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  • MIL-OSI: Alaris Equity Partners Income Trust Releases 2024 Third Quarter Financial Results

    Source: GlobeNewswire (MIL-OSI)

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    FAILURE TO COMPLY WITH THIS RESTRICTION MAY CONSTITUTE A VIOLATION OF UNITED STATES SECURITIES LAW.

    TSX-AD.UN

    CALGARY, Alberta, Nov. 05, 2024 (GLOBE NEWSWIRE) — Alaris Equity Partners Income Trust (together, as applicable, with its subsidiaries, “Alaris” or the “Trust“) is pleased to announce its results for the three and nine months ended September 30, 2024. The results are prepared in accordance with IFRS Accounting Standards as issued by the International Accounting Standards Board. All amounts below are in Canadian dollars unless otherwise noted.

    In January 2024, Alaris determined that it met the definition of an investment entity, as defined by IFRS 10, Consolidated financial statements. This change in status has fundamentally changed how Alaris prepares, presents and discusses its financial results relative to prior periods. IFRS requires that this change in accounting be made prospectively and as a result prior periods are not restated to reflect the change in Alaris’ investment entity status. Accordingly, the readers of this press release, Alaris’ third quarter interim MD&A and unaudited condensed consolidated interim financial statements should exercise significant caution in reviewing, considering, and drawing conclusions from period-to-period comparisons and changes, as the direct comparisons between dates or across periods can be inappropriate if not carefully considered in this context.

    Highlights:

    • For the three months ended September 30, 2024 Alaris generated $0.78 per unit of additional book value, improving this metric to $22.80;
    • For the three months ended September 30, 2024 the Trust, together with its wholly-owned subsidiaries (the “Acquisition Entities”), earned a total of $65.9 million of revenue, including, $65.4 million of Partner Distribution revenue net of foreign exchange, and $0.5 million of transaction fee income, which was ahead of previous guidance of $38.7 million, and compares to $47.2 million of Partner Revenue in Q3 2023, an increase of 40%;
      • Included in Partner Distribution revenue for the three months ended September 30, 2024, is $27.5 million of common Distributions, which included a one time distribution of US$5.1 million from Ohana Growth Partners LLC (“Ohana“) and US$14.7 million distribution from Fleet Advantage, LLC (“Fleet”). Common Distribution revenue for the nine months ended September 30, 2024 is $31.8 million, which for the second quarter in a row has outperformed the comparable period in the prior year by more than double. Alaris’ Run Rate Revenue (7) included in the outlook below has been increased to reflect overall higher expected annual common dividends from Partners of $19.4 million;
    • Alaris net distributable cash flow (6) for the nine months ended September 30, 2024 of $88.0 million or $1.93 per unit increased by 28%, from $68.6 million and $1.51 per unit in the nine months ended September 30, 2023 after adjusting the comparable period for non-recurring settlement and litigation costs that occurred in 2023;
    • The Actual Payout Ratio (2) for the Trust, based on Alaris net distributable cash flow (6) for the nine months ended September 30, 2024 was 53%;
    • The current weighted average combined Earnings Coverage Ratio (3) for Alaris’ Partners remains at approximately 1.5x with ten of nineteen Partners at 1.5x or above. In addition, eleven of our partners have either no debt or less than 1.0x Senior Debt to EBITDA on a trailing twelve-month basis;
    • During the quarter, the Trust, via the Acquisition Entities, invested approximately US$35 million into Ohana as a dividend recap in exchange for convertible preferred equity with a 14% yield fully paid-in-kind;
    • Subsequent to the quarter end, the Trust, via the Acquisition Entities, made a follow-on investment of US$10.0 million of additional preferred equity in Cresa LLC (“Cresa”), which has the same metrics as the initial preferred equity investment, bringing the total investment in Cresa to US$30.0 million. Following this transaction, the Trust has invested a total of approximately $139 million in the year.

    “In addition to highlighting the continued stability of Alaris’ portfolio and cash flow stream, the third quarter results continue to show the growing success and importance of our common equity portfolio. While some of this quarter’s common equity cash flow is non-recurring in nature, we are seeing more and more value from that strategy crystallizing into cash returns. Deployment activity is constructive for the end of the year and both interest rate cuts and US dollar strength provide us with tailwinds going into next year, ” said Steve King President and CEO.

    Results of Operations

    Note where the financial information for Q3 2024 is comparable to specific information from the prior period Q3 2023 condensed consolidated interim financial statements, amounts have been provided for comparative purposes. As noted above, users of this press release, interim management discussion and analysis and the unaudited condensed consolidated interim financial statements to which it relates should exercise significant caution in reviewing, considering and drawing conclusions from period-to-period comparisons and changes.

    Per Unit Results Three months ended Nine months ended
    Period ending September 30   2024   2023 % Change   2024   2023 % Change
    Partner related changes in net gain on Corporate Investment $ 2.16 $ 1.90 +13.7 % $ 4.11 $ 3.74 +9.9 %
    Adjusted EBITDA $ 1.98 $ 1.76 +12.5 % $ 3.62 $ 3.40 +6.5 %
    Alaris net distributable cashflow $ 0.72 $ 0.44 +63.6 % $ 1.93 $ 1.21 +59.5 %
    Adjusted earning per unit $ 1.37 $ 1.31 +4.6 % $ 2.35 $ 2.15 +9.3 %
    Weighted average basic units (000’s)   45,498   45,498     45,498   45,433  

    During the three months ended September 30, 2024, Partner related changes in net gain on Corporate Investments (5) per unit increased by 13.7% as compared to the three months ended September 30, 2023. During the current quarter common Partner Distribution revenue increased by more than 200%, primarily as a result of common Distributions received from Fleet of US$14.7 million, which was greater than their prior year Distribution of US$5.9 million, and a common Distribution received from Ohana of US$5.1 million, as compared to nil distribution received in Q3 2023. Partially offsetting this increase is a quarter over quarter decrease to the Net unrealized gain on partner investments of 16.3% to $33.0 million during the three months ended September 30, 2024. Q3 2024’s Net unrealized gain on Partner investments of $33.0 million is made up of notable increases to the fair value in Sono Bello, LLC (“Sono Bello“), Amur Financial Group Inc. (“Amur”), Fleet, Vehicle Leasing Holdings, LLC, dba D&M Leasing (“D&M”), and The Shipyard, LLC (“Shipyard”), which were partially offset by decreases to the fair value of Heritage Restoration, LLC (“Heritage”) and SCR Mining and Tunneling, LP (“SCR”). During the nine months ended September 30, 2024, Partner related changes in net gain on Corporate Investments (5) per unit increased by 9.9% as compared to the nine months ended September 30, 2023. This increase is reflective of increases in Partner Distribution revenue, partially offset by a lower net gain to the realized and unrealized fair value on Partner investments. Net realized gain on partner investments of $9.0 million and net unrealized gain of $32.4 million decreased in the nine months ended September 30, 2024 by 29.2% and 13.9%, respectively, as compared to the nine months ended September 30, 2023.

    For the three and nine months ended September 30, 2024, Adjusted EBITDA (1) per unit increased by 12.5% and 6.5%, respectively, as compared to the relative periods in 2023. Per unit increases are primarily due to higher Partner Distribution revenue. Partially offsetting these increases are decreases to the net realized and unrealized gain on Partner Investments relative to the comparable periods in 2023, and higher adjusted operating expenses; after non-reoccurring litigation and legal costs that were incurred in 2023 have been removed in the calculation Adjusted EBITDA (1).

    Alaris net distributable cashflow (6) provides a summary of third-party cash receipts, less operating cash outflows by the Trust in combination with the Acquisition Entities. Alaris net distributable cashflow (6) per unit increased by 63.6% in the three months ended September 30, 2024 and 59.5% in the nine months ended September 30, 2024, both as compared to the same periods in 2023. Period over period increases are due to the current periods higher common Distributions and lower cash taxes paid, all as compared to the relative periods in 2023. The nine months ended September 30, 2024 Alaris net distributable cashflow (6) is $88.0 million, after adjusting out non-recurring settlement and litigation costs of $13.7 million in the prior year, the nine months ended September 30, 2023 distributable cashflow amounts to $68.6 million, and results in an adjusted period over period increase of 28.3%.

    Adjusted earnings (10) per unit increased by 4.6% in the three months ended September 30, 2024 which is primarily driven by higher Partner related changes in net gain on Corporate Investments (5) as discussed above, and partially offset by higher total income tax expense in Q3 2024. The nine months ended September 30, 2024, Adjusted earnings (10) per unit increased by 9.3% which in addition to the changes listed for the three months ended September 30, 2024, is higher due to lower operating expenses during the nine months ended September 30, 2024 as compared to the prior year resulting from non-recurring litigation and legal costs incurred in 2023.

    Outlook

    During the three months ended September 30, 2024, the Trust, through its Acquisition Entities invested approximately $48 million, which was used to invest in convertible preferred units of Ohana. Subsequent to the quarter, Alaris invested an additional US$10.0 million into Cresa, bringing Alaris’ total investment in Cresa to US$30.0 million and as of the date of this MD&A the total invested during the year to approximately $139 million. These transactions are summarized in the outlook below, which includes Alaris’ Run Rate Revenue (7) for the next twelve months and is expected to be approximately $171 million. This includes current contracted amounts, an additional $1.2 million from LMS related to Distributions deferred in 2023 and an estimated $19.4 million of common dividends. In Q3 2024, the Trust together with its Acquisition Entities earned $65.9 million, $65.4 million in Partner Distributions net of foreign exchange and $0.5 million of third party transaction fee revenue, which was ahead of previous guidance of $38.7 million, primarily due to common distributions received from Fleet of $19.8 million, Ohana of $6.8 million and Amur of $0.5 million, as well as a higher realized foreign exchange rate on US denominated distributions. As with all common distributions, these distributions are not fixed or set in advance, but rather paid as declared and cashflow of partner permits. Alaris expects total revenue from its Partners in Q4 2024 of approximately $38.9 million.

    The Run Rate Cash Flow (8) table below outlines the Trust and its Acquisitions Entities combined expectation for Partners Distribution revenue, transaction fee revenue, general and administrative expenses, third party interest expense, tax expense and distributions to unitholders for the next twelve months. The Run Rate Cash Flow (8) is a forward looking supplementary financial measure and outlines the net cash from operating activities, less the distributions paid, that Alaris is expecting to generate over the next twelve months. The Trust’s method of calculating this measure may differ from the methods used by other issuers. Therefore, it may not be comparable to similar measures presented by other issuers.

    Run rate general and administrative expenses are currently estimated at $17.0 million and include all public company costs incurred by the Trust and its Acquisition Entities. The Trust’s Run Rate Payout Ratio (9) is expected to be within a range of 65% and 70% when including Run Rate Revenue (7), overhead expenses and its existing capital structure. The table below sets out our estimated Run Rate Cash Flow (8) as well as the after-tax impact of positive net investment, the impact of every 1% increase in Secure Overnight Financing Rate (“SOFR”) based on current outstanding USD debt and the impact of every $0.01 change in the USD to CAD exchange rate.

    Alaris’ financial statements and MD&A are available on SEDAR+ at www.sedarplus.ca and on our website at www.alarisequitypartners.com.

    Run Rate Cash Flow ($ thousands except per unit) Amount ($) $ / Unit
    Run Rate Revenue, Partner Distribution revenue $ 171,300   $ 3.77  
    General and administrative expenses   (17,000 )   (0.37 )
    Third party Interest and taxes     (57,100 )   (1.26 )
    Net cash from operating activities $ 97,200   $ 2.14  
    Distributions paid     (61,900 )   (1.36 )
    Run Rate Cash Flow   $ 35,300   $ 0.78  
           
    Other considerations (after taxes and interest):    
    New investments Every $50 million deployed @ 14%   +2,426     +0.05  
    Interest rates Every 1.0% increase in SOFR   -2,600     -0.06  
    USD to CAD Every $0.01 change of USD to CAD   +/- 900     +/- 0.02  


    Earnings Release Date and Conference Call Details

    Alaris management will host a conference call at 9am MT (11am ET), Wednesday, November 6, 2024 to discuss the financial results and outlook for the Trust.

    Participants must register for the call using this link: Q3 2024 Conference Call. Pre-register to receive the dial-in numbers and unique PIN to access the call seamlessly. It is recommended that you join 10 minutes prior to the event start (although you may register and dial in at any time during the call). Participants can access the webcast here: Q3 Webcast. A replay of the webcast will be available two hours after the call and archived on the same web page for six months. Participants can also find the link on our website, stored under the “Investors” section – “Presentations and Events”, at www.alarisequitypartners.com.

    An updated corporate presentation will be posted to the Trust’s website within 24 hours at www.alarisequitypartners.com.

    About the Trust:

    Alaris’ investment and investing activity refers to providing, through the Acquisition Entities, alternative equity to private companies (“Partners”) to meet their business and capital objectives, which includes management buyouts, dividend recapitalization, growth and acquisitions. Alaris achieves this by investing its unitholder capital, as well as debt, through the Acquisition Entities, in exchange for distributions, dividends or interest (collectively, “Distributions”) as well as capital appreciation on both preferred and common equity, with the principal objectives of generating predictable cash flows for distribution payments to its unitholders and growing net book value through returns from capital appreciation. Distributions, other than common equity Distributions, from the Partners are adjusted annually based on the percentage change of a “top-line” financial performance measure such as gross margin or same store sales and rank in priority to common equity position.

    Non-GAAP and Other Financial Measures

    The terms Adjusted Earnings, components of Corporate investments, EBITDA, Adjusted EBITDA, Extended group net distributable cashflow, Earnings Coverage Ratio, Run Rate Payout Ratio, Actual Payout Ratio, Run Rate Revenue, Run Rate Cash Flow, and Per Unit amounts (collectively, the “Non-GAAP and Other Financial Measures”) are financial measures used in this MD&A that are not standard measures under International Financial Reporting Standards (“IFRS”) . The Trust’s method of calculating the Non-GAAP and Other Financial Measures may differ from the methods used by other issuers. Therefore, the Trust’s Non-GAAP and Other Financial Measures may not be comparable to similar measures presented by other issuers.

    (1) “Adjusted EBITDA” and “EBITDA”: are Non-GAAP financial measures and refer to earnings determined in accordance with IFRS, before depreciation and amortization, interest expense (finance costs) and income tax expense. EBITDA is used by management and many investors to determine the ability of an issuer to generate cash from operations. “Adjusted EBITDA” and “Adjusted EBITDA per unit”, which is a non-GAAP ratio that removes the impact from unrealized fluctuations in exchange rates and their impact on the Trust’s investments at fair value, as well as one time items and the impact of finance costs and taxes included within the net gain on Corporate Investments incurred by the Acquisition Entities and, on a per unit basis, is and the same amount divided by weighted average basic units outstanding. Management believes Adjusted EBITDA, EBITDA and Adjusted EBITDA per unit are useful supplemental measures from which to determine the Trust’s ability to generate cash available for servicing its loans and borrowings, income taxes and distributions to unitholders. The Trust’s method of calculating these Non-GAAP financial measures may differ from the methods used by other issuers. Therefore, they may not be comparable to similar measures and ratios presented by other issuers.

      Three months ended September 30 Nine months ended September 30
    $ thousands except per unit amounts   2024   2023   % Change   2024     2023 % Change
    Earnings $ 51,027 $ 63,770     $ 156,475   $ 97,710  
    Depreciation and amortization   135   58       396     169  
    Finance costs   1,150   8,510       3,445     21,909  
    Total income tax expense   251   11,611       554     20,902  
    EBITDA $ 52,563 $ 83,949   -37.4 % $ 160,870   $ 140,690 +14.3 %
    Adjustments:            
    Gain on derecognition of previously consolidated entities $ – $ –     $ (30,260 ) $ –  
    Foreign exchange   11,334   (3,947 )     (19,224 )   156  
    Sandbox litigation and legal costs   –   21       –     13,697  
    Finance costs, senior credit facility and convertible debentures   6,962   –       22,193     –  
    Acquisition Entities income tax expense – current   2,987   –       10,018     –  
    Acquisition Entities income tax expense – deferred   16,109   –       21,272     –  
    Adjusted EBITDA $ 89,955 $ 80,023   +12.4 % $ 164,869   $ 154,543 +6.7 %
    Adjusted EBITDA per unit $ 1.98 $ 1.76   +12.5 % $ 3.62   $ 3.40 +6.5 %

    (2) “Actual Payout Ratio” is a supplementary financial measure and refers to Alaris’ total distributions paid during the period (annually or quarterly) divided by the actual net cash from operating activities Alaris generated for the period. It represents the net cash from operating activities after distributions paid to unitholders available for either repayments of senior debt and/or to be used in investing activities.

    (3) “Earnings Coverage Ratio (“ECR”)” is a supplementary financial measure and refers to the EBITDA of a Partner divided by such Partner’s sum of debt servicing (interest and principal), unfunded capital expenditures and distributions to Alaris. Management believes the earnings coverage ratio is a useful metric in assessing our partners continued ability to make their contracted distributions.

    (4) “Net book value” and “net book value per unit” are Non-GAAP financial measures and represents the equity value of the company or total assts less total liabilities and the same amount divided by weighted average basic units outstanding. Net book value and net book value per unit are used by management to determine the growth in assets over the period net of amounts paid out to unitholders as distributions. Management believes net book value and net book value per unit are useful supplemental measures from which to compare the Trust’s growth period over period. The Trust’s method of calculating these Non-GAAP financial measures may differ from the methods used by other issuers. Therefore, they may not be comparable to similar measures presented by other issuers.

        30-Sep   30-Jun   31-Dec
    $ thousands except per unit amounts   2024   2024   2023
    Total Assets $ 1,130,415 $ 1,093,177 $ 1,474,894
    Total Liabilities $ 93,236 $ 91,556 $ 514,071
    Net book value $ 1,037,179 $ 1,001,621 $ 960,823
    Weighted average basic units (000’s)   45,498   45,498   45,498
    Net book value per unit $ 22.80 $ 22.01 $ 21.12


    (5) “    Partner related changes in net gain on Corporate Investments” The components of Corporate Investments are Non-GAAP financial measures and are presented for better comparability to prior year reporting. These amounts are reconciled to information from note 3 of the condensed consolidated interim financial statements below. The Trust’s method of calculating these Non-GAAP financial measures may differ from the methods used by other issuers. Therefore, they may not be comparable to similar measures presented by other issuers.

      Three months ended September 30 Nine months ended September 30
    $ thousands   2024   2023 % Change   2024   2023 % Change
    Partner Distribution revenue – Preferred, including realized foreign exchange Note 1 $ 37,895 $ 37,844 +0.1 % $ 113,936 $ 108,543 +5.0 %
    Partner Distribution revenue – Common $ 27,501 $ 8,815 +212.0 % $ 31,807 $ 10,903 +191.7 %
    Net realized gain from Partners investments $ 29 $ 167 -82.6 % $ 9,005 $ 12,716 -29.2 %
    Net unrealized gain on Partners investments $ 33,006 $ 39,428 -16.3 % $ 32,463 $ 37,688 -13.9 %
    Partner related changes in net gain on Corporate Investment $ 98,431 $ 86,254 +14.1 % $ 187,211 $ 169,850 +10.2 %
    Partner related changes in net gain on Corporate Investment per unit $ 2.16 $ 1.90 +13.7 % $ 4.11 $ 3.74 +9.9 %

    Note 1 – In Q2 2023, Partner Distribution revenue – Preferred, including realized foreign exchange and Partner Distribution revenue – Common were presented as one line on the face of the income statement titled “Revenues, including realized foreign exchange gain” in the amount of $36,853 for the three months ended and $73,541 for the six months ended. Prior period Partner Distribution revenue – Preferred, including realized foreign exchange for the three and six months ended June 30, 2024 above has been adjusted to exclude Sono Bello’s management fee income (Q2 2023 three months – $496, Q2 2023 six months ended – $753) for period over period comparability, which in 2024 is recognized in the Trust’s Management and advisory fee income.

    (6) “Alaris net distributable cashflow” is a non-GAAP measure that refers to all sources of external revenue in both the Trust and the Acquisition Entities less all general and administrative expenses, third party interest expense and tax expense. Alaris net distributable cashflow is a useful metric for management and investors as it provides a summary of the total cash from operating activities that can be used to pay the Trust distribution, repay senior debt and/or be used for additional investment purposes. The Trust’s method of calculating this Non-GAAP measure may differ from the methods used by other issuers. Therefore, it may not be comparable to similar measures presented by other issuers. The 2023 comparatives are presented prior to the Trust’s change in status as a investment entity and have been aligned with the most comparative balance in the 2024 presentation.

      Three months ended September 30 Nine months ended September 30
    $ thousands except per unit amounts   2024     2023   % Change   2024     2023   % Change
    Partner Distribution revenue – Preferred, including realized foreign exchange $ 37,895   $ 37,844     $ 113,936   $ 108,543    
    Partner Distribution revenue – Common   27,501     8,815       31,807     10,903    
    Third party management and advisory fees   504     506       1,526     1,260    
                 
    Expenditures of the Trust:            
    General and administrative   (4,484 )   (3,087 )     (13,308 )   (23,476 )  
    Current income tax expense   (509 )   –       (1,345 )   –    
    Third party cash interest paid by the Trust   (2,031 )   (2,032 )     (4,062 )   (4,062 )  
                 
    Expenditures incurred by Acquisition Entities:            
    Operating costs and other   (1,087 )   (928 )     (2,846 )   (2,046 )  
    Transactions costs   (378 )   (1,693 )     (2,531 )   (3,204 )  
    Acquisition Entities income tax expense – current   (2,987 )   (6,954 )     (10,018 )   (13,156 )  
    Cash interest paid, senior credit facility and convertible debentures   (6,668 )   (6,329 )     (18,038 )   (12,586 )  
                 
    Alaris’ changes in net working capital   (14,922 )   (6,063 )     (7,106 )   (7,253 )  
    Alaris net distributable cashflow $ 32,834   $ 20,079   +63.5 % $ 88,015   $ 54,923   +60.3 %
    Alaris net distributable cashflow per unit $ 0.72   $ 0.44   +63.6 % $ 1.93   $ 1.21   +59.5 %

    (7) “Run Rate Revenue” is a supplementary financial measure and refers to Alaris’ total revenue expected to be generated over the next twelve months based on contracted distributions from current Partners, excluding any potential Partner redemptions, it also includes an estimate for common dividends or distributions based on past practices, where applicable. Run Rate Revenue is a useful metric as it provides an expectation for the amount of revenue Alaris can expect to generate in the next twelve months based on information known.

    (8) “Run Rate Cash Flow” is a Non-GAAP financial measure and outlines the net cash from operating activities, net of distributions paid, that Alaris is expecting to have after the next twelve months. This measure is comparable to net cash from operating activities less distributions paid, as outlined in Alaris’ consolidated statements of cash flows.

    (9) “Run Rate Payout Ratio” is a Non-GAAP financial ratio that refers to Alaris’ distributions per unit expected to be paid over the next twelve months divided by the net cash from operating activities per unit calculated in the Run Rate Cash Flow table. Run Rate Payout Ratio is a useful metric for Alaris to track and to outline as it provides a summary of the percentage of the net cash from operating activities that can be used to either repay senior debt during the next twelve months and/or be used for additional investment purposes. Run Rate Payout Ratio is comparable to Actual Payout Ratio as defined above.

    (10) “Adjusted Earnings” is a Non-GAAP financial measure and Non-GAAP Ratio and refer to earnings determined in accordance with IFRS, before impact of the one time gain on derecognition of previously consolidated entities and foreign exchange gain (loss) and the same amount divided by weighted average basic units outstanding. Adjusted earnings and Adjusted earnings per unit are used by management to determine earnings excluding fluctuations due to unrealized changes in exchange rates that impact earnings and specifically the fair value of Corporate investment. Management believes Adjusted earning and Adjusted earnings per unit are useful measures from which to compare the Trust’s earnings period over period. The Trust’s method of calculating these Non-GAAP financial measures and ratio may differ from the methods used by other issuers. Therefore, they may not be comparable to similar measures presented by other issuers.

      Three months ended September 30 Nine months ended September 30
    $ thousands except per unit amounts   2024   2023   % Change   2024     2023 % Change
    Earnings $ 51,027 $ 63,770     $ 156,475   $ 97,710  
    Add back: Foreign exchange (gain) loss $ 11,334 $ (3,947 )   $ (19,224 ) $ 156  
    Add back: Gain on derecognition of previously consolidated entities $ –   na     $ (30,260 ) na  
    Adjusted earnings $ 62,361 $ 59,823   +4.2 % $ 106,991   $ 97,866 +9.3 %
    Adjusted earning per unit $ 1.37 $ 1.31   +4.6 % $ 2.35   $ 2.15 +9.3 %
                                 

    (11) “Per Unit” values, other than earnings per unit, refer to the related financial statement caption as defined under IFRS or related term as defined herein, divided by the weighted average basic units outstanding for the period.

    The terms Net Book Value, Components of Corporate investments, EBITDA, Adjusted EBITDA, Alaris net distributable cashflow, Earnings Coverage Ratio, Run Rate Payout Ratio, Actual Payout Ratio, Run Rate Revenue, Run Rate Cash Flow and Per Unit amounts should only be used in conjunction with the Trust’s unaudited interim condensed consolidated financial statements, complete versions of which available on SEDAR+ at www.sedarplus.ca.

    Forward-Looking Statements

    This news release contains forward-looking information and forward-looking statements (collectively, “forward-looking statements”) under applicable securities laws, including any applicable “safe harbor” provisions. Statements other than statements of historical fact contained in this news release are forward-looking statements, including, without limitation, management’s expectations, intentions and beliefs concerning the growth, results of operations, performance of the Trust and the Partners, the future financial position or results of the Trust, business strategy and plans and objectives of or involving the Trust or the Partners. Many of these statements can be identified by looking for words such as “believe”, “expects”, “will”, “intends”, “projects”, “anticipates”, “estimates”, “continues” or similar words or the negative thereof. In particular, this news release contains forward-looking statements regarding: the anticipated financial and operating performance of the Partners; the attractiveness of Alaris’ capital offering; the Trust’s Run Rate Payout Ratio, Run Rate Cash Flow, Run Rate Revenue and total revenue; the impact of recent new investments and follow-on investments; expectations regarding receipt (and amount of) any common equity distributions or dividends from Partners in which Alaris holds common equity, including the impact on the Trust’s net cash from operating activities, Run Rate Revenue, Run Rate Cash Flow and Run Rate Payout Ratio; the impact of future deployment; the Trust’s ability to deploy capital; the yield on the Trust’s investments and expected resets on Distributions; changes in SOFR and exchange rates; the impact of deferred Distributions and the timing of repayment there of; the Trust’s return on its investments; and Alaris’ expenses for 2024. To the extent any forward-looking statements herein constitute a financial outlook or future oriented financial information (collectively, “FOFI”), including estimates regarding revenues, Distributions from Partners (restarting full or partial Distributions and common equity distributions), Run Rate Payout Ratio, Run Rate Cash Flow, net cash from operating activities, expenses and impact of capital deployment, they were approved by management as of the date hereof and have been included to provide an understanding with respect to Alaris’ financial performance and are subject to the same risks and assumptions disclosed herein. There can be no assurance that the plans, intentions or expectations upon which these forward-looking statements are based will occur.

    By their nature, forward-looking statements require Alaris to make assumptions and are subject to inherent risks and uncertainties. Assumptions about the performance of the Canadian and U.S. economies over the next 24 months and how that will affect Alaris’ business and that of its Partners (including, without limitation, the impact of any global health crisis, like COVID-19, and global economic and political factors) are material factors considered by Alaris management when setting the outlook for Alaris. Key assumptions include, but are not limited to, assumptions that: the Russia/Ukraine conflict, conflicts in the Middle East, and other global economic pressures over the next twelve months will not materially impact Alaris, its Partners or the global economy; interest rates will not rise in a matter materially different from the prevailing market expectation over the next 12 months; global heath crises, like COVID-19 or variants thereof, will not impact the economy or our Partners operations in a material way in the next 12 months; the businesses of the majority of our Partners will continue to grow; more private companies will require access to alternative sources of capital; the businesses of new Partners and those of existing Partners will perform in line with Alaris’ expectations and diligence; and that Alaris will have the ability to raise required equity and/or debt financing on acceptable terms. Management of Alaris has also assumed that the Canadian and U.S. dollar trading pair will remain in a range of approximately plus or minus 15% of the current rate over the next 6 months. In determining expectations for economic growth, management of Alaris primarily considers historical economic data provided by the Canadian and U.S. governments and their agencies as well as prevailing economic conditions at the time of such determinations.

    There can be no assurance that the assumptions, plans, intentions or expectations upon which these forward-looking statements are based will occur. Forward-looking statements are subject to risks, uncertainties and assumptions and should not be read as guarantees or assurances of future performance. The actual results of the Trust and the Partners could materially differ from those anticipated in the forward-looking statements contained herein as a result of certain risk factors, including, but not limited to, the following: widespread health crises is, like COVID-19 (or its variants), other global economic factors (including, without limitation, the Russia/Ukraine conflict, conflicts in the Middle East, inflationary measures and global supply chain disruptions on the global economy, Trust and the Partners (including how many Partners will experience a slowdown of their business and the length of time of such slowdown)), the dependence of Alaris on the Partners, including any new investment structures; leverage and restrictive covenants under credit facilities; reliance on key personnel; failure to complete or realize the anticipated benefit of Alaris’ financing arrangements with the Partners; a failure to obtain required regulatory approvals on a timely basis or at all; changes in legislation and regulations and the interpretations thereof; risks relating to the Partners and their businesses, including, without limitation, a material change in the operations of a Partner or the industries they operate in; inability to close additional Partner contributions or collect proceeds from any redemptions in a timely fashion on anticipated terms, or at all; a failure to settle outstanding litigation on expected terms, or at all; a change in the ability of the Partners to continue to pay Alaris at expected Distribution levels or restart distributions (in full or in part); a failure to collect material deferred Distributions; a change in the unaudited information provided to the Trust; and a failure to realize the benefits of any concessions or relief measures provided by Alaris to any Partner or to successfully execute an exit strategy for a Partner where desired. Additional risks that may cause actual results to vary from those indicated are discussed under the heading “Risk Factors” and “Forward Looking Statements” in Alaris’ Management Discussion and Analysis and Annual Information Form for the year ended December 31, 2023, which is or will be (in the case of the AIF) filed under Alaris’ profile at www.sedarplus.ca and on its website at www.alarisequitypartners.com.

    Readers are cautioned that the assumptions used in the preparation of forward-looking statements, including FOFI, although considered reasonable at the time of preparation, based on information in Alaris’ possession as of the date hereof, may prove to be imprecise. In addition, there are a number of factors that could cause Alaris’ actual results, performance or achievement to differ materially from those expressed in, or implied by, forward looking statements and FOFI, or if any of them do so occur, what benefits the Trust will derive therefrom. As such, undue reliance should not be placed on any forward-looking statements, including FOFI.

    The Trust has included the forward-looking statements and FOFI in order to provide readers with a more complete perspective on Alaris’ future operations and such information may not be appropriate for other purposes. The forward-looking statements, including FOFI, contained herein are expressly qualified in their entirety by this cautionary statement. Alaris disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.

    For more information please contact:

    Investor Relations
    Alaris Equity Partners Income Trust
    403-260-1457
    ir@alarisequity.com

    The MIL Network –

  • MIL-OSI: STOCKHOLDER ALERT: The M&A Class Action Firm Investigates the Merger of Air Transport Services Group, Inc. – ATSG

    Source: GlobeNewswire (MIL-OSI)

    NEW YORK, Nov. 05, 2024 (GLOBE NEWSWIRE) — Monteverde & Associates PC (the “M&A Class Action Firm”), has recovered money for shareholders and is recognized as a Top 50 Firm in the 2018-2022 ISS Securities Class Action Services Report. We are headquartered at the Empire State Building in New York City and are investigating Air Transport Services Group, Inc. (Nasdaq: ATSG), relating to a proposed merger with Stonepeak Nile Parent LLC. Under the terms of the agreement, Air Transport Services Group shareholders will receive $22.50 per share of Air Transport Services Group Common Stock they own.

    Click here for more information https://monteverdelaw.com/case/air-transport-services-group-inc-atsg/. It is free and there is no cost or obligation to you.

    NOT ALL LAW FIRMS ARE THE SAME. 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 company, director or officer 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) 2024 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 Australia: (WIP) Investing in WA: energy reforms in the Pilbara—unpacking the North-West Interconnected System

    Source: Allens Insights

    Decarbonising the Pilbara region 8 min read

    The North-West Interconnected System (NWIS) has become a central focus of the WA Government’s energy sector reform agenda in recent years. Since the introduction of the Pilbara Regime in July 2021, a series of additional reforms have been set in motion.

    These reforms reflect the WA Government’s recognition that decarbonisation of the Pilbara region is key to its net zero target. In line with this vision, Energy Policy WA (EPWA) has developed the Pilbara Energy Transition Plan (PET Plan), which invites private sector involvement in developing new, common-use transmission infrastructure, known as Priority Projects.

    In this Insight, we explore current and proposed reforms, highlighting opportunities for developers and investors to drive decarbonisation in the Pilbara region.

    Key takeaways

    • The pace of reforms to the NWIS has been rapid, with an ambitious policy agenda going forward.
    • The WA Government is strongly focused on decarbonising the Pilbara region, seeking to leverage significant Federal Government support.
    • The PET Plan, particularly Priority Projects, has the potential to significantly transform the NWIS and transmission infrastructure in the region. This presents opportunities for industrial load and heavy industry to decarbonise their operations and increase renewable energy consumption.
    • The proposed reforms to the NWIS present a key opportunity for development and investment in transmission infrastructure.  

    What is the NWIS?

    The NWIS consists of a series of interconnected electricity transmission, distribution and generation assets in the Pilbara region. It supplies major mining and heavy industrial customers, coastal towns such as Karratha and Port Hedland, and some remote communities. However, it should be noted that many industrial facilities and communities in the region rely on remote generation, such as stand-alone power systems and microgrids, which are not connected to the NWIS.

    The NWIS market does not operate through a central dispatch mechanism; rather, electricity is generated either for self-supply or contracted under bilateral agreements. There are three registered network service providers, APA, Horizon Power and Rio Tinto (NSPs), each operating a vertically integrated business, participating in electricity generation, supply, and in some cases provision of essential system services and retail supply. 

    Pilbara ISOCo Limited (Pilbara ISOCo) oversees NWIS operations as the independent system operator including administering the energy balancing and related settlement process. The role of Pilbara ISOCo reflects an administrative system operator model, designed to align with the ‘light-handed’ regulatory regime that applies to the NWIS. Under this model, Pilbara ISOCo performs a series of core functions, while the registered NSPs retain significant control over other system-related functions and operations, in contrast to other electricity networks in Australia such as the Wholesale Electricity Market and the National Electricity Market. The NSPs are also members of Pilbara ISOCo.

    How did we get here?

    Prior to July 2021, the NWIS operated primarily under informal or bilateral agreements between NSPs. It developed in a somewhat ad hoc manner, as energy companies and industrial facilities invested in generation for self-supply. There was no central planning or coordination framework—each NSP was generally responsible for functions such as system security on an autonomous basis, with no independent system operator in place.

    After a series of consultations on the potential for regulatory reform, the WA Government determined there was a need for a formal framework for the NWIS and subsequently announced the Pilbara Regime. The regime would consist of a suite of reforms aimed at addressing, among other things, access and more centrally coordinated system operations. These substantive reforms took effect on 1 July 2021.

    Pilbara Regime

    Key regulatory instruments

    Part 8A of the Electricity Industry Act 2004 (WA) (EIA) sets out the overarching framework for the Pilbara Regime. Amendments to the EIA were recently passed and, once in effect, the Pilbara electricity objective will expressly acknowledge the need to invest in reducing greenhouse gas emissions for electricity services.

    The Electricity Industry (Pilbara Networks) Regulations 2021 recognised Pilbara ISOCo as the independent system operator and allowed the Minister to establish the initial Pilbara Network Rules (PNR). The PNR, which includes the Harmonised Technical Rules (HTR), governs the operations of the NWIS, connection standards and approval processes, as well as system security and reliability measures. There have been two rule changes amending the PNR to date, and the Pilbara Advisory Committee (PAC)—which consists of industry representatives—advises the EPWA coordinator on rule change proposals.

    The HTR set out technical design and operation requirements for systems and equipment connected to the NWIS. Horizon Power, as a NSP, also has its own set of technical rules which apply to those who connect to its network.

    Pilbara ISOCo also develop procedures in accordance with the PNR which outline specific requirements for the processes set out in the PNR. The procedures are currently being developed on an interim basis and can be accessed here.

    The Pilbara Networks Access Code (PNAC) regulates access and connection to the NWIS by outlining the requirements for ‘covered’ networks, which are subject to rules on ringfencing, tariffs and access disputes. The PNAC was modelled on part of the National Gas Rules, which similarly include access provisions for pipelines. The Minister for Energy may decide a network is covered if a person makes an application or an NSP may opt in to become a covered network. Horizon Power and APA’s networks are covered under the PNAC and are required to publish access information as part of their obligations.

    Pilbara Roundtable

    The Pilbara Industry Roundtable (Roundtable) was formed by the WA Government in August 2022, with a broad membership from industry stakeholders in the NWIS and the Pilbara more generally.

    The Roundtable released a communiqué in July 2023, supporting the development of common-use transmission infrastructure to support the growth of renewable generation and decarbonisation. The Roundtable agreed that any new infrastructure should empower Traditional Owners and expressed their support for regulatory reform to the Pilbara Regime to ensure it remains fit-for-purpose during the energy transition.

    Where are we now?

    The consensus goals contained in the Roundtable communiqué form the basis of the PET Plan. The PET Plan aims to increase the scale of renewable generation in the region and facilitate the decarbonisation of the Pilbara to meet the WA Government’s net zero target. The WA Government has placed a strong emphasis on involving Traditional Owners and their communities in this process, including benefit sharing and minimising disturbance to country as the PET Plan is implemented.

    Priority Projects

    The flagship policy outlined in the PET Plan is the development of new, common-use transmission infrastructure, to be built in priority transmission corridors known as Priority Projects. On 13 September 2024, EPWA opened an expression of interest (EOI) process for developing Priority Projects in two corridors in East Pilbara (Hamersley Range and the Great Sandy Desert), and two corridors in West Pilbara (Burrup (Murujuga) and Chichester Range). Construction within these corridors aims to connect current and potential loads, such as strategic industrial areas, and to provide access to areas that will be favourable for future renewable energy projects connecting to the Priority Project. EPWA envisages that Priority Projects may form part of an expansion of the NWIS. The EOI deadline closed on 25 October 2024, and it is anticipated that the EOIs and ongoing regulatory reviews will help develop the design elements to facilitate the PET Plan, such as how charges for ‘wheeling’ electricity through various transmission assets will apply.

    In August 2023, the Federal Government committed $3 billion from the Rewiring the Nation fund to WA to assist in the investment in new and upgraded transmission infrastructure. Funding from Rewiring the Nation is provided as concessional finance from the Clean Energy Finance Corporation. This may trigger significant reform and investment in both the NWIS and the South-West Interconnected System. The WA Government has made clear it will recommend Priority Projects for obtaining this funding, although this does not guarantee that Priority Projects will be successful in obtaining Rewiring the Nation funding.

    Where are we going?

    In April 2025, the Economic Regulation Authority (ERA) will commence its statutory review of the Pilbara Regime, which is required on the fifth anniversary of the Pilbara Regime coming into force (the Five-yearly Review). The aim of the Five-yearly Review is for the ERA to determine whether the Pilbara Regime is meeting the Pilbara electricity objective, which is being updated. If the ERA finds that the Pilbara electricity objective is not being met, it is to make recommendations for reform in its report, which is due no later than April 2026. The report is then laid before Parliament within six months of receipt by the Minister, who must prepare a response.

    EPWA is currently reviewing the PNR with the support of the Evolution of the Pilbara Networks Rules Working Group established by the PAC. The objective of the Evolution of the Pilbara Networks Rules review project (EPNR Project) is to ensure that the PNR and HTR effectively enable and facilitate the planned rapid decarbonisation of the Pilbara region, as well as the shift from thermal sources to renewable generation (ie solar and wind) and storage in the NWIS. EPWA has acknowledged that the reforms surrounding the regulatory regime create mixed signals for potential investors and, as such, has implemented a staggered approach to reviewing the PNR to support early investment decisions. EPWA and the PAC are proposing to present a final implementation plan in February 2025.

    The EOI for the PET Plan anticipates that changes to the PNAC will be progressed under sections 120H to 120J of the EIA to ensure the PNAC can support Priority Projects. The EOI flags a review of potential changes related to managing vertical integration, the priority regime for constrained versus unconstrained access and access price regulation. It is expected that EPWA will take the lead on this review and any proposed changes will need to be made available by the Minister for public comment.

    As the Pilbara regime contemplates coordination between the NSPs and between the NSPs and Pilbara ISOCo, Pilbara ISOCO sought ACCC authorisation for the parties to engage in this conduct. Currently, the regime is exempt from competition law requirements under the Electricity Industry (Pilbara Networks) Regulations 2021 (WA). This exemption expires in November 2024, and the ACCC authorisation is intended to apply beyond that expiry.

    The ACCC considered the public benefits associated with the Pilbara regime and the coordination between NSPs and Pilbara ISOCo to facilitate system security, outage coordination and technical connection standards functions. Within that consideration, the ACCC is balancing any potential public detriments, such as those arising from NSPs sharing information.

    In a Draft Determination released in September 2024, the ACCC proposed to grant authorisation for a three-year period, subject to conditions to limit the scope of coordination and information sharing and enhance governance controls. The ACCC’s final determination is due by 20 December 2024, following further consultation. The ACCC process has acknowledged the ongoing reform process underway—including the EPNR Project—noting that a three-year authorisation should provide sufficient time for that reform process to take place.

    Key considerations

    • Access, approvals and operational constraints applying to the NWIS remain challenging when developing new projects. However, there is political support for removing these barriers, so developers should stay informed about the latest updates.
    • The infrastructure investment required for achieving the energy transition presents opportunities for developers, Traditional Owners, the local workforce and local contractors.

    MIL OSI News –

  • MIL-OSI USA: Make the most of managing your medical, food, cash and child care benefits

    Source: US State of Oregon

    ealth insurance open enrollment starts Nov. 1, 2024. The Oregon Department of Human Services (ODHS) is expecting an increase in calls to our ONE Customer Service Center (800-699-9075). This may mean longer wait times. We know this can be frustrating, but we want you to know that there are several ways to make getting assistance with your benefits easier and faster. Here are some tips that you can use during open enrollment and year-round:

    1. Download the Oregon ONE Mobile app

    With the Oregon ONE Mobile app, you can manage your benefits on the go, including checking messages, application status, and more. And the best part? It’s free! Find download links at benefits.oregon.gov and handle most of your benefit needs from your smartphone.

    2. Check your application status online or in-app

    If you need to know the status of your application for medical, food, cash, or child care benefits, you don’t have to wait on hold. Simply log into your ONE Online account at benefits.oregon.gov or check the Oregon ONE Mobile app. Remember – each household only needs one application, so check your household’s application status instead of submitting another!

    3. Having tech troubles?

    We have a dedicated tech support line – so no need to wait in the ONE Customer Service Center line. Call 833-978-1073 to get help quickly. They are available Monday through Friday from 7 a.m. to 6 p.m. Pacific Time.

    4. Find an office near you

    Prefer face-to-face assistance? ODHS has local offices across Oregon, and our staff is ready to help you with benefit questions. You can find the office closest to you by visiting bit.ly/ODHSoffices.

    5. Gather your documents in advance

    Before you apply, make sure to have documents ready to verify your income, expenses, and other household details. This helps speed up the application process! Some situations may require additional documents like ID, citizenship (U.S. citizens) or immigration status (non-U.S. citizens). Check out this checklist for more information about what documents you may need.

    6. Try calling in the morning

    While we expect the ONE Customer Service Center (800-699-9075) to be busy during open enrollment, in general, call wait times are lowest between 7 and 8 a.m. Pacific Time.

    7. Stay on top of your messages

    You may receive messages about your benefits that need your prompt attention. Read and respond to these messages through your ONE Online account or on the Oregon ONE Mobile app to stay up-to-date. Having trouble viewing messages? Update Adobe Reader or Acrobat, or call tech support at 833-978-1073 if you need further assistance.

    8. Providing proof of benefits

    Need to show proof of your benefits? No need to call in! You can access eligibility notices in your ONE Online account or through the Oregon ONE Mobile app’s Message Center.

    9. Lost or stolen Oregon Trail (EBT) Card?

    If you lose your EBT card, report it immediately. Call 855-328-6715 during business hours (Monday through Friday between 8:30 a.m. and 4:30 p.m. Pacific Time) to cancel and request a new card. Outside business hours, call 888-997-4447 to freeze your account and protect your benefits 24/7.

    Navigating benefits can be stressful. But hopefully by following these tips, you can get the assistance you need efficiently – even during high call volume times. Visit benefits.oregon.gov for more information and to explore all your options.

    MIL OSI USA News –

  • MIL-Evening Report: How does a jury reach a conclusion? A new SBS show painstakingly recreates details to take us behind the scenes

    Source: The Conversation (Au and NZ) – By Xanthe Mallett, Forensic Criminologist, University of Newcastle

    SBS

    Juries are the bedrock of common law, and have been used for centuries to decide factual issues before the court.

    Jury research has for years attempted to improve our understanding of how jurors reach a conclusion, both individually and as a collective. But we have very little understanding of how each specific case is decided: in Australia, jurors are banned from discussing their deliberations outside of the jury room.

    Predicting the jury’s decision in criminal matters is impossible: the whole system remains totally opaque. This has been evident in a very high-profile case just this year, when a very surprising decision was handed down; I would love to be able to pick that one apart.

    A new show by SBS attempts to demystify the process. The Jury: Death on the Staircase follows the deliberations of 12 jurors as they listen to nine days’ worth of evidence in a real, concluded manslaughter case.

    Observing the trial, and the jury

    The names, dates, locations and images from the original case have been changed to make sure the jurors could not look up the result, and to protect the individuals involved in the real trial. These changes could, of course, alter the jury’s decision-making process.

    Actors are used to re-enact the trial, using transcripts of the original case to simulate the real trial as closely as possible. The jurors are everyday Australians who volunteered to take part in this experiment.

    The case revolves around the death of a man who was found at the bottom of a staircase, in the home he shared with his male partner.

    Other factors the jury attaches relevance to are the 20-year age gap between the deceased and the younger accused man, and the accused is Asian.

    We hear the pre-trial thoughts and motivations of the jurors, and some of the biases and prejudices start to show early on.

    As the trial unfolds, specific aspects of the accused’s personality impress different members of the jury – some finding points of commonality that encourage them to be very sympathetic, others highly sceptical of his innocence. This seems less based on the evidence being heard, and instead reflects directly the personality and life experience of the juror.

    The jurors, like a real jury, come from all walks of life, educational backgrounds, sexualities and ancestral groups. There are some big, dominant voices, as well as others who are much quieter and more circumspect.

    What surprised me while watching was that many of the impressions the jury discuss – and their interpretations of them – aren’t based on the evidence at all. They’re watching the accused, trying to get a read on his guilt or innocence from his body language, where he looks at certain times.

    None of them are body language experts, but they seem to think they can reliably extrapolate how he is feeling from observing him.

    Some of them also speculate wildly as to what could have happened, and why.
    If that’s what real jurors do, that’s worrying.

    I have some questions

    It’s hard to know how closely the producers mirrored the original case: was it a homosexual relationship, was there a large age gap, was the accused Asian?

    These factors are important, because the jury puts weight on them and hypothesises with these in mind.

    Another big question for me was how they chose the members of the jury. Was it random? If it was, they do not reflect the personalities of the original jurors and it is very clear that personality and life experience were heavily influential in each person’s response to the case.

    The question was asked by one of the jurors: what if they reach a different conclusion than the original, genuine jury? What would that mean for the accused?

    My sense was they were wondering if they found him not guilty of manslaughter, would that have any legal implication.

    The answer is no.

    It’s impossible to truly replicate a case. I would even suggest the same jury could reach a different conclusion at a different time, depending on what had happened in their lives recently and other external factors. Regardless of what result this jury reached, it could not hurt or help the real accused person.

    But it is certainly an interesting program, and will give the viewer an insight into what factors most influence jurors.

    It might also scare them slightly. We like to think juries make their decision based on the evidence put before them, but that does not appear to be the case, at least certainly not early on in the trial process.

    The jurors focused on how the accused lived their life, and judged him accordingly – both positively and negatively. The scientist in me feels that it would be great to repeat this experience, to see if the same or a different result was achieved under these, somewhat controlled conditions.

    I’d also love to see more access to real jurors, post decision: that is the only true way to gauge their thoughts and impressions as they work through a case. But as that is unlikely, this series is as close as we’ll get. It is worth a watch if you’re interested in how juries reach their – sometimes apparently inexplicable – decisions.

    The Jury: Death on the Staircase is on SBS and SBS On Demand from today.

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

    – ref. How does a jury reach a conclusion? A new SBS show painstakingly recreates details to take us behind the scenes – https://theconversation.com/how-does-a-jury-reach-a-conclusion-a-new-sbs-show-painstakingly-recreates-details-to-take-us-behind-the-scenes-242114

    MIL OSI Analysis – EveningReport.nz –

  • MIL-OSI: Parex Resources Announces Third Quarter Results, Declaration of Q4 2024 Dividend, and Operational Update

    Source: GlobeNewswire (MIL-OSI)

    CALGARY, Alberta, Nov. 05, 2024 (GLOBE NEWSWIRE) — Parex Resources Inc. (“Parex” or the “Company”) (TSX: PXT) is pleased to announce its financial and operating results for the three-month period ended September 30, 2024, the declaration of its Q4 2024 regular dividend of C$0.385 per share, as well as an operational update. All amounts herein are in United States Dollars (“USD”) unless otherwise stated.

    “Following lower than expected results, Management is focused on driving production efficiency and optimizing performance from our key assets,” commented Imad Mohsen, President & Chief Executive Officer.

    “As we transition from 2024 to our 2025 planning phase, we are committed to improving results, delivering safe and reliable production, and positioning Parex to outperform.”

    Key Highlights

    • Generated Q3 2024 funds flow provided by operations (“FFO”)(1) of $152 million and FFO per share(2)(3) of $1.50.
    • FY 2024 average production guidance increased from 48,000-50,000 boe/d to 49,000-50,000 boe/d, based on stable operations at key assets as well as successful well results at Capachos and LLA-32.
    • FY 2024 capital expenditure(6) guidance updated from $370-390 million to $350-370 million, based on a conservative capital program focused on improving capital returns.
    • Declared Q4 2024 regular dividend of C$0.385 per share(4) or C$1.54 per share annualized.
    • Repurchased approximately 4.5 million shares YTD 2024 under the Company’s current normal course issuer bid (“NCIB”).
    • October 2024 average production was 47,000 boe/d(5).

    Q3 2024 Results

    • Quarterly average oil & natural gas production was 47,569 boe/d(7).
    • Realized net income of $66 million or $0.65 per share basic(3).
    • Generated quarterly FFO(1) of $152 million and FFO per share(2)(3) of $1.50, a 4% decrease and a 1% increase from Q3 2023, respectively.
    • Current taxes decreased from Q2 2024 by $39 million due to reduced corporate production as well as lower global oil prices; the Company also moved from an estimated 15% surtax to a projected 10% surtax with the depreciation of Brent oil price in the quarter.
    • Produced an operating netback(2) of $39.64/boe and an FFO netback(2) of $34.58/boe from an average Brent price of $78.71/bbl.
    • Incurred $82 million of capital expenditures(6), primarily from activities at LLA-34, Capachos, LLA-32 and LLA-122.
    • Generated $69 million of free funds flow(6) that was used for return of capital initiatives and $20 million of bank debt repayment; working capital surplus(1) was $38 million and cash $147 million at quarter end.
    • Paid a C$0.385 per share(4) regular quarterly dividend and repurchased 1,584,650 shares.

    (1) Capital management measure. See “Non-GAAP and Other Financial Measures Advisory.”
    (2) Non-GAAP ratio. See “Non-GAAP and Other Financial Measures Advisory.”
    (3) Per share amounts (with the exception of dividends) are based on weighted-average common shares; dividends paid per share are based on the number of common shares outstanding at each dividend date.
    (4) Supplementary financial measure. See “Non-GAAP and Other Financial Measures Advisory.”
    (5) Light & medium crude oil: ~8,956 bbl/d, heavy crude oil: ~37,325 bbl/d, conventional natural gas: ~4,316 mcf/d; rounded for presentation purposes.
    (6) Non-GAAP financial measure. See “Non-GAAP and Other Financial Measures Advisory.”
    (7) See “Operational and Financial Highlights” for a breakdown of production by product type.

    Operational and Financial Highlights Three Months Ended Nine Months Ended  
    (unaudited) Sep. 30,   Sep. 30,   Jun. 30,   Sep. 30,  
      2024   2023   2024   2024  
    Operational        
    Average daily production        
    Light Crude Oil and Medium Crude Oil (bbl/d) 9,064   8,837   9,541   8,615  
    Heavy Crude Oil (bbl/d) 37,777   44,779   43,229   42,167  
    Crude Oil (bbl/d) 46,841   53,616   52,770   50,782  
    Conventional Natural Gas (mcf/d) 4,368   5,742   4,788   4,170  
    Oil & Gas (boe/d)(1) 47,569   54,573   53,568   51,477  
             
    Operating netback ($/boe)        
    Reference price – Brent ($/bbl) 78.71   85.92   85.03   81.82  
    Oil & gas sales(4) 68.75   75.83   75.21   71.69  
    Royalties(4) (10.59 ) (13.72 ) (12.54 ) (11.48 )
    Net revenue(4) 58.16   62.11   62.67   60.21  
    Production expense(4) (14.81 ) (9.73 ) (12.95 ) (13.43 )
    Transportation expense(4) (3.71 ) (3.56 ) (3.40 ) (3.50 )
    Operating netback ($/boe)(2) 39.64   48.82   46.32   43.28  
             
    Funds flow provided by operations netback ($/boe)(2) 34.58   31.28   37.34   34.43  
             
    Financial ($000s except per share amounts)        
             
    Net income 65,793   119,736   3,845   129,731  
    Per share – basic(6) 0.65   1.13   0.04   1.27  
             
    Funds flow provided by operations(5) 151,773   157,839   180,952   481,032  
    Per share – basic(2)(6) 1.50   1.49   1.77   4.71  
             
    Capital expenditures(3) 82,367   156,747   97,797   265,585  
             
    Free funds flow(3) 69,406   1,092   83,155   215,447  
             
    EBITDA(3) 167,763   221,271   195,940   555,781  
    Adjusted EBITDA(3) 164,002   225,784   230,547   582,777  
             
    Long-term inventory expenditures (6,318 ) (374 ) 9,817   7,342  
             
    Dividends paid 28,467   29,239   28,528   85,526  
    Per share – Cdn$(4) 0.385   0.375   0.385   1.145  
             
    Shares repurchased 20,723   24,273   21,367   57,381  
    Number of shares repurchased (000s) 1,585   1,240   1,298   3,803  
             
    Outstanding shares (end of period) (000s)        
    Basic 100,031   105,014   101,616   100,031  
    Weighted average basic 100,891   105,621   102,259   102,203  
    Diluted(8) 100,933   105,722   102,528   100,933  
             
    Working capital surplus (deficit)(5) 37,509   (57,511 ) 34,156   37,509  
    Bank debt(7) 30,000   —   50,000   30,000  
    Cash 147,454   34,548   119,468   147,454  

    (1) Reference to crude oil or natural gas in the above table and elsewhere in this press release refer to the light and medium crude oil and heavy crude oil and conventional natural gas, respectively, product types as defined in National Instrument 51-101 – Standards of Disclosure for Oil and Gas Activities.
    (2) Non-GAAP ratio. See “Non-GAAP and Other Financial Measures Advisory”.
    (3) Non-GAAP financial measure. See “Non-GAAP and Other Financial Measures Advisory”.
    (4) Supplementary financial measure. See “Non-GAAP and Other Financial Measures Advisory”.
    (5) Capital management measure. See “Non-GAAP and Other Financial Measures Advisory”.
    (6) Per share amounts (with the exception of dividends) are based on weighted average common shares. Dividends paid per share are based on the number of common shares outstanding at each dividend record date.
    (7) Syndicated bank credit facility borrowing base of $200.0 million as at September 30, 2024.
    (8) Diluted shares as stated include common shares and stock options outstanding at period end; September 30, 2024 closing price was C$12.00 per share.

    Operational Update

    2024 Corporate Guidance Update

    FY 2024 average production guidance has been updated to 49,000 to 50,000 boe/d (49,500 boe/d midpoint) and concurrently, capital expenditure(5) guidance for the year has been updated to $350 to $370 million ($360 million midpoint).

    At $80/bbl Brent crude oil price, funds flow provided by operations(4) is expected to be $575 to $585 million and generate roughly $220 million of free funds flow(5) at the midpoint of guidance. A key driver of the funds flow provided by operations increase from the prior updated guidance is a lower projected effective tax rate for FY 2024.

    Category 2024 Updated Guidance
    (August 28, 2024)    		 2024 Updated Guidance
    (November 5, 2024)
    Brent Crude Oil Average Price $80/bbl $80/bbl
    Average Production 48,000-50,000 boe/d 49,000-50,000 boe/d
    Funds Flow Provided by Operations Netback(1)(2)(3) $30-32/boe $31-33/boe
    Funds Flow Provided by Operations(4) $545-565 million $575-585 million
    Capital Expenditures(5) $370-390 million $350-370 million
    Free Funds Flow(5) $175 million (midpoint) $220 million (midpoint)

    (1) Non-GAAP ratio. See “Non-GAAP and Other Financial Measures Advisory”.
    (2) 2024 updated assumptions: Vasconia differential: ~$4/bbl; production expense: $13-14/bbl; transportation expense: ~$3.50/bbl; G&A expense: ~$4.00/bbl; effective tax rate: 14-17%.
    (3) Supplementary financial measure. See “Non-GAAP and Other Financial Measures Advisory”.
    (4) Capital management measure. See “Non-GAAP and Other Financial Measures Advisory”.
    (5) Non-GAAP financial measure. See “Non-GAAP and Other Financial Measures Advisory”.

    Cabrestero and LLA-34(1)(2)

    The Cabrestero and LLA-34 blocks had average production of approximately 37,000 bbl/d of heavy crude oil (net) combined in Q3 2024. During the quarter, both blocks experienced higher-than-expected downtime that adversely affected quarterly production.

    Additionally, at both blocks, annual decline rates are broadly in line with Management budgeting where there is a continued focus on ramping up injection rates. At Cabrestero specifically, the Company continues to progress its polymer injection pilot and is moving towards approving a full field expansion based on success to date.

    (1) Cabrestero: 100% W.I.
    (2) LLA-34: 55% W.I.

    LLA-32 – Exploitation Update(1)

    Following the mid-year reallocation of 2024 capital to LLA-32, the Company has now drilled three successful wells on the block. The most recent well, the second follow-up appraisal well, is producing roughly 2,000 bbl/d of light crude oil (gross)(2). Based on success to date, Parex is continuing to invest capital and has spud a horizontal well.

    (1) 87.5% W.I.
    (2) Short-term production rate. See “Oil & Gas Matters Advisory.”

    Northern Llanos – Capachos Update(1)

    The first well of a three-well campaign came online in late Q3 2024. The well is currently producing roughly 4,000 bbl/d of light crude oil with approximately 6,000 mcf/d of natural gas (gross)(2).

    Parex plans to fulfill an exploration commitment and spud the second well of the campaign in the coming weeks.

    (1) 50% W.I.
    (2) Short-term production rate. See “Oil & Gas Matters Advisory.”

    Northern Llanos – Arauca(1)

    The Arauca-81 well is expected to be onstream in Q4 2024, following a successful operational sidetrack.

    (1) Business Collaboration Agreement with Ecopetrol S.A. (Parex 50% Participating Share); Ecopetrol S.A. currently holds 100% of the working interest in the Convenio Arauca while the assignment procedure is pending.

    Big ‘E’ Exploration – Llanos Foothills – LLA-122(1)

    The drilling of the Arantes well in the high-potential Colombian Foothills continues to progress on an extended timeline. In Q3 2024, an operational sidetrack was executed following a stuck pipe event; the sidetrack was successful, and the well is now at roughly 17,750 feet. Parex is progressing toward the setting of the final liner immediately above the zones of interest, prior to drilling and evaluating the prospective zones. Based on the current pace of operations, the Company expects preliminary results by YE 2024.

    (1) 50% W.I.

    Return of Capital Update

    Q4 2024 Dividend

    Parex’s Board of Directors have approved a Q4 2024 regular dividend of C$0.385 per share to shareholders of record on December 9, 2024, to be paid on December 16, 2024. This regular dividend payment to shareholders is designated as an “eligible dividend” for purposes of the Income Tax Act (Canada).

    Current Normal Course Issuer Bid

    As at October 31, 2024, Parex has repurchased approximately 4.5 million shares under its current NCIB, for total consideration of roughly C$85 million.

    2025 Budget & Guidance

    The Company continues to assess its short- and long-term development and exploration opportunities as it progresses through its 2025 budgeting and planning process, with next year’s corporate guidance expected to be released in January 2025.

    Q3 2024 Results – Conference Call & Webcast

    Parex will host a conference call and webcast to discuss its Q3 2024 results on Wednesday, November 6, 2024, beginning at 9:30 am MT (11:30 am ET). To participate in the conference call or webcast, please see the access information below:

    Conference ID:   7102953
    Participant Toll-Free Dial-In Number   1-646-307-1963
    Participant Dial-In Number:   1-647-932-3411
    Webcast:   https://events.q4inc.com/attendee/321063614
         

    About Parex Resources Inc.

    Parex is one of the largest independent oil and gas companies in Colombia, focusing on sustainable conventional production. The Company’s corporate headquarters are in Calgary, Canada, with an operating office in Bogotá, Colombia. Parex shares trade on the Toronto Stock Exchange under the symbol PXT.

    For more information, please contact:

    Mike Kruchten
    Senior Vice President, Capital Markets & Corporate Planning
    Parex Resources Inc.
    403-517-1733
    investor.relations@parexresources.com

    Steven Eirich
    Investor Relations & Communications Advisor
    Parex Resources Inc.
    587-293-3286
    investor.relations@parexresources.com

    NOT FOR DISTRIBUTION OR FOR DISSEMINATION IN THE UNITED STATES

    Non-GAAP and Other Financial Measures Advisory

    This press release uses various “non-GAAP financial measures”, “non-GAAP ratios”, “supplementary financial measures” and “capital management measures” (as such terms are defined in NI 52-112), which are described in further detail below. Such measures are not standardized financial measures under IFRS and might not be comparable to similar financial measures disclosed by other issuers. Investors are cautioned that non-GAAP financial measures should not be construed as alternatives to or more meaningful than the most directly comparable GAAP measures as indicators of Parex’s performance.

    These measures facilitate management’s comparisons to the Company’s historical operating results in assessing its results and strategic and operational decision-making and may be used by financial analysts and others in the oil and natural gas industry to evaluate the Company’s performance. Further, management believes that such financial measures are useful supplemental information to analyze operating performance and provide an indication of the results generated by the Company’s principal business activities.

    Set forth below is a description of the non-GAAP financial measures, non-GAAP ratios, supplementary financial measures and capital management measures used in this press release.

    Non-GAAP Financial Measures

    Capital expenditures, is a non-GAAP financial measure which the Company uses to describe its capital costs associated with oil and gas expenditures. The measure considers both property, plant and equipment expenditures and exploration and evaluation asset expenditures which are items in the Company’s statement of cash flows for the period and is calculated as follows:

     
      For the three months ended       For the nine months ended  
      Sep. 30,     Sep. 30,   Jun. 30,       Sep. 30,  
    ($000s)   2024       2023     2024       2024  
    Property, plant and equipment expenditures $ 68,406     $ 93,957   $ 49,214     $ 158,451  
    Exploration and evaluation expenditures   13,961       62,790     48,583       107,134  
    Capital expenditures $ 82,367     $ 156,747   $ 97,797     $ 265,585  


    Free funds flow,     is a non-GAAP financial measure that is determined by funds flow provided by operations less capital expenditures. The Company considers free funds flow to be a key measure as it demonstrates Parex’s ability to fund return of capital, such as the NCIB and dividends, without accessing outside funds and is calculated as follows:

     
      For the three months ended     For the nine months ended  
        Sep. 30,     Sep. 30,     Jun. 30,       Sep. 30,  
    ($000s)   2024       2023     2024       2024  
    Cash provided by operating activities $ 181,874     $ 87,568   $ 222,782     $ 502,068  
    Net change in non-cash working capital   (30,101 )     70,271     (41,830 )     (21,036 )
    Funds flow provided by operations   151,773       157,839     180,952       481,032  
    Capital expenditures   82,367       156,747     97,797       265,585  
    Free funds flow $ 69,406     $ 1,092   $ 83,155     $ 215,447  


    EBITDA    , is a non-GAAP financial measure that is defined as net income adjusted for finance income and expenses, income tax expense (recovery) and depletion, depreciation and amortization.

    Adjusted EBITDA, is a non-GAAP financial measure defined as EBITDA adjusted for non-cash impairment charges, unrealized foreign exchange gains (losses), unrealized gains (losses) on risk management contracts and share-based compensation expense (recovery).

    The Company considers EBITDA and Adjusted EBITDA to be key measures as they demonstrates Parex’s profitability before finance income and expenses, taxes, depletion, depreciation and amortization and other non-cash items. A reconciliation from net income to EBITDA and Adjusted EBITDA is as follows:

     
      For the three months ended     For the nine months ended  
        Sep. 30,       Sep. 30,       Jun. 30,       Sep. 30,  
    ($000s)   2024       2023       2024       2024  
    Net income $ 65,793     $ 119,736     $ 3,845     $ 129,731  
    Adjustments to reconcile net income to EBITDA:              
    Finance income   (963 )     (2,496 )     (1,097 )     (3,317 )
    Finance expense   7,494       5,219       5,421       18,109  
    Income tax expense   42,767       49,995       130,888       249,472  
    Depletion, depreciation and amortization   52,672       48,817       56,883       161,786  
    EBITDA $ 167,763     $ 221,271     $ 195,940     $ 555,781  
    Non-cash impairment charges   —       2,189       4,661       4,661  
    Share-based compensation expense (recovery)   (7,994 )     4,642       5,770       (4,687 )
    Unrealized foreign exchange loss (gain)   4,233       (2,318 )     24,176       27,022  
    Adjusted EBITDA $ 164,002     $ 225,784     $ 230,547     $ 582,777  


    Non-GAAP Ratios

    Operating netback per boe, is a non-GAAP ratio that the Company considers to be a key measure as it demonstrates Parex’ profitability relative to current commodity prices. Parex calculates operating netback per boe as operating netback (calculated as oil and natural gas sales from production, less royalties, operating, and transportation expense) divided by the total equivalent sales volume including purchased oil volumes for oil and natural gas sales price and transportation expense per boe and by the total equivalent sales volume excluding purchased oil volumes for royalties and operating expense per boe.

    Funds flow provided by operations netback per boe or FFO netback per boe, is a non-GAAP ratio that includes all cash generated from operating activities and is calculated before changes in non-cash working capital, divided by produced oil and natural gas sales volumes. The Company considers funds flow provided by operations netback per boe to be a key measure as it demonstrates Parex’s profitability after all cash costs relative to current commodity prices.

    Basic funds flow provided by operations per share or FFO per share, is a non-GAAP ratio that is calculated by dividing funds flow provided by operations by the weighted average number of basic shares outstanding. Parex presents basic funds flow provided by operations per share whereby per share amounts are calculated using weighted-average shares outstanding, consistent with the calculation of earnings per share. The Company considers basic funds flow provided by operations per share or FFO per share to be a key measure as it demonstrates Parex’s profitability after all cash costs relative to the weighted average number of basic shares outstanding.

    Capital Management Measures

    Funds flow provided by operations, is a capital management measure that includes all cash generated from operating activities and is calculated before changes in non-cash working capital. The Company considers funds flow provided by operations to be a key measure as it demonstrates Parex’s profitability after all cash costs. A reconciliation from cash provided by operating activities to funds flow provided by operations is as follows:

     
      For the three months ended     For the nine months ended  
        Sep. 30,     Sep. 30,     Jun. 30,       Sep. 30,  
    ($000s)   2024       2023     2024       2024  
    Cash provided by operating activities $ 181,874     $ 87,568   $ 222,782     $ 502,068  
    Net change in non-cash working capital   (30,101 )     70,271     (41,830 )     (21,036 )
    Funds flow provided by operations $ 151,773     $ 157,839   $ 180,952     $ 481,032  


    Working capital surplus (deficit),     is a capital management measure which the Company uses to describe its liquidity position and ability to meet its short-term liabilities. Working capital surplus (deficit) defined as current assets less current liabilities.

     
      For the three months ended     For the nine months ended  
      Sep. 30,       Sep. 30,     Jun. 30,     Sep. 30,  
    ($000s)   2024       2023       2024     2024  
    Current assets $ 248,208     $ 240,559     $ 281,846   $ 248,208  
    Current liabilities   210,699       298,070       247,690     210,699  
    Working capital surplus (deficit) $ 37,509     $ (57,511 )   $ 34,156   $ 37,509  


    Supplementary Financial Measures

    “Oil and natural gas sales per boe” is determined by sales revenue excluding risk management contracts, as determined in accordance with IFRS, divided by total equivalent sales volume including purchased oil volumes.

    “Royalties per boe” is comprised of royalties, as determined in accordance with IFRS, divided by the total equivalent sales volume and excludes purchased oil volumes.

    “Net revenue per boe” is comprised of net revenue, as determined in accordance with IFRS, divided by the total equivalent sales volume and excludes purchased oil volumes.

    “Production expense per boe” is comprised of production expense, as determined in accordance with IFRS, divided by the total equivalent sales volume and excludes purchased oil volumes.

    “Transportation expense per boe” is comprised of transportation expense, as determined in accordance with IFRS, divided by the total equivalent sales volumes including purchased oil volumes.

    “Dividends paid per share” is comprised of dividends declared, as determined in accordance with IFRS, divided by the number of shares outstanding at the dividend record date.

    Oil & Gas Matters Advisory

    The term “Boe” means a barrel of oil equivalent on the basis of 6 Mcf of natural gas to 1 barrel of oil (“bbl”). Boe’s may be misleading, particularly if used in isolation. A boe conversation ratio of 6 Mcf: 1 Bbl is based on an energy equivalency conversion method primarily applicable at the burner tip and does not represent a value equivalency at the wellhead. Given the value ratio based on the current price of crude oil as compared to natural gas is significantly different from the energy equivalency of 6 Mcf: 1Bbl, utilizing a conversion ratio at 6 Mcf: 1 Bbl may be misleading as an indication of value.

    This press release contains a number of oil and gas metrics, including, operating netbacks and FFO netbacks. These oil and gas metrics have been prepared by management and do not have standardized meanings or standard methods of calculation and therefore such measures may not be comparable to similar measures used by other companies and should not be used to make comparisons. Such metrics have been included herein to provide readers with additional measures to evaluate the Company’s performance; however, such measures are not reliable indicators of the future performance of the Company and future performance may not compare to the performance in previous periods and therefore such metrics should not be unduly relied upon. Management uses these oil and gas metrics for its own performance measurements and to provide security holders with measures to compare the Company’s operations over time. Readers are cautioned that the information provided by these metrics, or that can be derived from the metrics presented in this news release, should not be relied upon for investment or other purposes.

    Any reference in this press release to short-term production rates are useful in confirming the presence of hydrocarbons, however such rates are not determination of the rates at which such wells will continue production and decline thereafter and readers are cautioned not to place reliance on such rates in calculating the aggregate production of Parex.

    Distribution Advisory

    The Company’s future shareholder distributions, including but not limited to the payment of dividends and the acquisition by the Company of its shares pursuant to an NCIB, if any, and the level thereof is uncertain. Any decision to pay further dividends on the common shares (including the actual amount, the declaration date, the record date and the payment date in connection therewith and any special dividends) or acquire shares of the Company will be subject to the discretion of the Board of Directors of Parex and may depend on a variety of factors, including, without limitation the Company’s business performance, financial condition, financial requirements, growth plans, expected capital requirements and other conditions existing at such future time including, without limitation, contractual restrictions and satisfaction of the solvency tests imposed on the Company under applicable corporate law. Further, the actual amount, the declaration date, the record date and the payment date of any dividend are subject to the discretion of the Board. There can be no assurance that the Company will pay dividends or repurchase any shares of the Company in the future.

    Advisory on Forward Looking Statements

    Certain information regarding Parex set forth in this document contains forward-looking statements that involve substantial known and unknown risks and uncertainties. The use of any of the words “plan”, “expect”, “prospective”, “project”, “intend”, “believe”, “should”, “anticipate”, “estimate”, “forecast”, “guidance”, “budget” or other similar words, or statements that certain events or conditions “may” or “will” occur are intended to identify forward-looking statements. Such statements represent Parex’s internal projections, estimates or beliefs concerning, among other things, future growth, results of operations, production, future capital and other expenditures (including the amount, nature and sources of funding thereof), competitive advantages, plans for and results of drilling activity, environmental matters, business prospects and opportunities. These statements are only predictions and actual events or results may differ materially. Although the Company’s management believes that the expectations reflected in the forward-looking statements are reasonable, it cannot guarantee future results, levels of activity, performance or achievement since such expectations are inherently subject to significant business, economic, competitive, political and social uncertainties and contingencies. Many factors could cause Parex’s actual results to differ materially from those expressed or implied in any forward-looking statements made by, or on behalf of, Parex.

    In particular, forward-looking statements contained in this document include, but are not limited to, statements with respect to: the Company’s focus, plans, priorities and strategies; average production guidance and capital expenditure guidance; expectations and plans regarding the Cabrestero and LLA-34 blocks, the LLA-32 block, Northern Llanos – Capachos, the Arauca-81 well, and Llanos Foothills – LLA-122; the anticipated terms of the Company’s Q4 2024 regular quarterly dividend, including its expectation that it will be designated as an “eligible dividend”; and the anticipated date and time of Parex’s conference call to discuss Q3 2024 results.

    These forward-looking statements are subject to numerous risks and uncertainties, including but not limited to, the impact of general economic conditions in Canada and Colombia; prolonged volatility in commodity prices; industry conditions including changes in laws and regulations including adoption of new environmental laws and regulations, and changes in how they are interpreted and enforced in Canada and Colombia; determinations by OPEC and other countries as to production levels; competition; lack of availability of qualified personnel; the results of exploration and development drilling and related activities; obtaining required approvals of regulatory authorities in Canada and Colombia; the risks associated with negotiating with foreign governments as well as country risk associated with conducting international activities; volatility in market prices for oil; fluctuations in foreign exchange or interest rates; environmental risks; changes in income tax laws or changes in tax laws and incentive programs relating to the oil industry; changes to pipeline capacity; ability to access sufficient capital from internal and external sources; failure of counterparties to perform under contracts; the risk that Brent oil prices may be lower than anticipated; the risk that Parex’s evaluation of its existing portfolio of development and exploration opportunities may not be consistent with its expectations; the risk that Parex may not have sufficient financial resources in the future to provide distributions to its shareholders; the risk that the Board may not declare dividends in the future or that Parex’s dividend policy changes; the risk that Parex may not be responsive to changes in commodity prices; the risk that Parex may not meet its production guidance for the year ended December 31, 2024; the risk that Parex’s 2024 capital expenditures may be greater than anticipated; the risk that plans and expectations related to Parex’s drilling program as disclosed herein do not materialize as expected and/or at all; the risk that Parex may not be able to increase production into year end; and other factors, many of which are beyond the control of the Company.

    Readers are cautioned that the foregoing list of factors is not exhaustive. Additional information on these and other factors that could affect Parex’s operations and financial results are included in reports on file with Canadian securities regulatory authorities and may be accessed through the SEDAR+ website (www.sedarplus.ca).

    Although the forward-looking statements contained in this document are based upon assumptions which Management believes to be reasonable, the Company cannot assure investors that actual results will be consistent with these forward-looking statements. With respect to forward-looking statements contained in this document, Parex has made assumptions regarding, among other things: current and anticipated commodity prices and royalty regimes; availability of skilled labour; timing and amount of capital expenditures; future exchange rates; the price of oil, including the anticipated Brent oil price; the impact of increasing competition; conditions in general economic and financial markets; availability of drilling and related equipment; effects of regulation by governmental agencies; receipt of partner, regulatory and community approvals; royalty rates; future operating costs; uninterrupted access to areas of Parex’s operations and infrastructure; recoverability of reserves and future production rates; the status of litigation; timing of drilling and completion of wells; on-stream timing of production from successful exploration wells; operational performance of non-operated producing fields; pipeline capacity; that Parex will have sufficient cash flow, debt or equity sources or other financial resources required to fund its capital and operating expenditures and requirements as needed; that Parex’s conduct and results of operations will be consistent with its expectations; that Parex will have the ability to develop its oil and gas properties in the manner currently contemplated; that Parex’s evaluation of its existing portfolio of development and exploration opportunities is consistent with its expectations; current or, where applicable, proposed industry conditions, laws and regulations will continue in effect or as anticipated as described herein; that the estimates of Parex’s production and reserves volumes and the assumptions related thereto (including commodity prices and development costs) are accurate in all material respects; that Parex will be able to obtain contract extensions or fulfill the contractual obligations required to retain its rights to explore, develop and exploit any of its undeveloped properties; that Parex will have sufficient financial resources to pay dividends and acquire shares pursuant to its NCIB in the future; that Parex is able to execute its plans with respect to the Company’s drilling program as disclosed herein; and other matters.

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

    This press release contains information that may be considered a financial outlook under applicable securities laws about the Company’s potential financial position, including, but not limited to; Parex’s FY 2024 capital expenditure guidance and midpoint capital expenditure guidance; Parex 2024 guidance, including anticipated Brent crude oil average prices, funds flow provided by operations netback; funds flow provided by operations, capital expenditures, free funds flow; and the anticipated terms of the Company’s Q4 2024 regular quarterly dividend including its expectation that it will be designated as an “eligible dividend”, all of which are subject to numerous assumptions, risk factors, limitations and qualifications, including those set forth in the above paragraphs. The actual results of operations of the Company and the resulting financial results will vary from the amounts set forth in this press release and such variations may be material. This information has been provided for illustration only and with respect to future periods are based on budgets and forecasts that are speculative and are subject to a variety of contingencies and may not be appropriate for other purposes. Accordingly, these estimates are not to be relied upon as indicative of future results. Except as required by applicable securities laws, the Company undertakes no obligation to update such financial outlook. The financial outlook contained in this press release was made as of the date of this press release and was provided for the purpose of providing further information about the Company’s potential future business operations. Readers are cautioned that the financial outlook contained in this press release is not conclusive and is subject to change.

    The following abbreviations used in this press release have the meanings set forth below:

    bbl   one barrel
    bbls   barrels
    bbl/d   barrels per day
    boe   barrels of oil equivalent of natural gas; one barrel of oil or natural gas liquids for six thousand cubic feet of natural gas
    boe/d   barrels of oil equivalent of natural gas per day
    mcf   thousand cubic feet
    mcf/d   thousand cubic feet per day
    W.I.   working interest
     

    PDF available: http://ml.globenewswire.com/Resource/Download/036d688c-0a1e-4b88-a59e-ea8a6ec811a7

    The MIL Network –

  • MIL-OSI China: China-Europe SMILE satellite to depart for Europe

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

    China-Europe SMILE satellite to depart for Europe

    Updated: November 6, 2024 09:01 Xinhua
    Technicians check the Solar Wind Magnetosphere Ionosphere Link Explorer (SMILE) at a workshop of the Innovation Academy for Microsatellites of Chinese Academy of Sciences (CAS) in Shanghai, east China, Nov. 4, 2024. The SMILE is a joint mission between the CAS and the European Space Agency (ESA) that aims to deepen the understanding of the Sun-Earth connection by observing the dynamic interaction between the solar wind and the Earth’s magnetosphere. The SMILE satellite has completed the development work in China, including satellite testing, system interface testing and environmental experiments, according to the National Space Science Center of the CAS. The SMILE is about to depart for Europe. It is scheduled for launch by the end of 2025 from Europe’s space launch site in Kourou, French Guiana, by Arianespace’s Vega-C launch vehicle. [Photo/Xinhua]
    A technician checks the Solar Wind Magnetosphere Ionosphere Link Explorer (SMILE) at a workshop of the Innovation Academy for Microsatellites of Chinese Academy of Sciences (CAS) in Shanghai, east China, Nov. 4, 2024. [Photo/Xinhua]
    A technician checks the Solar Wind Magnetosphere Ionosphere Link Explorer (SMILE) at a workshop of the Innovation Academy for Microsatellites of Chinese Academy of Sciences (CAS) in Shanghai, east China, Nov. 4, 2024. [Photo/Xinhua]
    A technician measures the Solar Wind Magnetosphere Ionosphere Link Explorer (SMILE) at a workshop of the Innovation Academy for Microsatellites of Chinese Academy of Sciences (CAS) in Shanghai, east China, Nov. 4, 2024. [Photo/Xinhua]
    Technicians check the Solar Wind Magnetosphere Ionosphere Link Explorer (SMILE) at a workshop of the Innovation Academy for Microsatellites of Chinese Academy of Sciences (CAS) in Shanghai, east China, Nov. 4, 2024. [Photo/Xinhua]
    Technicians pack the battery pack of the Solar Wind Magnetosphere Ionosphere Link Explorer (SMILE) at a workshop of the Innovation Academy for Microsatellites of Chinese Academy of Sciences (CAS) in Shanghai, east China, Nov. 4, 2024. [Photo/Xinhua]
    Customs officers check the packages for the Solar Wind Magnetosphere Ionosphere Link Explorer (SMILE) at a workshop of the Innovation Academy for Microsatellites of Chinese Academy of Sciences (CAS) in Shanghai, east China, Nov. 4, 2024. [Photo/Xinhua]
    A technician checks the Solar Wind Magnetosphere Ionosphere Link Explorer (SMILE) at a workshop of the Innovation Academy for Microsatellites of Chinese Academy of Sciences (CAS) in Shanghai, east China, Nov. 4, 2024. [Photo/Xinhua]
    A technician packs the battery pack of the Solar Wind Magnetosphere Ionosphere Link Explorer (SMILE) at a workshop of the Innovation Academy for Microsatellites of Chinese Academy of Sciences (CAS) in Shanghai, east China, Nov. 4, 2024. [Photo/Xinhua]
    Technicians measure the Solar Wind Magnetosphere Ionosphere Link Explorer (SMILE) at a workshop of the Innovation Academy for Microsatellites of Chinese Academy of Sciences (CAS) in Shanghai, east China, Nov. 4, 2024. [Photo/Xinhua]
    A technician checks the Solar Wind Magnetosphere Ionosphere Link Explorer (SMILE) at a workshop of the Innovation Academy for Microsatellites of Chinese Academy of Sciences (CAS) in Shanghai, east China, Nov. 4, 2024. [Photo/Xinhua]

    MIL OSI China News –

  • MIL-OSI New Zealand: Health and Employment – Nurses stop work across the country – NZNO

    Source: New Zealand Nurses Organisation

    Members of the New Zealand Nurses Organisation Tōpūtanga Tapuhi Kaitiaki o Aotearoa (NZNO) employed by Te Whatu Ora are attending a series of 62 meetings across the country over urgent pressing issues.
    These hour-long meetings started on Monday and end on Friday. They aim to allow nurses, midwives, and health care assistants to review Te Whatu Ora’s intention to pause calculations for the Care Capacity Demand Management (CCDM) safe staffing programme during collective bargaining late last month.
    The employer restricting bargaining parameters to 1% of total employee costs will also be discussed.
    Meeting schedule for Thursday:
    • Whangārei – Whangārei Hospital 2nd Floor Conference Room – 2.30pm-3.30pm
    • Kaitāia – Kaitāia Hospital level 3/meeting room 1 – 2.30pm-3.30pm
    • Dargaville – Dargaville Hospital, Dargaville ward lounge – 2.30pm-3.30pm
    • Bay of Islands – Community Building Meeting Room – 2.30pm-3.30pm
    • Auckland – Greenlane Hospital, Building 13, Level 7 – 8.30am-9.30am & 10am-11am
    • Auckland – Waitakere Hospital – Muriwai A wing dining room – 2.45pm-3.45pm
    • Auckland – Manukau Health Park – Conference Room 1 – 12pm-1pm
    • Whakatāne – Clinical School Conference Hall, Whakatāne Hospital – 1.30pm-2.30pm
    • Tokoroa – Library Tokoroa Hospital – 11am-12pm
    • Hawkes Bay – Harding Hall Hastings Hospital – 1pm-2pm
    • Whanganui – Whanganui Jockey Club – 1.30pm-2.30pm
    • Wairarapa – Wairarapa Hospital -2.30pm-3.30pm
    • Blenheim – Wesley Centre – 1.30pm-2.30pm
    • Nelson – Finance Meeting Room, Braemar Campus, Nelson Hospital – 1pm-2pm & 2pm-3pm
    • Timaru – Caroline Bay Community Lounge – 1.30pm-2.30pm.

    MIL OSI New Zealand News –

  • MIL-OSI New Zealand: Home-based ECE care made easier

    Source: New Zealand Government

    Associate Education Minister David Seymour says the Government is cutting red tape in the ECE sector to help make it easier for providers to operate and offer more options to families looking for home-based education and care for their children.

    “I have heard from providers that some of the red tape around home-based ECE care is too onerous and makes them spend too much time on compliance,” says Mr Seymour.

    “While there is huge demand for ECEs, numbers show supply isn’t keeping up. That is why we are committed to making changes which will allow the industry to expand and continue to provide high-quality service for families and their children. 

    Current regulations require 60 percent of educators working for a home-based provider to hold a Level 4 ECE qualification. The remaining 40 percent can be anyone, whether they are working towards their qualification or not, in no particular ratio.  

    “Plans to increase the requirement to 80 percent of educators at the start of 2025 have been scrapped. It would have been burdensome for providers and make it difficult for those wanting to enter the profession by limiting opportunities. This also harms the prospects of industry growth, which providers want,” says Mr Seymour.

    “We’ve listened to providers and added flexibility to the equation. From 1 January 2025 the qualified educator requirement will be removed all together and replaced with a requirement that 100 percent of educators are either fully qualified, or in training to be fully qualified, within six months of their employment.

    “This means providers can more easily maintain the balance between qualified and in-training educators, reducing the possibility of closure. For smaller providers, the difference between compliance and non-compliance could be one qualified educator. This is the difference between a child being able to access education or not. 

    From 1 January 2025, the standard funding rate will no longer apply. All services will receive one single funding rate set at the current quality funding rate. This will become the new base rate for licensed home-based services regardless of how many qualified educators they have in their service.

    “To further increase flexibility, we are allowing home-based persons responsible (often referred to as visiting teachers or coordinators) to work in more than two licensed ECE services per month,” says Mr Seymour. 

    “These changes, which I expect to be made by the end of this year, are part of our effort to reduce red tape in the early learning sector. Alongside these changes the Ministry for Regulation is conducting a regulatory review of the ECE sector as a whole.”

    Note to editors: 

    MIL OSI New Zealand News –

  • MIL-OSI: Cycling Enthusiasts Gear Up for the Upcoming Two-Day 2024 Areti Gran Prix Cyprus

    Source: GlobeNewswire (MIL-OSI)

    LIMASSOL, CYPRUS, Nov. 05, 2024 (GLOBE NEWSWIRE) — The vibrant local cycling community INEX CLUB is organizing the 2024 ARETI Gran Prix Cyprus on November 9-10, 2024, in the picturesque coastal city of Limassol, Cyprus. The organizers have designed the exhilarating two-day cycling event to challenge cyclists of all skill levels with two distinct stages, each offering a unique experience.

    On day one, cyclists will tackle the 70km Coastal Challenge from Limassol to Pentakomo. This route offers stunning coastal views that showcase the region’s natural beauty. On day two, a fast-paced 30km circuit race around Limassol’s new port area provides an exciting urban racing experience for both participants and spectators.

    Ilnur Zakarin, co-founder of the INEX CLUB, expressed his enthusiasm for the race. “The 2024 Areti Gran Prix Cyprus is a celebration of cycling and our region’s beautiful landscapes. We’re excited to provide a platform for cyclists to challenge themselves and inspire others to embrace this wonderful sport.”

    At the end of the race, participants and their supporters will gather at the Finish Line Village, where a lively celebration awaits. According to the INEX team, the village will be filled with refreshments, flags, and inflatables, creating a colorful and welcoming ambiance.

    The organizers encourage families and friends to come out and cheer on the cyclists as the 2024 Areti Gran Prix Cyprus will also culminate in an awards ceremony recognizing the outstanding performances of all participants.

    Sponsorship and Community Support

    The generous sponsorship of ARETI International Group, founded by Igor Makarov makes the 2024 Cyprus Gran Prix possible. A former professional cyclist and member of the UCI Management Committee, Makarov has dedicated his efforts to promoting cycling worldwide.

    Makarov’s cycling career includes initiatives and involvement with various cycling organizations, such as the Union Européenne de Cyclisme (UEC). He has also supported local charity rides like the “Tour de Broward” and “The Hublot Best Buddies Challenge: Miami.”

    The former cyclist also founded and sponsored the Katusha Team, a professional cycling team that competed successfully on the World Tour from 2009 to 2019.

    Sponsoring the 2024 Areti Gran Prix Cyprus marks Igor Makarov’s second collaboration with INEX CLUB, following the successful INEX Charity Ride held earlier this year. As a Cyprus citizen, Makarov is committed to supporting local cycling initiatives and nurturing young Cypriot talent through comprehensive support and training.

    “The 2024 Gran Prix Cyprus aims to bring together cycling enthusiasts while inspiring new young talents. We hope this race is not the last but just the start of the continuous development of the sport in the beautiful Cyprus region,” Igor Makarov mentions.

    For the complete registration details of the 2024 Areti Gran Prix Cyprus, please visit https://inex.club/granprixcyprus.

    About INEX CLUB

    Ex-professional cyclists Ilnur Zakarin and Viacheslav Kuznetsov, who have over 20 years of cycling experience, founded the INEX CLUB. They’ve won big races like the Giro d’Italia and Tour de France and completed over 15 Grand Tours. In 2023, they decided to end their professional careers and transfer their valuable experience and passion to change the cycling world in Cyprus.

    Contact Information

    Brand: ZAK INEX CLUB LTD

    Contact: Yuliia Tumenko

    Email: events@inex.club

    Website: https://inex.club

    The MIL Network –

  • MIL-OSI New Zealand: Trio arrested over alleged blessing scam

    Source: New Zealand Police (National News)

    Attribute to Detective Senior Sergeant Craig Bolton, Auckland City Financial Crime Unit:

    Three suspected scammers have been arrested trying to leave New Zealand with a large quantity of cash from their alleged victims. 

    A 50-year-old man and two women, 59 and 53, were arrested at Auckland International Airport yesterday by detectives from the Auckland City Financial Crime Unit. The trio, all Chinese nationals, were arrested just before they checked in for their flights to China.

    They arrived in New Zealand on 10 October. Police alleged that two days later, they began operating a blessing scam – a form of fraud targeting immigrant or elderly communities who are deceived into believing they or their loved ones are cursed or in spiritual danger.

    Police have jointly charged the three suspects with two counts of obtaining by deception. The charges relate to two victims – one who lost $14,500 and jewellery and another who lost $15,000.

    The accused were remanded in custody following their arrest and are due to appear in the Auckland District Court today. Police are continuing to tally the money that has been recovered, but it is a substantial amount.

    Perpetrators of blessing scams pose as healers or spiritual practitioners, offering to remove the curse or bring good fortune in exchange for money or valuable items. Victims are pressured to hand over cash or jewellery, typically instructed not to open the packages they receive, only to later discover that the contents are worthless.

    While the Financial Crime Unit has identified two victims so far, it’s highly likely more people were targeted.

    We urge anyone who may have fallen victim to this scam to contact us and encourage members of New Zealand’s Chinese community to talk with elderly relatives and make a report if they have been scammed.

    If you have any information that could help our enquiries, please contact us at https://105.police.govt.nz or call 105.

    In New Zealand, blessing scams have predominantly targeted Chinese communities, exploiting cultural beliefs in spiritual healing and curses. This type of fraud has been active in New Zealand for more than 15 years, with a notable rise in cases in Auckland in recent years.

    Police have continued to raise awareness within at-risk communities, yet these fraudulent activities persist, often carried out by well-coordinated groups.

    Police remain committed to protecting all members of the public from fraud and financial harm, and ensuring that everyone feels safe from deceptive practices.

    We encourage the community to stay vigilant against scams and to remain cautious when approached by individuals offering unsolicited services.

    If you suspect that you may have fallen victim to a scam, please contact Police via 105 immediately.

    ENDS

    Issued by the Police Media Centre

    MIL OSI New Zealand News –

  • MIL-OSI: AvePoint Launches AI Lab in Singapore to Drive Industry-Focused Innovation

    Source: GlobeNewswire (MIL-OSI)

    SINGAPORE, Nov. 06, 2024 (GLOBE NEWSWIRE) — AvePoint (Nasdaq: AVPT), the global leader in data management and data governance, today announced the launch of its AI Lab, supported by the Singapore Economic Development Board (EDB), to advance AI-driven research and innovation in the cutting-edge domains of artificial intelligence (AI) and machine learning. The AI Lab is set to address global industry challenges by fostering new research and embedding AI across the AvePoint Confidence Platform.

    The AI Lab will serve as a central hub for high-impact research in AI, focusing on spurring industry-relevant R&D while having a global reach. Researchers, drawn from both local and international talent pools, will have the opportunity to work with AvePoint’s global teams on use cases from different countries, ensuring an international exchange of knowledge and insights.

    The lab will hire over 25 AI researchers and program specialists in the next three years to support these initiatives, driving AI innovation not only in Singapore but also across the globe. It will enable local PhD-qualified researchers to work with top foreign researchers via a global rotational program to AvePoint’s HQ. Additionally, the lab will provide collaboration with a network of universities, and with AvePoint’s global product teams.

    “We are excited to launch the AvePoint AI Lab, which will be instrumental in advancing AI-driven research and addressing industry needs,” said Wei Chen, Head of R&D, AvePoint. “With this lab, we aim to develop impactful solutions that benefit industries globally while enhancing our SaaS products.”

    Global Focus on AI Innovation

    With its international exchange element, the AvePoint AI Lab will develop AI-driven solutions for key sectors including:

    • Education: AI technologies will be harnessed to transform learning and assessments, offering personalized, AI-driven academic advisors tailored to students’ levels of study.
    • FinTech: AI will streamline banking processes through advanced data aggregation and fraud detection, as well as automating Know Your Customer (KYC) services for improved financial product recommendations.

    The AI Lab will also develop solutions that cut across various sectors, such as enhancing collaboration and knowledge management through AI, and creating innovative recommendation systems for career development and lifelong learning, applicable to a global audience.

    Philbert Gomez, Executive Director & Head, Digital Industry Singapore (DISG) said, “EDB is committed to fostering AI innovation that addresses real-world industry challenges. We are pleased to support AvePoint’s AI Lab in Singapore, which will not only advance cutting-edge AI research but also translate these innovations into practical solutions for global markets. This initiative aligns with our goal of positioning Singapore as a hub for AI talent and innovation, creating high-value job opportunities and driving the development of AI applications that can enhance productivity and competitiveness across various sectors worldwide.”

    Commercialization and Global Business Impact

    The AI Lab’s primary goal is to commercialize its research into AvePoint’s SaaS products, creating new business opportunities while enhancing existing product offerings to address evolving global market needs.

    “As we explore new areas of AI applications, our focus remains on translating these breakthroughs into practical applications for our customers worldwide,” added Wei Chen. “This lab enables us to collaborate on a global scale, ensuring that the innovations we develop here in Singapore can impact industries around the world.”

    About AvePoint

    Securing the Future. AvePoint is the global leader in data management and data governance, and over 21,000 customers worldwide rely on our solutions to secure the digital workplace across Microsoft, Google, Salesforce and other cloud environments. AvePoint’s global partner program includes over 3,500 managed service providers, value-added resellers, and systems integrators, with our solutions available in more than 100 cloud marketplaces.

    Disclosure Information

    AvePoint uses the https://ir.avepoint.com/ website as a means of disclosing material non-public information and for complying with its disclosure obligations under Regulation FD.

    Forward-Looking Statements

    This press release contains certain forward-looking statements within the meaning of the “safe harbor” provisions of the United States Private Securities Litigation Reform Act of 1995 and other federal securities laws including statements regarding the future performance of and market opportunities for AvePoint. These forward-looking statements generally are identified by the words “believe,” “project,” “expect,” “anticipate,” “estimate,” “intend,” “strategy,” “future,” “opportunity,” “plan,” “may,” “should,” “will,” “would,” “will be,” “will continue,” “will likely result,” and similar expressions. Forward-looking statements are predictions, projections and other statements about future events that are based on current expectations and assumptions and, as a result, are subject to risks and uncertainties. Many factors could cause actual future events to differ materially from the forward-looking statements in this press release, including but not limited to: changes in the competitive and regulated industries in which AvePoint operates, variations in operating performance across competitors, changes in laws and regulations affecting AvePoint’s business and changes in AvePoint’s ability to implement business plans, forecasts, and ability to identify and realize additional opportunities, and the risk of downturns in the market and the technology industry. You should carefully consider the foregoing factors and the other risks and uncertainties described in the “Risk Factors” section of AvePoint’s most recent Annual Report on Form 10-K and its registration statement on Form S-3 and related prospectus and prospectus supplements filed with the SEC. Copies of these and other documents filed by AvePoint from time to time are available on the SEC’s website, www.sec.gov. These filings identify and address other important risks and uncertainties that could cause actual events and results to differ materially from those contained in the forward-looking statements. Forward-looking statements speak only as of the date they are made. Readers are cautioned not to put undue reliance on forward-looking statements, and AvePoint does not assume any obligation and does not intend to update or revise these forward-looking statements after the date of this release, whether as a result of new information, future events, or otherwise, except as required by law. AvePoint does not give any assurance that it will achieve its expectations.

    Investor Contact
    AvePoint
    Jamie Arestia
    ir@avepoint.com
    (551) 220-5654

    Media Contact
    AvePoint
    Nicole Caci
    pr@avepoint.com
    (201) 201-8143

    The MIL Network –

  • MIL-Evening Report: 5 Indian films from the 2024 Adelaide Film Festival that blew me away

    Source: The Conversation (Au and NZ) – By Yanyan Hong, PhD Candidate in Communication and Media Studies, University of Adelaide

    In The Belly of a Tiger/IMDB

    This year’s Adelaide Film Festival (AFF2024) had something truly exciting laying in wait: a spotlight on Indian cinema.

    While many people are familiar with Bollywood, most don’t know about the vast film industry that exists beyond it. And this is no small market; India is currently the most populated country in the world.

    This year’s festival delivered a variety of Indian films from regions and directors that remain underrepresented. From award-winning tales, to a poetic nature documentary, to a sweet coming-of-age story from the North East, the program promises to challenge and expand our understanding of what Indian cinema can offer.

    Of all the films I saw, these five spoke to me the most.

    All We Imagine As Light

    Payal Kapadia’s Cannes Grand Prix winner, All We Imagine as Light, was the film that I’d most looked forward to – and it turned out to be as dreamlike as its title promised.

    It’s an ode to the city of Mumbai, also known as India’s “dream-making factory” (and where Bollywood is based). Mumbai is where Indians from all states and of all languages come to fulfil their dreams.

    The story follows three female nurses, Prabha (Kani Kusruti), Anu (Divya Prabha) and Parvaty (Chhaya Kadam), who come to Mumbai looking for a better life. Yet they find themselves struggling to belong in a city that refuses to embrace them.

    As Kapadia explains: “The film is about not being able to see a way out when one is surrounded by darkness […] that hope doesn’t exist if you have never seen it.”

    Kapadia’s storytelling brings a kind of realism rarely seen in popular Indian cinema – not through larger-than-life spectacle or the resplendent city skyline, but through the quiet intimacy of shared apartments, poetry booklets, dinner dates, and small joys and defeats. It is simply soulful.

    The film blends themes of female solidarity and friendship with heavier topics such as religious differences, migrant struggles, language barriers and class divides – yet it feels as gentle as rain on skin.

    While some have critiqued the film for being too slow (and I admittedly felt this at times), this is exactly how Kapadia managed to turn a city with more than 21 million people into a place that feels completely lonely.

    Second Chance

    Unlike the vibrant image of India we’re so used to – full of colour, song and lively dances – Subhadra Mahajan’s black-and-white film Second Chance is nothing short of breathtaking.

    Set in the snowy peaks of Himachal Pradesh, the film follows 25-year-old Nia (Dheera Johnson) as she retreats to her family’s Himalayan holiday home after a painful breakup and the emotional toll of taking abortion pills. Mahajan captures the stark, quiet beauty of the Himalayan landscape, where time slows down and silence seems to heal.

    The film is shot among the snow-covered Himalayan mountains.
    Adelaide Film Festival

    There, she finds unexpected companions through Bhemi and Sunny. Bhemi, the gentle 70-year-old mother-in-law of the home’s caretaker, is played with a captivating authenticity by Thakra Devi, a local resident and non-professional actress. Sunny (Kanav Thakur) is Bhemi’s playful and curious 8-year-old grandson.

    At the top of the world, Second Chance crafts a beautiful and intimate space where we are invited to see that there’s always another chance to find oneself – a chance as infinite and expansive as the snow-capped peaks themselves.

    Nocturnes

    It’s rare to see films such as Second Chance, which are made in the Himalayas. But it’s even rarer to see an Indian nature documentary such as Nocturnes. The film follows a scientist named Mansi and her indigenous assistants as they chase down thousands of Himalayan moths (particularly Hawk moths).

    Directed by Anirban Dutta and Anupama Srinivasan, Nocturnes captures the hypnotic rhythms of field study (something that particularly resonates with me as a researcher).

    Fluttering wings and insect trills create a serene soundscape. The close-ups of the moths – their textures, patterns and slight vibrating movements – are fascinating to observe – as the the wider shots of the scientists’ glowing setup in the darkened forest, which drew me in like a moth to light.

    Nocturnes is a thoughtful, meditative film that reminds us of how our destruction of the climate can impact these ancient residents of Earth. As the voiceover reminds is, “we most likely cannot survive what the moths have been through.”

    Boong

    Right from the opening scene, Boong pulled me in with unexpected laughs. The titular character Boong (Gugun Kipgen) is a schoolboy who, along with his best friend Raju (Angom Sanamatum), embarks on a risky journey along India’s militarised eastern border to bring Boong’s absent father back home.

    In one scene, the playful prankster, Boong, aims his slingshot at his school’s entryway sign.
    IMDB

    As they make their way, we’re treated to views from Manipur, India’s North East state near Myanmar, which we rarely see in mainstream Indian cinema. Boong itself tips its hat to Bollywood a few times, such as when Raju shows his excitement upon hearing the song Lungi Dance from the Bollywood blockbuster Chennai Express (2013), or when the the chief villager’s secret home cinema is adorned with Hindi film posters.

    Director Lakshmipriya Devi does a fantastic job showcasing the region’s vibrant yet complex culture. All the while, she highlights some surprising lesser-known facts, such as how Hindi films were banned in Manipur for years in the name of protecting local culture, language and the regional film industry.

    While Manipur’s cinematic potential is still largely untapped, Boong is a brilliant step.

    In the Belly of a Tiger

    Of the 23 films I saw at AFF2024, In the Belly of a Tiger was a precious gem that stayed with me.

    This multinational production (which just won the festival’s Feature Fiction Award) tells a heart-wrenching story of an elderly and desperately poor couple faced with an impossible choice: which one of them will go into the forest to be eaten by a tiger so the other can receive government compensation?

    It’s a deeply spiritual and painfully pragmatic exploration of power, sacrifice, love and hope.

    The symbolism of the film’s poster hints at its larger themes. Just as Hindu mythology posits the universe emerged from Lord Vishnu’s navel, unfolding like the petals of a lotus, we see how fate, too, blossoms unevenly.

    The film’s poster signposts some of its larger themes.
    IMDB

    In the film, a poor family in a remote village longs for a better life in the next world, holding tightly to memories of young, innocent love.

    Shooting in Hindi, and featuring mostly non-professional actors, In the Belly of a Tiger is both authentic and ambitious. Indian director and cinematographer Jatla Siddhartha collaborated with some of the biggest names in cinema to bring the story to life, including multiple Oscar-winning sound designer Resul Pookutty (who also worked on Slumdog Millionaire).

    The music is composed by Japan’s Umebayashi Shigeru, known for his work on Wong Kar-wai’s In the Mood for Love (2000) and The Grandmaster (2013). Shigeru’s melodies bring an emotional and magical tone to what is, at its heart, a truly Indian story.

    More dreams to share

    The films I’ve highlighted here represent some of the most exciting and thought-provoking works coming out of India today.

    While the Mumbai-based Bollywood industry is undeniably a huge part of Indian culture, it’s only one piece of the puzzle. These films paint a far richer and more diverse portrait of India, its people, its struggles and its beauty.

    They also showcase a glorious future for Indian cinema – one which promises to carry the dreams of a nation eager to share its stories with the world.

    Yanyan Hong 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. 5 Indian films from the 2024 Adelaide Film Festival that blew me away – https://theconversation.com/5-indian-films-from-the-2024-adelaide-film-festival-that-blew-me-away-242118

    MIL OSI Analysis – EveningReport.nz –

  • MIL-OSI China: Taikonauts to conduct in-orbit experiments on fruit flies

    Source: China State Council Information Office 2

    The newly launched Shenzhou-19 taikonauts have embarked on their six-month journey aboard China’s space station. Their packed schedule includes 86 sci-tech experiments, with a particularly intriguing one – the fruit fly research, aimed at studying the growth and behaviors of these insects at a distance of 400 km above Earth.
    The fruit fly is one of the model species frequently used in genetic experiments. It is small, measuring only 3 to 4 mm in length, and has a short life cycle with fast reproduction capabilities, enabling it to produce a large number of offspring within a short period, according to Zhang Wei, a researcher involved in the selection of in-orbit scientific experiments, at the Technology and Engineering Center for Space Utilization under the Chinese Academy of Sciences.
    “The genes of fruit flies share many similarities with those of humans, so the study can help with understanding human genetic diseases and provide insights into how humans adapt to space environments,” Zhang said in a recent interview.
    He also noted that future space research plans will involve conducting experiments on mice, which are more complex life forms compared to fruit flies.
    “We have planned to send mice to space for breeding on an animal platform. And some lab mice in space may be brought back to Earth for further study, which will focus on their nerves, bones, muscles and immunity,” the researcher added.
    This is the first time that China has taken the small insects into space, and the aim of the study seems to be exploring the deeper universe.
    According to scientists, Earth provides a magnetic field as a basic guarantee for our daily lives, but Mars does not possess similar strong magnetic protection and the moon has none at all. Understanding how the human body responds to such an environment remains a major challenge in space exploration.
    “So we have to conduct relevant research in advance, creating a sub-magnetic environment and observing how the fruit flies develop, grow and behave,” Zhang said.
    China launched the Shenzhou-19 (Magical Ship) crewed spaceship on Oct. 30, sending three taikonauts, two male and one female, to its orbiting space station Tiangong (Heavenly Palace) for a half-year stay. The trio in mid-November will witness the arrival of Tianzhou-8 (Sky Ship) cargo craft, which will send up supplies and experiment payloads, including the sub-magnetic facility with fruit flies, according to the researcher.
    The previous Shenzhou-18 crew during their six-month mission also performed numerous experiments inside the national space lab, and one task was creating an “aquarium” and raising four zebra fish and four grams of goldfish algae in zero gravity, a breakthrough in the field of raising vertebrates in space.
    Not only the taikonauts found joy in the space “aquarium,” but it also paved the way for their future counterparts to enjoy nutritious fish from their own in-orbit harvests.
    According to scientists, the water, fish eggs and other experimental samples obtained through the space “aquarium” have been brought back to Earth with the crew on Monday. These samples will provide valuable data for scientists to study vertebrate lives.
    Besides life science experiments, the orbiting taikonauts will carry out research on materials, including rare earth soft magnetic materials, blade materials for gas turbines and special functional crystals. These findings will provide insights for developing advanced instruments on Earth.

    MIL OSI China News –

  • MIL-OSI China: Notable strides made in higher education

    Source: China State Council Information Office 2

    A student and family members pose for a photo at a national college entrance examination site in Shijiazhuang, north China’s Hebei Province, June 9, 2024. [Photo/Xinhua]
    In recent years, China has made remarkable strides in the development of its higher education system, particularly through the initiative of building world-class universities and disciplines with Chinese characteristics, Education Minister Huai Jinpeng said.
    The “Double First Class” initiative, which was launched to develop a set of world-class institutions and disciplines in China, has undergone two rounds of changes, Huai said when delivering a report which was submitted to an ongoing session of the Standing Committee of the National People’s Congress, China’s top legislature, for review on Tuesday.
    The first round identified 140 universities and 465 disciplines to be part of the initiative and the second round has added seven universities and 41 disciplines, with an emphasis on foundational and cutting-edge fields that are critical to the country’s development, according to the report.
    China has implemented programs for basic disciplines, establishing 288 elite student training bases, 14 national centers for talent development in mathematics and physics and 16 interdisciplinary research centers, aiming to contribute to significant advances in disciplines such as quantum science, materials engineering and space exploration, it said.
    Universities are evaluated based on their overall development and growth potential. Some top-tier institutions like Peking University and Tsinghua University are allowed to autonomously determine their own disciplines, creating a model for personalized growth, Huai said.
    Since 2016, China has invested over 166.7 billion yuan ($23.4 billion) in “Double First Class” universities to support the development of these institutions and their high-level research programs, the report said.
    Universities involved in the initiative have trained more than half of China’s master’s degree students and 80 percent of its doctoral students.
    Focusing on national strategic needs, 84 new undergraduate majors have been added, including interdisciplinary engineering, intelligent sensing engineering and carbon storage science, it added.
    However, the traditional academic structure in Chinese universities, which was based on departments and disciplines, limits the flexibility required to foster innovative, interdisciplinary talent, Huai said.
    “The model for talent development needs to evolve, with greater emphasis on integrating STEM or science, technology, engineering and mathematics, with the humanities, and on strengthening collaboration between education and industry,” he said.
    Moreover, China still faces challenges in producing leading-edge and disruptive innovations, particularly in fundamental research. The potential for universities to contribute more effectively to economic and social development has not been fully realized, and the commercialization of scientific discoveries remains insufficient, the report said.
    “There is still a gap when compared to top universities in developed countries,” Huai said. The ability to attract and retain global talent is a key challenge, as is China’s participation in global educational governance, especially in cutting-edge fields like artificial intelligence, he said.
    There is an urgent need to refine the criteria for evaluating disciplines, particularly for interdisciplinary studies and social sciences. The lack of a clear, characteristic development model for “Double First Class” universities further complicates the process of building distinct, world-class institutions, according to the report.
    In response to these challenges, a more tailored evaluation system should be developed, focusing on contributions to society, especially in areas such as ideological leadership, national security and social stability, Huai said.
    To cultivate top talent, China should strengthen early identification of potential innovators and foster a more integrated talent development model that combines research with education, according to the report.
    Special emphasis should be placed on developing engineers, professionals in emerging fields, and interdisciplinary researchers. Improving core curriculum and integrating research breakthroughs into teaching will help nurture a new generation of world-class talent, it added.
    The ability to attract top international talent will be crucial to building globally competitive institutions, according to the report.

    MIL OSI China News –

  • MIL-OSI China: US stocks advance on upbeat investors’ sentiment over US election

    Source: China State Council Information Office

    U.S. stocks surged on Tuesday as voters headed to the polls on Election Day, reflecting market optimism and hopes for a positive outcome in the election amid strong trading activity.

    The Dow Jones Industrial Average rose 427.28 points, or 1.02 percent, to 42,221.88. The S&P 500 added 70.07 points, or 1.23 percent, to 5,782.76. The Nasdaq Composite Index increased 259.19 points, or 1.43 percent, to 18,439.17.

    All of the 11 primary S&P 500 sectors ended in green, with consumer discretionary and industrials leading the gainers by adding 1.83 percent and 1.67 percent, respectively. Materials posted the weakest growth, up by 0.20 percent.

    The presidential race between U.S. Vice President Kamala Harris and former President Donald Trump has great implications for U.S. stock markets in the coming years.

    Still, market players have different interpretations of the rally on Tuesday in regard to the 2024 general election.

    “I think it’s been betting on a Trump victory. I think that’s why you’ve seen today is such a strong move,” said Timothy Anderson, managing director with MND Partners, division of TJM Investments, LLC.

    Market participants have also been following betting markets and Trump’s chance of winning the presidential election topped 60 percent on the betting market, Anderson told Xinhua on the trading floor of the New York Stock Exchange.

    “My feel is clearly projecting the strong likelihood of a Trump win,” said Anderson.

    The cause of Tuesday’s rally could be “that they are feeling that today the poll is showing that Kamala is going to win. I think that’s where the rally comes from, but what we won’t know till tomorrow,” said Peter Tuchman, senior equity floor broker with TradeMas Inc.

    Tuchman told Xinhua that the market rally in the last four years is a function of the current administration though some Trump followers believe the rally in last month is a function of the atmosphere of a Trump win.

    As Americans head to the polls in a closely contested presidential race between Harris and Trump, investors are preparing for potential market volatility, especially given the possibility of delays or disputes in determining the final outcome.

    “There’s been a lot of hedging against potential uncertainty, potential drama out of Washington. We’ve seen that. And now as we’re at Election Day, we kind of are optimistic that maybe some of that can unwind,” said Ryan Detrick, chief market strategist at Carson Group.

    If Trump prevails in the presidential election, that could cause a dislocation in the market as he is seen as a wild card, said Tuchman.

    Tuchman noted that there’s plenty of uncertainty around the election and it’s not reflected in the market.

    The market is above this sentiment around politics and it’s never been a big factor, added Tuchman.

    “If it becomes a very, very contested election that gets dragged out in the legal system for a couple of weeks. I think the market would not like that… that would be one downside risk,” said Anderson.

    Anderson added if Harris wins the election, a lot of this anticipation trade would have to get unwound and “you might have a 4 percent to 8 percent correction.”

    Beyond the election, the Federal Reserve’s November policy decision is fast approaching, with Election Day adding another layer of significance. Fed Chair Jerome Powell is widely anticipated to announce a 25 basis point rate cut at the conclusion of the two-day meeting on Thursday.

    MIL OSI China News –

  • MIL-OSI China: Moves seen helping boost consumption

    Source: China State Council Information Office

    China’s recent introduction of a potent stimulus policy package, including dedicated efforts to shore up consumer spending, will provide massive opportunities for global businesses keen to tap into its super-sized market and facilitate the transition toward a consumption-led growth model, global executives said on Tuesday.

    In particular, the China International Import Expo, running from Tuesday to Sunday in Shanghai, will play a key role in scaling up imports of quality goods and services and boosting the country’s consumption upgrading, they said during the ongoing trade event.

    Noting the great confidence in China’s consumption landscape, Jean-Paul Agon, L’Oreal Group chairman, said that the optimism is rooted in China’s vision for modernization, especially driven by recent government initiatives.

    Both national and local authorities have rolled out policy measures to bolster consumer confidence and unlock the full potential of domestic demand, he said.

    Governmental stimulus is key to elevating consumer sentiment, and this significant support will be instrumental in upgrading consumption and driving high-quality development, he added.

    China has solidified its position as the world’s second-largest consumer market for several consecutive years, and the trend continues to hold strong this year, said Li Gang, director-general of the department of market operation and consumption promotion of the Ministry of Commerce.

    Consumption has remained the primary driving force for China’s economic development as the growth in consumption contributed 49.9 percent to GDP growth in the first three quarters, said the Bureau of National Statistics.

    “The future of consumption in China is full of potential. That is why we at L’Oreal firmly believe that the next China is China, and that investing in China is investing in our future,” Agon said.

    Notably, the CIIE has emerged as a critical channel for expanding imports of high-quality goods and services to cater to the growing demand of the Chinese people and create more development opportunities for enterprises from all over the world.

    This year’s expo has set new benchmarks, drawing the participation of 3,496 exhibitors from 152 countries and regions — the highest number represented in the event’s history.

    As China’s consumption-driven economic transformation continues to gain momentum, the CIIE has emerged as an indispensable gateway for international enterprises to showcase their latest innovations.

    Healthcare company Abbott has utilized the expo as a significant platform to showcase hundreds of its latest products over the years, with many of them successfully transitioning from exhibition items to commercially available goods.

    This year, the company is again leveraging the CIIE stage to debut dozens of new-to-market products, said Fanny Chen, vice-president of Abbott Core Diagnostics, adding that this will allow the company to better understand the evolving needs of Chinese consumers and tailor its products accordingly.

    Between January and September, the total number of new consumer products launched nationwide came in at 15.18 million, representing a 13.1 percent year-on-year growth, according to data from the State Administration for Market Regulation.

    The sheer size and growth potential of the Chinese market make it a highly attractive and strategic destination for any businesses looking to expand their global footprint, Chen said.

    Moreover, the expo will significantly enrich China’s supply-side and bring new development frontiers for the country’s enterprises, said Wang Wei, senior research fellow at the Institute of Market Economy, which is part of the Development Research Center of the State Council.

    The trade event brings together a vast array of premium global brands and service providers that will introduce a wide range of cutting-edge products, technologies and services from around the world, Wang said.

    MIL OSI China News –

  • MIL-OSI China: China import expo attractive to global exhibitors

    Source: China State Council Information Office

    Chinese Premier Li Qiang pledged to open the country’s huge market further to share more growth opportunities with the rest of the world on Tuesday as the seventh edition of the China International Import Expo (CIIE) opened in Shanghai.

    Chinese Premier Li Qiang delivers a keynote speech at the opening ceremony of the seventh China International Import Expo and the Hongqiao International Economic Forum in east China’s Shanghai, Nov. 5, 2024. [Photo/Xinhua]

    The business exhibition of the world’s first national-level exposition dedicated to imports has attracted about 3,500 exhibitors from 129 countries and regions this year. Notably, a record high of 297 Fortune 500 companies and industry leaders are attending the six-day expo. And more than 400 new products, new technologies and new services are unveiled.

    Experts believe the large scale of the expo highlighted the global companies’ confidence in the Chinese market and their commitment to further development in China despite the sluggish global economic recovery.

    Enormous market

    China is willing to open up its enormous market further and will continue to expand market access to sectors including telecommunications, the internet, education, culture and healthcare in an orderly fashion, Premier Li said in a keynote speech at the opening ceremony of the 7th CIIE.

    The sound fundamentals of the Chinese economy remain unchanged, according to Li, adding that the country’s new growth drivers are fast-growing, with double-digit investment growth in high-tech industries and development booms in emerging industries including artificial intelligence, advanced manufacturing and the green economy.

    During a meeting on Monday with select exhibitors and buyers attending the expo, Li said that China is able to sustain steady economic recovery, improve the quality and capacity of its market, and provide more extensive growth space for global businesses in terms of trade, investment and innovation. He added that the Chinese market is still one of the best choices for companies worldwide.

    The keen interest from global participants has shown the growing influence of the CIIE and the charm of the Chinese market and also highlighted China’s determination to push forward the building of an open world economy, said Zhao Fujun, a researcher with the Development Research Center of the State Council.

    In 2018, China inaugurated the CIIE to build an open platform for international trade cooperation and to support free trade and economic globalization, making it a “golden gateway” to the world’s second-largest consumer market.

    This photo taken on Nov. 5, 2024 shows the Tanzania Pavilion during the seventh China International Import Expo (CIIE) in east China’s Shanghai. [Photo/Xinhua]

    More than 420 billion U.S. dollars worth of tentative deals were signed at the CIIE’s earlier six editions since 2018. Beyond the event, global companies can reach a larger customer base and make further investments in the country.

    Toshinobu Umetsu, president and CEO of Shiseido China, said he is very inspired and encouraged by Premier Li’s emphasis on China’s commitment to continuing high-level opening-up and to sharing development opportunities with the rest of the world.

    The Japanese cosmetics giant will continue to strengthen its long-term investment in China. It has never wavered in its confidence and determination to invest in China, as the incredible vitality and resilience of the Chinese market make it a very important international market, Umetsu said.

    German healthcare and agribusiness giant Bayer AG is among more than 180 companies and institutions that have attended all seven editions of the CIIE since 2018.

    Bayer’s participation at the expo demonstrates its unwavering commitment to this important market, said Bill Anderson, chairman of Bayer AG Management Board.

    “International cooperation and economic globalization are important factors in the world’s development. That’s why Bayer is glad to be part of the expo for the seventh consecutive year,” said Anderson.

    New opportunities

    The CIIE unlocks new opportunities for the world, Bayer said, adding that it will actively leverage this vital platform to continuously unleash its innovative potential while looking forward to forging partnerships with global collaborators.

    A visitor learns about a bronchoscope robot at the exhibition area of Intuitive Fosun during the seventh China International Import Expo (CIIE) in east China’s Shanghai, Nov. 5, 2024. [Photo/Xinhua]

    Penne Kehl, Asia Pacific Group president of Cargill Agriculture and Trading, expects a very busy schedule at the import expo, including meeting with customers and partners and signing a few important deals and partnerships. U.S. food giant Cargill has participated in CIIE for seven consecutive years.

    As its influence grows, the expo is attracting new foreign enterprises over the years. Canadian sportswear giant Lululemon is among the first-time participants.

    The Chinese mainland is Lululemon’s largest market outside of North America and is also one of the most dynamic and exciting ones, which is key to driving the company’s international business, said Calvin McDonald, CEO of Lululemon.

    “It’s an exciting opportunity to showcase the brand, drive awareness to our growth story and what we have planned for the future,” said McDonald. He added that Lululemon will continue to open more stores in the country, adding to its current 137 stores in 41 cities.

    China offers free booths and other support measures to 37 least-developed countries to help them showcase their products at the import expo. It also expanded the exhibition area for African agricultural products.

    China has been opening up its market to Africa, enabling transformation on the African continent, said Peter Kagwanja, founder and president of the Africa Policy Institute.

    MIL OSI China News –

  • MIL-OSI China: UN continues to deliver humanitarian aid to Lebanon

    Source: China State Council Information Office

    This photo taken on Nov. 2, 2024 shows the damage caused by Israeli airstrikes in Mashghara, Lebanon. [Photo/Xinhua]

    UN agencies and partners continue to deliver humanitarian aid to the crisis-impacted people in Lebanon amid escalating hostilities, Stephane Dujarric, spokesperson for the UN chief, said at a daily briefing on Tuesday.

    On Monday, UN Relief and Works Agency for Palestine Refugees in the Near East (UNRWA) delivered medical supplies and fuel for generators to the Burj Shimali Palestinian refugee camp in Tyre in southern Lebanon. A humanitarian convoy also delivered medical supplies, medicine and hygiene kits to a healthcare center in Labweh, located in the Baalbeck-El Hermel area.

    Meanwhile, the World Food Programme (WFP) has already reached over 2 million vulnerable people in the country through its emergency assistance as well as regularly programs. WFP is also providing food assistance to Lebanese and Syrian people fleeing across the border into Syria.

    The UN Children’s Fund (UNICEF) is partnering with local authorities to facilitate the gradual return to learning for some 387,000 Lebanese children, including those staying in shelters and communities affected by the war.

    The initiative is part of an emergency response plan to support the opening and operation of 326 public schools not used as shelters to ensure school-age children in Lebanon have access to education.

    The Office for the Coordination of Humanitarian Affairs warned that the humanitarian situation in the country has reached levels that exceeded the severity of the 2006 war. The healthcare sector continues to face relentless attacks, with facilities, staff and resources increasingly caught in the crossfire, and further straining Lebanon’s already fragile health infrastructure.

    “Our humanitarian colleagues fear that, amid escalating hostilities and the deterioration of the humanitarian situation, the demand for food, medicine, shelter and other essential supplies is growing higher,” the UN spokesperson said, calling for urgent funding needed to sustain the response.

    However, the humanitarian appeal launched in the beginning of October for 426 million U.S. dollars is currently just under 19 percent funded. That means only 80 million dollars has been received so far, he added, urging countries not only to pledge but turn pledges to cash as early as possible.

    MIL OSI China News –

  • MIL-OSI China: China-Laos Railway sees passengers up 44% in 10 months

    Source: China State Council Information Office

    An international passenger train from Kunming of China to Vientiane of Laos arrives at Mohan port in southwest China’s Yunnan Province, April 9, 2024. [Photo/Xinhua]

    The China-Laos Railway’s Lao section has transported a total of 3 million passenger trips in 10 months of 2024, an increase of 44.4 percent from the same period last year.

    From Jan. 1 to Nov. 4, the railway carried 3 million passengers from 101 countries, according to a report issued on Tuesday by the Laos-China Railway Co., Ltd. (LCRC).

    More than 2,800,000 passengers traveled within the Southeast Asian country, while over 108,000 passengers were transported by cross-border passenger trains.

    The significant increase in the number of passengers on the Lao section of the China-Laos Railway is due to Laos’ role as chair of the Association of Southeast Asian Nations (ASEAN), the Visit Laos Year 2024 tourism promotion campaign, and the implementation of a visa-free policy for Chinese visitors.

    Since the beginning of this year, the LCRC has predicted passenger flow in advance, adjusted train operation plans promptly, and responded to passenger flow peaks by adding trains. The company also constantly optimizes ticket sale services and provides a variety of convenience services.

    Since its operation on Dec. 3, 2021, the China-Laos Railway has become a preferred mode of transport for travelers due to its affordability, convenience, and comfort.

    MIL OSI China News –

  • MIL-OSI China: China’s top legislator holds talks with Hungarian official

    Source: China State Council Information Office

    Zhao Leji, chairman of the National People’s Congress Standing Committee, holds talks with Laszlo Kover, Speaker of the Hungarian National Assembly, at the Great Hall of the People in Beijing, capital of China, Nov. 5, 2024. [Photo/Xinhua]

    China’s top legislator Zhao Leji held talks with Laszlo Kover, speaker of the Hungarian National Assembly, in Beijing on Tuesday.

    Zhao, chairman of the National People’s Congress (NPC) Standing Committee, said this year marks the 75th anniversary of the establishment of diplomatic ties between China and Hungary, and in May, the two sides elevated bilateral relations to an all-weather comprehensive strategic partnership for the new era.

    China is willing to work with Hungary to implement the important consensus reached by the leaders of the two countries, consolidate the momentum of high-level exchanges, enhance strategic communication and cooperation, and embark on a new chapter of practical cooperation, jointly creating a bright future, Zhao added.

    Zhao also expressed China’s willingness to strengthen policy communication with Hungary in various fields, deepen high-level political mutual trust, firmly support each other’s core interests, and consolidate the political foundation of China-Hungary friendship.

    The Chinese side is willing to promote a deep synergy of the Belt and Road Initiative (BRI) with Hungary’s “Opening to the East” policy, accelerate the construction of the Hungary-Serbia railway, and expand cooperation in emerging areas such as clean energy, digital economy, and artificial intelligence, to comprehensively elevate the level of cooperation, said Zhao.

    Noting that China’s NPC and the Hungarian National Assembly have maintained a long-standing and good relationship, Zhao said the two sides should further strengthen exchanges and interactions at different levels, to enhance mutual understanding, trust, and friendship. He also called on the legislative institutions of the two sides to strengthen coordination and cooperation in multilateral forums, promoting global governance that is more conducive to maintaining world peace and international fairness and justice.

    Kover said Hungary firmly adheres to the one-China principle and is willing to seize the opportunity of the 75th anniversary of the establishment of diplomatic relations to strengthen cooperation with China in various fields, including jointly building the BRI, promoting economic and trade investment, Hungary-Serbia railway construction, and people-to-people exchanges, to contribute to the cooperation between Central and Eastern European countries and China, as well as the development of EU-China relations.

    The Hungarian National Assembly is committed to enhancing friendly exchanges with China’s NPC, to make active contributions to the development of bilateral relations, Kover added.

    MIL OSI China News –

  • MIL-OSI New Zealand: Release: Government continues to fail small business

    Source: New Zealand Labour Party

    The Government is leaving small businesses high and dry in difficult economic times, by letting big business get away with not paying their bills.

    Data from Xero shows there has been an 81 percent increase in the cost of late payments to Kiwi small businesses, now costing firms more than $827 million a year.

    “That’s a huge jump from $456 million in 2021, and shows this Government is failing our small businesses. This is effectively theft and bullying by big businesses,” Labour’s small business and manufacturing spokesperson Helen White said.

    “Andrew Bayly repealed Labour’s Business Payment Practices Act, which required large businesses to report how long they took to pay invoices.

    “The Minister is simply out of touch if he thinks by telling Government departments to pay their bills on time that this large problem will go away.

    “Removing the requirement to report now means big multinational companies can do what they want and take as long as they want to pay without any consequences.

    “It’s unfair. Big businesses are forcing the little guy to carry their debt, hindering their ability to pay their own bills and wages.

    “Small business represents almost 30 percent of employment and contributes more than a quarter of New Zealand’s gross domestic product. It is critical the Government supports them to thrive and grow New Zealand’s economy.

    “Liquidations are at an all-time high. With the first eight months of 2024 seeing liquidations 40 percent higher than last year, the Minister should be taking urgent action to support small businesses,” Helen White said.

    Stay in the loop by signing up to our mailing list and following us on Facebook, Instagram, and X.

    MIL OSI New Zealand News –

  • MIL-OSI Economics: [User Guide] Balancing Work and Leisure With Galaxy Book5 Pro 360

    Source: Samsung

    A new era of AI-powered PCs has arrived, blending the efficiency of a laptop with the versatility of a tablet. In September,1 Samsung Electronics introduced the Galaxy Book5 Pro 360 — featuring a 360-degree rotating display that adapts to any task.
     
    What does life look like with an AI PC powered by the advanced Intel® Core Ultra processors (Series 2)? Samsung Newsroom spent a day using the Galaxy Book5 Pro 360 to find out.
     
     
    Getting Ready for Work: A Lightweight Tablet and a Large Display

    ▲ Galaxy Book5 Pro 360
     
    The morning begins with browsing the news — and the Galaxy Book5 Pro 360 adds a new dimension to this daily habit. Rotating the screen 360 degrees and turning on tablet mode makes viewing content easy on this large display. The keyboard and touchpad automatically lock to prevent any accidental input.
     

    ▲ Vertical mode
     
    When lifting the 16-inch screen vertically, the display automatically rotates to match the orientation. The 120 Hz adaptive refresh rate offers an effortless scrolling experience — almost like flipping through a digital newspaper.
     
    ▲ The Galaxy Book5 Pro 360 is built for portability.
     
    The Galaxy Book5 Pro 360’s slim 12.8 mm thickness and lightweight 1.69 kg design makes the device easy to carry to work. Supporting up to 25 hours of video playback,2 the laptop can be used uninterrupted even if users left their charger at home.

     

    Business Hours: Maximum Efficiency With AI
    ▲ Laptop mode
     
    Upon arriving at the office, the Galaxy Book5 Pro 360 can be switched to laptop mode — in which the powerful AI performance of the Copilot+ PC3 and the Intel® Core Ultra processors (Series 2) truly shine.
     
    ▲ Microsoft Copilot key
     
    There’s no need to worry when the workload piles up. A quick press on the keyboard’s Copilot key instantly activates Microsoft’s AI service, Microsoft Copilot. This AI assistant serves as an invaluable work partner, handling everything from searching and summarizing information to generating images.
     
    With Microsoft’s Phone Link,4 Galaxy AI features supported on Galaxy smartphones can be accessed on the large PC screen. Furthermore, Samsung Knox provides robust protection for sensitive information.

     
     
    Lunch Break: A Burst of Inspiration
    ▲ The S Pen is included with the Galaxy Book5 Pro 360.
     
    Lunchtime is the perfect moment to switch back to tablet mode and jot down some ideas or sketches in the office break room. The Galaxy Book5 Pro 360 instantly transitions from a work partner to a digital canvas, offering an enjoyable sketching and writing experience with the remarkably precise S Pen.
     
    ▲ Dynamic AMOLED 2X display
     
    After sketching, it’s time to relax by watching a video. Even when seated by a sunny window, the 3K high-resolution display with Vision Booster adjusts brightness for sharp and vivid clarity. The anti-reflective cover glass further enhances the experience by ensuring distraction-free viewing from any angle.
     
     
    Effective Collaboration With Adjustable Screen Rotation
    ▲ The Galaxy Book5 Pro 360 opens to 180 degrees for easy screen sharing during meetings.
     
    In the meeting room, teamwork is enhanced with the Galaxy Book5 Pro 360. The 360-degree rotating screen allows for flexible adjustments to 180 degrees, 210 degrees and more — so sharing materials and engaging with colleagues is a breeze.
     
    ▲ Quick Share
     
    After the meeting, sending meeting minutes from a smartphone to the Galaxy Book5 Pro 360 is fast and easy. The Quick Share feature significantly saves time when transferring large files, photos and even videos without the need for additional software.
     
     
    Dinner Time: A Moment To Reflect and Relax

    ▲ Multi Control
     
    After work, the Galaxy Book5 Pro 360 can be transitioned back to tablet mode when journaling at the end of the day. The laptop’s keyboard and mouse can be used on a smartphone with Multi Control for effortless switching between devices. Photos from the smartphone’s gallery can be dragged and dropped onto the PC screen and inserted into the journal using the touchpad — much like adding stickers to a digital diary filled with memories.
     

     
    ▲ The Galaxy Book5 Pro 360 delivers a cinematic viewing experience.
     
    At the end of the day, unwinding means curling up in bed to finally watch that long-awaited movie. The bedroom transforms into a personal theater with the Galaxy Book5 Pro 360’s sharp 3K resolution display, Quad speakers featuring Dolby Atmos® technology and larger woofer5 for deeper, richer sound.
     
    The Galaxy Book5 Pro 360 is more than just a work tool. The device serves as a professional AI partner in the office, a personalized entertainment hub at home and a creative digital canvas for the moments in the middle. This powerful AI-powered PC sets new standards for personal computing, adapting to different lifestyles and blurring the boundary between work and leisure.
     
     
    1 Availability may vary by region.2 Actual battery life may vary depending on model, network environment, usage patterns and other factors.3 Future updates will support Microsoft Copilot+ PC AI capabilities.4 Requires a Galaxy device from the Galaxy S22 Series, Flip4 or Fold4 (running One UI 6.1 or later) to connect with a Windows PC through Microsoft Phone Link. Follow the setup prompts, ensuring both devices are signed into the same Microsoft account. Microsoft Phone Link is preloaded on select Samsung Galaxy devices. The PC (Microsoft Phone Link app) requires Windows 10 or later. For optimal performance, it’s recommended that both the Samsung Galaxy device and the PC are on the same Wi-Fi network. Some mobile apps may limit content sharing on other screens. Feature availability may vary by model.5 Galaxy Book5 Pro 360 features a 38 mm woofer, while the Galaxy Book4 Pro 360 features an 18 mm woofer.

    MIL OSI Economics –

  • MIL-OSI New Zealand: Gift a gift to change a life this Christmas – World Vision

    Source: World Vision

    Ethical gifts from World Vision’s Gift Catalogue offer a meaningful alternative to traditional gifts

    This festive season, World Vision is inviting compassionate Kiwis to consider the millions of children around the globe who will go hungry while we celebrate the festive season.  

    As we approach Christmas this year, more children are facing hunger, starvation, and conflict than ever before.  

    World Vision is determined to change this narrative by inspiring New Zealanders to give gifts that make a genuine difference. Instead of opting for novelty items or extravagant gadgets, we’re inviting Kiwis to consider the impact of a truly meaningful gift this year. A gift that will not only bring joy to a child or a family in need, but that has the power to truly transform lives.

    Imagine providing a child with clean water for just $45, a chicken to provide eggs for a family at $12, or emergency food for $60.  

    With options like a beehive ($350), cooking classes to combat malnutrition ($54), a veggie garden ($28), reviving a forest ($215), or enabling a girl to get an education for $80, each gift not only brings hope but also paves the way for a brighter future.

    Each gift purchased comes with a printed card or e-card so the giver can personalise and explain the life-changing impact that has been made on the recipient’s behalf. By sharing a gift with a loved one that carries a powerful message of compassion and change, you make a difference in the lives of children and their families.

    World Vision Associate National Director TJ Grant says: “We know that small acts of compassion, kindness, and love over the festive season and beyond make a massive difference in the lives of children who are living with hunger and are in extreme poverty.  By giving a life-changing gift from our Christmas Gift Catalogue, or even making a simple text donation, New Zealanders can help children and families who are facing extreme hunger this Christmas.”

    Not sure what to give this festive season? Here are some suggestions from our most popular gifts:

    • Gifts for $10 
    • Fast-growing seeds 
    • Immunise a child.
    • Gifts under $25 
    • Chicken ($12) 
    • Tree seedlings ($18) 
    • Mosquito nets ($22) 
    • Back to school pack ($25) 

    Gifts under $50

    • A family vegetable garden ($28) 
    • Garden tools ($35) 
    • A duck ($40) 
    • Clean water for a child ($45)
    Cooking classes to fight malnutrition ($54)

    This holiday season, World Vision encourages everyone to come together to spread joy and compassion. Choose a gift that transforms lives and makes a lasting impact and be part of the change you want to see in the world.  

    To purchase a life-changing gift, visit worldvision.org.nz/gifts, text SUPPORT to 5055 and donate $3 to gift emergency food to a hungry child or call 0800-245-000 and share what gift you’d like to purchase. Together change IS possible.

    MIL OSI New Zealand News –

  • MIL-OSI New Zealand: Efficiencies found to deliver two further NIWE recovery projects

    Source: New Zealand Government

    Upgrades to Nesbitt’s Dip on State Highway 2 (SH2) and Rototahe on State Highway 35 (SH35) will go ahead as a result of improved efficiencies in the Government’s North Island Weather Event recovery programme, Transport Minister Simeon Brown says.

    “Regions in the North Island suffered extensive and devastating damage from Cyclone Gabrielle and the 2023 Auckland Anniversary Floods. As part of Budget 2024, our Government committed $609.25 million for state highway recovery to restore roads back to their previous condition, and in July I announced that $250 million of this would be allocated to the East Coast.

    “Work to remedy flooding at SH2 Nesbitt’s Dip and SH35 Rototahe was listed but would only advance into delivery if efficiencies in the programme were found. I’m pleased that with a strong focus on achieving value for money and improving efficiency across the recovery programme, these two important projects can now proceed within existing funding.

    “These two sections of highway that connect communities on the East Coast have been closed many times due to flooding, most recently at the end of June. These closures create safety risks for emergency services responding to emergencies, and cause significant disruption for communities, businesses, and the flow of freight and goods.

    “To enable people and freight to get where they want to go quickly and safely, crews will raise the height of SH2 Nesbitt’s Dip and SH35 Rototahe above the flood level and improve drainage at both sites. By addressing the root causes of flooding and road closures, NZTA will provide a safer and more reliable route for the region.

    “Our Government is committed to ensuring our state highway corridors impacted by the NIWE are returned to the standard that Kiwis need and expect. I look forward to these works progressing and being completed.”

    MIL OSI New Zealand News –

  • MIL-OSI China: Chinese auto brand unveils 1st off-road model in Egypt

    Source: China State Council Information Office

    Visitors pose for photos at the launching ceremony of Jetour Auto’s first off-road SUV model T2 in Cairo, Egypt, Nov. 4, 2024. [Photo/Xinhua]

    Jetour Auto, a Chinese auto brand, unveiled its first off-road SUV model, namely T2, on Monday evening.

    Under the theme of “Travel Together,” the launching ceremony held by Jetour at the Saladin Citadel, one of the most famous landmarks in the Egyptian capital of Cairo, attracted more than 600 guests from Egypt and China, including auto dealers, auto experts, internet influencers, and media representatives.

    “T2 is our first off-road model launched in Egypt … After its debut in the UAE (United Arab Emirates), Saudi Arabia, and other countries in the Middle East in the first quarter of 2024, it rapidly became the best-selling boxy SUV in the region,” said Yuan Anguo, vice president of Jetour International Marketing Company.

    According to the Chinese auto brand established in 2018, Jetour’s cumulative sales have now exceeded 1.22 million worldwide.

    In the first three quarters of 2024, a total of 4.312 million complete vehicles were exported from China to markets worldwide, a year-on-year increase of 27.3 percent, showed the latest data from the China Association of Automobile Manufacturers.

    MIL OSI China News –

  • MIL-OSI China: World Travel Market London opens

    Source: China State Council Information Office

    A visitor tastes Chinese tea at the China pavilion of the World Travel Market (WTM) London 2023 in London, Britain, Nov. 6, 2023. [Photo/Xinhua]

    The World Travel Market (WTM) London 2024 opened on Tuesday, with the China pavilion drawing attention for its abundant tourism resources and cultural appeal.

    The pavilion is set to feature a range of destination promotions, business networking sessions, and showcases of intangible cultural heritage. Attendees can also enjoy interactive experiences, including Chinese “baijiu” liquor tastings, Tai Chi workshops, and samples of Chinese cuisine.

    This year’s Chinese delegation consists of representatives from nine provinces and cities, including Beijing, Shanghai, Chongqing, Xinjiang and Shaanxi, alongside dozens of airlines and tourism companies.

    After browsing brochures and speaking with representatives at the China pavilion, Gary King, head of trade sales at London-based Wendy Wu Tours, told Xinhua that his top two destinations for future trips to China are Zhangjiajie in the central Hunan Province and Guilin in the southern Guangxi Zhuang Autonomous Region, both renowned for their “spectacular scenery.”

    The Old House Area (Laowuchang) of the Wulingyuan scenic area in Zhangjiajie, central China’s Hunan province. [Photo by Zhang Junmian/China.org.cn]

    King said he traveled to China for the first time last year and was “absolutely captivated,” highlighting the local cuisine, welcoming people, extensive high-speed railway network, and the diversity between cities as the aspects he loved most about the country and his experience.

    Since last year, China has been expanding its visa-free entry policies to boost the recovery of inbound tourism, making it increasingly easier and more appealing for foreign tourists to explore the country.

    This year’s China pavilion at WTM London, themed “high-quality tourism development in China,” emphasized green and sustainable tourism, showcasing the harmonious coexistence of humanity and nature.

    “Tourism businesses and boards have a responsibility to help businesses become greener and more regenerative, while also helping consumers make sustainable choices,” Patricia Yates, CEO of VisitBritain/VisitEngland, the UK’s national tourism agency, told Xinhua.

    She noted that international tourism not only generates economic value but also enriches people “personally and mentally” by providing opportunities to “speak with different people, understand different cultures, and learn about diverse lives and experiences.” High-quality tourism, she added, encourages travelers to stay longer and explore more deeply in their destinations.

    Foreign tourists pose for a photo in front of the Hall of Prayer for Good Harvests, or Qiniandian, at the Tiantan (Temple of Heaven) Park in Beijing, capital of China, July 9, 2024. [Photo/Xinhua]

    Over the decades, China has made remarkable strides in facilitating travel, enhancing various aspects like tourism infrastructure, cultural heritage site accessibility, mobile payment services, and transportation convenience — including a rail network that spans the entire country.

    At the event, Shi Zeyi, an official from China’s Ministry of Culture and Tourism, said that China is dedicated to fostering practical, mutually beneficial partnerships with worldwide tourism professionals and contributing to the growth and prosperity of the global tourism industry.

    Established in 1980, WTM London connects global travel buyers with leading destinations and brands annually, making it one of the world’s most influential events in the travel and tourism industry.

    The 44th edition of WTM London, themed “travel powers the world,” opened on Tuesday and will continue until Thursday. It is expected to attract over 40,000 attendees and nearly 4,000 exhibitors from around 180 countries and regions, with more than 70 conference sessions scheduled.

    MIL OSI China News –

  • MIL-OSI China: Global companies debut cutting-edge technologies

    Source: China State Council Information Office

    This photo taken on Nov. 4, 2024 shows the automobile exhibition area of the 7th China International Import Expo (CIIE) at the National Exhibition and Convention Center (Shanghai) in Shanghai, east China. [Photo/Xinhua]

    With the seventh China International Import Expo (CIIE) in full swing in Shanghai, global companies are unveiling their latest technological innovations, capitalizing on the opportunities arising from China’s commitment to further opening up both its market and manufacturing industry.

    GE Healthcare, a regular exhibitor at the CIIE, has brought an unprecedented lineup to Shanghai this year. The U.S. medical technology company is showcasing multiple products either making their global or Chinese debut.

    Eyeing China’s growing demand for advanced medical technology, GE Healthcare is exhibiting its largest collection of new products ever at this year’s expo, where it has been participating since 2018, said Zhong Luyin, the company’s China communications executive.

    “Our goal extends beyond mere participation in the expo. More importantly, we look forward to engaging in China,” Zhong said.

    A stage for all

    At the ongoing CIIE, over 400 new products, technologies and services from around the world are being showcased, spanning sectors such as artificial intelligence, new materials, autonomous systems and energy transition technologies.

    During a meeting on Monday with select exhibitors and buyers attending the expo, Chinese Premier Li Qiang said that China is able to sustain steady economic recovery, improve the quality and capacity of its market, and provide more extensive growth space for global businesses in terms of trade, investment and innovation. He added that the Chinese market is still one of the best choices for companies worldwide.

    Just days ago, China removed all market access restrictions for foreign investors in the manufacturing sector, with the country’s new edition of its national negative list for foreign investment having taken effect on Nov. 1. This significant move marked the latest effort of the world’s second-largest economy to open its doors even wider.

    “Benefiting from the ‘spillover effect’ of the expo, many of our showcased products are now in use across Chinese hospitals,” said Lu Yi, MRI marketing manager of Siemens Healthineers. At this year’s CIIE, the German medical technology company is unveiling the MAGNETOM Terra.X, its latest generation of magnetic resonance imaging (MRI) equipment — the first time this new equipment is being displayed in Asia.

    Lu revealed that Siemens Healthineers is advancing its localization strategy for cutting-edge product manufacturing. Notably, the MAGNETOM Terra.X is slated for future production at the company’s base in Shenzhen, south China’s Guangdong Province.

    Apart from traditional technological sectors, the ongoing expo showcases an array of futuristic exhibits that seem straight out of the world of science fiction, including tires designed for lunar exploration vehicles, electric vertical takeoff and landing (eVTOL) aircraft, and innovative motor-powered shoes.

    French tire maker Michelin, which is attending the expo for a fourth year, is exhibiting a futuristic prototype wheel for lunar exploration vehicles, among other products including car tires containing 71 percent sustainable materials and a new generation aircraft tire.

    Serge Godefroid, research and development director of Michelin China, said Michelin has been innovating for the future of mobility and is even thinking about mobility beyond the Earth for future lunar or Mars exploration projects.

    Michelin is already extensively testing tires in very rough conditions and with exposure to the range of temperatures that exist on the moon, Godefroid said. “You don’t have somebody to help you inflate a tire on the moon, so you need to find a wheel that can sustain very difficult conditions.”

    Rising innovation landscape

    A number of eVTOL aircraft are proving eye-catching at this year’s CIIE. Vertaxi, an eVTOL startup which is attending the expo jointly with Ampaire, a global leader in hybrid electric aircraft systems, has brought three autonomous eVTOL drones to the 2024 expo.

    Yue Tingting, vice president of Vertaxi, said the company’s smaller eVTOL aircraft have been well received by the market and are being widely used for police, emergency and fire-fighting patrols, public and oil infrastructure inspections, and island logistics.

    Yue admitted that it will take longer for the company’s eVTOL aircraft to obtain the airworthiness certification needed for passenger transport. She, however, is very bullish about China’s low-altitude economy and even envisions a future where people will be able to board eVTOL aircraft for daily commuting, much like taking a taxi or bus.

    Shift Robotics, attending the expo for the first time, is exhibiting its new generation of motor-powered shoes, called Moonwalkers Aero, that allow people to walk at speeds of up to 11 km per hour.

    Moonwalkers deliver smooth power when people who wear them speed up, while they offer very little assistance if the person wearing them walks very slowly. These motor-powered shoes can be used in virtually any environment, even on the subway, in a lift or on stairs, and people can move around in these Moonwalkers without taking off their normal shoes, according to Zhang Xunjie, CEO of Shift Robotics.

    From industry giants to rising startups, the dedication shown to China by global tech companies is well-timed, as the country’s prominence in the global innovation landscape continues to increase. According to the Global Innovation Index 2024 released by the World Intellectual Property Organization, China has moved up one spot to 11th place in the latest rankings of the world’s most innovative economies — becoming one of the fastest risers over the past decade.

    “China’s growth pattern has shifted from quantity-oriented to quality-oriented,” said Tetsuro Homma, executive vice president of Panasonic Holdings Corporation. “To keep pace with this change, we are setting up more research and development teams in China to quickly adapt to the evolving Chinese market.”

    Over the past four years, this Japanese manufacturing company has steadily expanded its investment in China. Home to over 60 Panasonic subsidiaries, China now accounts for nearly a quarter of the company’s business worldwide. “We are innovating for China, and we aspire to innovate in China for the whole world,” Homma said.

    MIL OSI China News –

  • MIL-OSI Global: What is ‘ballot curing’? Election expert explains the method for fixing errors made when voters cast their ballots

    Source: The Conversation – USA – By Paul Gronke, Professor of Political Science and Director, Elections & Voting Infomation Center, Reed College

    An imperfect signature on an absentee ballot can necessitate ballot ‘curing,’ when election workers verify the voter’s identity. Bill Oxford/iStock via Getty

    Most Americans used to vote on Election Day, and a small percentage of voters cast their ballots as absentee voters through the mail. That changed starting in the late 1970s, when some states began to allow no-excuse absentee voting and early in-person voting. Many more states chose to add these methods after the 2000 election, and by 2022, 60% of votes were cast in person at a polling place on Election Day, 21% were cast by mail and 19% were cast early in-person.

    In the 2020 election, many states accelerated the shift already underway to voting by mail to keep people safe from contracting COVID-19. Mail ballots were the dominant method of return that year: 43% of ballots were voted by mail, 31% on Election Day and 26% early in-person. Voting by mail remains the second-most common method of returning ballots and will continue to grow – though it may never reach the level of 2020.

    This rise in usage has created an issue that wasn’t seen much before: The need to “fix” a ballot where, due to a variety of reasons, the identity of the voter who cast the ballot can’t be verified. This process is called ballot “curing,” and it’s how states ensure that every valid vote is counted.

    The Conversation’s politics and democracy editor, Naomi Schalit, spoke about ballot curing with Reed College political scientist Paul Gronke, founder and director of the Elections & Voting Information Center, who studies early voting, election administration, public opinion and elections.

    What is ballot curing?

    Ballot curing is a process that is allowed in some states that, if a ballot has been rejected or challenged because the signature didn’t match or a copy of an ID needed to be included, then the voter has an opportunity to come in within a limited period of time and cure that problem. They can, for example, come in and provide an updated or corrected signature – the most common problem – or provide the required identification.

    An election worker curing a defective ballot cast in the 2024 presidential primary in Provo, Utah, on March 5.
    George Frey/AFP via Getty

    Can that process happen after Election Day?

    The process is triggered when an election office receives a ballot and identifies a problem that falls within the scope of the law and can be cured. As with seemingly everything in American elections, the deadlines and the window vary by state. Some states provide a quite lengthy period after the election. In Oregon, for example, the law provides a window of up to the 21st day after the election. In other states, it’s pretty narrow. In Michigan, it’s the third day after the election. In many but not all states, it’s tied to the deadline for certification of the vote.

    So the idea is that everybody should have the opportunity to have their vote count.

    I would agree with that. The idea is that we want to give everyone an opportunity to be represented. No one should be disenfranchised because of something relatively innocuous, like their signature doesn’t match, or when their ballot was being transported, it was humid or it rained, or something happened that meant the signature can’t be verified, or they forgot to include a copy of necessary identification. These are certainly not reasons why you would want someone to be disenfranchised.

    The Nevada Secretary of State said told a CNN reporter on Nov. 5, 2024, that the state is seeing a surge in ballots with signature problems, many from young voters. As The Wall Street Journal reported, 12,939 ballots have been cured successfully, and 13,906 ballots remain to be cured. “This is an opportunity, probably their first time they’ve had to really use an official signature,” Secretary of State Cisco Aguilar told CNN, “and what’s on their driver’s license, what’s on their voter registration form and what’s on their ballot is a little bit different.” What’s going on here?

    Young people these days – really, anyone under 40 – did not learn cursive when they were in grammar school. Why is that relevant in an election? Because there are clear patterns that people of a certain generation didn’t sign checks and were not sort-of trained in what election officials describe as writing their “formal signatures.” We also know that as people age, or suffer certain kinds of injuries, their signatures can change. And sometimes, people are just in a rush and don’t sign carefully.

    Are there problems with how election officials in different states handle ballots that need to be cured?

    In 2020, there were these major changes to our election system in order to adapt to provide a safe and secure voting environment during the pandemic. Many states ramped up vote-by-mail for the first time. What we saw in 2020 was that there were laws and procedures that fell out of sync with how people were voting. In some states, they mailed ballots to all eligible voters, yet they had laws that said you can’t begin the process of counting absentee ballots until the day of the election. That led to some slow counts in 2020 and opened up a window for charges of malfeasance, even though all that was happening was that officials were working through these piles of mail ballots.

    Since then, many states have improved their laws and brought them in sync with voter behavior. For example, many more now allow election officials to begin the process of processing mail ballots – checking signatures, opening envelopes, preparing to scan – before Election Day. That should improve the speed of ballot counting in 2024.

    Volunteers inform a voter in Nevada that a ballot mailed from his address has a discrepancy that must be fixed, or ‘cured,’ for it to be counted.
    David Becker for The Washington Post via Getty Images

    But there are still some places that could improve. I will highlight Michigan as an example of a place where I’m a little bit concerned, and I’ve heard this also from Michigan officials. Michigan law says the county clerk shall notify the voter of the ballot deficiency by “telephone, email, or text message, if available.” If neither a phone nor email is available, the clerk uses U.S. mail. The voter may cure the ballot by filling out a cure form and returning it in person, electronically or by mail, but the cured ballot has to arrive back at the clerk’s office by 5 p.m. on the Friday following the election – that’s only three days. That’s really not much time!

    Imagine a number of new voters casting ballots by mail in Ann Arbor, in Washtenaw County, and they vote by mail but turn it in at the last minute. And if there’s a problem with their ballot, then election officials have to generate some communications to them, and maybe they don’t have their cellphone, or the voter isn’t immediately responsive to email, and the whole process has to be completed in three days.

    I have spoken to some local officials in Michigan who think that needs to be changed because the rate of voting by mail in Michigan is so high now – nearly one-third of registered voters requested an absentee ballot as of 21 days before the election, and there will be more absentee ballots requested and returned by Nov. 5.

    It’s not just Michigan. There are a number of states that have comparatively high levels of voting by mail and fairly short curing periods. I don’t know the optimal time period, but anything less than five days is asking too much of clerks and of voters, and could disenfranchise people for making an innocuous mistake.

    The way America votes in 2024 is not the way the country voted in 2000 or even the way we voted in 2016. We are in a world where one-third or more of ballots are vote-at-home ballots, and those numbers will continue to increase. Best practices include providing ample time to allow clerks to notify voters of any problems with their ballots, and voters to provide the necessary information to make sure their ballots are counted. If we can do it that way in Oregon, where I live – and Colorado, and Washington, and many other states – I’m sure other states can do it as well.

    Paul Gronke receives funding from Elections Trust Initiative and Democracy Fund. He is a member of the Advisory Board of the MIT Election Data and Science Lab (MEDSL) and a member of the Circle of Advisors of the National Vote At Home Institute.

    – ref. What is ‘ballot curing’? Election expert explains the method for fixing errors made when voters cast their ballots – https://theconversation.com/what-is-ballot-curing-election-expert-explains-the-method-for-fixing-errors-made-when-voters-cast-their-ballots-243009

    MIL OSI – Global Reports –

  • MIL-OSI China: Singapore firms take long-term view towards Chinese market

    Source: China State Council Information Office 3

    Singapore firms take a long-term view towards China, a market with huge potential and growing sophistication, and regard investing in the country as a long game, according to the Singapore Business Federation (SBF) CEO.

    “The number that I have been told many times is that China is home to over 400 million middle-income population. Market growth might not always be in a rocketing state. However, the world’s second-largest consumer market will still grow,” SBF CEO Kok Ping Soon told Xinhua during the 7th China International Import Expo (CIIE).

    Led by the SBF, a delegation of nearly 400 representatives from 44 Singaporean businesses are attending the CIIE held from Nov. 5 to Nov. 10 this year, which marks the seventh year for the SBF’s delegation to participate in the world’s first national-level expo on import.

    “Some of the previous delegation participants have ‘graduated’ from the delegation by outgrowing the Singapore Pavilion and setting up their own booths at other exhibition areas of CIIE,” Kok said.

    With a total exhibition area of close to 912 square meters, the Singapore Pavilion spans the Consumer Goods Hall, Food & Agricultural Products Hall, and Trade in Services Hall.

    “We are very encouraged to see some of those companies are no longer just in the food and beverage sector. We are starting to see companies responding to China’s call for more high-quality investment in fields like biotech,” he noted.

    China has been Singapore’s largest trading partner for 11 consecutive years. Singapore is China’s second-largest foreign investment source and the top destination for Chinese overseas investment.

    Kok said there are broad areas of collaboration between the two countries, such as green transformation, AI security and governance, and smart city development.

    According to the SBF National Business Survey 2023/2024, China is one of the top three countries that Singapore businesses have a presence in and is among the top three countries in Asia that Singapore businesses are looking to expand into.

    China has intensified its opening up in the medical sector to meet the growing healthcare demands of the population. The country announced in September that it would give the green light to establishing wholly foreign-owned hospitals in some cities like Beijing and Shanghai.

    “The opening up of the healthcare sector in China presents tremendous opportunity for us,” Kok said, citing the case of Mirxes, a CIIE participant seeking local partnerships such as promoting its solution to screen early-stage stomach cancer, drawn by China’s huge market potential and enhanced intellectual property protection.

    RMA Contracts, a Singapore business process outsourcing company, will be using the CIIE platform to tap into the China-Singapore Tianjin Eco-City, a representative cooperation project between the two countries, according to Kok.

    Another interesting thing Kok observed is that Singapore companies are looking beyond penetrating the Chinese market via the CIIE, citing examples of participating companies seeking cooperation with non-Chinese firms.

    Kok said CIIE is an important platform for reaching the global market. “You don’t just come in thinking to connect with China. If you broaden your mind, you can look for partners in your home country or even outside of China, which is the charm of a platform like CIIE.”

    MIL OSI China News –