NewzIntel.com

Category: Trade

  • MIL-OSI New Zealand: High quality Kiwi beef and lamb helps lead economic recovery

    Source: New Zealand Government

    Strong demand and favourable export prices combined with new export opportunities in Europe and the Middle East will see New Zealand’s beef and lamb farmers add an extra $1.2 billion to their bank accounts this year as the primary sector helps to grow the economy, Agriculture Minister Todd McClay said during a farm visit in Canterbury today. 
    “This is extremely positive news for sheep and beef farmers who have been doing it tough over the last six years,” Mr McClay says. 
    “Red meat exports are forecast to grow by 13 per cent this year which will have a positive economic impact on many of our provincial towns. 
    “New Zealand’s trade is extremely diversified with our network of FTAs offering exporters choices about where they send their products. For example, the newly enacted trade agreement with the European Union has seen goods exports to Europe increase by more than 24 per cent over the last year with sheep meat playing a big part in this growth.” 
    Mr McClay says lamb prices have increased by 20 per cent over the last year and mutton prices up by 70 per cent.
    “It’s good to see farmers starting to receive recognition for what their high quality product is worth.” 
    Total red meat exports are expected to reach $10.2 billion this year with increased demand from key markets seeking high quality, safe, grass-fed food and fibre from New Zealand.  
    “New Zealand red meat is some of the safest environmentally friendly food produced on the planet.  We can continue to meet our environmental and climate obligations without shutting down farms or sending jobs and production overseas.”
    Mr McClay says that the Government will continue to back sheep and beef farmers by reducing red tape and compliance costs and ensuring they can farm on a level playing field. 
    “We have already announced a ban on full farm to forest conversions from entering the ETS on some of our most productive food producing land from 4 December last year and will shortly introduce legislation to Parliament to enact this decision. 
    “The Government has set an ambitious goal of doubling exports by value in 10 years. It’s important to recognise that our hard-working sheep and beef farmers are doing their bit to grow the New Zealand economy.” 

    MIL OSI New Zealand News –

  • MIL-OSI Security: FUGITIVE FIREARMS TRAFFICKER CAPTURED IN MEXICO AS PART OF OPERATION RIPSAW

    Source: Office of United States Attorneys

    Richard G. Frohling, Acting United States Attorney for the Eastern District of Wisconsin, announced the arrest of fugitive Roland Munoz (age: 44), who was wanted for trafficking firearms from the United States to a Mexican cartel. 

    On September 21, 2021, along with five other defendants, Munoz was charged in a 12-count indictment with violations of 18 U.S.C. §§ 371 (conspiracy to violate the laws of the United States), 554 (smuggling goods from the United States), 922(a)(6), and 924(a)(2) (straw purchasing firearms), and 22 U.S.C. §§ 2778(b)(2) and 2778(c) and 22 C.F.R. §§ 121.1 and 127.1 (violation of the Arms Export Control Act and the International Traffic in Arms Regulations). In turn, the indictment was the result of a yearslong investigation called “Operation Ripsaw”and led by the Bureau of Alcohol, Tobacco, Firearms and Explosives (ATF) and Homeland Security Investigations (HSI).

    The indictment charges a complex conspiracy to smuggle high-powered firearms from the United States to Mexico. According to court filings, Munoz led this conspiracy by recruiting straw purchasers of firearms in Wisconsin and other states, organizing couriers to transport those firearms and money across the nation, and arranging for smugglers to take the firearms across the border in Texas and provide them to a cartel in Mexico. The conspirators purchased and attempted to smuggle over 25 firearms. According to court records, many of those firearms were later recovered in Mexico, including a .50 caliber rifle which was recovered on December 12, 2020, after Mexican law enforcement authorities engaged a group of armed members of Cártel de Jalisco Nueva Generación (CJNG), a Mexican transnational criminal organization. 

    Munoz’s arrest was made in coordination with officials in Mexico and is the result of collaboration between the United States Marshals Service, ATF, and HSI.    

    If convicted of these offenses, Munoz faces a maximum of 20 years in prison and up to a $1 million fine. The maximum potential sentences in this case are prescribed by Congress and provided here for informational purposes only, as any sentencing of the defendants will be determined by a judge.

    As noted above, ATF and HSI investigated the case. Assistant United States Attorneys Philip T. Kovoor and Christopher Ladwig will prosecute the case in the United States District Court in Green Bay.    

    An indictment is only a charge and not evidence of guilt. The defendant is presumed innocent and is entitled to a fair trial at which the government must prove his guilt beyond a reasonable doubt.

    ###

    For further information contact:

    Public Information Officer

    Kenneth.Gales@usdoj.gov

    (414) 297-1700

    Follow us on Twitter

    MIL Security OSI –

  • MIL-OSI: Descartes Announces Fiscal 2025 Fourth Quarter and Annual Financial Results

    Source: GlobeNewswire (MIL-OSI)

    Record Income from Operations

    WATERLOO, Ontario and ATLANTA, March 05, 2025 (GLOBE NEWSWIRE) — The Descartes Systems Group Inc. (TSX:DSG) (Nasdaq:DSGX) announced its financial results for its fiscal 2025 fourth quarter (Q4FY25) and year (FY25) ended January 31, 2025. All financial results referenced are in United States (US) currency and, unless otherwise indicated, are determined in accordance with US Generally Accepted Accounting Principles (GAAP).

    “Fiscal 2025 was another year of growth for Descartes, highlighted by the addition of numerous complementary services to the Global Logistics Network,” said Edward J. Ryan, Descartes’ CEO. “We believe these investments can help shippers, carriers, and logistics services providers manage the increased uncertainty and complexity that’s recently been introduced to the global trade environment. Our customers benefit from our diversity in international and domestic supply chains, our expertise with tariffs, sanctions and other global trade issues, and our expansive roster of connected trading partners as they navigate a quickly evolving trade landscape.”

    FY25 Financial Results
    As described in more detail below, key financial highlights for Descartes’ FY25 included:

    • Revenues of $651.0 million, up 14% from $572.9 million in the same period a year ago (FY24);
    • Revenues were comprised of services revenues of $590.2 million (91% of total revenues), professional services and other revenues of $55.1 million (8% of total revenues) and license revenues of $5.7 million (1% of total revenues). Services revenues were up 13% from $520.9 million in FY24;
    • Cash provided by operating activities of $219.3 million, up 6% from $207.7 million in FY24. Cash provided by operating activities was negatively impacted in FY25 by the payment of $25.0 million in contingent acquisition consideration for previously completed deals, which was not accrued for at the time of acquisition;
    • Income from operations of $181.1 million, up 27% from $142.8 million in FY24;
    • Net income of $143.3 million, up 24% from $115.9 million in FY24. Net income as a percentage of revenues was 22%, compared to 20% in FY24;
    • Earnings per share on a diluted basis of $1.64, up 22% from $1.34 in FY24; and
    • Adjusted EBITDA of $284.7 million, up 15% from $247.5 million in FY24. Adjusted EBITDA as a percentage of revenues was 44%, compared to 43% in FY24.

    Adjusted EBITDA and Adjusted EBITDA as a percentage of revenues are non-GAAP financial measures provided as a complement to financial results presented in accordance with GAAP. We define Adjusted EBITDA as earnings before interest, taxes, depreciation, amortization, stock-based compensation (for which we include related fees and taxes) and other charges (for which we include restructuring charges, acquisition-related expenses, and contingent consideration incurred due to better-than-expected performance from acquisitions). These items are considered by management to be outside Descartes’ ongoing operational results. We define Adjusted EBITDA as a percentage of revenues as the quotient, expressed as a percentage, from dividing Adjusted EBITDA for a period by revenues for the corresponding period. A reconciliation of Adjusted EBITDA and Adjusted EBITDA as a percentage of revenues to net income determined in accordance with GAAP is provided later in this release.

    The following table summarizes Descartes’ results in the categories specified below over FY25 and FY24 (dollar amounts in millions):

      FY25
    		   FY24  
    Revenues 651.0   572.9  
    Services revenues 590.2   520.9  
    Gross margin 76 % 76 %
    Cash provided by operating activities* 219.3   207.7  
    Income from operations 181.1   142.8  
    Net income 143.3   115.9  
    Net income as a % of revenues 22 % 20 %
    Earnings per diluted share 1.64   1.34  
    Adjusted EBITDA 284.7   247.5  
    Adjusted EBITDA as a % of revenues 44 % 43 %
             

    (*) FY25 cash provided by operating activities was negatively impacted by the payment of $25.0 million in contingent acquisition consideration for previously completed deals, which was not accrued for at the time of acquisition but was paid due to post-acquisition performance exceeding expectations at the time of acquisition

    Q4FY25 Financial Results
    As described in more detail below, key financial highlights for Q4FY25 included:

    • Revenues of $167.5 million, up 13% from $148.2 million in the fourth quarter of fiscal 2024 (Q4FY24) and down from $168.8 million in the previous quarter (Q3FY25);
    • Revenues were comprised of services revenues of $156.5 million (93% of total revenues), professional services and other revenues of $10.7 million (6% of total revenues) and license revenues of $0.3 million (1% of total revenues). Services revenues were up 15% from $135.7 million in Q4FY24 and up 5% from $149.7 million in Q3FY25;
    • Cash provided by operating activities of $60.7 million, up 19% from $50.8 million in Q4FY24 and up 1% from $60.1 million in Q3FY25;
    • Income from operations of $47.1 million, up 27% from $37.0 million in Q4FY24 and up 3% from $45.8 million in Q3FY25;
    • Net income of $37.4 million, up 18% from $31.8 million in Q4FY24 and up 2% from $36.6 million in Q3FY25. Net income as a percentage of revenues was 22%, compared to 21% in Q4FY24 and 22% in Q3FY25;
    • Earnings per share on a diluted basis of $0.43, up 16% from $0.37 in Q4FY24 and up 2% from $0.42 in Q3FY25; and
    • Adjusted EBITDA of $75.0 million, up 14% from $65.7 million in Q4FY24 and up 4% from $72.1 million in Q3FY25. Adjusted EBITDA as a percentage of revenues was 45%, compared to 44% in Q4FY24 and 43% in Q3FY25, respectively.

    The following table summarizes Descartes’ results in the categories specified below over the past 5 fiscal quarters (unaudited; dollar amounts, other than per share amounts, in millions):

      Q4
    FY25    		   Q3
    FY25    		   Q2
    FY25    		   Q1
    FY25    		   Q4
    FY24    		  
    Revenues 167.5   168.8   163.4   151.3   148.2  
    Services revenues 156.5   149.7   146.2   137.8   135.7  
    Gross margin 76 % 74 % 75 % 77 % 76 %
    Cash provided by operating activities* 60.7   60.1   34.7   63.7   50.8  
    Income from operations 47.1   45.8   45.9   42.4   37.0  
    Net income 37.4   36.6   34.7   34.7   31.8  
    Net income as a % of revenues 22 % 22 % 21 % 23 % 21 %
    Earnings per diluted share 0.43   0.42   0.40   0.40   0.37  
    Adjusted EBITDA 75.0   72.1   70.6   67.0   65.7  
    Adjusted EBITDA as a % of revenues 45 % 43 % 43 % 44 % 44 %
                         

    (*) Q2FY25 cash provided by operating activities was negatively impacted by the payment of $25.0 million in contingent acquisition consideration for previously completed deals, which was not accrued for at the time of acquisition but was paid due to post-acquisition performance exceeding expectations at the time of acquisition

    Cash Position
    At January 31, 2025, Descartes had $236.1 million in cash. Cash increased by $54.8 million in Q4FY25 and decreased by $84.9 million in FY25. The table set forth below provides a summary of cash flows for Q4FY25 and FY25 in millions of dollars:

      Q4FY25   FY25  
    Cash provided by operating activities 60.7   219.3  
    Additions to property and equipment (2.1 ) (6.8 )
    Acquisitions of subsidiaries, net of cash acquired (3.7 ) (290.2 )
    Payment of debt issuance costs   (0.1 )
    Issuances of common shares, net of issuance costs 2.5   12.4  
    Payment of withholding taxes on net share settlements –   (6.7 )
    Payment of contingent consideration –   (9.2 )
    Effect of foreign exchange rate on cash (2.6 ) (3.6 )
    Net change in cash 54.8   (84.9 )
    Cash, beginning of period 181.3   321.0  
    Cash, end of period 236.1   236.1  
             

    Conference Call
    Descartes’ executive management team will hold a conference call to discuss the company’s financial results at 5:30 PM ET on Wednesday, March 5. Designated numbers are +1 289 514 5100 or +1 800 717 1738 for North America Toll-Free, using Passcode 45440#.

    The company will simultaneously conduct an audio webcast on the Descartes website at https://www.descartes.com/who-we-are/investor-relations/financial-information. Phone conference dial-in or webcast login is required approximately 10 minutes beforehand.

    Replays of the conference call will be available until March 12, 2025, by dialing +1 289 819 1325 or Toll-Free for North America using +1 888 660 6264 with Playback Passcode: 45440#. An archived replay of the webcast will be available at https://www.descartes.com/who-we-are/investor-relations/financial-information.

    About Descartes

    Descartes (Nasdaq:DSGX) (TSX:DSG) is the global leader in providing on-demand, software-as-a-service solutions focused on improving the productivity, security and sustainability of logistics-intensive businesses. Customers use our modular, software-as-a-service solutions to route, track and help improve the safety, performance and compliance of delivery resources; plan, allocate and execute shipments; rate, audit and pay transportation invoices; access global trade data; file customs and security documents for imports and exports; and complete numerous other logistics processes by participating in the world’s largest, collaborative multimodal logistics community. Our headquarters are in Waterloo, Ontario, Canada and we have offices and partners around the world. Learn more at www.descartes.com, and connect with us on LinkedIn and X (Twitter).

    Descartes Investor Contact
    Laurie McCauley
    (519) 746-2969
    investor@descartes.com

    Cautionary Statement Regarding Forward-Looking Statements

    This release may contain forward-looking information within the meaning of applicable securities laws (“forward-looking statements”) that relates to Descartes’ expectations concerning future revenues and earnings, and our projections for any future reductions in expenses or growth in margins and generation of cash; our assessment of the potential impact of geopolitical events, such as the ongoing conflict between Russia and Ukraine (the “Russia-Ukraine Conflict”), and between Israel and Hamas (“Israel-Hamas Conflict”), or other potentially catastrophic events, on our business, results of operations and financial condition; continued growth and acquisitions including our assessment of any increased opportunity for our products and services as a result of trends in the logistics and supply chain industries; rate of profitable growth and Adjusted EBITDA margin operating range; demand for Descartes’ solutions; growth of Descartes’ Global Logistics Network (“GLN”); customer buying patterns; customer expectations of Descartes; development of the GLN and the benefits thereof to customers; and other matters. These forward-looking statements are based on certain assumptions including the following: global shipment volumes continuing at levels generally consistent with those experienced historically; the Russia-Ukraine Conflict and Israel-Hamas Conflict not having a material negative impact on shipment volumes or on the demand for the products and services of Descartes by its customers and the ability of those customers to continue to pay for those products and services; countries continuing to implement and enforce existing and additional customs and security regulations relating to the provision of electronic information for imports and exports; countries continuing to implement and enforce existing and additional trade restrictions and sanctioned party lists with respect to doing business with certain countries, organizations, entities and individuals; Descartes’ continued operation of a secure and reliable business network; the stability of general economic and market conditions, currency exchange rates, and interest rates; equity and debt markets continuing to provide Descartes with access to capital; Descartes’ continued ability to identify and source attractive and executable business combination opportunities; Descartes’ ability to develop solutions that keep pace with the continuing changes in technology, and our continued compliance with third party intellectual property rights. These assumptions may prove to be inaccurate. Such forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause the actual results, performance or achievements of Descartes, or developments in Descartes’ business or industry, to differ materially from the anticipated results, performance or achievements or developments expressed or implied by such forward-looking statements. Such factors include, but are not limited to, Descartes’ ability to successfully identify and execute on acquisitions and to integrate acquired businesses and assets, and to predict expenses associated with and revenues from acquisitions; the impact of network failures, information security breaches or other cyber-security threats; disruptions in the movement of freight and a decline in shipment volumes including as a result of contagious illness outbreaks; a deterioration of general economic conditions or instability in the financial markets accompanied by a decrease in spending by our customers; the ability to attract and retain key personnel and the ability to manage the departure of key personnel and the transition of our executive management team; changes in trade or transportation regulations that currently require customers to use services such as those offered by Descartes; changes in customer behaviour and expectations; Descartes’ ability to successfully design and develop enhancements to our products and solutions; departures of key customers; the impact of foreign currency exchange rates; Descartes’ ability to retain or obtain sufficient capital in addition to its debt facility to execute on its business strategy, including its acquisition strategy; disruptions in the movement of freight; the potential for future goodwill or intangible asset impairment as a result of other-than-temporary decreases in Descartes’ market capitalization; and other factors and assumptions discussed in the section entitled, “Certain Factors That May Affect Future Results” in documents filed with the Securities and Exchange Commission, the Ontario Securities Commission and other securities commissions across Canada, including Descartes’ most recently filed Management’s Discussion and Analysis. If any such risks actually occur, they could materially adversely affect our business, financial condition or results of operations. In that case, the trading price of our common shares could decline, perhaps materially. Readers are cautioned not to place undue reliance upon any such forward-looking statements, which speak only as of the date made. Forward-looking statements are provided for the purpose of providing information about management’s current expectations and plans relating to the future. Readers are cautioned that such information may not be appropriate for other purposes. We do not undertake or accept any obligation or undertaking to release publicly any updates or revisions to any forward-looking statements to reflect any change in our expectations or any change in events, conditions or circumstances on which any such statement is based, except as required by law.

    Reconciliation of Non-GAAP Financial Measures – Adjusted EBITDA and Adjusted EBITDA as a percentage of revenues

    We prepare and release quarterly unaudited and annual audited financial statements prepared in accordance with GAAP. We also disclose and discuss certain non-GAAP financial information, used to evaluate our performance, in this and other earnings releases and investor conference calls as a complement to results provided in accordance with GAAP. We believe that current shareholders and potential investors in our company use non-GAAP financial measures, such as Adjusted EBITDA and Adjusted EBITDA as a percentage of revenues, in making investment decisions about our company and measuring our operational results.

    The term “Adjusted EBITDA” refers to a financial measure that we define as earnings before certain charges that management considers to be non-operating expenses and which consist of interest, taxes, depreciation, amortization, stock-based compensation (for which we include related fees and taxes) and other charges (for which we include restructuring charges, acquisition-related expenses, and contingent consideration incurred due to better-than-expected performance from acquisitions). Adjusted EBITDA as a percentage of revenues divides Adjusted EBITDA for a period by the revenues for the corresponding period and expresses the quotient as a percentage.

    Management considers these non-operating expenses to be outside the scope of Descartes’ ongoing operations and the related expenses are not used by management to measure operations. Accordingly, these expenses are excluded from Adjusted EBITDA, which we reference to both measure our operations and as a basis of comparison of our operations from period-to-period. Management believes that investors and financial analysts measure our business on the same basis, and we are providing the Adjusted EBITDA financial metric to assist in this evaluation and to provide a higher level of transparency into how we measure our own business. However, Adjusted EBITDA and Adjusted EBITDA as a percentage of revenues are non-GAAP financial measures and may not be comparable to similarly titled measures reported by other companies. Adjusted EBITDA and Adjusted EBITDA as a percentage of revenues should not be construed as a substitute for net income determined in accordance with GAAP or other non-GAAP measures that may be used by other companies, such as EBITDA. The use of Adjusted EBITDA and Adjusted EBITDA as a percentage of revenues does have limitations. In particular, we have completed seven acquisitions since the beginning of fiscal 2024 and may complete additional acquisitions in the future that will result in acquisition-related expenses and restructuring charges. As these acquisition-related expenses and restructuring charges may continue as we pursue our consolidation strategy, some investors may consider these charges and expenses as a recurring part of operations rather than expenses that are not part of operations.

    The table below reconciles Adjusted EBITDA and Adjusted EBITDA as a percentage of revenues to net income reported in our audited Consolidated Statements of Operations for FY25 and FY24, which we believe is the most directly comparable GAAP measure.

    (US dollars in millions) FY25   FY24  
    Net income, as reported on Consolidated Statements of Operations 143.3   115.9  
    Adjustments to reconcile to Adjusted EBITDA:    
    Interest expense 1.0   1.4  
    Investment income (11.5 ) (9.7 )
    Income tax expense 48.3   35.2  
    Depreciation expense 5.6   5.5  
    Amortization of intangible assets 69.4   60.5  
    Stock-based compensation and related taxes 21.1   17.1  
    Other charges 7.5   21.6  
    Adjusted EBITDA 284.7   247.5  
         
    Revenues 651.0   572.9  
    Net income as % of revenues 22 % 20 %
    Adjusted EBITDA as % of revenues 44 % 43 %
             

    The table below reconciles Adjusted EBITDA and Adjusted EBITDA as a percentage of revenues to net income reported in our unaudited Consolidated Statements of Operations for Q4FY25, Q3FY25, Q2FY25, Q1FY25, and Q4FY24, which we believe is the most directly comparable GAAP measure.

    (US dollars in millions) Q4FY25   Q3FY25   Q2FY25   Q1FY25   Q4FY24  
    Net income, as reported on Consolidated Statements of Operations 37.4   36.6   34.7   34.7   31.8  
    Adjustments to reconcile to Adjusted EBITDA:          
    Interest expense 0.2   0.2   0.2   0.3   0.3  
    Investment income (1.9 ) (2.9 ) (2.7 ) (4.1 ) (3.4 )
    Income tax expense 11.4   11.9   13.6   11.5   8.3  
    Depreciation expense 1.5   1.4   1.4   1.4   1.4  
    Amortization of intangible assets 19.4   17.5   17.4   15.0   15.1  
    Stock-based compensation and related taxes 5.4   5.6   5.8   4.3   4.7  
    Other charges 1.6   1.8   0.2   3.9   7.5  
    Adjusted EBITDA 75.0   72.1   70.6   67.0   65.7  
               
    Revenues 167.5   168.8   163.4   151.3   148.2  
    Net income as % of revenues 22 % 22 % 21 % 23 % 21 %
    Adjusted EBITDA as % of revenues 45 % 43 % 43 % 44 % 44 %
               

    The Descartes Systems Group Inc.
    Consolidated Balance Sheets
    (US dollars in thousands; US GAAP)

      January 31,   January 31,  
      2025   2024  
    ASSETS    
    CURRENT ASSETS    
    Cash 236,138   320,952  
    Accounts receivable (net)    
    Trade 53,953   51,569  
    Other 16,931   12,193  
    Prepaid expenses and other 45,544   33,468  
      352,566   418,182  
    OTHER LONG-TERM ASSETS 24,887   24,737  
    PROPERTY AND EQUIPMENT, NET 12,481   11,552  
    RIGHT-OF-USE ASSETS 7,623   6,257  
    DEFERRED INCOME TAXES 3,802   2,097  
    INTANGIBLE ASSETS, NET 321,270   251,047  
    GOODWILL 924,755   760,413  
      1,647,384   1,474,285  
    LIABILITIES AND SHAREHOLDERS’ EQUITY    
    CURRENT LIABILITIES    
    Accounts payable 20,650   17,484  
    Accrued liabilities 79,656   91,824  
    Lease obligations 3,178   3,075  
    Income taxes payable 9,313   6,734  
    Deferred revenue 104,230   84,513  
      217,027   203,630  
    LEASE OBLIGATIONS 4,718   3,903  
    DEFERRED REVENUE 978   1,464  
    INCOME TAXES PAYABLE 5,531   6,153  
    DEFERRED INCOME TAXES 34,127   21,101  
      262,381   236,251  
         
    SHAREHOLDERS’ EQUITY    
    Common shares – unlimited shares authorized; Shares issued and outstanding totaled 85,605,969 at January 31, 2025 (January 31, 2024 – 85,183,455) 568,339   551,164  
    Additional paid-in capital 503,133   494,701  
    Accumulated other comprehensive loss (50,497 ) (28,586 )
    Retained earnings 364,028   220,755  
      1,385,003   1,238,034  
      1,647,384   1,474,285  
             

    The Descartes Systems Group Inc.
    Consolidated Statements of Operations
    (US dollars in thousands, except per share and weighted average share amounts; US GAAP)

      January 31,   January 31,   January 31,  
    Year Ended 2025   2024   2023  
           
    REVENUES 651,000   572,931   486,014  
    COST OF REVENUES 158,574   138,295   113,326  
    GROSS MARGIN 492,426   434,636   372,688  
    EXPENSES      
    Sales and marketing 73,692   68,161   56,573  
    Research and development 95,497   84,103   70,353  
    General and administrative 65,248   57,373   49,710  
    Other charges 7,466   21,649   5,441  
    Amortization of intangible assets 69,399   60,501   60,177  
      311,302   291,787   242,254  
    INCOME FROM OPERATIONS 181,124   142,849   130,434  
    INTEREST EXPENSE (1,004 ) (1,363 ) (1,167 )
    INVESTMENT INCOME 11,513   9,666   4,461  
    INCOME BEFORE INCOME TAXES 191,633   151,152   133,728  
    INCOME TAX EXPENSE (RECOVERY)      
    Current 53,402   41,223   28,248  
    Deferred (5,042 ) (5,978 ) 3,244  
      48,360   35,245   31,492  
    NET INCOME 143,273   115,907   102,236  
    EARNINGS PER SHARE      
    Basic 1.68   1.36   1.21  
    Diluted 1.64   1.34   1.18  
    WEIGHTED AVERAGE SHARES OUTSTANDING (thousands)      
    Basic 85,443   85,068   84,791  
    Diluted 87,323   86,818   86,451  
                 

    The Descartes Systems Group Inc.
    Consolidated Statements of Cash Flows
    (US dollars in thousands; US GAAP)

    Year Ended January 31,   January 31,   January 31,  
      2025   2024   2023  
    OPERATING ACTIVITIES            
    Net income 143,273   115,907   102,236  
    Adjustments to reconcile net income to cash provided by operating activities:      
    Depreciation 5,589   5,474   5,225  
    Amortization of intangible assets 69,399   60,501   60,177  
    Stock-based compensation expense 19,962   16,480   13,667  
    Other non-cash operating activities 23   114   53  
    Deferred tax expense (recovery) (5,042 ) (5,978 ) 3,244  
    Changes in operating assets and liabilities (13,932 ) 15,182   7,793  
    Cash provided by operating activities 219,272   207,680   192,395  
    INVESTING ACTIVITIES      
    Additions to property and equipment (6,743 ) (5,563 ) (6,071 )
    Acquisition of subsidiaries, net of cash acquired (290,204 ) (142,700 ) (115,561 )
    Cash used in investing activities (296,947 ) (148,263 ) (121,632 )
    FINANCING ACTIVITIES      
    Payment of debt issuance costs (53 ) (43 ) (1,118 )
    Issuance of common shares for cash, net of issuance costs 12,391   9,272   1,730  
    Payment of withholding taxes on net share settlements (6,745 ) (4,886 ) –  
    Payment of contingent consideration (9,223 ) (19,084 ) (5,215 )
    Cash used in financing activities (3,630 ) (14,741 ) (4,603 )
    Effect of foreign exchange rate changes on cash (3,509 ) (109 ) (3,212 )
    Increase (decrease) in cash (84,814 ) 44,567   62,948  
    Cash, beginning of year 320,952   276,385   213,437  
    Cash, end of year 236,138   320,952   276,385  
                 

    The MIL Network –

  • MIL-OSI Canada: Budget 2025: Investing in Alberta’s future | Budget 2025 : Investir dans l’avenir de l’Alberta

    As Alberta continues work to address increasing domestic and international economic pressures, Budget 2025 works to strengthen Alberta’s economy. This budget helps build communities, secure Alberta’s southern border and boost investments in the province’s economic future.

    “While we work closely with partners to find solutions to a possible trade conflict, we will continue our work to make sure Alberta’s economy is strong – in and outside of the energy sector – so that we can manage any turbulence that comes our way. Budget 2025 carves our path forward in the face of this uncertainty.”

    Nate Horner, President of Treasury Board and Minister of Finance

    Budget 2025: Supporting a strong workforce

    Alberta’s workforce is the backbone of the provincial economy. Budget 2025 continues the commitment to training and developing a skilled and resilient labour force to further grow Alberta’s economy and help businesses succeed, including: 

    • $26.1 billion over three years from the Capital Plan, to support about 26,500 direct and 12,000 indirect jobs each year through 2027-28.
    • $135 million for skilled trade programs such as apprenticeship and adult learning initiatives to help Albertans gain the skills and training needed for successful careers, and support access to job opportunities.
    • $2 billion in 2025-26 to support and expand early learning and child-care system so parents and caregivers can participate in training, education or work opportunities.  

    Budget 2025: Securing our borders

    • Alberta’s government is committed to being a good neighbour and trading partner, and part of this commitment involves taking measures to secure the Alberta-US border. Budget 2025 includes $29 million in 2025-26 for a new Interdiction Patrol Team within the Alberta Sheriffs to tackle illegal drug and gun smuggling, human trafficking, apprehension of persons attempting to cross the border illegally, and other illegal activities along Alberta’s international land border. Budget 2025 also includes a $15 million investment over two years for three new vehicle inspection stations located near borders to the USA.

    Budget 2025: Investing in post-secondary education

    Budget 2025 invests a total of $7.4 billion in post-secondary education, with an operating budget of $6.6 billion in 2025-26. This includes:

    • $78 million per year over the next three years to create more seats in apprenticeship classes across the province to build skilled trades and apprenticeship education that will respond to the needs of industry, support the economy and connect Albertans with jobs.
    • $113 million to support greater demand for scholarships and the Alberta Student Grant, with $60 million funded from the Alberta Heritage Scholarship Fund.
    • $4 million to the First Nations Colleges Grant which is distributed equally across five colleges in rural and remote Indigenous communities.

    “Our government is ensuring that Alberta students have the skills and training they need to meet the needs of today while preparing for the economy of the future. Budget 2025 makes foundational investments to meet the challenge of a rapidly growing population while supporting a sustainable post-secondary education system.”

    Rajan Sawhney, Minister of Advanced Education

    Budget 2025: Building communities

    Alberta’s vibrant communities make Alberta the best place in Canada to live, work and raise a family. Budget 2025 invests in stronger communities across Alberta, including:

    • $17.2 million to increase grants made to municipalities in lieu of property taxes on government-owned property to 75 per cent, up from the current 50 per cent. By next year, the province will cover 100 per cent of the amount that would be paid if the property was taxable.
    • $820 million this year and $2.5 billion over three years in Local Government Fiscal Framework capital funding to help fund local infrastructure priorities.

    Budget 2025: Supporting trade and diversification

    Alberta continues to champion economic growth and policies that support productivity. Through Budget 2025, Alberta’s government will continue to build on current successes through:

    • Attracting more investment through low corporate income taxes. At eight per cent, Alberta’s corporate income tax rate is 30 per cent lower than the next lowest province.
    • Providing greater incentive for small- and medium-sized firms that increase their spending on research and development, with Alberta’s Innovation Employment Grant.
    • Promoting Alberta as a reliable partner in supporting North American and global energy security to investors. The province will optimize new and existing infrastructure to access new markets for Alberta’s energy and mineral resources.
    • Supporting Alberta’s agriculture producers and value-added processors, addressing barriers to trade by cultivating export markets, and working to increase market access for Alberta products.
    • Reinforcing Alberta as a critical contributor to North American energy security by continuing to advocate for our remarkable energy sector across Canada, the U.S., Germany, Japan and the rest of the world.

    Budget 2025: Investing in business and industry

    Budget 2025 continues to find ways to help Alberta’s economy grow through investments in business and industry and help our economy grow, including:

    • Support to attract investment in Alberta’s energy and mineral resource sector to accelerate opportunities in emerging resources.
    • $45 million over three years for the Investment and Growth Fund to attract investment into Alberta’s economy.
    • $1.8 million in Western Crop Innovations for industry-leading crop research.
    • $780,000 to support small- and medium-sized meat processors.
    • $3.1 million for the University of Calgary’s Faculty of Veterinary Medicine to expand toward a full-service veterinary diagnostic laboratory. This will give livestock producers and vets access to quicker, more affordable livestock diagnostics closer to home.

    “Budget 2025 builds a stronger Alberta by growing industries, creating high-quality jobs and expanding opportunities for workers and families. With strategic investments in innovation, infrastructure and workforce development, Alberta is rising to the challenge, strengthening our province for many years to come.”

    Matt Jones, Minister of Jobs, Economy and Trade

    “We are advancing cutting-edge research in agriculture and supporting small and medium-sized businesses. Additionally, we are strengthening our agricultural infrastructure, ensuring quicker and more affordable services for livestock producers and veterinarians. We’re supporting innovation, attracting investment, and building a resilient economy for the future.”

    RJ Sigurdson, Minister of Agriculture and Irrigation

    Budget 2025 is meeting the challenge faced by Alberta with continued investments in education and health, lower taxes for families and a focus on the economy.

    Related information

    • Budget 2025

    Related news

    • Budget 2025: Meeting the challenge (Feb 27, 2025)
    • Budget 2025: Meeting the challenge in health and education (Feb 27, 2025)

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    Le budget de 2025 relève le défi de l’incertitude en matière de commerce et de sécurité en mettant l’accent sur l’économie.

    À mesure que l’Alberta continue de répondre aux pressions économiques intérieures et internationales, le budget de 2025 vise à renforcer l’économie albertaine. Il contribue à bâtir des communautés, à assurer la sécurité de la frontière au sud de la province et à renforcer les investissements dans notre avenir économique.

    « Alors que nous travaillons en étroite collaboration avec des partenaires pour trouver des solutions à un différend commercial potentiel, nous poursuivons notre travail pour nous assurer que l’économie de l’Alberta est forte, dans le secteur de l’énergie et ailleurs, afin de pouvoir gérer toute perturbation. Le budget de 2025 trace la voie à suivre face à cette incertitude. »

    Nate Horner, président du Conseil du Trésor et ministre des Finances

    Budget 2025 : Soutenir une main-d’œuvre solide

    La main-d’œuvre albertaine est l’épine dorsale de l’économie provinciale. Le budget de 2025 maintient l’engagement envers la formation et le perfectionnement d’une main-d’œuvre qualifiée et résiliente de sorte à faire croître l’économie et aider les entreprises à réussir : 

    • 26,1 milliards de dollars sur trois ans provenant du plan d’immobilisations afin d’appuyer environ 26 500 emplois directs et 12 000 emplois indirects chaque année jusqu’en 2027-2028.
    • 135 millions de dollars pour des programmes de métiers spécialisés, comme des initiatives d’apprentissages et d’éducation des adultes de sorte à aider les Albertains à acquérir les compétences et à suivre la formation nécessaires pour mener des carrières fructueuses, ainsi qu’à soutenir l’accès aux possibilités d’emploi.
    • 2 milliards de dollars en 2025-26 pour appuyer et élargir le système d’apprentissage et de garde des jeunes enfants afin que les parents et les gardiens tirent parti de possibilités de formation, d’éducation ou d’emploi.  

    Budget 2025 : Assurer la sécurité de nos frontières

    • Le gouvernement de l’Alberta est résolu à être un bon voisin et un bon partenaire commercial, ce qui implique la prise de mesures pour assurer la sécurité de la frontière entre l’Alberta et les États-Unis. Le budget de 2025 prévoit 29 millions de dollars en 2025-26 pour une nouvelle équipe de « patrouille d’interdiction » (Interdiction Patrol Team) qui fait partie des shérifs de l’Alberta et sera chargée de lutter contre le trafic de drogue et d’armes et la traite de personnes, d’appréhender les personnes qui tentent de traverser la frontière illégalement et de surveiller d’autres activités illégales le long de la frontière internationale de la province. Le budget de 2025 comprend en outre un investissement de 15 millions de dollars sur deux ans pour trois nouveaux postes d’inspection de véhicules près de la frontière des États-Unis.

    Budget 2025 : Investir dans l’enseignement postsecondaire

    Le budget de 2025 investit en tout 7,4 milliards de dollars dans l’enseignement postsecondaire, le budget d’exploitation étant de 6,6 milliards de dollars en 2025-2026. Cette somme comprend :

    • 78 millions de dollars par années sur trois ans pour créer un plus grand nombre de places dans les cours d’apprentissage de toute la province en vue de renforcer les métiers spécialisés et les formations en apprentissage qui répondront aux besoins de l’industrie, soutiendront l’économie et mettront les Albertains en rapport avec des emplois.
    • 113 millions de dollars pour contribuer à satisfaire à la demande croissante de bourses et appuyer la bourse aux étudiants de l’Alberta (Alberta Student Grant), dont 60 millions de dollars provenant de l’Alberta Heritage Scholarship Fund.
    • 4 millions de dollars pour la subvention aux collèges des Premières Nations (First Nations Colleges Grant), cette somme étant répartie également entre cinq collèges dans des communautés autochtones rurales et éloignées.

    « Notre gouvernement veille à ce que les étudiants en Alberta possèdent les compétences et la formation nécessaires pour répondre aux besoins actuels, tout en se préparant à l’économie future. Le budget de 2025 réalise des investissements fondamentaux de sorte à relever les défis posés par une population en pleine croissance, tout en appuyant un système d’éducation postsecondaire durable. »

    Rajan Sawhney, ministre de l’Enseignement postsecondaire

    Budget 2025 : Bâtir des communautés

    Les communautés dynamiques de notre province font de l’Alberta le meilleur endroit au Canada où vivre, travailler et élever une famille. Le budget de 2025 investit dans des communautés plus fortes partout en Alberta :

    • 17,2 millions de dollars pour augmenter de 50 % à 75 % les subventions accordées aux municipalités en remplacement d’impôts fonciers à l’égard des propriétés qui appartiennent au gouvernement. D’ici l’année prochaine, la province couvrira 100 $ du montant qui serait versé si la propriété était imposable.
    • 820 millions de dollars cette année et 2,5 milliards de dollars sur trois ans en dépenses en capital du cadre fiscal des administrations locales (Local Government Fiscal Framework) afin d’aider à financer les travaux d’infrastructures prioritaires.

    Budget 2025 : Soutenir le commerce et la diversification

    L’Alberta continue de favoriser la croissance économique et des politiques qui appuient la productivité. Par l’entremise du budget de 2025, le gouvernement de l’Alberta continuera de tirer parti des réussites actuelles en faisant ce qui suit :

    • Attirer plus d’investissements grâce à un faible taux d’imposition sur le revenu des sociétés. En Alberta, le taux de 8 % est de 30 % inférieur à celui de la province qui se classe deuxième.
    • Offrir de plus grands stimulants aux petites et moyennes entreprises qui augmentent leurs dépenses en recherche et développement, par l’entremise de la subvention pour l’emploi et l’innovation (Alberta’s Innovation Employment Grant).
    • Promouvoir l’Alberta en tant que partenaire fiable pour soutenir la sécurité énergétique nord-américaine et mondiale auprès des investisseurs. La province optimisera les infrastructures nouvelles et existantes afin d’accéder à de nouveaux marchés pour les ressources énergétiques et minérales de l’Alberta.
    • Soutenir les producteurs agricoles albertains et les transformateurs à valeur ajoutée de l’Alberta, s’attaquer aux obstacles au commerce en cultivant les marchés d’exportation et s’employer à améliorer l’accès au marché pour les produits de l’Alberta.
    • Renforcer la position de l’Alberta en tant que contributrice essentielle à la sécurité énergétique de l’Amérique du Nord en continuant de promouvoir notre secteur énergétique remarquable au Canada, aux États-Unis, en Allemagne, au Japon et dans le reste du monde.

    Budget 2025 : Investir dans les entreprises et les industries

    Le budget de 2025 continue de trouver des moyens de favoriser la croissance de l’économie albertaine en investissant dans les entreprises et les industries :

    • Soutien visant à attirer des investissements dans le secteur de l’énergie et des ressources minérales de sorte à accélérer les possibilités dans le domaine des ressources émergentes.
    • 45 millions de dollars sur trois ans pour le fonds d’investissement et de croissance (Investment and Growth Fund) en vue d’attirer des investissements dans l’économie albertaine.
    • 1,8 million de dollars versés à Western Crop Innovations au titre de la recherche de pointe sur les cultures.
    • 780 000 $ pour appuyer les petites et moyennes entreprises de transformation de viande.
    • 3,1 millions de dollars pour la Faculté de médecine vétérinaire de l’Université de Calgary en vue d’un agrandissement menant à un laboratoire de diagnostic vétérinaire complet. Les éleveurs de bétail et les vétérinaires auront alors accès à un diagnostic plus rapide, plus abordable et plus proche.

    « Le budget de 2025 bâtit une Alberta plus forte en développant les industries, en créant des emplois de haute qualité et en élargissant les possibilités offertes aux travailleurs et aux familles. Grâce à des investissements stratégiques en innovation, infrastructure et perfectionnement de la main-d’œuvre, l’Alberta relève le défi pour être plus forte pendant de nombreuses années à venir. »

    Matt Jones, ministre de l’Emploi, de l’Économie et du Commerce

    « Nous faisons progresser la recherche de point en agriculture et nous appuyons les petites et moyennes entreprises. De plus, nous renforçons notre infrastructure agricole pour offrir des services plus rapides et plus abordables aux éleveurs de bétail et aux vétérinaires. Nous soutenons l’innovation, nous attirons les investissements et nous bâtissons une économie résiliente pour l’avenir. »

    RJ Sigurdson, ministre de l’Agriculture et de l’Irrigation

    Le budget de 2025 relève le défi auquel fait face l’Alberta grâce à des investissements continus dans l’éducation et la santé, une baisse des impôts pour les familles et un accent sur l’économie.

    Renseignements connexes

    • Budget 2025

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    • Budget 2025: Meeting the challenge | Budget 2025 : Relever le défi (27 février 2025)
    • Budget 2025: Meeting the challenge in health and education | Budget 2025 :  Relever le défi dans la santé et l’éducation (27 février 2025)

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    MIL OSI Canada News –

  • MIL-OSI USA: Secretaries Wright & Burgum to Deliver Remarks at Louisiana LNG Export Facility

    Source: US Department of Energy

    WASHINGTON—U.S. Secretary of Energy Chris Wright and Secretary of the Interior Doug Burgum will travel to Plaquemines Parish, Louisiana on Thursday to give remarks and tour Venture Global’s Plaquemines LNG export facility. The visit highlights the Trump administration’s energy dominance agenda and achievements.

    On day one, President Trump and the Department of Energy ended the Biden ban on new LNG export approvals, sending a signal to the world that American energy dominance is back. The Plaquemines LNG export facility was approved by President Trump in 2019 and is the newest LNG Export facility to come online in the United States.

    During the visit, Secretaries Wright and Burgum will join Venture Global CEO Mike Sabel, Louisiana Governor Jeff Landry, and other officials for a press availability.

    Media wishing to attend should RSVP to doenews@hq.doe.gov and press@venturegloballng.com.

    Who:  Secretary of Energy Chris Wright

                Secretary of the Interior Doug Burgum

                Louisiana Governor Jeff Landry

                Mike Sabel, Venture Global CEO

                Additional stakeholders and officials to be announced 

    What: Open-press remarks, tour, and press availability

    When: Thursday, March 6, 2025

                 11:00 am CT

    Where: Plaquemines Parish

    RSVP no later than 4 pm CST // 5 pm ET on Wednesday, March 5th for additional details.

    MIL OSI USA News –

  • MIL-OSI USA: DOE Issues Export Approval to Golden Pass LNG, Accelerating President Trump’s Pledge to Restore American Energy Dominance

    Source: US Department of Energy

    WASHINGTON—U.S. Secretary of Energy Chris Wright today approved an LNG export permit extension for Golden Pass LNG Terminal LLC (Golden Pass), marking yet another step toward meeting President Trump’s and Secretary Wright’s commitment to unleash American energy dominance and restore regular order to liquefied natural gas (LNG) export reviews. The approval will grant additional time to begin LNG exports from the Golden Pass LNG Terminal, currently under construction in Sabine Pass, Texas.

    “Exporting U.S. LNG supports American jobs, bolsters our national security and strengthens America’s position as a world energy leader. President Trump has pledged to restore energy dominance for the American people, and I am proud to help deliver on that agenda with today’s permit extension,” said Secretary Wright.

    The issuance to Golden Pass marks the third LNG-related approval from DOE since President Trump took office, following an export approval to Commonwealth LNG on February 14 and an order on rehearing removing barriers for the use of LNG as bunkering fuel announced on February 28. “Golden Pass was the first project approved for exports to non-free trade agreement countries by DOE during the first Trump Administration, and it is gratifying that this project is so close to being able to deliver its first LNG,” said Tala Goudarzi, Acting Principal Deputy Assistant Secretary of the Office of Fossil Energy and Carbon Management.

    Golden Pass, owned by QatarEnergy and ExxonMobil, is set to begin exporting as early as later this year, and once operational, will become the ninth large-scale export terminal operating in the United States. Once completed, Golden Pass will be able to export up to 2.57 billion cubic feet per day (Bcf/d) of natural gas as LNG and will bring unprecedented levels of LNG exports from the United States. 

    MIL OSI USA News –

  • MIL-OSI USA: NEWS: Sanders, Scott, Schumer, Jeffries, Murray, Bipartisan Colleagues Introduce Legislation to Protect the Rights of American Workers

    US Senate News:

    Source: United States Senator for Vermont – Bernie Sanders

    WASHINGTON, March 5 – Sen. Bernie Sanders (I-Vt.), Ranking Member of the Senate Committee on Health, Education, Labor, and Pensions (HELP), and Rep. Bobby Scott (D-Va.), Ranking Member of the House Committee on Education and Workforce, alongside Senate Minority Leader Chuck Schumer (D-N.Y.), House Minority Leader Hakeem Jeffries (D-N.Y.), House Democratic Whip Katherine Clark (D-Mass.), Sen. Patty Murray (D-Wash.) and Congressional and labor leaders, today reintroduced the Richard L. Trumka Protecting the Right to Organize Act (PRO Act), comprehensive labor legislation to protect the rights of workers to stand together and bargain for fairer wages, better benefits and safer workplaces. The legislation was renamed in honor of former AFL-CIO President Richard L. Trumka.

    Joining Sanders, Scott, Schumer, Jeffries and Murray on the PRO Act are Sens. Angela Alsobrooks (D-Md.), Tammy Baldwin (D-Wis.), Michael Bennet (D-Colo.), Richard Blumenthal (D-Conn.), Lisa Blunt Rochester (D-Del.), Cory Booker (D-N.J.), Maria Cantwell (D-Wash.), Chris Coons (D-Del.), Catherine Cortez Masto (D-Nev.), Tammy Duckworth (D-Ill.), Richard Durbin (D-Ill.), John Fetterman (D-Pa.), Ruben Gallego (D-Ariz.), Kirsten Gillibrand (D-N.Y.), Maggie Hassan (D-N.H.), Martin Heinrich (D-N.M.), John Hickenlooper (D-Colo.), Mazie Hirono (D-Hawaii), Tim Kaine (D-Va.), Mark Kelly (D-Ariz.), Andy Kim (D-N.J.), Angus King (I-Maine), Amy Klobuchar (D-Minn.), Ben Ray Luján (D-N.M.), Ed Markey (D-Mass.), Jeff Merkley (D-Ore.), Chris Murphy (D-Conn.), Jon Ossoff (D-Ga.), Alex Padilla (D-Calif.), Gary Peters (D-Mich.), Jack Reed (D-R.I.), Jacky Rosen (D-Nev.), Brian Schatz (D-Hawaii), Adam Schiff (D-Calif.), Jeanne Shaheen (D-N.H.), Elissa Slotkin (D-Mich.), Tina Smith (D-Minn.), Chris Van Hollen (D-Md.), Raphael Warnock (D-Ga.), Elizabeth Warren (D-Mass.), Peter Welch (D-Vt.), Sheldon Whitehouse (D-R.I.) and Ron Wyden (D-Ore.), as well as 210 cosponsors in the House.

    “Never before in the history of our nation have income and wealth inequality been greater than today. Workers are falling further and further behind. In response, millions of Americans have expressed their desire to join a union,” said Sanders. “However, the billionaire class is fighting with all its might to put down attempts by workers to exercise their constitutional right to unionize. That includes the decision by President Trump to illegally fire National Labor Relations Board Member Gwynne Wilcox and effectively shut down the NLRB. Without a functioning NLRB, corporate bosses can illegally fire unionizing workers, flagrantly violate labor laws and render free and fair union elections near impossible. Supporting the immediate reinstatement of Member Wilcox and the swift passage of the PRO Act would be major steps toward building real worker power. The PRO Act is long overdue and I am proud to be introducing this bill in the Senate.”

    “Unions are essential for building a strong middle class and improving the lives of workers and families. Regrettably, for too long, workers have suffered from anti-union attacks and toothless labor laws that undermined their right to form a union,” said Scott. “As union approval remains at record highs, Congress has an urgent responsibility to ensure that workers can join a union and negotiate for higher pay, better benefits, and safer workplaces. The PRO Act is the most critical step Congress can take to uplift American workers. I urge my House and Senate colleagues on both sides of the aisle to join me in advancing the most significant update for workers’ labor organizing rights in over eighty years.”

    “As we speak Donald Trump and his billionaire buddies are stealing the American dream away from working families, rigging every lever of society in favor of the billionaire class,” said Schumer. “That’s why we need the PRO Act, to empower hardworking Americans to bargain for better wages, benefits, and safer working conditions. I’ve been involved in this fight for a very, very long time, and I will stay in this fight for as long as it takes – until every worker gets the wage they deserve, until the right to organize is protected and encouraged and secure, and until we finally make the PRO Act the law of the land.”

    “Right now, Donald Trump and Elon Musk are attacking workers, including mass firing people by the tens of thousands, left and right, regardless of how important that work is,” said Murray. “Reintroducing the PRO Act is more important now than ever. This is about making sure we are not just pushing back—but also pushing forward: charting a positive vision for workers and daring Republicans to make their actions match their words. Who do you stand with—the billionaires like Elon Musk and Donald Trump—whose favorite two words are ‘you’re fired?’ Or do you stand with hard working American women and men. People who just want fair pay, decent treatment, and a government that works to make their lives better, not worse? That should not be too much to ask! I’m going to keep fighting, come hell or high water, to make it easier for workers to join together and fight for the better pay and working conditions they deserve.”

    “When our unions are strong, the United States of America is strong,” said Jeffries. “While Republicans are focused on giving handouts to their billionaire donors, Democrats will continue to fight to make sure that every American worker can organize and thrive and fight for better wages, better pay, better safety conditions and better benefits. Thanks to the leadership of Ranking Member Bobby Scott, that is exactly what the PRO Act does and we will not rest until we get this legislation across the finish line.”

    “Billionaires know there’s no greater threat to their power than a union card,” said Clark. “That’s why they’re using miles of red tape to deny the American people their basic, constitutional right to organize. We can cut that red tape for good. The PRO Act is yet another chance for Republicans to show where they stand: with working people or their billionaire donors.”

    “The PRO Act will safeguard the fundamental right of American workers to collectively bargain and organize and will ensure workers receive fair treatment while holding their employers to just standards,” said Rep. Brian Fitzpatrick (R-Pa.). “I am proud to lead this bipartisan effort to strengthen the right of our nation’s hardest-working men and women to organize and negotiate for better wages, benefits, and conditions. A strong workforce is the foundation of a strong nation, and I look forward to working with my colleagues on both sides of the aisle to see this vital legislation through.”

    “Americans believe in the power of unions and tens of millions of working people would become union members tomorrow if they could. But American labor law is broken, weighted on the side of the bosses and against the workers. In too many workplaces, in too many industries across the country, big corporations and billionaire CEOs still retaliate against us for organizing. They refuse to negotiate our contracts, force us to sit through hours of anti-union propaganda, and engage in illegal union-busting every day. Now they have an unelected, unaccountable, union-buster trying to illegally fire tens of thousands of our fellow workers in federal jobs and an administration rolling back the workplace protections. The PRO Act is long overdue, and the American people agree. We urge elected leaders of both parties to move this critical legislation forward so that all workers have the chance to stand together and build better lives for themselves and their families,” said AFL-CIO President Liz Shuler.

    Large corporations and the wealthy continue to capture the rewards of a growing economy while working families and middle-class Americans are left behind. From 1979 to 2023, annual wages for the bottom 90% of households increased just 44 percent, while average incomes for the wealthiest 1% increased more than 180 percent.

    Unions are critical to increasing wages and creating a strong economy that rewards hardworking people. Through the power of collective bargaining, the typical union worker earns 16 percent more than the typical non-union worker.

    The American people’s support for unions is surging. According to a 2024 Gallup poll, 70 percent of Americans approve of labor unions — remaining at near record highs. Despite growing support for unions, billionaire- and special interest-funded attacks on the rights of workers, unions and labor laws have eroded union density and made it harder for workers to organize. The share of American workers who are union members has fallen from roughly one in three workers in 1956 to a new low of 9.9 percent in 2024. The PRO Act restores fairness to the economy by strengthening the federal law that protects the right of workers to join a union and bargain for higher pay, better benefits and safer workplaces.

    The PRO Act would protect the right to organize and collectively bargain by:

    • Bolstering remedies and punishing violations of the rights of workers through authorizing meaningful penalties for employers that violate their rights, strengthening support for workers who suffer retaliation for exercising their rights and authorizing a private right of action for violation of the rights of workers.
    • Strengthening the rights of workers to join together and negotiate for better working conditions by enhancing their right to support secondary boycotts, ensuring unions can collect “fair share” fees, modernizing the union election process and facilitating initial collective bargaining agreements.
    • Restoring fairness to an economy rigged against workers by closing loopholes that allow employers to misclassify their employees as supervisors and independent contractors and increasing transparency in labor-management relations.

    More than 18 organizations endorsed the PRO Act, including the AFL-CIO, Service Employees International Union (SEIU), United Autoworkers (UAW), United Steelworkers (USW), Communications Workers of America (CWA), National Nurses United (NNU), International Alliance of Theatrical Stage Employees (IATSE), Department for Professional Employees, AFL-CIO (DPE), National Postal Mail Handlers Union (NPMHU), American Federation of Teachers (AFT), International Association of Sheet Metal, Air, Rail and Transportation Workers (SMART), the American Federation of Musicians, International Association of Machinists and Aerospace Workers (IAM), International Union of Bricklayers and Allied Craftworkers, Laborers’ International Union of North America (LiUNA), Transport Workers Union (TWU), International Brotherhood of Electrical Workers (IBEW) and the International Union of Painters and Allied Trades (IUPAT).

    Read the bill text here.

    Read a fact sheet here.

    Read a section-by-section summary here.

    MIL OSI USA News –

  • MIL-OSI Canada: Alberta pushes back on illegal U.S. tariffs

    As part of its non-tariff retaliatory measures, Alberta is altering its procurement practices to ensure Alberta’s government, as well as agencies, school boards, Crown corporations and Alberta municipalities, purchase their goods and services from Alberta companies, Canadian companies or countries with which Canada has a free trade agreement that is being honoured.  

    “I will always put the best interests of Alberta and Albertans first. These non-tariff actions are measured, proportionate and put an emphasis on defending Alberta and Canada against these economically destructive tariffs imposed by U.S. President Donald Trump, while breaking down restrictive provincial trade barriers so we can fast-track nation building resource projects and allow for the unrestricted movement of goods, services and labour across the country. I understand this is an uncertain time for many Albertans, and our government will continue to do all it can to prioritize Alberta’s and Canada’s world-class products and businesses as we face this challenge together. I also look forward to working with my provincial counterparts to help unite Canada and ensure free and fair trade throughout our country.” 

    Danielle Smith, Premier

    Alberta’s government has also directed Alberta Gaming, Liquor and Cannabis to suspend the purchase of U.S. alcohol and video lottery terminals (VLTs) from American companies until further notice. This will ensure Alberta and Canadian brands take priority in restaurants, bars and on retail shelves.

    “We are committed to putting Canadian businesses first. By suspending the purchase of U.S. produced alcohol, slot machines and VLTs, we are ensuring that Alberta and Canadian brands take priority in our restaurants, bars and retail stores. We will continue to take bold steps to support local industries and strengthen our economy.”

    Dale Nally, Minister of Service Alberta and Red Tape Reduction

    To encourage the purchase of stock from vendors in Alberta, Canada and other countries with which Canada has a free trade agreement, the government will help all Alberta grocers and other retailers with labelling Canadian products in their stores. In the coming weeks, Alberta’s government will augment these efforts by launching a “Buy Alberta” marketing campaign. Spearheaded by Minister of Agriculture and Irrigation RJ Sigurdson, this campaign will remind Albertans of their options for local food and the importance of supporting Alberta’s agriculture producers and processers.

    “Alberta’s agriculture producers and processers are the best in the world. Although these U.S. tariffs are incredibly concerning, this “Buy Alberta” campaign will put a spotlight on Alberta’s farmers, ranchers and agri-food businesses and support Albertans in choosing goods from right here at home.”

    RJ Sigurdson, Minister of Agriculture and Irrigation

    Building on Alberta’s reputation as a leader in removing barriers to trade within Canada, Alberta’s government will continue to push other provinces to match our ambition in providing full labour mobility and eliminating trade barriers through work like mutual recognition of regulations. This will allow for goods, services and labour from other provinces to flow into and out of Alberta without having to undergo additional regulatory assessments.

    “While no one wins in a tariff war, this situation underscores the need to develop Canada’s trade infrastructure and the diversification of our trading partners and could be the catalyst to unlocking Canada’s true potential. As we look at how best to support Albertans and our businesses, we must also work to reduce internal trade and labour mobility barriers while expanding markets for Alberta energy, agricultural and manufactured products into Europe, Asia, the Americas and beyond. Albertans and Canadians are counting on us.”

    Matt Jones, Minister of Jobs, Economy and Trade

    Alberta’s government is also focused on doubling oil production. With U.S. tariffs in place on Canadian energy products, Alberta is looking elsewhere for additional pipeline infrastructure, including east and west, in order to get our products to new markets.

    Alberta’s government will continue to engage with elected officials and industry leaders in the U.S. to reverse these tariffs on Canadian goods and energy and rebuild Canada’s relationship with its largest trading partner and ally.   

    Quick facts

    • On March 4, U.S. President Trump implemented a 25 per cent tariff on all Canadian goods and a 10 per cent tariff on Canadian energy.
    • The U.S. is Alberta’s – and Canada’s – largest trading partner. 
    • Alberta is the second largest provincial exporter to the U.S. after Ontario.
      • In 2024, Alberta’s exports to the U.S. totalled C$162.6 billion, accounting for 88.7 per cent of total provincial exports.
      • Energy products accounted for approximately C$132.8 billion or 82.2 per cent of Alberta’s exports to the U.S. in 2024.
    • About 10 per cent of liquor products in stock in Alberta are imported from the United States.
      • U.S. products represent a small minority of the beer and refreshment beverage categories; however, a significant number of wines originate in the U.S.
      • In 2023-24, about $292 million in U.S. liquor products were sold in Alberta.
    • Alberta has been a longstanding supporter of reducing barriers to trade within Canada. In 2019, the province removed 21 of 27 exceptions, including all procurement exceptions, and narrowed the scope of two others. Since then, the province has only added 2 exceptions, which allow for the management the legalization of cannabis.
      • Removing party-specific exemptions has helped facilitate even greater access to the Alberta market for Canadian companies in the areas of government tenders, Crown land acquisition, liquor, energy and forest products, among others.

    Related information

    • Premier Smith’s speaking notes
    • Response to U.S. tariffs: Premier Smith

    MIL OSI Canada News –

  • MIL-OSI Security: Three Wanted Defendants from Mexico Secured in Arizona

    Source: Office of United States Attorneys

    PHOENIX, Ariz. – Jose Bibiano Cabrera-Cabrera, 37; Jesus Humberto Limon-Lopez, 43; and Jose Guadalupe Tapia-Quintero, 53; all of Mexico, appeared last week for their initial appearances after they were secured from Mexico on February 27, 2025.

    The defendants taken into U.S. custody include leaders and managers of drug cartels recently designated as Foreign Terrorist Organizations and Specially Designated Global Terrorists, such as the Sinaloa Cartel, Cártel de Jalisco Nueva Generación (CJNG), Cártel del Noreste (formerly Los Zetas), La Nueva Familia Michoacana, and Cártel de Golfo (Gulf Cartel). These defendants are collectively alleged to have been responsible for the importation into the United States of massive quantities of poison, including cocaine, methamphetamine, fentanyl, and heroin, as well as associated acts of violence.

    Tapia-Quintero is charged with Conspiracy to Distribute Methamphetamine with Intent to Import into the United States; Conspiracy to Import Methamphetamine; Conspiracy to Possess with the Intent to Distribute Methamphetamine; Conspiracy to Commit Promotional Money Laundering; Conspiracy to Commit Concealment Money Laundering; and Aiding and Abetting. He is facing up to life imprisonment.

    Limon-Lopez is charged with Continuing Criminal Enterprise; Conspiracy to Distribute Methamphetamine, Fentanyl, Heroin, and Cocaine; Conspiracy to Import Methamphetamine, Fentanyl, Heroin, and Cocaine; Distribution of Methamphetamine; Distribution of Fentanyl; Distribution of Heroin; Distribution of Cocaine; and Conspiracy to Unlawfully Export Firearms and Ammunition. He faces up to life imprisonment.

    Cabrera-Cabrera is charged with Conspiracy to Distribute Methamphetamine, Fentanyl, Heroin, and Cocaine; Conspiracy to Import Methamphetamine, Fentanyl, Heroin, and Cocaine; and Conspiracy to Unlawfully Export Firearms and Ammunition. He faces up to life imprisonment.

    An indictment is merely an allegation of criminal conduct, not evidence. An individual is presumed innocent until evidence is presented to a jury that establishes guilt beyond a reasonable doubt.

    This prosecution is part of an Organized Crime Drug Enforcement Task Forces (OCDETF) Strike Force Initiative, which provides for the establishment of permanent multi-agency task force teams that work side-by-side in the same location. This co-located model enables agents from different agencies to collaborate on intelligence-driven, multi-jurisdictional operations to disrupt and dismantle the most significant drug traffickers, money launderers, gangs, and transnational criminal organizations.

    The OCDETF Arizona Strike Force is comprised of agents and officers from Customs and Border Protection, the Department of Homeland Security, Homeland Security Investigations, the Drug Enforcement Administration, the Federal Bureau of Investigation, the Internal Revenue Service, Criminal Investigations, the United States Marshals Service, the United States Postal Service, United States Postal Inspection Service, the Bureau of Alcohol, Tobacco, Firearms and Explosives, the Arizona Army National Guard, the Maricopa County Sheriff’s Office, the Pima County Sheriff’s Office, and the Scottsdale Police Department. The prosecution is being handled by the United States Attorney Office for the District of Arizona.
     

    CASE NUMBER:           CR-13-00179-PHX-SRB
                                          CR-21-01864-TUC-SHR
    RELEASE NUMBER:    2025-030_Cabrera-Cabrera

    # # #

    For more information on the U.S. Attorney’s Office, District of Arizona, visit http://www.justice.gov/usao/az/
    Follow the U.S. Attorney’s Office, District of Arizona, on X @USAO_AZ for the latest news.

     

    MIL Security OSI –

  • MIL-OSI United Kingdom: British Ambassador discusses economic growth, trade opportunities and investment climate with Minister of Economy

    Source: United Kingdom – Executive Government & Departments

    World news story

    British Ambassador discusses economic growth, trade opportunities and investment climate with Minister of Economy

    The British Ambassador to Guatemala, Juliana Correa, paid a courtesy visit to the Minister of Economy, Gabriela Garcia-Quinn on 5 March.

    The Ambassador and the Minister reviewed key areas of bilateral and international economic collaboration between the UK and Guatemala noting their shared values and interests, and their desire for increased cooperation. 

    Ambassador Correa welcomed Guatemalan efforts to enhance economic security, strengthen the resilience of critical supply chains and to coordinate efforts to address future challenges and build prosperity. 

    Amongst these, the UK commends the advancements made on the Competition Law, the openness to foreign investment, improved steps in the fight against corruption and continued collaboration to increase the UK-Guatemala trade figures through the UK-Central America Association Agreement. 

    According to Guatemala’s trade figures, bilateral trade in 2024 was US$155.7 million, an increase of 4.8% compared to the previous year. Exports of Guatemalan products were US$102.4 million, a decrease of -0.8%; while imports of British products were US$53.3 million, an increase of 17.6%.

    Finally, Ambassador Correa agreed to continue building up on economic opportunities detected by UK companies, share experiences that would benefit the business environment and work together to uphold and promote the rules-based international economic system, including free and open trade.

    Updates to this page

    Published 5 March 2025

    MIL OSI United Kingdom –

  • MIL-OSI: GraniteShares ETFs Announces Name Change and Investment Objectives on some of its Short and Leveraged ETFs

    Source: GlobeNewswire (MIL-OSI)

    New York, March 05, 2025 (GLOBE NEWSWIRE) — GraniteShares today announced plans to amend the names and leverage factors for some of its short and leverage ETFs (the “Funds”). The change in leverage factor results in a modification of the investment strategy.

    Effective May 04, 2025, the Funds will aim to replicate +2, -2 or -1 times the daily variations of their underlying stocks. One of the Funds already trades on the NASDAQ. The Fund’s CUSIP and ticker are not expected to change.

    TICKER SYMBOL   CURRENT FUND NAME   NEW FUND NAME   CURRENT LEVERAGE FACTOR*   NEW LEVERAGE FACTOR*
    AMCL(1)   GraniteShares 1x Short AMC Daily ETF   GraniteShares 2x Long AMC Daily ETF   -100 %   200 %
    ARML(1)   GraniteShares 1x Short ARM Daily ETF   GraniteShares 2x Long ARM Daily ETF   -100 %   200 %
    GMEL(1)   GraniteShares 1x Short GME Daily ETF   GraniteShares 2x Long GME Daily ETF   -100 %   200 %
    MSTP(1)   GraniteShares 1x Short MSTR Daily ETF   GraniteShares 2x Long MSTR Daily ETF   -100 %   200 %
    CONI(2)(3)   GraniteShares 1x Short COIN Daily ETF   GraniteShares 2x Short COIN Daily ETF   -100 %   -200 %
    TSS(2)   GraniteShares 1.25x Short TSLA Daily ETF   GraniteShares 1x Short TSLA Daily ETF   -125 %   -100 %
    CURRENT
    FUND NAME    		   CURRENT INVESTMENT OBJECTIVE   NEW INVESTMENT OBJECTIVE
    GraniteShares 1x Short AMC Daily ETF (1)   The Fund seeks daily inverse investment results of -1 time (-100%) the daily percentage change of the common stock of AMC Entertainment Holdings, Inc. (NYSE: AMC).   The Fund seeks daily investment results of 2 times (200%) the daily percentage change of the common stock of AMC Entertainment Holdings, Inc. (NYSE: AMC).
             
    GraniteShares 1x Short ARM Daily ETF (1)   The Fund seeks daily inverse investment results of -1 time (-100%) the daily percentage change of the ADR of Arm Holdings (NASDAQ: ARM).   The Fund seeks daily investment results of 2 times (200%) the daily percentage change of the ADR of Arm Holdings (NASDAQ: ARM).
             
    GraniteShares 1x Short GME Daily ETF (1)   The Fund seeks daily inverse investment results of 1 time (-100%) the daily percentage change of the common stock of GameStop Corp (NYSE: GME).   The Fund seeks daily investment results of 2 times (200%) the daily percentage change of the common stock of GameStop Corp (NYSE: GME).
             
    GraniteShares 1x Short MSTR Daily ETF (1)   The Fund seeks daily inverse investment results of 1 time (-100%) the daily percentage change of the common stock MicroStrategy Inc. (NASDAQ: MSTR).   The Fund seeks daily investment results of 2 times (200%) the daily percentage change of the common stock MicroStrategy Inc. (NASDAQ: MSTR).
             
    GraniteShares 1x Short COIN Daily ETF (2), (3)   The Fund seeks daily inverse investment results of -1 time (-100%) the daily percentage change of the common stock of Coinbase Global, Inc. Class A (NASDAQ: COIN).   The Fund seeks daily inverse investment results of -2 times (-200%) the daily percentage change of the common stock of Coinbase Global, Inc. Class A (NASDAQ: COIN).
             
    GraniteShares 1.25x Short TSLA Daily ETF (2)   The Fund seeks daily investment results, before fees and expenses, of -1.25 times (-125%) the daily percentage change of the common stock of Tesla Inc, (NASDAQ: TSLA).   The Fund seeks daily investment results, before fees and expenses, of -1 time (-100%) the daily percentage change of the common stock of Tesla Inc, (NASDAQ: TSLA).
             

    (1) Issued under the registration statement dated October 25, 2024
    (2) Issued under the registration statement dated October 18, 2024
    (3) Fund currently traded on NASDAQ

    Capitalized terms and certain other terms used in this Supplement, unless otherwise defined in this Supplement, have the meanings assigned to them in the Prospectus.

    About GraniteShares

    GraniteShares is an independent ETF issuer headquartered in New York City.

    GraniteShares current ETF offering is presented below:

    ETF NAME   TICKER     UNDERLYING STOCK   MANAGEMENT FEE/TOTAL EXPENSES  
    GraniteShares 2x Long AAPL Daily ETF     AAPB     Apple     0.99%/1.15 %
    GraniteShares 2x Long AMD Daily ETF     AMDL     AMD     0.99%/1.15 %
    GraniteShares 1x Short AMD Daily ETF     AMDS     AMD     0.99%/1.15 %
    GraniteShares 2x Long AMZN Daily ETF     AMZZ     Amazon     0.99%/1.15 %
    GraniteShares 2x Long BABA Daily ETF     BABX     Alibaba     0.99%/1.15 %
    GraniteShares 2x Long COIN Daily ETF     CONL     Coinbase     0.99%/1.15 %
    GraniteShares 1x Short COIN Daily ETF     CONI     Coinbase     0.99%/1.15 %
    GraniteShares 2x Long CRWD Daily ETF     CRWL     CrowdStrike     1.30%/1.50 %
    GraniteShares 2x Long DELL Daily ETF     DLLL     Dell     1.30%/1.50 %
    GraniteShares 2x Long META Daily ETF     FBL     Meta     0.99%/1.15 %
    GraniteShares 2x Long INTC Daily ETF     INTW     Intel     1.30%/1.50 %
    GraniteShares 2x Long INTC Daily ETF     MSFL     Microsoft     0.99%/1.15 %
    GraniteShares 2x Long MU Daily ETF     INTW     Micron Technology     1.30%/1.50 %
    GraniteShares 2x Long NVDA Daily ETF     NVDL     NVIDIA     0.99%/1.15 %
    GraniteShares 2x Short NVDA Daily ETF     NVD     NVIDIA     0.99%/1.15 %
    GraniteShares 2x Long PLTR Daily ETF     PTIR     Palantir     0.99%/1.15 %
    GraniteShares 2x Short QCOM Daily ETF     QCML     Qualcomm     1.30%/1.50 %
    GraniteShares 2x Long TSLA Daily ETF     TSLR     Tesla     0.95 %
    GraniteShares 1.25x Long TSLA Daily ETF     TSL     Tesla     0.99%/1.15 %
    GraniteShares 2x Short TSLA Daily ETF     TSDD     Tesla     0.95 %
    GraniteShares 2x Short TSM Daily ETF     TSMU     Taiwan Semiconductor     1.30%/1.50 %
    GraniteShares 2x Short UBER Daily ETF     UBRL     Uber     1.30%/1.50 %
                         
    ETF NAME   TICKER     EXPOSURE   MANAGEMENT FEE/TOTAL EXPENSES  
    GraniteShares YieldBOOST QQQ ETF     TQQY     Income on Nasdaq-100     0.99%/1.15 %
    GraniteShares YieldBOOST SPY ETF     YSPY     Income on S&P 500     0.99%/1.15 %
    GraniteShares YieldBOOST TSLA ETF     TSYY     Income on TSLA     0.99%/1.15 %
    ETF NAME   TICKER     EXPOSURE   MANAGEMENT FEE/TOTAL EXPENSES  
    GraniteShares Gold Trust     BAR     Gold     0.17 %
    GraniteShares Bloomberg Commodity Broad Strategy No K-1 ETF     COMB     Broad Commodities     0.25 %
    GraniteShares HIPS US High Income ETF     HIPS     High Income     0.70%/3.19 %
    GraniteShares Platinum Trust     PLTM     Platinum     0.50 %
    GraniteShares Nasdaq Select Disruptors ETF     DRUP     U.S. Large Cap     0.60 %
                         

    Gregory FCA for GraniteShares
    Kathleen Elicker, 484-889-6597
    graniteshares@gregoryfca.com

    Important Information

    Investors should consider the investment objectives, risks, charges and expenses carefully before investing. For a prospectus or summary prospectus with this and other information about the Funds, please call (844) 476 8747 or visit www.graniteshares.com. Read the prospectus or summary prospectus carefully before investing.

    The investment program of the funds is speculative, entails substantial risks and include asset classes and investment techniques not employed by more traditional mutual funds.

    PRINCIPAL FUND RISKS (see the Prospectus for more information)

    GraniteShares Leveraged Long and Inverse Daily ETFs are not suitable for all investors. The funds seek daily leveraged investment results and are intended to be used as short-term trading vehicles. The funds pursue daily leveraged investment objectives, which means that the funds are riskier than alternatives that do not use leverage because the fund magnifies the performance of the underlying security. The volatility of the underlying security may affect the fund return as much as, or more than, the return of the underlying security. Investors who do not understand the Funds, or do not intend to actively manage their funds and monitor their investments, should not buy the Funds. The Funds are designed to be utilized only by traders and sophisticated investors who understand the potential consequences of seeking daily inverse and/or leveraged investment results, understand the risks associated with the use of leverage and/or short sales and are willing to monitor their portfolios frequently. For periods longer than a single day, the Funds will lose money if the underlying stock’s performance is flat, and it is possible that the Funds will lose money even if the underlying stock’s performance increases over a period longer than a single day. An investor could lose the full principal value of his/her investment within a single day. The Funds track the price of a single stock rather than an index, eliminating the benefits of diversification that most mutual funds and exchange-traded funds offer. Although the Funds will be listed and traded on an exchange, an investment in a Fund may not be suitable for every investor. The Funds pose risks that are unique and complex.

    This information is not an offer to sell or a solicitation of an offer to buy shares of any Funds to any person in any jurisdiction in which an offer, solicitation, purchase or sale would be unlawful under the securities laws of such jurisdiction.

    THE FUNDS AREDISTRIBUTED BY ALPS DISTRIBIUTORS, INC. GRANITESHRES IS NOT AFFILIATED WITH ALPS DISTRIBUTORS, INC

    The MIL Network –

  • MIL-OSI: OTC Markets Group Announces Fourth Quarter and Full Year 2024 Earnings Conference Call and Webcast

    Source: GlobeNewswire (MIL-OSI)

    NEW YORK, March 05, 2025 (GLOBE NEWSWIRE) — OTC Markets Group Inc. (OTCQX: OTCM) today announced it will report its financial results for the fourth quarter and fiscal year ended December 31, 2024, after the close of the U.S. capital markets on Wednesday, March 12, 2025.

    In addition, OTC Markets Group will host a conference call and webcast on Thursday, March 13, 2025, at 8:30 a.m. eastern time, during which management will discuss the financial results in further detail.

    Webcast:
    The conference webcast and management presentation can be accessed at the following link (the replay will be available until March 12, 2026):
    https://edge.media-server.com/mmc/p/n6hcdcqb

    Live Call:
    Participants intending to ask a question during the live call and Q&A session should also register in advance at:
    https://register.vevent.com/register/BI27b59e5597d341e1a1a461fb3784f94d

    Upon registration, participants will receive a dial-in number along with a unique PIN number that can be used to access the live call. Live call participants may also select a “Call Me” option.

    The Annual Report, earnings release, transcript of the earnings call, and management presentation will also be available in the Investor Relations section of the OTC Markets Group website at www.otcmarkets.com/investor-relations/overview.

    About OTC Markets Group Inc.

    OTC Markets Group Inc. (OTCQX: OTCM) operates regulated markets for trading 12,000 U.S. and international securities. Our data-driven disclosure standards form the foundation of our three public markets: OTCQX® Best Market, OTCQB® Venture Market, and Pink® Open Market.

    Our OTC Link® Alternative Trading Systems (ATSs) provide critical market infrastructure that broker-dealers rely on to facilitate trading. Our innovative model offers companies more efficient access to the U.S. financial markets.

    OTC Link ATS, OTC Link ECN, OTC Link NQB, and MOON ATS™ are each an SEC regulated ATS, operated by OTC Link LLC, a FINRA and SEC registered broker-dealer, member SIPC.

    To learn more about how we create better informed and more efficient markets, visit www.otcmarkets.com.

    Investor Contact:

    Antonia Georgieva
    Chief Financial Officer
    Phone: (212) 220-2215
    Email: ir@otcmarkets.com

    Media Contact:

    OTC Markets Group Inc.
    Phone: (212) 896-4428
    Email: media@otcmarkets.com

    The MIL Network –

  • MIL-OSI: Amplify Energy Announces Fourth Quarter and Full-Year 2024 Results, Year-End 2024 Proved Reserves, Juniper Capital Acquisition Update and Standalone Full-Year 2025 Guidance

    Source: GlobeNewswire (MIL-OSI)

    HOUSTON, March 05, 2025 (GLOBE NEWSWIRE) — Amplify Energy Corp. (NYSE: AMPY) (“Amplify,” the “Company,” “us,” or “our”) announced today its operating and financial results for the fourth quarter and full-year 2024, year-end 2024 proved reserves, Juniper Capital (“Juniper”) acquisition update and full-year 2025 standalone guidance for the Company.

    Key Highlights

    • 2025 strategic initiatives include:
      • Completing the previously announced transformational combination with certain Juniper portfolio companies which own substantial oil-weighted producing assets and significant leasehold interests in the DJ and Powder River Basins (the “Transaction”) and integrating such assets into our operations
      • Continuing the Beta development program with six completions planned for 2025 including the C-48 and the A-45 which were deferred from the 2024 program
      • Expanding Magnify Energy Services, a wholly owned subsidiary of Amplify (“Magnify”), to enhance Amplify’s competitive advantage in operating our mature assets located in East Texas and Oklahoma
      • Creating incremental value in East Texas by monetizing portions of our portfolio and/or participating in joint development opportunities focused within the Haynesville formation
    • During the fourth quarter of 2024, the Company:
      • Achieved average total production of 18.5 MBoepd
      • Generated net cash provided by operating activities of $12.5 million and a net loss of $7.4 million
      • Delivered Adjusted EBITDA of $21.8 million and Adjusted Net Income of $5.1 million
      • Generated $2.9 million of free cash flow
      • Completed the sale of undeveloped Haynesville acreage in East Texas for $1.4 million
    • For full-year 2024, the Company:
      • Achieved average total production of 19.5 MBoepd
      • Generated net cash provided by operating activities of $51.3 million and net income of $12.9 million
      • Delivered Adjusted EBITDA of $103.0 million and Adjusted Net Income of $35.8 million
      • Generated $18.0 million of free cash flow
      • Renegotiated prior surety bonds and reduced sinking fund payments by approximately $7.0 million per year
      • Initiated development drilling program at Beta, with the completion of two wells, which outperformed type curves
      • Generated $3.1 million of Adjusted EBITDA at Magnify
      • Renegotiated the iodine contract in Oklahoma, increasing annual Adjusted EBITDA by $2.4 million
    • Amplify’s year-end 2024 total proved reserves, utilizing Securities and Exchange Commission (“SEC”) pricing of $75.48/Bbl for oil and NGLs and $2.13/MMBtu for natural gas, totaled 93 MMBoe and had a PV-10 value of approximately $736 million
    • As of December 31, 2024, Amplify had $127.0 million outstanding under the revolving credit facility
      • Net Debt to Last Twelve Months (“LTM”) Adjusted EBITDA of 1.2x1
         
      (1) Net debt as of December 31, 2024, consisting of $127 MM outstanding under its revolving credit facility with ~$0.0 MM of cash and cash equivalents, and LTM Adjusted EBITDA as of the fourth quarter of 2024.
         

    Martyn Willsher, Amplify’s President and Chief Executive Officer, commented, “In early 2024, we told stakeholders that 2024 had the potential to be a transformative year for the Company, and we believe that we delivered on that expectation throughout the year. The recently announced transaction with Juniper Capital expands our operations into the DJ and Powder River Basins, increases our scale, operating efficiency and margins, improves our inventory of attractive drilling locations, and provides us with a new core area for potential M&A activity. The transaction also resulted in a new long-term partnership with Juniper Capital, who have a long history of delivering substantial value to shareholders. At Beta, we safely and successfully initiated a drilling program, which has increased our confidence regarding the future inventory of the field and has enabled us to expand our development plans for this prolific asset in 2025 and beyond.”

    Mr. Willsher continued, “While we have focused our attention and resources on these two significant initiatives, our team has also delivered value to stockholders by pursuing opportunities to reduce operating expenses and maximize the value of our existing asset base. For example, Magnify Energy Services, our wholly owned subsidiary that provides oilfield services to Amplify-operated wells, expanded meaningfully in scope, realizing a significant increase in revenue and efficiency and reducing operating costs in East Texas and Oklahoma. We also renegotiated several existing contracts, like our iodine extraction contract, to receive improved economics. Although smaller in scope, these efforts have demonstrated management’s commitment to identifying areas to improve our operations and deliver value to stockholders. On the value maximizing front, we were able to monetize a portion of our acreage with Haynesville rights for several million dollars, while retaining an interest to realize upside value.”

    Mr. Willsher concluded, “We believe that our strategic and operational accomplishments in 2024 set the foundation for Amplify’s future and that in 2025 we will begin to capitalize on the growth potential of this significantly enhanced asset base.  By delivering on our 2025 strategic initiatives, we believe we can create immediate and long-term value for Amplify’s stockholders.”

    Juniper Capital Rocky Mountain Assets Update

    On January 15, 2025, Amplify announced that it has entered into a definitive merger agreement with privately held Juniper to combine with certain Juniper portfolio companies owning assets and leasehold interests in the DJ and Powder River Basins. Such portfolio companies are oil-weighted and include approximately 287,000 net acres. We expect to close the acquisition in the second quarter of 2025. Amplify has provided more information on the portfolio companies and their assets and the value potential of the Transaction in its latest investor presentation, available on its investor relations website.

    On March 4, 2025, a definitive proxy statement was filed providing additional details on the Transaction. A special meeting of stockholders, to be held virtually, has been scheduled for April 14, 2025, at 9:00 am Central Time, where stockholders of record as of March 3, 2025 can vote to approve the issuance of common stock, par value $0.01 per share (the “Common Stock”) (as described in more detail in the definitive proxy statement) in connection with the Transaction. In order to virtually attend, stockholders must register in advance at www.cesonlineservices.com/ampysm_vm prior to April 13, 2025 at 9:00 a.m. Central Time. More information can be found in the definitive proxy statement on the SEC’s website at www.sec.gov and the Company’s website, www.amplifyenergy.com, under the Investor Relations section. Upon approval from our stockholders of the issuance of Common Stock and the resulting closing of the Transaction, Amplify and Juniper are expected to own approximately 61% and 39%, respectively, of the combined company’s outstanding equity.

    In anticipation of closing, Amplify is currently working with Juniper and its portfolio companies on integrating the Juniper assets into the Amplify organization. Furthermore, the Company expects to refinance a substantial portion of its outstanding debt and approximately $133 million in principal amount of the portfolio companies’ outstanding debt prior to closing the Transaction. Amplify intends to update the market with developments of the Transaction as they progress.

    East Texas Haynesville Monetization Update

    Starting in 2024, several operators expressed increased interest in buying or partnering with Amplify on our East Texas Haynesville interests. In December 2024, Amplify monetized ninety percent (90%) of its interests in certain units with Haynesville rights in Panola and Shelby Counties, while retaining a ten percent (10%) working interest and the ability to participate in any well drilled within the boundary of such units. Upon closing, such transaction generated approximately $1.4 million in proceeds.

    In January 2025, Amplify completed a second transaction with a separate counterparty. Amplify sold ninety percent (90%) of its interest in certain units with Haynesville rights in Harrison County, Texas, in addition to 11 gross operated wells. This transaction also established an Area of Mutual Interest (“AMI”) with the counterparty covering 10,000 gross acres. Amplify retained a ten percent (10%) working interest in the units it divested and purchased a ten percent (10%) working interest in the counterparty’s acreage. Amplify generated net proceeds of $6.2 million from these transactions and estimates the AMI has more than 30 potential gross drilling locations.

    2024 Year-End Proved Reserve Update

    The Company’s estimated proved reserves at SEC pricing for year-end 2024 totaled 93.0 MMBoe, which consisted of 82.2 MMBoe of proved developed reserves and 10.8 MMBoe of proved undeveloped reserves. Proved developed reserves were lower year-over-year, primarily due to lower SEC pricing for oil and natural gas, which fell from $78.22 to $75.48 for oil and from $2.64 to $2.13 for natural gas, and the impact of 2024 production roll-off. Total proved reserves were comprised of 44% oil, 19% NGLs, and 37% natural gas.

    At year-end 2024, Amplify’s total proved reserves and proved developed reserves had PV-10 values of approximately $736 million and $507 million, respectively, using SEC pricing. Proved developed reserve value at Bairoil was lower than 2023 due to a combination of SEC pricing, production performance and higher operating cost assumptions due to significant increases in regulated electricity rates. Proved undeveloped reserves have increased materially as a result of the successful 2024 Beta development program, with the Company adding 23 additional locations and approximately $200 million in PV-10 value. The initial production rates for the two Beta wells brought on-line in 2024 exceeded the type-curves included in our year-end reserve report, and Amplify will consider increasing the type curve assumptions for Beta development wells after evaluating results from the 2025 development program. Detail on the Company’s reserves by asset is provided in the table below. Additionally, Amplify has provided more information on its Beta development program and the substantial value potential of the field in its latest investor presentation, available on its investor relations website.

      Estimated Net Reserves1
    Region MMBoe % Oil and NGL Proved Developed PV-10 Proved Undeveloped PV-10 Total Proved PV-10
          (in millions)
               
    Beta 19.1 100% $144 $214 $358
    Oklahoma 27.0 46% 138 – 138
    Bairoil 16.4 100% 118 – 118
    East Texas/ North Louisiana 28.0 30% 75 4 79
    Eagle Ford (Non-op) 2.5 90% 32 11 43
               
    Total 93.0 63% $507 $229 $736
    (1) Amplify’s year-end 2024 total proved reserves, utilizing SEC pricing of $75.48/Bbl for oil and NGLs and $2.13/MMBtu for natural gas.
       

    Amplify’s reserves estimates were prepared by its third-party independent reserve consultant, Cawley, Gillespie & Associates, Inc.

    Key Financial Results

    During the fourth quarter of 2024, the Company reported a net loss of approximately $7.4 million. The net loss was primarily attributable to a non-cash unrealized loss on commodity derivatives during the period. Excluding the impact of the non-cash unrealized loss on commodity derivatives in addition to other one-time impacts, Amplify generated Adjusted Net Income of $5.1 million in the fourth quarter of 2024.

    Fourth quarter Adjusted EBITDA was $21.8 million, a decrease of approximately $3.7 million from $25.5 million in the prior quarter. The decrease was primarily due to lower realized oil prices (net of hedges) in the fourth quarter compared to the prior quarter.

    Free cash flow was $2.9 million for the fourth quarter, a decrease of $0.7 million compared to the prior quarter. Amplify has now generated positive free cash flow in 18 of the last 19 fiscal quarters.

      Fourth Quarter Third Quarter
    $ in millions 2024   2024  
    Net income (loss)   ($7.4 )   $22.7  
    Net cash provided by operating activities   $12.5     $15.7  
    Average daily production (MBoe/d)   18.5     19.0  
    Total revenues excluding hedges   $69.0     $69.9  
    Adjusted EBITDA (a non-GAAP financial measure)   $21.8     $25.5  
    Adjusted net income (loss), (a non-GAAP financial measure)   $5.1     $9.8  
    Total capital   $15.3     $18.2  
    Free Cash Flow (a non-GAAP financial measure)   $2.9     $3.6  
         

    Revolving Credit Facility

    As of December 31, 2024, Amplify had $127.0 million outstanding under its revolving credit facility, and net debt to LTM Adjusted EBITDA was 1.2x (net debt as of December 31, 2024 and 4Q24 LTM Adjusted EBITDA). Fourth quarter net debt increased from the prior quarter due to expected changes in working capital and increased development activity, primarily at Beta.

    Corporate Production and Pricing

    During the fourth quarter of 2024, average daily production was approximately 18.5 Mboepd, a decrease of 0.5 Mboepd from the prior quarter. The decrease in production was driven by gas volumes, which were impacted by gas plant realizations in East Texas. Our oil volumes, although slightly higher compared to the prior quarter, were impacted by platform shutdowns following the completion of the emission reduction and electrification facility projects and several unexpected well failures and subsequent interventions at Beta. With the successful completion of the electrification and emissions reduction project in the fourth quarter 2024 and the intervention projects completed by end of January 2025, we are projecting Beta production to be significantly higher than the fourth quarter, before the impact of the 2025 drilling program. As of March 2, 2025, current 7-day average production rates at Beta were 4,834 gross Bopd (3,635 net Bopd), representing an approximate 9% increase from fourth quarter 2024 volumes, with minimal contribution from the recently completed C48 well, which we continue to draw down since completing in mid-February.

    The Company’s product mix for the quarter was 45% crude oil, 17% NGLs, and 38% natural gas.

      Three Months   Three Months
      Ended   Ended
      December 31, 2024   September 30, 2024
           
    Production volumes – MBOE:      
    Bairoil   293       294  
    Beta   308       304  
    Oklahoma   436       454  
    East Texas / North Louisiana   609       638  
    Eagle Ford (Non-op)   60       62  
    Total – MBoe   1,706       1,752  
    Total – MBoe/d   18.5       19.0  
    % – Liquids   62 %     60 %
           

    Total oil, natural gas and NGL revenues for the fourth quarter of 2024 were approximately $67.2 million, before the impact of derivatives. The Company realized a net gain on commodity derivatives of $4.1 million during the fourth quarter. Oil, natural gas and NGL revenues, net of realized hedges, decreased $3.3 million for the fourth quarter compared to the prior quarter.

    The following table sets forth information regarding average realized sales prices for the periods indicated:

      Crude Oil ($/Bbl) NGLs ($/Bbl) Natural Gas ($/Mcf)
                           
      Three Months Ended December 31, 2024   Three Months Ended September 30, 2024   Three Months Ended December 31, 2024   Three Months Ended September 30, 2024   Three Months Ended December 31, 2024   Three Months Ended September 30, 2024
                           
    Average sales price exclusive of realized derivatives and certain deductions from revenue $ 66.82     $ 71.74     $ 23.46     $ 21.63     $ 2.52     $ 1.84  
    Realized derivatives   1.43       (0.24 )     –       –       0.76       1.38  
                           
    Average sales price with realized derivatives exclusive of certain deductions from revenue $ 68.25     $ 71.50     $ 23.46     $ 21.63     $ 3.28     $ 3.22  
    Certain deductions from revenue   –       –       (1.37 )     (1.33 )     (0.01 )     0.00  
                           
    Average sales price inclusive of realized derivatives and certain deductions from revenue $ 68.25     $ 71.50     $ 22.09     $ 20.30     $ 3.27     $ 3.22  
                           

    Costs and Expenses

    Lease operating expenses in the fourth quarter of 2024 were approximately $35.1 million, or $20.57 per Boe, a $1.8 million increase compared to the prior quarter. Due to increased well failures in the fourth quarter, Beta lease operating costs were higher compared to the prior quarter. Lease operating expenses do not reflect $0.9 million of income generated by Magnify in the fourth quarter.

    Severance and ad valorem taxes in the fourth quarter were approximately $5.4 million, a decrease of $0.6 million compared to $6.0 million in the prior quarter, and in line with expectations. Severance and ad valorem taxes as a percentage of revenue were approximately 8.0% in the fourth quarter.

    Amplify incurred $4.5 million, or $2.62 per Boe, of gathering, processing and transportation expenses in the fourth quarter, compared to $4.3 million, or $2.45 per Boe, in the prior quarter.

    Cash G&A expenses in the fourth quarter were $6.3 million, an increase of $0.1 million compared to the prior quarter and in-line with expectations.

    Depreciation, depletion and amortization expense in the fourth quarter totaled $8.4 million, or $4.93 per Boe, compared to $8.1 million, or $4.62 per Boe, in the prior quarter.

    Net interest expense was $3.7 million in the fourth quarter, a decrease of $0.1 million compared to $3.8 million in the prior quarter.

    Amplify recorded a current income tax benefit of $2.1 million in the fourth quarter.

    Fourth Quarter and Full-Year Capital Investments

    Cash capital investment during the fourth quarter of 2024 was approximately $15.3 million. During the fourth quarter, the Company’s capital allocation was approximately 65% for Beta development drilling and facility projects, with the remainder distributed across the Company’s other assets.

    The following table details Amplify’s capital invested during the fourth quarter of 2024:

      Fourth Quarter   Full-Year
      2024 Capital   2024 Capital
      ($ MM)   ($ MM)
    Bairoil $ 0.2     $ 2.9  
    Beta $ 10.0     $ 53.7  
    Oklahoma $ 0.1     $ 3.2  
    East Texas / North Louisiana $ 2.8     $ 5.6  
    Eagle Ford (Non-op) $ 2.1     $ 4.1  
    Magnify Energy Services $ 0.1     $ 1.1  
    Total Capital Invested $ 15.3     $ 70.6  
           

    2025 Operations & Development Plan

    The following table details Amplify’s 2025 projected capital investments of $70 – $80 million:

    Capital Investment by Type (% of Total):  
    Beta Development 41 %
    Beta Facility 16 %
    Workovers & Other Facilities 25 %
    Non-op Development 18 %
    Total Capital Investments: 100 %
         

    Amplify’s 2025 operations and development plan is designed to continue unlocking the underlying value of the Company’s assets. To achieve this goal, we intend to 1) continue our development program at Beta, 2) execute on low-cost, high-return workover projects, and 3) reduce operating costs by increasing activity at Magnify.

    At Beta, Amplify intends to complete six wells in 2025. The C48 well, the first of the six wells to be completed in 2025, was drilled in the fourth quarter of 2024 and completed in mid-February. Similar to the A50 and C59 wells drilled in 2024, the completion of the C48 well was initially designed to target the D-sand. However, drilling conditions encountered in the D-sand and the quality of the C-Sand observed while drilling through the formation, led the team to alter the completion design and target the C-sand instead. The C48 will be the first test of the horizontal potential of the C-sand and we will share the results of the C48 well after obtaining sufficient initial production data.

    In 2024 Amplify brought online two new wells at Beta, the A50 well (brought online in June) and the C59 well (brought online in October), both of which exceeded internal projections and increased Beta’s overall production approximately 15% in January 2025 compared to January of 2024. Similarly, the six Beta completions planned in 2025 are expected to significantly increase Amplify’s oil production year-over-year. Additional information regarding the Beta development plan can be found in the investor presentation on the Company’s investor relations website.

    In addition to drilling and completing the six wells, Amplify intends to make continued investments in Beta’s facilities. In 2025, the Company expects to invest approximately $8 million to upgrade a 2-mile pipeline that ships all produced fluid from platform Eureka to platform Elly.

    At Bairoil, we continue to focus on enhancing water-alternating-gas injection performance through targeted well recompletions and conversions, which helps offset the asset’s nominal production declines. Our plan also includes an investment at our CO2 gas plant intended to reduce overall power usage and lease operating expenses in the second half of 2025.

    Amplify’s operating strategy in Oklahoma remains focused on prioritizing a stable free cash flow profile by managing production through an active workover program, artificial lift enhancements, extending well run-times and continuing to reduce operating costs.

    In East Texas, we are participating in the completion of four non-operated development projects, which we expect to be online by mid-year. The Company also continues to focus on prudent management of the field, such as optimizing field compression, artificial lift enhancement, and equipment insourcing, which is expected to improve the production profile and lower lease operating costs.

    In late 2023, we formed Magnify to in-source specific oilfield services to improve service reliability and to reduce overall operating expenses for the Company. Since its inception, Magnify has generated $3.7 million of Adjusted EBITDA with a capital investment of only $1.7 million. In 2025, we expect to invest an additional $1.4 million of capital in Magnify and project 2025 Adjusted EBITDA of approximately $5 million (with an annualized run rate of $6 million by year-end). We are evaluating additional accretive services for Magnify to service Amplify operated assets.

    In the Eagle Ford, we are participating in 14 gross (0.7 net) new development wells and two gross (0.4 net) recompletion projects. These non-operated wells, with highly accretive returns, are currently scheduled to be completed in the first half of 2025.

    Full-Year 2025 Guidance

    The following standalone guidance is subject to the cautionary statements and limitations described under the “Forward-Looking Statements” caption at the end of this press release. Amplify’s 2025 guidance is based on its current expectations regarding capital investment levels and flat commodity prices for crude oil of $71/Bbl (WTI) and natural gas of $3.75/MMBtu (Henry Hub), and on the assumption that market demand and prices for oil and natural gas will continue at levels that allow for economic production of these products. Additionally, the Company expects to invest approximately 90% of its capital in the first three quarters of the year primarily in connection with the Beta development program. Upon closing of the Transaction with Juniper, the Company will provide updated guidance to include the acquired assets.

    A summary of the standalone guidance is presented below:

      FY 2025E
           
      Low   High
           
    Net Average Daily Production      
    Oil (MBbls/d) 8.5 – 9.4
    NGL (MBbls/d) 3.0 – 3.3
    Natural Gas (MMcf/d) 45.0 – 51.0
    Total (MBoe/d) 19.0 – 21.0
           
    Commodity Price Differential / Realizations (Unhedged)      
    Oil Differential ($ / Bbl) ($3.25) – ($4.25)
    NGL Realized Price (% of WTI NYMEX) 27% – 31%
    Natural Gas Realized Price (% of Henry Hub) 85% – 92%
           
    Other Revenue      
    Magnify Energy Services ($ MM) $4 – $6
    Other ($ MM) $2 – $3
    Total ($ MM) $6 – $9
           
    Gathering, Processing and Transportation Costs      
    Oil ($ / Bbl) $0.65 – $0.85
    NGL ($ / Bbl) $2.75 – $4.00
    Natural Gas ($ / Mcf) $0.55 – $0.75
    Total ($ / Boe) $2.25 – $2.85
           
    Average Costs      
    Lease Operating ($ / Boe) $18.50 – $20.50
    Taxes (% of Revenue) (1) 6.0% – 7.0%
    Cash General and Administrative ($ / Boe) (2)(3) $3.40 – $3.90
           
    Adjusted EBITDA ($ MM) (2)(3) $100 – $120
    Cash Interest Expense ($ MM) $12 – $18
    Capital Expenditures ($ MM) $70 – $80
    Free Cash Flow ($ MM) (2)(3) $10 – $30
           
    (1) Includes production, ad valorem and franchise taxes
    (2) Refer to “Use of Non-GAAP Financial Measures” for Amplify’s definition and use of Cash G&A, Adjusted EBITDA and free cash flow, non-GAAP measures (cash income taxes, which are not included in free cash flow, are expected to range between $0 – $2 million for the year)
    (3) Amplify believes that a quantitative reconciliation of such forward-looking information to the most comparable financial measure calculated and presented in accordance with GAAP cannot be made available without unreasonable efforts. A reconciliation of these non-GAAP financial measures would require Amplify to predict the timing and likelihood of future transactions and other items that are difficult to accurately predict. Neither of these forward-looking measures, nor their probable significance, can be quantified with a reasonable degree of accuracy. Accordingly, a reconciliation of the most directly comparable forward-looking GAAP measures is not provided.
     

    Hedging

    Recently, the Company took advantage of volatility in the futures market to add to its hedge position, further protecting future cash flows. Amplify executed crude oil swaps covering the second half of 2025 through year-end 2026 at a weighted average price of $68.10. The Company also added natural gas collars for a portion of 2027 with a weighted average floor of $3.63 per MMBtu and a weighted average ceiling of $3.98 per MMBtu.

    The following table reflects the hedged volumes under Amplify’s commodity derivative contracts and the average fixed floor and ceiling prices at which production is hedged for January 2025 through December 2027, as of March 4, 2025:

        2025       2026       2027  
               
    Natural Gas Swaps:          
    Average Monthly Volume (MMBtu)   585,000       500,000       87,500  
    Weighted Average Fixed Price ($) $ 3.75     $ 3.79     $ 3.76  
               
    Natural Gas Collars:          
    Two-way collars          
    Average Monthly Volume (MMBtu)   500,000       500,000       87,500  
    Weighted Average Ceiling Price ($) $ 3.90     $ 4.06     $ 4.20  
    Weighted Average Floor Price ($) $ 3.50     $ 3.55     $ 3.50  
               
    Oil Swaps:          
    Average Monthly Volume (Bbls)   128,583       72,750      
    Weighted Average Fixed Price ($) $ 70.85     $ 69.19      
               
    Oil Collars:          
    Two-way collars          
    Average Monthly Volume (Bbls)   59,500          
    Weighted Average Ceiling Price ($) $ 80.20          
    Weighted Average Floor Price ($) $ 70.00          
               

    Amplify has posted an updated investor presentation containing additional hedging information on its website, www.amplifyenergy.com, under the Investor Relations section.

    Annual Report on Form 10-K

    Amplify’s financial statements and related footnotes will be available in its Annual Report on Form 10-K for the year ended December 31, 2024, which Amplify expects to file with the SEC on March 5, 2025.

    About Amplify Energy

    Amplify Energy Corp. is an independent oil and natural gas company engaged in the acquisition, development, exploitation and production of oil and natural gas properties. Amplify’s operations are focused in Oklahoma, the Rockies (Bairoil), federal waters offshore Southern California (Beta), East Texas / North Louisiana, and the Eagle Ford (Non-op). For more information, visit www.amplifyenergy.com.

    Conference Call

    Amplify will host an investor teleconference tomorrow at 10 a.m. Central Time to discuss these operating and financial results. Interested parties may join the call by dialing (888) 999-5318 at least 15 minutes before the call begins and providing the Conference ID: AEC4Q24. A telephonic replay will be available for fourteen days following the call by dialing (800) 654-1563 and providing the Access Code: 71724906. A transcript and a recorded replay of the call will also be available on our website after the call.

    Forward-Looking Statements

    This press release includes “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. All statements, other than statements of historical fact, included in this press release that address activities, events or developments that the Company expects, believes or anticipates will or may occur in the future are forward-looking statements. Terminology such as “may,” “will,” “would,” “should,” “expect,” “plan,” “project,” “intend,” “anticipate,” “believe,” “estimate,” “predict,” “potential,” “pursue,” “target,” “outlook,” “continue,” the negative of such terms or other comparable terminology are intended to identify forward-looking statements. These statements include, but are not limited to, statements about the Company’s expectations of plans, goals, strategies (including measures to implement strategies), objectives and anticipated results with respect thereto. These statements address activities, events or developments that we expect or anticipate will or may occur in the future, including things such as projections of results of operations, plans for growth, goals, future capital expenditures, competitive strengths, references to future intentions and other such references. These forward-looking statements involve risks and uncertainties and other factors that could cause the Company’s actual results or financial condition to differ materially from those expressed or implied by forward-looking statements. These include risks and uncertainties relating to, among other things: the Company’s ability to successfully complete the proposed business combination between the Company and certain of Juniper’s portfolio companies, or the “Mergers”; the Company’s evaluation and implementation of strategic alternatives; risks related to the redetermination of the borrowing base under the Company’s revolving credit facility; the Company’s ability to satisfy debt obligations; the Company’s need to make accretive acquisitions or substantial capital expenditures to maintain its declining asset base, including the existence of unanticipated liabilities or problems relating to acquired or divested business or properties; volatility in the prices for oil, natural gas and NGLs; the Company’s ability to access funds on acceptable terms, if at all, because of the terms and conditions governing the Company’s indebtedness, including financial covenants; general political and economic conditions, globally and in the jurisdictions in which we operate, including the Russian invasion of Ukraine, and ongoing conflicts in the Middle East, and the potential destabilizing effect such conflicts may pose for the global oil and natural gas markets; expectations regarding general economic conditions, including inflation; and the impact of local, state and federal governmental regulations, including those related to climate change and hydraulic fracturing, and the current administration’s potential reversal thereof. Please read the Company’s filings with the SEC, including “Risk Factors” in the Company’s Annual Report on Form 10-K, and if applicable, the Company’s Quarterly Reports on Form 10-Q and Current Reports on Form 8-K, which are available on the Company’s Investor Relations website at https://www.amplifyenergy.com/investor-relations/sec-filings/default.aspx or on the SEC’s website at http://www.sec.gov, for a discussion of risks and uncertainties that could cause actual results to differ from those in such forward-looking statements. You are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this press release. All forward-looking statements in this press release are qualified in their entirety by these cautionary statements. Except as required by law, the Company undertakes no obligation and does not intend to update or revise any forward-looking statements, whether as a result of new information, future results or otherwise.

    No Offer or Solicitation

    A portion of this press release relates to a proposed business combination transaction between the Company and certain Juniper portfolio companies. This communication is for informational purposes only and does not constitute an offer to sell or the solicitation of an offer to buy any securities or a solicitation of any vote or approval, in any jurisdiction, pursuant to the proposed business combination transaction or otherwise, nor shall there be any sale, issuance, exchange or transfer of the securities referred to in this document in any jurisdiction in contravention of applicable law. No offer of securities shall be made except by means of a prospectus meeting the requirements of Section 10 of the Securities Act of 1933, as amended.

    Important Additional Information Regarding the Mergers Will Be Filed With the SEC

    In connection with the proposed transaction, the Company has filed a definitive proxy statement. The definitive proxy statement will be sent to the stockholders of the Company. The Company may also file other documents with the SEC regarding the proposed transaction. INVESTORS AND SECURITY HOLDERS OF AMPLIFY ARE ADVISED TO CAREFULLY READ THE DEFINITIVE PROXY STATEMENT AND ANY OTHER RELEVANT MATERIALS FILED WITH THE SEC WHEN THEY BECOME AVAILABLE BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION ABOUT THE MERGERS, THE PARTIES TO THE MERGERS AND THE RISKS ASSOCIATED WITH THE MERGERS. Investors and security holders may obtain a free copy of the definitive proxy statement and other relevant documents filed by Amplify with the SEC from the SEC’s website at www.sec.gov. Security holders and other interested parties will also be able to obtain, without charge, a copy of the definitive proxy statement and other relevant documents (when available) by (1) directing your written request to: 500 Dallas Street, Suite 1700, Houston, Texas or (2) contacting our Investor Relations department by telephone at (832) 219-9044 or (832) 219-9051. Copies of the documents filed by the Company with the SEC will be available free of charge on the Company’s website at http://www.amplifyenergy.com.

    Participants in the Solicitation

    Amplify and certain of its respective directors, executive officers and employees may be considered participants in the solicitation of proxies in connection with the proposed transaction. Information regarding the persons who may, under the rules of the SEC, be deemed participants in the solicitation of the stockholders of Amplify in connection with the proposed transaction, including a description of their respective direct or indirect interests, by security holdings or otherwise, is included in the definitive proxy statement filed with the SEC. Additional information regarding the Company’s directors and executive officers is also included in Amplify’s Notice of Annual Meeting of Stockholders and 2024 Proxy Statement, which was filed with the SEC on April 5, 2024. These documents are available free of charge as described above.

    Use of Non-GAAP Financial Measures

    This press release and accompanying schedules include the non-GAAP financial measures of Adjusted EBITDA, Adjusted net income, free cash flow, net debt, PV-10 and cash G&A. The accompanying schedules provide a reconciliation of these non-GAAP financial measures to their most directly comparable financial measures calculated and presented in accordance with GAAP. Amplify’s non-GAAP financial measures should not be considered as alternatives to GAAP measures such as net income, operating income, net cash flows provided by operating activities, standardized measure of discounted future net cash flows, or any other measure of financial performance calculated and presented in accordance with GAAP. Amplify’s non-GAAP financial measures may not be comparable to similarly titled measures of other companies because they may not calculate such measures in the same manner as Amplify does.

    Adjusted EBITDA. Amplify defines Adjusted EBITDA as net income (loss) plus Interest expense; Income tax expense (benefit); DD&A; Impairment of goodwill and long-lived assets (including oil and natural gas properties); Accretion of AROs; Loss or (gain) on commodity derivative instruments; Cash settlements received or (paid) on expired commodity derivative instruments; Amortization of gain associated with terminated commodity derivatives; Losses or (gains) on sale of assets and other, net; Share-based compensation expenses; Exploration costs; Acquisition and divestiture related expenses; Reorganization items, net; Severance payments; and Other non-routine items that we deem appropriate. Adjusted EBITDA is commonly used as a supplemental financial measure by management and external users of Amplify’s financial statements, such as investors, research analysts and rating agencies, to assess: (1) its operating performance as compared to other companies in Amplify’s industry without regard to financing methods, capital structures or historical cost basis; (2) the ability of its assets to generate cash sufficient to pay interest and support Amplify’s indebtedness; and (3) the viability of projects and the overall rates of return on alternative investment opportunities. Since Adjusted EBITDA excludes some, but not all, items that affect net income or loss and because these measures may vary among other companies, the Adjusted EBITDA data presented in this press release may not be comparable to similarly titled measures of other companies. The GAAP measures most directly comparable to Adjusted EBITDA are net income and net cash provided by operating activities.

    Adjusted Net Income. Amplify defines Adjusted Net Income as net income (loss) adjusted for loss (gain) on commodity derivative instruments, acquisition & divestiture related expenses, unusual and infrequent items, and the income tax expense or benefit of these adjustments using our federal statutory tax rate. Adjusted Net Income (Loss) excludes the impact of unusual and infrequent items affecting earnings that vary widely and unpredictably, including derivative gains and losses. This measure is not meant to disassociate these items from management’s performance but rather is intended to provide helpful information to investors interested in comparing our performance between periods. Adjusted net income (loss) is not considered to be an alternative to net income (loss) reported in accordance with GAAP.

    Free cash flow. Amplify defines free cash flow as Adjusted EBITDA, less cash interest expense and capital expenditures. Free cash flow is an important non-GAAP financial measure for Amplify’s investors since it serves as an indicator of the Company’s success in providing a cash return on investment. The GAAP measures most directly comparable to free cash flow are net income and net cash provided by operating activities.

    Net debt. Amplify defines net debt as the total principal amount drawn on the revolving credit facility less cash and cash equivalents. The Company uses net debt as a measure of financial position and believes this measure provides useful additional information to investors to evaluate the Company’s capital structure and financial leverage.

    PV-10. PV-10 is a non-GAAP financial measure that represents the present value of estimated future cash inflows from proved oil and natural gas reserves that are calculated using the unweighted arithmetic average first-day-of-the-month prices for the prior 12 months, less future development and operating costs, discounted at 10% per annum to reflect the timing of future cash flows. The most directly comparable GAAP measure to PV-10 is standardized measure. PV-10 differs from standardized measure in its treatment of estimated future income taxes, which are excluded from PV-10. Amplify believes the presentation of PV-10 provides useful information because it is widely used by investors in evaluating oil and natural gas companies without regard to specific income tax characteristics of such entities. PV-10 is not intended to represent the current market value of our estimated proved reserves. PV-10 should not be considered in isolation or as a substitute for the standardized measure as defined under GAAP.

    Cash G&A. Amplify defines cash G&A as general and administrative expense, less share-based compensation expense; acquisition and divestiture costs; bad debt expense; and severance payments. Cash G&A is an important non-GAAP financial measure for Amplify’s investors since it allows for analysis of G&A spend without regard to share-based compensation and other non-recurring expenses which can vary substantially from company to company. The GAAP measures most directly comparable to cash G&A is total G&A expenses.

    Contacts

    Jim Frew — Senior Vice President and Chief Financial Officer
    (832) 219-9044
    jim.frew@amplifyenergy.com

    Michael Jordan — Director, Finance and Treasurer
    (832) 219-9051
    michael.jordan@amplifyenergy.com


    Selected Operating and Financial Data (Tables)

    Amplify Energy Corp.
    Selected Financial Data – Unaudited
    Statements of Operations Data
           
      Three Months   Three Months
      Ended   Ended
    (Amounts in $000s, except per share data) December 31, 2024   September 30, 2024
           
    Revenues:      
    Oil and natural gas sales $ 67,189     $ 68,135  
    Other revenues   1,832       1,723  
    Total revenues   69,021       69,858  
           
    Costs and Expenses:      
    Lease operating expense   35,100       33,255  
    Pipeline incident loss   2,405       247  
    Gathering, processing and transportation   4,468       4,290  
    Exploration   10       –  
    Taxes other than income   5,356       5,997  
    Depreciation, depletion and amortization   8,418       8,102  
    General and administrative expense   9,486       8,251  
    Accretion of asset retirement obligations   2,156       2,125  
    Realized (gain) loss on commodity derivatives   (4,052 )     (6,375 )
    Unrealized (gain) loss on commodity derivatives   13,357       (18,672 )
    (Gain) loss on sale of properties   (1,367 )     –  
    Other, net   334       38  
    Total costs and expenses   75,671       37,258  
           
    Operating Income (loss)   (6,650 )     32,600  
           
    Other Income (Expense):      
    Interest expense, net   (3,684 )     (3,756 )
    Other income (expense)   (113 )     (130 )
    Total other income (expense)   (3,797 )     (3,886 )
           
    Income (loss) before reorganization items, net and income taxes   (10,447 )     28,714  
           
    Income tax benefit (expense) – current   2,132       (412 )
    Income tax benefit (expense) – deferred   886       (5,650 )
           
    Net income (loss) $ (7,429 )   $ 22,652  
           
    Earnings per share:      
    Basic and diluted earnings (loss) per share $ (0.19 )   $ 0.54  
           
    Selected Financial Data – Unaudited      
    Operating Statistics      
           
      Three Months   Three Months
      Ended   Ended
    (Amounts in $000s, except per unit data) December 31, 2024   September 30, 2024
           
    Oil and natural gas revenue:      
    Oil Sales $ 50,817     $ 54,353  
    NGL Sales   6,602       6,096  
    Natural Gas Sales   9,770       7,686  
    Total oil and natural gas sales – Unhedged $ 67,189     $ 68,135  
           
    Production volumes:      
    Oil Sales – MBbls   760       758  
    NGL Sales – MBbls   299       301  
    Natural Gas Sales – MMcf   3,883       4,165  
    Total – MBoe   1,706       1,752  
    Total – MBoe/d   18.5       19.0  
           
    Average sales price (excluding commodity derivatives):      
    Oil – per Bbl $ 66.82     $ 71.74  
    NGL – per Bbl $ 22.09     $ 20.29  
    Natural gas – per Mcf $ 2.52     $ 1.85  
    Total – per Boe $ 39.37     $ 38.88  
           
    Average unit costs per Boe:      
    Lease operating expense $ 20.57     $ 18.98  
    Gathering, processing and transportation $ 2.62     $ 2.45  
    Taxes other than income $ 3.14     $ 3.42  
    General and administrative expense $ 5.56     $ 4.71  
    Realized gain/(loss) on commodity derivatives $ 2.38     $ 3.64  
    Depletion, depreciation, and amortization $ 4.93     $ 4.62  
           
    Selected Financial Data – Unaudited      
    Asset Operating Statistics      
           
      Three Months   Three Months
      Ended   Ended
      December 31, 2024   September 30, 2024
           
    Production volumes – MBOE:      
    Bairoil   293       294  
    Beta   308       304  
    Oklahoma   436       454  
    East Texas / North Louisiana   609       638  
    Eagle Ford (Non-op)   60       62  
    Total – MBoe   1,706       1,752  
    Total – MBoe/d   18.5       19.0  
    % – Liquids   62 %     60 %
           
    Lease operating expense – $M:      
    Bairoil $ 11,800     $ 13,164  
    Beta   12,113       9,520  
    Oklahoma   3,948       3,644  
    East Texas / North Louisiana   5,887       5,592  
    Eagle Ford (Non-op)   1,351       1,335  
    Total Lease operating expense: $ 35,099     $ 33,255  
           
    Capital expenditures – $M:      
    Bairoil $ 190     $ 1,224  
    Beta   10,001       12,047  
    Oklahoma   168       1,449  
    East Texas / North Louisiana   2,758       2,303  
    Eagle Ford (Non-op)   2,125       1,157  
    Magnify Energy Services   82       44  
    Total Capital expenditures: $ 15,324     $ 18,224  
           
    Selected Financial Data – Unaudited              
    Balance Sheet Data              
                   
    (Amounts in $000s) December 31, 2024   September 30, 2024
                   
    Assets              
    Cash and Cash Equivalents $ –     $ –  
    Accounts Receivable   39,713       32,295  
    Other Current Assets   32,064       37,862  
    Total Current Assets $ 71,777     $ 70,157  
                   
    Net Oil and Gas Properties $ 386,218     $ 378,871  
    Other Long-Term Assets   289,081       290,188  
    Total Assets $ 747,076     $ 739,216  
                   
    Liabilities              
    Accounts Payable $ 13,231     $ 18,107  
    Accrued Liabilities   43,413       36,699  
    Other Current Liabilities   11,494       11,362  
    Total Current Liabilities $ 68,138     $ 66,168  
                   
    Long-Term Debt $ 127,000     $ 120,000  
    Asset Retirement Obligation   129,700       127,556  
    Other Long-Term Liabilities   13,326       10,822  
    Total Liabilities $ 338,164     $ 324,546  
                   
    Shareholders’ Equity              
    Common Stock & APIC $ 440,380     $ 438,709  
    Accumulated Earnings (Deficit)   (31,468 )     (24,039 )
    Total Shareholders’ Equity $ 408,912     $ 414,670  
                   
    Selected Financial Data – Unaudited      
    Statements of Cash Flows Data      
           
      Three Months   Three Months
      Ended   Ended
    (Amounts in $000s) December 31, 2024   September 30, 2024
           
           
    Net cash provided by (used in) operating activities $ 12,455     $ 15,737  
    Net cash provided by (used in) investing activities   (19,379 )     (18,078 )
    Net cash provided by (used in) financing activities   6,924       1,839  
           
    Selected Operating and Financial Data (Tables)
    Reconciliation of Unaudited GAAP Financial Measures to Non-GAAP Financial Measures
    Adjusted EBITDA and Free Cash Flow
           
      Three Months   Three Months
      Ended   Ended
    (Amounts in $000s) December 31, 2024   September 30, 2024
           
    Reconciliation of Adjusted EBITDA to Net Cash Provided from Operating Activities:    
    Net cash provided by operating activities $ 12,455     $ 15,737  
    Changes in working capital   4,770       5,937  
    Interest expense, net   3,684       3,756  
    Cash settlements received on terminated commodity derivatives   –       (793 )
    Amortization of gain associated with terminated commodity derivatives   159       –  
    Amortization and write-off of deferred financing fees   (315 )     (310 )
    Exploration costs   10       –  
    Acquisition and divestiture related costs   1,424       186  
    Plugging and abandonment cost   754       372  
    Current income tax expense (benefit)   (2,132 )     412  
    Pipeline incident loss   2,405       247  
    (Gain) loss on sale of properties   (1,367 )     –  
    Adjusted EBITDA: $ 21,847     $ 25,544  
           
    Reconciliation of Free Cash Flow to Net Cash Provided from Operating Activities:    
    Adjusted EBITDA: $ 21,847     $ 25,544  
    Less: Cash interest expense   3,598       3,721  
    Less: Capital expenditures   15,324       18,224  
    Free Cash Flow: $ 2,925     $ 3,599  
           
    Selected Operating and Financial Data (Tables)
    Reconciliation of Unaudited GAAP Financial Measures to Non-GAAP Financial Measures
    Adjusted EBITDA and Free Cash Flow
           
           
      Twelve Months   Twelve Months
      Ended   Ended
    (Amounts in $000s, except per share data) December 31, 2024   December 31, 2023
           
    Reconciliation of Adjusted EBITDA1to Net Cash Provided from Operating Activities:    
    Net cash provided by operating activities $ 51,293     $ 141,590  
    Changes in working capital   32,272       (8,517 )
    Interest expense, net   14,599       17,719  
    Cash settlements received on terminated commodity derivatives   (793 )     (658 )
    Amortization of gain associated with terminated commodity derivatives   159       658  
    Amortization and write-off of deferred financing fees   (1,233 )     (1,980 )
    Exploration costs   61       57  
    Acquisition and divestiture related costs   1,633       219  
    Plugging and abandonment cost   1,640       2,239  
    Current income tax expense (benefit)   232       4,817  
    Pipeline incident loss   3,859       19,981  
    (Gain) loss on sale of properties   (1,367 )     –  
    LOPI – timing differences   –       (4,636 )
    Litigation settlement   –       (84,875 )
    Other   686       1,418  
    Adjusted EBITDA: $ 103,041     $ 88,032  
           
    Reconciliation of Free Cash Flow to Net Cash Provided from Operating Activities:    
    Adjusted EBITDA1: $ 103,041     $ 88,032  
    Less: Cash interest expense   14,438       16,263  
    Less: Capital expenditures   70,644       33,744  
    Free Cash Flow: $ 17,959     $ 38,025  
      (1) Adjusted EBITDA includes a revenue suspense release of $8.4 million for the twelve months ended December 31, 2024. See “Revenue Payables in Suspense” table for additional information.
         
    Selected Operating and Financial Data (Tables)
    Reconciliation of Unaudited GAAP Financial Measures to Non-GAAP Financial Measures
    Adjusted EBITDA1 and Free Cash Flow
           
      Three Months   Three Months
      Ended   Ended
    (Amounts in $000s) December 31, 2024   September 30, 2024
           
    Reconciliation of Adjusted EBITDA to Net Income (Loss):      
    Net income (loss) $ (7,429 )   $ 22,652  
    Interest expense, net   3,684       3,756  
    Income tax expense (benefit) – current   (2,132 )     412  
    Income tax expense (benefit) – deferred   (886 )     5,650  
    Depreciation, depletion and amortization   8,418       8,102  
    Accretion of asset retirement obligations   2,156       2,125  
    (Gains) losses on commodity derivatives   9,305       (25,047 )
    Cash settlements received (paid) on expired commodity derivative instruments   4,052       5,582  
    Amortization of gain associated with terminated commodity derivatives   159       –  
    Acquisition and divestiture related costs   1,424       186  
    Share-based compensation expense   1,686       1,815  
    (Gain) loss on sale of properties   (1,367 )     –  
    Exploration costs   10       –  
    Loss on settlement of AROs   334       38  
    Bad debt expense   28       26  
    Pipeline incident loss   2,405       247  
    Adjusted EBITDA1: $ 21,847     $ 25,544  
           
    Reconciliation of Free Cash Flow to Net Income (Loss):      
    Adjusted EBITDA: $ 21,847     $ 25,544  
    Less: Cash interest expense   3,598       3,721  
    Less: Capital expenditures   15,324       18,224  
    Free Cash Flow: $ 2,925     $ 3,599  
           
    Selected Operating and Financial Data (Tables)
    Reconciliation of Unaudited GAAP Financial Measures to Non-GAAP Financial Measures
    Adjusted EBITDA and Free Cash Flow
           
           
      Twelve Months   Twelve Months
      Ended   Ended
    (Amounts in $000s, except per share data) December 31, 2024   December 31, 2023
           
           
    Reconciliation of Adjusted EBITDA1to Net Income (Loss):      
    Net income (loss) $ 12,946     $ 392,750  
    Interest expense, net   14,599       17,719  
    Income tax expense (benefit) – current   232       4,817  
    Income tax expense (benefit) – deferred   2,196       (253,796 )
    Depreciation, depletion and amortization   32,586       28,004  
    Accretion of asset retirement obligations   8,438       7,951  
    (Gains) losses on commodity derivatives   2,047       (40,343 )
    Cash settlements received (paid) on expired commodity derivative instruments   17,617       (8,273 )
    Amortization of gain associated with terminated commodity derivatives   159       658  
    Acquisition and divestiture related costs   1,633       219  
    Share-based compensation expense   6,799       5,280  
    (Gain) loss on sale of properties   (1,367 )     –  
    Exploration costs   61       57  
    Loss on settlement of AROs   470       1,003  
    Bad debt expense   80       98  
    Pipeline incident loss   3,859       19,981  
    LOPI – timing differences   –       (4,636 )
    Litigation settlement   –       (84,875 )
    Other   686       1,418  
    Adjusted EBITDA: $ 103,041     $ 88,032  
           
    Reconciliation of Free Cash Flow to Net Income (Loss):      
    Adjusted EBITDA1: $ 103,041     $ 88,032  
    Less: Cash interest expense   14,438       16,263  
    Less: Capital expenditures   70,644       33,744  
    Free Cash Flow: $ 17,959     $ 38,025  
      (1) Adjusted EBITDA includes a revenue suspense release of $8.4 million for the twelve months ended December 31, 2024. See “Revenue Payables in Suspense” table for additional information.
         
    Selected Operating and Financial Data (Tables)
    Reconciliation of Unaudited GAAP Financial Measures to Non-GAAP Financial Measures
    Net Income (Loss) to Adjusted Net Income (Loss)
           
      Three Months   Three Months
      Ended   Ended
    (Amounts in $000s, except per share data) December 31, 2024   September 30, 2024
           
    Reconciliation of Adjusted Net Income (Loss):      
    Net income (loss) $ (7,429 )   $ 22,652  
    Unrealized (gain) loss on commodity derivatives   13,357       (18,672 )
    Acquisition and divestiture related costs   1,424       186  
    Non-recurring costs:      
    Income tax expense (benefit) – deferred   (886 )     5,650  
    Gain on sale of properties   (1,367 )     –  
    Litigation settlement   –       –  
    Tax effect of adjustments   (12 )     (39 )
    Adjusted net income (loss) $ 5,087     $ 9,777  
           
    Selected Operating and Financial Data (Tables)
    Reconciliation of Unaudited GAAP Financial Measures to Non-GAAP Financial Measures
    Net Income (Loss) to Adjusted Net Income (Loss)
           
      Twelve Months   Twelve Months
      Ended   Ended
    (Amounts in $000s, except per share data) December 31, 2024   December 31, 2023
           
    Reconciliation of Adjusted Net Income (Loss):      
    Net income (loss) $ 12,946     $ 392,750  
    Unrealized (gain) loss on commodity derivatives   20,457       (47,958 )
    Acquisition and divestiture related costs   1,633       219  
    Non-recurring costs:      
    Income tax expense (benefit) – deferred1   2,196       (253,796 )
    Gain on sale of properties   (1,367 )     –  
    Litigation settlement2   –       (84,875 )
    Tax effect of adjustments3   (56 )     17,778  
    Adjusted net income (loss) $ 35,809     $ 24,118  
      (1) In 2023, we achieved three years of cumulative book income which resulted in the release of our valuation allowance of $284.9 million.
      (2) In 2023, non-recurring costs included a litigation settlement with the shipping companies and the containerships whose anchors struck the Company’s pipeline.
      (3) The federal statutory rates were utilized for all periods presented.
         
    Selected Operating and Financial Data (Tables)
    Reconciliation of Unaudited GAAP Financial Measures to Non-GAAP Financial Measures
    Cash General and Administrative Expenses
                   
      Three Months      Three Months
      Ended   Ended
    (Amounts in $000s) December 31, 2024   September 30, 2024
                   
    General and administrative expense $ 9,486     $ 8,251  
    Less: Share-based compensation expense   1,686       1,815  
    Less: Acquisition and divestiture costs   1,424       186  
    Less: Bad debt expense   28       26  
    Less: Severance payments   —       —  
    Total Cash General and Administrative Expense $ 6,348     $ 6,224  
                   
    Selected Operating and Financial Data (Tables)
    Reconciliation of Unaudited GAAP Financial Measures to Non-GAAP Financial Measures
    Cash General and Administrative Expenses
                   
      Twelve Months      Twelve Months
      Ended   Ended
    (Amounts in $000s) December 31, 2024   December 31, 2023
                   
    General and administrative expense $ 35,895     $ 32,984  
    Less: Share-based compensation expense   6,799       5,280  
    Less: Acquisition and divestiture costs   1,633       219  
    Less: Bad debt expense   80       98  
    Less: Severance payments   344       965  
    Total Cash General and Administrative Expense $ 27,039     $ 26,422  
                   
    Selected Operating and Financial Data (Tables)
    Reconciliation of Unaudited GAAP Financial Measures to Non-GAAP Financial Measures
    Revenue Payables in Suspense
           
      Three Months      Twelve Months
      Ended   Ended
    (Amounts in $000s) December 31, 2024   December 31, 2024
           
           
    Oil and natural gas sales $ –     $ 4,023  
    Other revenues   –       4,829  
    Severance tax and other deducts   –       (433 )
    Total net revenue $ –     $ 8,419  
           
    Production volumes:      
    Oil (MBbls)   –       33  
    NGLs (MBbls)   –       31  
    Natural gas (MMcf)   –       441  
    Total (Mboe)   –       138  
    Total (Mboe/d)   –       0.38  
           
        As of       As of  
      December 31,       December 31,  
      2024       2023  
    Standardized measure of future net cash flows, discounted at 10% ($ M)   $608,239       $626,131  
    Add: PV of future income tax, discounted at 10% ($ M)   $127,526       $130,882  
    PV-10 ($ M)   $735,765       $757,013  
                   

    The MIL Network –

  • MIL-OSI United Nations: Carbon markets could boost climate action in least developed countries

    Source: United Nations MIL OSI b

    Economic Development

    While carbon markets have played a limited role in boosting sustainable development for the world’s least developed economies, a new report from UN Trade and Development (UNCTAD) shows that stronger domestic laws, regulations, and monitoring could pay big dividends.

    UNCTAD’s Least Developed Countries Report 2024 highlighted on Monday that the group of 45 least developed countries (LDCs) could use carbon market projects to enhance climate action by offsetting the buyers’ emissions at improved rates which will allow more investment.

    LDCs were among the first to join carbon markets – where carbon credits are bought and sold – but they face unique challenges in accessing the market due to their size and difficulties in attracting foreign investment.

    Geographic and financing limitations

    According to UNCTAD, six LDCs account for over 75 per cent of all carbon credits issued in voluntary markets and 80 per cent of those under the Clean Development Mechanism (CDM) which allows countries to fund emissions-reducing projects in other countries and claim the saved emissions as part of their own efforts to meet international targets. Though LDCs participate, they represent only 1.5 per cent of global CDM projects, highlighting the potential for more inclusive participation.

    In 2023, the value of carbon credits from the poorest nations reached around $403 million, just a small fraction of the $1 trillion in annual investment needed for these countries to meet the Sustainable Development Goals by 2030.

    This reflects the need for a stronger framework to make carbon markets a viable source of funding.

    Opportunities abound

    UNCTAD noted that land-based sectors like forestry and agriculture, where LDCs have considerable untapped potential, could provide significant carbon credits. The report estimates that emissions reductions from these sectors could equal 70 per cent of those from the global aviation industry in 2019, or around 2 per cent of global emissions.

    However, this opportunity requires viable carbon prices and accessible projects. A rate of $100 per ton is needed to make such projects profitable. Currently, LDCs are utilising just 2 per cent of their land-based mitigation potential, and without higher carbon prices, up to 97 per cent may remain untapped by 2050.

    Forging a path forward

    UNCTAD’s report calls for targeted actions to help LDCs benefit more fully from carbon markets. It recommends bolstering domestic frameworks with stronger regulatory capacity and systems for monitoring and reporting to ensure that communities directly benefit from the projects.

    The report also urges expanded international partnerships. Regional cooperation and South-South partnerships could help LDCs reduce costs and improve their positioning in carbon markets.

    Finally, capacity-building is key, with the report calling on development partners to provide resources to help least developed countries align carbon market projects with broader economic goals.

    These efforts could help least developed countries unlock significant climate potential, creating economic opportunities while advancing their climate goals, UNCTAD said.

    MIL OSI United Nations News –

  • MIL-OSI: Nokia Corporation: Repurchase of own shares on 05.03.2025

    Source: GlobeNewswire (MIL-OSI)

    Nokia Corporation
    Stock Exchange Release
    5 March 2025 at 22:30 EET

    Nokia Corporation: Repurchase of own shares on 05.03.2025

    Espoo, Finland – On 5 March 2025 Nokia Corporation (LEI: 549300A0JPRWG1KI7U06) has acquired its own shares (ISIN FI0009000681) as follows:

    Trading venue (MIC Code) Number of shares Weighted average price / share, EUR*
    XHEL 2,314,879 4.70
    CEUX 962,572 4.70
    BATE – –
    AQEU 215,318 4.70
    TQEX 150,000 4.70
    Total 3,642,769 4.70

    * Rounded to two decimals

    On 22 November 2024, Nokia announced that its Board of Directors is initiating a share buyback program to offset the dilutive effect of new Nokia shares issued to the shareholders of Infinera Corporation and certain Infinera Corporation share-based incentives. The repurchases in compliance with the Market Abuse Regulation (EU) 596/2014 (MAR), the Commission Delegated Regulation (EU) 2016/1052 and under the authorization granted by Nokia’s Annual General Meeting on 3 April 2024 started on 25 November 2024 and end by 31 December 2025 and target to repurchase 150 million shares for a maximum aggregate purchase price of EUR 900 million.

    Total cost of transactions executed on 5 March 2025 was EUR 17,116,279. After the disclosed transactions, Nokia Corporation holds 146,047,975 treasury shares.

    Details of transactions are included as an appendix to this announcement.

    On behalf of Nokia Corporation

    BofA Securities Europe SA

    About Nokia
    At Nokia, we create technology that helps the world act together.

    As a B2B technology innovation leader, we are pioneering networks that sense, think and act by leveraging our work across mobile, fixed and cloud networks. In addition, we create value with intellectual property and long-term research, led by the award-winning Nokia Bell Labs which is celebrating 100 years of innovation.

    With truly open architectures that seamlessly integrate into any ecosystem, our high-performance networks create new opportunities for monetization and scale. Service providers, enterprises and partners worldwide trust Nokia to deliver secure, reliable and sustainable networks today – and work with us to create the digital services and applications of the future.

    Inquiries:

    Nokia Communications
    Phone: +358 10 448 4900
    Email: press.services@nokia.com
    Maria Vaismaa, Global Head of External Communications

    Nokia Investor Relations
    Phone: +358 931 580 507
    Email: investor.relations@nokia.com

    Attachment

    The MIL Network –

  • MIL-OSI Economics: Canada initiates WTO dispute complaint regarding US tariff measures

    Source: WTO

    Headline: Canada initiates WTO dispute complaint regarding US tariff measures

    Canada claims the announced additional US ad valorem duties of 25 per cent on all non-energy goods and 10 per cent on energy goods originating in Canada are inconsistent with various provisions of the General Agreement on Tariffs and Trade (GATT) 1994 as well as the WTO’s Trade Facilitation Agreement.
    Further information is available in document WT/DS634/1
    What is a request for consultations?
    The request for consultations formally initiates a dispute in the WTO. Consultations give the parties an opportunity to discuss the matter and to find a satisfactory solution without proceeding further with litigation. After 60 days, if consultations have failed to resolve the dispute, the complainant may request adjudication by a panel.

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    MIL OSI Economics –

  • MIL-OSI Economics: China files revised dispute consultations request with United States on tariff measures

    Source: World Trade Organization

    China filed an addendum to its original request for consultations of 4 February 2025 (DS633) to include the increase of the additional US ad valorem duties imposed on all goods originating in China from 10 per cent to 20 per cent.

    Further information in document WT/DS633/1/Add.1.

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    MIL OSI Economics –

  • MIL-OSI USA: NEWS RELEASE: DBEDT REDUCES HAWAI‘I ECONOMIC GROWTH RATE TO 1.7 PERCENT FOR 2025

    Source: US State of Hawaii

    NEWS RELEASE: DBEDT REDUCES HAWAI‘I ECONOMIC GROWTH RATE TO 1.7 PERCENT FOR 2025

    Posted on Mar 5, 2025 in Latest Department News, Newsroom

    STATE OF HAWAIʻI

    KA MOKU ʻĀINA O HAWAIʻI

    DEPARTMENT OF BUSINESS, ECONOMIC DEVELOPMENT AND TOURISM

    KA ʻOIHANA HOʻOMOHALA PĀʻOIHANA, ʻIMI WAIWAI A HOʻOMĀKAʻIKAʻI

     

    RESEARCH AND ECONOMIC ANALYSIS DIVISION

     

    JOSH GREEN, M.D.
    GOVERNOR

    KE KIAʻĀINA

     

    JAMES KUNANE TOKIOKA

    DIRECTOR

    KA LUNA HOʻOKELE

     

    1. EUGENE TIAN

    CHIEF STATE ECONOMIST

     

    DBEDT REDUCES HAWAI‘I ECONOMIC GROWTH RATE TO 1.7 PERCENT FOR 2025

     

     

    FOR IMMEDIATE RELEASE

    March 5, 2025

    The Department of Business, Economic Development and Tourism (DBEDT) released its first quarter 2025 Statistical and Economic Report today. In the report, DBEDT adjusted its economic growth projections for 2025 to 1.7 percent, lower than the 2.0 percent projected in the previous quarter. The downward adjustment was mainly due to the expected slowdown in tourism growth, higher projected consumer inflation and increasing policy uncertainty at the national and international levels. Economic growth is expected to reach 2.0 percent in 2026 and to continue steady growth to 1.8 percent in 2028. The labor market is expected to remain stable, with low unemployment.

     

    The resilience of Hawaiʻi’s economic growth in the next few years will rely on the strong performance of construction, real estate, health care, professional services, and the continued recovery of tourism.

    Economic Recovery Status

    As measured by real gross domestic product (GDP), Hawai‘i’s economy rebounded to exceed pre-pandemic (first three quarters of 2019) levels by 1.5 percent during the first three quarters of 2024. Hawai‘i’s overall economy was fully recovered to pre-pandemic levels by the third quarter of 2023. By comparison, the U.S. economy has been fully recovered since the first quarter of 2021. Hawaiʻi was the second-slowest state in terms of economic recovery from the 2019 COVID recession. The U.S. economy was 12.6 percent higher than the 2019 level for the same indicator during the same period.

    While tourism-related sectors (Accommodation, Transportation, Retail Trade, Recreation, and Food Services) have only recovered to 94.5 percent of pre-pandemic levels as of the third quarter of 2024, non-tourism sectors have shown firm growth. Compared to real GDP in the last quarter of 2019, the Information sector has grown by 35.1 percent; the Professional, Scientific, and Technical Services sector by 25.0 percent; the Agricultural sector by 14.9 percent, and the Health Care and Social Assistance sector by 12.9 percent. The Wholesale Trade, Utilities, Accommodation and Food Services, and Other Services sectors are still below real GDP levels for the first three quarters of 2019.

    Compared to 2019, statewide non-agriculture annual average payroll jobs were still short by 20,900 jobs in 2024. However, Construction annual average payroll jobs were above 2019 levels by 4,000 jobs, Health Care and Social Assistance by 2,900, and Private Educational Services by 700. Job counts in all other sectors were still lower than the levels in 2019. Retail Trade lost the most jobs at 6,900, followed by Financial Activities at 3,200, and Accommodations at 3,000.

    During 2024, total visitor arrivals recovered 93.3 percent from the levels of 2019. Visitors from the U.S. increased by 6.7 percent, while international visitor recovery was 64.9 percent. The recovery rate of Japanese visitors was 45.7 percent and for Canadian visitors, the recovery rate was 80.2 percent.

    Visitor arrivals to the island of Maui during 2024 were 76.6 percent of the level in 2019. Arrivals to O‘ahu were at 94.5 percent and arrivals to Hawai‘i Island were at 98.0 percent of the same period 2019 levels. Visitor arrivals to Kaua‘i were flat between the two periods.

    Construction Industry Continues Booming

     

    Statistics in the construction industry were great in 2024 and will have positive impacts on activities in 2025 and beyond. DBEDT estimates that construction activity in 2025 will be stronger than previously expected for several reasons:

    1. The value of all building permits approved in 2024 increased by 27.1 percent from 2023 and most of these projects will be under construction in 2025.
    2. The number of residential housing units authorized in 2024 increased by 78.1 percent as compared with 2023, and it was the highest in the past 17 years.
    3. Construction completed as measured by the state contracting tax base increased 20.3 percent during the first 10 months of 2024 from the same period in 2023. DBEDT estimated that total construction value in 2024 could be over $14 billion.
    4. Based on preliminary estimates, construction industry payroll jobs increased 9.2 percent in 2024 as compared with 2023.
    5. A significant number of government construction projects are either ongoing or in the pipeline to be started.
    6. More than 1,000 hotel units are either under construction or will start construction, with plans to open in 2025 and 2026.

     

     

    Home Sales and Prices Continue Increasing

     

    After declining 26 percent in 2023, Hawai‘i home sales as recorded at the Bureau of Conveyances increased 15.1 percent during 2024. Sales of single-family homes increased 14.3 percent and sales of condominium homes increased 15.9 percent. The average sale price of single-family homes was $1,093,445 during 2024, representing an 8.1 percent increase compared to 2023. The average sale price for condominium homes was $797,674, representing an increase of 5.7 percent from the year before.

     

     

    Tourism Industry Growth is Likely to Slow Down

     

    According to the airline schedules, total air seats to the state will decrease by 1.1 percent during the first 10 months of 2025. The decrease is mainly due to the decrease in flights from international locations, especially from Japan. The number of air seats on international flights is expected to decrease by 5.5 percent during the first 10 months of 2025 as compared with the same period in 2024. Air seats will decrease 5.5 percent from Japan, decrease 5.1 percent from Canada, and decline 3.2 percent from the Other Asia market, but will increase 1.7 percent from the Oceania market (Australia and New Zealand).

    The number of scheduled air seats from the continental U.S. is flat during the first 10 months of 2025, an increase of a mere of 0.1 percent. While air seats from the U.S. East will increase 2.7 percent, seats will decrease by 0.2 percent from the U.S. West market. Part of the decrease in the air seats from the U.S. West market is the result of flight consolidations between Alaska and Hawaiian Airlines after their merger.

     

     

    Labor Market Remains Stable

     

    In 2024, the unemployment rate decreased 0.1 percentage point from the previous year’s 3.0 percent, to reach 2.9 percent. According to the Bureau of Labor Statistics, Hawai‘i was among the 17 U.S. states without statistically significant unemployment rate changes from December 2023 to December 2024 (seasonally adjusted). Hawai‘i’s unemployment rate was the 10th lowest in the U.S. during 2024.

    In the fourth quarter of 2024, Hawai‘i’s non-agricultural wage and salary jobs averaged 645,800 jobs, an increase of 10,400 jobs or 1.6 percent from the same quarter of 2023.  In 2024, average non-agricultural wage and salary jobs increased 0.9 percent or 5,500 jobs from the previous year. The job increase in the fourth quarter of 2024 was due to job increases in both the private sector and the government sector. In that quarter, the private sector added about 8,600 non-agricultural jobs compared to the fourth quarter of 2023. The number of jobs increased the most in Construction, which added 3,400 jobs or 8.9%, followed by Health Care and Social Assistance, which added 2,100 jobs or 2.8 percent, Food Services and Drinking Places, which added 1,900 jobs or 2.9 percent, Professional and Business Services, which added 1,400 jobs or 2.0 percent, and Accommodations, which added 700 jobs or 1.8 percent in the quarter.

    The average number of weekly initial unemployment claims was 1,090 during 2024, lower than the weekly average experienced in 2019 at 1,200. All counties have seen decreased and stable unemployment claims, but the average weekly unemployment claims for Maui County numbered 204 during 2024, 42 percent higher than the 2019 level of 144.

    DBEDT expects that the labor market conditions will remain stable and that the unemployment rate will improve slightly in 2025.

    Consumer Inflation Remains High

    Honolulu consumer inflation, as measured by the Honolulu Consumer Price Index for Urban Consumers (CPI-U), was 4.4 percent in 2024, 1.4 percentage points higher than the state’s inflation rate in 2023. This measurement was 1.5 percentage points above the 2.9 percent U.S. inflation rate.

    In 2024, Honolulu consumer inflation was mainly driven up by Housing which increased 7.1 percent compared to 2023, and Food and Beverages (3.8 percent). Housing normally accounts for 50 percent of Honolulu consumer inflation.

    In January 2025, the Honolulu consumer inflation rate was at 4.1 percent, still higher than the U.S. consumer inflation at 3.0 percent. Honolulu consumer inflation in January 2025 was mainly in transportation (+6.8 percent), housing (+4.4 percent), and food and beverages (+4.4 percent).

    National and International Economic Conditions

    U.S. real GDP increased at an annual rate of 2.5 percent in the fourth quarter of 2024 compared to the fourth quarter a year ago, according to the latest estimate released by the U.S. Bureau of Economic Analysis. Real GDP increased 2.8 percent in 2024 from the 2023 annual level.

    Policy uncertainty with respect to the imposition of tariffs and potential trade wars have negatively impacted the U.S. and global outlook for growth and inflation.

    According to the most recent (February 2025) economic projections by the top 50 economic forecasting organizations published in Blue Chip Economic Indicators, U.S. economic growth is expected to be 2.2 percent in 2025 and 2.0 percent in 2026.

    In February 2025, compared to January 2025, the Blue Chip International Consensus Forecasts for economic growth have been revised downward for 2025 in Canada and for the European countries. It was revised upward (0.1 percentage point) for Japan. The projected Japanese exchange rate was maintained at around 148.1 yen per dollar in 2025.

    The Federal Reserve kept its fed funds rate (FFR) target unchanged at its January 28-29 FOMC meeting. The Federal Reserve cut its key interest rates twice last year, reducing the Federal Funds rate by 75 basis points to a range of 4.5 percent to 4.75 percent. The market expectations of the future number and magnitude of cuts by the Federal Reserve have been reduced in recent surveys. Inflation expectations have also been revised upward.

    Forecasting Results

     

    In the newly released report, DBEDT predicts that the economic growth rate for Hawai‘i, as measured by the year-over-year percentage change in real GDP, to slow down to 1.7 percent in 2025, reflecting policy uncertainty at the national and international levels. Economic growth is expected to reach 2.0 percent in 2026 and will show steady growth to around 1.8 percent in 2028.

     

    Visitor arrivals are projected to increase by 1.0 percent in 2025 and will grow at a stable pace of around 2 percent each year between 2026 and 2028. Full recovery in arrivals will not happen until 2028 when 10.4 million visitors will come to the state. Visitor spending is projected to be $21.3 billion in 2025 and is expected to increase to $23.7 billion by 2028.

     

    Non-agriculture payroll jobs are expected to grow by 1.2 percent in 2025, with growth of 1.1 percent, 1.0 percent and 0.9 percent in 2026, 2027, and 2028, respectively. A full recovery of non-agriculture payroll jobs is expected to occur in 2027, when the total will reach 658,800 jobs, surpassing the 2019 total of 658,600.

     

    The state unemployment rate is expected to be 2.9 percent in 2025 and will improve to 2.7 percent in 2026, and 2.6 percent in 2027 and 2028. Personal income is expected to grow at 4.9 percent in 2025, 4.8 percent in 2026, 4.6 percent in 2027 and 4.5 percent in 2028.

     

    As measured by the Honolulu Consumer Price Index for Urban Consumers, inflation is expected to be at 3.9 percent in 2025, which is higher than the projected U.S. consumer inflation rate of 2.7 percent for the same year. Hawai‘i consumer inflation is expected to decrease to 2.9 percent by 2028.

     

    Hawai‘i’s population is expected to increase by 0.2 percent each year for 2025 and 2026 and at 0.3 percent each year for 2027 and 2028.

     

     

    Statement of DBEDT Director James Kunane Tokioka

    While the domestic and international economic outlook has become more uncertain, we expect Hawai‘i’s economy to demonstrate resiliency. In addition to firm performance in the construction industry, we will continue to see growth in other industries including professional services and healthcare. We expect that the tourism industry will continue to recover in the next few years, even if at a slower pace than previously anticipated.

     

    With the income tax reform and the increase in the supply of affordable housing, we expect that living in our state will be more affordable and support our state’s workforce formation and retention.

     

    The full report is available at dbedt.hawaii.gov/economic/qser/.

     

    # # #

     

    Media Contacts:

    Dr. Eugene Tian

    Research and Economic Analysis Division

    Department of Business, Economic Development and Tourism
    Phone: 808-586-2470
    Email:     [email protected]

     

    Laci Goshi

    Department of Business, Economic Development and Tourism

    Cell: 808-518-5480

    Email: [email protected]

    MIL OSI USA News –

  • MIL-OSI Asia-Pac: 12th Regional 3R and Circular Economy Forum in Asia and the Pacific Concludes with the unanimous adoption of Jaipur Declaration by member countries

    Source: Government of India (2)

    12th Regional 3R and Circular Economy Forum in Asia and the Pacific Concludes with the unanimous adoption of Jaipur Declaration by member countries

    India’s proposal to float a multi stakeholder global alliance Cities Coalition for Circularity ( C-3) as a collaborative platform for knowledge sharing.

    The Forum saw the physical participation of 24 Asia Pacific member countries and nearly 200 international delegates

    Posted On: 05 MAR 2025 7:55PM by PIB Delhi

    The 12th Regional 3R and Circular Economy Forum in Asia and the Pacific concluded today with the unanimous adoption of the ‘Jaipur Declaration’ by the member countries.

    A guidance document has been prepared to suggest indicative strategies to countries as per national policies, circumstances and capabilities.

    As part of the Jaipur declaration, a collaborative knowledge platform as a global alliance C-3 ( Cities Coalition for Circularity ) has also been agreed upon.

    Jaipur Declaration speaks about different waste streams and circular economy goals for each of them. It speaks about the resource efficiency and sustainable material consumption. The declaration also covers informal sectors, gender issue and labour issues.

    It also provides for means of implementation, partnerships, technology transfer, funding mechanism and research and development.

    In his closing remarks, Union Minister Shri Manohar Lal said that Jaipur Declaration’ that has been adopted today is a testament to this shared commitment. I am glad this decadal declaration will be associated with the name of ‘Jaipur’ and even though it is non-binding, it will guide our country and all member nations of the Asia Pacific towards a circular transition.

    He also said that  based on our principle of “One Earth, One Family, One Future”, India will take the lead in formation of the Cities Coalition for Circularity (C-3) and  invited all UN member countries to join this coalition.

    Minister of State, Ministry of Housing and Urban Affairs , Shri Tokhan Sahu said that  the 12th Regional 3R and Circular Economy Forum for Asia and the Pacific has been a historic moment.

    He added “Over the past days, we have engaged in crucial discussions and deliberations on environmental conservation, sustainable resource utilization, and waste management to build a better future.”

    He also said that in today’s era, the concept of 3R (Reduce, Reuse, Recycle) and the circular economy is not just an option but a necessity.

    Prof. Amit Kapoor, Chair, Institute for Competitiveness, University of Stanford, delivered a special address on implementing circularity of solid and liquid waste for the largest human congregation at Maha Kumbh in Prayagraj, India. He shared key preliminary findings of an in-depth study that explores sustainable waste management solutions for the event, focusing on innovative approaches, scalability, and best practices to ensure environmental sustainability while managing millions of pilgrims.

    Click here for findings

    About the event

    The 12th Regional 3R and Circular Economy Forum in Asia and the Pacific was organized from 3rd to 5thMarch 2025 at Rajasthan International Centre, Jaipur.The theme of the Forum is  “Realizing Circular Societies Towards Achieving SDGs and Carbon Neutrality in Asia-Pacific.

    Participation in the event

    The 12th Regional 3R and Circular Economy Forum in Asia and the Pacific witnessed high-level participation, with the Hon’ble Union Minister of Housing and Urban Affairs Shri Manohar Lal inaugurating the event alongside ministers from Rajasthan, Madhya Pradesh, Uttarakhand, and Haryana.

    The forum saw the physical participation of 24 Asia-Pacific member countries, with ministers from Japan, Solomon Islands, Tuvalu, and Maldives attending in person. Nearly 200 international delegates, including government officials, experts, and private sector representatives, joined the discussions. From India, 800 delegates from 33 States & UTs, 15-line ministries, private sector, and technical institutions took part. The event had representation from 75 cities (9 international and 66 Indian cities).

    The forum featured 120 speakers contributing to 29 plenary sessions, 10 thematic sessions, 6 country breakout sessions, and 7 side events. To ensure broader participation, a virtual platform was also created for stakeholders across India and internationally.

    On the Inaugural day the 12th Regional 3R and Circular Economy Forum in Asia and the Pacific featured key announcements and initiatives aligned with India’s commitment to sustainability and circular economy principles.

    The Hon’ble Prime Minister’s message, presented during the inaugural session, emphasized India’s Pro Planet People (P-3) approach. To advance this vision, the Cities Coalition for Circularity (C-3) was proposed as an Indian-led multi-stakeholder, multi-nation alliance to facilitate knowledge sharing, city-to-city collaboration, and private-sector partnerships through a digital platform.

    A major milestone was the rollout of CITIIS 2.0, a Union Cabinet-approved program under which ₹1,800 crores worth of agreements were signed for integrated waste management and climate action in 18 cities across 14 states.

    The forum also marked the inauguration of the ‘India Pavilion’ and the ‘3R Trade and Technology Exhibition’, showcasing India’s achievements in the 3R and circular economy space. The exhibition provided a platform for over 40 Indian and Japanese businesses and startups to present innovative solutions.

    Engaging sessions such as the ‘Mayors’ Dialogue’ and ‘Case Clinic’ fostered deeper collaboration, while NGOs and self-help groups showcased waste-to-wealth initiatives, promoting sustainability-driven entrepreneurship and community engagement.

    On the second day of the 12th Regional 3R and Circular Economy Forum in Asia and the Pacific witnessed a significant announcement with India declaring its candidacy to host the World Circular Economy Forum (WCEF) 2026, following São Paulo, Brazil, in 2025. The announcement was made during a special session attended by Hon’ble Union Minister for Environment, Forest and Climate Change, Shri Bhupender Yadav, and the Hon’ble Minister from Andhra Pradesh. The forum also hosted plenary sessions, country breakout sessions, and side events, including discussions on India’s pathways to a circular economy, highlighting efforts in waste management and sustainability.

    Key outcomes included the launch of several initiatives such as the SBM Waste to Wealth PMS Portal, IFC Document Reference Guide, and India’s Circular Sutra, a compendium of 126 best practices compiled by the National Institute of Urban Affairs (NIUA). Additionally, a study on best practices in solid waste management in million-plus cities, prepared by CEEW, was released. A crucial MoU was signed between CSIR and MoHUA to advance scientific research and innovation in circular economy solutions. Delegates also participated in technical field visits to solid and liquid waste management facilities and key heritage sites in Jaipur, gaining firsthand insights into sustainable urban practices.

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    SK

    (Release ID: 2108605) Visitor Counter : 45

    MIL OSI Asia Pacific News –

  • MIL-OSI Europe: Germany: INERATEC secures €70 million financing commitment for Europe’s largest e-Fuel-production plant in Frankfurt

    Source: European Investment Bank

    Ineratec

    • INERATEC agrees up to €40 million venture debt loan with the European Investment Bank and up to €30 million grant from Breakthrough Energy Catalyst to scale-up its e-Fuel production capabilities
    • Landmark investment follows EU-Catalyst Partnership initiated in 2021 and supported by the Innovation Fund through the InvestEU Programme.
    • Backing demonstrates European commitment to clean energy innovation and follows earlier Horizon 2020 support

    Sustainable e-Fuel production pioneer INERATEC today formally agreed a  €40 million venture debt loan with the European Investment Bank (EIB) and €30 million grant with Breakthrough Energy Catalyst. The combined €70 million backing will finance construction of Europe`s largest sustainable e-Fuel production plant in Frankfurt and e-Fuel research and development of future, key steps in decarbonising aviation.

    The new e-Fuel financing was announced at the EIB-Group-Forum taking place this week in Luxembourg and underscores the strategic importance of e-Fuels in decarbonizing hard-to-abate sectors such as aviation. The new investment will enable INERATEC to scale up production capacity and commercialize its innovative reactor technology, which converts green hydrogen and CO2 into synthetic aviation fuel. The committed project funding, confirmed earlier this year, represents a significant step in commercialisation of INERATEC’s Power-to-Liquid technology, accelerating the transition towards a net-zero future.

    Transforming the Energy Landscape with e-Fuels

    INERATEC’s production process uses hydrogen, which is then combined with CO2 from biogenic sources like biogas plants or industrial emissions, using INERATEC’s Power-to-Liquid technology. This approach enables the production of synthetic crude oil, which can be processed into a range of synthetic fuels, including Sustainable Aviation Fuel (SAF), marine fuels and e-Diesel. The use of CO2, which would otherwise be released into the atmosphere, reduces the carbon-footprint of the fuel and will help to cut carbon emissions.

    At the production site outside Frankfurt, the main feedstock is supplied from the industrial park: the CO2 comes from a biogas plant that recycles waste, and the hydrogen is a by-product from an existing chlorine production facility. By utilizing compact and modular production units, INERATEC’s approach ensures efficient scalability and adaptability to different production sites.

    Beyond sustainable fuels for aviation, the synthetic oil that INERATEC produces can also be used as a base chemical for different sustainable products like plastics. This extends the contribution of INERATEC’s technology to sustainable supply for the chemical industry.

    Scaling Up to Meet Market Demand

    After building and operating plants at demonstration and industrial pilot scale, INERATEC now focuses on scaling up production and optimizing commercial deployment. The funding commitment backed by the EIB and Breakthrough Energy Catalyst will enable the company to deliver commercial-scale production, ensuring a steady supply of e-Fuels to meet increasing market demand and is critical in making synthetic fuels economically viable.  

    The plant will produce up to 2,500 tons of e-Fuel annually that will be delivered to the aviation sector, among others. One long haul flight between Frankfurt and New York uses 80 tons of kerosene. e-SAF from INERATEC could make flying on this route more sustainable by replacing fossil kerosene fully or partially on many flights. This clearly shows the importance of increasing the e-SAF production capacities beyond a pioneer plant. 

    The political requirement to shift to more sustainable forms of energy is supported by the European ReFuelEU Aviation-regulation which requires Airlines to use a minimum e-SAF blend of 1.2% by 2030, creating market opportunities.

    Bridging Innovation and Climate Goals

    The collaboration between INERATEC and the EU-Catalyst Partnership demonstrates how public and private sector partnerships can drive the commercialization of innovative and clean climate technologies. By building on past EU grant support and leveraging new investment mechanisms, this partnership provides a blueprint for scaling up other clean energy solutions.

    Accordingly, it shows the EU’s commitment to support innovative technologies that will help EU industry becoming cleaner and stay competitive. The lending by the EIB is made possible thanks to the support of the InvestEU programme, which is backed by an Innovation Fund top-up guarantee. The Innovation Fund is financed by the EU Emissions Trading System.

    The transformation of the European industry to clean technologies is being driven by a number of technological innovations, including the efficient production of hydrogen. EIB supports the latter by also funding an electrolysis-project by the Dresden-based start-up Sunfire. Sunfire and INERATEC were partners in a research project in 2019, when both enterprises for the first time demonstrated the production of sustainable e-Fuels from air-captured CO2 and solar power in a fully integrated plant.

    EIB Vice-President Nicola Beer said: “The EIB is committed to a competitive net-zero economy, especially in hard-to-decarbonize sectors like aviation. Through partnerships such as the EU-Breakthrough Catalyst initiative, we’re enabling a green transition for transport and are ultimately contributing to making prices of e-Fuels more economical.”

    Mario Fernandez, Head of Breakthrough Energy Catalyst: “INERATEC is on a promising path towards demonstrating that e-fuels can be economically produced at scale with the support of catalytic funding. Decarbonizing aviation requires real-world projects to drive down costs and crowd in investment. Breakthrough Energy Catalyst is proud to partner with INERATEC to accelerate deployment and unlock the potential to make e-fuels a reality.”

    INERATEC CEO Dr. Tim Boeltken commented: “This funding marks a new era for INERATEC. With the funding commitment from the EIB and Breakthrough Energy Catalyst, we are accelerating the industrialization of e-Fuel production. This will make a tangible impact in reducing CO2 emissions in sectors where direct electrification is not feasible. The focus now is on scaling up and deploying our technology where it is needed most.”

    Background information

    The EU-Catalyst partnership was launched in 2021 at COP26 in Glasgow by EU-President Ursula von der Leyen, EIB-President Werner Hoyer and Bill Gates, with the aim to develop large-scale green tech projects based in Europe and boost investments in critical climate technologies. The Partnership creates a blueprint for public-private support for clean tech innovative technologies.

    The European Investment Bank, as implementing partner of the Commission under InvestEU, has been tasked to deploy for the benefit of this partnership up to €420 million, made available from both Horizon Europe (EUR 200 million), and the Innovation Fund, which has committed EUR220 million. Breakthrough Energy Catalyst mobilizes equivalent private capital and philanthropic grants to fund the selected projects. The EU-Catalyst Partnership does not exclude potential additional contributions from EU Member States or other private partners that decide to further support the projects. Interested projects can apply for support through the Breakthrough Energy Catalyst website.

    The European Investment Bank (ElB) is the long-term lending institution of the European Union, owned by its Member States. It finances investments that contribute to EU policy objectives. EIB projects bolster competitiveness, drive innovation, promote sustainable development, enhance social and territorial cohesion, and support a just and swift transition to climate neutrality. The EIB Group, which also includes the European Investment Fund (EIF), signed a total of €88 billion in new financing for over 900 projects in 2023.

    All projects financed by the EIB Group are in line with the Paris Climate Accord. The EIB Group does not fund investments in fossil fuels. We are on track to deliver on our commitment to support €1 trillion in climate and environmental sustainability investment in the decade to 2030 as pledged in our Climate Bank Roadmap. Over half of the EIB Group’s annual financing supports projects directly contributing to climate change mitigation, adaptation, and a healthier environment.

    High-quality, up-to-date photos of our headquarters for media use are available here.

    Breakthrough Energy is committed to accelerating the world’s journey to a clean energy future. The organization funds breakthrough technologies, advocates for climate-smart policies, and mobilizes partners around the world to take effective action, accelerating progress at every stage.

    Breakthrough Energy Catalyst is a novel platform that funds and invests in first-of-a-kind commercial projects for emerging climate technologies. By investing in these opportunities, Catalyst seeks to accelerate the adoption of these technologies worldwide and reduce their costs.

    Catalyst currently focuses on five technology areas: clean hydrogen, sustainable aviation fuel, direct air capture, long-duration energy storage, and manufacturing decarbonization. In addition to capital, Catalyst leverages the team’s energy-infrastructure-investing and project-development expertise to work with innovators on advancing their projects from the development stage to funding and ultimately, to construction. Learn more about Breakthrough Energy and Catalyst at breakthroughenergy.org.

    The InvestEU programme provides the European Union with crucial long-term funding by leveraging substantial private and public funds to mobilise private investments for the European Union’s policy priorities, such as the European Green Deal. The programme consists of three components: the InvestEU Fund, the InvestEU Advisory Hub and the InvestEU Portal. The InvestEU Fund is implemented through financial partners that will invest in projects leveraging the EU budget guarantee of €26.2 billion. To this amount, further guarantees have been added from the EU’s Horizon programme and the Innovation Fund to support initiatives such as the EU-Catalyst partnership. 

    The entire budget guarantee will back the investment projects of the implementing partners, increase their risk-bearing capacity and thus mobilise at least €372 billion in additional investment.  

    EIB venture debt is a quasi-equity investment product suitable for early and growth stage ventures, combining a long-term loan with an instrument linking the return to the performance of the company. Since 2015, the EIB has invested €6 billion in Venture Debt, backing over 200 companies and realising over 50 exits. With the backing of InvestEU, the EIB aims to support European ventures and scale-ups in the cleantech, deep-tech and life sciences sectors.

    The Innovation Fund: With an estimated revenue of €40 billion from the EU Emissions Trading System between 2020 and 2030, the Innovation Fund aims to support innovative net-zero technologies and support Europe’s transition to climate neutrality. The Innovation Fund contributes a €220 million top-up guarantee to the InvestEU Programme for the EU Catalyst Partnership, having enabled until now more than €100 million in lending from EIB.

    INERATEC is committed to defossilizing and decarbonizing the world. The company produces e-Fuels and e-chemicals: carbon-neutral fossil fuel substitutes for use in the aviation, shipping and chemical industries.

    Its modular, scalable plants use renewable hydrogen and biogenic CO2 to produce synthetic kerosene, gasoline, diesel, waxes, methanol or natural gas. It is building what will be the world’s largest e-fuels plant to date, in Frankfurt, which will produce up to 2,500 tonnes of ultra-low-carbon aviation fuel per year. The company is based in Karlsruhe, Germany and backed by diverse international investors.

    Ineratec Power-To-X (IEU GT2) – Catalyst
    INERATEC secures €70 million financing commitment for Europe’s largest e-Fuel-production plant in Frankfurt
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    Ineratec Power-To-X (IEU GT2) – Catalyst
    INERATEC secures €70 million financing commitment for Europe’s largest e-Fuel-production plant in Frankfurt
    ©Ineratec
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    Ineratec Power-To-X (IEU GT2) – Catalyst
    INERATEC secures €70 million financing commitment for Europe’s largest e-Fuel-production plant in Frankfurt
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    MIL OSI Europe News –

  • MIL-OSI: The Future of Trading: Global Intertec Delivers Cutting-Edge Investment Tools

    Source: GlobeNewswire (MIL-OSI)

    London, UK, March 05, 2025 (GLOBE NEWSWIRE) — Global Intertec, a leading trading firm specializing in stocks and bonds, has unveiled its latest suite of investment tools designed to enhance market intelligence and optimize trading strategies. With a focus on data-driven analytics, risk management solutions, and AI-powered forecasting, these innovations are set to redefine the way institutional and retail investors navigate today’s evolving financial landscape.

    As global markets experience increased volatility and rapid technological advancements, investors require more precise, real-time decision-making capabilities. Global Intertec’s new trading tools leverage advanced analytics and automation to help traders make informed investment decisions and improve portfolio performance across multiple asset classes.

    Empowering Traders with Next-Gen Investment Technology

    The demand for AI-enhanced trading tools and market intelligence solutions continues to grow as investors seek ways to mitigate risk and capitalize on emerging opportunities. Global Intertec is at the forefront of this evolution, offering sophisticated financial instruments tailored for both institutional clients and individual traders.

    A senior executive at Global Intertec commented, “Our mission is to provide traders with powerful, intuitive investment tools that enhance decision-making and optimize market strategies. The introduction of our latest technology is a major step toward smarter, more efficient trading in stocks and bonds.”

    Key Features of Global Intertec’s Advanced Trading Tools

    • Real-Time Market Analytics – Providing live trading data and market insights to help investors make faster, more informed decisions.
    • AI-Driven Predictive Models – Leveraging machine learning and historical trends to improve market forecasting accuracy.
    • Automated Risk Management – Offering sophisticated tools to manage portfolio exposure and mitigate downside risks.
    • Multi-Asset Trading Support – Covering stocks, bonds, and other financial instruments to provide comprehensive investment strategies.
    • Data-Backed Decision Making – Delivering actionable insights based on quantitative analysis and macroeconomic trends.

    Bridging Innovation with Trading Efficiency

    Global Intertec’s commitment to innovation is shaping the future of institutional trading and portfolio management. By integrating AI technology, real-time analytics, and automated trading solutions, the company continues to empower investors with next-generation financial intelligence.

    With the rise of algorithmic trading and demand for enhanced market data, Global Intertec remains focused on expanding its investment research capabilities and risk management frameworks to meet the needs of modern traders.

    Looking Ahead: The Future of Trading with Global Intertec

    As financial markets become increasingly complex, Global Intertec is dedicated to developing more intelligent trading solutions. Future innovations will include:

    • Expanded Market Trend Analysis – Incorporating deeper insights into global economic shifts and investor sentiment tracking.
    • Enhanced Portfolio Optimization Tools – Using AI to refine investment allocations and risk assessments.
    • Integration with Algorithmic Trading Systems – Providing institutional clients with automated strategy execution capabilities.

    With a commitment to advancing financial technology, Global Intertec continues to lead the way in modernizing the stock and bond trading industry.

    About Global Intertec

    Global Intertec is a trading firm specializing in stocks and bonds, market analysis, and investment strategy development. The company provides data-driven trading solutions that empower institutional investors and retail traders to optimize market strategies and manage risk effectively.

    Disclaimer: This press release is for informational purposes only and does not constitute financial advice. Trading stocks and bonds involves risk, and past performance does not guarantee future results. Investors should conduct their own research or consult a financial professional before making any investment decisions.

    The MIL Network –

  • MIL-OSI Global: How the EU is preparing to play hardball in the face of Donald Trump’s tariff threats

    Source: The Conversation – UK – By Magdalena Frennhoff Larsén, Associate Professor in Politics and International Relations, University of Westminster

    US president Donald Trump sees himself as a born negotiator with a knack for driving a hard bargain and striking a good deal. When it comes to trade, his approach is clearly positional, and negotiations are treated as zero-sum games with winners and losers.

    Imposing tariffs – or threatening to do so – is his preferred way of exerting influence over US trading partners. While tariffs are unilaterally imposed – and not the result of negotiations – they can be interpreted as an opening gambit to gain leverage in trade negotiations further down the line.

    Since taking office, Trump has already announced a series of sweeping new tariffs, including an across-the-board steel and aluminium tariff to be effective from March 12.

    He has also presented the “fair and reciprocal plan” aimed at correcting any trade imbalances facing the US, including the EU’s trade surplus in cars. And most recently, he threatened to impose 25% tariffs on all imported goods from the EU.

    As the biggest trading partner of the US, the EU is concerned. Yet the EU is also a formidable negotiator.

    Negotiations are very much part of the EU’s DNA. They are the bloc’s preferred way of engaging with third countries, and in trade the European Commission negotiates on behalf of the member states, projecting a unified EU front. With more trade agreements in place than any other country or regional bloc, it is considered a champion of a liberal global trade order.

    Unlike Trump, the EU prefers a more open approach. Negotiations are considered win-win games, with a focus on relation-building and trying to understand where the other party comes.

    Its response to the provocation from Washington has been rapid and strategic. Even so, the EU has already found that the only option with Trump is to play him at his own game.

    The art of other deals

    Sticking with what it knows best, the EU has hurried to conclude trade negotiations with other partners to offset some of the economic losses resulting from potential US tariffs, and to demonstrate its continued commitment to trade liberalisation and international cooperation.

    Since Trump’s election, the EU has finalised negotiations for a groundbreaking trade deal with Mercosur – a South American trade bloc bringing together Argentina, Brazil, Paraguay and Uruguay. This agreement –- if ratified – will create a market of 800 million citizens and boost trade and political ties between the two regions.

    Indirectly rejecting Trump’s “America first” approach, Commission president Ursula von der Leyen, stressed how the EU-Mercosur agreement is a political necessity, “bringing together like-minded partners that believe in openness and cooperation as engines of economic growth”.

    The EU has also concluded negotiations on trade agreements with Switzerland and Mexico, relaunched negotiations for a comprehensive free trade agreement with Malaysia, and is aiming for a trade deal with India this year.

    This reaction is similar to the EU’s response to the isolationist approach taken by Trump during his first administration. Most significantly, it then reached an extensive free trade agreement with Japan.

    Cecilia Malmström, the EU trade commissioner at the time, highlighted how the EU and Japan were “”sending a strong signal to the world that two of its biggest economies still believe in open trade, opposing both unilateralism and protectionism”.

    It was also the first time the EU used a trade agreement to commit to the Paris agreement on climate change – a commitment that was replicated in the EU-Mercosur agreement. This again, was a way of taking a stance against Trump’s broader rejection of multilateralism and withdrawal from the Paris agreement.

    Although not intentionally, Trump has triggered an expansion of the EU’s network of trade agreements. But while these are significant, they cannot fully protect the EU from the effects of US-imposed tariffs. After all, the EU and the US are each other’s largest trading partners, and they have the world’s most integrated economic relationship.

    For that reason, the EU has engaged in intensive diplomacy to try to avert the looming tariffs, and to lure the US to the negotiating table. It has expressed openness to lowering tariffs on industrial goods, including cars, while insisting such a move needs to form part of a broader negotiated deal, compatible with the rules of the WTO. However, these efforts have been to no avail.

    This has left the EU with no choice but to adopt Trump’s positional approach and threaten to impose retaliatory measures. In response to the economic pressure exerted by Trump in his first term, the EU has expanded its arsenal of punitive measures, including an anti-coercion instrument that allows for rapid retaliation.

    There has long been strong resistance to use such measures as it runs counter to the EU’s traditionally open negotiating approach, but the tone in Brussels has now hardened.

    A tit-for-tat tariff war would negatively affect businesses and consumers on both sides of the Atlantic. During his first term Trump imposed tariffs on steel and aluminium, and the EU responded with targeted tariffs on goods, such as American whiskey and jeans.

    This was followed by a political agreement, opening the door for trade talks. While a trade deal never materialised, it demonstrates how both the US and the EU recognised the need for a de-escalation of the dispute, and a return to the negotiating table.

    This time around, the looming tariffs are more comprehensive, and they would have more far-reaching implications. The question is how long – and how damaging – the trade war will be before the parties return to the negotiating table. After all, that’s where you reach a deal.

    Magdalena Frennhoff Larsén 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. How the EU is preparing to play hardball in the face of Donald Trump’s tariff threats – https://theconversation.com/how-the-eu-is-preparing-to-play-hardball-in-the-face-of-donald-trumps-tariff-threats-251506

    MIL OSI – Global Reports –

  • MIL-OSI USA: Cassidy, Peters Introduce Bill to Protect Americans’ DNA, National Security

    US Senate News:

    Source: United States Senator for Louisiana Bill Cassidy
    WASHINGTON – U.S. Senators Bill Cassidy, M.D. (R-LA) and Gary Peters (D-MI) introduced the Genomic Data Protection Act to give Americans using at-home DNA tests the choice to delete their genomic data and destroy their biological samples. Around 21% of Americans have taken a mail-in a DNA test from a direct-to-consumer genomic testing company. The absence of privacy protections allows for the potential selling of American’s data, posing a risk to consumers and the country’s national security if a bad actors obtains the information.
    “Americans want to know what happens to their data after an at-home DNA test,” said Dr. Cassidy. “Let’s give them control over their own genomic data. It should be private if they want it to be.”
    “American citizens should have the right to control how their unique health and genetic information is being used and stored,” said Senator Peters. “This bill would give consumers the power to access their personal genomic data, delete it from a company’s platform, and ultimately destroy it if they choose.”
    Arizona, California, Kentucky, Maryland, Montana, Tennessee, Texas, Utah, Virginia, and Wyoming have consumer protections related to the genomic data held by direct-to-consumer genomic testing companies. However, there is no federal framework that empowers Americans to protect the privacy of their personal genomic data. The legislation tasks the Federal Trade Commission with enforcing the Genomic Privacy Protection Act.  
    The Genomic Data Protection Act would: 
    Require direct-to-consumer genomic testing companies to enable a consumer to access their genomic data, delete their genomic data, and destroy their biological samples;
    Require direct-to-consumer genomic testing companies to notify consumers about the upcoming purchase or acquisition of a direct-to-consumer genomic testing companies and remind consumers of their rights to access, delete, and destroy their genomic data and biological sample;
    Require direct-to-consumer genomic testing companies to process deletion requests within 30 days. The companies must also notify consumers that their request was processed 30 days after the data was deleted; and,
    Stipulate that deidentified data can only be used for medical research in compliance with Health Insurance Portability and Accountability Act (HIPPA).

    MIL OSI USA News –

  • MIL-OSI USA: Senator Marshall Releases Statement After President Trump’s Joint Address to Congress

    US Senate News:

    Source: United States Senator for Kansas Roger Marshall
    Washington – U.S. Senator Roger Marshall, M.D. (R-Kansas) released the following statement on President Donald Trump’s address to a joint session of Congress last night.
    “The theme of last night’s speech was ‘Renewal of the American Dream,’ and it could have also been called ‘Promises Made, Promises Kept,’” said Senator Marshall. “Since he took office, President Trump has been working hard to deliver on the promises he made during the 2024 election. His Administration is securing our border, deporting criminal aliens, eliminating waste, fraud, and abuse through the DOGE initiative, strengthening our economic position across the world through reciprocal tariffs and trade agreements, and pushing for an end to the destructive war in Ukraine.”
    “Kansans will benefit directly from these amazing America First achievements,” continued Senator Marshall. “With the confirmation of fighters for rural America like Secretary of Agriculture Brooke Rollins and U.S. Trade Representative Jamieson Greer, we will secure new markets for our hard-working farmers and ranchers to export their goods and ensure that American taxpayer dollars serve American interests and workers first.”
    The President’s topline achievements to date in his second term include:
    Eliminating over $100 billion in government waste, fraud, and abuse through the Department of Government Efficiency (DOGE)
    Shutting down border crossings, with record low attempts in February
    Terminating all taxpayer-funded public benefits for illegal aliens
    ICE increasing arrest rates of illegals by over 600%
    Signing the Laken Riley Act into law, which requires illegal immigrants arrested or charged with theft or violence to be detained
    Securing nearly $2 trillion in new investments and bringing manufacturing back to America
    Investing $1 billion for the U.S. Department of Agriculture (USDA) to combat Avian Flu and reduce egg prices
    Fulfilling his promise to make America energy independent with more energy companies announcing increases in production
    Restoring American strength on the world stage by freeing hostages, eliminating terrorists, and pushing for peace in Europe
    Ending the radical, un-American indoctrination of America’s children by eliminating support for radical gender ideology and equity ideology, and protecting parents’ rights
    Eliminating discriminatory Diversity, Equity, and Inclusion (DEI) offices, employees, and practices and returning to merit-based hiring
    Restoring common sense to America by successfully pushing for athletic leagues to remove biological men from women’s sports
    Ensuring the official policy of the U.S. government declares there are only two genders
    Calling on hospitals around the nation to cease distribution of puberty blockers
    All the while, Democrats refused to stand up and applaud common sense actions that the majority of Americans support, including:
    The capturing of an ISIS terrorist that masterminded the Abbey Gate attack
    A call to lower taxes for middle-class Americans
    Protecting women’s sports
    Unleashing American energy
    Ending waste, fraud, and abuse in government
    Ending taxes on tips, overtime, and Social Security

    MIL OSI USA News –

  • MIL-OSI United Kingdom: Updates to National Technical Specification Notices for rail interoperability

    Source: United Kingdom – Executive Government & Departments

    Written statement to Parliament

    Updates to National Technical Specification Notices for rail interoperability

    Following a comprehensive review, the government will publish updates to 7 NTSNs.

    The government will shortly publish updates to 7 National Technical Specification Notices (NTSNs) for Great Britain’s (GB) railway. This follows a comprehensive review aimed at improving standards for the safety, reliability, technical compatibility, accessibility and environmental protection of our railway.

    NTSNs set mandatory technical requirements and procedures for the design, build, operation and maintenance of rail vehicles, infrastructure and components. NTSNs apply to both passenger rail and freight on both the conventional mainline and high-speed rail networks (HS1 and HS2) as well as the UK section of the Channel Tunnel.

    NTSNs replaced EU regulations called Technical Specifications for Interoperability (TSIs). Britain’s railways were built with significant technical differences from those of continental Europe, meaning that full alignment with TSIs was never possible. In several cases, while an EU member state, we had to make use of national specific cases and exemptions from TSI requirements, both of which are permitted within the EU framework.

    The European Commission updated these regulations in 2023, prompting the UK to consider the benefits of adopting similar requirements or taking a different approach. This also presented an opportunity to fix many issues within the current NTSN requirements.

    Department for Transport (DfT) officials worked closely with industry through working groups and consultations facilitated by the Rail Safety and Standards Board (RSSB) to review the newly published TSIs, so that our decisions on NTSNs could be informed by those who will apply them. RSSB submitted recommendations for change in 2024, reflecting the balance of views of its industry members.

    RSSB’s review found benefits in maintaining consistency with TSIs on technical requirements for the design and manufacture of rail products. This will be critical in ensuring that the rail industry continues to benefit from international supply chains and from the deployment of new rail technology being rolled out across Europe. Additionally, the review identified some areas where taking a different approach from TSIs would reduce or avoid costs, improve clarity, and deliver a safer, more interoperable and accessible railway in Great Britain.

    The previous government committed to informing Parliament through a written ministerial statement if it planned to diverge substantively from TSIs, and we intend to honour this commitment. However, it is in the interest of Britain’s rail industry that we retain the ability to act quickly to correct problems, for example where requirements prove unworkable, stakeholders find errors or where safety authorities identify an urgent need for change.

    I should therefore clarify that, for the purpose of that commitment, we are now defining substantive divergence as any new difference between TSIs and NTSNs that could prevent a product from complying with both sets of standards. We understand that this was Parliament’s concern when this commitment was made, and that Parliament wished to avoid placing additional costs on manufacturers operating in both the UK and EU markets by requiring separate production lines for each market.

    Five NTSN specifications will meet the definition of substantive divergence from EU TSIs. Two will maintain higher accessibility requirements for train doors and seats, and one will maintain a higher safety requirement for a key train driving component. This will mean that meeting the TSIs’ specifications will not necessarily mean that the NTSNs’ higher specifications are met. The other 2 changes will set more pragmatic requirements for freight wagon brakes and electric train pantographs, meaning that products meeting the NTSNs’ specifications will not necessarily meet the requirements in the TSI.

    We will also make other changes that will differ from TSIs but do not meet our definition of substantive divergence. These changes mainly concern operational requirements, processes and responsibilities for building, enhancing and maintaining the GB mainline railway, or for integrating equipment within the rail system. Differing from the TSIs in these areas will reduce or avoid regulatory burdens and costs. They also concern areas where British technical requirements already differ from TSIs due to the distinct historic legacy of Britain’s railways and take account of differences between the UK and EU regulatory frameworks, for example by referring to UK rather than EU legislation and to UK bodies rather than EU institutions. These changes have unanimous support from the GB rail industry, including manufacturers.

    We are satisfied from the evidence of the industry review and consultation that differing from TSIs in these areas will not increase costs and remains consistent with the essential requirements of Britain’s rail interoperability framework.

    My officials have thoroughly assessed industry’s proposals in discussion with RSSB, Network Rail and key industry bodies, and we intend to incorporate them within the updated NTSNs, with minor modifications to ensure they work in practice and are legally robust. We have also revised the introductory sections to clarify their intended purpose and scope, to ensure that these standards are applied proportionately, effectively and as intended, for example by clarifying the scope for alternative solutions where there may be better ways of achieving the same outcomes. My officials have prepared a de minimis assessment of the changes, which was cleared by the government’s Better Regulation Unit.

    Our approach is fully compliant with our international obligations, which include the EU-UK Trade and Cooperation Agreement, the Convention concerning International Carriage by Rail (COTIF) and the Windsor Framework, which requires continued application of TSIs in Northern Ireland. We are also assured that this approach is consistent with formal arrangements to ensure international rail traffic through the Channel Tunnel.

    Publishing these updated NTSNs is an important first step in improving Britain’s rail standards framework, but there remains much more to be done. The public consultation that informed the NTSN revisions identified further areas for NTSN changes that could improve efficiency and reduce cost, including on rail electrification. We are keen to explore these and anticipate further updates to the NTSNs over the coming months and years. We are also considering options for reforming the rail technical standards framework itself to create a system fit for the improved railway this government will deliver through Great British Railways. We will consult on these options in due course.

    Updates to this page

    Published 5 March 2025

    MIL OSI United Kingdom –

  • MIL-OSI Europe: Ministers Burke and Smyth welcome Government approval of roadmap for implementing the EU Artificial Intelligence Act

    Source: Government of Ireland – Department of Jobs Enterprise and Innovation

    5th March 2025

    On Tuesday, 4 March 2025, the Government approved a recommendation from Minister for Enterprise, Tourism and Employment, Peter Burke, that Ireland adopt a distributed model of implementation of the EU Artificial Intelligence (AI) Act. This approach will build on the deep knowledge and expertise of the established sectoral regulators. The Government approved the designation of an initial list of eight public bodies as competent authorities, responsible for implementing and enforcing the Act within their respective sectors. These authorities are,

    • Central Bank of Ireland,
    • Commission for Communications Regulation,
    • Commission for Railway Regulation,
    • Competition and Consumer Protection Commission,
    • Data Protection Commission,
    • Health and Safety Authority,
    • Health Products Regulatory Authority,
    • Marine Survey Office of the Department of Transport.

    Additional authorities, and a lead regulator who will coordinate enforcement of the Act and provide a number of centralised functions, will be designated by a future Government decision to ensure comprehensive implementation of the Act.

    Minister for Enterprise, Tourism and Employment, Peter Burke said,

    “AI presents Ireland with a strategic opportunity; it holds the prospect of major benefits for our economy and for our society. For business it can boost productivity, spur innovation and deliver better customer services; for the public it can provide enhanced public services; and for society, accelerated advances in science and medicine. It is a priority for me to ensure that we capture these benefits.

    “However, to capture these benefits, we must build trust in AI systems. For this reason, the landmark EU AI Act, the first in the world comprehensive regulation establishing guardrails for the safe and ethical use of AI, is a strategically important regulation for Ireland, as well as the EU. I am committed to an efficient and well-resourced implementation of the Act in Ireland, in a manner that provides the necessary safeguards, while spurring innovation for the benefit of our economy and our society.”

    Minister of State for Trade Promotion, Artificial Intelligence and Digital Transformation, Niamh Smyth said,

    “The decision by Government to use the existing national framework of well-established sectoral authorities for enforcement of the EU AI Act will make compliance with the AI Act easier for businesses. It is also an important step towards the commitment in the Programme for Government to make Ireland an EU centre of expertise for digital and data regulation for companies operating across the EU Digital Single Market. Providing an efficient, comprehensive, fair and transparent implementation of the Act in Ireland will enhance Ireland’s reputation for quality regulation and its competitiveness for attracting further investment in this burgeoning technology.”

    ENDS

    For Editors

    The EU AI Act establishes a harmonised regulatory framework for AI systems developed or deployed in the EU. It is designed to provide a high level of protection to people’s health, safety, and fundamental rights and to simultaneously promote the adoption of human-centric, trustworthy AI. The Act entered into force in August 2024 and its provisions apply, in a phased manner, over the period to August 2027.

    The Act is a horizontal instrument that applies to all sectors of the economy, both public and private. However, there are exemptions for applications of AI relating to national defence; national security; scientific R&D; R&D for AI systems, models; open-sourced models; and personal use.

    The Act is risk-based so that its provisions are targeted and proportionate – it is not a blanket instrument applying to all AI systems. Most AI systems are not subject to any regulatory requirements under the Act as they are low risk. In addition, the Act gives special consideration to the needs of SMEs and startups. This will ensure that the EU remains competitive for AI investment and innovation. The key elements of the Act are as follows:

    • Eight AI practices are prohibited from February 2025 due to the unacceptable risk they pose:
      • Subliminal techniques likely to cause that person, or another, significant harm,
      • Exploiting vulnerabilities due to age, disability or social or economic situation,
      • Social scoring leading to disproportionate detrimental or unfavourable treatment,
      • Profiling individuals for prediction of criminal activity,
      • Untargeted scraping of facial images,
      • Inferring emotions in workplaces or education institutions,
      • Biometric categorisation of race, religion, sexual orientation…,
      • Real-time remote biometric identification for law enforcement…
    • Stringent conditions must be satisfied by high-risk AI systems, by their providers, and by their deployers, in order for such systems to be placed on the market or put into use. The Act identifies two classes of high-risk systems: 
      1. AI systems that are part of the safety components of twelve specific product categories e.g. toys, machinery (applies from August 2027).
      2. AI systems in eight specific uses e.g. employment, education, in relation to essential public and private services such as financial, healthcare (applies from August 2026).
    • Transparency conditions are placed on providers and deployers of four categories of AI systems that give rise to lower-order risks, such as chatbots (applies from August 2026).
    • Providers of General Purpose AI (GPAI) models (foundation models) are subject to obligations to mitigate the substantial risks, including systemic risks, they pose due to their power and generality. These obligations will be enforced by the European Commission, but with the cooperation of Member States (applies from August 2025).
    • The penalties for infringements of the Act are substantial: fines of up to €35M or 7% global turnover

    Back to Department News

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    MIL OSI Europe News –

  • MIL-OSI: Alli AI Announces Upcoming Public Launch of AI-Powered Content Creation Platform

    Source: GlobeNewswire (MIL-OSI)

    LONDON, March 05, 2025 (GLOBE NEWSWIRE) — AI Soft has announced the upcoming public release of Alli AI, an advanced artificial intelligence-powered platform designed for content creation. Following the conclusion of a closed beta phase, the platform will soon be available with a free trial version, allowing users to explore its capabilities. Alli AI offers a range of tools for image enhancement, background modification, photo animation, video generation, and voice synthesis, catering to designers, photographers, marketers, and digital creators.

    Expanding AI Applications in Content Creation
    Alli AI functions as both an editor and a content generator, with applications spanning social media, digital marketing, and creative design. The technology has reportedly contributed to a growing volume of AI-generated content across platforms such as TikTok, Instagram, and X. Users have leveraged the tool for various applications, from animated imagery to advertising campaigns.

    Insights from Beta Testing
    The beta testing phase highlighted the platform’s appeal across multiple industries. Designers have used Alli AI to accelerate creative workflows and experiment with different artistic styles, while photographers have explored its animation and enhancement tools. Marketers have utilized the platform to streamline content production, and early adopters in other fields have experimented with its capabilities.

    Upcoming Public Launch
    Alli AI’s developers have announced plans for an upcoming public release, which will include a trial version. The platform is positioned as a tool for content creators seeking AI-driven enhancements for branding, digital media, and other projects.

    About Alli AI
    Alli AI is an AI-powered content creation platform developed by AI Soft. It offers tools for image enhancement, animation, background modification, video generation, and voice synthesis. Designed for professionals and casual users alike, Alli AI aims to streamline creative workflows across multiple industries, including marketing, photography, and design.

    For more information, users can visit Alli AI’s official website or follow updates on X.

    Contact

    AI Soft
    XS Trade
    noelhetherington@proton.me
    +447458196484

    A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/33fafccd-d76d-47e5-b865-85bb6bbae123

    The MIL Network –

  • MIL-OSI Africa: Madagascar’s lemurs live with the threat of cyclones – has this shaped their behaviour?

    Source: The Conversation – Africa – By Alison Behie, Professor of Biological Anthropology, Australian National University

    Madagascar is an island that’s no stranger to natural disasters, in particular cyclones. This is because it’s located in the south-west Indian Ocean cyclone basin, a region of the Indian Ocean where tropical cyclones typically form and develop.

    Madagascar has experienced 69 cyclones between 1912 and 2022, although cyclones have been a pressure on the island for much longer – estimates range from hundreds to more than thousands of years. This regular exposure has resulted in a uniquely harsh and unpredictable environment.

    Madagascar is also the only place in the entire world where lemurs, a group of primates, are naturally found. It’s home to over 100 species of lemurs.

    Due to ongoing threats of disaster impacts, hunting and deforestation, lemurs are the most endangered group of mammals in the world. According to the International Union for Conservation of Nature (IUCN), 98% of lemur species are threatened with extinction, 31% of which are critically endangered.

    It is therefore important to understand future threats to lemurs so as to protect them.

    Lemurs are unusual among primates. They show a higher degree of traits associated with resilience to living in a disaster-prone environment. For example, very few species rely on a diet of fruit, which is one of the first food items to disappear after a cyclone. Over half of lemur species rely on leaves as their main food item.

    They also exhibit a high degree of energy conserving behaviours, including hibernation and torpor – a shorter period of inactivity characterised by a lower body temperature and metabolic rate.

    It has long been believed that these behaviours are a result of Madagascar’s frequent cyclones. Living in an unpredictable environment over multiple generations could lead to different features being beneficial for survival. Some evolutionary adaptations may happen within a few decades, others could form over thousands of years.

    However, there is variation among species in these traits and, to date, no one has tested whether the unique behavioural features of lemurs actually occur more frequently in species that have experienced more cyclones, or if there may be a different explanation. Our research wanted to clear this up.

    In our study, my colleagues and I found no association between cyclone impact and how resilient lemurs are. We did however find a positive association between cyclone impact and body size. This suggests that the more a lemur species is affected by cyclones, the smaller they are.

    Given the increase globally in disasters, this type of work allows us to better understand the most and least resilient species to prepare for conservation efforts into the future.

    How resilient are lemurs?

    My research focuses on how animals, particularly primates, respond to the threat of climate change and disaster exposure. Previous work my colleagues and I did with howler monkeys showed that historical hurricane exposure was significantly linked to the evolution of behavioural adaptations, like small group size and energy conserving behaviours.

    We set out to design a specific study for lemurs. We wanted to determine whether the variation in behavioural traits in lemurs could be accounted for by the variation in cyclone exposure across the island.

    To carry out this research, we first made a map showing how cyclones affect different parts of Madagascar. We used weather patterns, past cyclone paths, how strong the cyclones were, and how much rain they brought. Data used for this came from the past 58 years, which is the data that was available, although Madagascar has been hit by cyclones over a much longer time period.

    We then placed a map of where lemurs live on top of our cyclone map to see how much cyclones affect each lemur species’ home. Our study covered the 26 species for which enough data was published to be able to determine their overall behavioural traits.

    For each of these species, we created a “resilience score”. To create this score, each species got one point for each behavioural trait they exhibited that is associated with living in a cyclone-prone area. For example, a species that shows hibernation got one point and a species that does not got 0 points. The resilience traits we used included: energy conserving behaviours; habitat use; group size; fruit in the diet; home range size; geographic range; and body size.

    We then added up the score across all resilience traits and compared the resilience score of each species with their habitat range cyclone score. This helped us see if species in high-impact areas had higher resilience. If so, it would strongly suggest that resilience traits evolved as an adaptation to frequent cyclones.

    Our results found no relationship between cyclone impact and overall resilience score. This may be because the historical cyclone data we had access to covered only the past 58 years. This may not be an accurate proxy for longer term cyclone activity associated with evolutionary adaptations.

    It could also be that the traits linked to cyclone resilience may have already existed in the last common ancestor of lemurs due to rapid environmental change on the African continent. Recent research suggests this ancestor rafted to Madagascar from Africa on floating vegetation. These traits could have helped it survive the journey. They’re also seen in other wildlife believed to have rafted to their island habitats and that may have been crucial for island colonisation.

    While overall resilience scores were not associated with cyclone impact, we did find that lemur species with smaller bodies experienced greater cyclone impacts. The north-east of the island was found to experience higher cyclone activity compared to the south-west. This aligns with previous research suggesting that larger primates, which require more food and space and reproduce more slowly, are less resilient and more likely to die after habitat disturbance.

    Importance for conservation

    Ours was the first study to try to find a quantitative link between cyclone exposure and the evolution of behavioural adaptations in lemurs and only the second to do so in primates.

    While results did not show a link to overall resilience, they did provide a template for future studies to explore the concept on other primates at a global scale. The study also provides a cyclone impact grid that could be used to assess impacts on other wildlife in Madagascar.

    In addition, our work has highlighted the importance of body size as a factor associated with less resilience to disaster.

    Read more: Mozambique’s cyclone flooding was devastating to animals – we studied how body size affected survival

    This research helps us to understand more about how species responded to cyclones in the past, which improves our understanding of the sorts of behavioural flexibility needed to survive severe environmental change. This then improves our ability to predict the effects of future events and mitigate impacts through more effective and targeted conservation. This is particularly true in island ecosystems, such as Madagascar, where endemic species are confined.

    Read more: Madagascar supports more unique plant life than any other island in the world – new study

    – Madagascar’s lemurs live with the threat of cyclones – has this shaped their behaviour?
    – https://theconversation.com/madagascars-lemurs-live-with-the-threat-of-cyclones-has-this-shaped-their-behaviour-249172

    MIL OSI Africa –

  • MIL-OSI United Kingdom: Director bans for husband-and-wife after furniture company took payments from customers for goods they never received

    Source: United Kingdom – Executive Government & Departments

    Press release

    Director bans for husband-and-wife after furniture company took payments from customers for goods they never received

    The company went into liquidation owing customers at least £97,000

    • George and Williamina Hay were directors of furniture retailer DWH Trading Ltd in Aberdeenshire 

    • The company was in financial trouble in April 2023, having a number of outstanding orders from customers 

    • Despite knowing the financial situation of their company, the husband-and-wife took 55 more orders, most of which were not even placed with their suppliers 

    • Both have now been disqualified as company directors following investigations by the Insolvency Service 

    A husband-and-wife whose furniture company went into liquidation owing customers almost £100,000 have both been banned as company directors. 

    George and Williamina Hay were directors of DWH Trading Ltd, which sold adjustable beds and chairs, mostly to elderly and vulnerable customers, from their home address in Aberdeenshire. 

    The company was struggling financially by April 2023 but continued to take orders and payments from customers in the following six months before it entered liquidation. 

    Both directors should have known that the majority of these orders would never be fulfilled. 

    George Hay, 65, of Greenacres Crescent, Peterhead, was disqualified as a company director for seven years. 

    Williamina Hay, 61, of the same address, was also banned for seven years. 

    Mike Smith, Chief Investigator at the Insolvency Service, said: 

    George and Williamina Hay both took orders from customers in the six months before their company went into liquidation, most of which they knew would not be fulfilled. 

    Most of the customers they took these orders from were elderly and vulnerable. 

    Both George and Williamina Hay have fallen significantly short of the standards we expect of company directors which is why they have now been disqualified until March 2032.

    DWH Trading was established in March 2021 but in just over two years the company had serious cash flow issues. 

    At the start of April 2023, DWH Trading’s bank balance stood at less than £6,000 and the company had no other non-cash assets. 

    The company also had 13 outstanding orders from customers who had paid them £27,250. DWH Trading had not ordered the goods from its suppliers and the orders remained outstanding at liquidation. 

    Despite this, George and Williamina Hay allowed the company to take a further 55 orders from April 2023 until the company entered liquidation in October of that year. 

    A total of 42 of the 55 orders with a value of £69,750 were not placed with the company’s suppliers. 

    In one example, a pensioner from Stonehaven paid a £2,000 deposit to the company for an adjustable chair which was never ordered from the manufacturer.  

    Similarly, a customer from a village in west Aberdeenshire paid a £9,000 deposit for furniture which was never delivered. 

    Customers from as far away as Dundee and Elgin also ended up losing out. 

    The company owed a total of £143,340 to its creditors in liquidation. Insolvency Service investigators have found that at least £97,000 of this was owed to customers for stock which it did not order. 

    The Secretary of State for Business and Trade accepted disqualification undertakings from the pair, and their bans both started on Monday 3 March.  

    The undertakings prevent them from being involved in the promotion, formation or management of a company, without the permission of the court. 

    Further information 

    Updates to this page

    Published 5 March 2025

    MIL OSI United Kingdom –

  • MIL-OSI: Trade Smarter with BexBack: 100% Deposit Bonus, 100x Leverage, No KYC & $50 Bonus for New Users

    Source: GlobeNewswire (MIL-OSI)

    SINGAPORE, March 05, 2025 (GLOBE NEWSWIRE) — With Bitcoin’s price fluctuating below $100,000, many analysts predict a prolonged period of high volatility in the crypto market. Holding spot positions may struggle to generate short-term profits in such conditions. As a result, 100x leverage futures trading has become the preferred tool for seasoned investors looking to maximize potential gains in this volatile market. BexBack Exchange is ramping up its efforts to offer traders unmatched promotional packages.The platform now offers a 100% deposit bonus, a $50 welcome bonus for new users, and up to 100x leverage on cryptocurrency trading—all with No KYC requirements—providing excellent opportunities for investors.

    What Is 100x Leverage and How Does It Work?

    Simply put, 100x leverage allows you to open larger trading positions with less capital. For example:

    Suppose the Bitcoin price is $100,000 that day, and you open a long contract with 1 BTC. After using 100x leverage, the transaction amount is equivalent to 100 BTC.

    One day later, if the price rises to $105,000, your profit will be (105,000 – 100,000) * 100 BTC / 100,000 = 5 BTC, a yield of up to 500%.

    With BexBack’s deposit bonus

    BexBack offers a 100% deposit bonus. If the initial investment is 2 BTC, the profit will increase to 10 BTC, and the return on investment will double to 1000%.

    Note: Although leveraged trading can magnify profits, you also need to be wary of liquidation risks.

    How Does the 100% Deposit Bonus Work?
    The deposit bonus from BexBack cannot be directly withdrawn but can be used to open larger positions and increase potential profits. Additionally, during significant market fluctuations, the bonus can serve as extra margin, effectively reducing the risk of liquidation.

    About BexBack?

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    Disclaimer: This content is provided by BexBack. The statements, views, and opinions expressed in this content are solely those of the content provider and do not necessarily reflect the views of this media platform or its publisher. We do not endorse, verify, or guarantee the accuracy, completeness, or reliability of any information presented. This content is for informational purposes only and should not be considered financial, investment, or trading advice. Investing in crypto and mining related opportunities involves significant risks, including the potential loss of capital. Readers are strongly encouraged to conduct their own research and consult with a qualified financial advisor before making any investment decisions. However, due to the inherently speculative nature of the blockchain sector–including cryptocurrency, NFTs, and mining–complete accuracy cannot always be guaranteed. Neither the media platform nor the publisher shall be held responsible for any fraudulent activities, misrepresentations, or financial losses arising from the content of this press release.

    A photo accompanying this announcement is available at

    https://www.globenewswire.com/NewsRoom/AttachmentNg/e21fc178-7344-42ca-b670-266d9c3f7531

    https://www.globenewswire.com/NewsRoom/AttachmentNg/6202de8e-d347-431f-8adf-311f08c14aad

    https://www.globenewswire.com/NewsRoom/AttachmentNg/c61032f7-5659-4e45-9303-cfbf114c3816

    https://www.globenewswire.com/NewsRoom/AttachmentNg/50ebb12a-7da1-4e6f-8a18-4ec9f503aa97

    The MIL Network –