and scholar exchanges, and University-to-University cooperation of both countries.

    The two sides acknowledged that the centuries old people-to-people ties represent a fundamental pillar of the historic India-Qatar relationship. The Qatari leadership expressed deep appreciation for the role and contribution made by the Indian community in Qatar for the progress and development of their host country, noting that Indian citizens in Qatar are highly respected for their peaceful and hard-working nature. The Indian side conveyed deep appreciation to the leadership of Qatar for ensuring the welfare and well-being of this large and vibrant Indian community in Qatar. The Qatar side welcomed extension of e-visa facility by India to Qatari nationals.

    The two sides stressed upon the depth and importance of long standing and historical cooperation in the field of manpower mobility and human resources. The two sides agreed to hold regular meetings of the Joint Working Group on Labour and Employment to address issues related to expatriates, manpower mobility, dignity, safety and welfare of workers and matters of mutual interest.

    The two sides exchanged views on regional and international issues of mutual interest, including the security situation in the Middle East. They emphasized the importance of dialogue and diplomacy for peaceful resolution of international disputes. The two sides also appreciated the excellent coordination between the two sides in the UN and other multilateral fora.

    The Indian side thanked the Qatari side for its support to the growing India-GCC cooperation and for facilitating the inaugural India-GCC Joint Ministerial Meeting for Strategic Dialogue at the level of Foreign Ministers held in Riyadh on 9 September 2024 under Qatar’s Chairmanship. The two sides welcomed the outcomes of the inaugural India-GCC Joint Ministerial Meeting for Strategic Dialogue. Qatar side assured full support for deepening of the India-GCC cooperation under the recently adopted Joint Action Plan.

    In the context of UN reforms, both leaders emphasized the importance of a reformed and effective multilateral system, centered on a UN reflective of contemporary realities, as a key factor in tackling global challenges. The two sides stressed the need for UN reforms, including of the Security Council. Both sides stressed the importance of addressing shared global challenges through coordinated efforts within the framework of the United Nations, its specialized agencies, and programs, as well as through technical cooperation to advance the achievement of UN Sustainable Development Goals (SDGs). Both sides agreed to engage in close cooperation and support each other at the United Nations including supporting each other’s candidatures to multilateral forums.

    The following documents were signed/exchanged during the visit, which will further deepen the multifaceted bilateral relationship as well as open avenues for newer areas of cooperation:

    · Agreement on the Establishment of Bilateral Strategic Partnership

    · Revised Agreement for the Avoidance of Double Taxation and the Prevention of Fiscal Evasion with Respect to Taxes on Income and its Protocol

    · MoU between Ministry of Finance, India and Ministry of Finance, Qatar on Financial and Economic Collaboration

    · MoU on Cooperation in Field of Youth and Sports

    · MOU for Cooperation in the field of Documents and Archives

    · MoU between Invest India and Invest Qatar

    · MoU between Confederation of Indian Industry and Qatari Businessmen Association

    HH the Amir thanked Prime Minister Shri Narendra Modi for the warm hospitality accorded to him and his delegation. The visit reaffirmed the strong bonds of friendship and cooperation between India and Qatar. The leaders expressed optimism that this renewed partnership would continue to grow, benefiting the people of both countries and contributing to regional and global stability.

     

    ***

    MJPS/SR

    (Release ID: 2104490) Visitor Counter : 138

    MIL OSI Asia Pacific News –

  • MIL-OSI Asia-Pac: India – Qatar Joint Statement (February 18, 2025)

    Source: Government of India (2)

    Posted On: 18 FEB 2025 8:17PM by PIB Delhi

    At the invitation of Prime Minister of India His Excellency Shri Narendra Modi, His Highness the Amir of the State of Qatar, Sheikh Tamim bin Hamad Al-Thani paid a State Visit to India on 17-18 February 2025. HH the Amir was accompanied by a high-level delegation comprising Ministers, officials and business leaders. This was the second State Visit of HH the Amir to India.

    HH the Amir was received by Hon’ble President of India Smt Droupadi Murmu and Prime Minister Shri Narendra Modi at the Forecourt of Rashtrapati Bhawan on 18 February and was accorded a ceremonial welcome. Hon’ble President also hosted a banquet reception in honour of HH the Amir and accompanying delegation.

    Prime Minister Shri Narendra Modi held bilateral talks with HH the Amir at Hyderabad House on 18 February. Both leaders recalled the historic trade linkages, deep-rooted people-to-people ties and robust bilateral relations between both countries. They expressed the desire for further expanding and deepening of the multifaceted relationship between both countries. In this context, they expressed happiness on the signing of the ‘Agreement on the Establishment of Bilateral Strategic Partnership’ between the two sides.

    In light of the newly established Strategic Partnership, the two sides reaffirmed their commitment to further strengthen the bilateral relations through regular and structured cooperation in all areas, including political, trade, investment, security, energy, culture, education, technology, innovation, sustainability and people-to-people ties. In this regard, the two sides expressed happiness at the signing of the revised Double Taxation Avoidance Agreement and also agreed to expedite negotiations on the India-Qatar Bilateral Investment Treaty.

    The two sides noted with satisfaction that regular interactions at various levels have helped provide momentum to the multifaceted bilateral cooperation. They recalled the successful visit of HH the Amir to India in March 2015 and the visits of Prime Minister to Qatar in June 2016 and February 2024. The two sides agreed to continue the high-level exchanges through regular bilateral mechanisms at Ministerial and senior-official levels.

    The two sides noted that trade and commerce has been a strong pillar of bilateral economic cooperation between the two countries and emphasized on the potential for further growth and diversification in bilateral trade. The two sides welcomed the elevation of the existing Joint Working Group on Trade and Commerce into a Joint Commission on Trade and Commerce. The Joint Commission will be an institutional mechanism to review and monitor the entire spectrum of economic ties between the two countries and will be headed by the Ministers of Commerce and Industry on both sides.

    The two sides laid emphasis on strengthening collaborations between their business and industry bodies. In this context, they welcomed the holding of the first meeting of the Joint Business Council on 13 February 2025.

    The two sides agreed on the need to explore strategies for enhanced and diversified trade between the two countries and address on priority market access issues related to trade in goods and services. In this regard, the two sides agreed to explore the possibility of entering into a bilateral Comprehensive Economic Partnership Agreement. Both sides set the target to double bilateral trade by 2030.

    Qatar and India have a strong strategic relationship and given that the Indian economy is one of the fastest growing economies, the Indian side welcomed the decision of Qatar Investment Authority (QIA) to open an office in India. Both sides expressed satisfaction with the progress made by the Joint Task Force on Investments during its first meeting in June 2024, where various avenues for investments in India were discussed.

    The Qatar side commended the steps taken by India in making a conducive environment for Foreign Direct Investment and Foreign Institutional Investment and expressed interest to explore investment opportunities in different sectors, including infrastructure, technology, manufacturing, food security, logistics, hospitality, and other areas of mutual interest. In this regard, the Qatar side announced a commitment to invest USD 10 billion in India. The Indian side also appreciated Qatar’s efforts in enhancing its investment environment and its initiatives to attract Foreign Direct Investment. India also recognized Qatar’s growing role as a regional hub for goods and services, leveraging its strategic location, world-class infrastructure, and business-friendly policies. Both sides emphasized the importance of deepening cooperation between investment authorities, financial institutions, and businesses to explore new opportunities for investment and trade expansion.

    The parties shall expand and deepen mutually beneficial trade and economic cooperation between the two countries in accordance with their respective legislations and the provisions of international conventions to which they are parties. They shall cooperate in order to achieve stable growth and diversification of trade, increase the volume of exchanged products, and provide mutual services on a systematic and long-term basis. Additionally, they shall implement measures to attract and encourage the establishment of joint projects between the private sectors of both countries. In this regard, both sides welcomed convening of the Joint Business Forum inaugurated by the Ministers of Commerce and Industry of both countries on 18 February 2025.

    Recognizing the pivotal role of businesses in driving economic growth, both sides emphasized the importance of trade exhibitions as a strategic platform for promoting commercial partnerships, increasing and diversifying bilateral trade, and facilitating investments. In pursuit of these objectives, both sides will strengthen collaboration between their export promotion agencies to support enterprises in identifying opportunities, addressing market challenges, and increasing participation in international trade exhibitions. This initiative will enable businesses from both nations to showcase their products, explore joint ventures, and establish sustainable commercial ties.

    The two sides welcomed the operationalization of India’s Unified Payment Interface (UPI) in QNB’s Points of Sales in Qatar and looked forward to implement nation-wide roll-out of UPI acceptance in Qatar. They agreed to explore settlement of bilateral trade in respective currencies. QNB’s expansion is also welcomed in India through setting up of an office in GIFT City.

    The two sides shall work to further enhance bilateral energy cooperation, including through promotion of trade and mutual investments in energy infrastructure and regular meetings of the relevant stakeholders from both sides, including the Joint Task Force on Energy.

    The two leaders unequivocally condemned terrorism in all its forms and manifestations including cross-border terrorism and agreed to cooperate in combating this menace through bilateral and multilateral mechanisms. They agreed to enhance cooperation in information and intelligence sharing, developing and exchanging experiences, best practices and technologies, capacity building and to strengthen cooperation in law enforcement, anti-money laundering, drug-trafficking, Cybercrime and other transnational crimes. The two leaders also discussed ways and means to promote cooperation in cybersecurity, including prevention of use of cyberspace for terrorism, radicalisation and for disturbing social harmony. They emphasized the importance of holding regular meetings of the Joint Committee on Security and Law Enforcement.

    The two sides acknowledged health cooperation as one of the important pillars of bilateral ties and expressed their commitment to further strengthen collaboration in this important sector. The two sides appreciated the bilateral cooperation during the Covid-19 pandemic including through the Joint Working Group on Health. The Indian side expressed interest in enhancing exports of Indian pharmaceutical products and medical devices to Qatar. Both sides also expressed their desire to facilitate the registration of national companies and pharmaceutical products.

    The two sides expressed interest in pursuing deeper collaboration in technology and innovation, including emerging technologies, startups, and Artificial Intelligence. They discussed avenues for furthering e-Governance and sharing best practices in the digital sector. Both sides welcomed the participation of Indian startups in Web Summits in Doha, Qatar in 2024-25.

    The importance of food security and protection of supply chains was emphasized by the two sides and they agreed to further strengthen cooperation in this field.

    The two sides stressed the importance of enhancing cultural cooperation through exchanging participation in cultural events and supporting effective partnerships between cultural institutions in both countries. They also decided to further strengthen cooperation in the area of sports including mutual exchange and visits of sportsmen, organising workshops, seminars and conferences, exchange of sports publications between both nations. In this regard, the two sides welcomed the decision to celebrate India-Qatar Year of Culture, Friendship and Sports in the near future.

    The two sides highlighted that education is an important area of cooperation including strengthening institutional linkages and exchanges between higher educational institutions of both countries. They also emphasized on enhanced interactions among educational institutions, including through academic exchanges, joint research, students and scholar exchanges, and University-to-University cooperation of both countries.

    The two sides acknowledged that the centuries old people-to-people ties represent a fundamental pillar of the historic India-Qatar relationship. The Qatari leadership expressed deep appreciation for the role and contribution made by the Indian community in Qatar for the progress and development of their host country, noting that Indian citizens in Qatar are highly respected for their peaceful and hard-working nature. The Indian side conveyed deep appreciation to the leadership of Qatar for ensuring the welfare and well-being of this large and vibrant Indian community in Qatar. The Qatar side welcomed extension of e-visa facility by India to Qatari nationals.

    The two sides stressed upon the depth and importance of long standing and historical cooperation in the field of manpower mobility and human resources. The two sides agreed to hold regular meetings of the Joint Working Group on Labour and Employment to address issues related to expatriates, manpower mobility, dignity, safety and welfare of workers and matters of mutual interest.

    The two sides exchanged views on regional and international issues of mutual interest, including the security situation in the Middle East. They emphasized the importance of dialogue and diplomacy for peaceful resolution of international disputes. The two sides also appreciated the excellent coordination between the two sides in the UN and other multilateral fora.

    The Indian side thanked the Qatari side for its support to the growing India-GCC cooperation and for facilitating the inaugural India-GCC Joint Ministerial Meeting for Strategic Dialogue at the level of Foreign Ministers held in Riyadh on 9 September 2024 under Qatar’s Chairmanship. The two sides welcomed the outcomes of the inaugural India-GCC Joint Ministerial Meeting for Strategic Dialogue. Qatar side assured full support for deepening of the India-GCC cooperation under the recently adopted Joint Action Plan.

    In the context of UN reforms, both leaders emphasized the importance of a reformed and effective multilateral system, centered on a UN reflective of contemporary realities, as a key factor in tackling global challenges. The two sides stressed the need for UN reforms, including of the Security Council. Both sides stressed the importance of addressing shared global challenges through coordinated efforts within the framework of the United Nations, its specialized agencies, and programs, as well as through technical cooperation to advance the achievement of UN Sustainable Development Goals (SDGs). Both sides agreed to engage in close cooperation and support each other at the United Nations including supporting each other’s candidatures to multilateral forums.

    The following documents were signed/exchanged during the visit, which will further deepen the multifaceted bilateral relationship as well as open avenues for newer areas of cooperation:

    · Agreement on the Establishment of Bilateral Strategic Partnership

    · Revised Agreement for the Avoidance of Double Taxation and the Prevention of Fiscal Evasion with Respect to Taxes on Income and its Protocol

    · MoU between Ministry of Finance, India and Ministry of Finance, Qatar on Financial and Economic Collaboration

    · MoU on Cooperation in Field of Youth and Sports

    · MOU for Cooperation in the field of Documents and Archives

    · MoU between Invest India and Invest Qatar

    · MoU between Confederation of Indian Industry and Qatari Businessmen Association

    HH the Amir thanked Prime Minister Shri Narendra Modi for the warm hospitality accorded to him and his delegation. The visit reaffirmed the strong bonds of friendship and cooperation between India and Qatar. The leaders expressed optimism that this renewed partnership would continue to grow, benefiting the people of both countries and contributing to regional and global stability.

     

    ***

    MJPS/SR

    (Release ID: 2104490) Visitor Counter : 22

    MIL OSI Asia Pacific News –

  • MIL-OSI Asia-Pac: Consolidated Financial Performance data of BSNL

    Source: Government of India

    Posted On: 18 FEB 2025 5:24PM by PIB Delhi

    Overview:

    The improvement in financial performance of BSNL is a reflection of the sustained management and Government efforts by way of improving it’s top line by increased business growth in its verticals and managing it’s bottom line costs in an efficient manner in line with accounting standards.

    This is a sustained trend across all recent quarters and is to be understood through a business lens and not an accounting one. The data below provides the growth story of BSNL across three quarters from a business perspective. We are confident that the growth trajectory will continue to grow in the next quarter and in times to come by serving our customers through affordable and quality telecom connectivity.

    Revenue from Operations:

    • Quarter Ended 31.12.2024: Revenue stood at ₹4,969 crore, showing an increase compared to ₹ 4546 crore in the same quarter of the previous year (31.12.2023).

    The Revenue from new areas of operation in Mobility, FTTH, and Leased Lines has increased by 15%, 18%, and 14% respectively over Q3 of the previous year. This is a real growth in business.

    – 9 Months Ended 31.12.2024:  Revenue reached ₹14,197 crore, up from ₹12,905 crore in the corresponding period of the previous year (31.12.2023).

    In the last quarter of 2024-25, the same trend will continue.

    Other Income:

    • For the 9 months ended 31.12.2024, the other income was ₹1,406 crore, slightly lower than ₹1,528 crore in the same period of the previous year (31.12.2023).
    • Quarter Ended 31.12.2024: Other Income stood at ₹706 crore, showing an increase compared to ₹511 crore in the same quarter of the previous year (31.12.2023).

    Total Income:

    – Total income for the quarter ended 31.12.2024 was ₹5,675 crore, compared to ₹5057 crore in the same quarter of the previous year (31.12.2023).

    – For the 9 months ended 31.12.2024, total income was ₹15,603 crore, up from ₹14,433 crore in the previous year 9 Months period (31.12.2023).

    The costs have reduced to ensure the profitability.

    Expenditure:

    – Network Operating Expense: Decreased to ₹1,336 crore in the quarter ended 31.12.2024 from ₹ 1397   crore in the same quarter of the previous year (31.12.2023).

    – Employee Benefits Expense: Reduced to ₹1,735 crore in the quarter ended 31.12.2024 from ₹ 2011 crore in the previous year.  (31.12.2023).

    • Total Expenditure (excluding Dep/Fin Cost) For the quarter ended 31.12.2024, total expenditure was ₹4210 crore, lower than ₹4741 crore in the same quarter of the previous year (31.12.2023).

    – Finance Costs: Some decrease in finance costs at ₹389 crore for the quarter ended 31.12.2024.(when compared to ₹442 in QE 31.12.2023)

    • Depreciation & Amortisation Costs(DAC): For the quarter ended 31.12.2024, total DAC was ₹814 crore, lower than ₹1443 crore in the same quarter of the previous year (31.12.2023). We have accelerated the 4G rollout and fiber-optic infrastructure upgrades, ensuring better connectivity and service quality. BSNL is making significant investments in 4G/5G equipment and spectrum to provide high-quality services to its customers. To align with these new investment requirements and the evolving market scenario, appropriate accounting procedures have been adopted; while the depreciation was also lower this quarter.

    EBITDA:

    – EBITDA for the quarter ended 31.12.2024 improved to ₹1,466 crore from ₹316 crore in the same quarter of the previous year (31.12.2023)

    – For the 9 months ended 31.12.2024, EBITDA was ₹2,369 crore, up from ₹893 crore in the previous year (31.12.2023).

    The bottom line performance reflects the growth in top line and reduction in costs sustainably.

    Profit/(Loss):

    – The company reported a profit before tax of ₹262 crore for the quarter ended 31.12.2024, a significant improvement from a loss of ₹1569 crore in the same quarter of the previous year  (31.12.2023)

    – For the 9 months ended 31.12.2024, the loss before tax reduced to ₹2,527 crore from ₹4,522 crore in the previous year.

    In addition, 20 Circles have turned EBITDA positive this Q3 2024; when compared to 12 Circles last December Quarter.

    In summary, BSNL, has shown resilience with increased revenue and improved EBITDA margins. Strategic cost management and operational efficiencies have significantly improved the bottom line. BSNL has been actively optimizing operational costs and has successfully reduced finance costs and overall expenditure.

    BSNL’s accounting policies are in line with CPSE standards, and the results indicate revenue growth from new initiatives within the company. We have successfully reversed the trend of financial deterioration, and the last three quarters have shown continuous improvement in our financial performance, leading to a sharp reduction in net loss.

    While we continue our efforts to increase revenues, optimize costs, and strengthen financial controls, which are crucial for BSNL’s long-term sustainability, we have successfully reduced the net loss from ₹4,522 crore to ₹2,527 crore for the nine-month period ending 31.12.2024, compared to the same period ending 31.12.2023. This reflects our commitment to financial discipline and operational efficiency as we move forward on our growth trajectory.

    For the next quarter, our focus remains on:
Accelerating 4G/5G rollouts to enhance service quality and network reach.
 Expanding enterprise solutions to tap into new revenue streams.

    Monetizing digital assets to unlock value from BSNL’s infrastructure.

    Optimizing operational expenditures through strategic cost-saving measures.

    With these strategic initiatives and sustained financial discipline, we are confident that BSNL is on the path toward profitability in the ensuing years, reinforcing its position as a competitive and resilient telecom provider driving India’s digital transformation.

    ***

    Samrat/Allen

    (Release ID: 2104389) Visitor Counter : 60

    MIL OSI Asia Pacific News –

  • MIL-OSI Economics: Straight Talk Wireless Rewards People for their Use of Unlimited Data this Tax Season with The Data Bank by Straight Talk

    Source: Verizon

    Headline: Straight Talk Wireless Rewards People for their Use of Unlimited Data this Tax Season with The Data Bank by Straight Talk

    NEW YORK – Straight Talk Wireless, a leading prepaid brand covered by Verizon’s 5G network and sold at Walmart, is launching The Data Bank by Straight Talk, a limited-time event that turns mobile data usage into real financial rewards. Taking place in Union Square Park in New York City on February 18 and Kennedy Commons in East New Jersey on February 19, The Data Bank brings attention to the exceptional value provided by Straight Talk’s unlimited data plans by giving customers the opportunity to check their data usage and be rewarded with a gift card through an interactive, bank-like experience.

    Tax season can be a stressful time for many, and Straight Talk recognizes that even when money feels tight, people can still be Data Rich – thanks to its real unlimited data plans.  In fact, data plays a crucial role in people’s everyday lives, especially during tax season. According to Straight Talk’s third annual Tax Time Survey, more than half of Americans (57%) use their mobile data for online banking, and 53% access it during tax season, whether it’s to file taxes right on their phone or speak with tax advisors. With this limited-time event, Straight Talk aims to give back when tax refunds might not be enough.

    “At Straight Talk, we understand that tax season can be a hectic time, and many families rely on their refund checks to help manage their finances. That’s why we aim to alleviate some of that tax time stress with the launch of our innovative Data Bank event,” said David Kim, SVP & CRO of Verizon Value. “The Data Bank by Straight Talk is designed to show how impactful having real unlimited data is by rewarding mobile data usage with gift cards, especially at a time when families are looking for extra financial flexibility. Straight Talk is committed to supporting consumers with their truly unlimited data during tax time and all year long.”

    How The Data Bank Works:

    At The Data Bank by Straight Talk, visitors will step into a custom-designed truck converted into a mobile “bank,” where they can interact with Straight Talk’s “teller,”@alexonabudget (influencer and money expert), check their data usage and convert their data usage into a gift card on site.

    Be one of the first to experience the bank-like event and get rewarded with extra cash at one of the following locations:

    • New York City: February 18 at Union Square Park 10AM ET until supplies last
    • East New Jersey: February 19 at Kennedy Commons 11AM ET until supplies last

    For those not in the area, you can still take advantage of Straight Talk’s unlimited data online at StraightTalk.com or at Walmart stores. In addition to supplying users with real unlimited data they can rely on, Straight Talk is also offering new and existing customers a free Samsung A16 or Moto G Power 5G with the purchase of a qualifying service plan. These offers will be available at StraightTalk.com and at Walmart stores so customers can take advantage of the latest features and benefits.

    For more information on Straight Talk Wireless, visit www.straighttalk.com.

    About Straight Talk Wireless

    Straight Talk Wireless provides quality no-contract wireless solutions to value-conscious consumers and is available exclusively at Walmart, Walmart.com, and Straighttalk.com.

    Straight Talk is part of the Verizon Value portfolio of prepaid brands, which includes Total Wireless, Visible, Tracfone, Simple Mobile, SafeLink, Walmart Family Mobile, and Verizon Prepaid.

    MIL OSI Economics –

  • MIL-OSI USA: Boozman, Cotton, Thune Introduce Legislation to Repeal the Federal Death Tax

    US Senate News:

    Source: United States Senator for Arkansas – John Boozman
    WASHINGTON––U.S. Senators John Boozman (R-AR) and Tom Cotton (R-AR) joined Senate Majority Leader John Thune (R-SD) and 45 of their Senate Republican colleagues to introduce legislation that would permanently repeal the federal estate tax, commonly known as the death tax. The Death Tax Repeal Actwould end this punitive tax that threatens family-run farms, ranches and businesses upon the owner’s death. 
    “Arkansas’s farm families and small businesses should have the opportunity to preserve their legacies for the next generation instead of getting hit with a penalty that jeopardizes their livelihoods,” said Boozman. “They need certainty and relief from this counterproductive burden. Repealing the death tax supports our agriculture producers and entrepreneurs so they can continue to grow their operations and benefit their local economy.”
    “Families shouldn’t have to sell major portions of their businesses or farms after the death of a parent just to afford the estate tax. Breaking apart a family’s livelihood is neither fair nor good for the economy. This legislation would end the federal death tax, making it much easier to preserve a family’s legacy and way of life,” said Cotton. 
    “Family farms and ranches play a vital role in our economy and are the lifeblood of rural communities in South Dakota,” said Thune. “Losing even one of them to the death tax is one too many. It’s time to put an end to this punishing, burdensome tax once and for all so that family farms, ranches and small businesses can grow and thrive without costly estate planning or massive tax burdens that can threaten their viability.”
    The Death Tax Repeal Act would:
    Fully repeal the Estate Tax;
    Repeal the Generation-Skipping Transfer Tax for when a grandparent transfers assets to a grandchild; and
    Maintains step-up basis to allow the evaluation of an inherited asset to be adjusted to reflect a fair market value at the time of death
    The legislation is also cosponsored by Senators Jim Banks (R-IN), John Barrasso (R-WY), Marsha Blackburn (R-TN), Katie Britt (R-AL), Ted Budd (R-NC), Shelley Moore Capito (R-WV), John Cornyn (R-TX), Kevin Cramer (R-ND), Mike Crapo (R-ID), Ted Cruz (R-TX), John Curtis (R-UT), Steve Daines (R-MT), Joni Ernst (R-IA), Deb Fischer (R-NE), Lindsay Graham (R-SC), Chuck Grassley (R-IA), Bill Hagerty (R-TN), Josh Hawley (R-MO), John Hoeven (R-ND), Cindy Hyde-Smith (R-MS), Ron Johnson (R-WI), Jim Justice (R-WV), John Kennedy (R-LA), James Lankford (R-OK), Mike Lee (R-UT), Cynthia Lummis (R-WY), Roger Marshall, M.D. (R-KS), Mitch McConnell (R-KY), Dave McCormick (R-PA), Jerry Moran (R-KS), Bernie Moreno (R-OH), Markwayne Mullin (R-OK), Pete Ricketts (R-NE), Jim Risch (R-ID), Mike Rounds (R-SD), Eric Schmitt (R-MO), Rick Scott (R-FL), Tim Scott (R-SC), Tim Sheehy (R-MT), Thom Tillis (R-NC), Tommy Tuberville (R-AL), Roger Wicker (R-MS) and Todd Young (R-IN).
    Companion legislation was introduced in the U.S. House of Representatives by Rep. Randy Feenstra (R-IA-04). 
    The Death Tax Repeal Act is supported by more than 190 members of the Family Business Coalition and more than 105 members of the Family Business Estate Tax Coalition, which includes the National Federation of Independent Business, the National Restaurant Association, the National Association of Home Builders and the U.S. Chamber of Commerce.
    Click here for full text of the legislation.

    MIL OSI USA News –

  • MIL-OSI Security: Ten Defendants Plead Guilty in Multimillion-Dollar Sports-Betting and Money Laundering Scheme

    Source: Federal Bureau of Investigation (FBI) State Crime Alerts (b)

    BIRMINGHAM, Ala. – Ten men pleaded guilty this week to managing a multi-million-dollar sports-betting operation, announced United States Attorney Prim F. Escalona and Special Agent in Charge Demetrius Hardeman of the Internal Revenue Service Criminal Investigation, Atlanta Field Office.

    Timothy J. Pughsley, 53, and Nathan Burdette, 39, of Birmingham, Alabama; Christopher Burdette, 32, of Chelsea, Alabama; Thomas Zito, 59, of Vestavia, Alabama; Gary Rapp, 46, of Lakeland, Tennessee; Mark Giaquinto, 52, of Upton, Massachusetts; Matthew Voorhees, 49, of Englewood, Colorado; David Richards, 39, of Las Vegas, Nevada; and Joshua Gentrup, 38, of Athens, Georgia, entered their guilty pleas before United States District Judge Madeline Haikala to conspiring to operate an illegal gambling business and to their participation in a money laundering conspiracy. Jonathan Lind, 46, of Birmingham, Alabama, also pleaded guilty to conspiring to operate an illegal gambling business. Sentencing hearings for the defendants are set in May 2025.

    According to the plea agreements, Pughsley began operating a bookmaking organization at least 17 years ago. The organization eventually became known as “Red44,” and bookmaking and betting activities occurred online via an offshore server located in Costa Rica. It is estimated that the organization accepted over $2 billion in wagers during its existence. Within the plea agreements, the defendants—all senior agents within Red44—agreed to pay excise tax restitution totaling $19,777,382.61 to the IRS arising from their acceptance of wagers from sports betters across the U.S. and to satisfy any income tax obligations that remain outstanding.

    “These guilty pleas are the end result of years of hard work by members of federal and state law enforcement agencies to enforce our nation’s gambling and tax laws,” Escalona said. “The defendants illegally accepted millions of dollars in wagers and lived lavishly while avoiding their excise tax obligations. This office will diligently pursue those who enrich themselves in violation of the law.”

    “Excise tax evasion and illegal sports betting are not victimless crimes,” said Special Agent in Charge Hardeman. “Money obtained from illegal gambling operations is often used to finance other criminal activities. IRS-CI special agents are skilled at following the money to investigate and expose these illegal organizations, who will be held accountable. Thank you to our local, state, and federal partners who assisted in this investigation.”

    IRS-Criminal Investigation and Homeland Security Investigations investigated the case, with assistance from the Vestavia Hills Police Department, Shelby County Sheriff’s Office, Alabama Department of Revenue, and Federal Bureau of Investigation. Assistant United States Attorneys Catherine Crosby, Kristen Osborne, and Ryan Rummage are prosecuting the case. 

    MIL Security OSI –

  • MIL-OSI USA: Capito Introduces American Investment in Manufacturing and Main Street Act

    US Senate News:

    Source: United States Senator for West Virginia Shelley Moore Capito
    WASHINGTON, D.C. – U.S. Senator Shelley Moore Capito (R-W.Va.) recently introduced the American Investment in Manufacturing and Main Street (AIMM) Act, legislation that would reinstate the Earnings Before Interest, Tax, Depreciation, and Amortization (EBITDA) measure, supporting a competitive tax code for American job creators and businesses. Reinstating EBITDA will make it easier for capital-intensive companies to raise capital or obtain financing, protect U.S. jobs and wages, and strengthen global competition.
    “After years of sustained inflation, high interest rates, and increased taxes burdening U.S. businesses due in part to the failed policies of the Biden administration, additional limitations jeopardize American manufacturers, retailers, and service providers’ ability to compete across global markets. This legislation would reinstate a needed measure to encourage industrial growth, increase jobs and wages at all levels, and contribute to America’s economy. I’m proud to support American workers and businesses by leading the introduction of this legislation, and I encourage my colleagues to join me in this effort,” Senator Capito said.
    Companion legislation was introduced in the U.S. House of Representatives by U.S. Reps. Adrian Smith (R-Neb.-03), Joe Morelle (D-N.Y.-25), Kevin Hern (R-Okla.-01), and Brad Schneider (D-Ill.-10).
    BACKGROUND:
    Prior to 2022, businesses could deduct 30% of its EBITDA. A new limitation that went into effect would limit the deduction to only EBIT. This change is an added cost to businesses environment in the U.S. and could harm global competition. This restriction harms a wide range of industries including – but not limited to – American manufacturers, broadband providers, healthcare systems, and restaurants. Without this change, businesses will on average see close to a threefold increase in their incremental tax obligations
    The legislation has been endorsed by: The National Association of Manufacturers, Business Roundtable, Global Business Alliance, RAIN Coalition, Association of Equipment Manufacturers, West Virginia Manufacturers Association, Rural Broadband Association (NTCA), Americans for Tax Reform, Inspire Brands, National Restaurant Association, American Petroleum Institute, National Taxpayers Union, Novelis, and Charter Communications.
    Click here to read what others are saying about the legislation.
    Click here for full text of the legislation.

    MIL OSI USA News –

  • MIL-OSI: NNIT A/S: NNIT RELEASES ITS ANNUAL REPORT FOR 2024

    Source: GlobeNewswire (MIL-OSI)

    Annual Report 2024

    2024 was the first full year as the new NNIT – an industry focused specialized IT consultancy focusing on Life Sciences internationally and the public and private sectors in Denmark. The Group continued to grow revenue organically and deliver a profit margin in line with the updated outlook for the year.

    2024 key highlights

    • Revenue grew by 7.1% (organic growth of 6.0%) to DKK 1,851 million. Despite facing challenges in various regions, especially in the third quarter, we ultimately achieved growth that surpassed the market overall. A strong fourth quarter, and significant wins in US and Denmark towards the end of the year hold promise of good momentum carried into 2025.
    • NNIT delivered operating result before special items of DKK 117 million in line with the DKK 116 million in 2023 and resulting in a slightly lower operating profit margin before special items of 6.3% for the year which is 0.4% down as a result of lower utilization.
    • Special items amounted to DKK 69 million against DKK 69 million in 2023 and is mainly related to earn-out payments and restructuring cost.

    2025 outlook

    • During 2025, NNIT expects organic growth to gradually improve alongside profitability.
    • The Group expects to generate organic revenue growth of 7-10% through expansion of existing engagements, and partly from the onboarding of new customers.
    • The operating profit margin before special items is expected to increase to 7-9% driven by several factors such as optimization of utilization and billability, recovery of the data migration business, full-year impact of the initiatives carried out during 2024 and continuously exploring further cost optimization opportunities.
    • The outlook is based on assumptions where the macroeconomic environment and geopolitical uncertainty is expected to remain at the same level as in 2024. Exchange rates are expected to remain stable.
    • In 2025, special items are expected to consist of earn-out payments of around DKK 20m with 2025 being the last year of such payments. Restructuring costs will also be a part of special items in 2025, however, the amount is expected to be significantly below the level of 2024.

    Pär Fors, CEO of NNIT, comments:
    “2024 was an eventful year where we reached several strategic milestones in becoming a pure-play IT consultancy company. Despite macroeconomic uncertainty and a moderate market slowdown in Life Sciences towards the second half of the year, we continued to grow our business organically through existing and new customers. Furthermore, we continued to strengthen our position in the Public sector in Denmark, where we won important strategic contracts. As a result, we delivered according to our latest financial outlook.”

    Conference call
    February 19, 2025, at 9:30 AM CET:

    Webcast link

    Dial in information:

    DK: +45 7876 8490
    SE: +46 31-311 5003
    UK: +44 203 769 6819
    US: +1 646-787-0157

    Participant Access code: 472855

    For more information, please contact:

    Investor Relations
    Carsten Ringius
    EVP & CFO
    Tel: +45 3077 8888
    carr@nnit.com

    Media Relations
    Sofie Mand Steffens
    Senior Communications Consultant
    Tel: +45 3077 8337
    smst@nnit.com

    ABOUT NNIT

    NNIT is a leading provider of IT solutions to life sciences internationally, and to the public and private sectors in Denmark.

    We focus on high complexity industries and thrive in environments where regulatory demands and complexity are high.

    We advise on and build sustainable digital solutions that work for the patients, citizens, employees, end users or customers.

    We strive to build unmatched excellence in the industries we serve, and we use our domain expertise to represent a business first approach – strongly supported by a selection of partner technologies, but always driven by business needs rather than technology.

    NNIT consists of group company NNIT A/S and the subsidiary SCALES. Together, these companies employ more than 1,700 people in Europe, Asia and USA.

    Attachments

    The MIL Network –

  • MIL-OSI USA: Governor Lamont Proposes Additional Tax Relief: Increase the Property Tax Credit and Expand Eligibility

    Source: US State of Connecticut

    (HARTFORD, CT) – Governor Ned Lamont today announced that the fiscal year 2026/2027 biennial budget proposal he presented to the Connecticut General Assembly earlier this month includes a recommendation that the state’s property tax credit, which provides a credit to income tax filers for property tax payments made on eligible property, be increased to $350. Additionally, the governor is proposing to expand eligibility for the credit to include more income tax filers.

    In total, this change would benefit approximately 800,000 filers and result in $85 million in tax relief. Approximately $60.8 million of that amount (or 71.6%) will benefit filers with an adjusted gross income (AGI) of less than $100,000 per year, and all the relief will benefit filers with an AGI of $160,000 or less.

    Since taking office in 2019, Governor Lamont has enacted more than $840 million in permanent tax cuts. This includes $500 million in income tax cuts for middle-class filers that was enacted in 2023 and became the largest income tax cut made in Connecticut history; increases in the Earned Income Tax Credit that have essentially eliminated income taxes for low-income filers; the elimination of taxes on pensions and Social Security for most seniors; and the creation of a cap on motor vehicle property taxes.

    “During the last five years, our administration has consistently worked in bipartisan cooperation with the legislature to enact a series of permanent tax cuts to benefit taxpayers in Connecticut, and this year I am asking them to again work with us on additional tax relief measures,” Governor Lamont said. “Before I became governor, the property tax credit was limited only to seniors and those with dependents, and we changed that law a couple of years ago to remove those restrictions and expand the credit to all adults. This year I am asking the legislature to revisit the property tax credit another time so that we can expand its eligibility again and increase the available credits even further.”

    Under the governor’s proposal, single filers earning up to $70,000 and joint filers earning up to $100,000 would qualify for the full $350 credit, with a phase out-schedule for higher incomes.

    The following chart lists the current property tax credit and phase-out schedules compared to Governor Lamont’s proposed enhancements:


    Proposed Changes to Property Tax Phase-Out Schedule


    Married Filing Jointly

    Current AGI Up To

    Current Maximum Credit

    Proposed AGI Up To

    Proposed Maximum Credit

    $70,500

    $300

    $100,000

    $350

    $80,500

    $255

    $110,000

    $298

    $90,500

    $210

    $120,000

    $245

    $100,500

    $165

    $130,000

    $193

    $110,500

    $120

    $140,000

    $140

    $120,500

    $75

    $150,000

    $88

    $130,500

    $30

    $160,000

    $35


    Singles

    Current AGI Up To

    Current Maximum Credit

    Proposed AGI Up To

    Proposed Maximum Credit

    $49,500

    $300

    $70,000

    $350

    $59,500

    $255

    $80,000

    $298

    $69,500

    $210

    $90,000

    $245

    $79,500

    $165

    $100,000

    $193

    $89,500

    $120

    $110,000

    $140

    $99,500

    $75

    $120,000

    $88

    $109,500

    $30

    $130,000

    $35

     

    The fiscal year 2023 biennial budget that Governor Lamont signed in 2022 (Public Act 22-118) increased the property tax credit from its then amount of $200 to the current amount of $300. Additionally, it removed the restriction that limited availability of the tax credit only to individuals over the age of 65 or who claim dependents on their federal tax returns.

    Governor Lamont’s fiscal year 2026/2027 biennial budget proposal is currently under consideration by the legislature’s Appropriations Committee and Finance, Revenue, and Bonding Committee.,

    **Download: Town-by-town breakdown of total personal income tax savings under Governor Lamont’s proposal

     

    MIL OSI USA News –

  • MIL-OSI USA: Congress.gov New, Tip, and Top Featuring Improvements to the Congressional Globe – February 2025

    Source: US Global Legal Monitor

    In our last Congress.gov post, Emily announced that Statute Compilations are now available on Congress.gov. Today, we are excited to announce enhancements to the Congressional Globe on Congress.gov that continue the process of migrating the Globe from our legacy Century of Lawmaking site.

    The Globe is a predecessor to the Congressional Record and it covers the years 1833-1873, which means that it includes debates on many significant events in American history, including the Civil War and a portion of Reconstruction. You can locate the Congressional Globe by clicking on the browse page at the top of the screen, selecting a Congress between the 23rd – 42nd Congresses, and then taking a look under the heading “Debates of Congress.”

    The Globe is legacy data that is not yet full-text searchable, so it is a good idea to use the indexes for the volumes to locate what you are interested in. If you have a particular date in mind, you can also select “Browse by Date.” For instance, you could find congressional reactions to a significant Civil War battle by browsing any debates that took place shortly after the battle. I used the browse-by-date feature to locate a reaction to the first Battle of Bull Run by Rep. Wright.

    Map of the Battles of Bull Run Near Manassas. Solomon Bamberger. (1861). World Digital Library, https://hdl.loc.gov/loc.wdl/wdl.2743

    Though the Globe is not yet full-text searchable, it is possible to search the page headings of the Globe by selecting “Congressional Record” in the dropdown menu on the Congress.gov homepage, typing in your search terms, and then at the bottom left-hand side of the results screen, clicking on the “Debates of Congress Edition” filter, and selecting “Congressional Globe.” Here is an example of search results concerning debates on the Civil War that have the page heading “Defense of the Union.”

    When you select a page you would like to read, you will see a page-turner that has controls at the top that allow you to jump to a certain page using a dropdown menu, turn the page using the arrow buttons, zoom in on the page using the + or – buttons, or download the page. Continuing with the Civil War and Reconstruction theme, this example demonstrates the page-turner with a speech beginning at the bottom, right-hand side of the page by Hiram Revels, the first African American senator who served as a senator from Mississippi from 1870 to 1871.

    Hiram R. Revels of Miss. 1870. Library of Congress Prints and Photographs Division, http://hdl.loc.gov/loc.pnp/cwpbh.00554
    The page-turner display for the Congressional Globe on Congress.gov.

    Do you have ideas on how to continue to improve the presentation of the Congressional Globe on Congress.gov? Send us your feedback.

    Enhancements

    Enhancement – Congressional Globe

    Congress.gov Tip

    Congress.gov has several two-minute tip videos available on topics ranging from how to set up email alerts, how to locate a bill, how to use search terms and filters, and how to locate appropriations resources on Congress.gov.

    Most-Viewed Bills

    The most-viewed bills for the week of February 9, 2025 are below.

    1. H.R.899 [119th] To terminate the Department of Education.
    2. H.R.86 [119th] NOSHA Act
    3. H.R.722 [119th] To implement equal protection under the 14th article of amendment to the Constitution for the right to life of each born and preborn human person.
    4. H.R.55 [119th] To repeal the National Voter Registration Act of 1993.
    5. H.R.8281 [118th] SAVE Act
    6. S.5 [119th] Laken Riley Act
    7. H.R.25 [119th] FairTax Act of 2025
    8. H.Res.59 [119th] Expressing the sense of the House of Representatives that the sermon given by the Right Reverend Mariann Edgar Budde at the National Prayer Service on January 21st, 2025, at the National Cathedral was a display of political activism and condemning its distorted message.
    9.

    Subscribe to In Custodia Legis – it’s free! – to receive interesting posts drawn from the Law Library of Congress’s vast collections and our staff’s expertise in U.S., foreign, and international law.

    MIL OSI USA News –

  • MIL-OSI Africa: Congo Energy & Investment Forum (CEIF) 2025 to Feature Top Legal, Commercial Workforce Experts

    Source: Africa Press Organisation – English (2) – Report:

    BRAZZAVILLE, Republic of Congo, February 18, 2025/APO Group/ —

    Working in close collaboration with oil and gas companies operating in the Republic of Congo’s hydrocarbons industry, pan-African legal and business advisory group CLG served as a key provider of commercial services for the acquisition of a number of operating fields by Trident Energy in January 2025. As part of the acquisition, Trident Energy acquired a 15.75% interest in the Lianzi Field, an 85% interest in the Nkosa and Nsoko 2 fields and a 21.5% interest in the Moho-Bilondo field from energy supermajors Chevron and TotalEnergies.

    Having recently opened an office in Pointe-Noire, CLG is well-equipped to offer direct support for energy professionals operating in the country. As such, CLG will participate as the official Legal Partner to this year’s inaugural Congo Energy & Investment Forum (CEIF) 2025, which takes place in Brazzaville from March 24-26. CEIF 2025 will feature the participation of CLG Congo Managing Director Yves Ollivier and Director of Tax and Legal Daodou Mohammad as speakers.

    The inaugural Congo Energy & Investment Forum, set for March 24-26, 2025, in Brazzaville, under the patronage of President Denis Sassou Nguesso and supported by the Ministry of Hydrocarbons and Société nationales des pétroles du Congo, will bring together international investors and local stakeholders to explore national and regional energy and infrastructure opportunities. The event will explore the latest gas-to-power projects and provide updates on ongoing expansions across the country.

    Congo’s upcoming Gas Master Plan is expected to be a major focus at CEIF 2025, providing a robust framework for gas exploration, production and commercialization. This regulatory reform is set to boost investor confidence and unlock the country’s full natural gas potential. As such, CLG Congo is expected to lead discussions on the country’s transforming regulatory structure while offering expertise on new commercial opportunities in the sector.

    Meanwhile, with over 28 years’ experience in Africa’s energy and workforce development space, pan-African career management firm iCUBEFARM CEO Yolanda Asumu will also participate as a speaker at CEIF 2025. Under Asumu’s leadership, iCUBEFARM has become one of Africa’s most transformative professional networks, bridging talent with opportunity and driving economic growth. With a reach that spans over 10,000 professionals across Central Africa, the company is a strategic partner for businesses, delivering workforce development solutions to startups, small- and medium-sized enterprises and major companies alike.

    In line with its economic goals, the Congolese government has established policies to ensure that Congo’s energy sector benefits local businesses and workers. The Minister of Hydrocarbons Bruno Jean-Richard Itoua recently launched a registration campaign for subcontracting and service companies in the oil and gas industry. The initiative is designed to enhance transparency and improve the integration of local companies into the industry.

    As such, Asumu’s participation at CEIF 2025 is expected to support Congo’s strategy to encourage partnerships between foreign oil companies and local enterprises, with a focus on capacity building and knowledge sharing. Her participation as a speaker showcases the company’s dedication to supporting Congo’s approach to maximize domestic benefits from its vast energy resources, with a focus on job creation, technology transfer and building local expertise.

    “The combined expertise of these speakers in legal, commercial and workforce development in Congo’s energy sector will be instrumental in driving discussions on the country’s energy future. Their insights at CEIF 2025 will foster important dialogue on how to align local and international efforts, build capacity and maximize the benefits of Congo’s vast energy resources, ensuring sustainable growth and economic development for the country,” stated Energy Capital & Power Events & Project Director Sandra Jeque.

    MIL OSI Africa –

  • MIL-OSI: Leishen Energy Holding Co., Ltd. Announces Fiscal Year 2024 Financial Results Highlighting Strong Operating Cash Flow and Stable Gross Margins

    Source: GlobeNewswire (MIL-OSI)

    BEIJING, Feb. 18, 2025 (GLOBE NEWSWIRE) — Leishen Energy Holding Co., Ltd. (“Leishen Energy”), a leading provider of clean-energy equipment and integrated solutions for the oil and gas industry, today announced its fiscal year 2024 financial results, showcasing robust performance driven by effective cost management, strategic market expansion, and growing demand for the Company’s innovative product offerings.

    Fiscal Year 2024 Financial Highlights

    • Operating Cash Flow Grows 243%, rising to USD $15.07 million in fiscal year 2024, up from USD $4.39 million in fiscal year 2023, marking a more than 243% year-over-year increase. This sharp rise was driven by robust accounts receivable collections, efficiency gains, and disciplined costs.
    • Total Revenues were USD $69.07 million, compared to USD $73.08 million in fiscal year 2023, representing a 5.5% decrease year-over-year. The decline was primarily attributable to lower sales of clean-energy equipment in the domestic market, partially offset by growth in the Company’s new energy business.
    • Gross Profit totaled USD $16.03 million, down from USD $18.38 million in the prior year, reflecting a gross margin of 23.2% (25.1% in fiscal year 2023). The margin decrease was primarily driven by lower margins in oil and gas engineering technical services.
    • Net Income was USD $7.99 million, compared to USD $11.63 million in fiscal year 2023, reflecting a 31.3% decrease.
    • Operating Expenses rose from USD $6.49 million in fiscal year 2023 to USD $8.48 million in fiscal year 2024, largely due to higher selling and marketing costs associated with international market expansion, as well as increased research and development.
    • Net Income Attributable to Leishen Energy was USD $8.10 million, reflecting a decrease of USD $3.76 million year-over-year.

    Segment Performance

    1. Clean-Energy Equipment
      • Revenue declined by 14.6% year-over-year, to USD $33.82 million, mainly due to reduced domestic orders amid tighter market competition and lower selling prices for certain common products. The segment contributed 49.0% of total revenues.
    2. Digitalization and Integration Equipment
      • Revenue was USD $3.08 million, reflecting a modest year-over-year decline. Gross margin improved to 18.2% as the Company continued to streamline costs and enhance efficiency.
    3. New Energy Sales
      • Revenue grew 11.3%, reaching USD $25.82 million, driven by increased demand for natural gas. The Company added a major new client in fiscal year 2024, contributing over USD $1.5 million in revenue.
    4. Oil and Gas Engineering Technical Services
      • Revenue was USD $6.35 million, representing a decrease of 8.4% from the prior year, due to intensified pricing pressure and customers adopting lower-cost operating models. Despite increased competition, the Company continues to develop new projects at home and abroad.

    Management Commentary

    “We are pleased to report that while Leishen Energy experienced year-over-year declines in revenue and profitability in fiscal 2024, we have strengthened our position in new energy sales and increased our presence in international markets,” said Hongliang Li, Chief Executive Officer of Leishen Energy. “The successful expansion of our customer base—particularly in overseas regions—and ongoing investments in research and development underscore our commitment to delivering innovative, high-performance energy solutions.”

    Zhiping Yu, Chief Financial Officer, added: “As we navigate near-term market pressures, we remain focused on cost optimization and strategic capital allocation. We believe our prudent balance sheet management, coupled with targeted investments in key growth areas, will help us enhance our financial performance and maintain sustainable returns for our shareholders in the years to come.”

    Business Outlook

    The Company aims to capitalize on the following growth drivers and strategic initiatives in fiscal year 2025 and beyond:

    • International Expansion: Continued pursuit of overseas projects in Central Asia, Southeast Asia, and the Middle East, including joint reserve warehouses of spare parts with major oilfields and new power plant operation and maintenance projects in Africa.
    • Technology and Innovation: Further investment in research and development to strengthen patented technologies, with 72 patents now held across clean-energy equipment, oil and gas engineering technical services, and new energy production and operation.
    • Customer Diversification: Ongoing efforts to deepen relationships with long-standing domestic clients while expanding the Company’s international customer pipeline, particularly in digitalization and integration equipment sales.
    • Operational Efficiencies: Enhancement of cost-control measures, rigorous supply chain management, and new supplier partnerships to mitigate inflationary pressures and disruptions.
    LEISHEN ENERGY HOLDING CO., LTD. AND SUBSIDIARIES
     
    CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME
        2024     2023     Variance  
        Amount     % of
    revenue    		     Amount     % of
    revenue    		     Amount     %  
    Revenues   $ 69,073,374       100.0 %   $ 73,084,448       100.0 %   $ (4,011,074 )     (5.5 )%
    Cost of revenues     (53,038,855 )     (76.8 )%     (54,705,407 )     (74.9 )%     1,666,552       (3.0 )%
    Gross profit     16,034,519       23.2 %     18,379,041       25.1 %     (2,344,522 )     (12.8 )%
                                                     
    Operating expenses:                                                
    Selling and marketing     2,053,194       3.0 %     775,957       1.1 %     1,277,237       164.6 %
    General and administrative     5,979,890       8.7 %     5,553,912       7.6 %     425,978       7.7 %
    Research and development     449,542       0.7 %     158,657       0.2 %     290,885       183.3 %
    Total operating expenses     8,482,626       12.4 %     6,488,526       8.9 %     1,994,100       30.7 %
                                                     
    Income from operations     7,551,893       10.8 %     11,890,515       16.2 %     (4,338,622 )     (36.5 )%
                                                     
    Other income (loss):                                                
    Interest expense     (57,018 )     (0.1 )%     (67,964 )     (0.1 )%     10,946       (16.1 )%
    Exchange (loss) gains     (18,107 )     0.0 %     280,538       0.4 %     (298,645 )     (106.5 )%
    Gain from equity investment     81,150       0.1 %     80,616       0.10 %     534       0.7 %
    Net investment income     445,271       0.6 %     108,671       0.1 %     336,600       309.7 %
    Other expenses, net     171,845       0.2 %     71,850       0.0 %     99,995       139.2 %
    Total other income, net     623,141       0.8 %     473,711       0.6 %     149,430       31.5 %
                                                     
    Income before income taxes     8,175,034       11.6 %     12,364,226       16.8 %     (4,189,192 )     (33.9 )%
                                                     
    Provision for income taxes     184,818       0.3 %     729,506       1.0 %     (544,688 )     (74.7 )%
                                                     
    Net income     7,990,216       11.3 %     11,634,720       15.8 %     (3,644,504 )     (31.3 )%
    Net loss attributable to non-controlling interests     (105,655 )     (0.2 )%     (223,870 )     (0.3 )%     118,215       (52.8 )%
    Net income attributable to Leishen Energy Holding Co., Ltd.   $ 8,095,871       11.5 %   $ 11,858,590       16.1 %   $ (3,762,719 )     (31.7 )%
    LEISHEN ENERGY HOLDING CO., LTD. AND SUBSIDIARIES
     
    CONSOLIDATED BALANCE SHEETS 
     
      As of September 30,
      2024   2023
      US$   US$
    ASSETS              
    Current Assets:              
    Cash $ 5,811,798     $ 4,567,608  
    Restricted cash   1,489,216       –  
    Short-term investments   17,850,648       7,234,607  
    Accounts receivable, net   21,826,297       30,742,914  
    Notes receivable   1,054,528       1,304,004  
    Advance to suppliers, net   5,896,595       5,637,829  
    Inventories   5,396,634       7,877,202  
    Due from related parties   31,535       44,848  
    Loan receivable – related party   822,878       –  
    Prepaid expenses and other current assets, net   1,567,060       1,351,049  
    Total current assets   61,747,189       58,760,061  
                   
    Non-current assets:              
    Long-term investments   1,758,515       1,670,461  
    Deferred offering costs   437,653       271,155  
    Property and equipment, net   4,111,919       3,838,135  
    Intangible assets   140,070       152,901  
    Operating lease right-of-use assets, net   668,259       712,065  
    Loans receivable, non-current   725,699       –  
    Other non-current assets   44,746       52,351  
    Total non-current assets   7,886,861       6,697,068  
                   
    Total Assets $ 69,634,050     $ 65,457,129  
                   
    LIABILITIES AND EQUITY              
    Current Liabilities:              
    Short-term loans $ 50,899     $ 1,090,378  
    Accounts payable   10,731,238       11,758,870  
    Advance from customers   2,292,728       1,465,285  
    Taxes payable   3,418,725       2,755,661  
    Due to related parties   9,239,059       13,387,546  
    Operating lease liabilities   68,291       62,057  
    Other payables and other current liabilities   1,339,969       1,303,371  
    Total current liabilities   27,140,909       31,823,168  
                   
    Non-current Liabilities:              
    Long-term loans   1,127,380       49,676  
    Deferred tax liabilities, net   307,513       1,175,703  
    Operating lease liabilities, non-current   602,735       650,007  
    Total non-current liabilities   2,037,628       1,875,386  
                   
    Total Liabilities   29,178,537       33,698,554  
                   
    Equity:              
    Ordinary shares, par value $0.001 per share, 50,000,000 shares authorized; 15,500,000 shares issued and outstanding*   15,500       15,500  
    Subscription receivable   (15,500 )     (15,500 )
    Additional paid-in capital   1,617,966       1,617,966  
    Statutory reserves   1,690,994       1,565,649  
    Retained earnings   37,339,006       29,368,480  
    Accumulated other comprehensive loss   (861,374 )     (1,746,809 )
    Total equity attributable to Leishen Energy Holding Co., Ltd   39,786,592       30,805,286  
    Non-controlling interests   668,921       953,289  
    Total Equity   40,455,513       31,758,575  
                   
    Total Liabilities and Equity $ 69,634,050     $ 65,457,129  
                   

    About Leishen Energy Holding Co., Ltd.

    The Leishen Group was founded in 2007 and is a China-based provider of clean-energy equipment and integrated solutions for the oil and gas industry, with a commitment to providing customers with high-performance, safe and cost-effective energy solutions. Our major lines of business include (i) sale of clean-energy industry; (ii) new energy production and operation; (iii) digitalization and integration equipment; and (iv) oil and gas engineering technical services. At present, the Group holds more than 70 patents and software copyrights, forming a comprehensive ecosystem of core technical capabilities. Currently, our business operations have expanded beyond the PRC to Central Asia, and Southeast Asia, and our service abilities and quality have been widely recognized and praised by foreign customers. Efficient, safe and energy-saving equipment combined with professional technical services have enabled our brand to gain positive attention and recognition from our customers and enabled us to become a well-known equipment and services provider in the oil and gas industry. For more information, please visit the Company’s website: www.r-egroup.com.

    Forward-Looking Statements

    Certain statements in this announcement are forward-looking statements, including, but not limited to, the Company’s share offering. These forward-looking statements involve known and unknown risks and uncertainties and are based on the Company’s current expectations and projections about future events that may affect its financial condition, results of operations, business strategy and financial needs, including the expectation that the offering will be successfully completed. Investors can find many (but not all) of these statements by the use of words such as “aim”, “anticipate”, “believe”, “estimate”, “expect”, “going forward”, “intend”, “may”, “plan”, “potential”, “predict”, “propose”, “seek”, “should”, “will”, “would” or other similar expressions in this press release. The Company undertakes no obligation to update or revise publicly any forward-looking statements to reflect subsequent occurring events or circumstances, or changes in its expectations, except as may be required by law. Although the Company believes that the expectations expressed in these forward-looking statements are reasonable, it cannot assure you that such expectations will turn out to be correct, and the Company cautions investors that actual results may differ materially from the anticipated results and encourages investors to review other factors that may affect its future results in the Company’s registration statement and other filings with the SEC.

    For more information, please contact:

    Investor Relations

    Michael Wei
    Email:hwey@horizonconsultancy.co

    The MIL Network –

  • MIL-OSI: LPL Financial Launches Planning Tools to Help Advisors Provide Personalized Service for Business Founders and CEOs

    Source: GlobeNewswire (MIL-OSI)

    SAN DIEGO, Feb. 18, 2025 (GLOBE NEWSWIRE) — LPL Financial LLC, a leader in the wealth management industry, is expanding its portfolio of high-net-worth services with the launch of business planning tools designed to help its network of nearly 29,000 financial advisors provide personalized support to their clients who are Chief Executive Officers (CEOs) and/or have founded their own businesses.

    There are more than 33 millioni small businesses in the U.S., and more than halfii of all private employer business owners are over the age of 55. Additionally, it’s estimated that approximately 12 millioniii of those firms will be sold over the next decade, and most small business owners do not have a succession plan in place.

    Through this new offering, advisors are connected with a certified business exit planner who supports the business owner’s needs and serves as a liaison to vetted banking partners. This full-service experience is designed to meet the discerning needs of advisors and differentiate the value they provide to their entrepreneurial clients.

    “CEOs and founders have worked incredibly hard to build their businesses and deserve the highest caliber of planning and advice,” said Jen Hollers, senior vice president and head of high-net-worth services at LPL Financial. “Through relationships with trusted investment banks, we enable LPL advisors to offer their business-owner clients a full-service experience, helping them strategize, scale, and, when the time is right, pursue an optimized sale.”

    LPL offers a range of specialized planning services tailored to address the complex needs of high-net-worth and ultra-high-net-worth clients, including:

    • Case consultations
    • Advanced planning
    • Estate and philanthropic planning
    • Tax planning
    • Business planning

    For more information about this new offering, financial advisors can visit High-Net-Worth Services for Advisors.

    About LPL Financial
    LPL Financial Holdings Inc. (Nasdaq: LPLA) is among the fastest growing wealth management firms in the U.S. As a leader in the financial advisor-mediated marketplace, LPL supports nearly 29,000 financial advisors and the wealth management practices of approximately 1,200 financial institutions, servicing and custodying approximately $1.7 trillion in brokerage and advisory assets on behalf of approximately 6 million Americans. The firm provides a wide range of advisor affiliation models, investment solutions, fintech tools and practice management services, ensuring that advisors and institutions have the flexibility to choose the business model, services, and technology resources they need to run thriving businesses. For further information about LPL, please visit www.lpl.com.

    Securities and advisory services offered through LPL Financial LLC (“LPL Financial”), a registered investment advisor and broker-dealer, member FINRA/SIPC.

    Throughout this communication, the terms “financial advisors” and “advisors” are used to refer to registered representatives and/or investment advisor representatives affiliated with LPL Financial.

    We routinely disclose information that may be important to shareholders in the “Investor Relations” or “Press Releases” section of our website.

    Media Contact: 
    Media.relations@LPLFinancial.com 
    (402) 740-2047 

    Tracking #: 697285

    ________________________
    i    https://advocacy.sba.gov/wp-content/uploads/2023/11/2023-Small-Business-Economic-Profile-US.pdf
    iihttps://www.sbc.senate.gov/public/index.cfm/2024/1/shaheen-convenes-hearing-on-small-business-succession-planning
    iiihttps://www.score.org/princeton/resource/blog-post/current-rise-small-businesses-being-sold-over-next-10-15-years

    The MIL Network –

  • MIL-OSI: Coalesce Announces Top System Integrator Partners for 2024

    Source: GlobeNewswire (MIL-OSI)

    SAN FRANCISCO, Feb. 18, 2025 (GLOBE NEWSWIRE) — Coalesce, the data transformation company, today announced its 2024 Systems Integrator (SI) Partners of the Year, recognizing top partners across North America, Europe-Middle East-Africa (EMEA), and Australia-New Zealand (ANZ) for their outstanding contributions to customer success, data innovation, and solution development. These partners have demonstrated deep expertise in the Coalesce platform, delivering scalable and impactful data solutions for organizations worldwide.

    “Our SI partners play a critical role in the success of our customers, and we’re thrilled to recognize this year’s standout partners for their expertise and commitment to helping organizations unlock the full potential of their data,” said Courtney Heithoff, Director of SI Alliances at Coalesce.

    And the winners are:

    U.S. Partner of the Year – Hakkoda

    Hakkoda has been recognized as the U.S. Partner of the Year for its deep commitment to helping enterprises modernize their data strategies using Coalesce. With a strong focus on Snowflake and next-generation data architectures, Hakkoda has consistently delivered exceptional value to customers, leveraging Coalesce’s metadata-driven automation to streamline data transformation and enable organizations to get the most out of their Snowflake investment.

    “We are proud to be recognized as Coalesce’s U.S. SI Partner of the Year for the second consecutive year,” said Ryan Tucker, Chief Revenue Officer and co-founder of Hakkoda. “This achievement reflects our joint commitment to delivering innovative, high-impact solutions and helping our clients simplify and accelerate their data architectures with the best tools the Modern Data Stack has to offer. We are excited to continue our collaboration with Coalesce to solve some of the gnarliest challenges in the modern data landscape, and are confident we will continue to drive success and growth for our joint clients in the years ahead.”

    U.S. Emerging Partner of the Year – phData

    phData has earned the U.S. Emerging Partner of the Year award for its rapid adoption of Coalesce and its ability to drive innovative, scalable data solutions. By integrating Coalesce’s automation-first approach with its robust data engineering and analytics capabilities, phData has helped organizations unlock new efficiencies in their data engineering workflows.

    “This award is a testament to the strong partnership we’ve built and the impact we’ve delivered together for our joint customers,” said Sam Mehlhaff, SVP of Marketing and Partnerships at phData. “We’re grateful for the collaboration with the Coalesce team and look forward to driving even more success in 2025.”

    EMEA Partner of the Year – Nextview Consulting

    Nextview Consulting has been named EMEA Partner of the Year for its outstanding expertise in data strategy, governance, and digital transformation. Nextview has played a crucial role in driving adoption of Coalesce’s platform in the region, helping customers simplify complex data workflows and optimize performance.

    “Winning the European Partner of the Year is a testament to our team’s dedication to delivering best-in-class data solutions,” said Ralph Knoops, Managing Data and Analytics Consultant at Nextview. “Coalesce’s platform has been instrumental in our ability to drive efficiency and innovation for our clients.”

    EMEA Emerging Partner of the Year – Kemb

    Kemb has been recognized as the EMEA Emerging Partner of the Year for its rapid growth and strong execution in data modernization initiatives. By leveraging Coalesce’s metadata-driven approach and intuitive feature set, Kemb has helped organizations across the region modernize their data environments with speed and precision.

    “Coalesce has revolutionized how our clients approach data transformation and significantly improved the way they create and update their business logic,” said Konstantin Wemhöner, CDO at Kemb. “We’re excited to continue growing our partnership and helping even more organizations achieve data excellence.”

    ANZ Partner of the Year – FIRN

    FIRN has been awarded ANZ Partner of the Year for its leadership in bringing Coalesce’s transformative data solutions to the Australia-New Zealand region. FIRN’s expertise in cloud data platforms and commitment to customer success have made it a driving force in the adoption of Coalesce across the region.

    “This recognition highlights our commitment to building business value and driving customer growth through innovation, collaboration, and impactful solutions,” said Nick Lupis, Managing Director at FIRN. “We look forward to continuing our successful partnership.”

    Commitment to Partner Success

    Coalesce’s SI Partner Program is designed to empower partners with the technology, training, and support needed to drive successful data initiatives for their customers. As organizations scale their data operations at an accelerating pace, Coalesce remains committed to fostering strong partnerships that enable successfully delivering data projects now, and in the future.

    For more information about Coalesce’s SI Partner Program, visit https://coalesce.io/partners.

    Resources
    Follow Coalesce on LinkedIn and YouTube
    Partner websites: Hakkoda, phData, Nextview Consulting, Kemb, FIRN

    About Coalesce
    Coalesce revolutionizes data transformations to accelerate the delivery of data projects. Recognizing data transformation’s critical role in the analytics lifecycle, we’ve created an inclusive developer platform that automates most SQL coding without sacrificing flexibility. Our platform boosts data team efficiency tenfold, allowing faster data pipeline development while empowering organizations to concentrate on extracting maximum value from their data. Discover more at Coalesce.io.

    The MIL Network –

  • MIL-OSI: Onfolio Holdings Inc. Releases Shareholder Letter

    Source: GlobeNewswire (MIL-OSI)

    WILMINGTON, Del., Feb. 18, 2025 (GLOBE NEWSWIRE) — Onfolio Holdings Inc. (Nasdaq: ONFO, ONFOW) (OTC: ONFOP) (the “Company” or “Onfolio”), a company that acquires and manages a diversified portfolio of online businesses, today announced that its chairman and chief executive officer released the following letter to Onfolio shareholders.

    A longer version as part of a “2024 In Review” piece has been posted on the Company’s corporate website at https://onfolio.com/2024-in-review.

    Dear Shareholders,

    What a difference a year makes.

    Looking back on 2024, I’d like to reflect on our journey and progress in light of our original thesis. We started with four key beliefs:

    1. There are hundreds or thousands of profitable online businesses undervalued due to idiosyncratic risks or suboptimal operations.
    2. Aggregating these businesses reduces individual risk, strengthening the portfolio.
    3. Our operational expertise enables us to run and grow these businesses more effectively than their previous management.
    4. Our public company status allows us to access capital at costs lower than the returns generated by our acquisitions.

    In 2024, we made significant strides in all these areas.

    1. Strategic Acquisitions Strengthened Our Portfolio

    We acquired three new businesses, adding eight revenue streams and $6M in revenue:

    • RevenueZen (RZ) (January 2024): A content marketing agency with $1.4M revenue and $227K net profit. RZ retained its entire team post-acquisition, enhancing operational expertise across our portfolio. This acquisition demonstrated our ability to structure deals with minimal upfront cash, utilizing promissory notes, preferred shares, and seller financing.
    • DDSRank (July 2024): A niche SEO agency for dentists ($500K revenue, $200K net profit). Funded via one of our our SPV funds, preferred shares, and seller notes, requiring minimal Onfolio cash.
    • Eastern Standard (ES) (October 2024):  A digital marketing agency well known in the health and education industries, with $4MM revenue and $630K net profit. This was structured similarly to DDSRank, with SPV fund participation enabling us to secure a majority stake while preserving capital.

    Each acquisition reinforced our ability to execute capital-efficient deals while improving operational efficiency.

    2. Evolving Our Operating Model

    Effective post-acquisition management is key to our success. While we initially operated as a centralized entity and later decentralized entirely, in 2024, we adopted a hybrid model;“centralized strategy, decentralized execution.” This allows portfolio company leaders to focus on their strengths while benefiting from Onfolio’s shared expertise, strategic oversight, and best practices.

    This approach enhances operational efficiency, accelerates growth, and enables acquired businesses to maintain and expand profitability. It also allows us to actively participate in strategic hiring, key decision-making, and resource allocation, maximizing value creation across our holdings.

    3. Expanding Our Capital Strategy with SPVs

    In March 2024, we launched SPVs (Special Purpose Vehicles), allowing accredited investors to co-invest in acquisitions. This proved instrumental in funding DDSRank and ES, enabling us to secure valuable businesses while preserving Onfolio’s cash. While SPVs involve higher capital costs due to equity sharing, they provide an effective solution for funding accretive deals without reliance on traditional debt markets.

    For SPV investors, this offers exposure to specific online businesses with a clear return profile, albeit with higher risk and less diversification than Onfolio itself. While not a long-term strategy, SPVs will remain part of our acquisition playbook in 2025, alongside preferred shares.

    4. Quoting Our Preferred Shares on OTCQB

    A major milestone was quoting our preferred shares on OTCQB, providing liquidity for early investors and expanding access for new ones. Each share pays a $3 annual dividend, appealing to income-focused investors. Since 2022, we’ve raised $1.5M in preferred share financing and issued $3M of preferred shares as part of acquisition financing.

    This liquidity should drive demand, potentially allowing us to raise capital more efficiently in 2025 at a lower cost (12%) than SPVs. We anticipate growing this funding channel, unlocking further acquisition opportunities with minimal dilution.

    On the Verge of Profitability

    Throughout 2024, we have significantly reduced our losses and we now appear to be essentially at profitability. We’ve reached a position where we can continue operations without requiring additional fundraising or acquisitions to achieve profitability, yet we will continue to pursue both because they accelerate our growth and long-term value creation. With this foundation, we expect to move firmly into sustained profitability in the near term.

    Looking Ahead to 2025

    With our acquisition model validated, capital access expanded, and operational efficiencies improving, 2025 promises even greater momentum. Our roadmap is clear:

    • Continue acquiring high-quality businesses, where synergies create exponential value.
    • Expand capital raising efforts, leveraging preferred shares and SPVs.
    • Further optimize operations, scaling our playbook for sustained growth.

    If we execute well, we anticipate achieving significant profitability in the near term, reinforcing our ability to deliver compounded returns for our shareholders.

    Onward to an even stronger 2025.

    About Onfolio Holdings

    Onfolio acquires and manages a diversified portfolio of online businesses. Onfolio acquires business that meet its investment criteria, being that such businesses operate in sectors with long-term growth opportunities, have positive and stable cash flows, face minimal threats of technological or competitive obsolescence and can be managed by our existing team or have strong management teams largely in place. The Company excels at finding acquisition opportunities where the seller has not fully optimized their business, and Onfolio’s experience and skillset allows it to add increased value to these existing businesses. Visit www.onfolio.com for more information.

    Safe Harbor Statement

    The information posted in this release may contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. You can identify these statements by use of the words “may,” “will,” “should,” “plans,” “explores,” “expects,” “anticipates,” “continues,” “estimates,” “projects,” “intends,” and similar expressions. Forward-looking statements involve risks and uncertainties that could cause actual results to differ materially from those projected or anticipated. These risks and uncertainties include, but are not limited to, general economic and business conditions, effects of continued geopolitical unrest and regional conflicts, competition, changes in technology and methods of marketing, delays in completing new customer offerings, changes in customer order patterns, changes in customer offering mix, continued success in technological advances and delivering technological innovations, delays due to issues with outsourced service providers, those events and factors described by us in Item 1.A “Risk Factors” in our most recent Form 10-K and Form 10-Q; other risks to which our Company is subject; other factors beyond the Company’s control. Any forward-looking statement made by us in this press release is based only on information currently available to us and speaks only as of the date on which it is made. We undertake no obligation to publicly update any forward-looking statement, whether written or oral, that may be made from time to time, whether as a result of new information, future developments or otherwise.

    Investor Contact

    investors@onfolio.com

    The MIL Network –