NewzIntel.com

Category: Transport

  • MIL-OSI: iRhythm Technologies Announces Second Quarter 2025 Financial Results

    Source: GlobeNewswire (MIL-OSI)

    SAN FRANCISCO, July 31, 2025 (GLOBE NEWSWIRE) — iRhythm Technologies, Inc. (NASDAQ: IRTC), a leading digital health care company focused on creating trusted solutions that detect, predict, and prevent disease, today reported financial results for the three months ended June 30, 2025.

    Second Quarter 2025 Financial Highlights

    • Revenue of $186.7 million, a 26.1% increase compared to second quarter 2024
    • Gross margin of 71.2%, a 130-basis point increase compared to second quarter 2024
    • Unrestricted cash, cash equivalents, and marketable securities of $545.5 million as of June 30, 2025
    • Increased fiscal year 2025 guidance for revenue and adjusted EBITDA

    Recent Operational Highlights

    • Second quarter 2025 record quarterly revenue driven by continued momentum in our core long-term continuous monitoring business, sustained demand for Zio AT, progress within innovative value-based care accounts, and contribution from international markets
    • Executed strategic partnership with Lucem Health, a leader in AI-driven early disease detection, to accelerate early identification of undiagnosed arrhythmias in patient populations with comorbid conditions, a bold step toward predictive, preventive, and precise care that is powered by AI, informed by data, and designed for scale1
    • Results from two large-scale real-world studies presented at the American Diabetes Association’s 85th Scientific Sessions (ADA 2025) demonstrated that cardiac arrhythmias present frequent, early, and often preceding major cardiovascular events (MACE), highlighting a critical opportunity to enhance early detection strategies in at-risk cardiometabolic populations

    “The second quarter of 2025 was another record quarter for iRhythm, with growth of more than 26%, showcasing the strength of our diversified growth strategy,” said Quentin Blackford, President and Chief Executive Officer of iRhythm. “Our continued momentum spans three key areas: accelerating growth in our core monitoring business, continued penetration of Zio AT across major health systems, and successful expansion with innovative value-based care partners. With strong execution, combined with our transformative AI partnership with Lucem Health and the growing abundance of compelling clinical evidence, we’re uniquely positioned to revolutionize early cardiac detection and create substantial value for patients, providers, and shareholders while addressing the growing need for preventative care.”

    Second Quarter Financial Results
    Revenue for the second quarter of 2025 was $186.7 million, up 26.1% from $148.0 million during the same period in 2024. The increase was driven by growth in demand for Zio services within core existing accounts, from continued market penetration of Zio AT, and at new innovative channel partners.

    Gross profit for the second quarter of 2025 was $132.9 million, up 28.4% from $103.5 million during the same period in 2024, while gross margin was 71.2%, up from 69.9% during the same period in 2024. The increase in gross profit was primarily due to increased volume of Zio services provided due to higher demand. The increase in gross margin was primarily due to volume leverage as well as operational efficiencies, partially offset by an increased blended cost per unit from a higher Zio AT product mix.

    Operating expenses for the second quarter of 2025 were $151.6 million, compared to $126.5 million for the same period in 2024. Adjusted operating expenses for the second quarter of 2025 were $145.2 million, compared to $125.2 million during the same period in 2024. The increase in adjusted operating expenses was primarily driven by funding of new and sustaining development activities as well as incremental costs to serve a growing volume of patients globally.

    Net loss for the second quarter of 2025 was $14.2 million, or a diluted loss of $0.44 per share, compared with net loss of $20.1 million, or a diluted loss of $0.65 per share, for the same period in 2024. Adjusted net loss for the second quarter of 2025 was $10.2 million, or a diluted loss of $0.32 per share, compared with an adjusted net loss of $18.8 million, or a diluted loss of $0.61 per share, for the same period in 2024. The decrease in net loss was primarily driven by our revenue growth and operating leverage achieved through implementation of efficiency initiatives.

    Unrestricted cash, cash equivalents, and marketable securities were $545.5 million as of June 30, 2025.

    2025 Annual Guidance
    iRhythm projects revenue for the full year 2025 between $720 million to $730 million. Adjusted EBITDA margin for the full year 2025 is expected to range from approximately 8.0% to 8.5% of revenues.

    Webcast and Conference Call Information
    iRhythm’s management team will host a conference call today beginning at 1:30 p.m. PT/4:30 p.m. ET. Interested parties may access a live and archived webcast of the presentation on the “Events & Presentations” section of the company’s investor website at investors.irhythmtech.com.

    About iRhythm Technologies, Inc.
    iRhythm is a leading digital health care company that creates trusted solutions that detect, predict, and prevent disease. Combining wearable biosensors and cloud-based data analytics with powerful proprietary algorithms, iRhythm distills data from millions of heartbeats into clinically actionable information. Through a relentless focus on patient care, iRhythm’s vision is to deliver better data, better insights, and better health for all.

    Reclassifications
    Certain prior period amounts have been reclassified to conform to the current year presentation. These reclassifications have no impact on previously reported results of operations or financial position.

    Use of Non-GAAP Financial Measures
    We refer to certain financial measures that are not recognized under U.S. generally accepted accounting principles (GAAP) in this press release, including adjusted EBITDA, adjusted net loss, adjusted net loss per share and adjusted operating expenses. We use these non-GAAP financial measures for financial and operational decision-making and as a means to evaluate period-to-period comparisons. See the schedules attached to this press release for additional information and reconciliations of such non-GAAP financial measures. We have not reconciled our adjusted operating expenses and adjusted EBITDA margin estimates for full year 2025 because certain items that impact these figures are uncertain or out of our control and cannot be reasonably predicted. Accordingly, a reconciliation of adjusted operating expenses and adjusted EBITDA estimates is not available without unreasonable effort.

    Adjusted EBITDA excludes non-cash operating charges for stock-based compensation expense, changes in fair value of strategic investments, impairment and restructuring charges, business transformation costs, certain intellectual property litigation expenses and settlements, and loss on extinguishment of debt. Business transformation costs include costs associated with professional services, employee termination and relocation, third-party merger and acquisition, integration, and other costs to augment and restructure the organization, inclusive of both outsourced and offshore resources.

    Forward-Looking Statements
    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, and the Private Securities Litigation Reform Act of 1995. An investor can identify these statements by the fact that they do not relate strictly to historical or current facts. They use words such as ‘anticipate’, ‘estimate’, ‘expect’, ‘intend’, ‘will’, ‘project’, ‘plan’, ‘believe’, ‘target’ and other words and terms of similar meaning in connection with any discussion of future actions or operating or financial performance. In particular, these statements include statements regarding financial guidance, market opportunity, ability to penetrate the market, international market expansion, anticipated productivity and quality improvements, and expectations for growth. Such statements are based on current assumptions that involve risks and uncertainties that could cause actual outcomes and results to differ materially. These risks and uncertainties, many of which are beyond our control, include risks described in the section entitled “Risk Factors” and elsewhere in our filings made with the Securities and Exchange Commission, including those on the Form 10-Q expected to be filed on or about July 31, 2025. These forward-looking statements speak only as of the date hereof and should not be unduly relied upon. iRhythm disclaims any obligation to update these forward-looking statements.

    Investor Contact
    Stephanie Zhadkevich
    investors@irhythmtech.com

    Media Contact
    Kassandra Perry
    irhythm@highwirepr.com

    1. The predictive-AI solution does not represent the functionality of any Zio branded medical device.
    IRHYTHM TECHNOLOGIES, INC.
    Condensed Consolidated Balance Sheets
    (In thousands, except par value)
    (unaudited)
     
      June 30, 2025   December 31, 2024
    Assets      
    Current assets:      
    Cash and cash equivalents $ 309,105     $ 419,597  
    Marketable securities   236,435       115,956  
    Accounts receivable, net   82,153       79,941  
    Inventory   18,399       14,039  
    Prepaid expenses and other current assets   17,825       16,286  
    Total current assets   663,917       645,819  
    Property and equipment, net   139,703       125,092  
    Operating lease right-of-use assets   44,749       47,564  
    Restricted cash   8,358       8,358  
    Goodwill   862       862  
    Long-term strategic investments   64,897       61,902  
    Other assets   41,544       41,852  
    Total assets $ 964,030     $ 931,449  
    Liabilities and Stockholders’ Equity      
    Current liabilities:      
    Accounts payable $ 12,775     $ 7,221  
    Accrued liabilities   99,577       84,900  
    Deferred revenue   3,499       2,932  
    Operating lease liabilities, current portion   16,360       15,867  
    Total current liabilities   132,211       110,920  
    Long-term senior convertible notes   648,007       646,443  
    Other noncurrent liabilities   9,775       8,579  
    Operating lease liabilities, noncurrent portion   70,377       74,599  
    Total liabilities   860,370       840,541  
    Stockholders’ equity:      
    Preferred stock, $0.001 par value – 5,000 shares authorized; none issued and outstanding at June 30, 2025 and December 31, 2024   —       —  
    Common stock, $0.001 par value – 100,000 shares authorized; 32,334 shares issued and 32,105 shares outstanding at June 30, 2025, respectively; and 31,621 shares issued and 31,392 shares outstanding at December 31, 2024, respectively   32       31  
    Additional paid-in capital   932,467       874,607  
    Accumulated other comprehensive (loss) income   (26 )     165  
    Accumulated deficit   (803,813 )     (758,895 )
    Treasury stock, at cost; 229 shares at June 30, 2025 and December 31, 2024   (25,000 )     (25,000 )
    Total stockholders’ equity   103,660       90,908  
    Total liabilities and stockholders’ equity $ 964,030     $ 931,449  
     
    IRHYTHM TECHNOLOGIES, INC.
    Condensed Consolidated Statements of Operations
    (In thousands, except per share data)
    (unaudited)
     
        Three Months Ended June 30,   Six Months Ended June 30,
          2025       2024       2025       2024  
    Revenue, net   $ 186,687     $ 148,047     $ 345,364     $ 279,976  
    Cost of revenue     53,830       44,576       103,291       88,989  
    Gross profit     132,857       103,471       242,073       190,987  
    Operating expenses:                
    Research and development     21,012       19,690       42,531       36,684  
    Acquired in-process research and development     1,698       —       1,994       —  
    Selling, general and administrative     126,376       106,762       246,333       215,422  
    Impairment charges     2,479       —       2,479       —  
    Total operating expenses     151,565       126,452       293,337       252,106  
    Loss from operations     (18,708 )     (22,981 )     (51,264 )     (61,119 )
    Interest and other income (expense), net:                
    Interest income     5,321       6,685       10,240       9,742  
    Interest expense     (3,278 )     (3,312 )     (6,551 )     (6,172 )
    Loss on extinguishment of debt     —       —       —       (7,589 )
    Other income (expense), net     2,264       (305 )     3,139       (410 )
    Total interest and other income (expense), net     4,307       3,068       6,828       (4,429 )
    Loss before income taxes     (14,401 )     (19,913 )     (44,436 )     (65,548 )
    Income tax (benefit) provision     (183 )     194       482       226  
    Net loss   $ (14,218 )   $ (20,107 )   $ (44,918 )   $ (65,774 )
    Net loss per common share, basic and diluted   $ (0.44 )   $ (0.65 )   $ (1.41 )   $ (2.12 )
    Weighted-average shares, basic and diluted     31,990       31,145       31,791       31,089  
     
    IRHYTHM TECHNOLOGIES, INC.
    Reconciliation of GAAP to Non-GAAP Financial Information
    (in thousands, except per share data)
    (unaudited)
     
        Three Months Ended June 30,   Six Months Ended June 30,
          2025       2024       2025       2024  
    Adjusted EBITDA reconciliation*                
    Net loss, as reported1   $ (14,218 )   $ (20,107 )   $ (44,918 )   $ (65,774 )
    Interest expense     3,278       3,312       6,551       6,172  
    Interest income     (5,321 )     (6,685 )     (10,240 )     (9,742 )
    Changes in fair value of strategic investments     (2,152 )     —       (2,995 )     —  
    Income tax (benefit) provision     (183 )     194       482       226  
    Depreciation and amortization     5,105       5,160       10,315       10,291  
    Stock-based compensation     22,827       21,821       46,171       42,812  
    Impairment charges     2,479       —       2,479       —  
    Business transformation costs     925       1,296       1,428       1,296  
    Intellectual property litigation costs2     2,956       —       3,788       —  
    Loss on extinguishment of debt     —       —       —       7,589  
    Adjusted EBITDA   $ 15,696     $ 4,991     $ 13,061     $ (7,130 )
                     
    Adjusted net loss reconciliation*                
    Net loss, as reported1   $ (14,218 )   $ (20,107 )   $ (44,918 )   $ (65,774 )
    Impairment charges     2,479       —       2,479       —  
    Business transformation costs     925       1,296       1,428       1,296  
    Intellectual property litigation costs2     2,956       —       3,788       —  
    Changes in fair value of strategic investments     (2,152 )     —       (2,995 )     —  
    Loss on extinguishment of debt     —       —       —       7,589  
    Tax effect of adjustments3     (214 )     —       (305 )     —  
    Adjusted net loss   $ (10,224 )   $ (18,811 )   $ (40,523 )   $ (56,889 )
                     
    Adjusted net loss per share reconciliation*                
    Net loss per share, as reported1   $ (0.44 )   $ (0.65 )   $ (1.41 )   $ (2.12 )
    Impairment charges per share     0.08       —       0.08       —  
    Business transformation costs per share     0.03       0.04       0.04       0.04  
    Intellectual property litigation costs per share2     0.09       —       0.12       —  
    Changes in fair value of strategic investments per share     (0.07 )     —       (0.09 )     —  
    Loss on extinguishment of debt per share     —       —       —       0.24  
    Tax effect of adjustments per share3     (0.01 )     —       (0.01 )     —  
    Adjusted net loss per share   $ (0.32 )   $ (0.61 )   $ (1.27 )   $ (1.84 )
    Weighted-average shares, basic and diluted     31,990       31,145       31,791       31,089  
        Three Months Ended June 30,   Six Months Ended June 30,
          2025       2024       2025       2024  
    Adjusted operating expenses reconciliation*                
    Operating expenses, as reported   $ 151,565     $ 126,452     $ 293,337     $ 252,106  
    Impairment charges     (2,479 )     —       (2,479 )     —  
    Business transformation costs     (925 )     (1,296 )     (1,428 )     (1,296 )
    Intellectual property litigation costs2     (2,956 )     —       (3,788 )     —  
    Adjusted operating expenses   $ 145,205     $ 125,156     $ 285,642     $ 250,810  
     

    *Certain numbers expressed may not sum due to rounding.
    1 Net loss for the three and six months ended June 30, 2025 includes $1.7 million and $2.0 million of acquired in-process research and development expense, respectively.
    2 Excludes third-party attorneys’ fees and expenses associated with patent litigation brought against the Company by Welch Allyn, Inc. and Bardy Diagnostics, Inc., subsidiaries of Baxter International, Inc.
    3 Income tax impact of Non-GAAP adjustments listed.

    The MIL Network –

  • MIL-OSI: Great Elm Group Announces Strategic Partnership with Kennedy Lewis Investment Management

    Source: GlobeNewswire (MIL-OSI)

    – Purchases 4.9% of Great Elm Group’s Common Stock; $150 Million Debt Investment in Monomoy Properties REIT to Accelerate Industrial Real Estate Platform Expansion –

    – Company to Host Conference Call at 8:30 a.m. ET on August 1, 2025 –

    Transaction Highlights:

    • Certain funds affiliated with Kennedy Lewis Investment Management LLC (“KLIM”) purchase 4.9% of Great Elm Group, Inc’s (“GEG”) outstanding common stock at market price, approximately $2.11 per share.
    • $150 million of term loans in total strategic financing for Monomoy Properties REIT, LLC (“Monomoy REIT”) from KLIM to catalyze growth across the Monomoy industrial real estate platform recently consolidated under Great Elm Real Estate Ventures, LLC (“Real Estate Ventures”)
    • KLIM appoints board representatives at both GEG and Monomoy REIT, underscoring its commitment to a long-term partnership

    PALM BEACH GARDENS, Fla., July 31, 2025 (GLOBE NEWSWIRE) —  Great Elm Group, Inc. (“we,” “us,” “our,” “GEG” or “Great Elm,”) (NASDAQ: GEG), a publicly traded alternative asset manager, today announced a transformational strategic partnership with KLIM, an institutional alternative investment firm focused on opportunistic credit strategies including real estate with over $30 billion in assets under management. This partnership delivers up to $150 million in leverageable capital to support continued growth across Great Elm’s real estate platform, which includes Monomoy REIT, Monomoy CRE (MCRE), Monomoy Construction Services (MCS), and Monomoy BTS (MBTS) (together “Monomoy”). Monomoy offers a full-service suite of project management, procurement, construction management, asset management, market analysis and feasibility services for its industrial real estate tenants.

    Under the terms of the transaction, KLIM is providing an initial $100 million term loan to Monomoy REIT, and the option for an additional $50 million in future capital. Additionally, KLIM is purchasing 4.9% of GEG’s common stock at market price, approximately $2.11 a share, and will hold an initial 15% profits interest (which may be increased to 20% under certain circumstances) in the newly formed Great Elm Real Estate Ventures, LLC, which consolidates GEG’s real estate subsidiaries: MCRE, MCS, and MBTS.

    “KLIM’s investment strengthens our position as a full-spectrum real estate enterprise,” said Jason Reese, Chief Executive Officer of Great Elm. “Their deep sector expertise, alignment with our long-term vision, and capital commitment empower us to deliver superior value to Monomoy’s tenants and clients as well as our shareholders.”

    KLIM is also appointing a board representative at each of Great Elm and Monomoy REIT, underscoring its role as a long-term partner.

    “We are excited to partner with Great Elm and support the continued expansion of its industrial real estate platform,” said David Chene, Co-Founder of KLIM. “The integrated strategy being executed through Monomoy is exactly the kind of scalable, opportunity-rich platform we seek to support. We look forward to working closely with the leadership team to unlock the full potential of this business.”

    About the Monomoy Platform

    Monomoy Properties REIT, LLC (REIT) is a private real estate investment trust with approximately $400 million of diversified net leased IOS assets. Backed by disciplined investment principles and a long-term view, the REIT provides investors with exposure to mission-critical facilities occupied by high-quality tenants. The REIT offers investors returns through dividends and long-term capital appreciation.

    Great Elm Real Estate Ventures (Real Estate Ventures), a newly created entity comprised of wholly owned subsidiaries of GEG, brings together a vertically integrated group of real estate-focused businesses, each playing a strategic role in delivering best-in-class industrial outdoor storage (IOS) properties across the United States. The wholly owned subsidiaries of GEG include the following:

    Monomoy CRE, LLC (MCRE) serves as the real estate asset manager at the core of the Monomoy platform. MCRE is responsible for executing Monomoy Properties REIT’s day-to-day investment strategy while also sourcing and identifying prime IOS real estate opportunities for development by BTS. With deep market expertise and a proactive approach, MCRE ensures seamless coordination across acquisition, development, and asset management functions.

    Monomoy BTS Corp. (BTS) focuses on acquiring land and developing custom-built IOS properties tailored to tenant needs. Each project is executed with precision, supporting business growth and operational efficiency for its clients.

    Monomoy Construction Services, LLC (MCS) offers full-service procurement and construction management. MCS serves the REIT, BTS, and select third-party clients, ensuring consistent delivery, quality, cost control, and timely execution.

    Together, these entities create a powerful, end-to-end real estate platform that combines deep market insight, professional asset management services investment expertise, and turnkey execution capabilities to generate long-term value for tenants and investors alike.

    Transforming Into a Full-Service Real Estate Platform

    This capital injection represents a major milestone in the continued growth and ongoing evolution of Great Elm’s real estate business. This structure enables Great Elm Real Estate Ventures to serve its tenants as a comprehensive, value-added real estate partner, enhancing delivery of real estate solutions from acquisition through development and management.

    Strategic and Financial Impact

    The KLIM financing substantially improves Monomoy REIT’s cost of capital and allows for the refinancing of existing convertible debt and repayment of key credit facilities. The capital will also be used to fund new acquisitions and further scale Monomoy’s operations.

    Great Elm Real Estate Ventures Conference Call & Webcast Information

    When: Friday, August 1, 2025, 8:30 a.m. Eastern Time (ET)

    Call: All interested parties are invited to participate in the conference call by dialing +1 (877) 407-0752; international callers should dial +1 (201) 389-0912. Participants should enter the Conference ID 13755229 if asked.

    Webcast: The conference call will be webcast simultaneously and can be accessed here. A copy of the slide presentation accompanying the conference call, can be found here.

    About Kennedy Lewis Investment Management, LLC

    Kennedy Lewis is a credit focused alternative investment manager founded in 2017 by David K. Chene and Darren L. Richman with over $30 billion under management.   The firm and its affiliates manage private funds, a publicly traded REIT focused on landbanking (Millrose Properties, Inc.), a non-exchange traded business development company (Kennedy Lewis Capital Company), and collateralized loan obligations (Generate Advisors, LLC).

    About Great Elm Group, Inc.

    Great Elm Group, Inc. (NASDAQ: GEG) is an alternative asset manager focused on building a scalable and diversified portfolio of long-duration and permanent capital vehicles across credit, real estate, specialty finance, and other alternative strategies. GEG manages Great Elm Capital Corp. (NASDAQ: GECC), a publicly-traded business development company, Monomoy Properties REIT, LLC, an industrial outdoor storage-focused real estate investment trust along with its growing real estate services platform through Monomoy CRE, MBTS, and MCS. Learn more at www.greatelmgroup.com.

    About Great Elm Real Estate Ventures

    Great Elm Real Estate Ventures, a wholly owned subsidiary of GEG, consolidates the Monomoy real estate platform comprised of Monomoy CRE, LLC (MCRE), Monomoy Construction Services, LLC (MCS), and Monomoy BTS Corp (MBTS). Great Elm Real Estate Ventures operates as a full-service industrial outdoor space (IOS) enterprise that provides solutions for our tenants through property management, real estate investments, construction and development. Through the Monomoy platform, Real Estate Ventures invests in build-to-suit and existing Class A, B, and C single-tenant industrial properties across the US, focusing on equipment rental, building supply, materials, manufacturing, warehousing, distribution, and logistics, while specifically targeting critical markets with economic growth.

    Cautionary Statement Regarding Forward-Looking Statements

    Statements in this press release that are “forward-looking” statements, including statements regarding expected benefits from the transaction, growth, profitability, acquisition opportunities involve risks and uncertainties that may individually or collectively impact the matters described herein. Investors are cautioned not to place undue reliance on any such forward-looking statements, which speak only as of the date they are made and represent GEG’s assumptions and expectations in light of currently available information. These statements involve risks, variables and uncertainties, and GEG’s actual performance results may differ from those projected, and any such differences may be material. For information on certain factors that could cause actual events or results to differ materially from GEG’s expectations, please see GEG’s filings with the Securities and Exchange Commission (“SEC”), including its most recent annual report on Form 10-K and subsequent reports on Forms 10-Q and 8-K. Additional information relating to GEG’s financial position and results of operations is also contained in GEG’s annual and quarterly reports filed with the SEC and available for download at its website www.greatelmgroup.com or at the SEC website www.sec.gov.

    This press release does not constitute an offer of any securities for sale.

    Media & Investor Contact:
    Investor Relations
    geginvestorrelations@greatelm.com

    The MIL Network –

  • MIL-OSI: NCS Multistage Holdings, Inc. Announces Second Quarter 2025 Results

    Source: GlobeNewswire (MIL-OSI)

    Second Quarter Results

    • Total revenues of $36.5 million, a 23% year-over-year improvement
    • Net income of $0.9 million and diluted earnings per share of $0.34, which includes a positive impact of $1.4 million related to the release of our deferred tax valuation allowance in Canada
    • Adjusted EBITDA of $2.2 million, a $1.3 million year-over-year improvement   
    • $25.4 million in cash and $7.7 million of total debt as of June 30, 2025

    HOUSTON, July 31, 2025 (GLOBE NEWSWIRE) — NCS Multistage Holdings, Inc. (Nasdaq: NCSM) (the “Company,” “NCS,” “we” or “us”), a leading provider of highly engineered products and support services that facilitate the optimization of oil and natural gas well construction, well completions and field development strategies, today announced its results for the quarter ended June 30, 2025.

    Review and Outlook

    NCS’s Chief Executive Officer, Ryan Hummer commented, “Our team at NCS has continued to enable strong operational and financial performance in an industry and market environment marked by uncertainty. Our revenue and Adjusted EBITDA for the second quarter exceeded the high end of the expectations we provided in our last earnings call and our year-over-year revenue improvement for the quarter of 23% outperformed industry activity levels, demonstrating the value we bring to our customers.

    Furthermore, our revenue and Adjusted EBITDA for the first six months of 2025 have improved by $12.9 million, or 18%, and $3.4 million, or 49%, respectively, as compared to 2024, as we continue to benefit from our core strategies of building upon our leading market positions, capitalizing on international and offshore opportunities and commercializing innovative solutions to complex customer challenges.

    We have maintained our strong balance sheet, ending the second quarter with over $25 million in cash and over $17 million in availability under our undrawn credit facility and only $8 million in debt, comprised entirely of capital leases.

    We’re also excited to announce today’s acquisition of Reservoir Metrics, LLC, and its related entities (“ResMetrics”). ResMetrics, a leader in reservoir analysis utilizing chemical tracer technology, is a profitable and rapidly growing business serving a high-quality customer base in the U.S. and internationally. For the trailing twelve months ended June 30, 2025, ResMetrics’ unaudited revenue was over $10 million with an EBITDA margin of over 30%. We believe that ResMetrics’ business is highly complementary with NCS’s tracer diagnostics service line, and we look forward to working with the ResMetrics team to deliver valuable and actionable reservoir insights to our customers. This all-cash transaction represents a strategic fit for NCS operationally, a strategic use of our balance sheet, and adds to our talented team.

    This has been a strong start to 2025 for NCS and we remain cautiously optimistic about the second half of the year. That optimism is tempered by market conditions that have continued to deteriorate, with continued U.S. rig count declines, a slower than normal rig count recovery in Canada following spring break-up, the potential for an oversupplied oil market in late 2025 as announced OPEC+ oil supply increases materialize, and ongoing uncertainties related to tariffs and trade.

    I want to extend my continued appreciation to the outstanding teams at NCS and Repeat Precision and welcome the ResMetrics team to NCS. Our results, and the opportunities ahead, reflect the vision, ability and commitment of our people and our aligned pursuit of NCS’s strategic priorities. We have the right people, the right technology, and the right strategies in place to deliver tangible benefits to our customers, develop industry solutions, and create shareholder value.”

    Financial Review

    Total revenues were $36.5 million for the quarter ended June 30, 2025 compared to $29.7 million for the second quarter of 2024. Revenue growth was driven primarily by increased fracturing systems activity and frac plug sales in Canada and the United States. The increase for Canada occurred despite a decline in Canadian rig counts during 2025, reflecting more activity with customers that remained active during spring break-up. Our international revenues decreased primarily due to reduced tracer diagnostics activity in the Middle East, partially offset by higher sales of well construction products in the Middle East and fracturing systems equipment in the North Sea.

    Compared to the first quarter of 2025, total revenues decreased by 27%, primarily due to a decrease in Canada of 52%, attributable to the normal seasonal decline associated with spring break-up, partially offset by an increase of 67% in international revenues and a 45% increase in U.S. revenues.

    Gross profit was $12.3 million, or a gross margin of 34%, for the second quarter of 2025, compared to $11.3 million, or a gross margin of 38%, for the second quarter of 2024. Gross margin for 2025 declined, reflecting the mix of products sold and services provided during the respective periods. Adjusted gross profit, which we define as total revenues less total cost of sales, exclusive of depreciation and amortization (“DD&A”), was $13.0 million, or an adjusted gross margin of 36%, for the second quarter of 2025, compared to $12.0 million, or 40%, for the second quarter of 2024.

    Selling, general and administrative (“SG&A”) expenses totaled $13.6 million for the second quarter of 2025, a decrease of $1.2 million compared to the same period in 2024, with a decrease in professional fees, lower payroll and employee benefit expenses, and a decrease in research and development expense, partially offset by higher share-based compensation expense attributable to cash settled awards remeasured at the balance sheet date based on the price of our common stock.

    Other income was $1.6 million for the second quarter of 2025 compared to $2.2 million for the second quarter of 2024. The decline in other income reflects a reduction in the amount attributable to the technical services and assistance agreement with our local partner in Oman, as the program ended in November 2024, with no contribution associated with this agreement in the second quarter of 2025. In addition, there was a year-over-year decrease in royalty income earned from licensees for these periods, as the second quarter of 2024 included an initial payment from a new licensee reflecting both current and certain historical volumes.

    Income tax benefit was $1.0 million for the second quarter of 2025 compared to an expense of $0.3 million for the second quarter of 2024. As of June 30, 2025, we reversed a portion of the valuation allowance previously recorded against the deferred tax assets of our Canadian operating subsidiary due to sustained improvements in operating results, including a return to profitability and forecasts of future taxable income that are sufficient to realize the remaining deferred tax assets. The reversal of the valuation allowance resulted in a deferred income tax benefit of $1.4 million during the period ended June 30, 2025. 

    Net income was $0.9 million, or $0.34 per diluted share, for the quarter ended June 30, 2025 compared to a net loss of $(3.1) million, or $(1.21) per share for the quarter ended June 30, 2024. 

    Adjusted EBITDA was $2.2 million for the quarter ended June 30, 2025, an increase of $1.3 million compared to the same period a year ago. This improvement is primarily the result of an increase in revenues and lower SG&A expenses. Adjusted EBITDA margin of 6% for the quarter ended June 30, 2025, compared to 3% for the same period a year ago. 

    Cash flow from operating activities for the six months ended June 30, 2025 was a source of cash of $1.9 million, a $2.2 million decrease compared to the same period in 2024. For the six months ended June 30, 2025, free cash flow less distributions to non-controlling interest was a source of cash of $0.5 million compared to $3.2 million for the same period in 2024. The overall change in free cash flow was largely attributed to our change in net working capital including payment of incentive bonuses and cash-settled awards in the first quarter of 2025 and an increase in the amount distributed to our non-controlling interest in 2025, partially offset by an increase in net income in 2025.

    Liquidity and Capital Expenditures

    As of June 30, 2025, NCS had $25.4 million in cash, $7.7 million in total indebtedness related to finance lease obligations, and a borrowing base under the undrawn asset-based revolving credit facility (“ABL Facility”) of $17.2 million. Our working capital, defined as current assets minus current liabilities, was $87.2 million and $80.2 million as of June 30, 2025 and December 31, 2024, respectively.

    Net working capital, calculated as working capital, less cash and excluding the current maturities of long-term debt, was $64.0 million and $56.4 million as of June 30, 2025 and December 31, 2024, respectively. The increase in net working capital was primarily attributable to an increase in accounts receivable and inventory and a decrease in accrued expenses and other current liabilities due in part to payment of our 2024 incentive bonus and cash-settled awards in the first quarter of 2025, partially offset by an increase in accounts payable. 

    NCS incurred capital expenditures, net of proceeds from the sale of property and equipment, of $0.5 million and $0.4 million for the six months ended June 30, 2025 and 2024, respectively.

    EBITDA, Adjusted EBITDA, Adjusted EBITDA Margin, Adjusted EBITDA Less Share-Based Compensation, Adjusted Gross Profit, Adjusted Gross Margin, Free Cash Flow, Free Cash Flow Less Distributions to Non-Controlling Interest and Net Working Capital are non-GAAP financial measures. For an explanation of these measures and a reconciliation, refer to “Non-GAAP Financial Measures” below.

    Strategic Acquisition of Reservoir Metrics, LLC

    On July 31, 2025, we acquired 100% of the equity interests of ResMetrics, a provider of tracer diagnostics services, for $5.9 million, on a cash-free, debt-free basis, in cash and assumed debt, subject to a working capital adjustment, with an additional earn-out of up to $1.3 million to be paid in early 2026, depending solely on changes in international trade tariff rates for certain chemical imports during 2025. We believe the purchase of ResMetrics will further expand and complement our existing tracer diagnostics offerings.

    Conference Call

    The Company will host a conference call to discuss its second quarter 2025 results and latest earnings guidance on Friday, August 1, 2025 at 7:30 a.m. Central Time (8:30 a.m. Eastern Time). The conference call will be available via a live audio webcast. Participants who wish to ask questions may register for the call here to receive the dial-in numbers and unique PIN. If you wish to join the conference call but do not plan to ask questions, you may join the listen-only webcast here. The live webcast can also be accessed by visiting the Investors section of the Company’s website at ir.ncsmultistage.com. It is recommended that participants join at least 10 minutes prior to the event start.

    The replay will be available in the Investors section of the Company’s website shortly after the conclusion of the call and will remain available for approximately seven days.

    About NCS Multistage Holdings, Inc.

    NCS Multistage Holdings, Inc. is a leading provider of highly engineered products and support services that facilitate the optimization of oil and natural gas well construction, well completions and field development strategies. NCS provides products and services primarily to exploration and production companies for use in onshore and offshore wells, predominantly wells that have been drilled with horizontal laterals in both unconventional and conventional oil and natural gas formations. NCS’s products and services are utilized in oil and natural gas basins throughout North America and in selected international markets, including the North Sea, the Middle East, Argentina and China. NCS’s common stock is traded on the Nasdaq Capital Market under the symbol “NCSM.” Additional information is available on the website, www.ncsmultistage.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. Forward-looking statements can be identified by words such as “anticipates,” “intends,” “plans,” “seeks,” “believes,” “estimates,” “expects” and similar references to future periods, or by the inclusion of forecasts or projections. Examples of forward-looking statements include, but are not limited to, statements we make regarding the outlook for our future business and financial performance. Forward-looking statements are based on our current expectations and assumptions regarding our business, the economy and other future conditions. Because forward-looking statements relate to the future, by their nature, they are subject to inherent uncertainties, risks and changes in circumstances that are difficult to predict. As a result, our actual results may differ materially from those contemplated by the forward-looking statements. Important factors that could cause our actual results to differ materially from those in the forward-looking statements include regional, national or global political, economic, business, competitive, market and regulatory conditions and the following: declines in the level of oil and natural gas exploration and production activity in Canada, the United States and internationally; oil and natural gas price fluctuations; significant competition for our products and services that results in pricing pressures, reduced sales, or reduced market share; inability to successfully implement our strategy of increasing sales of products and services into the U.S. and international markets; loss of significant customers; losses and liabilities from uninsured or underinsured business activities and litigation; change in trade policy, including the impact of tariffs; our failure to identify and consummate potential acquisitions; the financial health of our customers including their ability to pay for products or services provided; our inability to integrate or realize the expected benefits from acquisitions; our inability to achieve suitable price increases to offset the impacts of cost inflation; loss of any of our key suppliers or significant disruptions negatively impacting our supply chain; risks in attracting and retaining qualified employees and key personnel; risks resulting from the operations of our joint venture arrangement; currency exchange rate fluctuations; impact of severe weather conditions; our inability to accurately predict customer demand, which may result in us holding excess or obsolete inventory; failure to comply with or changes to federal, state and local and non-U.S. laws and other regulations, including tax policies, anti-corruption and environmental regulations, guidelines and regulations for the use of explosives; impairment in the carrying value of long-lived assets including goodwill; system interruptions or failures, including complications with our enterprise resource planning system, cybersecurity breaches, identity theft or other disruptions that could compromise our information; our inability to successfully develop and implement new technologies, products and services that align with the needs of our customers, including addressing the shift to more non-traditional energy markets as part of the energy transition and the adoption of artificial intelligence and machine learning; our inability to protect and maintain critical intellectual property assets, the inability to protect our current royalty income, or the losses and liabilities from adverse decisions in intellectual property disputes; loss of, or interruption to, our information and computer systems; our failure to establish and maintain effective internal control over financial reporting; restrictions on the availability of our customers to obtain water essential to the drilling and hydraulic fracturing processes; changes in legislation or regulation governing the oil and natural gas industry, including restrictions on emissions of greenhouse gases; our inability to meet regulatory requirements for use of certain chemicals by our tracer diagnostics business; the reduction in our ABL Facility borrowing base or our inability to comply with the covenants in our debt agreements; and our inability to obtain sufficient liquidity on reasonable terms, or at all and other factors discussed or referenced in our filings made from time to time with the Securities and Exchange Commission. Any forward-looking statement made by us in this press release speaks only as of the date on which we make it. Factors or events that could cause our actual results to differ may emerge from time to time, and it is not possible for us to predict all of them. We undertake no obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future developments or otherwise, except as may be required by law.

    Contact

    Mike Morrison
    Chief Financial Officer and Treasurer
    (281) 453-2222
    IR@ncsmultistage.com 

    NCS MULTISTAGE HOLDINGS, INC.
    CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
    (In thousands, except per share data)
    (Unaudited)
     
        Three Months Ended     Six Months Ended  
        June 30,     June 30,  
        2025     2024     2025     2024  
    Revenues                                
    Product sales   $ 27,776     $ 19,022     $ 62,842     $ 50,780  
    Services     8,678       10,668       23,617       22,768  
    Total revenues     36,454       29,690       86,459       73,548  
    Cost of sales                                
    Cost of product sales, exclusive of depreciation and amortization expense shown below     18,214       12,209       38,566       31,901  
    Cost of services, exclusive of depreciation and amortization expense shown below     5,242       5,510       13,040       12,105  
    Total cost of sales, exclusive of depreciation and amortization expense shown below     23,456       17,719       51,606       44,006  
    Selling, general and administrative expenses     13,626       14,820       29,821       28,650  
    Depreciation     1,235       1,134       2,439       2,207  
    Amortization     167       167       334       334  
    (Loss) income from operations     (2,030 )     (4,150 )     2,259       (1,649 )
    Other income (expense)                                
    Interest expense, net     (68 )     (115 )     (110 )     (215 )
    Other income, net     1,563       2,203       2,446       3,340  
    Foreign currency exchange gain (loss), net     1,201       (507 )     1,198       (1,005 )
    Total other income     2,696       1,581       3,534       2,120  
    Income (loss) before income tax     666       (2,569 )     5,793       471  
    Income tax (benefit) expense     (1,032 )     270       (359 )     757  
    Net income (loss)     1,698       (2,839 )     6,152       (286 )
    Net income attributable to non-controlling interest     774       256       1,172       739  
    Net income (loss) attributable to NCS Multistage Holdings, Inc.   $ 924     $ (3,095 )   $ 4,980     $ (1,025 )
    Earnings (loss) per common share                                
    Basic earnings (loss) per common share attributable to NCS Multistage Holdings, Inc.   $ 0.36     $ (1.21 )   $ 1.93     $ (0.41 )
    Diluted earnings (loss) per common share attributable to NCS Multistage Holdings, Inc.   $ 0.34     $ (1.21 )   $ 1.84     $ (0.41 )
    Weighted average common shares outstanding                                
    Basic     2,594       2,548       2,581       2,528  
    Diluted     2,734       2,548       2,704       2,528  
     
    NCS MULTISTAGE HOLDINGS, INC.
    CONDENSED CONSOLIDATED BALANCE SHEETS
    (In thousands, except share data)
    (Unaudited)
     
        June 30,     December 31,  
        2025     2024  
    Assets                
    Current assets                
    Cash and cash equivalents   $ 25,372     $ 25,880  
    Accounts receivable—trade, net     34,216       31,513  
    Inventories, net     43,510       40,971  
    Prepaid expenses and other current assets     2,707       2,063  
    Other current receivables     5,165       5,143  
    Total current assets     110,970       105,570  
    Noncurrent assets                
    Property and equipment, net     20,470       21,283  
    Goodwill     15,222       15,222  
    Identifiable intangibles, net     3,356       3,690  
    Operating lease assets     5,468       5,911  
    Deposits and other assets     622       712  
    Deferred income taxes, net     1,869       424  
    Total noncurrent assets     47,007       47,242  
    Total assets   $ 157,977     $ 152,812  
    Liabilities and Stockholders’ Equity                
    Current liabilities                
    Accounts payable—trade   $ 9,997     $ 8,970  
    Accrued expenses     6,803       8,351  
    Income taxes payable     790       683  
    Operating lease liabilities     1,685       1,602  
    Current maturities of long-term debt     2,200       2,141  
    Other current liabilities     2,331       3,672  
    Total current liabilities     23,806       25,419  
    Noncurrent liabilities                
    Long-term debt, less current maturities     5,462       6,001  
    Operating lease liabilities, long-term     4,338       4,891  
    Other long-term liabilities     206       206  
    Deferred income taxes, net     186       186  
    Total noncurrent liabilities     10,192       11,284  
    Total liabilities     33,998       36,703  
    Commitments and contingencies                
    Stockholders’ equity                
    Preferred stock, $0.01 par value, 10,000,000 shares authorized, no shares issued and outstanding at June 30, 2025 and December 31, 2024     —       —  
    Common stock, $0.01 par value, 11,250,000 shares authorized, 2,607,362 shares issued and 2,540,849 shares outstanding at June 30, 2025 and 2,563,979 shares issued and 2,507,430 shares outstanding at December 31, 2024     26       26  
    Additional paid-in capital     448,582       447,384  
    Accumulated other comprehensive loss     (85,916 )     (87,604 )
    Retained deficit     (254,044 )     (259,024 )
    Treasury stock, at cost, 66,513 shares at June 30, 2025 and 56,549 shares at December 31, 2024     (2,211 )     (1,943 )
    Total stockholders’ equity     106,437       98,839  
    Non-controlling interest     17,542       17,270  
    Total equity     123,979       116,109  
    Total liabilities and stockholders’ equity   $ 157,977     $ 152,812  
     
    NCS MULTISTAGE HOLDINGS, INC.
    CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
    (In thousands)
    (Unaudited)
      Six Months Ended  
      June 30,  
      2025   2024  
    Cash flows from operating activities            
    Net income (loss) $ 6,152   $ (286 )
    Adjustments to reconcile net income (loss) to net cash provided by operating activities:            
    Depreciation and amortization   2,773     2,541  
    Amortization of deferred loan costs   104     103  
    Share-based compensation   2,837     2,062  
    Provision for inventory obsolescence   191     679  
    Deferred income tax (benefit) expense   (1,398 )   21  
    Gain on sale of property and equipment   (475 )   (340 )
    Provision for (recovery of) credit losses   19     (5 )
    Net foreign currency unrealized (gain) loss   (1,854 )   956  
    Proceeds from note receivable   —     61  
    Changes in operating assets and liabilities:            
    Accounts receivable—trade   (1,827 )   (1,024 )
    Inventories, net   (1,476 )   (1,501 )
    Prepaid expenses and other assets   972     (619 )
    Accounts payable—trade   1,719     1,353  
    Accrued expenses   (1,680 )   1,761  
    Other liabilities   (4,101 )   (2,092 )
    Income taxes receivable/payable   (80 )   429  
    Net cash provided by operating activities   1,876     4,099  
    Cash flows from investing activities            
    Purchases of property and equipment   (745 )   (633 )
    Purchase and development of software and technology   —     (53 )
    Proceeds from sales of property and equipment   271     293  
    Net cash used in investing activities   (474 )   (393 )
    Cash flows from financing activities            
    Payments on finance leases   (1,072 )   (932 )
    Line of credit borrowings   2,338     2,974  
    Payments of line of credit borrowings   (2,338 )   (2,974 )
    Treasury shares withheld   (268 )   (237 )
    Distribution to noncontrolling interest   (900 )   (500 )
    Net cash used in financing activities   (2,240 )   (1,669 )
    Effect of exchange rate changes on cash and cash equivalents   330     (143 )
    Net change in cash and cash equivalents   (508 )   1,894  
    Cash and cash equivalents beginning of period   25,880     16,720  
    Cash and cash equivalents end of period $ 25,372   $ 18,614  
    Noncash investing and financing activities            
    Assets obtained in exchange for new finance lease liabilities $ 723   $ 1,821  
    Assets obtained in exchange for new operating lease liabilities $ 247   $ —  
                 
    NCS MULTISTAGE HOLDINGS, INC.
    REVENUES BY GEOGRAPHIC AREA
    (In thousands)
    (Unaudited)
     
        Three Months Ended     Six Months Ended  
        June 30,     June 30,  
        2025     2024     2025     2024  
    United States                                
    Product sales   $ 11,930     $ 8,550     $ 18,797     $ 16,317  
    Services     1,682       3,241       4,187       5,485  
    Total United States     13,612       11,791       22,984       21,802  
    Canada                                
    Product sales     13,021       8,263       39,864       30,938  
    Services     4,948       3,795       15,823       12,789  
    Total Canada     17,969       12,058       55,687       43,727  
    Other Countries                                
    Product sales     2,825       2,209       4,181       3,525  
    Services     2,048       3,632       3,607       4,494  
    Total other countries     4,873       5,841       7,788       8,019  
    Total                                
    Product sales     27,776       19,022       62,842       50,780  
    Services     8,678       10,668       23,617       22,768  
    Total revenues   $ 36,454     $ 29,690     $ 86,459     $ 73,548  
     

    NCS MULTISTAGE HOLDINGS, INC.
    RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL INFORMATION
    (In thousands, except per share data)
    (Unaudited)

    Non-GAAP Financial Measures 

    EBITDA, Adjusted EBITDA, Adjusted EBITDA Margin, Adjusted EBITDA Less Share-Based Compensation, Adjusted Gross Profit, Adjusted Gross Margin, Free Cash Flow, Free Cash Flow Less Distributions to Non-Controlling Interest and Net Working Capital (our “non-GAAP financial measures”) are not defined under generally accepted accounting principles (“GAAP”), are not measures of net income (loss), income (loss) from operations, gross profit and gross margin (inclusive of DD&A), cash provided by (used in) operating activities, working capital or any other performance measure derived in accordance with GAAP, and are subject to important limitations. Our non-GAAP financial measures may not be comparable to similarly titled measures of other companies in our industry and are not measures of performance calculated in accordance with GAAP. Our non-GAAP financial measures have important limitations as analytical tools and you should not consider them in isolation or as substitutes for analysis of our financial performance as reported under GAAP, and they should not be considered as alternatives to net income (loss), income (loss) from operations, gross profit, gross margin, cash provided by (used in) operating activities, working capital or any other performance measures derived in accordance with GAAP as measures of operating performance or as alternatives to cash flow from operating activities as measures of our liquidity.

    However, EBITDA, Adjusted EBITDA, Adjusted EBITDA Margin, Adjusted EBITDA Less Share-Based Compensation, Adjusted Gross Profit, Adjusted Gross Margin, Free Cash Flow, Free Cash Flow Less Distributions to Non-Controlling Interest and Net Working Capital are key metrics that management uses to assess the period-to-period performance of our core business operations or metrics that enable investors to assess our performance from period to period relative to the performance of other companies that are not subject to such factors, or who may provide similar non-GAAP measures in their public disclosures.

    The tables below set forth reconciliations of our non-GAAP financial measures to the most directly comparable measures of financial performance calculated under GAAP:

    NET WORKING CAPITAL

    Net working capital is defined as total current assets, excluding cash and cash equivalents, minus total current liabilities, excluding current maturities of long-term debt. Net working capital excludes cash and cash equivalents and current maturities of long-term debt in order to evaluate the investments in working capital that we believe are required to support our business. We believe that net working capital is useful in analyzing the cash flow and working capital needs of the Company, including determining the efficiencies of our operations and our ability to readily convert assets into cash.

        June 30,     December 31,  
        2025     2024  
    Working capital   $ 87,164     $ 80,151  
    Cash and cash equivalents     (25,372 )     (25,880 )
    Current maturities of long term debt     2,200       2,141  
    Net working capital   $ 63,992     $ 56,412  
     


    NCS MULTISTAGE HOLDINGS, INC.
    RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL INFORMATION
    (In thousands, except per share data)
    (Unaudited)

    ADJUSTED GROSS PROFIT AND ADJUSTED GROSS MARGIN

    Adjusted gross profit is defined as total revenues minus cost of sales, exclusive of depreciation and amortization expense, which we present as a separate line item in our statement of operations. Adjusted gross margin represents adjusted gross profit as a percentage of total revenues.

        Three Months Ended     Six Months Ended  
        June 30,     June 30,  
        2025     2024     2025     2024  
    Total revenues   $ 36,454     $ 29,690     $ 86,459     $ 73,548  
    Total cost of sales, exclusive of depreciation and amortization expense     23,456       17,719       51,606       44,006  
    Total depreciation and amortization associated with cost of sales     729       653       1,444       1,269  
    Gross Profit   $ 12,269     $ 11,318     $ 33,409     $ 28,273  
    Gross Margin     34 %     38 %     39 %     38 %
    Exclude total depreciation and amortization associated with cost of sales     (729 )     (653 )     (1,444 )     (1,269 )
    Adjusted Gross Profit   $ 12,998     $ 11,971     $ 34,853     $ 29,542  
    Adjusted Gross Margin     36 %     40 %     40 %     40 %
     


    NCS MULTISTAGE HOLDINGS, INC.
    RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL INFORMATION
    (In thousands)
    (Unaudited)

    EBITDA, ADJUSTED EBITDA, ADJUSTED EBITDA MARGIN, AND ADJUSTED EBITDA LESS SHARE-BASED COMPENSATION

    EBITDA is defined as net income (loss) before interest expense, net, income tax expense and depreciation and amortization. Adjusted EBITDA is defined as EBITDA adjusted to exclude certain items which we believe are not reflective of ongoing operating performance or which, in the case of share-based compensation, is non-cash in nature. Adjusted EBITDA Margin represents Adjusted EBITDA as a percentage of total revenues. Adjusted EBITDA Less Share-Based Compensation is defined as Adjusted EBITDA minus share-based compensation expense. We believe that Adjusted EBITDA is an important measure that excludes costs that do not reflect the Company’s ongoing operating performance, legal proceedings for intellectual property as further described below, and certain costs associated with our capital structure. We believe that Adjusted EBITDA Less Share-Based Compensation presents our financial performance in a manner that is comparable to the presentation provided by many of our peers.

    We periodically incur legal costs associated with the assertion of, or defense of, intellectual property, which we exclude from our definition of Adjusted EBITDA and Adjusted EBITDA Less Share-Based Compensation, unless we believe that settlement will occur prior to any material legal spend (included in the table below as “Professional Fees”). Although these costs may recur between periods, depending on legal matters then outstanding or in process, we believe the timing of when these costs are incurred does not typically match the settlement or recoveries associated with such matters, and therefore, can distort our operating results. Similarly, we exclude from Adjusted EBITDA and Adjusted EBITDA Less Share-Based Compensation the one-time settlement or recovery payment associated with these excluded legal matters when realized but would not exclude any go forward royalties or payments, if applicable. We expect to continue to incur these legal costs for current matters under appeal and for any future cases that may go to trial, provided that the amount will vary by period. 

        Three Months Ended     Six Months Ended  
        June 30,     June 30,  
        2025     2024     2025     2024  
    Net income (loss)   $ 1,698     $ (2,839 )   $ 6,152     $ (286 )
    Income tax (benefit) expense     (1,032 )     270       (359 )     757  
    Interest expense, net     68       115       110       215  
    Depreciation     1,235       1,134       2,439       2,207  
    Amortization     167       167       334       334  
    EBITDA     2,136       (1,153 )     8,676       3,227  
    Share-based compensation (a)     646       667       1,198       1,433  
    Professional fees (b)     370       677       1,359       930  
    Foreign currency exchange (gain) loss (c)     (1,201 )     507       (1,198 )     1,005  
    Other (d)     272       218       402       398  
    Adjusted EBITDA   $ 2,223     $ 916     $ 10,437     $ 6,993  
    Adjusted EBITDA Margin     6 %     3 %     12 %     10 %
    Adjusted EBITDA Less Share-Based Compensation   $ 1,577     $ 249     $ 9,239     $ 5,560  

    _______________________

    (a) Represents non-cash compensation charges related to share-based compensation granted to our officers, employees and directors.
    (b) Represents non-capitalizable costs of professional services primarily incurred or reversed in connection with our legal proceedings associated with the assertion of, or defense of, intellectual property as further described above as well as the cost incurred for the evaluation of potential strategic transactions.
    (c) Represents realized and unrealized foreign currency exchange gains and losses primarily due to movement in the foreign currency exchange rates during the applicable periods.
    (d) Represents the impact of a research and development subsidy that is included in income tax expense in accordance with GAAP along with other charges and credits.
       


    NCS MULTISTAGE HOLDINGS, INC.
    RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL INFORMATION
    (In thousands)
    (Unaudited)

    FREE CASH FLOW AND FREE CASH FLOW LESS DISTRIBUTIONS TO NON-CONTROLLING INTEREST

    Free cash flow is defined as net cash provided by (used in) operating activities less purchases of property and equipment (inclusive of the purchase and development of software and technology) plus proceeds from sales of property and equipment, as presented in our consolidated statement of cash flows. We define free cash flow less distributions to non-controlling interest as free cash flow less amounts reported in the financing activities section of the statement of cash flows as distributions to non-controlling interest. We believe free cash flow is useful because it provides information to investors regarding the cash that was available in the period that was in excess of our needs to fund our capital expenditures and other investment needs. We believe that free cash flow less distributions to non-controlling interest is useful because it provides information to investors regarding the cash that was available in the period that was in excess of our needs to fund our capital expenditures, other investment needs, and cash distributions to our joint venture partner.

        Six Months Ended  
        June 30,  
        2025     2024  
    Net cash provided by operating activities   $ 1,876     $ 4,099  
    Purchases of property and equipment     (745 )     (633 )
    Purchase and development of software and technology     —       (53 )
    Proceeds from sales of property and equipment     271       293  
    Free cash flow   $ 1,402     $ 3,706  
    Distributions to non-controlling interest     (900 )     (500 )
    Free cash flow less distributions to non-controlling interest   $ 502     $ 3,206  

    The MIL Network –

  • MIL-OSI: Enovix Announces Second Quarter 2025 Financial Results

    Source: GlobeNewswire (MIL-OSI)

    FREMONT, Calif., July 31, 2025 (GLOBE NEWSWIRE) — Enovix Corporation (Nasdaq: ENVX, ENVXW) (“Enovix”), a global high-performance battery company, announced that it posted on its website here a letter to shareholders from President and CEO, Dr. Raj Talluri, and CFO, Ryan Benton, discussing the company’s second quarter 2025 results. The company will host a live webcast at 5:00 PM ET / 2:00 PM PT to discuss the results and provide business updates. To register for the webcast, please visit: https://enovix-q2-2025.open-exchange.net/. 

    About Enovix

    Enovix is a leader in advancing lithium-ion battery technology with its proprietary cell architecture designed to deliver higher energy density and improved safety. The Company’s breakthrough silicon-anode batteries are engineered to power a wide range of devices from wearable electronics and mobile communications to industrial and electric vehicle applications. Enovix’s technology enables longer battery life and faster charging, supporting the growing global demand for high-performance energy storage. Enovix holds a robust portfolio of issued and pending patents covering its core battery design and manufacturing process. For more information, visit https://www.enovix.com.

    Enovix is headquartered in Silicon Valley with facilities in India, South Korea and Malaysia. For more information visit https://enovix.com and follow us on LinkedIn.

    For media and investor inquiries, please contact:

    Investor Contact:
    Robert Lahey
    ir@enovix.com

    Chief Financial Officer:
    Ryan Benton
    ryan.benton@enovix.com

    The MIL Network –

  • MIL-OSI: iRhythm and Lucem Health Partner to Introduce Predictive AI Solution for Early Detection of Arrhythmias in Patient Populations with Comorbid Conditions

    Source: GlobeNewswire (MIL-OSI)

    • Partnership aims to utilize predictive AI to help identify arrhythmias earlier in patient populations with an elevated risk for arrhythmias to enable timely care for millions who remain undiagnosed
    • Commercial offering from this collaboration designed to support scalable population health and value-based care strategies

    SAN FRANCISCO, July 31, 2025 (GLOBE NEWSWIRE) — iRhythm Technologies, Inc. (NASDAQ:IRTC), a digital health leader focused on creating trusted solutions that detect, predict, and prevent disease, today announced a strategic partnership with Lucem Health, a leader in AI-driven early disease detection, to accelerate early identification of undiagnosed arrhythmias in patient populations with an elevated risk for arrhythmias.

    “Healthcare is entering an era where the goal is no longer just to detect disease, but to predict it,” said Quentin Blackford, iRhythm President and CEO. “Together with Lucem Health, iRhythm is helping lead a new way forward in care, with the goal of reaching patients before symptoms surface and before complications arise. This is a bold step toward predictive, preventive, and precise care powered by AI, informed by data, and designed for scale. We believe more than 27 million people in the U.S. alone could benefit from proactive cardiac monitoring1 — and this is just the beginning.”

    Traditional care models often rely on reactive diagnosis and can leave arrhythmias undetected until stroke, hospitalization, or worse. This partnership brings together Lucem Health’s Reveal AI powered early disease detection platform and iRhythm’s proven diagnostic service to shift that paradigm. By identifying risk earlier and enabling targeted cardiac monitoring, the goal is to help clinicians intervene sooner, improve outcomes across patient populations with elevated arrhythmia risk, and support scalable, data-driven strategies for health systems focused on value-based care.

    “Each day, clinicians find themselves reacting to the circumstances of the patients in their exam rooms — they often don’t have the time or the information they need to deliver truly proactive care,” said Sean Cassidy, founder and CEO of Lucem Health. “Together with iRhythm, we’re bringing predictive intelligence to healthcare’s front lines — enabling earlier action, smarter resource allocation, and better outcomes for patients.”

    This strategic partnership, supported by iRhythm’s direct investment in Lucem Health, reflects a shared commitment to advancing predictive innovation for population-level impact.

    Introducing a Predictive AI Solution for Smarter, Earlier Arrhythmia Detection

    The first commercial offering from the collaboration is an exclusive, AI-powered solution that analyzes subtle patterns in clinical and electronic health record (EHR) data to help identify elevated arrhythmia risk in individuals with Type 2 diabetes (T2D), chronic kidney disease (CKD), chronic obstructive pulmonary disease (COPD), and coronary artery disease (CAD) — individuals who may otherwise not be flagged as candidates for ambulatory cardiac monitoring. This offering enables healthcare organizations to proactively pinpoint patients with one or more specifically diagnosed or undiagnosed clinical conditions who could benefit from earlier cardiac monitoring and intervention.

    Once identified, appropriate patients can be monitored using iRhythm’s clinically proven Zio® ECG monitors and service. The Zio ECG device is worn for up to 14 days, enabling continuous, uninterrupted heart rhythm monitoring, and the end-to-end service, powered by an advanced FDA-cleared AI algorithm, delivers actionable insights, reviewed and curated by qualified cardiac technicians, to help clinicians make the right diagnosis the first time and support timely care.

    By integrating predictive AI, the new offering builds on iRhythm’s existing proactive monitoring programs deployed with healthcare systems focused on population health management and should enable even earlier arrhythmia risk identification and targeted intervention. The solution is designed to support accountable care organizations (ACOs), integrated health systems, payviders, and other managed care organizations that take on financial responsibility for the cost and quality of care as they pursue scalable value-based care strategies.

    Early pilot testing conducted by iRhythm, in collaboration with Lucem Health, suggests promising improvement in targeting patient populations with elevated arrhythmia risk and enabling earlier clinical engagement with greater precision. Both organizations anticipate that use of the AI-powered predictive tool will increase arrhythmia detection among an estimated 27 million undiagnosed patients in the U.S. alone,1 helping reduce healthcare resource utilization (HCRU) and costs, and improve patient outcomes.

    The Cost of Missed Arrhythmias and the Case for Earlier Detection

    Cardiac arrhythmias, conditions in which the heart beats too fast, too slow, or irregularly,2 affect roughly 1 in 20 U.S. adults3. Left undetected and untreated, they can lead to stroke, heart failure, hospitalization, or death,4 making early identification and intervention critical. Yet in many care pathways for individuals with T2D and/or other comorbid conditions, arrhythmias are not routinely screened for, despite elevated risk.5

    A growing body of evidence highlights the opportunity to detect arrhythmias earlier in at-risk populations — particularly around key clinical turning points in disease progression, as seen in recent data on patients with T2D.

    New research presented at the American Diabetes Association’s 85th Scientific Sessions (ADA 2025), based on a real-world study of more than 30 million U.S. adults, found that arrhythmias — often asymptomatic — frequently cluster around key moments in disease progression, particularly in T2D patients. Many arrhythmias were identified just before or shortly after diagnoses of CKD or major adverse cardiovascular events (MACE) such as stroke or heart failure.6

    Additional findings reinforce the broader clinical and economic impact of arrhythmias across chronic conditions like T2D and COPD, and the value of earlier detection and monitoring.

    Data presented at the American Heart Association’s 2024 Scientific Sessions revealed that patients with T2D and/or COPD who develop arrhythmias experience up to 2x higher hospitalization rates, 35–50% higher emergency care costs, and an average of $46,000 in annual healthcare expenses — compared to $30,000 for those without arrhythmias.7

    Adding to this evidence, new research presented at the American Thoracic Society (ATS) International 2025 conference, based on a real-world study of more than 2.5 million U.S. adults, found that COPD patients with arrhythmia have greater HCRU and costs compared to those without arrhythmia. However, among COPD patients with arrhythmia, those who were monitored had lower HCRU and costs compared to those who were never monitored.8

    Together, these findings underscore the clinical and economic impact of earlier, smarter detection — and the opportunity for predictive solutions like this initial offering from the iRhythm–Lucem Health collaboration to support value-based care models, reduce unnecessary healthcare utilization, and improve outcomes at scale for patient populations with elevated arrhythmia risk.

    Predictive AI-Powered Solution for Population Health and Value-Based Care
    U.S.-based innovative care delivery organizations, accountable care organizations (ACOs), integrated health systems, payviders, and other managed care organizations that assume financial responsibility for the cost and quality of care can learn more about the predictive AI solution9 and how it may support their population health strategies and value-based care goals by visiting iRhythm’s Value-Based Care page to connect with the iRhythm team.

    Forward-Looking Statements
    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, and the Private Securities Litigation Reform Act of 1995. An investor can identify these statements by the fact that they do not relate strictly to historical or current facts. They use words such as ‘anticipate,’ ‘estimate,’ ‘expect,’ ‘intend,’ ‘will,’ ‘project,’ ‘plan,’ ‘believe,’ ‘target’ and other words and terms of similar meaning in connection with any discussion of future actions or operating or financial performance. In particular, these include statements regarding market opportunity, ability to penetrate the market and expectations for growth. Such statements are based on current assumptions that involve risks and uncertainties that could cause actual outcomes and results to differ materially. These risks and uncertainties, many of which are beyond our control, include risks described in the section entitled “Risk Factors” and elsewhere in our filings made with the Securities and Exchange Commission, including those on the Form 10-Q expected to be filed on or about July 31, 2025. These forward-looking statements speak only as of the date hereof and should not be unduly relied upon. iRhythm disclaims any obligation to update these forward-looking statements.

    About iRhythm Technologies
    iRhythm is a leading digital health care company that creates trusted solutions that detect, predict, and prevent disease. Combining our Zio® wearable biosensors and cloud-based data analytics with powerful proprietary algorithms, iRhythm distills data from millions of heartbeats into clinically actionable information. Through a relentless focus on patient care, our vision at Rhythm is to deliver better data, better insights, and better health for all.

    About Lucem Health
    Lucem Health helps healthcare providers accelerate disease detection and treatment using practical, responsible AI, so they can improve patients’ lives and increase the clinical and financial yield from today’s scarce care delivery resources. We envision a world in which clinicians detect problems before they become life-threatening and patients get world-class care, everywhere. Learn more at www.lucemhealth.com.

    Media Contact
    Kassandra Perry
    irhythm@highwirepr.com

    Investor Contact
    Stephanie Zhadkevich
    investors@irhythmtech.com

    1. iRhythm internal estimate based on analysis of public and proprietary sources, including U.S. Census Bureau data, CDC healthcare utilization data, Medicare Public Use Files, IQVIA, Komodo Health, Definitive Healthcare, and peer-reviewed literature on arrhythmia prevalence, symptom presentation, and diagnostic pathways. Full source list available upon request.
    2. What is an arrhythmia? National Heart Lung and Blood Institute, 2022. https://www.nhlbi.nih.gov/health/arrhythmias
    3. Desai et al. Arrhythmias. StatPearls [Internet], 2023. https://www.ncbi.nlm.nih.gov/books/NBK558923/
    4. Ataklte et al. Meta-analysis of ventricular premature complexes and their relation to cardiac mortality in general populations. The American Journal of Cardiology, 2013.
    5. Bhave, P. D., & Soliman, E. Z. (2024). Should patients with diabetes be routinely screened for atrial fibrillation? Expert Review of Cardiovascular Therapy, 22(1–3), 5–6. https://doi.org/10.1080/14779072.2024.2328645
    6. Russo P, Nathan R, Pfeffer D, Kamdar S, Wright B, Boyle K. Incidence and Timing of Major Arrhythmias in T2D and CKD: A Real-World Analysis [poster presentation]. Presented at: American Diabetes Association (ADA) 85th Scientific Sessions; June 20–23, 2025; Chicago, IL, USA.
    7. Russo P, Nathan R, Pfeffer D, Kamdar S, Wright B, Boyle K. Real-World Evidence on Health Care Resource Utilization and Economic Burden of Arrhythmias in Patients with Diabetes and COPD [poster presentation]. Presented at: American Heart Association (AHA) Scientific Sessions; November 16-18, 2024; Chicago, IL. Available at: https://s205.q4cdn.com/296879096/files/doc_events/2024/11/1/120-001752-003_DA_2024-AHA-Poster-iRhythmtech_RWE-HCRU-Arrhythmias_v2.pdf
    8. Russo P, Nathan R, Pfeffer D, Poh J, Jha V, Singh H, Wright B, Boyle K. Real-World Evidence on Health Care Resource Utilization and Economic Burden of Arrhythmias in Patients with COPD [poster presentation]. Presented at: American Thoracic Society (ATS) 2025 International Conference; May 16–21, 2025; San Francisco, CA, USA.
    9. The predictive-AI solution does not represent the functionality of any Zio branded medical device.

    The MIL Network –

  • MIL-OSI Africa: Improved taxation systems key to reducing Libya’s dependence on oil revenues

    Source: APO – Report:

    .

    The ECA office for North Africa concluded in Tunisia a four-day capacity building workshop on Modernizing Libya’s Tax System focusing on E-Taxation Services. The training aimed to enhance the Libyan tax authority’s practical knowledge of international best practices in e-taxation and strengthen their ability to set an efficient e-taxation system. 

    “This training has been an opportunity for our team to share with Libya its extensive experience in building and sustaining sound tax systems to support economic development and improve public revenue,” said Adam Elhiraika, Director of the ECA Office for North Africa. “It also allowed us to contribute to the promotion of South-South cooperation between our member countries thanks to the valuable contributions of trainers provided by the Egyptian Taxation Administration,” he added.

    The training brought together senior managers, supervisors, and IT personnel involved in the development and implementation of e-taxation systems in Libya. Participants enhanced their skills in areas such as taxpayer registration, electronic filing, return processing, and data analytics, with special attention to the needs of large taxpayers. The training also deepened their understanding of international best practices in e-taxation and the legal, organizational, and technical requirements for a successful digital transformation of tax operations.

    Libya’s economy currently remains highly dependent on oil production, making it vulnerable to fluctuations in production levels and global oil prices. These disruptions can have significant impacts on government revenues when they happen. 

    To address this issue, the Libyan government has been working to diversify public revenues and reduce the national economy’s reliance on hydrocarbons by increasing tax collections and promoting non-oil exports. However, tax revenue mobilization has remained weak so far due to issues such as widespread tax evasion, a narrow tax base, and low levels of taxpayer compliance.

    This initiative comes in support to the Libyan Tax Authority 2021 strategy which aims to modernize income tax administration and advance the digital transformation of tax processes alongside reforms in legislation, institutional structure, infrastructure, and human resources. 

    – on behalf of United Nations Economic Commission for Africa (ECA).

    MIL OSI Africa –

  • MIL-OSI Africa: Uganda: Nubian community petitions over years of marginalisation

    Source: APO – Report:

    .

    The Nubian community in Uganda has petitioned Parliament, seeking intervention over decades of alleged discrimination and neglect by successive governments.

    Despite being recognized as an indigenous tribe in the 1995 Constitution, the community claims it has been marginalized politically, economically, and socially.

    In a petition presented by to Parliament by Hon. Hassan Kirumira (NUP, Katikamu South) on Wednesday, 30 July 2025, the Nubians highlight historical injustices and ongoing challenges faced, particularly in Bombo town, their traditional home. “Even though we are citizens of Uganda, the Nubian community is still left out politically, economically, and socially,” the petition reads.

    Nubians trace their roots in Uganda back to 1844 and have since integrated into Ugandan society through intermarriage and national development contributions. “Nubians are rarely considered for public service appointments, including ministries, government boards, and foreign missions,” Kirumira said adding that they are barely represented in local government structures.

    The petitioners appealed to President Museveni to fulfill his promise of upgrading Bombo to a municipality, which would bring dignity, jobs, and development to the area. The community also seeks redress for past injustices, including compensation for losses suffered during the 1979 war following the fall of Idi Amin’s regime. Additionally, they highlight current challenges such as inadequate healthcare facilities, youth unemployment, school dropouts and teenage pregnancies.

    In the petition, the Nubians call on the government to address their concerns and ensure their inclusion and participation in national development.

    – on behalf of Parliament of the Republic of Uganda.

    MIL OSI Africa –

  • MIL-OSI Africa: African Peace Award 2025

    Source: APO – Report:

    I bring you compliments from the board and management of African Peace Magazine UK (https://AfricanPeace.org).

    On behalf of the Chairman Justice Suleiman Galadima, JSC, OFR, CFR (Rtd.) African Peace Magazine UK, humbly wish to specially invite you to attend the Hybrid and in person Award.

    The African Peace Magazine UK, in conjunction with her strategic partners: Rethink Africa Foundation, African Fact Checkers, Centre for peace and Conflict management in Africa, African Right Watch Television Ltd and several others is set to host the 15th Edition of the prestigious African Peace Awards, it is scheduled to hold in London England with the theme “The Magic of Peace”.

    African Peace Magazine UK, has been publishing for well over 15 years, and we are committed to promoting Peace, business networking, good governance and improved condition of living for Africans.

    Established in 2009, African Peace Award is an international award presented annually to honor individuals and organizations in various fields that have made outstanding contributions toward the realization of a peaceful and harmonious world as envisioned in the Declaration for All Life on Earth. They are selected not only in recognition of their past achievements, but for their ongoing contribution to building a better future. www.AfricanPeaceAwards.com

    African Peace Award is usually presented at a ceremony during the annual dinner and lecture, where the laureate takes center stage to deliver a commemorative address and receive a medal and a diploma together with a monetary prize.

    In addition to this annual award, the Culture of Peace Special Award is presented occasionally to honor individuals and organizations in various fields that have notably contributed to spreading and fostering a Culture of Peace around the world.

    The event is designed to host business, political, and diplomatic leaders. It is set to have in attendance, policy makers and think-tanks on Africa and Africa related issues.

    The African Peace Awards 2025 seeks to honor persons, institutions, organization, governments and others whose actions, and efforts have in one way improved or contributed to peace keeping and conflict management in Africa as well as improving the lives of Africans. 

    The African Peace brand has noted that Peace promotion and conflict management in any society alleviates uncertainty and risk which in turn promotes economic growth in any given community. It contributes to the economic growth of the community by increasing the productivity in capital and labour as well as good governance.

    The African Peace brand introduces its awards in the hopes of promoting peace globally and specifically in Africa with the hope of effecting change in Africa first and then globally.

    Several African Presidents, heads of Government, first ladies, past president and Vice presidents, top business CEOs, diplomats and others have received the Award in the past.

    – on behalf of African Peace Magazine.

    Contact Information:
    Attendance is strictly by invitation. For your VIP and VVIP Access cards
    To get you invite kindly contact us:
    +447771217805
    +2348033975746
    +447407399766
    +1(443)8835678

    For sponsorship, partnership, Exhibition and speaking opportunities and all other enquiries please contact:
    Chia Sandra
    International Affairs
    +2348033975746
    +447407399766

    Nigeria Abuja Office:
    Suite FT 12B Alibro Atrium Plaza Utako Abuja
    +2348033975746

    South African Office:
    16 Ridge Road Vorna Valley Midland 1686 South Africa
    +27662449117

    Angola:
    Call +244928690892
    +244993656970
    +244927589884

    London Office:
    10 Saint Andrew Road Bedford MK 402LJ England
    Call +447777121780
    WhatsApp +447407399766 

    Email: africanpeacemag@gmail.com

    Social Media:
    Twitter: https://apo-opa.co/4l31pm5
    Facebook: https://apo-opa.co/4fhNOWK
    Instagram: https://apo-opa.co/3UBY3eS
    LinkedIn: https://apo-opa.co/4lTpnBc

    About African Peace Magazine:
    The African Peace Magazine is published by African Peace Magazine (U.K.) Limited, a company registered in the United Kingdom. We are also registered in Nigeria, Angola and South Africa. The magazine focuses on bringing the best of Africa to a global audience, telling the African story from an African perspective, while evolving solutions to peculiar challenges being faced by the continent today.

    Websites: https://AfricanPeace.org
    www.AfricanPeaceAwards.com
    https://AfricanOilAndGasSummit.com

    Media files

    .

    MIL OSI Africa –

  • MIL-OSI Canada: Expanded, streamlined HPV vaccine program protects more people against cancers

    Source: Government of Canada regional news

    The Province is broadening access to the free, publicly funded human papillomavirus (HPV) vaccine and simplifying the immunization schedule, ensuring more people in B.C. have the protection they need against HPV-related cancers.

    “The HPV vaccine is a powerful tool to protect health and prevent cancer,” said Josie Osborne, Minister of Health. “By expanding free access and making it easier for people to get immunized, we’re taking another meaningful step forward in our 10-year Cancer Action Plan – reducing cancer rates and improving health outcomes for people across British Columbia.”

    Following guidance from the National Advisory Committee on Immunization and provincial immunization experts, the government is streamlining the immunization process for HPV.

    Starting Thursday, July 31, 2025, the HPV vaccine schedule will shift from two doses to one dose for people age nine to 20. People 21 and older will be eligible for a two-dose series, with six-months between doses. Individuals who are immunocompromised will continue to need a three-dose series.

    With this change, the Province is expanding eligibility for B.C.’s publicly funded HPV immunization program to include all people 19 to 26, plus people 27 to 45 who are living with HIV or who self-identify as belonging to the gay, bisexual, questioning, Two-Spirit, transgender and non-binary communities.

    Those who have undergone post-colposcopy treatments on or after July 31, 2025, are eligible to get the vaccine at any age. A colposcopy is a procedure to check for abnormal areas on the cervix and vagina.

    The HPV vaccine will continue to be offered through voluntary, school-based immunization clinics starting with students in Grade 6 and through multi-grade catch-up clinics, as well as in some community pharmacies for those who may have missed their dose. Other eligible people can get the vaccine from some pharmacies, sexually transmitted infection clinics, public-health units, primary-care providers or a community-health nurse. People living in First Nation communities can contact their community health centre or nursing station to book an appointment.

    “B.C.’s community pharmacists are proud to be an accessible provider of vaccines for British Columbians living in communities, large and small,” said pharmacist Colleen Hogg, chair of the BC Pharmacy Association. “Pharmacists are one of the top immunizers and are there for patients when they need us.”

    This initiative is a part of B.C.’s 10-year Cancer Action Plan to better prevent, detect and treat cancers, and to deliver improved care for people facing cancer now, while preparing for growing needs of the future.

    Learn More:

    For general information and how to book an appointment, visit:
    https://www.healthlinkbc.ca/health-library/health-features/get-hpv-vaccine

    For locating services, including public-health units offering immunizations, visit:
    https://www.healthlinkbc.ca/find-care/find-health-services

    To access your health information online, visit:
    https://www.healthgateway.gov.bc.ca/

    A backgrounder follows.

    MIL OSI Canada News –

  • MIL-OSI: Aspen Aerogels to Participate in August Investor Conferences

    Source: GlobeNewswire (MIL-OSI)

    NORTHBOROUGH, Mass., July 31, 2025 (GLOBE NEWSWIRE) — Aspen Aerogels, Inc. (NYSE: ASPN) (“Aspen” or the “Company”), a technology leader in sustainability and electrification solutions, today announced that the Company is scheduled to participate in the following investor events in August: (i) Oppenheimer 28th Annual Technology, Internet & Communications Conference, and (ii) Canaccord Genuity 45th Annual Growth Conference. The presentation materials utilized during the conferences will be available on the Investor Relations section of Aspen’s website at www.aerogel.com.

    Oppenheimer 28thAnnual Technology, Internet & Communications Conference / August 11, 2025 (Virtual)
    Ricardo C. Rodriguez, CFO & Treasurer, and Neal Baranosky, Senior Director, Head of Investor Relations & Corporate Strategy, will be hosting one-on-one meetings with investors at the Oppenheimer 28th Annual Technology, Internet & Communications Conference, to be held virtually on Monday, August 11, 2025.

    In addition, the conference will feature a virtual Presentation with Messrs. Rodriguez and Baranosky. The Presentation is scheduled for 11:35 a.m. – 12:15 p.m. ET. A live webcast of the Presentation can be accessed on the Investor Relations section of Aspen’s website and will be available for one year.

    For those interested in arranging a one-on-one meeting with Aspen management, please contact your Oppenheimer representative.

    Canaccord Genuity 45thAnnual Growth Conference / August 12-13, 2025 (Boston, MA)
    Donald R. Young, President & CEO, and Ricardo C. Rodriguez, CFO & Treasurer, will be hosting one-on-one meetings with investors at Canaccord Genuity’s 45th Annual Growth Conference, to be held at the InterContinental Boston Hotel, Boston, MA, on Tuesday, August 12, and Wednesday, August 13, 2025.

    In addition, the conference will feature a Fireside Chat with Messrs. Young and Rodriguez on the afternoon of August 12. The Fireside Chat is scheduled for 1:30 p.m. – 2:00 p.m. ET. A live webcast of the panel can be accessed on the Investor Relations section of Aspen’s website and will be available for one year.

    For those interested in arranging a one-on-one meeting with Aspen management, please contact your Canaccord representative.

    About Aspen Aerogels, Inc.
    Aspen is a technology leader in sustainability and electrification solutions. The Company’s aerogel technology enables its customers and partners to achieve their own objectives around the global megatrends of resource efficiency, e-mobility and clean energy. Aspen’s PyroThin® products enable solutions to thermal runaway challenges within the electric vehicle (“EV”) market. The Company’s Cryogel® and Pyrogel® products are valued by the world’s largest energy infrastructure companies. Aspen’s strategy is to partner with world-class industry leaders to leverage its Aerogel Technology Platform® into additional high-value markets. Aspen is headquartered in Northborough, Mass. For more information, please visit www.aerogel.com.

    Investor Relations Contacts
    Neal Baranosky
    Phone: (508) 691-1111 x 8
    nbaranosky@aerogel.com

    Georg Venturatos / Patrick Hall
    Gateway Group
    ASPN@gateway-grp.com
    Phone: (949) 574-386

    The MIL Network –

  • MIL-OSI USA: John James Demands Immediate Action from Canada to Stop Toxic Wildfire Smoke Endangering Michiganders

    Source: United States House of Representatives – Congressman John James (Michigan 10th District)

    MICHIGAN — Congressman John James today authored a letter calling on Canadian leaders to take urgent and decisive action to contain the growing wildfire crisis that is poisoning the air and threatening the health of millions across Michigan and the Midwest.

    The 2023 wildfire season in Canada was catastrophic, releasing an unprecedented 647 teragrams of carbon — the equivalent of running over 500 million cars for a full year. This toxic smoke has blanketed cities from Detroit to Minneapolis, contributing to increased hospitalizations, respiratory illnesses, and premature deaths, especially among vulnerable populations such as children with asthma, dialysis patients, and seniors. 

    For three years running, nearly 70 million acres have burned across Canada, the largest cumulative loss on record, turning major U.S. cities into some of the most polluted urban areas in the world.

    Despite the clear public health crisis, Canadian officials have shown alarming disregard. Manitoba’s Premier Wab Kinew recently dismissed the health risks to Americans as “trivial” adding that Americans “enjoying their summers” is not a priority for Manitoba. This lack of urgency undermines decades of cross-border cooperation and damages the U.S.—Canada relationship.

    “Michigan families deserve clean air and respect. Canada’s failure to control these wildfires is not just an environmental issue, it’s a public health emergency that threatens our communities,” said Congressman James. “Our friendship with Canada is strong, but friendship requires respect. And respect means protecting each other’s health, not dismissing it.”

    With over 69 million residents across the Midwest under air quality alerts, and American firefighting teams deployed to help contain Canadian fires, the status quo is no longer acceptable. Congressmen James is urging Natural Resources Canada and the Canadian Forest Service to reform outdated forest management policies and invest in modern technologies to prevent future disasters.

    Click here to read the full letter.

    ###

    MIL OSI USA News –

  • MIL-OSI USA: Hawley Urges Boeing to Take Action to Remedy Latest Toxic Chemical Spill

    US Senate News:

    Source: United States Senator Josh Hawley (R-Mo)

    Today, U.S. Senator Josh Hawley (R-Mo.) sent a letter to the Boeing Company’s President and CEO Robert Ortberg urging him to take further action following reports of a chemical leak at a Boeing facility in north St. Louis. 

    “I write concerning new reports that a Boeing facility in north St. Louis leaked up to a thousand gallons of toxic nitric acid into Coldwater Creek. As you know, nitric acid is a caustic industrial agent that can cause burns and respiratory problems, and in high enough concentrations, death. You must continue to work to remedy this latest spill and ensure it never happens again,” Senator Hawley said. 

    And this is not the first time Boeing has polluted Coldwater Creek with toxic waste.  In June 2023, a Boeing industrial wastewater treatment plant released high levels of hexavalent chromium—a carcinogen—into the creek. 

    Residents in this region have also suffered from nuclear contamination in the creek bed due to Manhattan Project-related activities. Senator Hawley fought for years to secure financial compensation for the victims of this radiation exposure provided through the passage of his RECA Act.  

    Senator Hawley continues to fight to protect the residents of this region and is calling on Boeing to answer the following questions by August 15, 2025: 

    1. Have Missourians been harmed by the July 25, 2025 toxic spill into Coldwater Creek?
    2. If so, what actions have you taken or will you take to remedy such harms?
    3. What actions have you taken or will you take to ensure that similar leakages of toxic chemicals do not occur in the future?

    Read the full letter here or below.

    July 31, 2025

    Robert K. Ortberg
    President & CEO
    The Boeing Company

    Jeff Shockey
    EVP of Government Operations, Global Public Policy, & Corporate Strategy
    The Boeing Company

    Mr. Ortberg:

    I write concerning new reports that a Boeing facility in north St. Louis leaked up to a thousand gallons of toxic nitric acid into Coldwater Creek. As you know, nitric acid is a caustic industrial agent that can cause burns and respiratory problems, and in high enough concentrations, death. You must continue to work to remedy this latest spill and ensure it never happens again.

    The spill threatens the lives and health of residents in my state. And this is not the first time. In June 2023, a Boeing industrial wastewater treatment plant released high levels of hexavalent chromium—a carcinogen—into Coldwater Creek. As you may know, residents of this region have also suffered for years from the presence of nuclear contamination in the creek bed due to Manhattan Project-related activities. That remediation is still ongoing. It is disappointing that corporate neglect is following government neglect when it comes to the safety of my constituents who live near Coldwater Creek.

    Your company has stated that, “the situation was safely resolved.” Missourians deserve to know more. Since this is the second time your company has possibly endangered residents, you must take remedial actions. Please answer the following questions by August 15, 2025:

    1. Have Missourians been harmed by the July 25, 2025 toxic spill into Coldwater Creek?
    2. If so, what actions have you taken or will you take to remedy such harms?
    3. What actions have you taken or will you take to ensure that similar leakages of toxic chemicals do not occur in the future?Thank you for your attention to this matter.

    Thank you for your attention to this matter.

    Sincerely,

    Josh Hawley
    United States Senator

    MIL OSI USA News –

  • MIL-OSI USA: Castro, Welch, Van Hollen, Jacobs Demand U.S. Security Companies Answer for Deadly Actions in Gaza

    Source: United States House of Representatives – Congressman Joaquin Castro (20th District of Texas)

    July 31, 2025

    Bicameral lawmakers warn Safe Reach Solutions (SRS) and UG Solutions (UG) that they have put American veterans at risk of criminal and civil liability for de facto “military operations” in Gaza

    WASHINGTON, D.C. – Today, U.S. Representatives Joaquin Castro (TX-20) and Sara Jacobs (CA-51) joined U.S. Senators Peter Welch (D-VT) and Chris Van Hollen (D-MD) in leading an effort to demand answers from U.S.-based security companies, Safe Reach Solutions, LLC (SRS) and UG Solutions, LLC (UG) about their activities in Gaza, which according to press reports, include using lethal force against unarmed and starving Palestinian civilians at aid distribution sites.  

    The lawmakers warned SRS and UG that the companies and personnel—many of them American military veterans hired as private security contractors—may be subject to future criminal and civil liability under U.S. laws prohibiting torture, war crimes, and forced deportation. The lawmakers also requested the preservation of all documents and communication related to the security companies’ contracts and work with the Gaza Humanitarian Foundation (GHF). 

    “We were horrified by reporting this week on your companies’ deadly security operations in Gaza. Your operations have exposed hundreds of brave American veterans to future criminal and civil liability under U.S. laws criminalizing war crimes, torture, and forced deportation,” wrote the lawmakers. “Reports and firsthand witnesses have indicated to us that your personnel—American veterans hired as private security contractors—were brought into Israel on tourist visas inappropriate for the intended purpose of their travel, sent to Gaza armed for combat, and ordered by Israeli officials to use lethal force against unarmed and starving Palestinian civilians. We have also learned that under Israeli orders, your personnel are conducting crowd control at food distribution sites by firing live rounds over the heads of civilians and using stun grenades and pepper spray—all in an active military zone under direct supervision by Israeli military officers.” 

    The lawmakers continued: “As a result, we are deeply concerned that you may have failed to alert your personnel—or investors—of the immense legal risks they face for conducting what amounts to military operations on behalf of the Israeli government on land outside of the State of Israel.” 

    Read and download the letter here and below:  

    Mr. Govoni, Mr. Reilly,  

    We were horrified by reporting this week on your companies’ deadly security operations in Gaza. Your operations have exposed hundreds of brave American veterans to future criminal and civil liability under U.S. laws criminalizing war crimes, torture, and forced deportation.  

    Reports and firsthand witnesses have indicated to us that your personnel —American veterans hired as private security contractors—were brought into Israel on tourist visas inappropriate for the intended purpose of their travel, sent to Gaza armed for combat, and ordered by Israeli officials to use lethal force against unarmed and starving Palestinian civilians. We have also learned that under Israeli orders, your personnel are conducting crowd control at food distribution sites by firing live rounds over the heads of civilians and using stun grenades and pepper spray—all in an active military zone under direct supervision by Israeli military officers.  

    As a result, we are deeply concerned that you may have failed to alert your personnel —or investors—of the immense legal risks they face for conducting what amounts to military operations on behalf of the Israeli government on land outside of the State of Israel.   

    Even before the latest revelations, press had reported on Israeli military actions that include the wanton destruction of civilian homes, the use of human shields, rules of engagement resulting in disproportionate civilian casualties, and blockage of medicine and food. More than 50,000 children have already been killed or injured in Gaza, and as we write, infant boys and girls are starving to death. Prime Minister Netanyahu, in response to a question concerning remaining legitimate targets to strike, is reported to have said “I don’t care about the targets” and ordered military officials to “destroy the homes, bomb everything in Gaza. Finance Minister Bezalel Smotrich is reported to have said, “Gaza will be totally destroyed… They will be totally despairing… and will be looking for relocation to begin a new life in other places.” As a result of these actions, U.S. allies have already cut off the supply of offensive weapons to Israel. 

    We, therefore, ask that you urgently respond to the following questions: 

    1. What are the Rules of Engagement currently in effect for your staff in Gaza and what is the nature of their command-and-control relationship with Israeli military officers and government officials? 
    1. Did you inform your investors and staff prior to their departure from the United States that they are subject to U.S. criminal law prohibiting torture, war crimes, and forced deportation, including under the War Crimes Act? And further, that they could be held legally responsible for crimes by Israeli forces when those actions were enabled or facilitated by your operations? 
    1. Did you inform prospective staff and investors that they could face civil suits upon return to the United States under the Torture Prevention Act by Americans and the families of Americans harmed in Gaza? 
    1. Did you inform your staff that the International Criminal Court and third states may exercise jurisdiction over war crimes in Gaza and that they could consider your American staff as combatants for purposes of liability, potentially limiting future freedom of travel to other countries?  
    1. How is your organization documenting activities in Gaza and what happens to that data? We request that you preserve all documents and communications related to your contracts and work with the Gaza Humanitarian Foundation.  

    We respectfully request a response withing two weeks.  

    Sincerely, 

     CC: 

    • Charles J. Africano (“Chuck”/“Joe”), Safe Reach Solutions (SRS) 
    • Kevin Sullivan, UG Solutions 
    • Jennifer C, UG Solutions 
    • Lou Rassey, Chief Executive Officer, McNally Capital, Chicago IL 
    • Ward McNally, Founder, Co-CEO, and Managing Partner, McNally Capital, Chicago IL 
    • Brian Grogan, Chief Financial Officer & Chief Compliance Officer, McNally Capital, Chicago IL 
    • Ravi Shah, Partner, McNally Capital, Chicago IL 
    • Joel Revill, Chief Executive Officer, Two Ocean Trust, Jackson Hole WY  
    • Albert Forkner, Chief Risk and Compliance Officer, Two Ocean Trust, Jackson Hole WY 
    • Dustin Sventy, Chief Investment Officer, Two Ocean Trust, Jackson Hole WY  

    MIL OSI USA News –

  • MIL-OSI USA: H.R. 1663, Veterans Scam and Fraud Evasion Act of 2025

    Source: US Congressional Budget Office

    H.R 1663 would establish a Veterans Scam and Fraud Evasion Officer within the Department of Veterans Affairs (VA). The bill also would reduce the amount of VA pensions the department pays to certain veterans and survivors who reside in nursing homes. Implementing the bill would increase spending subject to appropriation by $12 million and reduce direct spending by $8 million over the 2025-2035 period, CBO estimates. The budgetary effects of the legislation, detailed in Table 1, fall within budget function 550 (health) and 700 (veterans benefits and services).

    Spending Subject to Appropriation

    Under the bill, the Veterans Scam and Fraud Evasion Officer would be responsible for coordinating efforts to protect veterans from frauds and scams. The officer would promote resources for preventing frauds and scams, provide training to department employees, and coordinate with similar efforts of other federal agencies. Using information from VA, CBO estimates the department would require four full-time equivalent employees (the new officer and three support staff) to satisfy the bill’s requirements. Compensation, benefits, and operating expenses would total $1 million in 2026, CBO estimates. Including adjustments for inflation, CBO estimates those costs would total $12 million over the 2025-2035 period. Such spending would be subject to the availability of appropriated funds.

    Table 1.

    Estimated Budgetary Effects of H.R. 1663
     

    By Fiscal Year, Millions of Dollars

    		    
     

    2025

    2026

    2027

    2028

    2029

    2030

    2031

    2032

    2033

    2034

    2035

    2025-2030

    2025-2035
     

    Increases in Spending Subject to Appropriation

    		    

    Estimated Authorization

    0

    1

    1

    1

    1

    1

    1

    1

    1

    2

    2

    5

    12

    Estimated Outlays

    0

    1

    1

    1

    1

    1

    1

    1

    1

    2

    2

    5

    12
     

    Decreases (-) in Direct Spending

    		    

    Estimated Budget Authority

    0

    0

    0

    0

    0

    0

    0

    -8

    0

    0

    0

    0

    -8

    Estimated Outlays

    0

    0

    0

    0

    0

    0

    0

    -8

    0

    0

    0

    0

    -8

    Direct Spending

    Under current law, VA reduces pension payments to veterans and survivors who reside in Medicaid nursing homes to $90 per month. That required reduction expires November 30, 2031. Section 3 of H.R. 1663 would extend that reduction for 61 days, through January 30, 2032. CBO estimates that extending that requirement would reduce VA benefits by $10 million per month. (Those benefits are paid from mandatory appropriations and are therefore considered direct spending.) As a result of that reduction in beneficiaries’ income, Medicaid would pay more of the cost of their care, increasing spending for that program by $6 million per month. Thus, enacting section 3 would reduce net direct spending by $8 million over the 2025-2035 period.

    The CBO staff contact for this estimate is Logan Smith. The estimate was reviewed by Christina Hawley Anthony, Deputy Director of Budget Analysis.

    Phillip L. Swagel

    Director, Congressional Budget Office

    MIL OSI USA News –

  • MIL-OSI USA: FY 2026 Hospital Inpatient Prospective Payment System (IPPS) and Long-Term Care Hospital Prospective Payment System (LTCH PPS) Final Rule — CMS-1833-F

    Source: US Department of Health and Human Services

    FY 2026 Hospital Inpatient Prospective Payment System (IPPS) and Long-Term Care Hospital Prospective Payment System (LTCH PPS) Final Rule — CMS-1833-F

    On July 31, 2025, the Centers for Medicare & Medicaid Services (CMS) issued a final rule that updates Medicare payment policies and rates for inpatient and long-term care hospitals under the Medicare hospital Inpatient Prospective Payment System (IPPS) and Long-Term Care Hospital Prospective Payment System (LTCH PPS) final rule for fiscal year (FY) 2026. CMS is publishing this final rule in accordance with existing statutory and regulatory requirements.

    MIL OSI USA News –

  • MIL-OSI USA: FY 2026 Skilled Nursing Facility (SNF) Prospective Payment System Final Rule (CMS-1827-F)

    Source: US Department of Health and Human Services

    FY 2026 Skilled Nursing Facility (SNF) Prospective Payment System Final Rule (CMS-1827-F)

    On July 31, 2025, the Centers for Medicare & Medicaid Services (CMS) issued a final rule for updates to Medicare payment policies and rates for skilled nursing facilities under the Skilled Nursing Facility Prospective Payment System (SNF PPS) for fiscal year (FY) 2026. CMS is publishing this final rule in accordance with the statutory requirements to update Medicare payment policies and rates for SNFs on an annual basis. This fact sheet outlines the major provisions of the final rule.

    FY 2026 Final Updates to the SNF Payment Rates

    MIL OSI USA News –

  • MIL-Evening Report: A Hawaiian epic made in NZ: why Jason Momoa’s Chief of War wasn’t filmed in its star’s homeland

    Source: The Conversation (Au and NZ) – By Duncan Caillard, Postdoctoral Research Fellow, School of Communication Studies, Auckland University of Technology

    Jason Momoa’s historical epic Chief of War, launching August 1 on Apple TV+, is a triumph of Hawaiians telling their own stories – despite the fact their film and TV production industry now struggles to be viable.

    The series stars Momoa (Aquaman, Game of Thrones) as Kaʻaina, an ali’i (chief) who fights for – and later rises against – King Kamehameha I during the bloody reunification of Hawaii.

    Already receiving advance praise, the nine-episode first season co-stars New Zealand actors Temeura Morrison, Cliff Curtis and Luciane Buchanan, alongside Hawaiian actors Kaina Makua, Brandon Finn and Moses Goods.

    A passion project for Momoa, the Hawaiian star co-created the series with writer Thomas Pa’a Sibbett after years in development. With a reported budget of US$340 million, it is one of the most expensive television series ever produced.

    It is also a milestone in Kānaka Maoli (Native Hawaiian) representation onscreen. Controversially, however, the production only spent a month in Hawaiʻi, and was mostly shot in New Zealand with non-Hawaiian crews.

    Momoa has even expressed an interest in New Zealand citizenship, but the choice of location is more a reflection of the troubled state of the film industry in Hawaiʻi. On the other hand, it is a measure of the success of the New Zealand screen industry, with potential lessons for other countries in the Pacific.

    Ea o Moʻolelo – story sovereignty

    Set at the turn of the 19th century, Chief of War tells the moʻolelo (story, history) of King Kamehameha I’s conquest of the archipelago.

    Hawaiʻi was historically governed by aliʻi nui (high chiefs), and each island was ruled independently. Motivated by the threat of European colonisation and empowered by Western weaponry, Kamehameha established the Hawaiian Kingdom, culminating in full unification in 1810.

    The series is an important example of what authors Dean Hamer and Kumu Hinaleimoana Wong-Kalu have called “Ea o Moʻolelo”, or story sovereignty, which emphasises Indigenous peoples’ right to control their own narrative by respecting the “the inalienable right of a story to its own unique contents, style and purpose”.

    Chief of War is also the biggest Hawaiian television series ever produced. Although Hawaiʻi remains a popular setting onscreen, these productions have rarely involved Hawaiians in key decision-making roles.

    Sea of troubles

    The series hits screens at a time of major disruption in Hollywood, with streaming services upending established business models.

    “Linear” network television faces declining viewership and advertising revenue. Movie studios struggle to draw audiences to theatres. The consequences for workers in the the industry have been severe, as the 2023 writers strike showed.

    Those changes have had a catastrophic impact on the Hawaiʻi film industry, too.

    Long a popular location – Hawaii Five-O (1968-1980, 2010-2020), Magnum P.I. (1980-1988, 2018-2024) and Lost (2004-2010) were all shot on location in Hawaiʻi – it is an expensive place to film.

    Actors, crew and production equipment often have to be flown in from the continental United States, and producers compete with tourism for costly accommodation.

    Kaina Makua as King Kamehameha and New Zealand actor Luciane Buchanan as Ka’ahumanu in Chief of War.
    Apple TV+

    An industry in transition

    These are not uncommon problems in distant locations, and many governments try to attract screen productions through tax incentives and rebates on portions of the production costs.

    New Zealand, for example, offers a 20-25% rebate for international productions and 40% for local productions. Hawaiʻi offers a 22-27% rebate.

    But this is less than other US states offer, such as Georgia (30%), Louisiana (40%) and New Mexico (40%). Hawaiʻi also has an annual cap of US$50 million on rebates.

    To make things even harder, Hawaiʻi offers only limited support for Indigenous filmmakers. Governments in Australia and New Zealand provide targeted funding and support for Aboriginal, Torres Strait Islander and Māori filmmakers.

    By contrast, the Hawaiʻi Film Commission doesn’t provide direct grants to local filmmakers or producers (Indigenous or otherwise). Small amounts of government funding have been administered through the Public Broadcasting Service, but this is now in jeopardy after US President Donald Trump recently cut federal funding.

    The Hawaiʻi screen industry faces a perfect storm. For the first time since 2004, film and TV production has ground to a halt. Many workers now doubt the long-term sustainability of their careers.

    Lessons from Aotearoa NZ

    While there are lessons Hawaiʻi legislators and industry leaders could learn from New Zealand’s example, there should also be a measure of caution.

    The Hawaiʻi tax credit system is out of date. But despite industry lobbying, legislation to update it failed to reach the floor of the legislature earlier this year. New tax settings would help make local production viable again.

    Secondly, decades of investment in Māori cinema have seen it become diverse, engaging and creatively accomplished. Hawaiʻi could benefit from greater direct investment in Hawaiian storytelling, respecting its cultural value even if it doesn’t turn a commercial profit.

    On the other hand, New Zealand has a favourable currency exchange rate with the US which can’t be replicated in Hawaiʻi. And New Zealand film production workers have seen their rights to unionise watered down compared to their American peers.

    But if Hawaiʻi can get its settings right, a possible second season of Chief of War may yet be filmed there, which could mark a genuine rejuvenation of its own film industry.

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

    – ref. A Hawaiian epic made in NZ: why Jason Momoa’s Chief of War wasn’t filmed in its star’s homeland – https://theconversation.com/a-hawaiian-epic-made-in-nz-why-jason-momoas-chief-of-war-wasnt-filmed-in-its-stars-homeland-261742

    MIL OSI Analysis – EveningReport.nz –

  • MIL-Evening Report: Shark tales, a sinking city and a breathless cop thriller: what to watch in August

    Source: The Conversation (Au and NZ) – By Alexa Scarlata, Lecturer, Digital Communication, RMIT University

    As the cool nights continue, it’s the perfect time to cozy up with a new batch of captivating films and series.

    This month’s streaming highlights bring a little bit of everything, from gripping true crime, to thought-provoking political drama, and a nostalgic music documentary on the life and times of piano man Billy Joel.

    So grab a blanket (and maybe a snack or two). Your next binge-watch awaits.

    One Night in Idaho: The College Murders

    Prime Video

    I remember seeing the gruesome 2022 murder of four college students in Moscow, Idaho, splashed all over the news in Australia. The world seemed momentarily gripped by the brutality of the killings, which happened in off-campus housing, while two other roommates slept downstairs.

    The ensuing investigation was given significantly less attention, though. So when Prime Video dropped this four-episode limited series, well, that was my weekend sorted.

    The docuseries features exclusive interviews with the friends and families of the victims, so it doesn’t feel gratuitous. It respectfully recounts the tragedy and explores its continued impact, while honouring the victims. It also builds the kind of tension and disquiet that is so beloved in the true crime genre, but not in a way that makes you feel gross watching it.

    Notably, legal proceedings for the case were still underway when One Night in Idaho was released. And the series made it clear there was more to the story which couldn’t be shared with, or by, the producers.

    However, the trial has since concluded, with more information now available for anyone wanting to dive deeper into the case. This makes the series an absorbing watch.

    – Alexa Scarlata

    The Night of the Hunter

    Various platforms

    In 1955, director Charles Laughton crafted The Night of the Hunter: one of the darkest, strangest fairy tales ever to come out of Hollywood.

    Shortly before Ben Harper is hanged for robbing a bank and killing two men, he hides the $10,000 loot in the toy doll of his young daughter Pearl. Only Pearl and her brother John know the secret – until the deranged serial killer-priest Harry Powell hears about the money and sets out to recover it.

    Harry marries Willa, Harper’s widow, and then, after killing her, pursues John and Pearl relentlessly across West Virginia.

    Robert Mitchum’s depiction of pure evil is one of cinema’s most vivid creations, with LOVE and HATE tattooed on the fingers of each hand.

    The film did not align with the mainstream tastes of the era. Audiences and reviewers didn’t know what to make of this abnormal mix of fairy tale logic, nightmarish imagery and biblical allegory.

    Successive generations of critics and filmmakers have caught on to its brilliance. Critic Roger Ebert said it was “one of the greatest of all American films”. In 2008, French film magazine Cahiers du cinéma voted it as the second-best film of all time, behind only Citizen Kane (1941).

    The Night of the Hunter remains unsettlingly modern, 70 years on.

    – Ben McCann



    Read more:
    After 70 years, twisted gothic thriller The Night of the Hunter remains as disturbing and beguiling as ever

    Families Like Ours

    SBS On Demand

    The highest point in Denmark, Mollehoj, is 171 metres above sea level, so it is plausible to imagine the whole country being overrun by water due to rising sea levels, leading to mass evacuation. This is the basic premise of the Danish series Families Like Ours.

    The cleverness of this premise is that it turns comfortable middle-class Danes into refugees, facing hostility, poverty and violence as they seek to resettle. Given Denmark’s hard line on refugees, this makes the series politically powerful, equally so for us in Australia.

    The central figure is a young woman, Laura (Amaryllis August), who creates disaster for her family through what she believes is an act of huge empathy. The same is true of Henrik (Magnus Millang), who shoots an innocent man in what he believes is an act of self-defence.

    Families Like Ours is not a comfortable series to watch, but it manages to raise central issues of our time, without ever seeming didactic or preachy. It succeeds in combining the personal and the political in a six-part show that is powerful – and leaves enough loose ends for a potential second season.

    – Dennis Altman

    The Man from Hong Kong

    Various platforms

    A cinematic firecracker of a film exploded onto international screens 50 years ago, blending martial arts mayhem, Bond-esque set pieces, casual racism – and a distinctly Australian swagger.

    From its audacious visual style; to its complex, life-threatening stunts; to its pioneering status as an international co-production, Brian Trenchard-Smith’s The Man from Hong Kong has solidified its place as a cult classic.

    A Sydney-based crime lord’s activities come under the scrutiny of a determined Hong Kong detective, Inspector Fang Sing Leng. A fiery East-meets-West martial arts showdown explodes across the Australian landscape, pushing both sides to their limits.

    The movie is a playful pastiche that confidently combines martial arts action, police procedurals, spy thrillers, and Westerns, all filtered through a distinctly Australian “crash-zoom” lens.

    The film was an influence to Quentin Tarantino and paved the way for films such as Mad Max (1979), particularly in what Trenchard-Smith and his partner in film, stunt legend Grant Page, might call its “cunning stunts”.

    The elaborate car chases and explosive stunt setups in The Man from Hong Kong served as prototypes for iconic sequences that would inspire the Mad Max films, among others, a testament to a bygone era of practical effects and thrill seeking audacity.

    The Man from Hong Kong remains an exhilarating piece of pure cinema, despite its relatively small budget. It’s an exemplar (and occasional cautionary tale) for filmmakers in terms of international co-production, its cunning stunts, and genre blending.

    – Gregory Ferris



    Read more:
    The Man from Hong Kong at 50: how the first ever Australian–Hong Kong co-production became a cult classic

    Dept Q

    Netflix

    Based on the book series by Jussi Adler-Olsen, Dept Q is a gripping television adaptation for fans of Nordic noir and British crime drama.

    In Edinburgh, Scotland, Detective Chief Inspector Carl Morck (Matthew Goode) has returned to work after a shooting which left him physically and psychologically wounded, his colleague partially paralysed, and another colleague dead.

    With the dregs of a budget assigned to cold cases, and a team of misfit officers, Morck sets out to solve the four-year-old case of missing Crown prosecutor, Merritt Lingard (Chloe Pirrie).

    We follow Merritt’s story across various stages of her life. We see her as a teenager in the lead-up to a devastating crime that left her brother with a traumatic brain injury, as well as later in life, when she loses a major case involving a wealthy man on trial for his wife’s death.

    Shortly after the devastating verdict, Merritt went missing on a ferry ride to her childhood home, on the fictionalised island of Mhòr. Returning to the present, we see she has been held captive inside a hyperbaric chamber for the past four years.

    The pressure under which Merritt is kept makes Morck’s investigation high stakes from the start, while the movement between past and present highlights the impacts of past traumatic events on both characters.

    Dept Q is a fast-paced, breathless thriller which will leave viewers craving its rumoured second season.

    – Jessica Gildersleeve

    Billy Joel: And So It Goes

    HBO Max

    Produced by Tom Hanks, this two-part documentary about singer/songwriter Billy Joel covers more than five decades of music. Created very much from Joel’s perspective, who is also the main narrator, the archival content is fascinating, and the music difficult to deny.

    Discussion of Joel’s early suicide attempts are a shocking and terrible reminder of how different things might have been. From here, the role of the women in his life – his wives, daughters, and mother (“his champion”) – becomes vital. Beyond the headlines (particularly with his second wife Christie Brinkley), are partners who were muses, business supporters and emotional support pillars – some of whom gave Joel ultimatums when the time came to battle his alcohol addiction.

    Brinkley, as well as Joel’s first wife, Elizabeth Weber, are particularly moving interviewees. They would wait at home, or stand nervously backstage as Joel “went to work” to earn, repair and rebuild against the odds. No spoilers, but let’s just say Joel ended up in trouble more than once.

    On the other hand, the men in Joel’s life are often distant: Jewish grandparents who escaped Nazi Germany; a father who left when Joel was small; a half-brother discovered later in life. These losses are never really healed.

    Billy Joel: And So It Goes is a five-hour epic, a story of survival and ultimately, of peace. It is, of course, also a reminder of an incredible catalogue of music – joyful, ordinary and wonderful – and the extraordinary life behind it.

    – Liz Giuffre

    If you or someone you know needs help, contact Lifeline on 13 11 14

    Gardening Australia, season 36

    ABC iView

    Since it first aired in 1990, Gardening Australia has offered tips and inspiration from every state and territory on a weekly basis. A perennial favourite, the show seems to possess perpetual appeal for world-weary viewers open to slowing down by growing plants.

    The no-nonsense host Peter Cundall helmed the series until 2008 (Cundall died in 2021 at the age of 94). The honour of “King of Compost” now rests with the gregarious Costa Georgiadis, and a wider cast of presenters that has expanded to be more diverse and engaging. One stalwart from the start, Jane Edmanson, is still flourishing in season 36: her episode 4 segment titled “Fronds with Benefits” certainly caught my eye.

    Topics covered this season range from small-space innovation and passion projects, to Indigenous knowledge and bush foods, through to permaculture and climate change. Episodes 6 and 20 – specials on native plants and NAIDOC Week, respectively – are both worth a watch.

    While the series can distance renters, and might not be edgy enough for younger audiences, it has managed to stake out ground in the digital realm – with a blooming online presence for budding green thumbs.

    One of the longest-running Australian shows still on air, it doesn’t look as though Gardening Australia will be pulling up roots anytime soon.

    – Phoebe Hart

    The Buccaneers, season two

    Apple TV

    Loosen your corsets, The Buccaneers is back for a second season of feminist sisterhood and fabulous gowns.

    Adapted from Edith Wharton’s unfinished final novel, the series follows a group of outspoken young American women navigating the marriage market in 1870s Victorian England. Gleefully anachronistic with feisty girl power speeches and a contemporary pop music soundtrack, The Buccaneers is equal parts Bridgerton and Gossip Girl (complete with a character played by Leighton Meester).

    Season two picks up where the first left off, with Jinny (Imogen Waterhouse) and Guy (Matthew Broome) fleeing the country to escape Jinny’s violent husband Lord James Seadown (Barney Fishwick).

    Meanwhile, sister Nan (Kristine Froseth) is busy back home leveraging her position as Duchess of Tintagel to help facilitate Jinny’s return – a campaign that includes wearing a showstopping red gown to a black and white ball. In keeping with the series’ M.O., this might be narrative nonsense, but it looks exquisite.

    While trysts and love triangles continue to provide escapist entertainment, Jinny’s abusive marriage dominates later episodes. If season one sought to expose the isolation and entrapment Jinny endured in her marriage, season two foregrounds her resistance in the face of it, intent on highlighting how perpetrators of violence manipulate legal and medical systems to tighten the noose around victims’ necks.

    Season two’s veering between frothy excess and melodrama arguably results in some tonal patchiness. Nonetheless, it should be commended for its careful treatment of the corrosive impacts and dangers of coercive control. This – more than the downloadable soundtrack and dazzling costumes – makes it good viewing.

    – Rachel Williamson

    Dangerous Animals

    Prime Video

    Dangerous Animals is perhaps the most original and entertaining shark horror film we have seen since Jaws – incorporating traditional elements of the shark thriller genre, while challenging them at the same time.

    The film starts with the primal fear of being eaten alive by monstrous sharks, with gruesome shock-thrill scenes of tourists being torn apart in a blood red ocean.

    But later, the narrative reminds us it is the boat captain, not the great white, who is the real sadistic killer. Predictably, we see a young bikini-clad woman who gets horribly dismembered (just like the first unforgettable victim in Jaws).

    However, it is also a fearless bikini-clad woman, Zephyr (Hassie Harrison) who turns the tables on the boat captain, outwits him, rescues her boyfriend and even makes friends with the shark.

    Dangerous Animals includes some interesting subtext and commentary, such as when it compares women to fish – creatures hunted for sport – and when it highlights the inherent cruelty of fishing, and the hook that impales the prey.

    The film delivers sophisticated special effects and gruesome eco-horror entertainment. It is a fun, self-aware and postmodern watch that will leave you thinking.

    The Australian influence is delightfully evident in the irreverent humour. And for anyone who has been to the Gold Coast, there is much pleasure in seeing the film play out across its iconic locations.

    This film will trigger your childhood fear of Jaws – but with a twist.

    – Susan Hopkins

    Shark Whisperer

    Netflix

    In Shark Whisperer, the great white shark gets an image makeover – from Jaws villain to misunderstood friend and admirer.

    However the star of the documentary is not so much the shark, but the model and marine conservationist Ocean Ramsey (yes, that’s her real name).

    The film centres on Ramsey’s self-growth journey, with the shark co-starring as a quasi-spiritual medium for finding meaning and purpose (not to mention celebrity status).

    Whisperer and the Ocean Ramsey website tap into the collective fascination with dangerous sharks fuelled by popular culture. Many online images show Ramsey in a bikini or touching sharks – she’s small, and vulnerable in the face of great whites. As with forms of celebrity humanitarianism, what I have dubbed “sexy conservationism” leaves itself open to criticism about its methods – even if its intentions are good.

    Globally at least 80 million sharks are killed every year. Thanks in part to the hashtag activism of Ocean Ramsey and her millions of fans and followers, Hawaii was the first state in the United States to outlaw shark fishing.

    So, Ramsey may be right to argue her ends justify the means.

    – Susan Hopkins



    Read more:
    Netflix’s Shark Whisperer wants us to think ‘sexy conservation’ is the way to save sharks – does it have a point?

    The authors do not work for, consult, own shares in or receive funding from any company or organisation that would benefit from this article, and have disclosed no relevant affiliations beyond their academic appointment.

    – ref. Shark tales, a sinking city and a breathless cop thriller: what to watch in August – https://theconversation.com/shark-tales-a-sinking-city-and-a-breathless-cop-thriller-what-to-watch-in-august-261952

    MIL OSI Analysis – EveningReport.nz –

  • MIL-Evening Report: Rockabye baby: the ‘love songs’ of lonely leopard seals resemble human nursery rhymes

    Source: The Conversation (Au and NZ) – By Lucinda Chambers, PhD Candidate in Marine Bioacoustics, UNSW Sydney

    CassandraSm/Shutterstock

    Late in the evening, the Antarctic sky flushes pink. The male leopard seal wakes and slips from the ice into the water. There, he’ll spend the night singing underwater amongst the floating ice floes.

    For the next two months he sings every night. He will sing so loudly, the ice around him vibrates. Each song is a sequence of trills and hoots, performed in a particular pattern.

    In a world first, we analysed leopard seal songs and found the predictability of their patterns was remarkably similar to the nursery rhymes humans sing.

    We think this is a deliberate strategy. While leopard seals are solitary animals, the males need their call to carry clearly across vast stretches of icy ocean, to woo a mate.

    Solitary leopard seals want their call to carry.
    Ozge Elif Kizil/Anadolu Agency via Getty Images

    A season of underwater solos

    Leopard seals (Hydrurga leptonyx) are named after their spotted coats. They live on ice and surrounding waters in Antarctica.

    Leopard seals are especially vocal during breeding season, which lasts from late October to early January. A female leopard seal sings for a few hours on the days she is in heat. But the males are the real showstoppers.

    Each night, the males perform underwater solos for up to 13 hours. They dive into the sea, singing underwater for about two minutes before returning to the water’s surface to breathe and rest. This demanding routine continues for weeks.

    A male leopard seal weighs about 320 kilograms, but produces surprisingly high-pitched trills, similar to those of a tiny cricket.

    Within a leopard seal population, the sounds themselves don’t vary much in pitch or duration. But the order and pattern in which the sounds are produced varies considerably between individuals.

    Our research examined these individual songs. We compared them to that of other vocal animals, and to human music.

    Listening to songs from the sea

    The data used in the study was collected by one author of this article, Tracey Rogers, in the 1990s.

    Rogers rode her quad bike across the Antarctic ice to the edge of the sea and marked 26 individual male seals with dye as they slept. Then she returned to record their songs at night.

    The new research involved analysing these recordings, to better understand their structure and patterns. We did this by measuring the “entropy” of their sequences. Entropy measures how predictable or random a sequence is.

    We found the songs are composed of five key “notes” or call types. Listen to each one below.

    A low double trill.
    Tracey Rogers UNSW Sydney, CC BY-SA28.5 KB (download)

    A hoot with low single trill.
    Tracey Rogers UNSW Sydney, CC BY-SA53.8 KB (download)

    High double trill.
    Tracey Rogers UNSW Sydney, CC BY-SA29.7 KB (download)

    Low descending single trill.
    Tracey Rogers UNSW Sydney, CC BY-SA49 KB (download)

    Medium single trill.
    Tracey Rogers UNSW Sydney, CC BY-SA22.7 KB (download)

    A remarkably predictable pattern

    We then compared the songs of the male leopard seals with several styles of human music: baroque, classical, romantic and contemporary, as well as songs by The Beatles and nursery rhymes.

    What stood out was the similarity between the predictability of human nursery rhymes and leopard seal calls. Nursery rhymes are simple, repetitive and easy to remember — and that’s what we heard in the leopard seal songs.

    The range of “entropy” was similar to the 39 nursery rhymes from the Golden Song Book, a collection of words and sheet music for classic children’s songs, which was first published in 1945. It includes classics such:

    • Twinkle, Twinkle, Little Star
    • Frère Jacques
    • Ring Around a Rosy
    • Baa, Baa, Black Sheep
    • Humpty Dumpty
    • Three Blind Mice
    • Rockabye Baby.

    For humans, the predictable structure of a nursery rhyme melody helps make it simple enough for a child to learn. For a leopard seal, this predictability may enable the individual to learn its song and keep singing it over multiple days. This consistency is important, because changes in pitch or frequency can create miscommunication.

    Like sperm whales, leopard seals may also use song to set themselves apart from others and signal their fitness to reproduce. The greater structure in the songs helps ensure listeners accurately receive the message and identify who is singing.

    Male leopard seals produce high-pitched cricket-like trills.

    An evolving song?

    Leopard seals sound very different to humans. But our research shows the complexity and structure of their songs is remarkably similar to our own nursery rhymes.

    Communication through song is a very common animal behaviour. However, structure and predictability in mammal song has only been studied in a handful of species. We know very little about what drives it.

    Understanding animal communication is important. It can improve conservation efforts and animal welfare, and provide important information about animal cognition and evolution.

    Technology has advanced rapidly since our recordings were made in the 1990s. In future, we hope to revisit Antarctica to record and study further, to better understand if new call types have emerged, and if patterns of leopard seal song evolve from generation to generation.

    Tracey Rogers receives funding from ARC.

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

    – ref. Rockabye baby: the ‘love songs’ of lonely leopard seals resemble human nursery rhymes – https://theconversation.com/rockabye-baby-the-love-songs-of-lonely-leopard-seals-resemble-human-nursery-rhymes-262113

    MIL OSI Analysis – EveningReport.nz –

  • MIL-Evening Report: Colombia is producing more cocaine than ever – and more is reaching Australian shores

    Source: The Conversation (Au and NZ) – By Cesar Alvarez, Lecturer in Terrorism and Security Studies, Charles Sturt University

    Members of the Colombian anti-narcotics police test cocaine after a drug bust. RAUL ARBOLEDA/AFP via Getty Images

    Imagine an area larger than the Australian Capital Territory, nearly twice the size of London and four times that of New York City covered in coca plantations.

    That’s the scale of Colombia’s coca cultivation, according to an estimate from the United Nations Office of Drugs and Crime (UNODC).

    Colombia produces an estimated 2,664 metric tonnes of cocaine annually. That is enough to fill 20 Boeing 747 cargo planes per year.

    Not even during the darkest days of Pablo Escobar’s infamous empire did Colombia cultivate as much coca or produce as much cocaine as it does today.

    In the past year alone, coca crops expanded by 10% and production capacity soared more than 50%.

    So how did it come to this?

    A worrying mix

    Colombia did not arrive at this point overnight, nor by chance. A complex mix of radical and failed policy shifts, scientific innovation and global demand, among other factors, has shaped this trajectory.

    For example, in 2015, Colombia’s Constitutional Court suspended aerial fumigation and banned the use of glyphosate. Despite the herbicide’s effectiveness in killing coca plants, the court cited concerns over its health risks and environmental impact.

    Aerial spraying had allowed the government to reduce the risk that manual eradication brigades were exposed to over large areas.

    In 2016, then-president Juan Manuel Santos introduced a scheme to substitute coca with non-illicit plants. Incentives were offered to farmers. However, it ended up encouraging many peasants who had never grown coca before to begin cultivating it, simply to qualify for the new subsidies.

    It is no surprise that during Santos’ second term (2014–18), Colombia’s coca crops nearly doubled, from 96,000 hectares to more than 170,000.

    This was all in an effort to secure a peace deal with the narco-terrorist group Revolutionary Armed Forces of Colombia (FARC).

    More recently, in 2022, President Gustavo Petro announced his Paz Total (Total Peace) policy. This was designed to bring trafficking organisations – including Colombia’s second largest narco-terrorist group, the National Liberation Army (ELN) – to the negotiation table.

    Ironically, and paradoxically, Colombia is now producing more drugs than ever. It is also experiencing a sharp increase in violence by non-state armed groups.

    The impact on Australia

    What happens in Colombia matters to Australia because criminal innovation is fuelling greater cocaine volumes and higher purity. This means more is flowing towards Australian shores.

    Colombia’s coca production is being reshaped by enhanced cultivation techniques, more secure and autonomous smuggling methods, and an increasingly fragmented criminal landscape.

    Production is now more efficient and profitable than ever. Growers are planting improved coca leaf varieties and achieve more harvest cycles per year with higher alkaloid yields per kilo.

    Smuggling methods have also evolved.

    Semi-submersibles or narco-submarines are increasing in storage capacity. Recent seizures show manned vessels with four to five tonnes of capacity are now the rule rather than the exception.

    Some networks are also transitioning from manned to unmanned operations.

    Also, the growing presence and operational influence of Mexican cartels in Colombia has amplified the scope and scale of alliances between transnational organised crime groups across Europe, Asia and Oceania. International police investigations are even more complex.

    Like much of the world, there is a growing demand for and increasing use of cocaine in Australia.

    Despite record-high seizure numbers and total volumes intercepted, Australia is still among the most attractive destination markets for drug trafficking organisations because of the high price users pay for the drugs.

    Unless something radically changes in Colombia, Australia continues to face growing risks from maritime trafficking routes. There is also an increased threat of being used as a transit and money laundering hub in the global drug economy.

    Some possible solutions

    Even if conditions in Colombia were to change swiftly and drastically, supply-focused strategies alone are insufficient to mitigate the risks facing Australia.

    After all, Colombia cannot simply fumigate its way out of this cocaine crisis, just as Australia cannot arrest its way out of it.

    However, continued collaboration between the Australian Federal Police and the National Police of Colombia remains essential to keep drugs at bay.

    The appointment of Colombia’s first police attaché to Australia will be a welcome and meaningful step forward. (While not yet formally announced, the Colombian embassy in Australia has informed me and several other experts the country is appointing the attaché.)

    Both countries must deepen this relationship and collectively engage meaningfully and frequently to help solve the problem.

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

    – ref. Colombia is producing more cocaine than ever – and more is reaching Australian shores – https://theconversation.com/colombia-is-producing-more-cocaine-than-ever-and-more-is-reaching-australian-shores-261745

    MIL OSI Analysis – EveningReport.nz –

  • MIL-OSI Russia: Georgia and Türkiye are ready for a full-scale launch of cargo transportation on the Baku-Tbilisi-Kars railway

    Translation. Region: Russian Federal

    Source: People’s Republic of China in Russian – People’s Republic of China in Russian –

    An important disclaimer is at the bottom of this article.

    Source: People’s Republic of China – State Council News

    Tbilisi, July 31 (Xinhua) — Georgia and Turkey have confirmed their readiness for a full-scale launch of cargo transportation on the Baku-Tbilisi-Kars railway, the Georgian Ministry of Economy and Sustainable Development reported on Thursday after a meeting in Tbilisi between Minister of Economy Mariam Kvrivishvili and Turkish Minister of Transport and Infrastructure Abdulkadir Uraloglu.

    The parties discussed the development of regional transport infrastructure, including the Baku-Tbilisi-Kars railway line, the East-West highway, the Anaklia deep-water port and the new international airport in Tbilisi.

    The importance of the Middle Corridor as a strategic direction for cargo transit was emphasized, as well as the need to attract additional volumes of transportation. Attention was also paid to cooperation in the areas of logistics, transport, tourism and civil aviation.

    In 2024, the modernization of the Baku-Tbilisi-Kars railway section in Georgia was completed, as a result of which the line’s capacity increased from 1 million to 5 million tons of cargo per year. –0–

    Please note: This information is raw content obtained directly from the source of the information. It is an accurate report of what the source claims and does not necessarily reflect the position of MIL-OSI or its clients.

    .

    MIL OSI Russia News –

  • MIL-OSI Russia: NPC Standing Committee Chairman Calls for High-Level Development of Innovative Strategic Partnership with Switzerland

    Translation. Region: Russian Federal

    Source: People’s Republic of China in Russian – People’s Republic of China in Russian –

    An important disclaimer is at the bottom of this article.

    Source: People’s Republic of China – State Council News

    GENEVA, July 31 (Xinhua) — Zhao Leji, chairman of the Standing Committee of the National People’s Congress of China, called for jointly promoting the high-level development of the China-Switzerland innovative strategic partnership. He made the call during an official goodwill visit to Switzerland from July 28 to 31.

    As Zhao Leji noted during talks with Maja Riniker, President of the National Council of the Federal Assembly (lower house of parliament) of Switzerland, and Andrea Caroni, President of the Council of States of the Federal Assembly (upper house of parliament) of Switzerland, Switzerland became one of the first Western countries to establish diplomatic relations with the People’s Republic of China.

    According to the NPC Standing Committee chairman, in the 75 years since the establishment of diplomatic relations, the two countries have jointly nurtured a spirit of cooperation characterized by “equality, innovation and win-win”, creating a model of cooperation between countries with different social systems, stages of development and territorial sizes.

    Zhao Leji pointed out that China is willing to work with Switzerland to implement the important agreements reached by the leaders of the two countries and promote the high-level development of the China-Swiss innovative strategic partnership.

    Noting that mutual respect and mutual trust are important foundations for the long-term and sustainable development of bilateral relations, he said China hopes to maintain the positive momentum of high-level exchanges with Switzerland and welcomes more Swiss leaders and parliamentarians to visit the country so that they can experience the real, multifaceted and diverse China.

    Respecting each other’s core interests and major concerns is a valuable experience and the right path for China-Switzerland relations, Zhao Leji stressed, adding that the Chinese side highly values Switzerland’s commitment to expanding cooperation with China and hopes to strengthen exchanges and cooperation so as to accumulate more positive energy for the development of bilateral relations.

    The Chairman of the NPC Standing Committee pointed out that Switzerland was the first country in continental Europe to sign a free trade agreement with China, and noted the rapid development of bilateral economic and trade cooperation since the document came into effect. He expressed hope for joint advancement of negotiations on updating the free trade agreement and high-quality financial cooperation, and welcomed the expansion of Swiss capital investment in China.

    Zhao Leji called for expanding cooperation in the arts, sports, education and at the local level to consolidate the foundation of public and popular support for China-Swiss friendship.

    He expressed the hope that China and Switzerland, as two important peace-loving and multilateralist forces, will continue to strengthen coordination in multilateral forums, jointly oppose unilateralism and protectionism, safeguard international trade rules and the world economic order, and promote fairer and more reasonable global governance.

    Zhao Leji noted that the NPC and the Swiss Federal Assembly have maintained long-standing friendly ties and made positive contributions to the development of China-Swiss relations and practical cooperation.

    As the chairman of the NPC Standing Committee noted, the two sides should continue to enhance friendly exchanges between their legislative organs, carry out mutual exchanges of experience in lawmaking and supervision, promptly formulate, revise and approve legal documents that promote bilateral cooperation, and strengthen communication and cooperation within multilateral mechanisms such as the Inter-Parliamentary Union.

    M. Riniker, for her part, pointed out that this year marks the 75th anniversary of the establishment of bilateral diplomatic relations between the two countries. Based on mutual respect, openness and goodwill, Swiss-Chinese relations are developing steadily and yielding fruitful results, she emphasized.

    According to M. Riniker, the National Council intends to strengthen cooperation with the NPC to play an active role in promoting the renewal of the free trade agreement between the two countries and promoting their sustainable development.

    A. Caroni noted that both countries firmly adhere to the goals and principles of the UN Charter and resolutely defend multilateralism.

    Strengthening cooperation with China is of strategic importance for Switzerland, stressed A. Caroni, adding that the Council of States hopes to further increase exchanges and dialogue with the Chinese side to improve mutual understanding and promote joint development. –0–

    Please note: This information is raw content obtained directly from the source of the information. It is an accurate report of what the source claims and does not necessarily reflect the position of MIL-OSI or its clients.

    .

    MIL OSI Russia News –

  • MIL-OSI Canada: Investigation into fatal RCMP shooting in Lac La Biche continues

    Source: Government of Canada regional news (2)

    MIL OSI Canada News –

  • MIL-OSI Canada: More Than $53 Million for Southwest and Area Highway Improvements Move Export Based Economy

    Source: Government of Canada regional news

    Released on July 31, 2025

    Today, the Government of Saskatchewan provided an update about more than $53 million of highway investments this year in the southwest and area that keep Saskatchewan’s export-based economy moving.

    “These projects are a snapshot of our provincial government’s ongoing commitment and investment to maintain, improve and upgrade our highways,” Education Minister and Swift Current MLA Everett Hindley said on behalf of Highways Minister David Marit. “Our road network is a key link in getting Saskatchewan goods and products throughout the province, across Canada and around the world to support our economy to maintain our quality of life. We appreciate the patience and understanding of all motorists during road construction. Drivers are reminded to be cautious, alert and obey all signage and flag persons when approaching work zones as highway crews and contractors do this important work. We want everyone to get home safely.”

    Provincial highway work includes paving, culvert replacements, grading and various maintenance.

    “The Swift Current and District Chamber of Commerce sincerely appreciates the provincial government’s investment in highways and related infrastructure in the southwest,” Swift Current and District Chamber of Commerce CEO Corla Rokochy said. “Continued investment in our transportation network helps local businesses grow, supports tourism and ensures that communities across southwest Saskatchewan remain connected. We value the Government of Saskatchewan’s ongoing commitment to building and maintaining the infrastructure that drives economic opportunity in our region.”

    “Infrastructure investments like those being made in southwest Saskatchewan are vital to the success of our industry,” Saskatchewan Trucking Association Executive Director Susan Ewart said. “Enhancing key trade routes, such as the Trans-Canada Highway, strengthens supply chains, supports innovation through modern vehicle configurations and ensures goods move safely and efficiently. The Saskatchewan Trucking Association welcomes these improvements and the continued commitment to growing our province’s economic backbone.” 

    Some of the projects in the southwest in the Swift Current and Kindersley areas include:

    • An estimated $12.2 million toward Trans-Canada Highway 1 east of Swift Current to pave about 25 km and to upgrade five culverts. The culverts are under Highway 1 eastbound between Waldeck and 7 km west. The paving portions are in the westbound lanes of Highway 1 from west of the Herbert Access Road to about 3 km east of its junction with Highway 4. Work began in April and was completed in July.
    • About $4.5 million to micro-surface more than 95 km of Highway 1 west of Swift Current. Work is expected to begin around mid-August and be completed this fall.
    • An estimated $14 million for daily routine maintenance from spring to fall this year in the southwest. Examples of that maintenance work, which can occur over a day or two include: shoulder work on Highway 37 from its junction with Highway 18 north to Shaunavon and spot sealing west of Cadillac on Highway 13 earlier this year.
    • An estimated $15.9 million to grade and replace culverts toward upgrading work on more than 24 km of Highway 51 west of Biggar. Work began in July and is expected to be finished by late 2026. Paving for the project has yet to be tendered.
    • An estimated $3.4 million toward improving the driving surface of about a 4.5 km segment of Highway 44 between Glidden and Eston. Work began in May and will be completed this summer.
    • About $3.5 million for surface mixing and paving on approximately 10 km of Highway 13 west of Cadillac. The work is anticipated to start in summer of 2025.

    The start and completion dates of all projects are subject to weather.

    Motorists are reminded to check the Highway Hotline before heading out. Saskatchewan’s provincial road information service provides details about construction zones, ferry crossings, closures and incidents related to wildfires.

    Since 2008, the Government of Saskatchewan has invested more than $13.8 billion in transportation infrastructure, improving over 21,800 kilometres of highways across the province.

    -30-

    For more information, contact:

    Dan Palmer
    Highways
    Regina
    Phone: 306-787-3179
    Email:     dan.palmer@gov.sk.ca

    MIL OSI Canada News –

  • MIL-OSI USA: AFSCME’s Saunders: Congressional extremists in Texas can’t defend their records, so they’re rigging the game.

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

    WASHINGTON – AFSCME President Lee Saunders released the following statement in response to Texas Gov. Greg Abbott’s plan to redraw the state’s congressional districts in his party’s favor:   

    “Greg Abbott and the anti-worker extremists in Texas’ congressional delegation know they can’t face voters after gutting health care, abandoning rural hospitals and schools, and driving up the cost of grocery and utility bills. That’s why they’re trying to rig the rules and shut working people out of the democratic process, especially working people of color, whose voices have been sidelined for far too long. Instead of being accountable to the people, they answer to billionaire donors who see our freedoms as a threat to their profits. But we won’t back down. AFSCME members, and the entire labor movement, are standing together to defend our democracy and ensure every voice is heard in the process — not just the wealthiest among us.”

    MIL OSI USA News –

  • MIL-OSI: $HAREHOLDER ALERT: The M&A Class Action Firm Announces An Investigation of CoreCard Corporation (NYSE: CCRD)

    Source: GlobeNewswire (MIL-OSI)

    NEW YORK, July 31, 2025 (GLOBE NEWSWIRE) — Class Action Attorney Juan Monteverde with Monteverde & Associates PC (the “M&A Class Action Firm”), has recovered millions of dollars for shareholders and is recognized as a Top 50 Firm in the 2024 ISS Securities Class Action Services Report. The firm is headquartered at the Empire State Building in New York City and is investigating CoreCard Corporation (NYSE: CCRD) related to its sale to Euronet Worldwide for an exchange ratio between 0.2783 and 0.3142 of Euronet common stock per share of CoreCard. Is it a fair deal?

    Click here for more info https://monteverdelaw.com/case/corecard-corporation/. It is free and there is no cost or obligation to you.

    NOT ALL LAW FIRMS ARE EQUAL. Before you hire a law firm, you should talk to a lawyer and ask:

    1. Do you file class actions and go to Court?
    2. When was the last time you recovered money for shareholders?
    3. What cases did you recover money in and how much?

    About Monteverde & Associates PC

    Our firm litigates and has recovered money for shareholders…and we do it from our offices in the Empire State Building. We are a national class action securities firm with a successful track record in trial and appellate courts, including the U.S. Supreme Court. 

    No one is above the law. If you own common stock in the above listed company and have concerns or wish to obtain additional information free of charge, please visit our website or contact Juan Monteverde, Esq. either via e-mail at jmonteverde@monteverdelaw.com or by telephone at (212) 971-1341.

    Contact:
    Juan Monteverde, Esq.
    MONTEVERDE & ASSOCIATES PC
    The Empire State Building
    350 Fifth Ave. Suite 4740
    New York, NY 10118
    United States of America
    jmonteverde@monteverdelaw.com
    Tel: (212) 971-1341

    Attorney Advertising. (C) 2025 Monteverde & Associates PC. The law firm responsible for this advertisement is Monteverde & Associates PC (www.monteverdelaw.com). Prior results do not guarantee a similar outcome with respect to any future matter.

    The MIL Network –

  • MIL-OSI: Fairfax India Holdings Corporation: Second Quarter Financial Results

    Source: GlobeNewswire (MIL-OSI)

    NOT FOR DISTRIBUTION TO U.S. NEWS WIRE SERVICES OR DISSEMINATION IN THE UNITED STATES

    (Note:   All dollar amounts in this press release are expressed in U.S. dollars except as otherwise noted. The financial results are derived from unaudited financial statements prepared using the recognition and measurement requirements of International Financial Reporting Standards as issued by the International Accounting Standards Board (“IFRS®Accounting Standards”), except as otherwise noted. This press release contains certain non-GAAP and other financial measures, including book value per share and cash and marketable securities, that do not have a prescribed meaning under IFRS Accounting Standards and may not be comparable to similar financial measures presented by other issuers. See “Glossary of non-GAAP and other financial measures” at the end of this press release for further details.)
         

    TORONTO, July 31, 2025 (GLOBE NEWSWIRE) — Fairfax India Holdings Corporation (TSX: FIH.U) announces net earnings of $278.1 million ($2.06 net earnings per diluted share) in the second quarter of 2025, compared to net earnings of $254.1 million in the second quarter of 2024 ($1.88 net earnings per diluted share). The company’s book value per share increased 10.4% to $21.43 at June 30, 2025 from $19.41 at March 31, 2025 ($20.96 at December 31, 2024), primarily due to unrealized gains recorded on the company’s publicly listed investments.

    Highlights for the second quarter of 2025 included the following:

    • Net change in unrealized gains on investments of $330.9 million principally arose from increases in the fair values of the company’s publicly listed investments of $329.1 million, including IIFL Capital ($129.2 million), IIFL Finance ($110.2 million), CSB Bank ($73.3 million), Fairchem Organics ($11.4 million) and 5paisa ($5.0 million), and private company investments of $0.8 million including BIAL ($6.3 million) and Seven Islands ($3.5 million), partially offset by unrealized losses on the company’s investment in Sanmar ($12.3 million).
    • The company continued to buy back shares under its normal course issuer bid and during the second quarter of 2025 purchased for cancellation 28,758 subordinate voting shares at a net cost of $0.4 million ($15.19 per subordinate voting share).

    Fairfax India is in strong financial health, with cash and marketable securities at June 30, 2025 of $107.0 million and $79.2 million available under its revolving credit facility.

    There were 134.8 million and 135.2 million weighted average common shares outstanding during the second quarters of 2025 and 2024, respectively. At June 30, 2025 there were 104,810,704 subordinate voting shares and 30,000,000 multiple voting shares outstanding.

    Unaudited balance sheets, earnings (loss) and comprehensive income (loss) information follow and form part of this press release. Fairfax India’s detailed second quarter report can be accessed at its website www.fairfaxindia.ca.

    Fairfax India Holdings Corporation is an investment holding company whose objective is to achieve long term capital appreciation, while preserving capital, by investing in public and private equity securities and debt instruments in India and Indian businesses or other businesses with customers, suppliers or business primarily conducted in, or dependent on, India.

    For further information, contact: John Varnell, Vice President, Corporate Affairs
    (416) 367-4755
       

    CONSOLIDATED BALANCE SHEETS
    as at June 30, 2025 and December 31, 2024
    (unaudited – US$ thousands except per share amounts)

        June 30, 2025
    		     December 31, 2024
    		  
    Assets        
    Cash and cash equivalents     20,216       59,322  
    Bonds     110,134       180,507  
    Common stocks     3,738,804       3,381,206  
    Total cash and investments     3,869,154       3,621,035  
             
    Interest and dividends receivable     3,173       8,849  
    Income taxes refundable     174       174  
    Other assets     582       722  
    Total assets     3,873,083       3,630,780  
             
    Liabilities        
    Accounts payable and accrued liabilities     1,019       1,300  
    Accrued interest expense     9,004       8,611  
    Income taxes payable     844       5,379  
    Payable to related parties     10,572       10,099  
    Payable for securities purchased     170,850       —  
    Deferred income taxes     163,039       149,780  
    Borrowings     498,610       498,349  
    Total liabilities     853,938       673,518  
             
    Equity        
    Common shareholders’ equity     2,888,397       2,826,495  
    Non-controlling interests     130,748       130,767  
    Total equity     3,019,145       2,957,262  
          3,873,083       3,630,780  
             
             
    Book value per share   $ 21.43     $ 20.96  

    CONSOLIDATED STATEMENTS OF EARNINGS (LOSS)
    for the three and six months ended June 30, 2025 and 2024
    (unaudited – US$ thousands except per share amounts)

      Second quarter   First six months
        2025       2024       2025       2024  
    Income              
    Interest   1,814       4,730       5,010       9,768  
    Dividends   274       489       3,272       7,538  
    Net realized gains on investments   83       101,400       699       218,324  
    Net change in unrealized gains (losses) on investments   330,883       183,812       108,021       (227,115 )
    Net foreign exchange gains (losses)   (2,129 )     364       1,116       (12 )
        330,925       290,795       118,118       8,503  
    Expenses              
    Investment and advisory fees   10,643       10,122       20,042       19,606  
    General and administration expenses   1,363       2,108       3,011       4,644  
    Interest expense   7,232       6,381       13,987       12,761  
        19,238       18,611       37,040       37,011  
                   
    Earnings (loss) before income taxes   311,687       272,184       81,078       (28,508 )
    Provision for income taxes   33,128       18,037       13,986       10,554  
    Net earnings (loss)   278,559       254,147       67,092       (39,062 )
                   
    Attributable to:              
    Shareholders of Fairfax India   278,113       254,142       66,889       (39,362 )
    Non-controlling interests   446       5       203       300  
        278,559       254,147       67,092       (39,062 )
                   
    Net earnings (loss) per basic and diluted share $ 2.06     $ 1.88     $ 0.50     $ (0.29 )
    Shares outstanding (weighted average)   134,813,388       135,152,447       134,826,353       135,259,190  

    CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)
    for the three and six months ended June 30, 2025 and 2024
    (unaudited – US$ thousands)

      Second quarter   First six months
      2025     2024     2025     2024  
                   
    Net earnings (loss) 278,559     254,147     67,092     (39,062 )
    Other comprehensive loss, net of income taxes              
    Item that may be subsequently reclassified to net earnings (loss)              
    Unrealized foreign currency translation losses, net of income taxes of nil
    (2024 – nil)    		 (6,843 )   (633 )   (4,797 )   (6,341 )
    Comprehensive income (loss) 271,716     253,514     62,295     (45,403 )
                   
    Attributable to:              
    Shareholders of Fairfax India 271,705     253,486     62,314     (45,440 )
    Non-controlling interests 11     28     (19 )   37  
      271,716     253,514     62,295     (45,403 )

    This press release may contain forward-looking statements within the meaning of applicable securities legislation. Forward-looking statements may relate to the company’s or an Indian Investment’s future outlook and anticipated events or results and may include statements regarding the financial position, business strategy, growth strategy, budgets, operations, financial results, taxes, dividends, plans and objectives of the company. Particularly, statements regarding future results, performance, achievements, prospects or opportunities of the company, an Indian Investment, or the Indian market are forward-looking statements. In some cases, forward-looking statements can be identified by the use of forward-looking terminology such as “plans”, “expects” or “does not expect”, “is expected”, “budget”, “scheduled”, “estimates”, “forecasts”, “intends”, “anticipates” or “does not anticipate” or “believes”, or variations of such words and phrases or state that certain actions, events or results “may”, “could”, “would”, “might”, “will” or “will be taken”, “occur” or “be achieved”. 

    Forward-looking statements are based on our opinions and estimates as of the date of this press release, and they are subject to known and unknown risks, uncertainties, assumptions and other factors that may cause the actual results, level of activity, performance or achievements to be materially different from those expressed or implied by such forward-looking statements, including but not limited to the following factors: oil price risk; geographic concentration of investments; potential lack of diversification; foreign currency fluctuation; volatility of the Indian securities markets; investments may be made in foreign private businesses where information is unreliable or unavailable; valuation methodologies involve subjective judgments; financial market fluctuations; pace of completing investments; minority investments; reliance on key personnel and risks associated with the Investment Advisory Agreement; disruption of the company’s information technology systems could significantly affect the company’s business; lawsuits; use of leverage; significant ownership by Fairfax may adversely affect the market price of the subordinate voting shares; trading price of subordinate voting shares relative to book value per share risk; weather risk; taxation risks; emerging markets; legal, tax and regulatory risks; MLI; economic risk; reliance on trading partners; and economic disruptions from conflicts in Ukraine and the Middle East and the development of other geopolitical events and economic disruptions worldwide. Additional risks and uncertainties are described in the company’s annual information form dated March 7, 2025 which is available on SEDAR+ at www.sedarplus.ca and on the company’s website at www.fairfaxindia.ca. These factors and assumptions are not intended to represent a complete list of the factors and assumptions that could affect the company. These factors and assumptions, however, should be considered carefully.

    Although the company has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking statements, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements. The company does not undertake to update any forward-looking statements contained herein, except as required by applicable securities laws.

    GLOSSARY OF NON-GAAP AND OTHER FINANCIAL MEASURES

    Management analyzes and assesses the financial position of the consolidated company in various ways. Certain of the measures included in this press release, which have been used consistently and disclosed regularly in the company’s Annual Reports and interim financial reporting, do not have a prescribed meaning under IFRS Accounting Standards and may not be comparable to similar measures presented by other companies. Those measures are described below.

    Book value per share – The company considers book value per share a key performance measure in evaluating its objective of long term capital appreciation, while preserving capital. This measure is also closely monitored as it is used to calculate the performance fee, if any, to Fairfax Financial Holdings Limited. This measure is calculated by the company as common shareholders’ equity divided by the number of common shares outstanding.

    Cash and marketable securities – The company uses this measure to monitor short term liquidity risk. This measure is calculated by the company as the sum of cash, cash equivalents, short term investments and Government of India bonds.

    The MIL Network –

  • MIL-OSI USA: Senators Coons, Tillis, colleagues introduce framework to combat foreign online piracy, protect American copyright holders

    US Senate News:

    Source: United States Senator for Delaware Christopher Coons

    WASHINGTON – Today, U.S. Senators Chris Coons (D-Del.), Thom Tillis (R-N.C.), Marsha Blackburn (R-Tenn.), and Adam Schiff (D-Calif.) introduced a discussion draft of the Block Bad Electronic Art and Recording Distributors (Block BEARD) Act of 2025, bipartisan legislation that would allow copyright owners who have had their property stolen to seek U.S. federal court action in order to block dedicated foreign online piracy operations from making that stolen content available to American households.

    “Foreign websites pirating American movies, TV shows, art, and books steal tens of billions of dollars from the U.S. economy each year,” said Senator Coons. “This costs our creative community hundreds of thousands of jobs. Today, the United States takes an important step to join the many other nations around the world that have begun to crack down on foreign IP theft. This bipartisan legislation will give Americans the tools they need to protect their intellectual property rights, while ensuring the internet remains a vibrant forum for free speech. I look forward to working with my colleagues and with stakeholders on all sides of this issue to advance this much-needed bill.”

    “Foreign piracy sites are stealing from American creators, threatening good-paying jobs, and exposing U.S. consumers to real online harms via malware, identity theft, and the like,” said Senator Tillis. “The Block BEARD Act gives us a smart, targeted tool to stop these criminal operations at the source without infringing on legitimate speech or due process. I’m proud to lead this bipartisan discussion to protect our creative economy and digital security and I look forward to continuing to work with my colleagues in the House to address this important matter.”

    “Tennessee’s thriving creative community must be protected from the theft of creative works by foreign criminals,” said Senator Blackburn. “Foreign piracy operations jeopardize the American creative industry through phishing, identity theft, and financial fraud, and the Block BEARD Act would protect creators by enabling them to pursue legal action in U.S. federal courts against these criminals.”

    “I’m proud to join my colleagues in this effort to protect creators and consumers alike from foreign criminal enterprises seeking to steal our intellectual property and exploit Americans,” said Senator Schiff. “As Ranking Member of the Senate Judiciary Subcommittee on Intellectual Property and a steadfast advocate for the creative community, I understand that robust protections are essential for innovation and economic growth in the digital age. This commonsense approach will provide the courts with the tools they need to combat foreign piracy operations and help level the playing field for American artists and creators who deserve to be fairly compensated for their work.”

    “We are grateful to Senators Tillis, Coons, Blackburn, and Schiff for their leadership in crafting a carefully tailored proposal that empowers US federal courts to protect consumers, rightsholders, and markets from large scale foreign piracy while preserving the protections contained in the DMCA,” said Mitch Glazier, Chairman and CEO, Recording Industry Association of America. “Similar tools have been proven effective around the world over the last ten years with no harm to speech, Internet infrastructure or security, or participation online, and we strongly support this effort to create a simple, effective, judicial remedy with due process in the U.S.”

    “Piracy steals hundreds of thousands of jobs from the film and television industry, drains billions from the U.S. economy, and puts millions of American consumers at risk – and the Block BEARD Act will provide us with a safe and effective way to counter this danger and combat large-scale copyright infringement,” said Charles Rivkin, Chairman and CEO, Motion Picture Association. “With bold leadership from Senators Tillis, Coons, Blackburn, and Schiff, the Block BEARD Act will equip our nation with a tool that’s worked in dozens of countries worldwide: a narrow, targeted means to fight the worst forms of foreign piracy while protecting free speech and the rule of law.”

    The Block BEARD Act would empower copyright owners to seek U.S. federal court orders against foreign websites dedicated to digital piracy, preventing them from making stolen content accessible to American households. To obtain relief, copyright holders must present evidence of specific harm and demonstrate the criminal nature of the targeted site. Courts could then direct internet service providers block access to the identified sites, while granting those providers immunity from liability, including for claims related to the petitioner’s actions. The legislation includes strong public interest safeguards to protect free expression, due process, and legitimate online services operating in compliance with U.S. law. This targeted legal tool mirrors successful approaches used in over 50 democratic countries to curb foreign piracy operations that undermine creative industry jobs and expose users to malware, identity theft, and fraud.

    You can read the full text of the draft here.

    MIL OSI USA News –

  • MIL-OSI USA: Crapo Statement at Executive Session to Consider Treasury, HHS Nominations

    US Senate News:

    Source: United States Senator for Idaho Mike Crapo

    Washington, D.C.–U.S. Senate Finance Committee Chairman Mike Crapo (R-Idaho) delivered the following remarks at an executive session to consider the nominations of Jonathan McKernan to be an Under Secretary of the Treasury and Alex Adams, of Idaho, to be Assistant Health and Human Services (HHS) Secretary for Family Support.

    As prepared for delivery:

    “We meet today to consider favorably reporting the nominations of Jonathan McKernan, who is nominated to serve as Under Secretary for Domestic Finance at the Treasury Department, and Dr. Alex Adams, who is nominated to serve as the Assistant Secretary for Family Support at the Department of Health and Human Services (HHS).

    “The meeting this morning will provide members with the opportunity to offer remarks on the nominees. Following statements, we will recess briefly then proceed to this morning’s nominations hearing. Later today, we will notify members of the time and location of the vote on Mr. McKernan and Dr. Adams.

    “During his hearing, Mr. McKernan discussed his plans to use the Office of Domestic Finance’s wide-ranging authority to bring back sound and balanced regulation to our financial system. Properly tailoring regulation to underlying risks, rather than intangible policy goals, will provide much needed relief to financial institutions and the individuals they service. I look forward to working with him, if confirmed, to accomplish this goal.

    “Dr. Adams spoke strongly about his belief that federal policy should strengthen, rather than supplant, parents’ capacity to make the best decisions for their children. As the Director of the Idaho Department of Health and Welfare, Dr. Adams knows what policy decisions empower states to provide critical assistance to some of America’s most vulnerable populations. I am confident in his ability to lead the array of programs under the Administration for Children and Families at HHS.

    “I will be voting in favor of both nominations and I encourage all of my colleagues on the Committee to do the same.

    “Before turning to Senator Wyden for his remarks, let me take a moment to acknowledge the retirement of Bob Becker. Bob has been with the Senate Recording Studio for 34 years and is retiring in August, today’s executive session and hearing are his last – we are glad you get to end your career with the best Committee. He is the recording studio’s ‘Go-to Hearing Director’ and has been essential in directing hearing coverage, coverage of the Senate floor and working in the recording studio in various roles. We wish Bob all the best on his well-earned retirement and thank him for his many years of service.”

     

    MIL OSI USA News –

  • MIL-OSI USA: Crapo Statement at USTR, HHS, Treasury Nominations Hearing

    US Senate News:

    Source: United States Senator for Idaho Mike Crapo

    Washington, D.C.—U.S. Senate Finance Committee Chairman Mike Crapo (R-Idaho) delivered the following remarks at a hearing to consider Bryan Switzer to be a Deputy United States Trade Representative (USTR), Gustav Chiarello III to be an Assistant Secretary of Health and Human Services (HHS), Michael Stuart to be General Counsel of HHS and Derek Theurer to be a Deputy Under Secretary of the Treasury.

    As prepared for delivery:

    “This meeting will come to order. Thank you to our nominees, Mr. Switzer, Mr. Chiarello, Mr. Stuart and Mr. Theurer for being here today. Congratulations on your nominations and thank you all for your willingness to serve.

    “We will first hear from Rick Switzer, who is nominated to serve as the Deputy United States Trade Representative (USTR) for Asia, Textiles, Investment, Services and Intellectual Property.

    “Mr. Switzer has over 25 years of experience advancing U.S. strategic interests both domestically and internationally. Throughout his career as a Foreign Service Officer at the Department of State, he negotiated international agreements, expanded market access for U.S. businesses, and protected American firms from unfair trade practices such as intellectual property theft and forced technology transfer. I look forward to working with him, if confirmed, to ensure that USTR implements policies that promote U.S. competitiveness, build supply chain resilience and address emerging global challenges.

    “Next, we will hear from Gus Chiarello, who is nominated to serve as the Assistant Secretary for Financial Resources (ASFR) at the Department of Health and Human Services (HHS).

    “The ASFR is responsible for providing advice and guidance to the Secretary on all aspects of budget, financial management, acquisition policy and grants supervision. If confirmed, Mr. Chiarello would play a vital role in managing and overseeing the allocation of resources across the full range of HHS programs. His experience in consumer protection, regulatory reform, competition and antitrust issues will make him a valuable addition to the HHS team. As an attorney who served at both the Federal Trade Commission and with the House Judiciary Committee, he is prepared to ensure HHS resources are stewarded to benefit all Americans.

    “We will also hear from Mike Stuart, who is nominated to serve as General Counsel of HHS.

    “The General Counsel supports the development and implementation of the Department’s programs by providing the highest quality legal services to the Secretary and the organization’s various agencies and divisions. Mr. Stuart will be instrumental in making sure that new laws and regulations are effectively implemented at HHS. He is well suited for the position given his decades of legal experience, including previous service as the U.S. Attorney for the Southern District of West Virginia. His experience prosecuting cases related to the opioid crisis and Medicaid fraud demonstrates a strong commitment to protect patients and root out waste and abuse in health care systems.

    “Finally, we will hear from Derek Theurer, who is nominated to serve as Deputy Under Secretary for Legislative Affairs at the Treasury Department.

    “The Deputy Under Secretary is responsible for advising the Secretary on congressional relations matters in order to assist in the formulation of policy and to determine the overall direction of the Department. Mr. Theurer is a veteran of Capitol Hill and undoubtedly understands the importance of keeping Congress informed of Departmental actions. Given his experience, I also expect him to prioritize timeliness in responding to inquiries from Congress.

    “Thank you again to our nominees for their time today.”

     

    MIL OSI USA News –