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MIL-OSI Australia: CSL Behring’s Gene Therapy HEMGENIX® (etranacogene dezaparvovec-drlb) Four Years Post-Infusion Data Continue to Show Sustained Efficacy and Safety in Adults with Hemophilia B
Source: CLS Limited

CSL Behring’s Gene Therapy HEMGENIX® (etranacogene dezaparvovec-drlb) Four Years Post-Infusion Data Continue to Show Sustained Efficacy and Safety in Adults with Hemophilia B
- 94 percent of patients eliminated factor IX prophylaxis and remained free of continuous prophylaxis through four years post-treatment
- Mean factor IX activity levels were sustained at near normal levels of 37% through four years post-treatment, reinforcing the efficacy of HEMGENIX in the treatment of hemophilia B
- Phase 3 HOPE-B data showed that a one-time treatment with HEMGENIX provided long-term bleed protection as mean adjusted annualized bleeding rate (ABR) for all bleeds was reduced by approximately 90% from lead-in as compared to year four
KING OF PRUSSIA, Pa., Feb. 7, 2025 /PRNewswire/ — Global biotechnology leader CSL (ASX:CSL; USOTC:CSLLY) today announced the four-year results from the pivotal HOPE-B study confirming the long-term durability and safety of a one-time infusion of HEMGENIX^® (etranacogene dezaparvovec-drlb) for adults living with hemophilia B. In an oral presentation at the 18th Annual Congress of the European Association for Haemophilia and Allied Disorders (EAHAD), data showed that through four years, HEMGENIX continues to deliver elevated and sustained factor IX activity levels, can offer long-term and greater bleed protection compared to prophylactic treatment, can eliminate the need for routine factor IX prophylaxis, and maintains a favorable safety profile. Approved in 2022 by the U.S. Food and Drug Administration (FDA), HEMGENIX is the first gene therapy for the treatment of adults with hemophilia B who currently use factor IX prophylaxis therapy, or have current or historical life-threatening bleeding, or have repeated, serious spontaneous bleeding episodes. It is also the only approved gene therapy for hemophilia B that can treat adult patients with and without AAV5 neutralizing antibodies thereby providing the potential for a greater number of eligible patients to be treated.

“Hemophilia B can cause spontaneous bleeds into the joints, resulting in extreme pain and progressive, arthritis-like damage, which can lead to permanent physical debility,” said Steven Pipe, MD, Professor of Pediatrics and Pathology, Laurence A. Boxer Research Professor of Pediatrics and Communicable Diseases, Pediatric Medical Director, Hemophilia and Coagulation Disorders Program Director, Special Coagulation Laboratory University of Michigan. “These results underscore the ability of HEMGENIX to offer long-term bleed protection with a one-time treatment, resulting in dramatic decreases in all annual bleed rates, including joint bleeds, and sustained independence from regular prophylactic infusions.”

In the Phase III, open-label, single-dose, single-arm HOPE-B trial, 54 adult male participants with severe or moderately severe hemophilia B, with or without preexisting AAV5 neutralizing antibodies, were infused with a single dose of HEMGENIX. Of the 54 participants who received HEMGENIX, 51 completed four years of follow-up. HEMGENIX produced mean factor IX levels of 41.5 IU/dL (n=50) at year one, 36.7 IU/dL (n=50) at year two, 38.6 IU/dL (n=48) at year three and 37.4 IU/dL (n=47) at year four post-infusion. In addition, mean adjusted annualized bleeding rate (ABR) for all bleeds was reduced by approximately 90% from lead-in (4.16, n=54) as compared to year four (0.40, n=51). Furthermore, joint bleeds were reduced from a mean ABR of 2.34 at lead-in to 0.09 during year four. In year four, 94% of patients remained free of continuous prophylaxis treatment. No patients returned to continuous prophylaxis between year three and year four.

There were no serious adverse events related to treatment with HEMGENIX. HEMGENIX was generally well-tolerated, with a total of 96 treatment-related adverse events (AEs), 92 (96%) of which occurred in the first six months post-treatment. The most common adverse events were an increase in alanine transaminase (ALT), for which nine (16.7%) participants received supportive care with reactive corticosteroids for a mean duration of 81.4 days (standard deviation: 28.6; range: 51-130 days).

“These data continue to instill confidence in the clinical benefits of HEMGENIX, highlighting the remarkable impact of this one-time treatment to reduce the frequency of bleeds in people with hemophilia B and improve quality of life by alleviating the burden of ongoing factor IX prophylactic treatment,” said Andres Brainsky, Vice President R&D Hematology at CSL. “CSL is committed to continuing to provide ongoing data analyses of HEMGENIX, ensuring that healthcare providers and patients have the necessary information to make informed decisions about treatment options. We are proud to continue to provide life-changing treatment options to the hemophilia community.”

The multi-year clinical development of HEMGENIX was led by uniQure (Nasdaq: QURE) and sponsorship of the clinical trials transitioned to CSL after it licensed global rights to commercialize the treatment. Additionally, CSL established a post-marketing registry, which will be informative to all stakeholders and will generate additional evidence on the long-term safety, efficacy, and durability of gene therapy. HEMGENIX has also been granted conditional marketing authorization by the European Commission (EC) for the European Union and European Economic Area, the UK’s Medicines and Healthcare products Regulatory Agency (MHRA), as well as authorization by Health Canada, Switzerland’s Swissmedic and provisional approval by Australia’s Therapeutic Goods Administration (TGA).

For more information on HEMGENIX, please visit www.Hemgenix.com.

About the Pivotal HOPE-B Trial
The pivotal Phase III HOPE-B trial is an ongoing, multinational, open-label, single-arm study to evaluate the safety and efficacy of HEMGENIX. Fifty-four adult hemophilia B patients classified as having moderately severe to severe hemophilia B and requiring prophylactic factor IX replacement therapy were enrolled in a prospective, six-month or longer observational period during which time they continued to use their current standard of care therapy to establish a baseline Annual Bleeding Rate (ABR). After at least the six-month lead-in period, patients received a single intravenous administration of HEMGENIX at a 2×10^{^13} gc/kg dose. Patients were not excluded from the trial based on pre-existing neutralizing antibodies (NAbs) to AAV5.

A total of 54 patients received a single dose of HEMGENIX in the pivotal trial, with 51 patients completing at least four years of follow-up. The primary endpoint in the pivotal HOPE-B study was ABR 52 weeks after achievement of stable factor IX expression (months 7 to 18) compared with the six-month lead-in period. For this endpoint, ABR was measured from month seven to month 18 after infusion, ensuring the observation period represented a steady-state factor IX transgene expression. Secondary endpoints included assessment of factor IX activity.

No serious treatment-related adverse reactions were reported. One death resulting from urosepsis and cardiogenic shock in a 77-year-old patient at 65 weeks following dosing was considered unrelated to treatment by investigators and the sponsor company. A serious adverse event of hepatocellular carcinoma was determined to be unrelated to treatment with HEMGENIX by independent molecular tumor characterization and vector integration analysis. No inhibitors to factor IX were reported.

About Hemophilia B
Hemophilia B is a life-threatening rare disease caused by a mutation on the F9 gene, resulting in low levels of functional clotting factor IX. People with the condition are particularly vulnerable to bleeds in their joints, muscles, and internal organs, leading to pain, swelling, and joint damage. Treatments for moderate to severe hemophilia B typically include life-long prophylactic infusions of factor IX to temporarily replace or supplement low levels of the blood-clotting factor.

About HEMGENIX^®
HEMGENIX is a gene therapy that reduces the rate of abnormal bleeding in eligible people with hemophilia B by enabling the body to continuously produce factor IX, the deficient protein in hemophilia B. It uses AAV5, a non-infectious viral vector, called an adeno-associated virus (AAV). The AAV5 vector carries the Padua gene variant of Factor IX (FIX-Padua) to the target cells in the liver, generating factor IX proteins that are 5x-8x more active than normal. These genetic instructions remain in the target cells, but generally do not become a part of a person’s own DNA. Once delivered, the new genetic instructions allow the cellular machinery to produce stable levels of factor IX.

Important Safety Information (ISI)

What is HEMGENIX^®?
HEMGENIX^®, etranacogene dezaparvovec-drlb, is a one-time gene therapy for the treatment of adults with hemophilia B who:
- Currently use Factor IX prophylaxis therapy, or
- Have current or historical life-threatening bleeding, or
- Have repeated, serious spontaneous bleeding episodes.
HEMGENIX is administered as a single intravenous infusion and can be administered only once.

What medical testing can I expect to be given before and after administration of HEMGENIX?
To determine your eligibility to receive HEMGENIX, you will be tested for Factor IX inhibitors. If this test result is positive, a retest will be performed 2 weeks later. If both tests are positive for Factor IX inhibitors, your doctor will not administer HEMGENIX to you. If, after administration of HEMGENIX, increased Factor IX activity is not achieved, or bleeding is not controlled, a post-dose test for Factor IX inhibitors will be performed.

HEMGENIX may lead to elevations of liver enzymes in the blood; therefore, ultrasound and other testing will be performed to check on liver health before HEMGENIX can be administered. Following administration of HEMGENIX, your doctor will monitor your liver enzyme levels weekly for at least 3 months. If you have preexisting risk factors for liver cancer, regular liver health testing will continue for 5 years post-administration. Treatment for elevated liver enzymes could include corticosteroids.

What were the most common side effects of HEMGENIX in clinical trials?
In clinical trials for HEMGENIX, the most common side effects reported in more than 5% of patients were liver enzyme elevations, headache, elevated levels of a certain blood enzyme, flu-like symptoms, infusion-related reactions, fatigue, nausea, and feeling unwell. These are not the only side effects possible. Tell your healthcare provider about any side effect you may experience.

What should I watch for during infusion with HEMGENIX?
Your doctor will monitor you for infusion-related reactions during administration of HEMGENIX, as well as for at least 3 hours after the infusion is complete. Symptoms may include chest tightness, headaches, abdominal pain, lightheadedness, flu-like symptoms, shivering, flushing, rash, and elevated blood pressure. If an infusion-related reaction occurs, the doctor may slow or stop the HEMGENIX infusion, resuming at a lower infusion rate once symptoms resolve.

What should I avoid after receiving HEMGENIX?
Small amounts of HEMGENIX may be present in your blood, semen, and other excreted/secreted materials, and it is not known how long this continues. You should not donate blood, organs, tissues, or cells for transplantation after receiving HEMGENIX.

Please see full prescribing information for HEMGENIX.

You are encouraged to report negative side effects of prescription drugs to the FDA. Visit www.fda.gov/medwatch, or call 1-800-FDA-1088.

You can also report side effects to CSL Behring’s Pharmacovigilance Department at 1-866-915-6958.

About CSL
CSL (ASX:CSL; USOTC:CSLLY) is a global biotechnology company with a dynamic portfolio of lifesaving medicines, including those that treat haemophilia and immune deficiencies, vaccines to prevent influenza, and therapies in iron deficiency and nephrology. Since our start in 1916, we have been driven by our promise to save lives using the latest technologies. Today, CSL – including our three businesses: CSL Behring, CSL Seqirus and CSL Vifor – provides lifesaving products to patients in more than 100 countries and employs 32,000 people. Our unique combination of commercial strength, R&D focus and operational excellence enables us to identify, develop and deliver innovations so our patients can live life to the fullest. For inspiring stories about the promise of biotechnology, visit CSL.com/Vita and follow us on Twitter.com/CSL.

For more information about CSL, visit CSL.com.

Media Contacts
Etanjalie Ayala, CSL Behring
Mobile: +1 610 297 1069
Email: etanjalie.ayala@cslbehring.com

Stephanie Fuchs, CSL Behring
Mobile: +49 151 58438860
Email: Stephanie.Fuchs@cslbehring.com

SOURCE CSL Behring
MIL OSI News –
February 13, 2025
MIL-OSI Canada: Strengthening transatlantic partnerships and securing Canada’s AI advantage
Source: Government of Canada – Prime Minister

Working together, Canada and its transatlantic partners have created good-paying jobs for our peoples, strengthened our economies, and advanced progress on key priorities, including climate change and international security. With increasing geopolitical instability and economic disruptions, including proposed U.S. tariffs, it is critical to accelerate these partnerships, now and into the future.

The Prime Minister, Justin Trudeau, today concluded a successful visit to Paris, France, and to Brussels, Belgium, where he strengthened Canada’s ties with transatlantic partners and made progress on shared priorities, including artificial intelligence (AI).

In Paris, the Prime Minister participated in the AI Action Summit, co-chaired by France and India, where he engaged with business and policy leaders on how we unlock opportunities and growth for Canadians. As part of our 2025 G7 Presidency, the Prime Minister underlined Canada’s commitment to responsibly power, adopt, and share AI. This includes helping partners access clean and reliable energy to power AI, finding ways to leverage AI and build more reliable energy grids, supporting small and medium-sized businesses’ use of AI to improve their productivity, and sharing the AI revolution with the world so our prosperity remains inclusive.

At the Summit, Prime Minister Trudeau signed a joint Leaders’ Declaration on inclusive and sustainable AI, which reinforces Canada’s approach to AI development and ensures it aligns with human rights, public interest, and environmental protection. The Prime Minister also met with over a dozen CEOs and leading AI business leaders to position Canada as an ideal partner for innovation and investment while helping deepen Canada’s commercial relations with its partners across the U.S. and the European Union (EU).

While in Paris, the Prime Minister also chaired a roundtable on infrastructure and energy requirements for AI and participated in the closing ceremony of a ministerial meeting of the Global Partnership on Artificial Intelligence, of which Canada is a founding member.

In Brussels, Prime Minister Trudeau took part in a Canada-EU Leaders’ Meeting with the President of the European Council, António Costa, and the President of the European Commission, Ursula von der Leyen. The leaders reaffirmed the strong ties between Canada and the EU and discussed the progress made in recent years for the benefit of people on both sides of the Atlantic. This includes a strengthened trade relationship under the Canada-EU Comprehensive Economic and Trade Agreement (CETA), which continues to create significant opportunities for businesses and good-paying jobs for workers in Canada and the EU. They also discussed the imposition of U.S. tariffs as well as Canada and the EU’s responses.

At the meeting, the leaders reaffirmed their commitment to building on the Canada-EU relationship and continuing to deliver results on a range of shared priorities. This includes promoting global economic security and stability, strengthening bilateral and global trade and investment – including in response to expected tariffs by the U.S. – defending the rule of law, advancing defence and security co-operation, and supporting Ukraine. They also discussed developments in the Middle East, including in Gaza and Syria, stressing the importance of an inclusive Syrian-led political governance structure.

While in Brussels, the Prime Minister also met with the Secretary General of the North Atlantic Treaty Organization (NATO), Mark Rutte. He reaffirmed Canada’s commitment to working with NATO Allies to strengthen Euro-Atlantic security and continue supporting Ukraine in the face of Russia’s unjustifiable war of aggression. He also highlighted Canada’s contributions to NATO’s collective defence efforts across Europe, including through Operation REASSURANCE.

Shared challenges require shared solutions. By working together, we can make the world safer, create good-paying jobs for our peoples, harness the potential of the greatest innovations, and ensure that growth is inclusive. As a leader in AI and a steadfast member of the NATO Alliance, and as part of our G7 Presidency this year, Canada is taking action to create a better, safer, and more prosperous world.

Quote

“During my trip to Paris and Brussels, I had one message – if you’re looking for a strong, reliable, and trustworthy partner, Canada is it. We’re advancing progress on AI, strengthening our defence alliances, creating good-paying jobs, and making sure businesses, innovators, and partners choose Canada.”

Quick Facts
- This was Prime Minister Justin Trudeau’s 11th official visit to France.
- Held on February 10 and 11, 2025, the Artificial Intelligence (AI) Action Summit in Paris was the third global summit of its kind. It followed the AI Seoul Summit, which Prime Minister Trudeau attended virtually last year, and the AI Safety Summit that was hosted by the UK in 2023.
- Entitled “Inclusive and Sustainable AI for People and the Planet”, the AI Action Summit joint Leaders’ Declaration is focused on the inclusive governance of AI that reflects the public interest, human rights, the environment, and the United Nations (UN) Sustainable Development Goals (SDGs). It also highlights the need for inclusive dialogue and co-operation on AI governance and alignment with ongoing governance efforts by the UN Global Digital Compact, the Organisation for Economic Co-operation and Development (OECD), and the network of safety institutes.
- Launched in 2020, the Global Partnership on Artificial Intelligence (GPAI) supports the development and use of AI based on human rights, inclusion, diversity, innovation, and economic growth, while seeking to advance the UN SDGs. As a founding member of the GPAI, Canada is working closely with international partners to ensure that AI is developed and used responsibly to the benefit of all citizens.
- Canada was the first country in the world to introduce a national AI strategy. Since 2016, the Government of Canada has announced over $4.4 billion to support AI and digital research infrastructure, including $2.4 billion announced in Budget 2024 to scale-up AI compute infrastructure, support AI adoption programs, and launch an AI Safety Institute.
- In November 2024, the Government of Canada launched the Canadian Artificial Intelligence Safety Institute to bolster Canada’s capacity to address AI safety risks, further positioning the country as a leader in the safe and responsible development and adoption of AI technologies.
- Last year, Canada and France signed the Canada-France Declaration on Artificial Intelligence, reiterating our countries’ commitment to the responsible, safe use of AI that respects human rights and democratic values.
- In 2024, France was Canada’s third-largest merchandise export market in the European Union (EU) and its 10th-largest trading partner globally, with two-way merchandise trade totalling $14.1 billion.
- During his visit to France, the Prime Minister also met with the President of France, Emmanuel Macron.
- This was Prime Minister Justin Trudeau’s sixth official visit to Belgium.
- With its 27 Member States, the EU is Canada’s second-largest destination for merchandise exports, after the United States of America. In 2024, two-way merchandise trade between Canada and the EU reached a total of $119 billion.
- The Canada-EU Comprehensive Economic and Trade Agreement (CETA) was signed in 2016 and has been provisionally applied since 2017. Since 2016, bilateral merchandise trade between Canada and the EU has grown by 58 per cent.
- Canada is a founding member of the North Atlantic Treaty Organization (NATO). The Alliance is a cornerstone of Canadian security and defence policy and an important platform for Canada’s contributions to international peace and security.
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MIL OSI Canada News –
February 13, 2025
MIL-OSI USA: Adjusting Imports of Aluminum into The United States

US Senate News:

Source: The White House
class=”has-text-align-center”>BY THE PRESIDENT OF THE UNITED STATES OF AMERICA A PROCLAMATION
1.  On January 19, 2018, the Secretary of Commerce (Secretary) transmitted to me a report on his investigation into the effect of imports of aluminum on the national security of the United States under section 232 of the Trade Expansion Act of 1962, as amended (19 U.S.C. 1862) (section 232). The Secretary found and advised me of the Secretary’s opinion that aluminum is being imported into the United States in such quantities and under such circumstances as to threaten to impair the national security of the United States.
2.  In Proclamation 9704 of March 8, 2018 (Adjusting Imports of Aluminum Into the United States), I concurred in the Secretary’s finding that aluminum was being imported into the United States in such quantities and under such circumstances as to threaten to impair the national security of the United States, and decided to adjust the imports of aluminum articles by imposing a 10 percent ad valorem tariff on such articles imported from most countries. Proclamation 9704 further stated that any country with which the United States has a security relationship is welcome to discuss alternative ways to address the threatened impairment of the national security caused by imports from that country, and noted that, should the United States and any such country arrive at a satisfactory alternative means to address the threat to the national security such that I determine that imports from that country no longer threaten to impair the national security, I may remove or modify the restriction on aluminum articles imports from that country and, if necessary, adjust the tariff as it applies to other countries, as the national security interests of the United States require.
3.  In Proclamation 9704, I also directed the Secretary to monitor imports of aluminum articles and inform me of any circumstances that in the Secretary’s opinion might indicate the need for further action under section 232 with respect to such imports. Pursuant to Proclamation 9704, the Secretary was authorized to provide relief from the additional duties, based on a request from a directly affected party located in the United States, for any aluminum article determined not to be produced in the United States in a sufficient and reasonably available amount or of a satisfactory quality, or based upon specific national security considerations. Proclamation 9776 of August 29, 2018, and Proclamation 9980 of January 24, 2020, similarly authorized the Secretary to provide relief from certain tariffs on other aluminum products and derivatives set forth in those proclamations.
4.  In subsequent proclamations, the President adjusted the tariffs applicable to aluminum articles imports from Argentina, Australia, Canada, Mexico, the European Union (EU), and the United Kingdom (UK), after engaging in discussions with each of those parties on alternative ways to address the threat to the national security from such imports.
5.  The Secretary has informed me that, notwithstanding the 10 percent ad valorem tariff imposed by Proclamation 9704 that mitigated the threatened impairment of our national security, aluminum imports into the United States have continued at unacceptable levels as the global aluminum excess capacity crisis continues. In addition, the exclusion of certain countries and products from the tariff and efforts by foreign producers to circumvent the tariff have undermined the purpose of Proclamation 9704, which was to adjust the level of imports of aluminum to remove the threatened impairment of the national security. This has again resulted in aluminum smelter capacity utilization rates in the domestic aluminum industry that are well below the target level recommended in the Secretary’s January 19, 2018, report. This indicates that the initial tariff of 10 percent ad valorem is not high enough to address the threatened impairment to our national security posed by aluminum imports.
6.  In particular, the Secretary has informed me that global primary aluminum capacity has continued to increase, fueled by expansions in the People’s Republic of China (China) and South America, which is seen in rising aluminum imports that continue to weigh on the price domestic aluminum producers may charge. There has also been a significant increase in Chinese investment in Mexico, driven by massive Chinese government subsidies and the continued ability to exploit loopholes in U.S. trade policy.
7.   Domestic aluminum producers have been forced to idle additional production and shut down facilities. Two primary aluminum smelters within the United States have closed since Proclamation 9704 was promulgated. In addition, U.S. primary aluminum production decreased by 30 percent from 2020 to 2024, and U.S. smelter capacity utilization was only 52 percent in 2024. Overcapacity for primary aluminum has harmed downstream aluminum producers, including producers of aluminum extrusions and aluminum sheet. To allow U.S. aluminum producers to restart production and to incentivize new capacity, additional adjustments to section 232 tariffs on aluminum need to be made, including limiting exemptions and increasing the tariff rate.
8.  The Secretary has informed me that imports of aluminum articles from countries that are excluded from the tariff regime or have alternative arrangements have remained significantly elevated at levels that once again threaten to impair the national security of the United States. The volume of U.S. imports of aluminum articles from Argentina, Australia, Canada, Mexico, EU countries, and the UK in 2024 was approximately 14 percent higher than the average volume of such imports in 2015 through 2017. In particular, the volume of U.S. imports of primary aluminum from Canada in 2024 was approximately 18 percent higher than the average volume for 2015 through 2017.
Notwithstanding Proclamation 10782 of July 10, 2024, which imposed higher tariffs on certain aluminum imports from Mexico, imports of aluminum from Mexico have continued to surge beyond historical volumes. The volume of U.S. imports of aluminum articles from Mexico in 2024 was approximately 35 percent higher than the average volume for 2015 through 2017. Proclamation 10782 did not resolve the surge of imports of aluminum from Mexico. Mexican producers are using unfair trade to gain market share in the United States and are leveraging their access to unfairly traded global primary aluminum to do so. I understand that Mexican producers are commingling primary aluminum from China and the Russian Federation (Russia) with primary aluminum from other countries to produce downstream aluminum articles. These practices are distortive and provide continued outlets to absorb the massive amount of global excess capacity and must be remedied. The volume of U.S. imports of primary aluminum from Australia has also surged and in 2024 was approximately 103 percent higher than the average volume for 2015 through 2017. Australia has disregarded its verbal commitment to voluntarily restrain its aluminum exports to a reasonable level.
9.  These volume increases occurred even though demand for aluminum in the United States and Canada (the market measured by industry) has generally remained flat, averaging about 20 percent since 2018.
10.  These increasing import volumes support the conclusion that aluminum producers in countries subject to the additional ad valorem tariff proclaimed in Proclamation 9704 are engaging in transshipment or further processing of upstream aluminum products in countries that have since been exempted from that tariff. Foreign producers have shifted assembly or manufacturing operations to third countries, such as Mexico. For example, Chinese producers are using Mexico’s general exclusion from the tariff to funnel Chinese aluminum to the United States through Mexico while avoiding the tariff.
11.  The Secretary has informed me that producers in countries that remain subject to the ad valorem tariff have continued to evade the tariff by processing covered aluminum articles into additional downstream derivative products that were not included in the additional ad valorem tariffs proclaimed in Proclamation 9704 and Proclamation 9980. Foreign producers are continuing to expand downstream production to absorb the global excess capacity. Imports of additional derivative aluminum products have increased significantly since the issuance of Proclamation 9704 and Proclamation 9980, eroding the domestic industry’s customer base and resulting in depressed demand for aluminum articles produced in the United States.
12.  The Secretary has also informed me of the impact of the product exclusion process authorized by Proclamation 9704, Proclamation 9776, and Proclamation 9980 and implemented by subsequent regulations. This process has resulted in exclusions for a significant volume of imports, in a manner that undermines the purpose of the section 232 measures and threatens to impair the national security of the United States. Certain general approved exclusions remain in effect for entire tariff lines of aluminum imports, notwithstanding the domestic industry’s potential to produce many excluded products.
13.  I determine that these developments and modifications to the original tariff regime as proclaimed in Proclamation 9704 have undermined the regime’s national security objectives by preventing the domestic aluminum industry (including derivatives) from achieving sustained production capacity utilization of at least 80 percent, as determined in the Secretary’s January 19, 2018, report. I also determine that the modifications failed to achieve their articulated objectives. As a result, I determine that these modifications have resulted in significantly increasing imports of aluminum articles that once again threaten to impair the national security of the United States.
14.  In light of the Secretary’s findings, I have determined that it is necessary and appropriate to adjust the tariff proclaimed by Proclamation 9704, as amended, and the tariff proclaimed by Proclamation 9980, as amended, to increase the tariff rate from 10 percent ad valorem to 25 percent ad valorem. These actions are necessary and appropriate to remove the threatened impairment of the national security of the United States.
15. In light of the Secretary’s findings regarding the alternative agreements with Argentina proclaimed in Proclamation 9758 of May 31, 2018; Australia proclaimed in Proclamation 9758; Canada proclaimed in Proclamation 9893 of May 19, 2019, and Proclamation 10106 of October 27, 2020; Mexico proclaimed in Proclamation 9893 and Proclamation 10782 of July 10, 2024; the European Union proclaimed in Proclamation 10327 of December 27, 2021, and Proclamation 10690 of December 28, 2023; and the United Kingdom proclaimed in Proclamation 10405 of May 31, 2022, I have decided that it is necessary to terminate these agreements as of March 12, 2025. As of March 12, 2025, all imports of aluminum articles and derivative aluminum articles from Argentina, Australia, Canada, Mexico, EU countries, and the UK shall be subject to the additional ad valorem tariff proclaimed in Proclamation 9704, as amended, with respect to aluminum articles and Proclamation 9980, as amended, with respect to derivative aluminum articles. Imports of aluminum articles and derivative aluminum articles from Argentina, Australia, Canada, Mexico, EU countries, and the UK shall be subject to the revised tariff rate of 25 percent ad valorem established in clause 2 of this proclamation, commensurate with the tariff rate imposed on such articles imported from most other countries. In my judgment, these modifications are necessary to address the significantly increasing imports of aluminum articles and derivative aluminum articles from these sources, which threaten to impair the national security of the United States. Replacing the alternative agreements with the additional ad valorem tariffs will be a more robust and effective means of ensuring that the objectives articulated in the Secretary’s January 19, 2018, report and subsequent proclamations are achieved.
16.  In light of the information provided by the Secretary that the significant increase of imports of certain derivative aluminum articles has depressed demand for aluminum articles produced by domestic aluminum producers, I have determined that it is necessary to adjust the tariff proclaimed in Proclamation 9704 and Proclamation 9980 to apply to additional derivative aluminum articles.
17.  I have also determined that it is necessary to terminate the product exclusion process as authorized in clause 3 of Proclamation 9704, clause 1 of Proclamation 9776, and clause 2 of Proclamation 9980.
18.  Section 232, as amended, authorizes the President to take action to adjust the imports of an article and its derivatives that are being imported into the United States in such quantities or under such circumstances as to threaten to impair the national security of the United States.
19.  Section 604 of the Trade Act of 1974, as amended, authorizes the President to embody in the Harmonized Tariff Schedule of the United States (HTSUS) the substance of statutes affecting import treatment, and actions thereunder, including the removal, modification, continuance, or imposition of any rate of duty or other import restriction.
NOW, THEREFORE, I, DONALD J. TRUMP, President of the United States of America, by the authority vested in me by the Constitution and the laws of the United States of America, including section 301 of title 3, United States Code, section 604 of the Trade Act of 1974, as amended, and section 232, do hereby proclaim as follows:
(1) The provisions of Proclamation 9758 with respect to imports of aluminum articles from the Argentina; Proclamation 9758 with respect to imports of aluminum articles from the Australia; Proclamation 9893 and Proclamation 10106 with respect to imports of aluminum articles from Canada; Proclamation 9893 and Proclamation 10782 with respect to imports of aluminum articles and derivative aluminum articles from Mexico; Proclamation 10327 and Proclamation 10690 with respect to imports of aluminum articles and derivative aluminum articles from the European Union; and Proclamation 10405 with respect to imports of aluminum articles and derivative aluminum articles from the United Kingdom shall be ineffective as of 12:01 a.m. eastern time on March 12, 2025. The provisions of clause 1 of Proclamation 9980 as applicable to imports of derivative aluminum articles from Argentina, Australia, Canada, and Mexico shall be ineffective as of 12:01 a.m. eastern time on March 12, 2025; all imports of aluminum articles and derivative aluminum articles from these countries shall be subject to the additional ad valorem tariffs proclaimed in Proclamation 9704, as amended, and Proclamation 9980, as amended. Imports of aluminum articles and derivative aluminum articles from Argentina, Australia, Canada, Mexico, EU countries, and the United Kingdom will be subject to the revised tariff rate of 25 percent ad valorem established in clauses (2) and (3) of this proclamation, commensurate with the tariff rate imposed on such articles imported from most countries, as amended by this proclamation.
(2) As of 12:01 a.m. on March 12, 2025, the tariff proclaimed by Proclamation 9704, as amended, and the tariff proclaimed by Proclamation 9980, as amended, are adjusted to increase the respective tariff rates from an additional 10 percent ad valorem to an additional 25 percent ad valorem.
(3) Clause 2 of Proclamation 9704, as amended, is further amended in the second sentence by deleting “and” before “(k)”; replacing “11:59 p.m. eastern standard time on December 31, 2025” after (k) with “12:01 a.m. eastern time on March 12, 2025”; and inserting before the period at the end: “, and (l) on or after 12:01 a.m. on March 12, 2025, at a revised rate of an additional 25 percent ad valorem rate, from all countries except from Russia.”
(4) The first two sentences of clause 1 of Proclamation 9980 are revised to read as follows:
(5) Except as otherwise provided in this proclamation, all imports of derivative aluminum articles specified in Annex I to this proclamation or any subsequent annex published in the Federal Register pursuant to this Proclamation shall be subject to an additional 25 percent ad valorem rate of duty, with respect to goods entered for consumption, or withdrawn from warehouse for consumption, on or after the Commerce certification date in accordance with clause 9. For any derivative aluminum article identified in Annex I that is not in Chapter 76 of the HTSUS, the additional ad valorem duty shall apply only to the aluminum content of the derivative article. These rates of duty, which are in addition to any other duties, fees, exactions, and charges applicable to such imported derivative aluminum articles, shall apply to imports of derivative aluminum articles described in Annex I to this proclamation from all countries, except Russia, but shall not apply to derivative aluminum articles processed in another country from aluminum articles that were smelted and cast in the United States. Further, all imports of derivative aluminum articles specified in Annex I to this proclamation that are the product of Russia and all imports of derivative aluminum articles specified in Annex I to this proclamation where any amount of primary aluminum used in the manufacture of the derivative aluminum articles is smelted in Russia, or the derivative aluminum articles are cast in Russia, shall be subject to the 200 percent ad valorem rate of duty established in Proclamation 10522, with respect to goods entered for consumption, or withdrawn from warehouse for consumption, on or after the Commerce certification date in accordance with clause 9. Primary aluminum is defined as new aluminum metal that is produced from alumina (or aluminum oxide) by the electrolytic Hall-Heroult process. The Secretary shall continue to monitor imports of the derivative articles described in Annex I to this proclamation, and shall, from time to time, in consultation with the United States Trade Representative, the Secretary of Defense, or other officials as appropriate, review the status of such imports with respect to the national security of the United States.
(6) The Secretary shall not consider any new product exclusion requests under clause 3 of Proclamation 9704, clause 1 of Proclamation 9776, or clause 2 of Proclamation 9980, or renew any such product exclusions in effect as of the date of this proclamation. Granted product exclusions shall remain effective until their expiration date or until excluded product volume is imported, whichever occurs first. The Secretary shall take all actions, including publication in the Federal Register, necessary to terminate the product exclusion process. In addition, all general approved exclusions shall be ineffective as of March 12, 2025, and the Secretary shall publish a notice in the Federal Register to this effect. I have determined that this is necessary to ensure that these general exclusions do not allow high volumes of imports, including of products that the domestic industry can produce and supply, to undermine the objectives articulated in the Secretary’s January 2018 report and relevant subsequent proclamations. Following the elimination of quantitative restrictions on certain sources pursuant to this proclamation, and subject to any restrictions set forth in or pursuant to other provisions of applicable law, imports of any aluminum article or derivative article from any source and in any quantity will be available to domestic importers, provided that the additional ad valorem tariffs are paid upon entry or withdrawal from warehouse for consumption. For purposes of implementing the requirements in this proclamation, importers of aluminum derivative articles shall provide to CBP any information necessary to identify the aluminum content used in the manufacture of aluminum derivative articles imports covered by this Proclamation. CBP is hereby authorized and directed to publish regulations or guidance implementing this requirement as soon as practicable.
(7) Within 90 days after the date of this proclamation, the Secretary shall establish a process for including additional derivative aluminum articles within the scope of the ad valorem duties proclaimed in Proclamation 9704, as amended, Proclamation 9980, as amended, and clause 5 of this proclamation. In addition to inclusions made by the Secretary, this process shall provide for including additional derivative aluminum articles at the request of a producer of an aluminum article or derivative aluminum article within the United States, or an industry association representing one or more such producers, establishing that imports of a derivative aluminum article have increased in a manner that threatens to impair the national security or otherwise undermine the objectives set forth in the Secretary’s January 19, 2018 report or any Proclamation issued pursuant thereto. When the Secretary receives such a request from a domestic producer or industry association, it shall issue a determination regarding whether or not to include the derivative aluminum article or articles within 60 days of receiving the request.
(8) The provisions of clause 3 of Proclamation 9704, clause 1 of Proclamation 9776, and clause 2 of Proclamation 9980, or any other provisions authorizing the Secretary to grant relief for certain products from the additional ad valorem duties or quantitative restrictions set forth in the prior proclamations described herein are hereby revoked, except to the extent required to implement clause 5 of this proclamation.
(9) The modifications made by this proclamation with respect to derivative aluminum articles identified in the annex that are not in chapter 76 of the HTSUS shall be effective upon public notification by the Secretary of Commerce, that adequate systems are in place to fully, efficiently, and expediently process and collect tariff revenue for covered articles.
(10) Any aluminum article or derivative article, except those eligible for admission under “domestic status” as defined in 19 CFR 146.43, that is subject to the duty imposed by this proclamation and that is admitted into a U.S. foreign trade zone on or after the Commerce certification date, in accordance with clause 9, may be admitted only under “privileged foreign status” as defined in 19 CFR 146.41, and will be subject upon entry for consumption to any ad valorem rates of duty related to the classification under the applicable HTSUS subheading.
(11) The United States International Trade Commission, in consultation with the Secretary, the Commissioner of United States Customs and Border Protection (CBP) within the Department of Homeland Security, and the heads of other relevant executive departments and agencies, shall revise the HTSUS so that it conforms to the amendments and effective dates directed in this proclamation within ten days of the date of this proclamation. The Secretary is authorized and directed to publish any such modifications to the HTSUS in the Federal Register.
(12) CBP shall prioritize reviews of the classification of imported aluminum articles and derivative aluminum articles and, in the event that it discovers misclassification resulting in loss of revenue of the ad valorem duties proclaimed herein, it shall assess monetary penalties in the maximum amount permitted by law.In addition, CBP shall promptly notify the Secretary regarding evidence of any efforts to evade payment of the ad valorem duties proclaimed herein through processing or alteration of aluminum articles or derivative aluminum articles as a disguise or artifice prior to importation.In such circumstances, the Secretary shall consider the processed or altered aluminum articles or derivative aluminum articles for inclusion as derivative aluminum articles pursuant to clause 5 of this proclamation.
(13) No drawback shall be available with respect to the duties imposed pursuant to this proclamation.
(14) The Secretary may issue regulations and guidance consistent with this proclamation, including to address operational necessity.
(15) Any provision of a previous proclamation or Executive Order that is inconsistent with the actions taken in this proclamation is superseded to the extent of such inconsistency.
     IN WITNESS WHEREOF, I have hereunto set my hand thistenth day of February, in the year of our Lord two thousand twenty-five, and of the Independence of the United States of America the two hundred and forty-ninth.

MIL OSI USA News –

February 13, 2025
MIL-OSI: Trade Crypto with 100x Leverage on BexBack – Enjoy Double Deposit Bonus & $50 Welcome Gift – NO KYC

Source: GlobeNewswire (MIL-OSI)

SINGAPORE, Feb. 12, 2025 (GLOBE NEWSWIRE) — With the price of bitcoin once again trading below $100,000, many analysts believe it will enter a long period of high volatility. Holding spot positions may not continue to generate profits in the short term. BexBack Exchange is stepping up its efforts to provide traders with irresistible preferential packages. The platform now offers a 100% deposit bonus, a $50 welcome bonus for new users, and a 100x leverage on cryptocurrency trading, creating unparalleled 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?

BexBack is a leading cryptocurrency derivatives platform that offers 100x leverage on BTC, ETH, ADA, SOL, and XRP futures contracts. It is headquartered in Singapore with offices in Hong Kong, Japan, the United States, the United Kingdom, and Argentina. It holds a US MSB (Money Services Business) license and is trusted by more than 500,000 traders worldwide. Accepts users from the United States, Canada, and Europe. There are no deposit fees, and traders can get the most thoughtful service, including 24/7 customer support.

Why recommend BexBack?

No KYC Required: Start trading immediately without complex identity verification.

100% Deposit Bonus: Double your funds, double your profits.

High-Leverage Trading: Offers up to 100x leverage, maximizing investors’ capital efficiency.

Demo Account: Comes with 10 BTC in virtual funds, ideal for beginners to practice risk-free trading.

Comprehensive Trading Options: Feature-rich trading available via Web and mobile applications.

Convenient Operation: No slippage, no spread, and fast, precise trade execution.

Global User Support: Enjoy 24/7 customer service, no matter where you are.

Lucrative Affiliate Rewards: Earn up to 50% commission, perfect for promoters.

Take Action Now—Don’t Miss Another Opportunity!

If you missed the previous crypto bull run, this could be your chance. With BexBack’s 100x leverage and 100% deposit bonus and $50 bonus for new users (complete one trade within one week of registration), you can be a winner in the new bull run.

Sign up on BexBack now, claim your exclusive bonus and start accumulating more BTC today!

Website: www.bexback.com

Contact: business@bexback.com

Contact:
Amanda
business@bexback.com

Disclaimer: This content is provided by BexBack. The statements, views and opinions expressed in this column are solely those of the content provider. The information provided in this press release is not a solicitation for investment, nor is it intended as investment advice, financial advice, or trading advice. It is strongly recommended you practice due diligence, including consultation with a professional financial advisor, before investing in or trading cryptocurrency and securities. Please conduct your own research and invest at your own risk.

Photos accompanying this announcement are available at

https://www.globenewswire.com/NewsRoom/AttachmentNg/2c949916-63ec-49bf-8315-2789892a6ac5

https://www.globenewswire.com/NewsRoom/AttachmentNg/de06fad7-8bb9-464d-9bd2-fd5692f22049

https://www.globenewswire.com/NewsRoom/AttachmentNg/6d5c4ef7-2abb-4af2-a0f4-023c8b06d4e2

https://www.globenewswire.com/NewsRoom/AttachmentNg/a4b88d21-dc6d-4073-b660-40c80c60cdbd

The MIL Network –

February 13, 2025
MIL-OSI Canada: Saskatchewan Building Permit Growth Continues to Soar

Source: Government of Canada regional news

Released on February 12, 2025

Province Ranks Second in Year-Over-Year Growth

Latest numbers by Statistics Canada show the value of the province’s building permits increasing by 59.4 per cent from December 2023 to December 2024 (seasonally adjusted), placing Saskatchewan second year-over-year among the provinces.

These figures follow last month’s report, which placed Saskatchewan second among the provinces for both year-over-year and month-over-month growth in the value of building permits.

“Saskatchewan’s business-friendly environment is leading to more investment and economic activity, which is demonstrated through the continued growth of our construction sector,” Minister of Trade and Export Development Warren Kaeding said. “The upward trend in building permits being issued is creating new jobs and opportunities for Saskatchewan people. Through our investment attraction efforts, more people are choosing Saskatchewan to live, work, and raise a family than ever before.”

Additionally, the Province’s two largest cities both experienced strong year-over-year growth of 50.4 per cent in Regina and 34.2 per cent in Saskatoon respectively.

In December 2024, building permits in Saskatchewan totaled $258 million (seasonally adjusted).

The total value of building permits represents the dollar value of construction permits for residential and non-residential buildings.

Statistics Canada’s latest GDP numbers indicate that Saskatchewan’s 2023 real GDP reached an all-time high of $77.9 billion, increasing by $1.8 billion, or 2.3 per cent. This ties Saskatchewan for second in the nation for real GDP growth, and above the national average of 1.6 per cent.

Private capital investment is projected to reach $14.2 billion in 2024, an increase of 14.4 per cent over 2023. This is the highest anticipated percentage increase in Canada.

Last year, the Government of Saskatchewan unveiled its new Securing the Next Decade of Growth – Saskatchewan’s Investment Attraction Strategy. This strategy, combined with Saskatchewan’s trade and investment website, InvestSK.ca, contains helpful information for potential markets and solidifies the province as the best place to do business in Canada.

For more information visit InvestSK.ca.

-30-

For more information, contact:

MIL OSI Canada News –

February 13, 2025
MIL-OSI Canada: Canada-European Union Leaders’ Meeting

Source: Government of Canada – Prime Minister

The Prime Minister, Justin Trudeau, the President of the European Council, António Costa, and the President of the European Commission, Ursula von der Leyen, met in Brussels, Belgium, on February 12, 2025. They highlighted the close relationship between Canada and the European Union (EU), which is underpinned by a Strategic Partnership Agreement and a Comprehensive Economic and Trade Agreement (CETA). The leaders discussed the importance of working together to promote global economic security and stability. They highlighted the strong trade and investment relationship between Canada and the EU, and agreed on the importance of renewing efforts to advance and diversify trade.

They emphasized the importance of Canada-EU co-operation – including in the context of Canada’s G7 Presidency – to address current opportunities and challenges in a complex, competitive, and unpredictable world.

Together, Canada and the EU will continue supporting an inclusive, rules-based multilateral system anchored in the principles of the United Nations Charter, and uphold the sovereignty, territorial integrity, and inviolability of borders as fundamental tenets of international law.

In the run-up to the three-year anniversary of Russia’s full-scale invasion of Ukraine, the leaders reaffirmed their unwavering support for Ukraine as it continues to resist Russia’s unjustifiable war of aggression. They spoke about developments in the Middle East, particularly in Gaza and Syria. They welcomed last month’s ceasefire and hostage release agreement between Israel and Hamas, calling on all parties to implement it, and underscored their commitment to a two-state solution. They also stressed the importance of an inclusive Syrian-led political governance structure.

The leaders discussed global trade, including expected tariffs by the United States. They also discussed other shared priorities and agreed to remain in close touch.

MIL OSI Canada News –

February 13, 2025
MIL-OSI: Maris-Tech Secures $400,000 Repeat Order for Uranus-Based Situational Awareness Solution for Armored Fighting Vehicles

Source: GlobeNewswire (MIL-OSI)

Fourth Consecutive Order Reinforces Maris-Tech’s Position as a Trusted Global Vendor

Rehovot, Israel, Feb. 12, 2025 (GLOBE NEWSWIRE) — Maris-Tech Ltd. (Nasdaq: MTEK, MTEKW) (“Maris-Tech” or the “Company”), a global leader in video and artificial intelligence (“AI”) based edge computing technology, has secured a $400,000 repeat order for its Uranus-based situational awareness solution (“Uranus”) for armored fighting vehicles (“AFV”). This marks the fourth consecutive order from this customer in the defense sector, further validating Maris-Tech’s reliability in delivering mission-critical solutions.

Designed to deliver 360° 3D situational awareness and advanced airborne threat protection, Uranus supports land defense missions, providing real-time alerts, ultra-low latency, and high-resolution video encoding. The solution addresses the growing need in the defense market for armored vehicles’ enhanced crew safety.

The systems from the three previous orders have been successfully deployed and are fully operational in the field, meeting the customer’s expectations.

“We are proud to once again be chosen to provide this cutting-edge solution,” said Israel Bar, Chief Executive Officer of Maris-Tech. “We believe that the continued business from this valued customer is a strong testament to both the confidence in our Uranus technology and our ability to consistently meet mission-critical operational needs. We look forward to further strengthening this relationship in the future.”

About Maris-Tech Ltd.

Maris-Tech is a global leader in video and AI-based edge computing technology, pioneering intelligent video transmission solutions that conquer complex encoding-decoding challenges. Our miniature, lightweight, and low-power products deliver high-performance capabilities, including raw data processing, seamless transfer, advanced image processing, and AI-driven analytics. Founded by Israeli technology sector veterans, Maris-Tech serves leading manufacturers worldwide in defense, aerospace, Intelligence gathering, homeland security (HLS), and communication industries. We’re pushing the boundaries of video transmission and edge computing, driving innovation in mission-critical applications across commercial and defense sectors.

For more information, visit https://www.maris-tech.com/

Forward-Looking Statement Disclaimer

This press release contains “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, that are intended to be covered by the “safe harbor” created by those sections. Forward-looking statements, which are based on certain assumptions and describe the Company’s future plans, strategies and expectations, can generally be identified by the use of forward-looking terms such as “believe,” “expect”,” “may”, “should,” “could,” “seek,” “intend,” “plan,” “goal,” “estimate,” “anticipate” or other comparable terms. For example, the Company is using forward-looking statements when it is discussing: the repeat order and future delivery of the Company’s products; the growing need in the defense market for armored vehicles’ enhanced crew safety; the Company’s ability to consistently meet mission-critical operational needs; and the possibility to further strengthening the Company’s relationship with this repeated costumer in the future. Because forward-looking statements relate to the future, they are subject to inherent uncertainties, risks and changes in circumstances that are difficult to predict and many of which are outside of the Company’s control. The Company’s actual results and financial condition may differ materially from those indicated in the forward-looking statements. Therefore, you should not rely on any of these forward-looking statements. Important factors that could cause the Company’s actual results and financial condition to differ materially from those indicated in the forward-looking statements include, among others, the following: its ability to successfully market its products and services, including in the United States; the acceptance of its products and services by customers; its continued ability to pay operating costs and ability to meet demand for its products and services; the amount and nature of competition from other security and telecom products and services; the effects of changes in the cybersecurity and telecom markets; its ability to successfully develop new products and services; its success establishing and maintaining collaborative, strategic alliance agreements, licensing and supplier arrangements; its ability to comply with applicable regulations; and the other risks and uncertainties described in the Annual Report on Form 20-F for the year ended December 31, 2023, filed with the SEC on March 21, 2024, and the Company’s other filings with the SEC. We undertake no obligation to publicly update any forward-looking statement, whether written or oral, that may be made from time to time, whether as a result of new information, future developments or otherwise.

Investor Relations:

Nir Bussy, CFO
Tel: +972-72-2424022
Nir@maris-tech.com

The MIL Network –

February 13, 2025
MIL-OSI Africa: The African Medical Centre of Excellence (AMCE) Unveils Construction Milestones as June 2025 Launch Approaches

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

ABUJA, Nigeria, February 12, 2025/APO Group/ —

The African Medical Centre of Excellence (AMCE), a groundbreaking tertiary medical institution spearheaded by African Export-Import Bank (Afreximbank) (www.Afreximbank.com) in partnership with King’s College Hospital, London, hosted a high-level stakeholder and media tour to showcase major construction milestones and reaffirm its commitment to revolutionising healthcare in Africa by building a world-class medical city ahead of its highly anticipated June 2025 launch.

A distinguished delegation, led by Prof. Benedict Oramah, President of Afreximbank & AMCE Board Chairman, alongside AMCE Board Members, top Nigerian government officials—including Deputy President of the Senate of Nigeria, Senator Barau Jibrin; Secretary to the Government of the Federation, Senator George Akume; Mrs. Toyin Saraki, Founder-President of Wellbeing Foundation Africa and wife of the former Senate President and former First Lady of Kwara State; and Senator Asuquo Ekpenyong and Kabiru Rabiu, Group Executive Director, BUA Group—as well as leading corporate CEOs and executives, gathered for an exclusive walkthrough of AMCE’s rapidly progressing construction site.

Attendees received firsthand updates on key project milestones and explored the hospital’s state-of-the-art medical infrastructure and technology. They also gained insights into the significant progress toward completion, including the final stages of interior tiling, vinyl flooring installation, lift system integration, and external infrastructure development.

With the hospital’s launch set for June 2025, AMCE Abuja which will deliver comprehensive services in oncology, haematology, cardiovascular care, and general healthcare continues to make remarkable progress. As of February 2025, all civil and structural works have been completed, with rigorous quality assurance and control measures ensuring the highest construction standards. External roadworks and infrastructure services are also advancing, marking a crucial phase in the project’s finalisation.

The visit reaffirmed a shared commitment to AMCE’s transformative mission and vision—delivering world-class medical care, reducing medical tourism, and positioning Nigeria as a leading hub for specialised healthcare in Africa.

Commenting on the progress, Prof Benedict Oramah, President and Chairman of the Board of Directors of both Afreximbank and AMCE, stated: “The Africa Medical Centre of Excellence (AMCE) represents a defining moment in Africa’s pursuit of self-sufficiency in healthcare. For too long, our continent has borne the heavy burden of non-communicable diseases, capital flight from medical tourism, and the exodus of skilled professionals seeking opportunities abroad. AMCE is set to change that narrative.

By delivering world-class, lifesaving care to over 350,000 patients within its first five years, this facility will ensure that quality healthcare is no longer a privilege reserved for those who can afford to travel overseas. It will create 3,000 jobs, stimulate Intra-African trade in medical services, and strengthen critical supply chains in pharmaceuticals and healthcare delivery. Most importantly, it will help Nigeria retain the over $1.1 billion lost annually to outbound medical tourism, redirecting those resources towards strengthening our own systems.

He further stated: This initiative is more than an investment in infrastructure—it is an investment in Africa’s future. Through strategic partnerships with governments, international stakeholders, and the private sector, we are demonstrating that Africa has both the ambition and the capability to provide world-class healthcare for its people. The AMCE is not just a medical facility; it is a statement of intent, a symbol of progress, and a beacon of hope for a healthier, more self-reliant continent.”

Speaking at the event, Brian Deaver, Chief Executive Officer of AMCE, highlighted the hospital’s impact: “The Africa Medical Centre of Excellence is not just a hospital—it is a bold step toward reshaping the future of specialised healthcare in Africa. By integrating cutting-edge medical technologies, pioneering research, and world-class training, AMCE is creating a sustainable healthcare ecosystem that will set new standards for medical excellence across the continent.

This facility is more than a response to Africa’s healthcare challenges—it is a proactive investment in the well-being of millions. From early diagnostics to advanced treatment and long-term disease management, AMCE will provide a seamless continuum of care that improves patient outcomes, strengthens medical expertise, and retains talent that might otherwise seek opportunities abroad.

As we move closer to our launch, our focus remains unwavering: building a centre of excellence that not only delivers life-saving care but also drives economic growth, supports local innovation, and reinforces Nigeria’s position as a leading destination for specialised medical treatment. Through strategic partnerships and state-of-the-art infrastructure, we are not just treating diseases—we are transforming healthcare delivery for generations to come.”

Senator Barau Jibrin, Deputy Senate President: “The Africa Medical Centre of Excellence represents a transformative leap for healthcare in Nigeria and across the continent. Witnessing the rapid progress of this project reaffirms our commitment to fostering world-class medical infrastructure that will provide accessible and high-quality care for all. The Government of Nigeria remains dedicated to supporting initiatives that strengthen our healthcare system and enhance the well-being of our people.”

Senator George Akume, Secretary to the Government of the Federation: “Healthcare is the backbone of national development, and the Africa Medical Centre of Excellence is a shining example of what strategic investment and collaboration can achieve. This project will not only position Nigeria as a hub for cutting-edge medical services but also create jobs and drive innovation in the sector. The government is proud to support such a visionary initiative that will serve generations to come.”

As AMCE prepares to open its doors, the vision for a world-class medical ecosystem continues to take shape. The full development of the AMCE Campus will further solidify its role as a centre of excellence in healthcare, education, and research. Future phases will include a second 350-bed hospital facility, a medical and nursing school, a medical and sciences foundation, a dedicated medical office suite and research centre, as well as medical residences and a medical lodge to support patients and healthcare professionals alike.

With this expansion, AMCE is not only addressing Africa’s immediate healthcare needs but also building a sustainable foundation for medical innovation, talent development, and long-term health security. By fostering world-class training, cutting-edge research, and comprehensive patient care, AMCE is shaping the future of specialised healthcare in Africa—ensuring that the continent’s brightest medical minds and most complex cases can be treated at home.

MIL OSI Africa –

February 13, 2025
MIL-OSI: Clear Street Expands UK Leadership Team with Key Senior Hires
Source: GlobeNewswire (MIL-OSI)

NEW YORK, Feb. 12, 2025 (GLOBE NEWSWIRE) — Clear Street, (“Clear Street”, “the Company”) a cloud-native financial technology firm on a mission to modernise the brokerage ecosystem, today announced key leadership hires as part of its continued expansion in the UK.

These senior hires reflect the Company’s commitment to strengthening its presence in the UK and Europe. Clear Street welcomes the following leaders to its UK team:
- Tarquin Orchard – Global Head of Event-Driven Strategies
- Matthew Cyzer – Head of Markets, Execution
- Phillip Hylander – Managing Director, Execution
- Stuart Holt – Managing Director, Client Distribution and Strategy, Equities
- Luke Holmes – Managing Director, Sales Trading
The moves illustrate the continued migration of talent to Clear Street from a number of traditional financial services institutions including Goldman Sachs, Deutsche Bank, Bank of America and more. The UK team has now grown to more than 40 professionals, actively hiring across business areas including equities execution, equity finance and product and systems engineering.

Ed Tilly, CEO of Clear Street, commented, “Establishing a strong presence in the UK is a natural step in our global growth and the addition of these leaders is another major step as we activate our mission. Our success in the US illustrates that our client-centric approach sets us apart, and we remain eager to listen to our clients and expand where they want to see us grow. Clear Street continues to attract top tier talent, ensuring our clients are in the best hands every step of the way.”

Jacinda Fahey, CEO of Clear Street UK and Europe, commented, “We are building a sustainable business in the UK with scalable infrastructure to ensure we continue delivering innovative solutions tailored to our clients’ needs. These leadership appointments reflect our dedication to hiring top-tier talent and driving long-term success.”

This announcement follows Clear Street’s recent UK launch and FCA approval, as well as recently launched Category 1 membership with the London Metal Exchange (LME). To learn more about Clear Street’s UK expansion, please refer to the official launch announcement.

About Clear Street:

Clear Street is modernising the brokerage ecosystem with financial technology and services that empower market participants with real-time data and best-in-class products, tools and teams, to navigate capital markets around the world. Complemented by white-glove service, Clear Street’s cloud-native, proprietary product suite delivers financing, derivatives, execution and more to power client success, adding efficiency to the market and enabling clients to minimize risk, redundancy and cost. Clear Street’s goal is to create a single platform for every asset class, in every country and in any currency. For more information, visit https://clearstreet.io.

Press Contact:
Clear Street – press@clearstreet.io

Clear Street does not provide investment, legal, regulatory, tax, or compliance advice. Consult professionals in these fields to address your specific circumstances. These materials are: (i) solely an overview of Clear Street’s products and services; (ii) provided for informational purposes only; and (iii) subject to change without notice or obligation to replace any information contained therein.

Products and services are offered by Clear Street LLC as a Broker Dealer member FINRA and SIPC and a Futures Commission Merchant registered with the CFTC and member of NFA. Additional information about Clear Street is available on FINRA BrokerCheck, including its Customer Relationship Summary and NFA BASIC | NFA (futures.org).

Copyright © 2025 Clear Street LLC. All rights reserved. Clear Street and the Shield Logo are Registered Trademarks of Clear Street LLC

The MIL Network –
February 13, 2025
MIL-OSI: Uni-Fuels Awarded International Sustainability and Carbon Certifications, Reinforcing Commitment to Sustainable Marine Fuel Trading

Source: GlobeNewswire (MIL-OSI)

SINGAPORE, Feb. 12, 2025 (GLOBE NEWSWIRE) — Uni-Fuels Holdings Limited (NASDAQ: UFG), (“Uni-Fuels” or the “Company”), a global provider of marine fuel solutions headquartered in Singapore, today announced that the Company’s wholly owned subsidiary, Uni-Fuels Pte Ltd (“Uni-Fuels Singapore”), has received both ISCC EU and ISCC PLUS certifications from the International Sustainability and Carbon Certification (ISCC), a globally recognized independent multi-stakeholder initiative and leading certification system supporting sustainable, fully traceable, deforestation-free and climate-friendly supply chains. These certifications highlight the Company’s commitment to sustainability and compliance with European Union (EU) regulations aimed at reducing greenhouse gas (GHG) emissions in the maritime industry.

The ISCC certifications ensure that the biofuels traded by Uni-Fuels Singapore meet the requirements of the EU’s Renewable Energy Directive (RED II), including the provision of Proof of Sustainability (PoS). This important documentation ensures biofuels are sustainably sourced and produced, enabling full traceability from feedstock to final product.

As the maritime sector moves toward greater decarbonization, it is essential for biofuel suppliers to demonstrate compliance with regulatory standards, including the EU Emissions Trading System (EU ETS) and FuelEU Maritime. PoS documentation ensures biofuels can be counted toward emissions reduction targets, as opposed to being treated as fossil fuels.

Uni-Fuels Vice President, Operations Tan Guan Kai commented, “Achieving ISCC certifications demonstrates our commitment to supporting the global transition to cleaner fuels. With Proof of Sustainability documentation, we provide our customers with the assurance that the biofuels they rely on are responsibly produced and fully compliant with evolving regulations.”

The PoS framework, combined with the ISCC EU and ISCC PLUS certifications, ensures customers that the biofuels they use are responsibly sourced, traceable, and produced with sustainability in mind. These certifications provide both regulatory compliance and enhanced transparency, helping to build trust in the biofuel market.

About Uni-Fuels Holdings Limited

Uni-Fuels is a fast-growing global provider of marine fuel solutions, helping shipping companies optimize fuel procurement across all markets and time zones. Founded in 2021, Uni-Fuels has evolved from modest beginnings into a dynamic, forward-thinking company. Backed by a passionate team and a growing presence across multiple locations, it has forged trusted partnerships with customers, supporting them in achieving their operational objectives with confidence, from shore to shore.

For more information, visit www.uni-fuels.com.

Forward-Looking Statements

This press release contains “forward-looking statements” within the meaning of the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995, including statements regarding the completion and timing of closing of the offering and the intended use of the proceeds. You can identify forward-looking statements by the fact that they do not relate strictly to historical or current facts. These statements may include words such as “anticipate”, “estimate”, “expect”, “project”, “plan”, “intend”, “believe”, “may”, “will”, “should”, “can have”, “likely” and other words and terms of similar meaning. Forward-looking statements represent Uni-Fuels’ current expectations regarding future events and are subject to known and unknown risks and uncertainties that could cause actual results to differ materially from those implied by the forward-looking statements. These statements are subject to uncertainties and risks including, but not limited to, the uncertainties related to market conditions and the completion of the initial public offering on the anticipated terms or at all, and other factors discussed in the “Risk Factors” section of the registration statement filed with the SEC. For these reasons, among others, investors are cautioned not to place undue reliance upon any forward-looking statements in this press release. Additional factors are discussed in the Company’s filings with the SEC, which are available for review at www.sec.gov. The Company undertakes no obligation to publicly revise these forward-looking statements to reflect events or circumstances that arise after the date hereof.

Contact Information

For Investor Relations:

Uni-Fuels Holdings Ltd
Email: investors@uni-fuels.com

Skyline Corporate Communications Group, LLC
Email: info@skylineccg.com

The MIL Network –

February 13, 2025
MIL-OSI Asia-Pac: Singapore ETO holds Chinese New Year dinner to promote Hong Kong (with photos)

Source: Hong Kong Government special administrative region

Singapore ETO holds Chinese New Year dinner to promote Hong Kong (with photos)
Singapore ETO holds Chinese New Year dinner to promote Hong Kong (with photos)
******************************************************************************

The Hong Kong Economic and Trade Office, Singapore (Singapore ETO) hosted a dinner at the Fullerton Bay Hotel Singapore in Singapore yesterday (February 11) to celebrate Chinese New Year and to promote Hong Kong. Over 200 guests from the government sector, foreign embassies in Singapore, Asia-Pacific Economic Cooperation, business associations, academic institutions and cultural organisations attended, as well as the local Hong Kong community. Speaking at the dinner, the Director of the Singapore ETO, Mr Owin Fung, reviewed the work and achievements of Hong Kong and Singapore collaboration in recent years, including the visit by the Chief Executive, Mr John Lee, to Singapore in 2023, during which he led a Hong Kong Special Administrative Region business delegation and signed seven Memoranda of Understanding. In January this year, the Deputy Prime Minister and Minister for Trade and Industry of Singapore, Mr Gan Kim Yong, also led a high-level business delegation to Hong Kong, engaging in high-level discussions on traditional and emerging business sectors. Furthermore, 23 Singaporean companies expanded or established operations in Hong Kong in 2023, demonstrating Singapore enterprises’ investment interest and confidence in Hong Kong. Both sides expect to further build bilateral ties. Mr Fung also took the opportunity to introduce, through a video, the Kai Tak Sports Park which is set to open on March 1. Major events and activities will be held at the park. Projects such as the Kai Tak Sports Park and the West Kowloon Cultural District exemplify Hong Kong’s cultural and soft power. During the dinner, Hong Kong singer-songwriter Chet Lam, along with four band members, performed as guest artists. They delivered a selection of Cantonese, English, and Putonghua songs, including “Singapore Pie”, a piece by Liang Wern Fook, a renowned Singaporean lyricist, composer and Xinyao singer. Earlier, they and other Hong Kong musicians participated in an outdoor concert and talk under the “Hong Kong Pop Culture Festival @ Huayi” held in Singapore. The events were sponsored and supported by the Leisure and Cultural Services Department and the Hong Kong Economic and Trade Office in Singapore. Mr Fung concluded that the Association of Southeast Nations (ASEAN), as Hong Kong’s second-largest merchandise trading partner, presents significant opportunities. Amid global economic challenges, Hong Kong has emphasised its unique advantages under the “one country, two systems” arrangement, serving as a gateway between Mainland China and global markets, while reinforcing connectivity with traditional markets and exploring emerging markets in ASEAN and the Middle East, with the Greater Bay Area as a key focus for collaboration. Looking ahead, Singapore ETO will host its first Chinese New Year dinner in Ho Chi Minh City on February 28 to celebrate the Year of the Snake and the 30th anniversary of the Office, while enhancing communication with local communities in Vietnam.

Ends/Wednesday, February 12, 2025Issued at HKT 13:39

NNNN

MIL OSI Asia Pacific News –

February 13, 2025
MIL-OSI Asia-Pac: LCQ14: Regulating claw machine venues

Source: Hong Kong Government special administrative region

     â€‹Following is a question by the Hon Leung Man-kwong and a written reply by the Secretary for Home and Youth Affairs, Miss Alice Mak, in the Legislative Council today (February 12):

Question:

     It has been reported that the High Court ruled in 2022 that ordinary claw machine venues do not fall within the definition of “entertainment” under the Places of Public Entertainment Ordinance (Cap. 172), and are therefore not required to apply for a places of public entertainment licence. Some members of the public are concerned that at present, there is no legislation in Hong Kong regulating the operation of claw machine venues (including the probability of drawing prizes from claw machines, the contents of the products and the fees charged for the games, etc), and while there has been an upward trend of consumer complaints relating to claw machine games in recent years, it is rather difficult to deal with such complaints in the absence of relevant legislation. In this connection, will the Government inform this Council:

(1) of the respective numbers of reports involving claw machine games received by various law enforcement agencies in each of the past three years, the legislation involved in such cases, as well as the respective numbers of cases in which prosecutions were instituted and convictions were handed down;

(2) whether the Police had, in the past three years, taken the initiative to investigate if any claw machine games involved illegal gambling; if they had taken the initiative to investigate and the outcome was in the affirmative, of the number of venues and claw machines involved, as well as the number of prosecutions instituted; if they had not taken the initiative to investigate, the reasons for that;

(3) as it has been reported that some claw machine venues offer games solely relying on luck, for example, by rolling the dice, and even offer cash or expensive prizes to solicit business, and that both the Mainland and overseas countries regulate claw machine games by, amongst others, limiting the value of the products and stipulating that gambling should not be promoted and cash rewards not be offered, whether the authorities have plans to follow similar practices; if not, of the reasons for that; and

(4) whether the authorities have plans to review and amend the existing legislation, or put in place legislation and a licensing system targeting at claw machine-related games, etc, so as to strengthen the regulation; if so, of the details; if not, the reasons for that?

Reply:

President,

     In consultation with the relevant policy bureaux, I give the consolidated reply to the Hon Leung Man-kwong’s question on behalf of the Government as follows:

(1) Among the reports concerning claw machines received by the Office of the Licensing Authority of the Home Affairs Department in the past three years (from 2022 to 2024), there were two, six and five cases involving suspected unlawful gambling elements respectively. The relevant cases have been referred to the Hong Kong Police Force (HKPF) for follow up. The HKPF does not maintain other statistics on claw machines venues suspected of involvement in unlawful gambling.

     In the past three years, the number of reports received and enforcement actions taken by the Customs and Excise Department (C&ED) related to claw machines regarding suspected contravention of the Trade Descriptions Ordinance (Cap. 362) are listed by year as follows:

Case category
2022
2023
2024

Reported cases
16
86
158

Prosecution cases*
0
1
2

Convicted cases*
0
1
2

* The cases are mainly associated with the offence of possession for sale or for any purpose of trade or manufacture goods to which a forged trade mark was applied under section 9(2) of the Trade Descriptions Ordinance.

(2) The HKPF has all along tackled illegal gambling in a proactive manner and closely monitored the relevant trend in a bid to combat such activities timely through intelligence-led enforcement actions.

     In November 2024, the Organized Crime and Triad Bureau of the HKPF mounted a “Sharpteam” operation against unlawful gambling activities and, for the first time, smashed a suspected unlawful gambling establishment operating claw machines for winnings in money in Mong Kok. During the operation, the Police arrested a total of 17 people, including the responsible persons of the establishment, its staff and the gamblers, who were suspected to have operated or managed an unlawful gambling establishment, assisted in the operation or management of an unlawful gambling establishment and gambled in a gambling establishment. Fourteen claw machines suspected to be gambling game machines in disguise were seized. Police investigation is underway, and the 17 arrested persons have been released on bail pending further investigation. The HKPF would seek advice from the Department of Justice when necessary.

     The HKPF will continue its efforts in taking intelligence-led enforcement actions and in enhancing publicity and education, which include the production of promotional video clips, and dissemination of messages about combating unlawful gambling on conventional and social media platforms, in order to crack down on different kinds of unlawful gambling activities.

(3) and (4) According to the Gambling Ordinance (Cap. 148), in order to obtain an Amusements with Prizes Licence (AWPL), one must first obtain a Places of Public Entertainment Licence (PPEL) under the Places of Public Entertainment Ordinance (Cap. 172). As mentioned in the Member’s question, since the Court has ruled that typical claw machine venues where people clamp items in the machines upon payment are no longer required to obtain a PPEL under the Places of Public Entertainment Ordinance, the Government will continue to keep in view the operation of claw machine venues in the society and consider the regulatory issues concerned. In the meantime, claw machine venues are not required to obtain relevant licences, including the AWPL under the Gambling Ordinance.

     However, the HKPF will continue to take appropriate enforcement actions against illegal gambling activities conducted under the camouflage of claw machines based on the evidence collected and in accordance with the Gambling Ordinance.

     On the other hand, if the operation of claw machines venues involves the use of counterfeit goods for the purpose of trade or other unfair trade practices, the C&ED will take appropriate enforcement actions pursuant to the Trade Descriptions Ordinance.

MIL OSI Asia Pacific News –

February 13, 2025
MIL-OSI Asia-Pac: English Translation of Prime Minister’s remarks at the India-France CEO Forum, Paris

Source: Government of India (2)

Posted On: 11 FEB 2025 11:59PM by PIB Delhi

Your Excellency, President Macron,
Industry leaders from India and France present here,
Namaskar, Bonjour!

I feel a wonderful energy, excitement and dynamism in this room. This isn’t just a normal business event.

It is a confluence of the best business minds of India and France. The report of the CEO Forum that has just been presented is welcome.

I see that all of you are moving ahead with the mantra of Innovate, Collaborate and Elevate. You are not just making boardroom connections. You all are also strengthening the Indo-French strategic partnership.

Friends,

It is a pleasure for me to join this forum with my friend President Macron. This is our sixth meeting in the last two years. Last year, President Macron was the Chief Guest at our Republic Day.

This morning we had co-chaired the AI Action Summit together. I heartily congratulate President Macron for this successful summit.

Friends,

India and France are not just linked by democratic values. The foundation of our friendship is based on the spirit of deep trust, innovation, and public welfare.

Our partnership is not limited to just two countries. We are cooperating together to address global problems and challenges. During my last visit, we had outlined the 2047 roadmap for our partnership. Following that, we are pursuing cooperation in a comprehensive manner in every field.

Friends,

Most of your companies are already present in India. You are active in different areas like aerospace, ports, defence, electronics, dairy, chemicals and consumer goods.

I have had the opportunity to meet many CEOs in India as well. You are well aware of the changes that have taken place in India in the last decade. We have established a stable polity, and predictable policy ecosystem.

Following the path of reform, perform, and transform, today India is the fifth largest economy in the world. It is the fastest growing major economy in the world.

It will soon become the world’s third largest economy. India’s skilled young talent factory and innovation spirit are our identity on the global stage.

Today, India is fast becoming a preferred global investment destination.

We have launched AI, semiconductor and quantum missions in India. In defence, we are promoting Make in India and Make for the World. Many of you are associated with it. We are scaling new heights in space technology. This sector has been opened up for FDI. We are rapidly making India a global biotech powerhouse.

Infrastructure development is a matter of priority for us. And on this, we are doing public expenditure of more than $114 billion a year. We have laid railway tracks on a massive scale, using technology to modernize and upgrade the railways.

We are fast moving towards the target of 500 Gigawatts of renewable energy by 2030. For this, we have promoted solar cell manufacturing. We have also launched the Critical Mineral Mission.

We have also taken up the Hydrogen Mission. For this, electrolyser manufacturing is being emphasized. By 2047, we are aiming for 100 gigawatts of nuclear power. I am happy to share that this sector is being opened up to the private sector. We are focusing on SMR and AMR technologies.

Friends,

Today India is becoming the biggest center of diversification and de-risking. A few days ago, a new generation of reforms were outlined in our budget.

New steps have been taken for ease of doing business. In the last few years, we have rationalized more than 40,000 compliances. To promote trust-based economic governance, a high level committee for regulatory reforms has been formed. The custom rate structure has been rationalised.

To facilitate international trade, “India Trade Net” is being introduced with the help of digital public infrastructure. We are bringing a new simplified income tax code towards Ease of Living.

The National Manufacturing Mission has been announced. And, new sectors, such as the insurance sector, have been opened for 100 percent FDI. You must study all these initiatives carefully.

Let me tell you all, this is the right time to come to India. Everyone’s progress is linked to India’s progress. An example of this was seen in the aviation sector, when Indian companies placed large orders for airplanes. And, now, when we are going to open 120 new airports, you can imagine the future possibilities for yourselves.

Friends,

The 1.4 billion people of India have resolved to build a developed India by 2047. Be it defence or advanced technology, fintech or pharma, tech or textile, agriculture or aviation, healthcare or highways, space or sustainable development. There are many opputunities for investments and collaborations in all these areas for all of you.

I welcome you all to join India’s development journey.

When France’s finesse and India’s scale meet…

When India’s pace and France’s precision join…

When France’s technology and India’s talent unite…

Then, not just business landscape, but global transformation will happen.

Once again, I thank you all very much for taking your precious time to come here.

DISCLAIMER – This is the approximate translation of Prime Minister’s remarks. Original remarks were delivered

MIL OSI Asia Pacific News –

February 13, 2025
MIL-OSI Asia-Pac: LCQ5: Promoting trail tourism

Source: Hong Kong Government special administrative region

     Following is a question by the Hon Vincent Cheng and a reply by the Secretary for Culture, Sports and Tourism, Miss Rosanna Law, in the Legislative Council today (February 12):

Question:

     â€‹It has been reported that a recently released documentary film on four Hong Kong trails is widely acclaimed. There are views that as Hong Kong has beautiful trails and ridgelines, the Government should adopt a new mindset or a new perspective in promoting trail tourism. In this connection, will the Government inform this Council:

(1) of the Government’s plans in place to enhance the ancillary facilities on trails or in country parks, such as providing additional replenishment and rest stations, water-filling stations, toilets and directional signs, so as to meet the needs of different types of hikers, and to further promote trail tourism and a safe hiking culture;

(2) of the Government’s plans and publicity strategies in place to promote Hong Kong’s trails to tourists from different places, such as whether it will consider taking the initiative to invite renowned runners to promote the trails, or supporting the broadcasting of the aforesaid documentary film on international streaming platforms or in places outside Hong Kong, so as to attract tourists from abroad; if so, of the details; if not, the reasons for that; and

(3) in order to further promote Hong Kong’s trail tourism, whether the Government will consider supporting the organisation and promotion of trail races or cross-country races, so as to attract more local and non-local people to take part in such races, thereby stepping up publicity on Hong Kong’s beautiful natural trails?

Reply:

President,

     Hong Kong has rich green and eco-tourism resources, including hiking trails and country parks throughout the city, with breathtaking great outdoors that are only minutes away from the urban hustles, attracting numerous tourists each year for hiking and outdoor activities. Further capitalising on Hong Kong’s abundant ecological resources for promoting green tourism development, is in fact one of the directions in diversifying tourism products as outlined in the Development Blueprint for Hong Kong’s Tourism Industry 2.0 that we announced at the end of last year.

     In respect of the question raised by the Hon Vincent Cheng, in consultation with the Environment and Ecology Bureau, the reply is as follows:

     To promote green tourism, the Tourism Commission, in collaboration with the Agriculture, Fisheries and Conservation Department (AFCD), has been taking forward the Enhancement of Hiking Trails since 2018 to enhance the tourism supporting facilities of 20 hiking trails in country parks which are popular and with tourism potential, and to enhance the “Enjoy Hiking” thematic website. Enhancement works include improvement to existing hiking trail network, control of soil erosion at trails, enhancement of vegetation coverage, addition of lookout points and enrichment of visitor information. The enhancement works on 12 hiking trails have been completed, and those for the remaining eight hiking trails are expected to be completed progressively by the first quarter of 2026.

     The AFCD also seeks to enhance hiking trails and provide supporting facilities in country parks, including the provision of 57 flushing toilets and over 120 portable toilets; 289 pavilions, 37 water filling stations and about 30 drinks vending machines. The Government has set aside $500 million to enhance country parks, including the improvement and addition of facilities, as well as gradually setting up large-scale enhancement facilities such as tree-top adventure and open museum of historical relics. Examples of the works involved are the construction of five toilets and reconstruction of six toilets at popular hiking spots. These toilets will adopt low-carbon and environmentally-friendly designs, and will be gradually rolled out from 2026 to 2028. The viewing platform overlooking Po Pin Chau and the Lin Ma Hang Lead Mine Cave Revitalisation Project were opened to the public in end-2024.

     The AFCD makes use of school visits, guided tours, online videos, social media, etc, to promote the unique natural scenery and hiking experiences of Hong Kong, provide information on hiking safety and hill fire prevention, and advocate “take your litter home”. Apart from placing directional signs in country parks, the AFCD also provides consolidated information of hiking trails, including maps, distance, level of difficulty and attractions along the trails, through the “Enjoy Hiking” website, to facilitate locals and tourists’ planning of their itineraries. The mobile application “Enjoy Hiking Hiker Tracking Service” also records users’ location, thereby shortening the search and rescue time in case of accidents. Furthermore, the AFCD collaborates with the Hong Kong Economic and Trade Offices (ETOs) in the Mainland and the Forestry Administration of Guangdong Province to promote Hong Kong’s natural scenery and hiking routes, as well as to disseminate hiking safety messages, through their social media platforms in the Mainland. The AFCD will continue to review and refine its promotion strategy and information, and through diverse information distribution channels, to ensure locals and tourists safely enjoy the natural wonders of Hong Kong. At the same time, the Hong Kong Police Force, the Fire Services Department, the Government Flying Service and the Civil Aid Service also raise hiker’s awareness on hiking safety through various channels and activities.

     Apart from the AFCD’s promotion, the Hong Kong Tourism Board (HKTB), through its “Hong Kong Great Outdoors” year-round promotional platform, introduces in detail hiking trails in different districts accompanied by stories to deepen understanding of the trails, as well as docent activities and tourism products by the travel trade and other organisations, allowing tourists to appreciate Hong Kong’s inspiring natural landscape. Besides, films are also a very effective promotional channel. For example, the film “Four Trails” documents a recent trail running event, featuring participants from various places who challenge their limits by crossing mountains and valleys, while simultaneously showcasing Hong Kong’s unique natural scenery. The Cultural and Creative Industries Development Agency (CCIDA) is collaborating with overseas ETOs and the film festival partners worldwide to promote this film at overseas film festivals. In addition, CCIDA will strive for opportunities of showing this film on both international and Mainland streaming platforms to attract more tourists to experience the natural beauty of Hong Kong. Also, the HKTB previously invited the director and producer of the film to share Hong Kong’s great natural scenery and trail running experiences with overseas media.

     In addition, various trail running and cross-country events are held by different organisations every year, along with other leisure trail events. The Government has supported and promoted some of these events to encourage more tourists to come to Hong Kong and participate. The Government will continue to promote green tourism based on the principles of nature conservation and sustainable development to pursue the concept of “tourism is everywhere” in Hong Kong.

MIL OSI Asia Pacific News –

February 13, 2025
MIL-OSI Asia-Pac: LCQ15: Promoting development of the fund industry

Source: Hong Kong Government special administrative region

     Following is a question by the Hon Robert Lee and a written reply by the Secretary for Financial Services and the Treasury, Mr Christopher Hui, in the Legislative Council today (February 12):

Question:

     There are views that the Government should actively take forward a more comprehensive support policy to promote the development of the fund industry as a whole on all fronts. In this connection, will the Government inform this Council:

(1) whether it has compiled statistics on the respective shares of capital allocations from Hong Kong’s offshore Renminbi (RMB) (liquidity pool to mutual funds, deposits, stocks, bonds and other investment vehicles, together with a breakdown by holders of such capital, i.e. retail investors, institutional investors, and enterprises; given that the Government is actively promoting the internationalisation of RMB, what measures it has in place to guide more offshore RMB capital to invest in various fund products, so as to promote the development of related businesses;

(2) whether it has compiled statistics on the respective shares of Mainland capital investments in Hong Kong funds and bank deposits under the constant enhancement of the Cross-boundary Wealth Management Connect (WMC) Scheme in the Guangdong-Hong Kong-Macao Greater Bay Area, and in which types of funds the investments are mainly made; of the Government’s plans in place to discuss with the Mainland regulatory authorities about further expansion of the scope of fund products under WMC, as well as all-‍round coverage of cross-border fund sales and promotional activities;

(3) whether the Government will step up negotiations with the Mainland regulatory authorities to further increase the number of funds and product types under the mutual recognition of funds scheme; whether it knows if information on such recognised funds will be included in the Hong Kong Exchanges and Clearing Limited’s Integrated Fund Platform to facilitate trading by investors; and

(4) of the respective proportions of the amounts invested in “financial assets” and “non-financial assets” by applicants of the New Capital Investment Entrant Scheme after its implementation, together with a breakdown by the classification of assets; whether the Government will publish the relevant statistics on a regular basis; if so, of the details; if not, the reasons for that?

Reply:

President,

     Hong Kong is an international asset and wealth management centre, with assets under management exceeding HK$31 trillion. The Government has been attracting more global capital to be managed in Hong Kong through a series of measures with the aim of propelling the all-rounded development of the fund industry. In consultation with Invest Hong Kong (InvestHK), the Hong Kong Monetary Authority (HKMA), the Securities and Futures Commission (SFC) and the Hong Kong Exchanges and Clearing Limited (HKEX), my reply to the various parts of the question is as follows:

(1) With the support of the Central People’s Government, Hong Kong is a premier global offshore Renminbi (RMB) business hub which possesses the world’s largest offshore pool of RMB funds, and operates the largest foreign exchange and interest rate derivatives market. Hong Kong also provides a diversified range of RMB products and services, with a leading position in RMB settlement, financing and asset management.

     The Government has been promoting the development of the offshore RMB business in Hong Kong, and has been actively deepening the mutual access between the Mainland and Hong Kong financial markets, so as to assist the high-level opening up of our country’s capital market. The China Securities Regulatory Commission (CSRC) announced in April 2024 a series of measures to promote the expansion of the mutual access between the financial markets of the Mainland and Hong Kong. These measures include expanding the eligible product scope of equity exchange-traded funds (ETFs) under Stock Connect and including real estate investment trusts (REITs) under Stock Connect, which would support the Hong Kong financial market by increasing the availability of attractive investment products, providing more investment opportunities for domestic and international investors, and consolidating Hong Kong’s position as an offshore RMB business hub.

     In addition, the HKMA and the People’s Bank of China (PBoC) announced on January 13 this year new measures to further strengthen Hong Kong’s position as a global offshore RMB business hub. Relevant measures include the introduction of the HKMA RMB Trade Financing Liquidity Facility, further enhancement and expansion of Bond Connect (Southbound), development of offshore RMB repurchase business using Northbound Bond Connect bonds as collateral, inclusion of Northbound Bond Connect bonds as eligible margin collateral at OTC Clearing Hong Kong Limited, promoting cross-boundary payment facilitation and financial facilitation in the Guangdong-Hong Kong-Macao Greater Bay Area (GBA). We will press ahead with the development of an offshore RMB ecosystem to promote the internationalisation of the RMB in a steady and prudent manner.

     In terms of financial products, besides RMB foreign exchange trading products, the offshore RMB investment products and services offered in Hong Kong also include RMB-denominated stocks, ETF, REIT, futures contracts for precious metals, and other diversified financial products. However, the Government does not maintain data on the allocation of funds within the offshore RMB pool to various investment products.

(2) Cross-boundary Wealth Management Connect (WMC) has seen continuous and steady development since its launch in September 2021. “WMC 2.0” commenced on February 26, 2024, with enhancement measures including increasing the individual investor quota from RMB1 million to RMB3 million, lowering the threshold for participating in the Southbound Scheme to support more GBA residents to participate in the scheme, expanding the scope of participating institutions to include eligible securities firms, expanding the scope of eligible investment products, and further enhancing the promotion and sales arrangements. According to the statistics published by the PBoC, up to end-2024, over 136 000 individual investors in the GBA participated in the WMC and cross-boundary fund remittances (including Guangdong, Hong Kong and Macao) amounting to over RMB99.4 billion had been recorded.

     Currently, the scope of eligible products under the Southbound Scheme includes all “non-complex” funds domiciled in Hong Kong and authorised by the SFC that primarily invest in Greater China equity; low-risk to medium-high-risk “non-complex” funds domiciled in Hong Kong and authorised by the SFC (excluding high-yield bond funds and single emerging market equity funds); low-risk to medium-risk and non-complex bonds; and RMB, Hong Kong dollar and foreign currency deposits. The Government does not maintain data on the proportion of Mainland capital invested in these different products.

     The Government and Hong Kong regulatory authorities will continue to maintain close communication with the industry and the Mainland regulatory authorities, and continuously review the implementation of “WMC 2.0” with a view to exploring further enhancement measures, including the product scope and sales arrangements.

(3) The Mainland-Hong Kong Mutual Recognition of Funds (MRF) arrangement (the “Arrangement”) was launched in July 2015, where eligible Mainland and Hong Kong funds can be offered to retail investors in each other’s market through a streamlined vetting process. As of end-2024, a total of 83 funds were authorised by the regulators of the two places, with aggregate net subscription amount of around RMB43.5 billion.

     The Arrangement has been enhanced with effect from January 1, 2025. Enhancements include relaxing the sales restriction and allowing Hong Kong funds to delegate investment management functions to overseas asset management companies within the same group. The measures will significantly increase the diversity of fund products, enhance the scale of funds, and bring positive effect to the distribution of Hong Kong MRF funds in the Mainland. The SFC will maintain close co-operation with the CSRC to continuously explore and discuss enhancement measures, so as to fully leverage Hong Kong’s distinct advantage and role as an international financial centre and a bridge for two-way capital flow to facilitate a higher level of two-way opening in the country’s capital market.

     On the other hand, the Integrated Fund Platform (the Platform) developed by HKEX will help lower the entry threshold of the fund industry, broaden Hong Kong’s fund distribution network, and enhance market efficiency. The first phase of the Platform (the Fund Repository) was launched in December 2024 to facilitate investors’ access to information on fund investment options. Other services of the Platform will be rolled out gradually from this year with functionalities including fund subscription and redemption (including MRF funds), settlement, and nominee services.

(4) The New Capital Investment Entrant Scheme (New CIES) was open for application on March 1, 2024 to further enrich the talent pool and attract new capital to Hong Kong. An eligible applicant must make investment of a minimum of HK$30 million in the permissible investment assets, including investing a minimum of HK$27 million in permissible financial assets and/or real estate (subject to a cap of HK$10 million), and placing HK$3 million into a new Capital Investment Entrant Scheme Investment Portfolio (CIES Investment Portfolio).

     As of end-2024, InvestHK has received over 800 applications, and approved 240 applications for Assessment for Investment Requirements. Except for the applicants’ investment in Hong Kong under the New CIES, the Government does not maintain the data on the investments made by applicants in Hong Kong outside the New CIES. Excluding the sum for investing in the CIES Investment Portfolio, the approved investment distribution is as follows:

Investment amount (HK$ Million)

Eligible collective investment schemes
2,968

Equities
2,553

Debt securities
1,018

Real estate
10

Certificates of deposits
5

Total
6,554

     The Government will continuously review the applicants’ investment arrangement and room for enhancing the New CIES, including further enhancing the net asset assessment and calculation requirements and allowing applicants to hold assets through his/her wholly owned eligible private company with effect from March 1 this year, thereby attracting global asset owners to establish their presence in Hong Kong.

MIL OSI Asia Pacific News –

February 13, 2025

MIL-OSI: YieldMax™ ETFs Announces Distributions on SMCY (101.33%), MSTY (100.07%), AIYY (64.15%), YMAX (47.62%), SQY (45.38%) and Others

Source: GlobeNewswire (MIL-OSI)

CHICAGO, MILWAUKEE and NEW YORK, Feb. 12, 2025 (GLOBE NEWSWIRE) — YieldMax™ today announced distributions for the YieldMax™ Weekly Payers and Group D ETFs listed in the table below.

ETF Ticker¹	ETF Name	Distribution Frequency	Distribution per share		Distribution Rate^2,4		30-Day SEC Yield³		ROC⁵		Ex-Date & Record Date	Payment Date
SDTY*	YieldMax™ S&P 500 0DTE Covered Call ETF	*Weekly*		–	–		–		–		–	–
GPTY	YieldMax™ AI & Tech Portfolio Option Income ETF	*Weekly*	$	0.2936	–		–		99.05	%	2/13/25	2/14/25
LFGY	YieldMax™ Crypto Industry & Tech Portfolio Option Income ETF	*Weekly*	$	0.5642	–		–		100.00	%	2/13/25	2/14/25
YMAX	YieldMax™ Universe Fund of Option Income ETFs	*Weekly*	$	0.1503	47.62	%	77.11	%	92.31	%	2/13/25	2/14/25
YMAG	YieldMax™ Magnificent 7 Fund of Option Income ETFs	*Weekly*	$	0.0509	14.71	%	56.75	%	85.74	%	2/13/25	2/14/25
MSTY	YieldMax™ MSTR Option Income Strategy ETF	Every 4 weeks	$	2.0216	100.07	%	0.00	%	33.44	%	2/13/25	2/14/25
YQQQ	YieldMax™ Short N100 Option Income Strategy ETF	Every 4 weeks	$	0.2498	19.44	%	3.81	%	0.00	%	2/13/25	2/14/25
AMZY	YieldMax™ AMZN Option Income Strategy ETF	Every 4 weeks	$	0.5480	36.33	%	2.89	%	0.00	%	2/13/25	2/14/25
APLY	YieldMax™ AAPL Option Income Strategy ETF	Every 4 weeks	$	0.3625	28.26	%	3.14	%	88.56	%	2/13/25	2/14/25
AIYY	YieldMax™ AI Option Income Strategy ETF	Every 4 weeks	$	0.3710	64.15	%	3.59	%	94.49	%	2/13/25	2/14/25
DISO	YieldMax™ DIS Option Income Strategy ETF	Every 4 weeks	$	0.4574	36.46	%	3.60	%	90.80	%	2/13/25	2/14/25
SQY	YieldMax™ SQ Option Income Strategy ETF	Every 4 weeks	$	0.5840	45.38	%	4.13	%	93.58	%	2/13/25	2/14/25
SMCY	YieldMax™ SMCI Option Income Strategy ETF	Every 4 weeks	$	2.0901	101.33	%	3.39	%	97.65	%	2/13/25	2/14/25
Weekly Payers & Group A ETFs scheduled for next week: SDTY GPTY LFGY YMAX YMAG TSLY CRSH GOOY YBIT OARK XOMO SNOY TSMY FEAT FIVY

Performance data quoted represents past performance and is no guarantee of future results. Investment return and principal value of an investment will fluctuate so that an investor’s shares, when sold or redeemed, may be worth more or less than their original cost and current performance may be lower or higher than the performance quoted above. Performance current to the most recent month-end can be obtained by calling (833) 378-0717.

Note: DIPS, FIAT, CRSH and YQQQ are hereinafter referred to as the “Short ETFs”.

Distributions are not guaranteed. The Distribution Rate and 30-Day SEC Yield are not indicative of future distributions, if any, on the ETFs. In particular, future distributions on any ETF may differ significantly from its Distribution Rate or 30-Day SEC Yield. You are not guaranteed a distribution under the ETFs. Distributions for the ETFs (if any) are variable and may vary significantly from period to period and may be zero. Accordingly, the Distribution Rate and 30-Day SEC Yield will change over time, and such change may be significant.

Investors in the Funds will not have rights to receive dividends or other distributions with respect to the underlying reference asset(s).

*The inception date for SDTY is February 5, 2025.

All YieldMax™ ETFs shown in the table above (except YMAX, YMAG, FEAT, FIVY and ULTY) have a gross expense ratio of 0.99%. YMAX, YMAG and FEAT have a Management Fee of 0.29% and Acquired Fund Fees and Expenses of 0.99% for a gross expense ratio of 1.28%. FIVY has a Management Fee of 0.29% and Acquired Fund Fees and Expenses of 0.59% for a gross expense ratio of 0.88%. “Acquired Fund Fees and Expenses” are indirect fees and expenses that the Fund incurs from investing in the shares of other investment companies, namely other YieldMax™ ETFs. ULTY has a gross expense ratio of 1.24% but the investment adviser has agreed to a 0.10% fee waiver through at least February 28, 2025.
The Distribution Rate shown is as of close on February 11, 2025. The Distribution Rate is the annual distribution rate an investor would receive if the most recent distribution, which includes option income, remained the same going forward. The Distribution Rate is calculated by annualizing an ETF’s Distribution per Share and dividing such annualized amount by the ETF’s most recent NAV. The Distribution Rate represents a single distribution from the ETF and does not represent its total return. Distributions may also include a combination of ordinary dividends, capital gain, and return of investor capital, which may decrease an ETF’s NAV and trading price over time. As a result, an investor may suffer significant losses to their investment. These Distribution Rates may be caused by unusually favorable market conditions and may not be sustainable. Such conditions may not continue to exist and there should be no expectation that this performance may be repeated in the future.
The 30-Day SEC Yield represents net investment income, which excludes option income, earned by such ETF over the 30-Day period ended January 31, 2025, expressed as an annual percentage rate based on such ETF’s share price at the end of the 30-Day period.
Each ETF’s strategy (except those of the Short ETFs) will cap potential gains if its reference asset’s shares increase in value, yet subjects an investor to all potential losses if the reference asset’s shares decrease in value. Such potential losses may not be offset by income received by the ETF. Each Short ETF’s strategy will cap potential gains if its reference asset decreases in value, yet subjects an investor to all potential losses if the reference asset increases in value. Such potential losses may not be offset by income received by the ETF.
ROC refers to Return of Capital. The ROC percentage is the portion of the distribution that represents an investor’s original investment.

Each Fund has a limited operating history and while each Fund’s objective is to provide current income, there is no guarantee the Fund will make a distribution. Distributions are likely to vary greatly in amount.

Standardized Performance

For YMAX, click here. For YMAG, click here. For TSLY, click here. For OARK, click here. For APLY, click here. For NVDY, click here. For AMZY, click here. For FBY, click here. For GOOY, click here. For NFLY, click here. For CONY, click here. For MSFO, click here. For DISO, click here. For XOMO, click here. For JPMO, click here. For AMDY, click here. For PYPY, click here. For SQY, click here. For MRNY, click here. For AIYY, click here. For MSTY, click here. For ULTY, click here. For YBIT, click here. For CRSH, click here. For GDXY, click here. For SNOY, click here. For ABNY, click here. For FIAT, click here. For DIPS, click here. For BABO, click here. For YQQQ, click here. For TSMY, click here. For SMCY, click here. For PLTY, click here. For BIGY, click here. For SOXY, click here. For MARO, click here. For FEAT, click here. For FIVY, click here. For LFGY, click here. For GPTY, click here. For CVNY, click here. For SDTY, click here.

Important Information

This material must be preceded or accompanied by the prospectus. For all prospectuses, click here.

Tidal Financial Group is the adviser for all YieldMax™ ETFs.

THE FUND, TRUST, AND ADVISER ARE NOT AFFILIATED WITH ANY UNDERLYING REFERENCE ASSET.

Risk Disclosures (applicable to all YieldMax ETFs referenced above, except the Short ETFs)

YMAX, YMAG, FEAT and FIVY generally invest in other YieldMax™ ETFs. As such, these two Funds are subject to the risks listed in this section, which apply to all the YieldMax™ ETFs they may hold from time to time.

Investing involves risk. Principal loss is possible.

Call Writing Strategy Risk. The path dependency (i.e., the continued use) of the Fund’s call writing strategy will impact the extent that the Fund participates in the positive price returns of the underlying reference asset and, in turn, the Fund’s returns, both during the term of the sold call options and over longer periods.

Counterparty Risk. The Fund is subject to counterparty risk by virtue of its investments in options contracts. Transactions in some types of derivatives, including options, are required to be centrally cleared (“cleared derivatives”). In a transaction involving cleared derivatives, the Fund’s counterparty is a clearing house rather than a bank or broker. Since the Fund is not a member of clearing houses and only members of a clearing house (“clearing members”) can participate directly in the clearing house, the Fund will hold cleared derivatives through accounts at clearing members.

Derivatives Risk. Derivatives are financial instruments that derive value from the underlying reference asset or assets, such as stocks, bonds, or funds (including ETFs), interest rates or indexes. The Fund’s investments in derivatives may pose risks in addition to, and greater than, those associated with directly investing in securities or other ordinary investments, including risk related to the market, imperfect correlation with underlying investments or the Fund’s other portfolio holdings, higher price volatility, lack of availability, counterparty risk, liquidity, valuation and legal restrictions.

Options Contracts. The use of options contracts involves investment strategies and risks different from those associated with ordinary portfolio securities transactions. The prices of options are volatile and are influenced by, among other things, actual and anticipated changes in the value of the underlying instrument, including the anticipated volatility, which are affected by fiscal and monetary policies and by national and international political, changes in the actual or implied volatility or the reference asset, the time remaining until the expiration of the option contract and economic events.

Distribution Risk. As part of the Fund’s investment objective, the Fund seeks to provide current income. There is no assurance that the Fund will make a distribution in any given period. If the Fund does make distributions, the amounts of such distributions will likely vary greatly from one distribution to the next.

High Portfolio Turnover Risk. The Fund may actively and frequently trade all or a significant portion of the Fund’s holdings. A high portfolio turnover rate increases transaction costs, which may increase the Fund’s expenses.

Liquidity Risk. Some securities held by the Fund, including options contracts, may be difficult to sell or be illiquid, particularly during times of market turmoil.

Non-Diversification Risk. Because the Fund is “non-diversified,” it may invest a greater percentage of its assets in the securities of a single issuer or a smaller number of issuers than if it was a diversified fund.

New Fund Risk. The Fund is a recently organized management investment company with no operating history. As a result, prospective investors do not have a track record or history on which to base their investment decisions.

Price Participation Risk. The Fund employs an investment strategy that includes the sale of call option contracts, which limits the degree to which the Fund will participate in increases in value experienced by the underlying reference asset over the Call Period.

Single Issuer Risk. Issuer-specific attributes may cause an investment in the Fund to be more volatile than a traditional pooled investment which diversifies risk or the market generally. The value of the Fund, which focuses on an individual security (ARKK, TSLA, AAPL, NVDA, AMZN, META, GOOGL, NFLX, COIN, MSFT, DIS, XOM, JPM, AMD, PYPL, SQ, MRNA, AI, MSTR, Bitcoin ETP, GDX^®, SNOW, ABNB, BABA, TSM, SMCI, PLTR, MARA, CVNA), may be more volatile than a traditional pooled investment or the market as a whole and may perform differently from the value of a traditional pooled investment or the market as a whole.

Inflation Risk. Inflation risk is the risk that the value of assets or income from investments will be less in the future as inflation decreases the value of money. As inflation increases, the present value of the Fund’s assets and distributions, if any, may decline.

Indirect Investment Risk. The Index is not affiliated with the Trust, the Fund, the Adviser, or their respective affiliates and is not involved with this offering in any way.

Risk Disclosures (applicable only to GPTY)

Artificial Intelligence Risk. Issuers engaged in artificial intelligence typically have high research and capital expenditures and, as a result, their profitability can vary widely, if they are profitable at all. The space in which they are engaged is highly competitive and issuers’ products and services may become obsolete very quickly. These companies are heavily dependent on intellectual property rights and may be adversely affected by loss or impairment of those rights. The issuers are also subject to legal, regulatory and political changes that may have a large impact on their profitability. A failure in an issuer’s product or even questions about the safety of the product could be devastating to the issuer, especially if it is the marquee product of the issuer. It can be difficult to accurately capture what qualifies as an artificial intelligence company.

Technology Sector Risk. The Fund will invest substantially in companies in the information technology sector, and therefore the performance of the Fund could be negatively impacted by events affecting this sector. Market or economic factors impacting technology companies and companies that rely heavily on technological advances could have a significant effect on the value of the Fund’s investments. The value of stocks of information technology companies and companies that rely heavily on technology is particularly vulnerable to rapid changes in technology product cycles, rapid product obsolescence, government regulation and competition, both domestically and internationally, including competition from foreign competitors with lower production costs. Stocks of information technology companies and companies that rely heavily on technology, especially those of smaller, less-seasoned companies, tend to be more volatile than the overall market. Information technology companies are heavily dependent on patent and intellectual property rights, the loss or impairment of which may adversely affect profitability.

Risk Disclosure (applicable only to MARO)

Digital Assets Risk: The Fund does not invest directly in Bitcoin or any other digital assets. The Fund does not invest directly in derivatives that track the performance of Bitcoin or any other digital assets. The Fund does not invest in or seek direct exposure to the current “spot” or cash price of Bitcoin. Investors seeking direct exposure to the price of Bitcoin should consider an investment other than the Fund. Digital assets like Bitcoin, designed as mediums of exchange, are still an emerging asset class. They operate independently of any central authority or government backing and are subject to regulatory changes and extreme price volatility.

Risk Disclosures (applicable only to BABO and TSMY)

Currency Risk: Indirect exposure to foreign currencies subjects the Fund to the risk that currencies will decline in value relative to the U.S. dollar. Currency rates in foreign countries may fluctuate significantly over short periods of time for a number of reasons, including changes in interest rates and the imposition of currency controls or other political developments in the U.S. or abroad.

Depositary Receipts Risk: The securities underlying BABO and TSMY are American Depositary Receipts (“ADRs”). Investment in ADRs may be less liquid than the underlying shares in their primary trading market.

Foreign Market and Trading Risk: The trading markets for many foreign securities are not as active as U.S. markets and may have less governmental regulation and oversight.

Foreign Securities Risk: Investments in securities of non-U.S. issuers involve certain risks that may not be present with investments in securities of U.S. issuers, such as risk of loss due to foreign currency fluctuations or to political or economic instability, as well as varying regulatory requirements applicable to investments in non-U.S. issuers. There may be less information publicly available about a non-U.S. issuer than a U.S. issuer. Non-U.S. issuers may also be subject to different regulatory, accounting, auditing, financial reporting and investor protection standards than U.S. issuers.

Risk Disclosures (applicable only to GDXY)

Risk of Investing in Foreign Securities. The Fund is exposed indirectly to the securities of foreign issuers selected by GDX®’s investment adviser, which subjects the Fund to the risks associated with such companies. Investments in the securities of foreign issuers involve risks beyond those associated with investments in U.S. securities.

Risk of Investing in Gold and Silver Mining Companies. The Fund is exposed indirectly to gold and silver mining companies selected by GDX®’s investment adviser, which subjects the Fund to the risks associated with such companies.

The Fund invests in options contracts based on the value of the VanEck Gold Miners ETF (GDX®), which subjects the Fund to some of the same risks as if it owned GDX®, as well as the risks associated with Canadian, Australian and Emerging Market Issuers, and Small-and Medium-Capitalization companies.

Risk Disclosures (applicable only to YBIT)

YBIT does not invest directly in Bitcoin or any other digital assets. YBIT does not invest directly in derivatives that track the performance of Bitcoin or any other digital assets. YBIT does not invest in or seek direct exposure to the current “spot” or cash price of Bitcoin. Investors seeking direct exposure to the price of Bitcoin should consider an investment other than YBIT.

Bitcoin Investment Risk: The Fund’s indirect investment in Bitcoin, through holdings in one or more Underlying ETPs, exposes it to the unique risks of this emerging innovation. Bitcoin’s price is highly volatile, and its market is influenced by the changing Bitcoin network, fluctuating acceptance levels, and unpredictable usage trends.

Digital Assets Risk: Digital assets like Bitcoin, designed as mediums of exchange, are still an emerging asset class. They operate independently of any central authority or government backing and are subject to regulatory changes and extreme price volatility. Potentially No 1940 Act Protections. As of the date of this Prospectus, there is only a single eligible Underlying ETP, and it is an investment company subject to the 1940 Act.

Bitcoin ETP Risk: The Fund invests in options contracts that are based on the value of the Bitcoin ETP. This subjects the Fund to certain of the same risks as if it owned shares of the Bitcoin ETP, even though it does not. Bitcoin ETPs are subject, but not limited, to significant risk and heightened volatility. An investor in a Bitcoin ETP may lose their entire investment. Bitcoin ETPs are not suitable for all investors. In addition, not all Bitcoin ETPs are registered under the Investment Company Act of 1940. Those Bitcoin ETPs that are not registered under such statute are therefore not subject to the same regulations as exchange traded products that are so registered.

Risk Disclosures (applicable only to the Short ETFs)

Investing involves risk. Principal loss is possible.

Price Appreciation Risk. As part of the Fund’s synthetic covered put strategy, the Fund purchases and sells call and put option contracts that are based on the value of the underlying reference asset. This strategy subjects the Fund to certain of the same risks as if it shorted the underlying reference asset, even though it does not. By virtue of the Fund’s indirect inverse exposure to changes in the value of the underlying reference asset, the Fund is subject to the risk that the value of the underlying reference asset increases. If the value of the underlying reference asset increases, the Fund will likely lose value and, as a result, the Fund may suffer significant losses.

Put Writing Strategy Risk. The path dependency (i.e., the continued use) of the Fund’s put writing (selling) strategy will impact the extent that the Fund participates in decreases in the value of the underlying reference asset and, in turn, the Fund’s returns, both during the term of the sold put options and over longer periods.

Purchased OTM Call Options Risk. The Fund’s strategy is subject to potential losses if the underlying reference asset increases in value, which may not be offset by the purchase of out-of-the-money (OTM) call options. The Fund purchases OTM calls to seek to manage (cap) the Fund’s potential losses from the Fund’s short exposure to the underlying reference asset if it appreciates significantly in value. However, the OTM call options will cap the Fund’s losses only to the extent that the value of the underlying reference asset increases to a level that is at or above the strike level of the purchased OTM call options. Any increase in the value of the underlying reference asset to a level that is below the strike level of the purchased OTM call options will result in a corresponding loss for the Fund. For example, if the OTM call options have a strike level that is approximately 100% above the then-current value of the underlying reference asset at the time of the call option purchase, and the value of the underlying reference asset increases by at least 100% during the term of the purchased OTM call options, the Fund will lose all its value. Since the Fund bears the costs of purchasing the OTM calls, such costs will decrease the Fund’s value and/or any income otherwise generated by the Fund’s investment strategy.

Options Contracts. The use of options contracts involves investment strategies and risks different from those associated with ordinary portfolio securities transactions. The prices of options are volatile and are influenced by, among other things, actual and anticipated changes in the value of the underlying reference asset, including the anticipated volatility, which are affected by fiscal and monetary policies and by national and international political, changes in the actual or implied volatility or the reference asset, the time remaining until the expiration of the option contract and economic events.

High Portfolio Turnover Risk. The Fund may actively and frequently trade all or a significant portion of the Fund’s holdings.

Liquidity Risk. Some securities held by the Fund, including options contracts, may be difficult to sell or be illiquid, particularly during times of market turmoil.

Price Participation Risk. The Fund employs an investment strategy that includes the sale of put option contracts, which limits the degree to which the Fund will participate in decreases in value experienced by the underlying reference asset over the Put Period.

Single Issuer Risk. Issuer-specific attributes may cause an investment in the Fund to be more volatile than a traditional pooled investment which diversifies risk or the market generally. The value of the Fund, for any Fund that focuses on an individual security (e.g., TSLA, COIN, NVDA), may be more volatile than a traditional pooled investment or the market as a whole and may perform differently from the value of a traditional pooled investment or the market as a whole.

Risk Disclosures (applicable only to YQQQ)

Index Overview. The Nasdaq 100 Index is a benchmark index that includes 100 of the largest non-financial companies listed on the Nasdaq Stock Market, based on market capitalization.

Index Level Appreciation Risk. As part of the Fund’s synthetic covered put strategy, the Fund purchases and sells call and put option contracts that are based on the Index level. This strategy subjects the Fund to certain of the same risks as if it shorted the Index, even though it does not. By virtue of the Fund’s indirect inverse exposure to changes in the Index level, the Fund is subject to the risk that the Index level increases. If the Index level increases, the Fund will likely lose value and, as a result, the Fund may suffer significant losses. The Fund may also be subject to the following risks: innovation and technological advancement; strong market presence of Index constituent companies; adaptability to global market trends; and resilience and recovery potential.

Index Level Participation Risk. The Fund employs an investment strategy that includes the sale of put option contracts, which limits the degree to which the Fund will benefit from decreases in the Index level experienced over the Put Period. This means that if the Index level experiences a decrease in value below the strike level of the sold put options during a Put Period, the Fund will likely not experience that increase to the same extent and any Fund gains may significantly differ from the level of the Index losses over the Put Period. Additionally, because the Fund is limited in the degree to which it will participate in decreases in value experienced by the Index level over each Put Period, but has significant negative exposure to any increases in value experienced by the Index level over the Put Period, the NAV of the Fund may decrease over any given period. The Fund’s NAV is dependent on the value of each options portfolio, which is based principally upon the inverse of the performance of the Index level. The Fund’s ability to benefit from the Index level decreases will depend on prevailing market conditions, especially market volatility, at the time the Fund enters into the sold put option contracts and will vary from Put Period to Put Period. The value of the options contracts is affected by changes in the value and dividend rates of component companies that comprise the Index, changes in interest rates, changes in the actual or perceived volatility of the Index and the remaining time to the options’ expiration, as well as trading conditions in the options market. As the Index level changes and time moves towards the expiration of each Put Period, the value of the options contracts, and therefore the Fund’s NAV, will change. However, it is not expected for the Fund’s NAV to directly inversely correlate on a day-to-day basis with the returns of the Index level. The amount of time remaining until the options contract’s expiration date affects the impact that the value of the options contracts has on the Fund’s NAV, which may not be in full effect until the expiration date of the Fund’s options contracts. Therefore, while changes in the Index level will result in changes to the Fund’s NAV, the Fund generally anticipates that the rate of change in the Fund’s NAV will be different than the inverse of the changes experienced by the Index level.

YieldMax™ ETFs are distributed by Foreside Fund Services, LLC. Foreside is not affiliated with Tidal Financial Group, YieldMax™ ETFs.

The MIL Network –

February 13, 2025

MIL-OSI: OTC Markets Group Welcomes Wilhelmina International, Inc. to OTCQX

Source: GlobeNewswire (MIL-OSI)

NEW YORK, Feb. 12, 2025 (GLOBE NEWSWIRE) — OTC Markets Group Inc. (OTCQX: OTCM), operator of regulated markets for trading 12,000 U.S. and international securities, today announced Wilhelmina International, Inc. (OTCQX: WHLM), a company that, through its subsidiaries, provides fashion model and talent management services in the United States, has qualified to trade on the OTCQX® Best Market. Wilhelmina International, Inc. previously traded on NASDAQ.

Wilhelmina International, Inc. begins trading today on OTCQX under the symbol “WHLM.” U.S. investors can find current financial disclosure and Real-Time Level 2 quotes for the company on www.otcmarkets.com.

The OTCQX Market provides investors with a premium U.S. public market to research and trade the shares of investor-focused companies. Graduating to the OTCQX Market marks an important milestone for companies, enabling them to demonstrate their qualifications and build visibility among U.S. investors. To qualify for OTCQX, companies must meet high financial standards, follow best practice corporate governance, and demonstrate compliance with applicable securities laws.

About Wilhelmina International, Inc.
Wilhelmina International, Inc., through its subsidiaries, provides fashion model and talent management services in the United States. The Company specializes in the representation and management of models, entertainers, artists, athletes, and other talent to various customers and clients, including retailers, designers, advertising agencies, and catalog companies. It also engages fashion modeling and talent product-endorsement services to clients, such as ad agencies, branded consumer goods companies, fashion designers, magazines, retailers and department stores, product catalogs, and Internet sites; licensing of the Wilhelmina brand name; and engages in television syndication royalties and production series contracts. The company was founded in 1967 and is headquartered in Dallas, Texas.

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 and OTC Link NQB 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.

Subscribe to the OTC Markets RSS Feed

Media Contact:
OTC Markets Group Inc., +1 (212) 896-4428, media@otcmarkets.com

The MIL Network –

February 13, 2025
MIL-OSI: QXO Receives Antitrust Clearance for Acquisition of Beacon Roofing Supply

Source: GlobeNewswire (MIL-OSI)

GREENWICH, Conn., Feb. 12, 2025 (GLOBE NEWSWIRE) — QXO, Inc. (NYSE: QXO) announced today that it has obtained antitrust clearance in both the U.S. and Canada for its acquisition of Beacon Roofing Supply, Inc. (Nasdaq: BECN), paving the way for QXO to close the transaction quickly. The company confirmed that the waiting period under the Hart-Scott-Rodino Antitrust Improvements Act has expired and that it has received early termination of the waiting period from the Canadian Competition Bureau.

“With committed financing in place and these necessary regulatory approvals secured, QXO is prepared to complete this acquisition and deliver immediate, compelling value to Beacon shareholders,” said Brad Jacobs, chairman and chief executive officer of QXO. “Beacon should remove its shareholder-unfriendly poison pill so shareholders can benefit from our premium all-cash offer.”

QXO’s all-cash tender offer for all of Beacon’s outstanding common stock of $124.25 per share, which is higher than Beacon’s stock has ever traded, remains open until 12:00 midnight (New York City time) at the end of February 24, 2025. QXO is prepared to complete the acquisition shortly after the tender expires, subject to the terms of the offer. Importantly, the transaction is not subject to any financing conditions or due diligence conditions.

Advisors

Morgan Stanley & Co. LLC is acting as lead financial advisor to QXO, and Paul, Weiss, Rifkind, Wharton & Garrison LLP is acting as legal counsel.

About QXO

QXO provides technology solutions, primarily to clients in the manufacturing, distribution and service sectors. The company provides consulting and professional services, including specialized programming, training and technical support, and develops proprietary software. As a value-added reseller of business application software, QXO offers solutions for accounting, financial reporting, enterprise resource planning, warehouse management systems, customer relationship management, business intelligence and other applications. QXO plans to become a tech-forward leader in the $800 billion building products distribution industry. The company is targeting tens of billions of dollars of annual revenue in the next decade through accretive acquisitions and organic growth. Visit www.qxo.com for more information.

Forward-Looking Statements

This communication contains forward-looking statements. Statements that are not historical facts, including statements about beliefs, expectations, targets, goals, regulatory approval timing and nominating directors are forward-looking statements. These statements are based on plans, estimates, expectations and/or goals at the time the statements are made, and readers should not place undue reliance on them. In some cases, readers can identify forward-looking statements by the use of forward-looking terms such as “may,” “will,” “should,” “expect,” “opportunity,” “intend,” “plan,” “anticipate,” “believe,” “estimate,” “predict,” “potential,” “target,” “goal,” or “continue,” or the negative of these terms or other comparable terms. Forward-looking statements involve inherent risks and uncertainties and readers are cautioned that a number of important factors could cause actual results to differ materially from those contained in any such forward-looking statements. Such factors include but are not limited to: the ultimate outcome of any possible transaction between QXO, Inc. (“QXO”) and Beacon Roofing Supply, Inc. (“Beacon”), including the possibility that the parties will not agree to pursue a business combination transaction or that the terms of any definitive agreement will be materially different from those proposed; uncertainties as to whether Beacon will cooperate with QXO regarding the proposed transaction; the ultimate result should QXO commence a proxy contest for election of directors to Beacon’s Board of Directors; QXO’s ability to consummate the proposed transaction with Beacon; the conditions to the completion of the proposed transaction, including the receipt of any required shareholder approvals and any required regulatory approvals; QXO’s ability to finance the proposed transaction; the substantial indebtedness QXO expects to incur in connection with the proposed transaction and the need to generate sufficient cash flows to service and repay such debt; that operating costs, customer loss and business disruption (including, without limitation, difficulties in maintaining relationships with employees, customers or suppliers) may be greater than expected following the proposed transaction or the public announcement of the proposed transaction; QXO’s ability to retain certain key employees; and general economic conditions that are less favorable than expected. QXO cautions that forward-looking statements should not be relied on as predictions of future events, and these statements are not guarantees of performance or results. Forward-looking statements herein speak only as of the date each statement is made. QXO does not assume any obligation to update any of these statements in light of new information or future events, except to the extent required by applicable law.

Important Additional Information and Where to Find It

This communication is for informational purposes only and does not constitute a recommendation, an offer to purchase or a solicitation of an offer to sell Beacon securities. QXO and Queen MergerCo, Inc. (the “Purchaser”) filed a Tender Offer Statement on Schedule TO with the Securities and Exchange Commission (the “SEC”) on January 27, 2025, and Beacon filed a Solicitation/Recommendation Statement on Schedule 14D-9 with respect to the tender offer with the SEC on February 6, 2025. Investors and security holders are urged to carefully read the Tender Offer Statement (including the Offer to Purchase, the related Letter of Transmittal and certain other tender offer documents, as each may be amended or supplemented from time to time) and the Solicitation/Recommendation Statement as these materials contain important information that investors and security holders should consider before making any decision regarding tendering their common stock, including the terms and conditions of the tender offer. The Tender Offer Statement, Offer to Purchase, Solicitation/Recommendation Statement and related materials are filed with the SEC, and investors and security holders may obtain a free copy of these materials and other documents filed by QXO and Beacon with the SEC at the website maintained by the SEC at www.sec.gov. In addition, the Tender Offer Statement and other documents that QXO and the Purchaser file with the SEC will be made available to all investors and security holders of Beacon free of charge from the information agent for the tender offer: Innisfree M&A Incorporated, 501 Madison Avenue, 20th Floor, New York, NY 10022, toll-free telephone: +1 (888) 750-5834.
QXO and the other participants intend to file a preliminary proxy statement and accompanying WHITE universal proxy card with the SEC to be used to solicit proxies for, among other matters, the election of its slate of director nominees at the 2025 Annual Meeting of stockholders of Beacon. QXO strongly advises all stockholders of Beacon to read the preliminary proxy statement, any amendments or supplements to such proxy statement, and other proxy materials filed by QXO with the SEC as they become available because they will contain important information. Such proxy materials will be available at no charge on the SEC’s website at www.sec.gov and at QXO’s website at investors.qxo.com. In addition, the participants in this proxy solicitation will provide copies of the proxy statement, and other relevant documents, without charge, when available, upon request. Requests for copies should be directed to the participants’ proxy solicitor.

Certain Information Concerning the Participants

The participants in the proxy solicitation are anticipated to be QXO, Brad Jacobs, Ihsan Essaid, Matt Fassler, Mark Manduca and the individuals nominated by QXO (the “QXO Nominees”). QXO expects to determine and announce the QXO Nominees prior to the nomination deadline for the 2025 annual meeting of stockholders of Beacon. As of the date of this communication, other than 100 shares of common stock of Beacon beneficially owned by QXO, none of the participants who have been identified has any direct or indirect interest, by security holdings or otherwise, in Beacon.

Media Contacts

Joe Checkler
joe.checkler@qxo.com
203-609-9650

Steve Lipin / Lauren Odell
Gladstone Place Partners
212-230-5930

Investor Contacts

Mark Manduca
mark.manduca@qxo.com
203-321-3889

Scott Winter / Jonathan Salzberger
Innisfree M&A Incorporated
212-750-5833

The MIL Network –

February 13, 2025
MIL-OSI: OTC Markets Group Welcomes Thiogenesis Therapeutics, Corp. to OTCQX

Source: GlobeNewswire (MIL-OSI)

NEW YORK, Feb. 12, 2025 (GLOBE NEWSWIRE) — OTC Markets Group Inc. (OTCQX: OTCM), operator of regulated markets for trading 12,000 U.S. and international securities, today announced Thiogenesis Therapeutics Corp. (TSX-V: TTI; OTCQX: TTIPF), a clinical-stage biotech company, has qualified to trade on the OTCQX® Best Market. Thiogenesis Therapeutics Corp. upgraded to OTCQX from the Pink® market.

Thiogenesis Therapeutics Corp. begins trading today on OTCQX under the symbol “TTIPF.” U.S. investors can find current financial disclosure and Real-Time Level 2 quotes for the company on www.otcmarkets.com.

Upgrading to the OTCQX Market is an important step for companies seeking to provide transparent trading for their U.S. investors. For companies listed on a qualified international exchange, streamlined market standards enable them to utilize their home market reporting to make their information available in the U.S. To qualify for OTCQX, companies must meet high financial standards, follow best practice corporate governance and demonstrate compliance with applicable securities laws.

About Thiogenesis Therapeutics Corp.

Thiogenesis Therapeutics, Corp., is a clinical-stage biopharmaceutical company operating through its wholly owned subsidiary based in San Diego, CA. Thiogenesis is developing sulfur-containing prodrugs that act as precursors to previously approved thiol compounds, with the potential to treat serious pediatric diseases with unmet medical needs. Prodrugs are drugs that contain previously approved active ingredients and are modified so that they only become active when metabolized. For regulatory purposes prodrugs can use existing third-party safety data in regulatory submissions in the streamlined 505 (b)(2) regulatory pathway in the US, and its equivalent hybrid system in Europe, to proceed into human efficacy trials with regulatory clearance. Prodrugs may enhance the profile of the active ingredient to increase its bioavailability and reduce side effects. The Company’s initial target indications include Mitochondrial Encephalopathy Lactic Acidosis and Stroke (“MELAS”), Leigh’s syndrome, Rett syndrome and pediatric MASH.

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 and OTC Link NQB 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.

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Media Contact:
OTC Markets Group Inc., +1 (212) 896-4428, media@otcmarkets.com

The MIL Network –

February 13, 2025

MIL-OSI: Gilat Reports Fourth Quarter and Full Year 2024 Results

Source: GlobeNewswire (MIL-OSI)

Q4 Revenue of $78.1 million, GAAP Operating Income of $12.8 million and Adjusted EBITDA of $12.1 million

2024 Revenue of $305.4 million, GAAP Operating Income of $27.7 million and a 25-year Record Adjusted EBITDA of $42.2 million

Expects 2025 Revenues to increase by 36%-50%

Announces New Reporting Segments

PETAH TIKVA, Israel, Feb. 12, 2025 (GLOBE NEWSWIRE) — Gilat Satellite Networks Ltd. (NASDAQ: GILT, TASE: GILT), a worldwide leader in satellite networking technology, solutions and services, today reported its unaudited results for the fourth quarter and full year ended December 31, 2024.

Fourth Quarter 2024 Financial Highlights

Revenue of $78.1 million, up 3% compared with $75.6 million in Q4 2023;
GAAP operating income of $12.8 million, compared with $2.9 million in Q4 2023;
Non-GAAP operating income of $9.7 million, compared with $6.1 million in Q4 2023;
GAAP net income of $11.8 million, or $0.21 per diluted share, compared with $3.4 million, or $0.06 per diluted share, in Q4 2023;
Non-GAAP net income of $8.5 million, or $0.15 per diluted share, compared with $6.5 million, or $0.11 per diluted share, in Q4 2023;
Adjusted EBITDA of $12.1 million, up 30% compared with $9.4 million in Q4 2023.

Full year 2024 Financial Highlights

Revenue of $305.4 million, up 15% compared with $266.1 million in 2023;
GAAP operating income of $27.7 million, compared with $28.1 million in 2023;
Non-GAAP operating income of $31.9 million, up 35% compared with $23.5 million in 2023;
GAAP net income of $24.8 million, or $0.44 per diluted share, compared with $23.5 million, or $0.41 per diluted share in 2023;
Non-GAAP net income of $28.2 million, or $0.49 per diluted share, compared with $19.9 million, or $0.35 per diluted share 2023;
Adjusted EBITDA was $42.2 million, up 16% compared with adjusted EBITDA of $36.4 million in 2023.

2025 Guidance

Management’s financial guidance for 2025 is for revenues of between $415 to $455 million, and Adjusted EBITDA is expected to be between $47 to $53 million¹.

Adi Sfadia, Gilat’s CEO, commented, “Gilat delivered strong results with profitability of Adjusted EBITDA of $12.1 million for the fourth quarter and $42.2 million for the entire year. These results alongside our strong generation of cash flow underscore the strength and resilience of our core business model, demonstrating both operating leverage and the positive impact of our current product revenue mix.”

“During the fourth quarter our Defense and In-Flight Connectivity business continued to experience strong momentum with increased orders and awards. The Defense segment, with a focus on the US DoD, represents a significant growth opportunity for Gilat. We are pleased with our progress in expanding opportunities to serve the specialized needs of government and military customers with our innovative satellite solutions,” Mr. Sfadia continued. “With the closing of the Stellar Blu acquisition, our Commercial business is poised for significant growth as we establish our leadership in the expanding Electronically Steerable Antenna (ESA) market. Our portfolio of IFC GEO, LEO and multi-orbit solutions will be instrumental in capitalizing on increasing demand for inflight connectivity by airlines and passengers.”

Mr. Sfadia concluded, “Looking ahead into 2025, given the significant potential we see in the defense market and our view of this as a strategic growth engine, we plan to increase our investment in R&D, Sales and Marketing of the Defense Segment. We believe that this targeted increase will allow us to take advantage of the opportunities we see quicker and more decisively to ensure a long term growth in this market. Coupled with our recent acquisitions and positioning in the Satcom market, Gilat has the resource base to scale the IFC and Defense businesses and our track record of profitable, cash generating growth, provides a strong foundation for Gilat’s continued success.”

Commencing January 1, 2025, the company has implemented a new organizational structure and reportable segments. The new organizational structure and segment reporting are designed to better target the diverse and attractive end markets the company serves and to provide investors with greater insight into Gilat’s business lines and strategic growth opportunities. The company will report financial results based on the following three divisions: Gilat Defense, Gilat Commercial and Gilat Peru.

Gilat Defense Division: provides secure, rapid-deployment solutions for military organizations, government agencies, and defense integrators, with a strong focus on the U.S. Department of Defense resulting from our strategic acquisition of DataPath Inc. By integrating technologies from Gilat, Gilat DataPath, and Gilat Wavestream, the division delivers resilient battlefield connectivity with multiple layers of communication redundancy for high availability.
Gilat Commercial Division: provides advanced broadband satellite communication networks for IFC, Enterprise and Cellular Backhaul, supporting HTS, VHTS, and NGSO constellations with turnkey solutions for service providers, satellite operators, and enterprises. Our acquisition of Stellar Blu serves as the cornerstone of this division, strengthening our position in the IFC market and enabling us to provide cutting-edge connectivity solutions that meet the demands of passengers, airlines, and service providers worldwide.

Gilat Peru Division: specializes in end-to-end telco solutions, including the operation and implementation of large-scale network projects. With expertise in terrestrial fiber optic, wireless, and satellite networks, Gilat Peru provides technology integration, managed networks and services, connectivity solutions, and reliable internet and voice access across the region.

Gilat has prepared unaudited illustrations of the company’s financial reports for Fiscal Years 2023 and 2024 to reflect the company’s results based on the new segment reporting, which can be found in the IR section on Gilat’s website. For additional information about Gilat’s new divisional structure, please click here: Link

Key Recent Announcements

Gilat Secures Over $18 Million Orders Addressing Demand for In-Flight Connectivity Solutions
Gilat Receives $9 Million in Orders for Multi-Orbit SkyEdge Platforms
Gilat Completes Acquisition of Stellar Blu Solutions LLC
Gilat and Hispasat Provided Immediate Satellite Communication to Support Disaster Recovery Efforts After Hurricane Helene
Gilat Receives Over $3 Million in Orders to Support LEO Constellations
Gilat Awarded Over $5 Million in orders to Support Critical Connectivity for Defense Forces
Gilat Receives $4M in Orders for Advanced Portable Terminals from Global Defense Customers

Conference Call Details

Gilat’s Management will discuss its fourth quarter and full year 2024 results and business achievements and participate in a question-and-answer session:

Date:	Wednesday, February 12, 2025
Start:	09:30 AM EST / 16:30 IST
Dial-in:	US: 1-888-407-2553
	International: +972-3-918-0609

A simultaneous webcast of the conference call will be available on the Gilat website at gilat.com and through this link: https://veidan.activetrail.biz/gilatq4-2024

The webcast will also be archived for a period of 30 days on the Company’s website and through the link above.

Non-GAAP Measures

The attached summary unaudited financial statements were prepared in accordance with U.S. Generally Accepted Accounting Principles (GAAP). To supplement the consolidated financial statements presented in accordance with GAAP, the Company presents non-GAAP presentations of gross profit, operating expenses, operating income, income before taxes on income, net income, Adjusted EBITDA, and earnings per share. The adjustments to the Company’s GAAP results are made with the intent of providing both management and investors with a more complete understanding of the Company’s underlying operational results, trends, and performance. Non-GAAP financial measures mainly exclude, if and when applicable, the effect of stock-based compensation expenses, amortization of purchased intangibles, lease incentive amortization, other non-recurring expenses, other integration expenses, other operating expenses (income), net, and income tax effect on the relevant adjustments.

Adjusted EBITDA is presented to compare the Company’s performance to that of prior periods and evaluate the Company’s financial and operating results on a consistent basis from period to period. The Company also believes this measure, when viewed in combination with the Company’s financial results prepared in accordance with GAAP, provides useful information to investors to evaluate ongoing operating results and trends. Adjusted EBITDA, however, should not be considered as an alternative to operating income or net income for the period and may not be indicative of the historic operating results of the Company; nor is it meant to be predictive of potential future results. Adjusted EBITDA is not a measure of financial performance under GAAP and may not be comparable to other similarly titled measures for other companies. Reconciliation between the Company’s net income and adjusted EBITDA is presented in the attached summary financial statements.

Non-GAAP presentations of gross profit, operating expenses, operating income, income before taxes on income, net income, adjusted EBITDA and earnings per share should not be considered in isolation or as a substitute for any of the consolidated statements of operations prepared in accordance with GAAP, or as an indication of Gilat’s operating performance or liquidity.

About Gilat

Gilat Satellite Networks Ltd. (NASDAQ: GILT, TASE: GILT) is a leading global provider of satellite-based broadband communications. With over 35 years of experience, we develop and deliver deep technology solutions for satellite, ground, and new space connectivity, offering next-generation solutions and services for critical connectivity across commercial and defense applications. We believe in the right of all people to be connected and are united in our resolution to provide communication solutions to all reaches of the world.

Together with our wholly-owned subsidiaries—Gilat Wavestream, Gilat DataPath, and Gilat Stellar Blu—we offer integrated, high-value solutions supporting multi-orbit constellations, Very High Throughput Satellites (VHTS), and Software-Defined Satellites (SDS) via our Commercial and Defense Divisions. Our comprehensive portfolio is comprised of a cloud-based platform and modems; high-performance satellite terminals; advanced Satellite On-the-Move (SOTM) antennas and ESAs; highly efficient, high-power Solid State Power Amplifiers (SSPA) and Block Upconverters (BUC) and includes integrated ground systems for commercial and defense markets, field services, network management software, and cybersecurity services.

Gilat’s products and tailored solutions support multiple applications including government and defense, IFC and mobility, broadband access, cellular backhaul, enterprise, aerospace, broadcast, and critical infrastructure clients all while meeting the most stringent service level requirements. For more information, please visit: http://www.gilat.com

Certain statements made herein that are not historical are forward-looking within the meaning of the Private Securities Litigation Reform Act of 1995. The words “estimate”, “project”, “intend”, “expect”, “believe” and similar expressions are intended to identify forward-looking statements. These forward-looking statements involve known and unknown risks and uncertainties. Many factors could cause the actual results, performance or achievements of Gilat to be materially different from any future results, performance or achievements that may be expressed or implied by such forward-looking statements, including, among others, changes in general economic and business conditions, inability to maintain market acceptance to Gilat’s products, inability to timely develop and introduce new technologies, products and applications, rapid changes in the market for Gilat’s products, loss of market share and pressure on prices resulting from competition, introduction of competing products by other companies, inability to manage growth and expansion, loss of key OEM partners, inability to attract and retain qualified personnel, inability to protect the Company’s proprietary technology and risks associated with Gilat’s international operations and its location in Israel, including those related to the terrorist attacks by Hamas, and the hostilities between Israel and Hamas and Israel and Hezbollah. For additional information regarding these and other risks and uncertainties associated with Gilat’s business, reference is made to Gilat’s reports filed from time to time with the Securities and Exchange Commission. We undertake no obligation to update or revise any forward-looking statements for any reason.

Contact:

Gilat Satellite Networks

Hagay Katz, Chief Product and Marketing Officer
hagayk@gilat.com

Alliance Advisors:

GilatIR@allianceadvisors.com
Phone: +1 212 838 3777

^{_________________
1} We do not provide forward-looking guidance on a GAAP basis because we are unable to reasonably provide forward-looking guidance for certain financial data, such as amortization of purchased intangibles and earnout-based expenses related to recent acquisitions. As a result, we are not able to provide a reconciliation of GAAP to non-GAAP financial measures for forward-looking data without unreasonable effort.


GILAT SATELLITE NETWORKS LTD.
CONSOLIDATED STATEMENTS OF INCOME
U.S. dollars in thousands (except share and per share data)

		Twelve months ended						Three months ended
		December 31,						December 31,
			2024			2023			2024			2023
		Unaudited			Audited			Unaudited

Revenues		$	305,448		$	266,090		$	78,128		$	75,612
Cost of revenues			192,117			161,145			47,107			46,692

Gross profit			113,331			104,945			31,021			28,920

Research and development expenses, net			38,136			41,173			10,108			11,624
Selling and marketing expenses			27,381			25,243			6,657			7,119
General and administrative expenses			26,868			19,215			6,192			6,312
Other operating expenses (income), net			(6,751	)		(8,771	)		(4,706	)		986

Total operating expenses			85,634			76,860			18,251			26,041

Operating income			27,697			28,085			12,770			2,879

Financial income, net			1,504			109			63			1,196

Income before taxes on income			29,201			28,194			12,833			4,075

Taxes on income			(4,352	)		(4,690	)		(1,069	)		(628	)

Net income		$	24,849		$	23,504		$	11,764		$	3,447

Earnings per share (basic and diluted)		$	0.44		$	0.41		$	0.21		$	0.06

Weighted average number of shares used in
	computing earnings per share
	Basic		57,016,920			56,668,999			57,017,032			56,820,774
	Diluted		57,016,920			56,672,537			57,017,032			56,820,774


GILAT SATELLITE NETWORKS LTD.
RECONCILIATION BETWEEN GAAP AND NON-GAAP CONSOLIDATED STATEMENTS OF INCOME
FOR COMPARATIVE PURPOSES
U.S. dollars in thousands (except share and per share data)

		Three months ended							Three months ended
		December 31, 2024							December 31, 2023
		GAAP		*Adjustments ()**			Non-GAAP		GAAP		*Adjustments ()**			Non-GAAP
		Unaudited							Unaudited

Gross profit		$	31,021	$	575		$	31,596	$	28,920	$	617		$	29,537
Operating expenses			18,251		3,680			21,931		26,041		(2,615	)		23,426
Operating income			12,770		(3,105	)		9,665		2,879		3,232			6,111
Income before taxes on income			12,833		(3,105	)		9,728		4,075		3,232			7,307
Net income		$	11,764	$	(3,252	)	$	8,512	$	3,447	$	3,097		$	6,544

Basic earnings per share		$	0.21	$	(0.06	)	$	0.15	$	0.06	$	0.06		$	0.12

Diluted earnings per share		$	0.21	$	(0.06	)	$	0.15	$	0.06	$	0.05		$	0.11


Weighted average number of shares used in
computing earnings per share
Basic			57,017,032					57,017,032		56,820,774					56,820,774
Diluted			57,017,032					57,024,316		56,820,774					56,987,939

(*)	Adjustments reflect the effect of stock-based compensation expenses as per ASC 718, amortization of purchased intangibles, other operating income (expenses), net, other integration expenses and income tax effect on such adjustments which is calculated using the relevant effective tax rate.

		Three months ended							Three months ended
		December 31, 2024							December 31, 2023
				Unaudited							Unaudited

GAAP net income				$	11,764						$	3,447

Gross profit
Stock-based compensation expenses					133							129
Amortization of purchased intangibles					389							448
Other integration expenses					53							40
					575							617
Operating expenses
Stock-based compensation expenses					653							796
Stock-based compensation expenses related to business combination					140							662
Amortization of purchased intangibles					216							162
Other operating income (expenses), net and other integration expenses					(4,689	)						995
					(3,680	)						2,615

Taxes on income					(147	)						(135	)

Non-GAAP net income				$	8,512						$	6,544


GILAT SATELLITE NETWORKS LTD.
RECONCILIATION BETWEEN GAAP AND NON-GAAP CONSOLIDATED STATEMENTS OF INCOME
FOR COMPARATIVE PURPOSES
U.S. dollars in thousands (except share and per share data)

		Twelve months ended							Twelve months ended
		December 31, 2024							December 31, 2023
		GAAP		*Adjustments ()**			Non-GAAP		GAAP		*Adjustments ()**			Non-GAAP
		Unaudited							Audited		Unaudited

Gross profit		$	113,331	$	3,673		$	117,004	$	104,945	$	895		$	105,840
Operating expenses			85,634		(500	)		85,134		76,860		5,434			82,294
Operating income			27,697		4,173			31,870		28,085		(4,539	)		23,546
Income before taxes on income			29,201		4,173			33,374		28,194		(4,539	)		23,655
Net income		$	24,849	$	3,376		$	28,225	$	23,504	$	(3,597	)	$	19,907

Basic earnings per share		$	0.44	$	0.06		$	0.50	$	0.41	$	(0.06	)	$	0.35

Diluted earnings per share		$	0.44	$	0.05		$	0.49	$	0.41	$	(0.06	)	$	0.35

Weighted average number of shares used in
computing earnings per share
Basic			57,016,920					57,016,920		56,668,999					56,668,999
Diluted			57,016,920					57,041,778		56,672,537					56,784,601

(*)	Adjustments reflect the effect of stock-based compensation expenses as per ASC 718, amortization of purchased intangibles, other operating income, net, other non-recurring expenses, other integration expenses and income tax effect on such adjustments which is calculated using the relevant effective tax rate.

		Twelve months ended							Twelve months ended
		December 31, 2024							December 31, 2023
				Unaudited							Unaudited

GAAP net income				$	24,849						$	23,504

Gross profit
Stock-based compensation expenses					518							407
Amortization of purchased intangibles					2,412							448
Other non-recurring expenses					466							–
Other integration expenses					277							40
					3,673							895
Operating expenses
Stock-based compensation expenses					2,771							2,354
Stock-based compensation expenses related to business combination					3,437							662
Amortization of purchased intangibles					988							312
Other operating income, net and other integration expenses					(6,696	)						(8,762	)
					500							(5,434	)

Taxes on income					(797	)						942

Non-GAAP net income				$	28,225						$	19,907

GILAT SATELLITE NETWORKS LTD.
SUPPLEMENTAL INFORMATION
U.S. dollars in thousands

ADJUSTED EBITDA:

	Twelve months ended						Three months ended
	December 31,						December 31,
		2024			2023			2024			2023
	Unaudited						Unaudited

GAAP net income	$	24,849		$	23,504		$	11,764		$	3,447
Adjustments:
Financial income, net		(1,504	)		(109	)		(63	)		(1,196	)
Taxes on income		4,352			4,690			1,069			628
Stock-based compensation expenses		3,289			2,761			786			925
Stock-based compensation expenses related to business combination		3,437			662			140			662
Depreciation and amortization (*)		13,777			13,627			3,068			3,862
Other operating expenses (income), net		(6,751	)		(8,771	)		(4,706	)		986
Other non-recurring expenses		466			–			–			–
Other integration expenses		332			49			70			49

Adjusted EBITDA	$	42,247		$	36,413		$	12,128		$	9,363

(*) Including amortization of lease incentive

SEGMENT REVENUES:
	Twelve months ended						Three months ended
	December 31,						December 31,
		2024			2023			2024			2023
	Unaudited			Audited			Unaudited

Satellite Networks	$	198,174		$	168,527		$	49,064		$	53,517
Integrated Solutions		54,925			46,133			17,257			9,503
Network Infrastructure and Services		52,349			51,430			11,807			12,592

Total revenues	$	305,448		$	266,090		$	78,128		$	75,612

GILAT SATELLITE NETWORKS LTD.
CONSOLIDATED BALANCE SHEETS
U.S. dollars in thousands

	December 31,			December 31,
		2024			2023
	Unaudited			Audited

ASSETS

CURRENT ASSETS:
Cash and cash equivalents	$	119,384		$	103,961
Restricted cash		853			736
Trade receivables, net		53,554			44,725
Contract assets		20,987			28,327
Inventories		38,890			38,525
Other current assets		21,963			24,299

Total current assets		255,631			240,573

LONG-TERM ASSETS:
Restricted cash		12			54
Long-term contract assets		8,146			9,283
Severance pay funds		5,966			5,737
Deferred taxes		11,896			11,484
Operating lease right-of-use assets		6,556			5,105
Other long-term assets		5,288			9,544

Total long-term assets		37,864			41,207

PROPERTY AND EQUIPMENT, NET		70,834			74,315

INTANGIBLE ASSETS, NET		12,925			16,051

GOODWILL		52,494			54,740

TOTAL ASSETS	$	429,748		$	426,886

GILAT SATELLITE NETWORKS LTD.
CONSOLIDATED BALANCE SHEETS (Cont.)
U.S. dollars in thousands (except share data)

	December 31,			December 31,
		2024			2023
	Unaudited			Audited

LIABILITIES AND SHAREHOLDERS’ EQUITY

CURRENT LIABILITIES:
Short-term debt	$	–		$	7,453
Trade payables		17,107			13,873
Accrued expenses		45,368			51,906
Advances from customers and deferred revenues		18,587			34,495
Operating lease liabilities		2,557			2,426
Other current liabilities		17,817			16,431

Total current liabilities		101,436			126,584

LONG-TERM LIABILITIES:
Long-term loan		2,000			2,000
Accrued severance pay		6,677			6,537
Long-term advances from customers and deferred revenues		580			1,139
Operating lease liabilities		4,014			3,022
Other long-term liabilities		10,606			12,916

Total long-term liabilities		23,877			25,614

SHAREHOLDERS’ EQUITY:
Share capital – ordinary shares of NIS 0.2 par value		2,733			2,733
Additional paid-in capital		943,294			937,591
Accumulated other comprehensive loss		(6,120	)		(5,315	)
Accumulated deficit		(635,472	)		(660,321	)

Total shareholders’ equity		304,435			274,688

TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY	$	429,748		$	426,886


GILAT SATELLITE NETWORKS LTD.
CONSOLIDATED STATEMENTS OF CASH FLOWS
U.S. dollars in thousands

		Twelve months ended						Three months ended
		December 31,						December 31,
			2024			2023			2024			2023
		Unaudited			Audited			Unaudited
Cash flows from operating activities:
Net income		$	24,849		$	23,504		$	11,764		$	3,447
Adjustments required to reconcile net income to net cash provided by operating activities:
Depreciation and amortization			13,554			13,402			3,012			3,805
Capital gain from sale of property			–			(2,084	)		–			–
Stock-based compensation *)			6,726			3,423			926			1,587
Accrued severance pay, net			(89	)		167			(72	)		12
Deferred taxes, net			1,834			2,662			298			(1,203	)
Decrease (increase) in trade receivables, net			(9,347	)		13,448			(2,328	)		9,561
Decrease (increase) in contract assets			8,519			(1,694	)		11,506			(7,804	)
Decrease (increase) in other assets and other adjustments (including
short-term, long-term and effect of exchange rate changes on cash and cash equivalents)			11,661			(351	)		8,590			(3,949	)
Decrease (increase) in inventories, net			(1,928	)		(2,387	)		544			3,798
Increase (decrease) in trade payables			3,196			(7,635	)		(1,884	)		(2,314	)
Increase (decrease) in accrued expenses			(5,906	)		735			(8,581	)		3,517
Increase (decrease) in advances from customers and deferred revenues			(16,390	)		803			(4,228	)		(1,843	)
Increase (decrease) in other liabilities			(5,010	)		(12,049	)		(3,265	)		1,343
Net cash provided by operating activities			31,669			31,944			16,282			9,957

Cash flows from investing activities:
Purchase of property and equipment			(6,610	)		(10,746	)		(2,515	)		(2,090	)
Acquisitions of subsidiary, net of cash acquired			–			(4,107	)		–			(4,107	)
Receipts from sale of property			–			2,168			–			–
Net cash used in investing activities			(6,610	)		(12,685	)		(2,515	)		(6,197	)

Cash flows from financing activities:
Repayment of credit facility, net			(7,453	)		(1,590	)		–			(1,590	)
Repayments of short-term debts			(7,836	)		–			(3,793	)		–
Proceeds from short-term debts			7,836			–			1,066			–
Costs associated with entering into a long-term debt			(654	)		–			(654	)		–
Net cash used in financing activities			(8,107	)		(1,590	)		(3,381	)		(1,590	)

Effect of exchange rate changes on cash, cash equivalents and restricted cash			(1,454	)		(63	)		(896	)		2,288

Increase in cash, cash equivalents and restricted cash			15,498			17,606			9,490			4,458

Cash, cash equivalents and restricted cash at the beginning of the period			104,751			87,145			110,759			100,293

Cash, cash equivalents and restricted cash at the end of the period		$	120,249		$	104,751		$	120,249		$	104,751

*)	Stock-based compensation including expenses related to business combination in the amounts of $3,437 and $662 for the twelve months ended December 31, 2024 and 2023, respectively.
	Stock-based compensation including expenses related to business combination in the amounts of $140 and $662 for the three months ended December 31, 2024 and 2023, respectively.

The MIL Network –

February 13, 2025

MIL-OSI: MEXC Unveils February Futures Trading Competition with 8,000,000 USDT Prize Pool
Source: GlobeNewswire (MIL-OSI)

VICTORIA, Seychelles, Feb. 12, 2025 (GLOBE NEWSWIRE) — MEXC, a leading global cryptocurrency exchange, is thrilled to announce the launch of its highly anticipated Futures Trading Competition, set to take place from February 12 to February 26, 2025. This event offers participants the opportunity to sharpen their trading skills and compete for a substantial prize pool that can reach an impressive 8,000,000 USDT based on the number of participants.

Event Timeline
- Registration Period: February 11, 2025, 08:00 – February 26, 2025, 14:55 (UTC)
- Event Period: February 12, 2025, 15:00 – February 26, 2025, 14:59 (UTC)
Who Can Participate?

The competition is open to all participants who maintain a minimum Futures wallet balance of 200 USDT. MEXC will verify the eligibility of registered participants prior to the competition. Participants who do not meet this requirement can easily adjust their wallet balance and re-register for a chance to compete.

Prize Pool Unlocks Up to 8,000,000 USDT

The Futures Trading Competition opens with a 1,000,000 USDT prize pool. As the competition unfolds and participant numbers hit the 150,000 mark, the prize pool grows to 8,000,000 USDT. This progressive prize structure is designed to increase participation and trading volume, thereby enhancing the stakes and rewards for all involved.

Ways to Win: Futures Bonuses and Prize Pool Breakdown

Traders can claim their share of the prize pool and win Futures Bonuses through several ways, including:

Lucky Spin: Share 35% of the Total Prize Pool
Every participant has the chance to spin the Lucky Wheel. For every 150,000 USDT in daily trading volume, participants earn one spin, with the opportunity to spin up to 3 times daily. Each spin offers random Futures bonuses from the prize pool until all bonuses are claimed. Spins reset daily at 14:59 (UTC), providing participants with fresh opportunities to earn rewards each day.

Top Ranking Traders: Share 35% of the Total Prize Pool
Participants with a cumulative USDT-M Futures trading volume of at least 20,000 USDT will qualify for the PNL and Daily Trading Volume rankings.
- The top 200 traders by Daily Trading Volume will share 25% of the prize pool.
- The top 100 traders by PNL will share 10% of the prize pool.
Special Rewards for Exceeding Daily Trading Volume Threshold
If the overall daily trading volume exceeds a specific threshold, participants will be eligible to claim additional rewards and Futures bonuses.

Best of MEXC

MEXC aims to become the go-to platform offering the widest range of valuable crypto assets. The platform has grown its user base to 32 million by providing a diverse selection of tokens, high-frequency airdrops, and simple participation processes. In 2024, MEXC launched a total of 2,376 new tokens, including 1,716 initial listings and 605 memecoins, with total airdrop rewards exceeding $136 million.

About MEXC
Founded in 2018, MEXC is committed to being “Your Easiest Way to Crypto”. Serving over 32 million users across 170+ countries, MEXC is known for its broad selection of trending tokens, frequent airdrop opportunities, and low trading fees. Our user-friendly platform is designed to support both new traders and experienced investors, offering secure and efficient access to digital assets. MEXC prioritizes simplicity and innovation, making crypto trading more accessible and rewarding.
MEXC Official Website｜ X ｜ Telegram ｜How to Sign Up on MEXC

Contact:
Lucia Hu
PR Manager
lucia.hu@mexc.com

Disclaimer: This content is provided by MEXC. The statements, views and opinions expressed in this column are solely those of the content provider. The information provided in this press release is not a solicitation for investment, nor is it intended as investment advice, financial advice, or trading advice. It is strongly recommended you practice due diligence, including consultation with a professional financial advisor, before investing in or trading cryptocurrency and securities. Please conduct your own research and invest at your own risk.

A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/74acc1a4-044f-42ee-81b5-d3303fddab4a

The MIL Network –
February 13, 2025
MIL-OSI United Kingdom: Fourth UK-India Energy Dialogue: joint statement
Source: United Kingdom – Executive Government & Departments

This joint statement was released following the meeting between UK Energy Secretary, Ed Miliband and India’s Minister of Power, Manohar Lal.
The Fourth India-UK Energy Dialogue, co-chaired by Shri Manohar Lal, Union Minister of Power, India and Mr Ed Miliband, Secretary for Energy Security and Net Zero for United Kingdom, was held in, New Delhi on Monday 10th February, 2025.

The dialogue focused on reviewing progress made in the energy sectors of both nations, including power and renewable energy, and reaffirming the commitment to a sustainable, resilient, and inclusive energy future. including across the breadth of sectors represented. They expressed satisfaction over the progress made to support green and sustainable growth, alongside accelerating the clean energy transition and ensuring energy security. The Ministers underscored the importance of ensuring that the energy transition and economic growth proceed together, while maintaining affordable and clean energy access for all.

The Ministers underscored the importance of ensuring energy security and sustainable development and emphasised expanding the cooperation in the areas of power distribution, sector reforms, industrial energy efficiency and de-carbonisation, and electric mobility while exploring new opportunities in the emerging fields such as energy storage, green data centres, and offshore wind, with an increased focus on MSMEs.

The Ministers were pleased to announce the launch of Phase-2 of the India-UK bilateral Accelerating Smart Power & Renewable Energy in India programme. This phase will aim to provide technical support for ensuring round the clock power supply, expanding renewable energy initiatives, and accelerating industrial energy efficiency and de-carbonisation, in collaboration with the Ministry of Power (MOP) and Ministry of New and Renewable Energy (MNRE).

The Ministers were pleased to observe the bilateral collaboration between the two sides to promote growth and jobs, through technical assistance cooperation and investment. They also discussed the progress of trade missions focusing on offshore wind and green hydrogen, as well as the cooperation between the UK’s Energy Systems Catapult and India’s Power Trading Corporation.

Recognising the shared ambition for advancing offshore wind development, the Ministers announced the establishment of a UK-India Offshore Wind Taskforce, which will focus on advancing offshore wind ecosystem development, supply chains, and financing models in both countries. Mr Miliband commended India’s ambitious initiatives in the renewable energy sector and shown a strong interest in gaining insights from India’s experience in implementing the Solar Rooftop Programme (PM – Surya Ghar Muft Bijli Yojna).

The Ministers agreed on the importance of power market regulations in driving the energy transition and ensuring greater energy security and access. To support this, they announced the continuation of the Power Sector Reforms programme under the UK Partnering for Accelerating Climate Change (UKPACT). Additionally, a new taskforce has been proposed between the UK’s Office of Gas and Electricity Markets and India’s Central Electricity Regulatory Commission to support renewable energy integration and grid transformation in India.

Both Ministers emphasised the ongoing value of the India-UK Energy Dialogue in advancing mutual energy transition goals, ensuring energy access, and building secure and sustainable clean energy supply chains while aligning these efforts with economic growth.

The Ministers expressed their intention to further strengthen their collaboration through the Comprehensive Strategic Partnership and looked forward to the fifth UK-India Energy Dialogue in 2026. The dialogue concluded with the launch of the ‘Best Practices Compendium of Industrial Energy Efficiency/Decarbonisation’ and a ‘Pathways for Energy Efficiency and Decarbonisation in the Indian Aluminium Sector’.

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Published 12 February 2025
MIL OSI United Kingdom –
February 13, 2025
MIL-OSI Asia-Pac: 5th Meeting of the National Traders’ Welfare Board held in New Delhi

Source: Government of India

5th Meeting of the National Traders’ Welfare Board held in New Delhi

Board discusses key suggestions and representations for small traders’ welfare

Posted On: 12 FEB 2025 1:42PM by PIB Delhi

The 5^th Meeting of the National Traders’ Welfare Board (NTWB) was held on 11^th February 2025, at Vanijya Bhawan, New Delhi, under the chairmanship of Shri Sunil J. Singhi, Chairman NTWB.

During the meeting, Shri Sunil J. Singhi, Chairman of the NTWB, highlighted about the major initiatives taken by the Central Government in the Union Budget 2025-26 to fulfil the objectives of the board and for the welfare of small traders/MSMEs. He also informed that the representations received from the members and trade associations have been brought to the attention of the concerned Ministries/Departments for necessary action. Suggestions and inputs were solicited from the members to improve awareness and the reach of welfare schemes related to retail trade. Major suggestions and representations received from the board members were discussed, focusing on key action points.

The meeting was attended by the non-official members nominated by the Central Government, representing Trade Associations and States/UTs, as well as the ex-officio members representing nine Ministries/Departments of the Government of India.

****

Abhishek Dayal/Abhijith Narayanan/Asmitabha Manna

(Release ID: 2102190) Visitor Counter : 51

MIL OSI Asia Pacific News –

February 13, 2025
MIL-OSI Asia-Pac: Commissioner for the Development of the Guangdong-Hong Kong-Macao Greater Bay Area to promote Hong Kong and GBA development opportunities in Bangkok, Thailand

Source: Hong Kong Government special administrative region

Commissioner for the Development of the Guangdong-Hong Kong-Macao Greater Bay Area to promote Hong Kong and GBA development opportunities in Bangkok, Thailand
Commissioner for the Development of the Guangdong-Hong Kong-Macao Greater Bay Area to promote Hong Kong and GBA development opportunities in Bangkok, Thailand
******************************************************************************************

The Commissioner for the Development of the Guangdong-Hong Kong-Macao Greater Bay Area, Ms Maisie Chan, will begin her duty visit to Bangkok, Thailand, tomorrow (February 13) to promote Hong Kong and the development opportunities of the Guangdong-Hong Kong-Macao Greater Bay Area (GBA). Tomorrow (February 13), Ms Chan will attend a business luncheon, “Unlocking New Horizons: Hong Kong and the Greater Bay Area as a Hub for Global Business and Finance”, organised by the Hong Kong Economic and Trade Office in Bangkok. Ms Chan will deliver a keynote address to promote the strong impetus for growth and the development potential of the GBA. Under the “one country, two systems” principle, Hong Kong serves as the GBA’s international entry point that can help global enterprises tap into the vast business opportunities in the GBA. The Under Secretary for Financial Services and the Treasury, Mr Joseph Chan, will also be invited to speak at the luncheon. During her stay in Bangkok, Ms Chan will call on the Chinese Embassy in the Kingdom of Thailand and meet with local business leaders, and representatives of financial institutions. She will also attend a dinner reception with the Thai Chamber of Commerce to promote the development opportunities of the GBA. Ms Chan will conclude her visit and return to Hong Kong on February 14.

Ends/Wednesday, February 12, 2025Issued at HKT 16:00

NNNN

MIL OSI Asia Pacific News –

February 13, 2025
MIL-OSI Asia-Pac: 87th Meeting of Network Planning Group under PM GatiShakti evaluates key Infrastructure projects

Source: Government of India

87th Meeting of Network Planning Group under PM GatiShakti evaluates key Infrastructure projects

NPG evaluates Metro, RRTS, Road and Airport Projects

Posted On: 12 FEB 2025 1:41PM by PIB Delhi

The 87th meeting of the Network Planning Group (NPG) evaluated five projects (1 Metro, 1 RRTS, 2 Road, and 1 Airport) for their conformity to the PM GatiShakti principles of integrated multimodal infrastructure, last-mile connectivity to economic and social nodes and intermodal coordination. These initiatives are expected to boost logistical efficiency, reduce travel times, and deliver significant socio-economic benefits across regions.

The meeting chaired by Shri E. Srinivas, Joint Secretary, Department for Promotion of Industry and Internal Trade (DPIIT), was convened to evaluate infrastructure projects in the Metro, RRTS, Road, and Airport sectors and focused on enhancing multimodal connectivity and logistics efficiency in alignment with the PM GatiShakti National Master Plan (PMGS NMP).

The evaluation and anticipated impacts of these projects are detailed below:

Delhi – Panipat – Karnal Namo Bharat Project (RRTS Corridor)

The Delhi – Panipat – Karnal Namo Bharat Project, proposed by the Ministry of Housing and Urban Affairs and implemented by the National Capital Region Transport Corporation (NCRTC), is a greenfield initiative spanning approximately 136.30 km between Sarai Kale Khan in Delhi and Karnal in Haryana. The corridor is designed to operate at an average speed of 90 kmph, offering a significantly faster transit option compared to the existing modes of transport. The project is expected to reduce travel time from the current 3.5–4 hours to approximately 90 minutes, thereby enhancing connectivity between Delhi and key centers in Haryana.

It is designed to be interoperable with other Namo Bharat corridors, ensuring seamless multimodal integration at key hubs such as the common Namo Bharat station at Sarai Kale Khan. In addition, the project will integrate multiple modes of transport by linking with major railway, metro, bus, and airport networks, providing seamless connectivity to people.

Pune Metro Line 4: Kharadi – Khadakwasla with spur line of Nal Stop – Warje – Manik Baug

The Pune Metro Line 4: Kharadi – Hadapsar – Swargate – Khadakwasla, with a spur line from Nal Stop – Warje – Manik Baug is proposed by the Ministry of Housing and Urban Affairs and implemented by the Maharashtra Metro Rail Corporation Ltd., the project spans approximately 31.64 km. Currently at the DPR stage, the integrated design, which includes interchanges with operational and proposed metro lines as well as feeder routes, is anticipated to boost overall ridership and facilitate seamless multimodal connectivity.

Mahabubnagar Economic Corridor

The “Development of Four Laning of Gudebellur – Marikal – Hasnapur/Potulamadugu section of NH-167” is a brownfield highway project under the Ministry of Road Transport & Highways, executed by the National Highways Authority of India. Located in Telangana’s Narayanpet and Mahabubnagar districts, the project aims to upgrade and realign the existing NH-167 corridor—including bypasses around major towns—to a four-lane configuration over a design length of 90.37 km. As a key component of the Hyderabad–Panaji Economic Corridor, this initiative will improve inter-state connectivity between Hyderabad and Raichur.

Mungiakami-Champaknagar (NH-08 corridor)

The project, proposed by the Ministry of Road Transport & Highways and implemented by the National Highways Infrastructure & Development Corporation Limited (NHIDCL), aims to improve and widen the existing NH-08 corridor from Mungiakami to Champaknagar in Tripura. Covering a design length of 25.45 km, the project involves upgrading the current road into a four-lane highway with necessary bypasses and realignments to decongest built-up areas. The project is expected to enhance connectivity across West Tripura and Khowai districts, thereby integrating key economic and social nodes and supporting regional inter-state connectivity.

Development of “Maharishi Valmiki International Airport, Ayodhyadham” (Phase-II)

The Phase-II expansion of the Maharishi Valmiki International Airport, Ayodhya, aims to meet the growing demand for air travel in the region. The existing terminal has a capacity of 674 passengers during peak hours and an annual capacity of 1 million. To address the anticipated surge in passenger traffic, a new Integrated Terminal Building will be constructed. The new terminal will be designed to handle 4,000 peak hour passengers and accommodate 6 million passengers annually, by 2046-47. The project also includes strengthening and extending the runway, constructing additional parking bays, a multi-level car park, fire station, ATC tower and improved city-side access.

***

Abhishek Dayal/Abhijith Narayanan/Asmitabha Manna

(Release ID: 2102188) Visitor Counter : 61

MIL OSI Asia Pacific News –

February 13, 2025
MIL-OSI: Royalty Pharma Announces R&D Funding Collaboration With Biogen

Source: GlobeNewswire (MIL-OSI)

NEW YORK, Feb. 12, 2025 (GLOBE NEWSWIRE) — Royalty Pharma plc (Nasdaq: RPRX) today announced that it has entered into an agreement with Biogen to provide research and development (R&D) funding of up to $250 million for litifilimab, a first-in-class investigational drug candidate in Phase 3 with demonstrated proof-of-concept in both systemic lupus erythematosus (SLE) and cutaneous lupus erythematosus (CLE).

“We are excited to collaborate with Biogen on litifilimab,” said Pablo Legorreta, Royalty Pharma’s founder and Chief Executive Officer. “Royalty Pharma offers tailored, win-win funding solutions for promising therapies in areas of high unmet medical need. Litifilimab has the potential to significantly improve treatment outcomes for patients living with lupus, and we are excited to support its Phase 3 development through this funding collaboration.”

“This agreement highlights Biogen’s growing lupus portfolio and the potential of litifilimab, with its distinct mechanism of action, to address SLE and CLE – two forms of lupus where there are currently insufficient treatment options,” said Priya Singhal, M.D., M.P.H., Head of Development at Biogen. “We know patients are waiting, and this investment further supports the advancement of this promising investigational treatment through critical development stages.”

Litifilimab is currently in Phase 3 trials for both SLE and CLE with results expected between 2026 and 2027. With a differentiated mechanism of action, litifilimab demonstrated proof of concept and a generally well-tolerated safety profile in SLE and CLE with results published in the New England Journal of Medicine¹. Importantly, SLE is estimated to affect greater than 3 million patients worldwide. There are no targeted biologics specifically approved for CLE where litifilimab has the potential to be a first-in-disease medicine for these patients.

Transaction Terms

Royalty Pharma will provide up to $250 million over six quarters to Biogen to support the development of litifilimab in exchange for regulatory milestones and mid-single digit royalties on annual worldwide sales.

Advisors

Goodwin Procter, Dechert and Maiwald acted as legal advisors to Royalty Pharma.

About Royalty Pharma

Founded in 1996, Royalty Pharma is the largest buyer of biopharmaceutical royalties and a leading funder of innovation across the biopharmaceutical industry, collaborating with innovators from academic institutions, research hospitals and non-profits through small and mid-cap biotechnology companies to leading global pharmaceutical companies. Royalty Pharma has assembled a portfolio of royalties which entitles it to payments based directly on the top-line sales of many of the industry’s leading therapies. Royalty Pharma funds innovation in the biopharmaceutical industry both directly and indirectly – directly when it partners with companies to co-fund late-stage clinical trials and new product launches in exchange for future royalties, and indirectly when it acquires existing royalties from the original innovators. Royalty Pharma’s current portfolio includes royalties on more than 35 commercial products, including Vertex’s Trikafta, GSK’s Trelegy, Roche’s Evrysdi, Johnson & Johnson’s Tremfya, Biogen’s Tysabri and Spinraza, AbbVie and Johnson & Johnson’s Imbruvica, Astellas and Pfizer’s Xtandi, Novartis’ Promacta, Pfizer’s Nurtec ODT and Gilead’s Trodelvy, and 15 development-stage product candidates.

Forward-Looking Statements

The information set forth herein does not purport to be complete or to contain all of the information you may desire. Statements contained herein are made as of the date of this document unless stated otherwise, and neither the delivery of this document at any time, nor any sale of securities, shall under any circumstances create an implication that the information contained herein is correct as of any time after such date or that information will be updated or revised to reflect information that subsequently becomes available or changes occurring after the date hereof. This document contains statements that constitute “forward-looking statements” as that term is defined in the United States Private Securities Litigation Reform Act of 1995, including statements that express the company’s opinions, expectations, beliefs, plans, objectives, assumptions or projections regarding future events or future results, in contrast with statements that reflect historical facts. Examples include discussion of Royalty Pharma’s strategies, financing plans, growth opportunities, market growth, and plans for capital deployment. In some cases, you can identify such forward-looking statements by terminology such as “may,” “might,” “will,” “should,” “expects,” “plans,” “anticipates,” “believes,” “estimates,” “target,” “forecast,” “guidance,” “goal,” “predicts,” “project,” “potential” or “continue,” the negative of these terms or similar expressions. Forward-looking statements are based on management’s current beliefs and assumptions and on information currently available to the company. However, these forward-looking statements are not a guarantee of Royalty Pharma’s performance, and you should not place undue reliance on such statements. Forward-looking statements are subject to many risks, uncertainties and other variable circumstances, and other factors. Such risks and uncertainties may cause the statements to be inaccurate and readers are cautioned not to place undue reliance on such statements. Many of these risks are outside of Royalty Pharma’s control and could cause its actual results to differ materially from those it thought would occur. The forward-looking statements included in this document are made only as of the date hereof. Royalty Pharma does not undertake, and specifically declines, any obligation to update any such statements or to publicly announce the results of any revisions to any such statements to reflect future events or developments, except as required by law. For further information, please reference Royalty Pharma’s reports and documents filed with the U.S. Securities and Exchange Commission (“SEC”) by visiting EDGAR on the SEC’s website at www.sec.gov.

Royalty Pharma Investor Relations and Communications

+1 (212) 883-6637
ir@royaltypharma.com

_______________________
¹Trial of Anti-BDCA2 Antibody Litifilimab for Systemic Lupus Erythematosus, New England Journal of Medicine, 9/7/2022; Trial of Anti-BDCA2 Antibody Litifilimab for Cutaneous Lupus Erythematosus, New England Journal of Medicine, 7/27/2022

The MIL Network –

February 13, 2025
MIL-OSI Asia-Pac: Union Home Minister and Minister of Cooperation Shri Amit Shah chairs the first meeting of the Parliamentary Consultative Committee of the Ministry of Cooperation in New Delhi

Source: Government of India

Union Home Minister and Minister of Cooperation Shri Amit Shah chairs the first meeting of the Parliamentary Consultative Committee of the Ministry of Cooperation in New Delhi

Prime Minister Shri Narendra Modi gave the mantra of ‘Sahkar Se Samriddhi’ by forming the Ministry of Cooperation in the interest of farmers and rural sector across the country

Soon, PACS will also be able to sell Arline tickets

The bill for the formation of “Tribhuvan” Sahkari University will be passed by the Parliament soon

After the formation of the university, professionals’ coming to the cooperative sector will be able to get technical education, information and training related to accounting and administration

Posted On: 12 FEB 2025 4:25PM by PIB Delhi

Union Home Minister and Minister of Cooperation, Shri Amit Shah chaired the first meeting of the Parliamentary Consultative Committee of the Ministry of Cooperation on ‘Initiatives taken and currently being taken to strengthen cooperative societies’ in New Delhi. The meeting was attended by Union Ministers of State for Cooperation, Shri Krishan Pal and Shri Murlidhar Mohol, Members of the Committee, Secretary, Ministry of Cooperation and senior officers of the Ministry. The committee discussed various issues related to the initiatives taken by the Ministry of Cooperation since its establishment and the current efforts being made to empower cooperative societies.

Addressing the meeting, Shri Amit Shah, the Union Home Minister and Minister of Cooperation, said that Prime Minister Shri Narendra Modi established a separate Ministry of Cooperation for the welfare of farmers and rural areas across the country and gave the mantra of “Sahkar Se Samriddhi”. He mentioned that the Modi government believes that both employment generation and prosperity of rural areas are possible through cooperation.

Shri Amit Shah said that the cooperative movement was strong in the country for a few years after independence, but later it got weakened in most states. He mentioned that after the formation of the Ministry of Cooperation at the Centre, the first task was to create a database of Primary Agricultural Credit Societies (PACS) in collaboration with the states and initiate the process of registering two lakh PACS. He said that the work to develop the National Cooperative Database is almost complete, and now, information about cooperative societies across the country, categorized by region, is available at one click. Shri Shah said that steps have been taken for the computerization of PACS. He added that in the coming times, there will not be a single panchayat in the country where PACS will not be available.

Union Minister of Cooperation said that the model by-laws created to make PACS ‘viable’ have been adopted by almost all states in the country. He added that PACS have been linked to more than 20 activities and have now started providing services such as Common Service Centres, Jan Aushadhi Kendras, and other services.

Shri Amit Shah said that the Ministry of Cooperation has introduced a bill for the establishment of “Tribhuvan” Sahkari University, it will be passed by the Parliament soon. The establishment of this university will provide technical education, accounting, administrative knowledge, and training to professionals entering the cooperative sector. Shri Shah added that this will ensure the availability of trained manpower in the cooperative sector.

Union Minister of Cooperation said that national-level cooperative organizations such as National Cooperative Exports Limited (NCEL), National Cooperative Organics Limited (NCOL), and Bharatiya Beej Sahakari Samriti Limited (BBSSL) have been established, which will help promote exports, organic products, and advanced seeds in the cooperative sector. He added that these initiatives will lead to significant changes in the cooperative sector in the coming years.

Shri Amit Shah said, that it is the endeavour of the government that the cooperative sector gets the same opportunities as the corporate sector. He said that the Ministry of Cooperation, in collaboration with the Ministry of Finance, Reserve Bank, and Income Tax Department, has taken steps to make one tax structure for the corporate and cooperative sectors. Minister of Cooperation expressed confidence that the enterprises associated with the country’s cooperative sector will progress in competition with the corporate world and will fulfill Prime Minister Shri Narendra Modi’s vision of “Sahkar Se Samriddhi”.

Union Home Minister and Minister of Cooperation informed the Consultative Committee that a roadmap has been made for the rapid development of national federations associated with cooperation, in collaboration with Krishak Bharati Cooperative Limited (KRIBHCO), Indian Farmers Fertilizer Cooperative Limited (IFFCO), National Dairy Development Board (NDDB) and other federations. He mentioned that currently, PACS are involved in booking railway tickets, and expressed confidence that due to the initiatives of the Ministry of Cooperation, PACS will soon be able to sell airline tickets as well.

Referring to the cooperative model of Gujarat, Shri Amit Shah said that today, women working in the cooperative sector in Gujarat have earned an annual income of 7.5 lakh crore, which is an achievement in itself. He mentioned that among these women, there was a woman having formal education only upto fourth grade, yet she earned a profit of 1.16 crore, setting a significant example of women empowerment.

Shri Amit Shah said that in view of the regional disparity in the development of cooperatives in the country, the government is taking special steps to bring uniform balanced development in all the states.

In the meeting, the committee members provided their suggestions on issues related to empowering cooperative societies in the country and appreciated the important steps taken by the government to strengthen the cooperative movement in the country.

****

RK/VV/PR/PS

(Release ID: 2102294) Visitor Counter : 56

Read this release in: Hindi

MIL OSI Asia Pacific News –

February 13, 2025

MIL-OSI: Radware Reports Fourth Quarter and Full Year 2024 Financial Results

Source: GlobeNewswire (MIL-OSI)

Fourth Quarter 2024 Financial Results and Highlights

Revenue of $73 million, an increase of 12% year–over–year
Non-GAAP diluted EPS of $0.27 vs. $0.13 in Q4 2023; GAAP diluted EPS of $0.06 vs. $(0.14) in Q4 2023

Full Year 2024 Financial Results and Highlights

Revenue of $275 million, an increase of 5% year-over-year
Cloud ARR of $77.3 million, an increase of 19% year-over-year
Non-GAAP diluted EPS of $0.87 vs. $0.43 in 2023; GAAP diluted EPS of $0.14 vs. $(0.50) in 2023
Cash flow from operations of $71.6 million compared to $(3.5) million last year

TEL AVIV, Israel, Feb. 12, 2025 (GLOBE NEWSWIRE) — Radware^® (NASDAQ: RDWR), a global leader in application security and delivery solutions for multi-cloud environments, today announced its consolidated financial results for the fourth quarter ended December 31, 2024.

“We are pleased to report a strong finish to 2024, growing revenue 12% year-over-year and more than doubling non-GAAP EPS to $0.27 in the fourth quarter. Our full year results were driven by accelerated cloud ARR growth of 19%, the success of our DefensePro X DDoS protection refresh, and strong performance from our OEM partnerships,” said Roy Zisapel, Radware’s president and CEO. “Looking ahead, we plan to increase investment in and accelerate our cloud security growth by further expanding our market leading AI enabled security capabilities, opening new cloud security service centers and expanding our cloud channels. We are confident in our strategy, excited about the opportunities ahead, and believe in our ability to deliver long-term success.”

Financial Highlights for the Fourth Quarter and Full Year 2024

Revenue for the fourth quarter and full year of 2024 totaled $73.0 million and $274.9 million, respectively:

Revenue in the Americas region was $32.8 million for the fourth quarter of 2024, an increase of 33% from $24.6 million in the fourth quarter of 2023. Revenue in the Americas region for the full year of 2024 was $117.7 million, an increase of 14% from $103.4 million in the full year of 2023.
Revenue in the Europe, Middle East, and Africa (“EMEA”) region was $23.3 million for the fourth quarter of 2024, a decrease of 6% from $24.9 million in the fourth quarter of 2023. Revenue in the Europe, Middle East, and Africa (“EMEA”) region for the full year of 2024 was $94.1 million, a decrease of 2% from $96.5 million in the full year of 2023.
Revenue in the Asia-Pacific (“APAC”) region was $16.9 million for the fourth quarter of 2024, an increase of 8% from $15.5 million in the fourth quarter of 2023. Revenue in the Asia-Pacific (“APAC”) region for the full year of 2024 was $63.1 million, an increase of 3% from $61.4 million in the full year of 2023.

GAAP net income for the fourth quarter of 2024 was $2.5 million, or $0.06 per diluted share, compared to GAAP net loss of $5.9 million, or $(0.14) per diluted share, for the fourth quarter of 2023. GAAP net income for the full year of 2024 was $6.0 million, or $0.14 per diluted share, compared to GAAP net loss of $21.6 million, or $(0.50) per diluted share, for the full year of 2023.

Non-GAAP net income for the fourth quarter of 2024 was $11.9 million, or $0.27 per diluted share, compared to non-GAAP net income of $5.5 million, or $0.13 per diluted share, for the fourth quarter of 2023. Non-GAAP net income for the full year of 2024 was $37.7 million, or $0.87 per diluted share, compared to non-GAAP net income of $18.9 million, or $0.43 per diluted share, for the full year of 2023.

As of December 31, 2024, the Company had cash, cash equivalents, short-term and long-term bank deposits, and marketable securities of $419.7 million. Cash flow from operations was $12.7 million and $71.6 million in the fourth quarter and full year of 2024, respectively.

Non-GAAP results are calculated excluding, as applicable, the impact of stock-based compensation expenses, amortization of intangible assets, litigation costs, acquisition costs, restructuring costs, exchange rate differences, net on balance sheet items included in financial income, net, and tax-related adjustments. A reconciliation of each of the Company’s non-GAAP measures to the most directly comparable GAAP measure is included at the end of this press release.

Conference Call
Radware management will host a call today, February 12, 2025, at 8:30 a.m. EST to discuss its fourth quarter and full year 2024 results and first quarter 2025 outlook. To participate on the call, please use the following numbers:
U.S. participants call toll free: 1-877-704-4453
International participants call: 1-201-389-0920

A replay will be available for seven days, starting two hours after the end of the call, on telephone number 1-844-512-2921 (US toll-free) or 1-412-317-6671. Access ID 13750817.

The call will be webcast live on the Company’s website at: http://www.radware.com/IR/. The webcast will remain available for replay during the next 12 months.

Use of Non-GAAP Financial Information and Key Performance Indicators
In addition to reporting financial results in accordance with generally accepted accounting principles (GAAP), Radware uses non-GAAP measures of gross profit, research and development expense, selling and marketing expense, general and administrative expense, total operating expenses, operating income, financial income, net, income before taxes on income, taxes on income, net income and diluted earnings per share, which are adjustments from results based on GAAP to exclude, as applicable, stock-based compensation expenses, amortization of intangible assets, litigation costs, acquisition costs, restructuring costs, exchange rate differences, net on balance sheet items included in financial income, net, and tax–related adjustments. Management believes that exclusion of these charges allows for meaningful comparisons of operating results across past, present, and future periods. Radware’s management believes the non-GAAP financial measures provided in this release are useful to investors for the purpose of understanding and assessing Radware’s ongoing operations. The presentation of these non-GAAP financial measures is not intended to be considered in isolation or as a substitute for results prepared in accordance with GAAP. A reconciliation of each non-GAAP financial measure to the most directly comparable GAAP financial measure is included with the financial information contained in this press release. Management uses both GAAP and non-GAAP financial measures in evaluating and operating the business and, as such, has determined that it is important to provide this information to investors.

Annual recurring revenue (“ARR”) is a key performance indicator defined as the annualized value of booked orders for term-based cloud services, subscription licenses, and maintenance contracts that are in effect at the end of a reporting period. ARR should be viewed independently of revenue and deferred revenue and is not intended to be combined with or to replace either of those items. ARR is not a forecast of future revenue, which can be impacted by contract start and end dates and renewal rates and does not include revenue reported as perpetual license or professional services revenue in our consolidated statement of operations. We consider ARR a key performance indicator of the value of the recurring components of our business.

Safe Harbor Statement

This press release includes “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Any statements made herein that are not statements of historical fact, including statements about Radware’s plans, outlook, beliefs, or opinions, are forward-looking statements. Generally, forward-looking statements may be identified by words such as “believes,” “expects,” “anticipates,” “intends,” “estimates,” “plans,” and similar expressions or future or conditional verbs such as “will,” “should,” “would,” “may,” and “could.” Because such statements deal with future events, they are subject to various risks and uncertainties, and actual results, expressed or implied by such forward-looking statements, could differ materially from Radware’s current forecasts and estimates. Factors that could cause or contribute to such differences include, but are not limited to: the impact of global economic conditions, including as a result of the state of war declared in Israel in October 2023 and instability in the Middle East, the war in Ukraine, and the tensions between China and Taiwan; our dependence on independent distributors to sell our products; our ability to manage our anticipated growth effectively; a shortage of components or manufacturing capacity could cause a delay in our ability to fulfill orders or increase our manufacturing costs; our business may be affected by sanctions, export controls, and similar measures, targeting Russia and other countries and territories, as well as other responses to Russia’s military conflict in Ukraine, including indefinite suspension of operations in Russia and dealings with Russian entities by many multi-national businesses across a variety of industries; the ability of vendors to provide our hardware platforms and components for the manufacture of our products; our ability to attract, train, and retain highly qualified personnel; intense competition in the market for cyber security and application delivery solutions and in our industry in general, and changes in the competitive landscape; our ability to develop new solutions and enhance existing solutions; the impact to our reputation and business in the event of real or perceived shortcomings, defects, or vulnerabilities in our solutions, if our end-users experience security breaches, if our information technology systems and data, or those of our service providers and other contractors, are compromised by cyber-attackers or other malicious actors, or by a critical system failure; outages, interruptions, or delays in hosting services; the risks associated with our global operations, such as difficulties and costs of staffing and managing foreign operations, compliance costs arising from host country laws or regulations, partial or total expropriation, export duties and quotas, local tax exposure, economic or political instability, including as a result of insurrection, war, natural disasters, and major environmental, climate, or public health concerns, such as the COVID-19 pandemic; our net losses in the past two years and possibility we may incur losses in the future; a slowdown in the growth of the cyber security and application delivery solutions market or in the development of the market for our cloud-based solutions; long sales cycles for our solutions; risks and uncertainties relating to acquisitions or other investments; risks associated with doing business in countries with a history of corruption or with foreign governments; changes in foreign currency exchange rates; risks associated with undetected defects or errors in our products; our ability to protect our proprietary technology; intellectual property infringement claims made by fourth parties; laws, regulations, and industry standards affecting our business; compliance with open source and fourth-party licenses; and other factors and risks over which we may have little or no control. This list is intended to identify only certain of the principal factors that could cause actual results to differ. For a more detailed description of the risks and uncertainties affecting Radware, refer to Radware’s Annual Report on Form 20-F, filed with the Securities and Exchange Commission (SEC), and the other risk factors discussed from time to time by Radware in reports filed with, or furnished to, the SEC. Forward-looking statements speak only as of the date on which they are made and, except as required by applicable law, Radware undertakes no commitment to revise or update any forward-looking statement in order to reflect events or circumstances after the date any such statement is made. Radware’s public filings are available from the SEC’s website at www.sec.gov or may be obtained on Radware’s website at www.radware.com.

About Radware
Radware^® (NASDAQ: RDWR) is a global leader in application security and delivery solutions for multi-cloud environments. The company’s cloud application, infrastructure, and API security solutions use AI-driven algorithms for precise, hands-free, real-time protection from the most sophisticated web, application, and DDoS attacks, API abuse, and bad bots. Enterprises and carriers worldwide rely on Radware’s solutions to address evolving cybersecurity challenges and protect their brands and business operations while reducing costs. For more information, please visit the Radware website.

Radware encourages you to join our community and follow us on: Facebook, LinkedIn, Radware Blog, X, YouTube, and Radware Mobile for iOS.

©2025 Radware Ltd. All rights reserved. Any Radware products and solutions mentioned in this press release are protected by trademarks, patents, and pending patent applications of Radware in the U.S. and other countries. For more details, please see: https://www.radware.com/LegalNotice/. All other trademarks and names are property of their respective owners.

Radware believes the information in this document is accurate in all material respects as of its publication date. However, the information is provided without any express, statutory, or implied warranties and is subject to change without notice.

The contents of any website or hyperlinks mentioned in this press release are for informational purposes and the contents thereof are not part of this press release.

CONTACTS
Investor Relations:
Yisca Erez, +972-72-3917211, ir@radware.com

Media Contact:
Gerri Dyrek, gerri.dyrek@radware.com

Radware Ltd.
Condensed Consolidated Balance Sheets
(U.S. Dollars in thousands)

	December 31,	December 31,
	2024	2023
	(Unaudited)	(Unaudited)
Assets

Current assets
Cash and cash equivalents	98,714	70,538
Marketable securities	72,994	86,372
Short-term bank deposits	104,073	173,678
Trade receivables, net	16,823	20,267
Other receivables and prepaid expenses	14,242	9,529
Inventories	14,030	15,544
	320,876	375,928

Long-term investments
Marketable securities	29,523	33,131
Long-term bank deposits	114,354	–
Other assets	2,171	2,166
	146,048	35,297


Property and equipment, net	15,632	18,221
Intangible assets, net	11,750	15,718
Other long-term assets	37,906	37,967
Operating lease right-of-use assets	18,456	20,777
Goodwill	68,008	68,008
Total assets	618,676	571,916

Liabilities and equity

Current liabilities
Trade payables	5,581	4,298
Deferred revenues	106,303	105,012
Operating lease liabilities	4,750	4,684
Other payables and accrued expenses	51,836	41,021
	168,470	155,015

Long-term liabilities
Deferred revenues	64,708	60,499
Operating lease liabilities	13,519	16,020
Other long-term liabilities	14,904	17,108
	93,131	93,627

Equity
Radware Ltd. equity
Share capital	754	742
Additional paid-in capital	555,154	529,209
Accumulated other comprehensive income	1,103	77
Treasury stock, at cost	(366,588)	(365,749)
Retained earnings	125,850	119,812
Total Radware Ltd. shareholder’s equity	316,273	284,091

Non–controlling interest	40,802	39,183

Total equity	357,075	323,274

Total liabilities and equity	618,676	571,916

Radware Ltd.
Condensed Consolidated Statements of Income (Loss)
(U.S Dollars in thousands, except share and per share data)

	For the three months ended		For the twelve months ended
	December 31,		December 31,
	2024	2023	2024	2023
	(Unaudited)	(Unaudited)	(Unaudited)	(Unaudited)

Revenues	73,031	65,032	274,880	261,292
Cost of revenues	13,992	12,824	53,252	51,710
Gross profit	59,039	52,208	221,628	209,582

Operating expenses, net:
Research and development, net	18,472	19,712	74,723	82,617
Selling and marketing	32,505	31,869	122,450	126,237
General and administrative	7,071	8,030	28,342	32,408
Total operating expenses, net	58,048	59,611	225,515	241,262

Operating income (loss)	991	(7,403)	(3,887)	(31,680)
Financial income, net	3,570	3,239	16,552	13,927
Income (loss) before taxes on income	4,561	(4,164)	12,665	(17,753)
Taxes on income	2,109	1,686	6,627	3,837
Net income (loss)	2,452	(5,850)	6,038	(21,590)

Basic net income (loss) per share attributed to Radware Ltd.’s shareholders	0.06	(0.14)	0.14	(0.50)

Weighted average number of shares used to compute basic net income (loss) per share	42,238,469	41,806,042	41,982,851	42,871,770

Diluted net income (loss) per share attributed to Radware Ltd.’s shareholders	0.06	(0.14)	0.14	(0.50)

Weighted average number of shares used to compute diluted net income (loss) per share	43,725,803	41,806,042	43,362,906	42,871,770

	Radware Ltd.
	Reconciliation of GAAP to Non-GAAP Financial Information
	(U.S Dollars in thousands, except share and per share data)

		For the three months ended		For the twelve months ended
		December 31,		December 31,
		2024	2023	2024	2023
		(Unaudited)	(Unaudited)	(Unaudited)	(Unaudited)
GAAP gross profit		59,039	52,208	221,628	209,582
	Share-based compensation	126	112	366	515
	Amortization of intangible assets	992	992	3,968	3,968
Non-GAAP gross profit		60,157	53,312	225,962	214,065

GAAP research and development, net		18,472	19,712	74,723	82,617
	Share-based compensation	1,434	2,305	6,113	8,505
Non-GAAP Research and development, net		17,038	17,407	68,610	74,112

GAAP selling and marketing		32,505	31,869	122,450	126,237
	Share-based compensation	3,173	3,489	10,881	12,554
	Restructuring costs	–	578	–	1,851
Non-GAAP selling and marketing		29,332	27,802	111,569	111,832

GAAP general and administrative		7,071	8,030	28,342	32,408
	Share-based compensation	2,187	2,965	8,667	12,448
	Acquisition costs	130	359	701	1,128
Non-GAAP general and administrative		4,754	4,706	18,974	18,832

GAAP total operating expenses, net		58,048	59,611	225,515	241,262
	Share-based compensation	6,794	8,759	25,661	33,507
	Acquisition costs	130	359	701	1,128
	Restructuring costs	–	578	–	1,851
Non-GAAP total operating expenses, net		51,124	49,915	199,153	204,776

GAAP operating income (loss)		991	(7,403)	(3,887)	(31,680)
	Share-based compensation	6,920	8,871	26,027	34,022
	Amortization of intangible assets	992	992	3,968	3,968
	Acquisition costs	130	359	701	1,128
	Restructuring costs	–	578	–	1,851
Non-GAAP operating income		9,033	3,397	26,809	9,289

GAAP financial income, net		3,570	3,239	16,552	13,927
	Exchange rate differences, net on balance sheet items included in financial income, net	1,463	563	1,232	(207)
Non-GAAP financial income, net		5,033	3,802	17,784	13,720

GAAP income (loss) before taxes on income		4,561	(4,164)	12,665	(17,753)
	Share-based compensation	6,920	8,871	26,027	34,022
	Amortization of intangible assets	992	992	3,968	3,968
	Acquisition costs	130	359	701	1,128
	Restructuring costs	–	578	–	1,851
	Exchange rate differences, net on balance sheet items included in financial income, net	1,463	563	1,232	(207)
Non-GAAP income before taxes on income		14,066	7,199	44,593	23,009

GAAP taxes on income		2,109	1,686	6,627	3,837
	Tax related adjustments	61	61	246	246
Non-GAAP taxes on income		2,170	1,747	6,873	4,083

GAAP net income (loss)		2,452	(5,850)	6,038	(21,590)
	Share-based compensation	6,920	8,871	26,027	34,022
	Amortization of intangible assets	992	992	3,968	3,968
	Acquisition costs	130	359	701	1,128
	Restructuring costs	–	578	–	1,851
	Exchange rate differences, net on balance sheet items included in financial income, net	1,463	563	1,232	(207)
	Tax related adjustments	(61)	(61)	(246)	(246)
Non-GAAP net income		11,896	5,452	37,720	18,926

GAAP diluted net income (loss) per share		0.06	(0.14)	0.14	(0.50)
	Share-based compensation	0.16	0.21	0.60	0.78
	Amortization of intangible assets	0.02	0.02	0.09	0.09
	Acquisition costs	0.00	0.01	0.02	0.03
	Restructuring costs	0.00	0.02	0.00	0.04
	Exchange rate differences, net on balance sheet items included in financial income, net	0.03	0.01	0.03	0.00
	Tax related adjustments	(0.00)	(0.00)	(0.01)	(0.01)
Non-GAAP diluted net earnings per share		0.27	0.13	0.87	0.43


Weighted average number of shares used to compute non-GAAP diluted net earnings per share		43,725,803	42,462,751	43,362,906	43,655,555

Radware Ltd.
Condensed Consolidated Statements of Cash Flow
(U.S. Dollars in thousands)

	For the three months ended		For the twelve months ended
	December 31,		December 31,
	2024	2023	2024	2023
	(Unaudited)	(Unaudited)	(Unaudited)	(Unaudited)
Cash flow from operating activities:

Net income (loss)	2,452	(5,850)	6,038	(21,590)
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Depreciation and amortization	2,918	3,028	11,836	12,244
Share-based compensation	6,920	8,871	26,027	34,022
Amortization of premium, accretion of discounts and accrued interest on marketable securities, net	(190)	638	(417)	1,754
Loss (income) related to securities, net	–	(1)	–	243
Increase (decrease) in accrued interest on bank deposits	(1,279)	549	3,366	(3,265)
Increase (decrease) in accrued severance pay, net	(151)	207	(45)	(299)
Decrease (increase) in trade receivables, net	3,140	(7,895)	3,444	(2,515)
Decrease (increase) in other receivables and prepaid expenses and other long-term assets	(1,252)	2,236	(97)	(305)
Decrease (increase) in inventories	(487)	(2,550)	1,514	(4,116)
Increase (decrease) in trade payables	(970)	(1,771)	1,283	(2,166)
Increase (decrease) in deferred revenues	(4,829)	(3,856)	5,500	(14,951)
Increase (decrease) in other payables and accrued expenses	6,222	9,383	13,274	(1,415)
Operating lease liabilities, net	255	(336)	(114)	(1,141)
Net cash provided by (used in) operating activities	12,749	2,653	71,609	(3,500)

Cash flows from investing activities:

Purchase of property and equipment	(1,059)	(936)	(5,279)	(5,429)
Proceeds from other long-term assets, net	41	(11)	81	66
Proceeds from (investment in) bank deposits, net	(46,682)	29,686	(48,115)	81,031
Investment in, redemption of and purchase of marketable securities ,net	23,249	16,764	18,793	17,111
Investment in other deposits	(5,000)	–	(5,000)	–
Net cash provided by (used in) investing activities	(29,451)	45,503	(39,520)	92,779

Cash flows from financing activities:

Proceeds from exercise of share options	–	63	3	371
Repurchase of shares	–	(10,103)	(839)	(63,234)
Payment of contingent consideration related to acquisition	–	–	(3,077)	(2,063)
Net cash used in financing activities	–	(10,040)	(3,913)	(64,926)

Increase (decrease) in cash and cash equivalents	(16,702)	38,116	28,176	24,353
Cash and cash equivalents at the beginning of the period	115,416	32,422	70,538	46,185
Cash and cash equivalents at the end of the period	98,714	70,538	98,714	70,538

	Radware Ltd.
	RECONCILIATION OF GAAP NET INCOME (LOSS) TO EBITDA AND ADJUSTED EBITDA (NON-GAAP)
	(U.S Dollars in thousands)

		For the three months ended		For the twelve months ended
		December 31,		December 31,
		2024	2023	2024	2023
		(Unaudited)	(Unaudited)	(Unaudited)	(Unaudited)
GAAP net income (loss)		2,452	(5,850)	6,038	(21,590)
	Exclude: Financial income, net	(3,570)	(3,239)	(16,552)	(13,927)
	Exclude: Depreciation and amortization expense	2,918	3,028	11,836	12,244
	Exclude: Taxes on income	2,109	1,686	6,627	3,837
EBITDA		3,909	(4,375)	7,949	(19,436)

	Share-based compensation	6,920	8,871	26,027	34,022
	Restructuring costs	–	578	–	1,851
	Acquisition costs	130	359	701	1,128
Adjusted EBITDA		10,959	5,433	34,677	17,565


		For the three months ended		For the twelve months ended
		December 31,		December 31,
		2024	2023	2024	2023
	Amortization of intangible assets	992	992	3,968	3,968
	Depreciation	1,926	2,036	7,868	8,276
		2,918	3,028	11,836	12,244

The MIL Network –

February 13, 2025

MIL-OSI: Flex Perpetuals opens FLP Surge – a new era of DeFi market making

Source: GlobeNewswire (MIL-OSI)

GEORGE TOWN, Grand Cayman, Feb. 12, 2025 (GLOBE NEWSWIRE) — Flex Perpetuals has officially launched its FLP Surge, an innovative liquidity initiative designed to democratize market making in DeFi. With FLP Surge, traders and investors of all sizes can earn sustainable yield by participating in liquidity provision, capturing a share of trading fees on one of the most anticipated & fastest-growing decentralized perpetuals exchanges on Base.

FLP Surge: the future of market making for everyone

Traditionally, market making has been reserved for institutional players with deep liquidity and specialized trading infrastructure. Flex Perpetuals’ Flex Liquidity Pool (FLP) is changing that narrative by opening market-making rewards to everyone, from retail to large institutional investors.

Earn from day one: FLP holders receive 45% of all platform trading fees paid out in USDC
Capital-efficient liquidity: FLP is structured as a blue-chip index token with 40% cbBTC, 40% USDC, and 20% ETH
Bonus incentives: Participating in FLP Surge offers massive incentive bonuses, making it one of the most rewarding liquidity events in DeFi. If you are considering a deposit of over $50K, even more exclusive benefits await, including up to 15% extra rewards on top of existing incentives.
Flexible liquidity: After an initial one-month lock-up, investors can withdraw funds anytime.

With FLP Surge now live, early participants are securing their share of one of DeFi’s most attractive liquidity opportunities. Deposit now – https://go.flex.trade/deposit

Why FLP Surge stands out

The launch of FLP Surge is more than just another DeFi liquidity event. It introduces a fair, transparent, and sustainable liquidity model designed for long-term adoption. Unlike traditional liquidity mining, which often relies on inflationary incentives, FLP Surge rewards providers directly from real trading volume.

Real yield: Unlike staking programs reliant on token emissions, the majority of FLP’s yield is driven by actual trading activity
Smoothed volatility: FLP’s balanced cbBTC, ETH, and USDC allocation ensures stable long-term exposure
Open to all: Whether you’re deploying $100 or $1M, FLP Surge is structured to provide accessible, efficient market-making rewards

By leveraging its deep liquidity, efficient trade execution, and strong integration within the Base ecosystem, Flex Perpetuals is setting a new benchmark for decentralized liquidity provision.

The platform behind FLP Surge: Flex Perpetuals

While FLP Surge is a major milestone, it’s only one part of the broader Flex Perpetuals ecosystem. Built on the hugely exciting Base Chain by Coinbase, the Flex Perpetuals platform is designed to offer a CEX-like trading experience in a fully decentralized and permissionless environment.

Low trading fees: Competitive fees starting at 0.02% on BTC and ETH trades
Gasless trading: Intent-based execution ensures instant transactions without high network costs
Cross-Margin & multi-asset collateral: Trade using BTC, ETH, and USDC as collateral for maximum capital efficiency
Sub-accounts: Manage multiple trading strategies with isolated risk in one seamless interface
Web App for mobile trading: Access the full Flex Perpetuals platform from anywhere with a smooth mobile-friendly interface

Security, partnerships, and the roadmap ahead

Security and transparency are at the core of Flex Perpetuals. The platform has undergone comprehensive audits from Code4rena, Foobar, WatchPug, and Cantina, ensuring the infrastructure is resilient and secure.

Strategic partnerships further enhance the ecosystem:
Aerodrome: The hub of liquidity, supported by Flex Perpetuals’ veAERO Treasury, incentivizing deep trading pools on Base
Chainlink & Pyth: Providing accurate, real-time price feeds for seamless trading execution

The Flex Perpetuals team is committed to a feature-driven roadmap, continuously improving the trading experience with new pairs, automation tools, and liquidity innovations to ensure long-term success.

Be part of FLP Surge today

With FLP Surge now open, investors have a limited-time opportunity to participate in a new era of DeFi market making. FLP Surge closes on February 16th at 16:00 UTC, making now the best time to secure rewards and maximize incentives. Whether you’re looking for a stable, passive yield or an active role in decentralized liquidity, Flex Perpetuals is providing a gateway to high-performance trading opportunities.

About Flex Perpetuals

Flex Perpetuals is a decentralized perpetuals exchange built on Base, a layer-2 solution by Coinbase. With a focus on democratizing market-making opportunities, Flex Perpetuals enables traders and investors of all sizes to participate in liquidity provision and earn sustainable yield. The platform’s Flex Liquidity Pool (FLP) offers an innovative liquidity model that rewards participants from real trading volume, rather than relying on inflationary incentives.

Backed by comprehensive security audits and strategic partnerships with industry leaders like Aerodrome, Chainlink, and Pyth, Flex Perpetuals is committed to creating a transparent, efficient, and sustainable DeFi ecosystem.

For more information, visit Flex Perpetuals or follow us on Twitter and Telegram.

FLP Surge deposits are open now! Secure your position today at https://go.flex.trade/deposit

For more information, join the conversation on X and Telegram and check out the project documentation:

Contact:
Stuart Blair
COO
Marketing@flex.trade

Disclaimer: This content is provided by Flex. The statements, views and opinions expressed in this column are solely those of the content provider. The information provided in this press release is not a solicitation for investment, nor is it intended as investment advice, financial advice, or trading advice. It is strongly recommended you practice due diligence, including consultation with a professional financial advisor, before investing in or trading cryptocurrency and securities. Please conduct your own research and invest at your own risk.

Photos accompanying this announcement are available at:

https://www.globenewswire.com/NewsRoom/AttachmentNg/bf71d511-ad90-42a2-9f20-7fc3fb032534

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The MIL Network –

February 13, 2025
MIL-OSI: Phoenix Group’s Bitcoin Mining Revenue Soars 236% YoY, Fuelled by Strategic Global Expansion
Source: GlobeNewswire (MIL-OSI)

Abu Dhabi, United Arab Emirates, Feb. 12, 2025 (GLOBE NEWSWIRE) — Phoenix Group PLC (ADX:PHX), ADX-listed technology leader, today announced a remarkable 236% year-over-year (YoY) surge in revenue for FY 2024, solidifying its position as a driving force in the global digital asset ecosystem.

The company’s mining revenue reached $107 million in 2024, a significant leap from $32 million in 2023 and $5.4 million in 2022. This represents an astounding 1852% increase over two years. This exceptional performance underscores Phoenix Group’s strategic vision and operational excellence in a dynamic market.

Despite industry headwinds, including the Bitcoin halving and a prolonged bearish market until November 2024, Phoenix Group demonstrated resilience and adaptability. The company’s total gross revenue across all verticals reached $206 million. Phoenix Group’s proactive operational efficiencies and strategic initiatives, including global expansion and diversification, have paved the way for sustained profitability and growth.

Commenting on the 2024 results, Munaf Ali, CEO & Co-Founder, stated: “These results are a testament to our unwavering commitment to innovation and strategic growth on a global scale. The past year has been pivotal for Phoenix Group, marked by significant expansion and enhanced profitability. We are not simply navigating the digital asset revolution – we are shaping it. With a strong foundation and a clear vision, we are confident in delivering continued value to our shareholders and stakeholders worldwide.”

The company achieved a total comprehensive income of USD 219 million and a net profit after tax of USD 167 million.

Total assets stood at USD 962 million, along with earnings per share (EPS) recorded at USD 0.028, reinforcing Phoenix Group’s continued profitability and shareholder value growth.

Operational and Financial Highlights during 2024:
- Improved Profitability: Self-mining gross margins rose to 24% in Q4 2024, up from just 5% in Q3 2024, driven by an average 37% increase in Bitcoin price and a 6% improvement in efficiency improvement mainly coming from sites in the US and Canada.
- Processing Power Contribution: Phoenix Group maintained a robust contribution of 15.0 EH/s to the Bitcoin network, with its market share holding steady at 1.9%.
- Expansion and Optimization: The company successfully launched new mining sites in the U.S., Canada, and Oman, adding a total of 160 MW while exiting the CIS region due to regulatory uncertainties.
- Diversification into Digital Assets: Investments expanded into key cryptocurrencies including SOL, ETH, FAH, UNCN, LVLY, and TON, reinforcing Phoenix Group’s diversified growth strategy.
- New Strategic Agreements: Phoenix Group secured agreements for additional sites, including a 132 MW facility in Ethiopia and a 20 MW site in Texas, totalling 152 MW of upcoming capacity.
- Stablecoin Collaboration: Partnered with the Tether Foundation to launch a dirham-backed stablecoin, enhancing the company’s foothold in the broader digital finance ecosystem.
Phoenix Group continues to position itself as a leader in the Bitcoin mining and digital asset sector, leveraging strategic expansion and operational efficiencies to drive sustainable growth.

The company’s preliminary results remain subject to external audit, with audited consolidated financial statements expected by February 14, 2024.

-END-

About Phoenix Group

Phoenix Group, a multi-billion-dollar tech powerhouse headquartered in the UAE, leads the forefront of the blockchain, crypto, and tech revolution, driving innovation to new heights. Phoenix Group operates several mining facilities in the US, Canada, CIS, and the UAE, with each unique company operating in one of four distinct verticals: Mining, Hosting, Trading, and Investments.

Phoenix Group PLC is the region’s first privately owned crypto and blockchain conglomerate listed on the Abu Dhabi Securities Exchange. It also runs the largest mining farm in the MENA region.

Social presence:

X | LinkedIn | Website

Media contact:

Email: ir@phoenixgroupuae.com

The MIL Network –
February 12, 2025

Category: Trade

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