Category: Transport

MIL-OSI Asia-Pac: AFCD reports to Expert Group on Conservation of Marine Mammals on progress of work and way forward

Source: Hong Kong Government special administrative region

     The Expert Group on Conservation of Marine Mammals held its second meeting today (October 29). The Agriculture, Fisheries and Conservation Department (AFCD) reported to the Expert Group on the progress and way forward of the Government’s work on enhancing conservation of marine mammals, including exchanges with agencies with relevant experience, raising public awareness and knowledge of conservation of wildlife (including marine mammals), and review of legislation in relation to the protection of marine mammals.

     The specific progress and way forward points were as follows:

(1) Exchange with agencies with relevant experience: The AFCD earlier sent staff to the Beibu Gulf Cetacean Research and Protection Center at Beihai, Guangxi, and Southern Marine Parks, Queensland, Australia, to exchange and learn from their experience in handling marine mammal stranding cases; legislation, management and research on the protection of cetaceans; as well as communication with the public, publicity and education, etc. The department has suitably applied the relevant experiences in their follow-up work such as the formulation of a response plan and legislative review, etc. To prepare for future operations involving field rescues, rehabilitation, and release of stranded whales and dolphins, the department plans to organise a visit to Sanya, Hainan, as there was a recent successful release of an injured short-finned pilot whale following its rescue and rehabilitation during the period from January to May 2024;

(2) Enhancing publicity and education: The AFCD has conducted a series of public education activities, targeting not only the general public, but also government departments, marine users, students and teachers, with a view to deepening their understanding of Hong Kong’s marine environment and wildlife, raising their awareness of respecting, caring for and appreciating marine resources, and promoting the best practices that minimise the disturbance to cetaceans and fostering a sense of shared stewardship on the protection of wild cetaceans and their habitats. Among others, the AFCD organised the Marine Wildlife Appreciation Festival from January to March 2024 to promote the message of marine conservation to the public. The AFCD will also prepare to organise a Marine Wildlife Appreciation Roving Exhibition to display the preserved skeleton of Bryde’s whale found in Hong Kong waters in July last year to further raise public awareness on protection of marine mammals; and

(3) Legislative review: The Government has commenced the review of the legislation in relation to the protection of marine mammals. The preliminary suggestions are for the Director of Agriculture, Fisheries and Conservation to be given new power to designate certain areas of Hong Kong waters as a “Temporary Marine Restricted Area” for the purpose of protecting cetaceans when necessary, such as the situation of a non-resident whale appearing in Hong Kong waters, conferring a legal status on the existing Code of Conduct for Dolphin Watching, and exploring the feasibility of a prohibition on watching non-resident cetaceans.

     During the meeting, the Expert Group supported the relevant recommendations and direction of work proposed by the AFCD. The AFCD expressed gratitude for the constructive advice offered by the Expert Group and will take into account the views and continue to work with the Expert Group, with a view to enhancing the work of marine mammal conservation.

MIL OSI Asia Pacific News –

January 25, 2025
MIL-OSI: Mavenir Welcomes O-RAN ALLIANCE Report for Spectrum Aggregation in Multi-Vendor Deployments

Source: GlobeNewswire (MIL-OSI)

RICHARDSON, Texas, Oct. 29, 2024 (GLOBE NEWSWIRE) — Mavenir, the cloud-native network infrastructure provider building the future of networks, today welcomes the publication of a new Technical Report by the O-RAN ALLIANCE, ‘Spectrum Aggregation for Multi-Vendor Deployments’, that evaluates multiple spectrum aggregation techniques and proposes an open interface specification support between DUs for carrier aggregation in multi-vendor deployments.

The O-RAN ALLIANCE report – which was initiated and led by Mavenir – sets out the practical scenarios for spectrum aggregation across equipment from multiple network equipment vendors comparing different approaches and includes a recommendation for specification development for carrier aggregation in multi-vendor RAN deployment. The carrier aggregation solution using an open interface between DUs has gathered significant support from operators and vendors to pursue specification development within the O-RAN ALLIANCE.

Commenting on the report, Dr. Sridhar Rajagopal, Senior Vice President, Access Technologies for Mavenir and rapporteur for the technical report, said: “This report from the O-RAN ALLIANCE, with its welcome set of recommendations on multi-vendor carrier aggregation, could not come at a more pivotal time for Open RAN as spectrum discussions continue for expanding 5G deployments and with 6G on the horizon. Standardizing the interface between DUs for multi-vendor carrier aggregation will remove single vendor stickiness and will be a game changer for Open RAN.”

Carrier aggregation across available spectrum is one of the key considerations by operators to maximize bandwidth, boost throughput, and improve network performance. An operator obtains new spectrum during regulatory spectrum sale over time. In such a situation, there is a strong desire by the operator to combine the new spectrum with their existing spectrum using carrier aggregation.

However, there is no open standardized interface that exists today for carrier aggregation between two vendors, creating vendor stickiness to operators for all future spectrum expansions. Thus, operators are forced to rely on their incumbents for spectrum expansion, losing negotiating power and control over network evolution while becoming dependent on features, performance and timelines as dictated by their incumbents. Proprietary interfaces for carrier aggregation have existed since LTE days for carrier aggregation in deployments and are well understood for implementations. While an open interface for carrier aggregation has been proposed multiple times in standard bodies such as 3GPP by many operators, it has not been successful due to resistance from traditional vendors. An open specification for multi-vendor carrier aggregation support will open-up the 5G eco-system further and provide a pathway for new low latency features and services for 6G by enabling real-time communication between DUs that does not exist today.

Notes to the editor:

Technical Report by the O-RAN ALLIANCE, ‘Spectrum Aggregation for Multi-Vendor Deployments’, is now available for download: https://specifications.o-ran.org/download?id=715

About Mavenir

Mavenir is building the future of networks today with cloud-native, AI-enabled solutions which are green by design, empowering operators to realize the benefits of 5G and achieve intelligent, automated, programmable networks. As the pioneer of Open RAN and a proven industry disruptor, Mavenir’s award-winning solutions are delivering automation and monetization across mobile networks globally, accelerating software network transformation for 300+ Communications Service Providers in over 120 countries, which serve more than 50% of the world’s subscribers. For more information, please visit www.mavenir.com

Media Contacts

Mavenir PR Contacts:
Emmanuela Spiteri
PR@mavenir.com

The MIL Network –

January 25, 2025
MIL-OSI: Amplify ETFs Launches Targeted 12% Annual Option Premium Fixed Income ETF: Amplify Bloomberg U.S. Treasury Target High Income ETF (CBOE: TLTP)

Source: GlobeNewswire (MIL-OSI)

CHICAGO, Oct. 29, 2024 (GLOBE NEWSWIRE) — Amplify ETFs announces the launch of the Amplify Bloomberg U.S. Treasury Target High Income ETF (CBOE: TLTP). TLTP allows investors to tap into the stability of U.S. Treasuries while seeking to generate high, consistent levels of income through a dynamic rules-based covered call* option strategy.

TLTP seeks to track the performance (before fees and expenses) of the Bloomberg U.S. Treasury 20+ Year 12% Premium Covered Call 2.0 Index, which is designed to provide a targeted annualized option premium income of 12% through writing weekly covered call options. This approach seeks to generate higher levels of income from targeted 12% option premium income as well as the underlying U.S. Treasuries. The Fund has a monthly distribution frequency.

“Investors are increasingly seeking diversified income streams and portfolio stability,” said Christian Magoon, CEO of Amplify ETFs. “TLTP’s innovative use of a weekly covered call strategy in fixed income offers a multi-use solution for consistent high-income potential and a defensive position, making it a compelling option for a range of portfolio strategies.”

The portfolio management team from Samsung Asset Management in New York brings extensive experience in managing U.S. Treasury and options strategies.

“TLTP offers an effective way for investors to access a fixed income covered call strategy from U.S. Treasuries through a single ticker,” said Yunjae Hwang, lead portfolio manager of TLTP. “We’re excited to bring this solution to the market, especially for those looking for a more diversified and resilient approach to their portfolios.”

TLTP is Amplify ETFs’ second ETF with its strategic partner Samsung Asset Management.

For more information about the Amplify Bloomberg U.S. Treasury Target High Income ETF, visit AmplifyETFs.com/TLTP.

About Amplify ETFs
Amplify ETFs, sponsored by Amplify Investments, offers a diverse suite of income, growth, and risk-managed ETFs, with over $10 billion in assets under management (as of 10/21/2024). For more information, visit AmplifyETFs.com.

Sales Contact:
Amplify ETFs
855-267-3837
info@amplifyetfs.com Media Contacts:
Gregory FCA for Amplify ETFs
Kerry Davis
610-228-2098
amplifyetfs@gregoryfca.com

*A covered call refers to a financial transaction in which the investor selling call options owns an equivalent amount of the underlying security.

Carefully consider the Fund’s investment objectives, risks, charges, and expenses before investing. This and other information can be found in the Fund’s statutory and summary prospectuses, which may be obtained at AmplifyETFs.com. Read the prospectus carefully before investing.

Investing involves risk, including the possible loss of principal. You could lose money by investing in the Fund. Shares of any ETF are bought and sold at market price (not NAV), may trade at a discount or premium to NAV and are not individually redeemed from the Fund. Brokerage commissions will reduce returns. There can be no assurance that the Fund’s investment objectives will be achieved. Interest Rate Risk is the risk when interest rates rise, there is a corresponding decline in bond values. Conversely, very low or negative interest rates may magnify interest rate risk. The Fund is subject to the risks associated with the Underlying Funds specifically U.S. Treasury Securities Risk. The Fund bears its proportionate share of the Underlying ETF’s expenses.

The Fund is non-diversified and can invest a greater portion of its assets in individual securities than a diversified fund; changes in the market value of a single investment could cause greater fluctuations in share price than would occur in a diversified fund. Covered call risk is the risk that the Fund will forgo, during the option’s life, the opportunity to profit from increases in the market value of the security covering the call option above the sum of the premium and the strike price of the call, but has retained the risk of loss should the price of the underlying security decline. The Fund will also utilize FLEX Options and is subject to the risk that the OCC will be unable or unwilling to perform its obligations under the FLEX Options contracts. The Fund currently expects to make distributions on a regular basis, a portion of which may be considered return of capital.

Amplify Investments LLC is the Investment Adviser to the Fund, and Samsung Asset Management (New York), Inc. serves as the Investment Sub-Adviser.

Amplify ETFs are distributed by Foreside Fund Services, LLC.

The MIL Network –

January 25, 2025

MIL-OSI: Territorial Reaffirms Board of Directors Recommendation that Territorial Shareholders Vote “FOR” Hope Bancorp Merger

Source: GlobeNewswire (MIL-OSI)

HONOLULU, Oct. 29, 2024 (GLOBE NEWSWIRE) — Territorial Bancorp Inc. (NASDAQ: TBNK) (“Territorial” or the “Company”) today announced that the Company’s Board of Directors has reaffirmed its recommendation that Territorial shareholders vote “FOR” the merger with Hope Bancorp, Inc. (“Hope Bancorp”) (NASDAQ: HOPE) at the November 6, 2024, Special Meeting of Stockholders.

On October 25, 2024, Territorial received additional information from Blue Hill Advisors (“Blue Hill”) with respect to its preliminary indication of interest to acquire the Company.

Territorial’s Board of Directors (the “Territorial Board”), with the assistance of its legal and financial advisors, over the course of several meetings, carefully reviewed this information in accordance with its fiduciary duties, its commitment to serving the best interests of all Territorial shareholders and its obligations under Territorial’s merger agreement with Hope Bancorp.

Specifically, the Territorial Board reviewed information provided by Blue Hill, recently and previously, to ascertain whether Blue Hill has provided sufficient verifiable and objective information to justify a Territorial Board determination that Blue Hill’s preliminary indication of interest is reasonably likely to lead to a Superior Proposal as defined by Territorial’s merger agreement with Hope Bancorp. The Territorial Board has also considered whether it would be a breach of its fiduciary duty not to enter into a confidentiality agreement or otherwise engage with Blue Hill based on the information provided by Blue Hill to date. The Territorial Board concluded that the totality of the information provided by Blue Hill does not provide a sufficient basis for a finding that both: (i) the Blue Hill preliminary indication of interest is reasonably likely to lead to a Superior Proposal under the terms and conditions required by the merger agreement; and (ii) a failure to enter into a confidentiality agreement or otherwise negotiate with Blue Hill would be more likely than not to result in a violation of its fiduciary duties under applicable law. Accordingly, the Territorial Board concluded that Territorial may not engage with Blue Hill under the terms and conditions of the Hope Bancorp merger agreement and that it continues to support the merger with Hope Bancorp.

In reaching this conclusion, the Territorial Board considered, among other things:

the all-stock nature of the strategic merger with Hope Bancorp and the benefits the combination with Hope Bancorp will have for shareholders as compared to a cash-out transaction, including the comparison of Hope Bancorp’s liquid, dividend-paying stock to what would be the Blue Hill-controlled Territorial stock, which would be expected to be a relatively more illiquid investment that would likely not pay a dividend for a prolonged period of time;
continued questions regarding the conditional nature of the financing of the transaction by the Blue Hill investors, despite Territorial’s repeated statements with respect to this deficiency for several weeks;
Blue Hill’s failure to address in a reasoned manner how the Blue Hill investor group would overcome the likely regulatory approval hurdles. In contrast, Hope Bancorp is well known by bank regulators and its approval process is well underway;
Blue Hill’s failure to address the impact of the expected changes in regulatory capital and the Company’s business plan, all of which should be expected to be considered as part of any regulatory approval process – despite Blue Hill’s claims that regulatory approvals will be less complicated than the Hope Bancorp approvals;
Blue Hill’s failure to realistically address transaction timing considerations, particularly including timing related to the application and regulatory approval process, in contrast to the expected timing of the Hope Bancorp merger approvals and expected timing of the closing of the Hope Bancorp merger;
the overall execution risk associated with the Blue Hill preliminary indication of interest, including the necessary steps and approvals required to conduct a recapitalization, a tender offer and negotiations with multiple Blue Hill investors versus Hope Bancorp’s standard merger transaction where all required applications are currently being processed;
Blue Hill’s failure to identify the expected key management team members that would manage the revised Company if acquired by Blue Hill. These individuals will be required to be identified to, and vetted by, the banking regulators before any approvals could be obtained;
Blue Hill’s failure to identify all expected directors of the newly-reconstituted Board that would govern Territorial if acquired by Blue Hill, as these individuals will also be required to be identified to, and vetted by, the banking regulators before any approvals could be obtained;
Blue Hill’s failure to specify how it would address any limitations established by or approvals that may be required from the banking regulators to pay any termination fee or conduct a tender offer, which would be an outflow of capital that would require regulatory approval; and
Blue Hill’s failure to substantiate its projected financial results for Territorial on a stand-alone basis, which Blue Hill has asserted as part of the rationale for its proposed acquisition and which represent a risk for existing shareholders who continue as shareholders if the Blue Hill proposal is completed.

The Territorial Board continues to recommend that shareholders vote “FOR” the Hope Bancorp merger. For more information, visit the Company’s website at https://www.territorialandhopecombination.com.

Territorial Shareholders are Urged to Vote “FOR” the Hope Bancorp Merger Ahead of the
Special Meeting on November 6, 2024 at 8:30 a.m. HST.

Voting is quick and easy.

Call toll-free:
(888) 742-1305
Banks and brokers should call:
(516) 933-3100
Email: info@laurelhill.com
Electronically: www.proxyvote.com

About Us

Territorial Bancorp Inc., headquartered in Honolulu, Hawaiʻi, is the stock holding company for Territorial Savings Bank. Territorial Savings Bank is a state-chartered savings bank which was originally chartered in 1921 by the Territory of Hawaiʻi. Territorial Savings Bank conducts business from its headquarters in Honolulu, Hawaiʻi, and has 28 branch offices in the state of Hawaiʻi. For additional information, please visit https://www.tsbhawaii.bank/.

Additional Information about the Hope Merger and Where to Find It

In connection with the proposed Hope Merger, Hope has filed with the U.S. Securities and Exchange Commission (the “SEC”) a Registration Statement on Form S-4, containing the Proxy Prospectus, which has been mailed or otherwise delivered to Territorial’s stockholders on or about August 29, 2024, as supplemented September 12, 2024. Hope and Territorial may file additional relevant materials with the SEC. INVESTORS AND STOCKHOLDERS ARE URGED TO READ THE PROXY PROSPECTUS, AND ANY OTHER RELEVANT DOCUMENTS THAT ARE FILED OR FURNISHED OR WILL BE FILED OR FURNISHED WITH THE SEC, AS WELL AS ANY AMENDMENTS OR SUPPLEMENTS TO THOSE DOCUMENTS, CAREFULLY AND IN THEIR ENTIRETY BECAUSE THEY CONTAIN OR WILL CONTAIN IMPORTANT INFORMATION ABOUT THE PROPOSED TRANSACTION AND RELATED MATTERS. You may obtain any of the documents filed with or furnished to the SEC by Hope or Territorial at no cost from the SEC’s website at www.sec.gov.

Forward-Looking Statements

Some statements in this news release may constitute forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Forward-looking statements include, but are not limited to, statements preceded by, followed by or that include the words “will,” “believes,” “expects,” “anticipates,” “intends,” “plans,” “estimates” or similar expressions. With respect to any such forward-looking statements, Territorial Bancorp claims the protection provided for in the Private Securities Litigation Reform Act of 1995. These statements involve risks and uncertainties. Hope Bancorp’s actual results, performance or achievements may differ significantly from the results, performance or achievements expressed or implied in any forward-looking statements. The closing of the proposed transaction is subject to regulatory approvals, the approval of Territorial Bancorp stockholders, and other customary closing conditions. There is no assurance that such conditions will be met or that the proposed merger will be consummated within the expected time frame, or at all. If the transaction is consummated, factors that may cause actual outcomes to differ from what is expressed or forecasted in these forward-looking statements include, among things: difficulties and delays in integrating Hope Bancorp and Territorial Bancorp and achieving anticipated synergies, cost savings and other benefits from the transaction; higher than anticipated transaction costs; deposit attrition, operating costs, customer loss and business disruption following the merger, including difficulties in maintaining relationships with employees and customers, may be greater than expected; and required governmental approvals of the merger may not be obtained on its proposed terms and schedule, or without regulatory constraints that may limit growth. Other risks and uncertainties include, but are not limited to: possible further deterioration in economic conditions in Hope Bancorp’s or Territorial Bancorp’s areas of operation or elsewhere; interest rate risk associated with volatile interest rates and related asset-liability matching risk; liquidity risks; risk of significant non-earning assets, and net credit losses that could occur, particularly in times of weak economic conditions or times of rising interest rates; the failure of or changes to assumptions and estimates underlying Hope Bancorp’s or Territorial Bancorp’s allowances for credit losses; potential increases in deposit insurance assessments and regulatory risks associated with current and future regulations; the outcome of any legal proceedings that may be instituted against Hope Bancorp or Territorial Bancorp; the risk that any announcements relating to the proposed transaction could have adverse effects on the market price of the common stock of either or both parties to the proposed transaction; and diversion of management’s attention from ongoing business operations and opportunities. For additional information concerning these and other risk factors, see Hope Bancorp’s and Territorial Bancorp’s most recent Annual Reports on Form 10-K. Hope Bancorp and Territorial Bancorp do not undertake, and specifically disclaim any obligation, to update any forward-looking statements to reflect the occurrence of events or circumstances after the date of such statements except as required by law.

Investor / Media Contacts:
Walter Ida
SVP, Director of Investor Relations
808-946-1400
walter.ida@territorialsavings.net

The MIL Network –

January 25, 2025

MIL-OSI: DT Midstream Reports Strong Third Quarter 2024 Results; Raises Adjusted EBITDA Guidance

Source: GlobeNewswire (MIL-OSI)

DETROIT, Oct. 29, 2024 (GLOBE NEWSWIRE) — DT Midstream, Inc. (NYSE: DTM) today announced third quarter 2024 reported net income of $88 million, or $0.90 per diluted share. For the third quarter of 2024, Operating Earnings were also $88 million, or $0.90 per diluted share. Adjusted EBITDA for the quarter was $241 million.

Reconciliations of Operating Earnings and Adjusted EBITDA (non-GAAP measures) to reported net income are included at the end of this news release.

The company also announced that the DT Midstream Board of Directors declared a $0.735 per share dividend on its common stock payable January 15, 2025 to stockholders of record at the close of business December 16, 2024.

“We continue our strong performance in 2024,” said David Slater, President and CEO. “And we have made great progress advancing new opportunities which will support our future growth.”

Slater noted the following significant business updates:

Reached final investment decision on the Phase 4 expansion of the LEAP system, which will expand the system to 2.1 Bcf/d by the first half of 2026
Upsized the future interconnect between our Stonewall System and Mountain Valley Pipeline
Upgraded to investment-grade by Fitch Ratings

“Our year-to-date results are ahead of plan,” said Jeff Jewell, Executive Vice President and CFO. “Our strong performance is leading us to increase our Adjusted EBITDA guidance for 2024 to $950 – $980 million.”

The company has scheduled a conference call to discuss results for 9:00 a.m. ET (8:00 a.m. CT) today. Investors, the news media and the public may listen to a live internet broadcast of the call at this link. The participant toll-free telephone dial-in number in the U.S. and Canada is 888.596.4144, and the toll number is 646.968.2525; the passcode is 4749988. International access numbers are available here. The webcast will be archived on the DT Midstream website at investor.dtmidstream.com.

About DT Midstream

DT Midstream (NYSE: DTM) is an owner, operator and developer of natural gas interstate and intrastate pipelines, storage and gathering systems, compression, treatment and surface facilities. The company transports clean natural gas for utilities, power plants, marketers, large industrial customers and energy producers across the Southern, Northeastern and Midwestern United States and Canada. The Detroit-based company offers a comprehensive, wellhead-to-market array of services, including natural gas transportation, storage and gathering. DT Midstream is transitioning towards net zero greenhouse gas emissions by 2050, including a goal of achieving 30% of its carbon emissions reduction by 2030. For more information, please visit the DT Midstream website at www.dtmidstream.com.

Why DT Midstream Uses Operating Earnings, Adjusted EBITDA and Distributable Cash Flow

Use of Operating Earnings Information – Operating Earnings exclude non-recurring items, certain mark-to-market adjustments and discontinued operations. DT Midstream management believes that Operating Earnings provide a more meaningful representation of the company’s earnings from ongoing operations and uses Operating Earnings as the primary performance measurement for external communications with analysts and investors. Internally, DT Midstream uses Operating Earnings to measure performance against budget and to report to the Board of Directors.

Adjusted EBITDA is defined as GAAP net income attributable to DT Midstream before expenses for interest, taxes, depreciation and amortization, and loss from financing activities, further adjusted to include the proportional share of net income from equity method investees (excluding interest, taxes, depreciation and amortization), and to exclude certain items the company considers non-routine. DT Midstream believes Adjusted EBITDA is useful to the company and external users of DT Midstream’s financial statements in understanding operating results and the ongoing performance of the underlying business because it allows management and investors to have a better understanding of actual operating performance unaffected by the impact of interest, taxes, depreciation, amortization and non-routine charges noted in the table below. We believe the presentation of Adjusted EBITDA is meaningful to investors because it is frequently used by analysts, investors and other interested parties in the midstream industry to evaluate a company’s operating performance without regard to items excluded from the calculation of such measure, which can vary substantially from company to company depending on accounting methods, book value of assets, capital structure and the method by which assets were acquired, among other factors. DT Midstream uses Adjusted EBITDA to assess the company’s performance by reportable segment and as a basis for strategic planning and forecasting.

Distributable Cash Flow (DCF) is calculated by deducting earnings from equity method investees, depreciation and amortization attributable to noncontrolling interests, cash interest expense, maintenance capital investment (as defined below), and cash taxes from, and adding interest expense, income tax expense, depreciation and amortization, certain items we consider non-routine and dividends and distributions from equity method investees to, Net Income Attributable to DT Midstream. Maintenance capital investment is defined as the total capital expenditures used to maintain or preserve assets or fulfill contractual obligations that do not generate incremental earnings. We believe DCF is a meaningful performance measurement because it is useful to us and external users of our financial statements in estimating the ability of our assets to generate cash earnings after servicing our debt, paying cash taxes and making maintenance capital investments, which could be used for discretionary purposes such as common stock dividends, retirement of debt or expansion capital expenditures.

DT Midstream does not forecast net income as it cannot, without unreasonable efforts, estimate or predict with certainty the components of net income. These components, net of tax, may include, but are not limited to, impairments of assets and other charges, divestiture costs, acquisition costs, or changes in accounting principles. All of these components could significantly impact such financial measures. At this time, DT Midstream is not able to estimate the aggregate impact, if any, of these items on future period reported earnings. Accordingly, DT Midstream is not able to provide a corresponding GAAP equivalent for Adjusted EBITDA.

Forward-looking Statements

This release contains statements which, to the extent they are not statements of historical or present fact, constitute “forward-looking statements” under the securities laws. These forward-looking statements are intended to provide management’s current expectations or plans for our future operating and financial performance, business prospects, outcomes of regulatory proceedings, market conditions, and other matters, based on what we believe to be reasonable assumptions and on information currently available to us.

Forward-looking statements can be identified by the use of words such as “believe,” “expect,” “expectations,” “plans,” “strategy,” “prospects,” “estimate,” “project,” “target,” “anticipate,” “will,” “should,” “see,” “guidance,” “outlook,” “confident” and other words of similar meaning. The absence of such words, expressions or statements, however, does not mean that the statements are not forward-looking. In particular, express or implied statements relating to future earnings, cash flow, results of operations, uses of cash, tax rates and other measures of financial performance, future actions, conditions or events, potential future plans, strategies or transactions of DT Midstream, and other statements that are not historical facts, are forward-looking statements.

Forward-looking statements are not guarantees of future results and conditions, but rather are subject to numerous assumptions, risks, and uncertainties that may cause actual future results to be materially different from those contemplated, projected, estimated, or budgeted. Many factors may impact forward-looking statements of DT Midstream including, but not limited to, the following: changes in general economic conditions, including increases in interest rates and associated Federal Reserve policies, a potential economic recession, and the impact of inflation on our business; industry changes, including the impact of consolidations, alternative energy sources, technological advances, infrastructure constraints and changes in competition; global supply chain disruptions; actions taken by third-party operators, processors, transporters and gatherers; changes in expected production from Expand Energy and other third parties in our areas of operation; demand for natural gas gathering, transmission, storage, transportation and water services; the availability and price of natural gas to the consumer compared to the price of alternative and competing fuels; our ability to successfully and timely implement our business plan; our ability to complete organic growth projects on time and on budget; our ability to finance, complete, or successfully integrate acquisitions; the price and availability of debt and equity financing; restrictions in our existing and any future credit facilities and indentures; the effectiveness of our information technology and operational technology systems and practices to detect and defend against evolving cyber attacks on United States critical infrastructure; changing laws regarding cybersecurity and data privacy, and any cybersecurity threat or event; operating hazards, environmental risks, and other risks incidental to gathering, storing and transporting natural gas; geologic and reservoir risks and considerations; natural disasters, adverse weather conditions, casualty losses and other matters beyond our control; the impact of outbreaks of illnesses, epidemics and pandemics, and any related economic effects; the impacts of geopolitical events, including the conflicts in Ukraine and the Middle East; labor relations and markets, including the ability to attract, hire and retain key employee and contract personnel; large customer defaults; changes in tax status, as well as changes in tax rates and regulations; the effects and associated cost of compliance with existing and future laws and governmental regulations, such as the Inflation Reduction Act; changes in environmental laws, regulations or enforcement policies, including laws and regulations relating to climate change and greenhouse gas emissions; ability to develop low carbon business opportunities and deploy greenhouse gas reducing technologies; changes in insurance markets impacting costs and the level and types of coverage available; the timing and extent of changes in commodity prices; the success of our risk management strategies; the suspension, reduction or termination of our customers’ obligations under our commercial agreements; disruptions due to equipment interruption or failure at our facilities, or third-party facilities on which our business is dependent; the effects of future litigation; and the risks described in our Annual Report on Form 10-K for the year ended December 31, 2023 and our reports and registration statements filed from time to time with the SEC.

The above list of factors is not exhaustive. New factors emerge from time to time. We cannot predict what factors may arise or how such factors may cause actual results to vary materially from those stated in forward-looking statements, see the discussion under the section entitled “Risk Factors” in our Annual Report for the year ended December 31, 2023, filed with the SEC on Form 10-K and any other reports filed with the SEC. Given the uncertainties and risk factors that could cause our actual results to differ materially from those contained in any forward-looking statement, you should not put undue reliance on any forward-looking statements.

Any forward-looking statements speak only as of the date on which such statements are made. We are under no obligation to, and expressly disclaim any obligation to, update or alter our forward-looking statements, whether as a result of new information, subsequent events or otherwise.


DT Midstream, Inc. Reconciliation of Reported to Operating Earnings (non-GAAP, unaudited)
		Three Months Ended
		September 30,								June 30,
		2024								2024
		Reported Earnings		Pre-tax Adjustments		Income Taxes⁽¹⁾		Operating Earnings		Reported Earnings		Pre-tax Adjustments		Income Taxes⁽¹⁾		Operating Earnings
		*(millions)*
	Adjustments			$	—	$	—					$	—	$	—
	Net Income Attributable to DT Midstream	$	88	$	—	$	—	$	88	$	96	$	—	$	—	$	96

		Nine Months Ended
		September 30,								September 30,
		2024								2023
		Reported Earnings		Pre-tax Adjustments		Income Taxes⁽¹⁾		Operating Earnings		Reported Earnings		Pre-tax Adjustments		Income Taxes⁽¹⁾		Operating Earnings
		*(millions)*
	Adjustments			$	—	$	—					$	—	$	—
	Net Income Attributable to DT Midstream	$	281	$	—	$	—	$	281	$	263	$	—	$	—	$	263

	(1) Excluding tax related adjustments, the amount of income taxes was calculated based on a combined federal and state income tax rate, considering the applicable jurisdictions of the respective segments and deductibility of specific operating adjustments


DT Midstream, Inc. Reconciliation of Reported to Operating Earnings per diluted share⁽²⁾(non-GAAP, unaudited)

		Three Months Ended
		September 30,								June 30,
		2024								2024
		Reported Earnings		Pre-tax Adjustments		Income Taxes⁽¹⁾		Operating Earnings		Reported Earnings		Pre-tax Adjustments		Income Taxes⁽¹⁾		Operating Earnings
		*(per share)*
	Adjustments			$	—	$	—					$	—	$	—
	Net Income Attributable to DT Midstream	$	0.90	$	—	$	—	$	0.90	$	0.98	$	—	$	—	$	0.98

		Nine Months Ended
		September 30,								September 30,
		2024								2023
		Reported Earnings		Pre-tax Adjustments		Income Taxes⁽¹⁾		Operating Earnings		Reported Earnings		Pre-tax Adjustments		Income Taxes⁽¹⁾		Operating Earnings
		*(per share)*
	Adjustments			$	—	$	—					$	—	$	—
	Net Income Attributable to DT Midstream	$	2.87	$	—	$	—	$	2.87	$	2.70	$	—	$	—	$	2.70

	(1) Excluding tax related adjustments, the amount of income taxes was calculated based on a combined federal and state income tax rate, considering the applicable jurisdictions of the respective segments and deductibility of specific operating adjustments
	(2) Per share amounts are divided by Weighted Average Common Shares Outstanding — Diluted, as noted on the Consolidated Statements of Operations


DT Midstream, Inc. Reconciliation of Net Income Attributable to DT Midstream to Adjusted EBITDA (non-GAAP, unaudited)

		Three Months Ended						Nine Months Ended
		September 30,			June 30,			September 30,			September 30,
			2024			2024			2024			2023
Consolidated		*(millions)*
Net Income Attributable to DT Midstream		$	88		$	96		$	281		$	263
Plus: Interest expense			38			39			117			111
Plus: Income tax expense			30			33			94			102
Plus: Depreciation and amortization			53			53			156			133
Plus: Loss from financing activities			4			—			4			—
Plus: EBITDA from equity method investees⁽¹⁾			70			67			212			212
Less: Interest income			(1	)		—			(2	)		(1	)
Less: Earnings from equity method investees			(40	)		(39	)		(125	)		(132	)
Less: Depreciation and amortization attributable to noncontrolling interests			(1	)		(1	)		(3	)		(3	)
Adjusted EBITDA		$	241		$	248		$	734		$	685

(1) Includes share of our equity method investees’ earnings before interest, taxes, depreciation and amortization, which we refer to as “EBITDA.” A reconciliation of earnings from equity method investees to EBITDA from equity method investees follows:

		Three Months Ended						Nine Months Ended
		September 30,			June 30,			September 30,			September 30,
			2024			2024			2024			2023
		*(millions)*
	Earnings from equity methods investees	$	40		$	39		$	125		$	132
	Plus: Depreciation and amortization attributable to equity method investees		20			21			61			61
	Plus: Interest expense attributable to equity method investees		10			7			26			19
	EBITDA from equity method investees	$	70		$	67		$	212		$	212


DT Midstream, Inc. Reconciliation of Net Income Attributable to DT Midstream to Adjusted EBITDA Pipeline Segment (non-GAAP, unaudited)

		Three Months Ended						Nine Months Ended
		September 30,			June 30,			September 30,			September 30,
			2024			2024			2024			2023
Pipeline		*(millions)*
Net Income Attributable to DT Midstream		$	71		$	71		$	216		$	185
Plus: Interest expense			12			12			37			42
Plus: Income tax expense			24			24			72			72
Plus: Depreciation and amortization			18			19			55			50
Plus: Loss from financing activities			2			—			2			—
Plus: EBITDA from equity method investees⁽¹⁾			70			67			212			212
Less: Interest income			—			—			(1	)		(1	)
Less: Earnings from equity method investees			(40	)		(39	)		(125	)		(132	)
Less: Depreciation and amortization attributable to noncontrolling interests			(1	)		(1	)		(3	)		(3	)
Adjusted EBITDA		$	156		$	153		$	465		$	425

(1) Includes share of our equity method investees’ earnings before interest, taxes, depreciation and amortization, which we refer to as “EBITDA.” A reconciliation of earnings from equity method investees to EBITDA from equity method investees follows:

		Three Months Ended						Nine Months Ended
		September 30,			June 30,			September 30,			September 30,
			2024			2024			2024			2023
		*(millions)*
	Earnings from equity methods investees	$	40		$	39		$	125		$	132
	Plus: Depreciation and amortization attributable to equity method investees		20			21			61			61
	Plus: Interest expense attributable to equity method investees		10		$	7			26			19
	EBITDA from equity method investees	$	70		$	67		$	212		$	212


DT Midstream, Inc. Reconciliation of Net Income Attributable to DT Midstream to Adjusted EBITDA Gathering Segment (non-GAAP, unaudited)

		Three Months Ended					Nine Months Ended
		September 30,			June 30,		September 30,			September 30,
			2024			2024		2024			2023
	Gathering	*(millions)*
	Net Income Attributable to DT Midstream	$	17		$	25	$	65		$	78
	Plus: Interest expense		26			27		80			69
	Plus: Income tax expense		6			9		22			30
	Plus: Depreciation and amortization		35			34		101			83
	Plus: Loss from financing activities		2			—		2			—
	Less: Interest income		(1	)		—		(1	)		—
	Adjusted EBITDA	$	85		$	95	$	269		$	260


DT Midstream, Inc. Reconciliation of Net Income Attributable to DT Midstream to Distributable Cash Flow (non-GAAP, unaudited)

		Three Months Ended						Nine Months Ended
		September 30,			June 30,			September 30,			September 30,
			2024			2024			2024			2023
	Consolidated	*(millions)*
	Net Income Attributable to DT Midstream	$	88		$	96		$	281		$	263
	Plus: Interest expense		38			39			117			111
	Plus: Income tax expense		30			33			94			102
	Plus: Depreciation and amortization		53			53			156			133
	Plus: Loss from financing activities		4			—			4			—
	Plus: Adjustments for non-routine items⁽¹⁾		(416	)		—			(416	)		(371	)
	Less: Earnings from equity method investees		(40	)		(39	)		(125	)		(132	)
	Less: Depreciation and amortization attributable to noncontrolling interests		(1	)		(1	)		(3	)		(3	)
	Plus: Dividends and distributions from equity method investees		465			50			590			557
	Less: Cash interest expense		(6	)		(64	)		(80	)		(76	)
	Less: Cash taxes		(4	)		(1	)		(7	)		(21	)
	Less: Maintenance capital investment⁽²⁾		(4	)		(6	)		(17	)		(22	)
	Distributable Cash Flow	$	207		$	160		$	594		$	541

	(1) Distributable Cash Flow calculation excludes certain items we consider non-routine. For the three and nine months ended September 30, 2024, adjustments for non-routine items included the $416 million Millennium financing distribution. For the nine months ended September 30, 2023, adjustments for non-routine items included the $371 million NEXUS financing distribution.
	(2) Maintenance capital investment is defined as the total capital expenditures used to maintain or preserve assets or fulfill contractual obligations that do not generate incremental earnings.

The MIL Network –

January 25, 2025

MIL-OSI United Kingdom: New road layout coming soon to Downshire Bridge
Source: Northern Ireland City of Armagh

Improvements will enhance pedestrian accessibility creating a safer environment for everyone.

A new road layout will be introduced to Downshire Bridge (The Cut) Banbridge as the £6m public realm scheme nears completion following a major investment. Changes to enhance pedestrian accessibility and the movement of traffic around the Downshire Bridge will take effect from 7pm on Sunday 17^th November 2024.

Road resurfacing and new layout works will take place from 7pm on Saturday 16^th November through to 7pm on Sunday 17^th November. Overnight weekend works will be carried out to minimise disruption to the busy town centre.

The key changes coming into effect from Sunday 17^th November 2024 will be:
- The introduction of two ‘Give Way’ signs and road markings at the top of Newry Street and Bridge Street. This means drivers should stop and give way on their approach up the legs of ‘The Cut’.
- The traffic priority will now be for vehicles moving through Scarva Street and Rathfriland Street.
- The existing pedestrian crossing on Scarva Street has been moved closer to the junction with Bridge Street.
- A second pedestrian crossing on Rathfriland Street, close to Houston’s/Menary’s shop corner which aims to create a safer street crossing for pedestrians in this area.
Lord Mayor of Armagh City, Banbridge and Craigavon Borough, Councillor Sarah Duffy said:

“As public realm works near completion it is great to see the positive impact this significant investment has had to Banbridge Town Centre. With new and improved pavements and footpaths, feature lighting and street furniture this project has not only created a high-quality and better-connected streetscape, it has strongly focused on improving safety and accessibility for all users to create a safer environment for everyone.

“The remaining works will introduce changes surrounding the Downshire bridge with priority for pedestrians, as well as improving the junctions for vehicles and traffic flow across the bridge. I understand it will take time to adjust to the new layout and I encourage everyone to embrace the changes recommended to improve this area and make it safer for everyone.”

During the initial design stages of the public realm scheme, extensive consultations were undertaken with a range of user groups including the Chamber of Commerce, Section 75 groups, such as RNIB, Guide Dogs UK and the Older People’s Alliance. The Department for Infrastructure advised that the junction at The Cut should be improved to adhere to new guidance.

An audit was carried out by Inclusive Mobility and Transport Advisory Committee (IMTAC), which identified the junction as a particularly unfriendly environment for pedestrians.

Michael Larimor, from IMTAC, who completed the audit report on Banbridge commented:

“In our original report about the area around the bridge we described the layout as an unfriendly environment for most pedestrians but completely inaccessible for many disabled people. The new road layout goes a long way to addressing these issues.

“The simple change of road priority requiring users of the bridge slip roads to give way immediately makes pedestrians crossing at junctions safer. This coupled with two zebras providing pedestrians with priority crossing across Scarva Street and Rathfriland Street changes the nature of the bridge area completely, giving a much greater priority to pedestrians in the area. The improved sight lines and the reinstatement of kerbs, coupled with the changes in road priority makes the entire area safer and more accessible for disabled people in particular.”

New road layout signage will be in operation to make drivers and pedestrians aware of the changes and to remind them to approach with caution until users become familiar with the new road layout.

To find out more information about the public realm scheme and to view a video animation of the new road layout and changes coming into effect on Sunday 17^th November 2024, please visit www.armaghbanbridgecraigavon.gov.uk/banbridgepublicrealm
MIL OSI United Kingdom –
January 25, 2025
MIL-OSI United Kingdom: Council seeks local views to improve South Quay Shed

Source: City of Canterbury

Home » Latest News » Council seeks local views to improve South Quay Shed

Residents, businesses and visitors are being asked to have their say on how to improve South Quay Shed in Whitstable Harbour.

An online survey has been launched this week by Canterbury Council to find out why people visit the popular destination and what they think of the current food and retail offer, atmosphere, events and pricing.

It will also ask about improvements to the space and how it can become more attractive to residents and visitors alike.

The results of the short questionnaire will help inform future plans for the Shed which opened in 2022 as a community event, retail and leisure space with affordable rental units supporting local, creative start-up businesses and food outlets.

Since opening, it has become home to a wide selection of local businesses and hit national headlines when the Shed’s HatsHats Coffee launched a pop-up shop run by pupils with profound and multiple learning disabilities from St Nicholas School in Canterbury.

Cllr Chris Cornell, Chair of the Whitstable Harbour Board and Cabinet Member for Economic Development and Inclusion and Coastal Towns Champion, said: “We are committed to making sure the harbour remains a vibrant and thriving home for our communities – and South Quay Shed has a vital role in supporting these ambitions.

“After three successful seasons, we want to know what people think about it. Do they visit it often? If not, why not? And how can we make it better?”

The survey follows a consultation by Whitstable Harbour Board and the council about their strategic plans for the harbour over the next decade.

Feedback from this consultation, which ended in January this year, showed huge support for a commercial working harbour and development plans focused on a reduced carbon footprint and increased accessibility.

Complete the survey online by Friday 29 November 2024.

Published: 29 October 2024

MIL OSI United Kingdom –

January 25, 2025
MIL-OSI United Kingdom: Highway repairs and improvements planned for Western Road

Source: City of Leicester

TRAFFIC restrictions will be in place on a busy residential road in Leicester’s West End from next week, while extensive resurfacing and other improvements are carried out.

Leicester City Council will carry out essential maintenance work on Western Road from Sunday 3 November.

Footpaths will be improved to remove dropped kerbs that cut across the pavement and do not now provide access to a parking or loading area. Work to improve carriageway drainage in Western Road will also be carried out.

Changes will also be made to the crossroads at the junction of Western Road and Briton Street, where adjustments will be made to give priority to vehicles and cycles on Briton Street.

Resurfacing of the main carriageway on Western Road, between its junctions with Braunstone Gate and Briton Street, will be carried out in Spring 2025.

Initial works are expected to be complete by late January, and will be carried out in phases on short sections of the road to help minimise disruption. Parking restrictions and rolling road closures will be required, with well signposted diversions in place. Access to houses, shops and businesses will be maintained. Work will be suspended during the Christmas holiday period with full access reinstated.

Cllr Geoff Whittle, assistant city mayor for environment and transport, said: “The city’s road network needs regular maintenance and repairs to ensure it can cope with modern demands.

“These latest works will see major maintenance and improvements made to a busy residential street and important local route, which will benefit of everyone who uses it.

“For that work to take place, parts of the road will need to be closed temporarily but diversions will be clearly signposted and disruption will be kept to a minimum wherever possible.”

The scheme is expected to cost about £700,000 and will be funded as part of the Connecting Leicester programme which is supported by the Department for Transport’s Transforming Cities Fund.

MIL OSI United Kingdom –

January 25, 2025
MIL-OSI United Kingdom: New funding aims to boost business innovation and deliver positive change for local communities
Source: City of Leeds

New funding is on offer for projects that will help local business innovators make a positive difference to life in Leeds.
Leeds City Council’s Innovation@Leeds programme has up to £175,000 available for distribution in the form of individual grants ranging from £15,000 to £25,000.

The grants are intended to fund knowledge-sharing projects that will – through the provision of advice, guidance, mentoring or training – encourage world-class innovative thinking and activity by the city’s businesses.

This in turn, it is hoped, will enable them to deliver cutting-edge products, processes and services that make Leeds a healthier, greener and more inclusive place to live.

The exact nature of the projects will depend on the proposals submitted by grant applicants, who are being asked to show how their idea can achieve at least one of three main aims. These are:

Boosting the capabilities of innovative businesses already operating in fields such as artificial intelligence or financial, health and legal technology;

Supporting people from diverse backgrounds who want to launch their own innovation-led businesses;

Raising the profile of Leeds as a centre for innovation and showcasing its strengths to outside investors.

To be considered for a grant to set up and run a project, applicants must be a Leeds-registered small business or microbusiness.

They should also be able to demonstrate a proven track record in providing development support for innovation-led businesses.

Councillor Jonathan Pryor, Leeds City Council’s deputy leader and executive member for economy, transport and sustainable development, said:

“We know Leeds is a city bursting with ideas and inspiration, and we are keen to do whatever we can to ensure local residents realise their full potential.

“We’re also committed to helping innovative businesses and aspiring entrepreneurs find solutions and ways of working that will have a positive impact on our communities.

“The new grants will support both of those ambitions – and underline the power of collaboration – by giving innovators access to top-quality knowledge-sharing opportunities.

“I’d encourage as many eligible small businesses and microbusinesses as possible to apply for a grant, and look forward to seeing the results achieved by the successful projects.”

Innovation@Leeds was launched by the council in 2021 to ensure that people from all backgrounds have the means to make the most of their talents in fields such as digital and other emerging technologies.

The programme’s latest grants are being funded through central government’s UK Shared Prosperity Fund, which is administered locally by the West Yorkshire Combined Authority.

The award of the grants will align with a city-wide vision – co-created by the council with key local partners – for stimulating innovation in a way that has a positive social impact.

One crucial aspect of that vision is the further development and transformation of the Leeds Innovation Arc, an area on the west side of the city centre that is home to globally-renowned educational, health and cultural establishments as well as an array of start-ups, scale-ups and major businesses.

For more information about the Innovation@Leeds grants, click here. Applications can be made until November 21, while the projects that secure funding must be delivered by March 28 next year.

ENDS
MIL OSI United Kingdom –
January 25, 2025
MIL-OSI United Kingdom: Kirkton Community Centre Update

Source: Scotland – City of Dundee

A new community centre run by local people is set to be established in the Kirkton area of Dundee.

A partnership between a local charity – Kirkton Community Centre SCIO – and the city council has been agreed this week to pave the way for the purpose-built facility.

Following the closure and demolition of the current ageing Kirkton Community Centre, the charity intends to build and run a new centre on the same site.

The activities and services being delivered from that location would complement the city council’s Community Hub model for the area, which will be based at the nearby Baldragon and St Paul’s academies.

Previously agreed by councillors, the Hub model will see community activities provided at the two local secondary schools, with the library located at St Paul’s Academy.

Melanie Kiyani, Treasurer of Kirkton Community Centre SCIO, said: “Our members are residents of Kirkton, and we have ambitious plans for a new purpose-built community centre which will be run and owned by the community of Kirkton for the community of Kirkton.

“We are working in partnership with Dundee City Council to realise our ambitions. The new community centre will complement the Kirkton Community Hub model by providing space during the day where people can access a fully operational café, retail units, daily activities and support.

“The main aim of the new community centre will be to create community wealth. Funds raised through the community centre and other initiatives will go straight back into community projects for Kirkton as we are a not-for-profit organisation.”

The charity is currently raising funds to build the new facility, which would be community owned and run.

Leader of Dundee City Council Councillor Mark Flynn said: “I would like to congratulate all those behind the Kirkton Community Centre SCIO for their efforts in bringing their plans to this stage.

“The council will be assisting the group through demolition of the current community centre and an arrangement going forward about the site.

“They are planning to deliver a number of activities that would complement the Community Hub and would provide a range of benefits for local people.

“I am also pleased that they continue to play their part in the working group tasked with delivering our new Community Hub vision in the coming months.

“Between the charity’s community provision and our exciting Hub plans, Kirkton residents can look forward to having access to excellent community spaces and activities day and night, all year round.”

The charity said that the new community centre will provide employment and volunteering opportunities for local people and a space “where enterprise and innovation can flourish.”

Melanie continued: “Internally, the new community centre will provide a large rentable multi-purpose space for social events and community groups to use.

“There will be a rentable sensory room, a large low-cost community café open five days a week. There will be two retail units available for local people to rent in order to run local businesses.

“The building will also contain a community post office and parcel pick up / drop off point. The building will be fully accessible and contain a changing places toilet. It will also have full Wi-Fi coverage.

“Externally the community centre will include a car jet wash, community washing machines and electric charging points along with a large community garden and orchard.

“There will also be outdoor seating accessible via the community café and the Strathmartine Community Food Larder will also run from a cabin based in the outdoor area.”

More information about the charity’s plans can be found on their website: www.kirktoncommunitycentre.co.uk

MIL OSI United Kingdom –

January 25, 2025
MIL-OSI Asia-Pac: Choi Yuk-lin leads pupils to Jiangxi

Source: Hong Kong Information Services

Secretary for Education Choi Yuk-lin and participants of the first Mainland study tour of the senior secondary subject of Citizenship & Social Development (CS) to Jiangxi today attended the tour’s kick-off ceremony and visited several spots in Jiangxi.

More than 100 students and teachers from Kowloon True Light School participated in the study tour.

While addressing those gathered at the ceremony held at Ganzhou Middle School, Ms Choi said that Mainland study tours form an integral part of the CS curriculum that enables students to understand the latest developments and achievements of the country in person.

She added that the Education Bureau has received very positive comments from students and teachers after it arranged for over 90,000 students to visit different places on the Mainland since last year.

To provide students with a more diversified learning experience, the number of routes has increased to 28 in this academic year, with 10 routes outside Guangdong Province for four to five days.

The education chief thanked the Fourth Bureau of the State Council Hong Kong & Macao Affairs Office, the Office of Hong Kong, Macao & Taiwan Affairs of the Ministry of Education, the Department of Educational, Scientific & Technological Affairs of the Liaison Office of the Central People’s Government in the Hong Kong Special Administrative Region, and the Department of Education of Jiangxi Province for their care for Hong Kong students, and the Ganzhou Municipal Education Bureau for its thoughtful arrangements, facilitating the smooth implementation of the study tour.

She stressed that the Education Bureau will continue leading students to undertake study tours on themes such as history and culture, aerospace technology, rural revitalisation, economic development and environmental conservation to further enrich their learning experience.

Ms Choi also said she hopes that students will treasure the opportunities to integrate reading with travelling, delve into the history, culture and national affairs of the country, and strengthen their affection for and sense of belonging to the nation.

Following the ceremony, Ms Choi signed a memorandum of understanding on education co-operation between Jiangxi and Hong Kong with a representative from the Department of Education of Jiangxi Province.

She also witnessed the pairing up of Kowloon True Light School and Ganzhou Middle School as sister schools.

Subsequently, she and the delegation visited the memorial garden for the Long March Starting Point of the Central Red Army and the departure place of the first ferry of the Long March to learn about the Long March Spirit.

The four-day study tour began yesterday, in which Ms Choi led members of the tour to visit Sanbai Mountain in Anyuan County, where the origin of Dongjiang is located.

They attended an activity in commemoration of the 60th anniversary of Dongjiang water supply to Hong Kong to pay tribute to the country for its effort in protecting the source of drinking water.

After that, the delegation visited the national education base for Hong Kong youths and the museum on the origin of Dongjiang water to learn about the history of Dongjiang’s water supply to Hong Kong.

Ms Choi will depart for Beijing tomorrow to continue her visit, while the delegation will press on with touring locations in Jiangxi to learn about the local history, culture and enterprise development.

MIL OSI Asia Pacific News –

January 25, 2025
MIL-OSI USA: U.S. energy production has increased faster than energy consumption over the past 50 years

Source: US Energy Information Administration

In-brief analysis

October 29, 2024

Data source: U.S. Energy Information Administration, Monthly Energy Review
Note: Positive net imports mean the United States imported more energy than it exported, while negative net imports mean the United States exported more energy than it imported. Data are for the first seven months of 1974 and 2024. Total energy includes coal, natural gas, petroleum, nuclear, and renewables. See primary energy consumption in the EIA Glossary.

In October 1974, in the wake of the 1973 Oil Embargo, the Federal Energy Administration—the predecessor of the U.S. Department of Energy—published the first issue of the Monthly Energy Review (MER), an overview of the energy produced and consumed in the United States. In the 50 years since that first publication, the U.S. energy sector has transformed.

In 1974, the United States consumed more energy than it produced domestically and was a net importer of energy from other countries. Today, the United States produces more energy than it consumes domestically and is a net exporter of energy to other countries.

Between January and July 2024—the most recent data available—total U.S. energy production was 68%, or 24.0 quadrillion British thermal units (quads), more than the same period in 1974. Increased crude oil and natural gas production, brought about by improvements in drilling techniques such as hydraulic fracturing and horizontal drilling beginning in the 2000s, drove much of the growth in total energy production.

U.S. energy consumption has increased steadily since 1974, although total consumption growth is less than total production growth. Between January and July 2024, U.S. energy consumption was 32%, or 13.2 quads, more than the same period in 1974. Consumption growth is due to several factors including population growth and increased economic activity. However, primary energy consumption has generally decreased on both a per capita basis and in terms of energy consumed per dollar of GDP since the 1970s. Increased energy efficiency has contributed to these decreases.

The increase in energy production over the last two decades has turned the United States into the world’s largest crude oil and natural gas producer today and from a net energy importer to a net energy exporter starting in 2019. U.S. net energy imports in the first seven months of 1974 were about 6.8 quads. The United States exported a net total of about 5.0 quads during the same period in 2024. The main driver of this shift has been growing exports of crude oil and petroleum products and liquefied natural gas (LNG) over the last 15 years.

Evolution of our data collection
The MER, which predates the establishment of the U.S. Department of Energy in 1977, was first published by the Federal Energy Administration. The MER has grown from 22 tables and 55 graphs in its first issue to 101 tables and 182 graphs in the October 2024 publication. Recent data additions include electric vehicle stocks and electricity use, electricity net summer capacity and capacity factors, and a new total energy flow diagram. For a full list of changes and additions to the MER back to 2000, see the What’s New in the Monthly Energy Review page.

Principal contributor: Brett Marohl

MIL OSI USA News –

January 25, 2025
MIL-OSI Russia: Yuri Trutnev: The Russian President’s order to implement master plans will be fulfilled

Translation. Region: Russian Federation –

Source: Government of the Russian Federation – An important disclaimer is at the bottom of this article.

Yuri Trutnev held a meeting on the implementation of long-term plans for the integrated development of cities in the Amur Region

Deputy Prime Minister and Presidential Plenipotentiary Representative in the Far Eastern Federal District Yuri Trutnev held a meeting on the implementation of long-term plans for the integrated development of cities in the Amur Region.

“In accordance with the instructions of the President of the Russian Federation Vladimir Vladimirovich Putin, a large-scale program for the renovation of cities has begun in the Far East and the Arctic. Our task is to make them as comfortable as possible for people to live in. This is a big job with a large amount of necessary funding. I repeat once again: it has been mobilized throughout the Far East and the Arctic. We will constantly keep it under control. Today we will hear how the work is going in the Amur Region,” Yuri Trutnev opened the meeting.

“In the Amur Region, long-term comprehensive plans have been approved for four cities – Blagoveshchensk, Tynda, Svobodny and Belogorsk, a draft master plan has been developed for the closed administrative-territorial entity Tsiolkovsky, and a general plan for the agglomeration of Svobodny and Tsiolkovsky is at an advanced stage of readiness. Key projects are already being implemented in each of them. A regional headquarters has been created. It includes the regional government, heads of municipalities, and representatives of development institutions. The headquarters meets weekly. Work is ongoing in the project management information system under the supervision of the Ministry for the Development of the Russian Far East and the Far East Development Committee,” said Vasily Orlov, Governor of the Amur Region.

A number of master plan objects will be built using funding from a single presidential subsidy provided by the Ministry for the Development of the Russian Far East and special treasury loans.

The Blagoveshchensk master plan includes 54 events for the development of municipal, social, transport and tourism infrastructure. The master plan includes such key events as the construction of the Blagoveshchensk-Heihe cross-border cableway, the modernization of the Blagoveshchensk International Airport (Ignatievo), the construction of the large city center “Tribuna Hall”, the construction of a regional blood transfusion station and a children’s art school, the creation of an international university campus and many others.

In the first year of implementing the long-term plan for comprehensive socio-economic development, several areas became central for the city. Among them are the creation of spaces for comfortable living, self-realization and education of citizens, platforms for Russian-Chinese business cooperation and other projects. In total, 13 events are being implemented this year, six of which will be completed by the end of the year.

One of the tasks included in the Blagoveshchensk master plan was to unite the city with a system of green spaces. Citizens will get a new park – Lomonosovsky. The second space, where work started in 2024, was the Valery Priyomykhov Square. The famous actor, film director and screenwriter was born in the Amur Region. The area adjacent to the site of the installation of the bust of Valery Mikhailovich will be landscaped in a cinema theme. The Katushka cafe, an open-air cinema, and the Montazhnaya coworking area will open in the square. The entire facility will be completed by October 2025. Along with the square, part of 50 Let Oktyabrya Street will be landscaped. It will connect the Priyomykhov Square with another public space – the Babochka Square.

A major renovation of the city park of culture and recreation is planned in Blagoveshchensk. The concept of the park has already been formed, the territory will be divided into two parts. The first is a green zone with places for quiet rest, themed areas and equipment for children of different ages. The second zone will be an area with attractions and catering points. The concept formed the basis of the technical specifications for the design and estimate documentation, which will be developed by the end of 2024.

Within the framework of the master plan, a large project of comprehensive reconstruction of the infrastructure of the Blagoveshchensk International Airport is being implemented. Work on the creation of the city center “Tribuna Hall” has reached the final stage. The complex is conceived as a space with a landscape park and a cultural center with an observation deck. Improvement of courtyard areas is underway.

The master plan for Belogorsk in Amur positions the city as an industrial and logistics center with a developed service economy. At the request of residents, the strategy emphasizes the development of social and transport infrastructure, renovation of microdistricts, modernization of the city center and the coastal area. The construction of a water supply system from water intake wells to the Yuzhny microdistrict and the overhaul of the children’s art school have been completed. The construction of a gas boiler house and a supply gas pipeline, which started in 2022, is in the final stage. Design and estimate documentation is being developed for two important projects – the creation of treatment facilities in the Transportny district of the city and the construction of a central water intake. Work has begun on the construction of a sports and recreation complex with a skating rink in the Yuzhny microdistrict.

The development plan for the BAM capital Tynda includes 34 events. Within the framework of the master plan, 12 events have already been completed, the key ones being the overhaul of the Tynda Central Library, the reconstruction of the BAM History Museum, the renovation of the drama theater, as well as the renovation and illumination of the facades of city buildings, the improvement of 13 courtyard areas and the Bagulnik Park.

According to the master plan, several areas have become priorities for the city: gasification, repair of social facilities, improvement of transport infrastructure and other projects. The city is reconstructing and modernizing heat supply facilities with the replacement of other types of fuel with natural gas. According to the plan, three new gas boiler houses will be built in Tynda; contracts for the preparation of documentation for them have already been concluded. In addition, the central boiler house of the city awaits reconstruction with the transfer to gas. The capital repairs of the city cultural center “Rus” and the public bathhouse are nearing completion. The street and road network is being brought up to standard and 32 new bus stops are being installed.

Within the framework of the master plan of the city of Svobodny, 22 events will be implemented. By 2030, the city will become the center of the gas chemical cluster with a high level of urban environment and services. This year, work has begun on five events, two of which should be completed by the end of the year.

The renovation of Svobodny is connected with the renewal of social infrastructure. In the Yuzhny microdistrict, a school for 528 children is being prepared for construction. The design and estimate documentation for the facility is already ready. In the Mikhailo-Chesnokovsky microdistrict, a building of a physical education and health complex with a universal games hall is being built. The development of design documentation for a children’s art school for 650 children in the Central District has begun. The construction of a new registry office building has been completed; its official opening took place in October. The improvement of the urban environment is underway. In November 2024, the improvement of the city park on Upravlencheskaya Street will be completed. The construction of a new Alekseevsky microdistrict for employees of the Amur Gas Processing Plant continues. In addition to residential buildings, communal and social infrastructure facilities are being built in the microdistrict: a school, a kindergarten, a clinic, a department store, a sports complex, a cultural and leisure center, an apart-hotel, multi-level parking lots, and engineering infrastructure facilities. In September of this year, a school for 900 students opened in the Alekseevsky microdistrict.

An important point in the development of Svobodny is improving the quality of the city’s engineering infrastructure. A large amount of work is being carried out within the framework of this area of the master plan. At the moment, design and estimate documentation is being developed for the reconstruction of treatment facilities in the Dubovsky, Surazhevsky and Zalineyny microdistricts, as well as the reconstruction of the main engineering networks of heat, water supply and sanitation. A large amount of work is associated with the capital repairs of the existing and the construction of a new street and road network and the reconstruction of the road bridge across the Klyuchevaya River along Zagorodnaya Street.

“Work on implementing master plans has begun. Stadiums and libraries are being restored in the Amur Region. A lot of work is being done to provide master plans with funding. It is necessary for the events to be reflected in state programs and national projects. This work is underway. We will do everything to fulfill the President’s instructions so that people receive comfortable living conditions,” Yuri Trutnev summed up the meeting.

Please note: This information is raw content directly from the source of the information. It is exactly what the source states and does not reflect the position of MIL-OSI or its clients.

MIL OSI Russia News –

January 25, 2025
MIL-OSI Security: Shelburne — Shelburne RCMP charge man with attempted murder

Source: Royal Canadian Mounted Police

Shelburne RCMP Detachment has charged a man with attempted murder after a stabbing in Shelburne.

On October 27, at approximately 2:50 a.m., officers responded to a report that a man had been stabbed at a home on Shore Rd. Upon arrival at the residence, they located a man with serious injuries; he was transported to hospital by EHS. The suspect and victim were known to each other, and the suspect had fled the home before police arrived.

Officers, including RCMP Police Dog Services, followed up at another home in Shelburne, where they located and safely arrested one man related to this incident.

Jason Morash, 41, of Shelburne, has been charged with Attempted Murder, Possession of a Weapon for a Dangerous Purpose, and Aggravated Assault. Morash had a first court appearance in Yarmouth Provincial Court on October 28 and was held in custody pending his next court appearance on November 4.

The investigation is ongoing.

MIL Security OSI –

January 25, 2025
MIL-OSI NGOs: Israel/OPT: Law to ban UNRWA is ‘inhumane’ and an ‘outright attack’ on the rights of Palestinian refugees

Source: Amnesty International –

UNRWA has long served as a sole lifeline to Palestinian refugees offering indispensable humanitarian aid, education and shelter

The UN agency also provides desperately needed aid for millions of other Palestinian refugees living in neighbouring Arab countries

‘This appalling, inhumane law will only exacerbate the suffering of Palestinians who have endured unimaginable hardship’ – Agnès Callamard

In response to the news that the Israeli parliament has passed a law to ban the United Nations Relief and Works Agency for Palestine Refugees in the Near East (UNRWA) from operating inside Israel, Agnès Callamard, Amnesty International’s Secretary General, said:

“This unconscionable law is an outright attack on the rights of Palestinian refugees. It is clearly designed to make it impossible for the agency to operate in the Occupied Palestinian Territory by forcing the closure of the UNRWA headquarters in East Jerusalem and ending visas for its staff. It amounts to the criminalisation of humanitarian aid and will worsen an already catastrophic humanitarian crisis.

“UNRWA has played an indispensable role in offering, food, water, medical aid, education and shelter to the nearly 2 million Palestinians in Gaza who have been forcibly displaced, subjected to an engineered famine, and stand at serious risk of genocide as a result of Israel’s relentless offensive in the last 12 months. This law flies in the face of the International Court of Justice order to Israel to ensure sufficient humanitarian assistance and facilitate basic services.

“UNRWA has been a lifeline for Palestinian refugees in the occupied Gaza Strip and the West Bank and in neighbouring countries throughout the 75 years since its foundation. The plight of the Palestinian people would be even more severe if not for UNRWA’s tireless work over the last three quarters of a century.

“This appalling, inhumane law will only exacerbate the suffering of Palestinians who have endured unimaginable hardship since the horrific attacks by Hamas and other armed groups in southern Israel one year ago, and whose need for global support is greater than ever.

“The international community must be quick to condemn it in the strongest possible terms and exert any influence they have on the Israeli government to repeal it.”

UNWRA

Founded in 1949, UNRWA is a UN agency that supports the relief and human development of Palestinian refugees. It is funded almost entirely by voluntary contributions from UN Member States. UNRWA has defined Palestine refugees as “persons whose regular place of residence was Palestine during the period 1 June 1946 to 15 May 1948, and who lost both home and means of livelihood as a result of the 1948 conflict.”

At a time when Israel, the occupying power, continues to flagrantly violate its obligations vis-à-vis Palestinian refugees in Gaza and the rest of the Occupied Palestinian Territory, UNRWA has long served as a sole lifeline, offering indispensable humanitarian aid, education and shelter. The agency also provides desperately needed aid for millions of other Palestinian refugees living in neighbouring Arab countries.

In January 2024 over a dozen states and the EU announced the suspension of funding to UNRWA following allegations that individual staff members were involved in the 7 October attacks carried out by Hamas and other armed groups in southern Israel. UNRWA immediately dismissed nine employees over the allegations at the time.

Almost all of the countries that had previously suspended funding for UNRWA have since reinstated their financial support, aside from the United States, where funding remains frozen until at least March 2025.

MIL OSI NGO –

January 25, 2025
MIL-OSI Video: Secretary Blinken remarks on the economic benefits of U.S. travel and tourism

Source: United States of America – Department of State (video statements)

Secretary of State Antony J. Blinken delivers remarks with Secretary of Commerce Gina Raimondo on the economic benefits of U.S. travel and tourism at the Department of State, on October 29, 2024.

———-
Under the leadership of the President and Secretary of State, the U.S. Department of State leads America’s foreign policy through diplomacy, advocacy, and assistance by advancing the interests of the American people, their safety and economic prosperity. On behalf of the American people we promote and demonstrate democratic values and advance a free, peaceful, and prosperous world.

The Secretary of State, appointed by the President with the advice and consent of the Senate, is the President’s chief foreign affairs adviser. The Secretary carries out the President’s foreign policies through the State Department, which includes the Foreign Service, Civil Service and U.S. Agency for International Development.

Get updates from the U.S. Department of State at www.state.gov and on social media!
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#StateDepartment #DepartmentofState #Diplomacy

https://www.youtube.com/watch?v=gjADb8Gihp0

MIL OSI Video –

January 25, 2025
MIL-OSI United Kingdom: Worcestershire brook pollution brings prosecution of 2 companies
Source: United Kingdom – Executive Government & Departments

The companies have been ordered to pay fines and costs in excess of £90,000 for causing trade effluent to pollute 3 kilometres of a Worcestershire brook.
Fines and costs totalling over £90,000 imposed by court

Human error and corporate failings caused 3 kilometres of brook to be impacted

Case heard at Worcester Crown Court on 24 October 2024

A prosecution by the Environment Agency has resulted in the conviction of 2 companies for causing trade effluent to pollute 3 kilometres of a Worcestershire brook. The companies have been ordered to pay fines and costs in excess of £90,000.

At Worcester Crown Court on 24 October 2024, Elisabeth The Chef (ETC) and Civil Environmental Project Services Ltd (CEPS) were sentenced for causing the discharge into the Laugherne Brook in September 2017.

ETC, a food manufacturer operating in Lower Broadheath, was fined £18,000 and ordered to pay prosecution costs of £52,000. CEPS, an engineering company in Bidford-upon-Avon was fined £4,000 and ordered to pay prosecution costs of £20,000.

The discharge

The Court was told that the discharge caused the deaths of a significant number of fish and that it followed a series of human and corporate failings.

The manufacturing process at ETC produces around 40,000 gallons per day of trade effluent and human sewage.

CEPS provided quarterly maintenance, and a telemetry monitoring service, for a pumping station at ETC’s premises. It was designed to pump trade effluent and sewage from the works to a foul sewer.

On 1 September 2017, an employee of CEPS attended the ETC site’s pumping station to conduct routine maintenance. Following completion of the maintenance work, the employee failed to switch the pumps within the pumping station back on.

As a result, trade effluent built up in the pump well rather than being sent to the foul sewer. This caused an overflow of trade effluent from the pumping station into a containment lagoon.

The containment lagoon filled up and then discharged the pollutant through a broken sluice gate and into a ditch running alongside the factory.

This pollution discharge flowed from the ditch into the Laugherne Brook, flowing towards Worcester and the River Teme in the south of the city.

The situation was compounded by the same CEPS employee reporting to ETC on 4 September 2017, whilst the pollution was going on, stating that it was ‘working ok’.

The same employee had also attended the ETC site in April 2017 and erroneously fitted an alarm too high within the pumpwell. This meant that the alarm did not function properly and consequently ETC was not notified that the pumping station was not working.

Environment Agency response to the incident

On 5 September 2017, members of the public contacted the Environment Agency to report that the Laugherne Brook was cloudy and dead fish were on the surface.

The Environment Agency managed the response to the incident and identified the source of the pollution and ETC then took action to stop the pollution.

Officers carried out water quality testing and found that there had been a severe short-term impact covering some 3 kilometres of the Laugherne Brook.

Some 86 dead fish were counted in the accessible sections of the Brook, including brown trout, bullhead, dace, and gudgeon.

Hundreds of fish were estimated to have been killed as a result of the incident.

ETC, a company with previous convictions for environmental offending, initially blamed CEPS for the incident.

But subsequently accepted that it had failed to put in checks and procedures to ensure its on-site pumping station was working correctly.

The company also accepted that it had failed to conduct day-to-day physical checks of its pumping station and containment lagoon.

CEPS was vicariously liable for the actions of its employee. It had failed to put in place appropriate checks and monitoring to instruct its employee to ensure that work was done competently.

The sentence

In sentencing, the Court remarked that the state of rivers were ‘at the front of the public consciousness’ and that this was a ‘serious breach of law’.

In mitigation, the Court remarked that both companies had undertaken investigations and taken all remedial action to prevent a recurrence.

The Court noted that ETC had been under different ownership when the pollution event occurred. But the new owners were taking the company’s environmental responsibilities seriously.

The Court also noted that there have been no further pollution events at the site since 2017.

CEPS admitted responsibility for the incident at an early stage.

The Court noted that the company’s engagement and co-operation with the Environment Agency’s investigation was ‘impressive.’ It had no previous convictions of any kind.

Kelly Horsley, an Environment Officer for the West Midlands Environment Agency, said:

We welcome this sentence as this was a serious pollution which caused considerable disruption besides fish deaths.

The Environment Agency will pursue any company that fails to uphold the law or protect nature and will continue to press for the strongest possible penalties.

Failure to comply with these legal requirements is a serious offence that can damage the environment and harm human health.   

 If anyone has environmental concerns they should call our 24/7 hotline on 0800 80 70 60 or Crimestoppers anonymously and in confidence on 0800 555 111.

The Charge

Between 1 September 2017 and 5 September 2017, (1) Elisabeth the Chef Ltd and (2) Civil and Environmental Project Services Ltd caused a water discharge activity.

This was namely a discharge of polluting trade effluent into a ditch adjacent to and joining the Laugherne Brook, Worcester.

This was not authorised by an environmental permit, contrary to Regulation 38(1)(a) and Regulation 12(1)(b) of the Environmental Permitting (England and Wales) Regulations 2016.

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Published 29 October 2024
MIL OSI United Kingdom –
January 25, 2025
MIL-OSI Russia: “I would be interested in talking to Chinese farmers”

Translation. Region: Russian Federation –

Source: State University Higher School of Economics – State University Higher School of Economics –

Veronika Smirnova studies the Chinese approach to global food security and spent a year at the Renmin University of China in Beijing. In an interview with the HSE Young Scientists project, she spoke about Xi Jinping’s flagship initiatives, her interest in FAO’s John Boyd Orr, and her love of malatan and xiao long bao.

How I got started in science

It wasn’t a strategic plan. Science chose me, like many future scientists who enjoyed studying many subjects at school. Surprisingly, math and physics were the easiest for me, but I ended up choosing the humanities.

Around the 9th grade, I thought about what direction I would like to choose in the future, and the topic of international relations seemed interesting to me. At that time, I was not yet interested in Chinese culture, I only heard in the news that Russian-Chinese relations were developing at a rapid pace. When it was time to choose a second language (internationalists always learn two), I spent a long time choosing between German and French. But then something sank in my heart, and I began to study Chinese, not yet knowing what awaited me in the future. This is how my love for China began, I gradually began to take an interest in culture and politics.

In my undergraduate studies at Nizhny Novgorod State University, we had amazing courses on analytics for government bodies. I really liked this subject, and I became interested in working in this field. When I went to the master’s program at HSE, I saw that CCEMI, where I now work, was recruiting interns, and I applied. That’s how my path in science began. Then I went to graduate school and continued scientific research.

What am I studying?

China’s participation in the global food security system. Interest in this topic did not develop immediately. In my bachelor’s degree, I studied more about culture and soft power. But in my master’s degree, I thought: I would like to study something more practice-oriented, which could contribute to the improvement of Russian-Chinese relations. The food topic found me itself.

The HSE education system involves earning several credits for projects during the course of study. In my Master’s program, I chose a project that was conducted by the School of Oriental Studies together with Azbuka Vkusa. Against the backdrop of Covid, we studied how retail is developing in Asian countries. I was doing research on China. And then one of the teachers said that there was an opportunity to do an internship at the UN.

At first I wasn’t interested, but my friend, who had this experience, explained that it was a very interesting track where you act as a manager of an educational course.

I applied for the next intake and was accepted to this project. The internship was online. I helped organize a course for UNITAR (United Nations Institute for Training and Research) and FAO (FAO, Food and Agriculture Organization of the United Nations). The course was designed for officials from the post-Soviet space on the topic of agriculture in international trade agreements.

I thought it was an interesting topic because China and Russia were developing relations in the agricultural sector, so I decided to take it up more seriously and continued to study it in graduate school.

What was my master’s thesis about?

I studied Chinese concepts in global governance. This topic is close to my PhD thesis, where I examine how China promotes its approaches to food security co-operation internationally.

In my master’s degree, I was interested to see how China’s policy ambitions are growing in practical terms, what approaches it offers – whether it is trying to take the place of the United States or is offering something unique.

I decided to look at the theoretical approaches of Chinese scholars and compare them with the statements of Chinese leaders Hu Jintao and Xi Jinping. And I saw that, in principle, the same thing happened to the concept of global governance developed in the West as to many other Western concepts in China – from complete rejection to active participation.

At first, China came out with sharp criticism, claiming that the concept was aimed at Western countries controlling global development. Then with interest – how to apply it with Chinese specifics. Then, gradual testing began in specific areas. For example, Chinese scientists separately studied issues of sovereignty, participation of non-profit organizations. And already at the next stage, they proposed their own approaches.

At the same time, Chinese leader Xi Jinping put forward the concept of a Community of Shared Future for Humanity and the flagship Belt and Road Initiative, and Chinese scholars were studying how to develop global governance together with other countries through these projects.

What is the Community of Shared Destiny for Humanity?

Xi Jinping put forward this concept in 2013 — by the way, he first spoke about it in Moscow, at MGIMO. At the first stage, it was quite simple, it could be characterized by his words: “In me there is you, in you there is me.” The world is interconnected, and we need to manage things together, because if one participant starts having problems (as we saw during the pandemic), they arise for others as well.

A more correct translation of the name is “the concept of a common destiny.” “A common destiny” implies unification. And China insists that everyone has the right to follow their own path of development, and this community is expressed in the fact that we develop together, but in different ways.

Why China Believes the World Needs Food Security

China is primarily interested in ensuring internal security. It relies on the concept of self-sufficiency. This issue is particularly sensitive for it. In the past, periods of famine were associated with political instability.

During the Cold War, when China suffered famine, the country also faced a food embargo from the United States. And now China believes that “it must hold the rice bowl firmly in its own hands,” as Xi Jinping says.

But having joined the WTO and participated in world trade, one cannot be completely autonomous. If there are problems in the food security sphere somewhere, it affects everyone. China is interested in maintaining general world stability. It is also developing cooperation in the “south-south” direction. This is cooperation between a developing country and a similar country, where it acts not as a donor, but as a partner, sharing its experience in solving problems.

In the area of food security, China’s experience is a strong case: the country was able to defeat hunger with very few resources, land and water. Therefore, this is one of the key areas for cooperation with developing countries. China focuses on them, and mainly seeks to develop partnerships with them.

Russian-Chinese relations

Our relations are now at the peak of prosperity. During the Cold War, Sinologists had a hard time. Relations were tense, we had different views on what communism should be. The Chinese reacted quite sharply to the debunking of Stalin’s personality cult. We had border conflicts. China then, especially against the backdrop of rapprochement with the United States, diverged even more from the USSR.

I remember my first academic supervisor in my bachelor’s degree told me that he was criticized in his close circle for studying the language of a country where he would never go, with which we are at odds. But he said that he was right. The prerequisites for normalizing relations began to emerge in the Brezhnev era, later the issues of demarcation and delimitation of the border were resolved, economic relations also developed, and now our relations have become the best.

What results and achievements I am proud of

I spent the last year in China, and returned in July. I was accepted to the New Sinology program for postgraduate students. It is designed to develop new approaches to China studies, building connections so that scholars can see their subject up close. I chose Renmin University of China, one of the largest in Beijing. I was able to work on my topic with a Chinese supervisor, Professor Song Wei, who is developing the theoretical framework I used in my work.

My other achievements are not really in the scientific sphere. Within my center, I am actively involved in the implementation of joint humanitarian projects between Russia and China.

We organized a Russian-Chinese summer school for students, and we had a project called “China Perspective,” where students from our department met with China experts and learned how to build a career in cooperation with the PRC.

Basically, my journey of getting to know HSE and CCEIS began with me being a participant in the Russian-Chinese summer school — the 9th intake. And the next time, I was already on the organizing committee. The school was held online because of COVID, but there were many participants, some even joined from Brazil.

What I dream about

I am very interested in getting more field experience. For example, going to Chinese villages and talking to farmers. In China, most agricultural products are still produced on small farmsteads.

Where I was in China

I traveled a lot around China, visited ten cities: Beijing, Shanghai, Shenzhen, Hangzhou, Suzhou, Xi’an, Luoyang, Tianjin, Chengdu and Chongqing. In Shanghai, colleagues from my center organized a conference of the Valdai Club together with the East China Normal University. I was included in the delegation.

There was also a trip to a conference in Shenzhen, to MSU-PPI – a joint university of Moscow State University and Beijing Polytechnic University. I already went to other cities with friends, to immerse myself in Chinese culture. A guy from India studied with me on the program, we became friends, he was more advanced in studying Chinese culture, and I went on my first trip with him.

Science for me is a way of life, a space of connections. You are constantly looking for something to talk about, something to study.

If I hadn’t become a scientist, I could have become a manager or producer of educational courses in the humanities. I still combine this with my scientific career, but I would have concentrated on it.

Who would I like to meet?

For my dissertation, I would like to meet the first FAO Secretary-General, John Boyd Orr, and talk more about his failed initiatives. My research is more in the area of international cooperation, while his research is specifically looking at how certain policies reduce malnutrition in the world.

I was very inspired by the history of the creation of FAO. Boyd Orr was the first Secretary-General, he stood at its origins. He advocated a comprehensive approach to food security. At that time, food security was considered to be only access to products and their availability. He suggested looking at the problem more broadly and advocated that the newly formed organization should control not only development issues and information collection, but also trade, production, and food delivery.

For example, during World War II, scientists discovered that if you increase the rations for pregnant women, then infant mortality drops sharply. They made several such discoveries, were inspired, and thought that this new knowledge would allow them to significantly reduce hunger within the organization.

But due to the onset of the Cold War, due to the importance and criticality of this topic for the world’s major powers, there was not enough space for trust to be created so that a common supranational structure in the form of a UN institution could control all these processes.

What my typical day looks like

Now my typical day is loaded with work: the last year of graduate school, finishing my dissertation, going to the pre-defense. So I wake up, have breakfast, go to work and sit here for a long time. I solve work issues, and when I have a free minute, I finish the text of the dissertation.

What will I do after my defense?

I will continue working at CCEMI. I think that there will be more time for scientific work. I would like to study the topic of Russian-Chinese agricultural cooperation in more detail. It is also interesting to look at the development of the foodtech sphere in China, startups in this area. I would also try to publish in Chinese journals. They are not taken into account in our systems, which is critical for a postgraduate student, and after the defense this issue will no longer be so acute.

Do I get burnout?

I think it was at the beginning, when I didn’t understand how to combine work and study, but here my colleagues helped. We have a friendly atmosphere in the team, everyone supports each other. I adhere to the approach that there are always many interesting projects, but it is important to refuse most of them and concentrate on the most important, otherwise burnout can occur.

What are my interests besides science?

I love yoga. It helps me maintain a sports regimen during periods of intense work. I also like digital drawing, sometimes I even do something design-related. At the launch stage of our project “Chinese Perspective”, I made posters for the VKontakte group.

Where do I recommend starting your acquaintance with China?

I would recommend looking at VK groups dedicated to China. In our Russian-speaking community, for example, there is a group called “Grey Mocha” that publishes cultural notes about China. The Vyshka Chinese Club also provides a lot of useful information.

China has its own social networks. If you want to watch Chinese videos, you should go not to YouTube, but to Bilibili and Kuaishou. WeChat is a must to communicate with Chinese colleagues. They have an interesting service called “Little Red Book” — something like a combination of Instagram and Telegram, it helped me a lot while traveling around China. You can type in “Tasty places there,” and it will show you. You could even find out which of the many cafeterias at my university serves the best food. Or figure out how to take a photo in the Temple of Heaven without people being visible. But to immerse yourself in the Chinese blogosphere, you need to know the language and understand how it works. If you come to China with only English, it will be more difficult.

The leading contemporary Chinese writer

Probably Mo Yan. In the book “Frogs” he describes the social reality of the “One Family – One Child” era. I also liked the plot of the book “Children of the Herd Age” written by Liu Zhenyun. One of the stories describes how a man gave a large ransom for a woman, and she ran away with this ransom without marrying him, and his sister tries to find her.

Popular Chinese Attractions Among Russians

Beijing, Shanghai and Harbin — because of the proximity of the border. In Beijing, the heritage of ancient culture is interesting: the Forbidden City, the Temple of Heaven, the Great Wall of China. In Shanghai, people walk along the embankment, look at the Pearl Tower, there are more monuments of Western culture there. Hainan Island is also popular, especially among residents of Siberia and the Far East. The sea there is very clean. There are many interesting delicacies, for example, candies made from shark meat. Other destinations are for more advanced tourists who are also interested in nature. For example, the province of Sichuan, where pandas live and there are national parks.

Differences between Western and Chinese culture

There are, and very strong ones. In China, they tend to be collectivist, not individualistic. We have the concept of conscience, and they have shame. This is a capacious topic, it is difficult to talk about briefly, but it can be outlined with a series of illustrations by Chinese artist Yan Liu.

What was the last thing I read and watched?

Our colleague Ivan Yuryevich Zuenko recently published a book, “China in the Era of Xi Jinping.” I read it and even attended the presentation.

Because of my dissertation, everything is about China now, and I watch something to support Chinese. For example, the talk show “This is China” with Professor Zhang Weiwei and the program “Round Table” with the popular host Dou Wentao.

Advice to young scientists

Get involved in the scientific community early on, as talking to colleagues helps you understand early on what to watch out for and what new and interesting perspectives there are on the issues you’re studying.

Try to publish and speak at conferences. The sooner you gain such experience, the easier it will be to move along this path. And for a sinologist, it is especially important to have your own knowledge base and know exactly where to find certain materials. Order disciplines and helps in scientific work.

Favorite place in Moscow

VDNKh. I lived there during my first year of graduate school, and often walked there. This place is associated with my first pleasant memories after moving to Moscow.

Favorite places in Beijing

First of all, Beihai Park. Chinese parks are different from ours. When I came there for the first time in the evening, I felt like I was in a fairy tale. I also love Houhai, it’s also in the center, a walking place around the lake. And Qianmen Street, it’s quite lively, there are a lot of Chinese eateries, street food.

At first, I didn’t quite have the right idea of Beijing. I thought it was high-rise and modern. But if you travel around southern cities, you’ll notice that Beijing has many low buildings in the center and it’s not so densely built up. There are hutongs on Qianmen Street – ancient buildings. And a nice coffee shop called Metal Hands.

Chinese cuisine

I like it. I often ate xiao long bao (steamed meat buns like dumplings), malatan (a spicy soup where you put the ingredients yourself), and different types of beef noodles. Because of my Indian friends, I also fell in love with Indian food. But in general, there are a couple of places in Beijing where you can eat Russian food. When I started missing mashed potatoes with a cutlet, it was easy to get them.

Where would I go in China

See the natural attractions near the cities of Chengdu and Chongqing. You need to go there in a group and think everything through in advance. There are two large national parks near Chengdu. And next to Chongqing is the Wulong Karst geological park. And there is also a beautiful place Zhangjiajie, you also need to go there for five days, preferably with a group and a guide.

Please note: This information is raw content directly from the source of the information. It is exactly what the source states and does not reflect the position of MIL-OSI or its clients.

MIL OSI Russia News –

January 25, 2025
MIL-OSI Video: Department of State Daily Press Briefing – October 29, 2024 – 1:15 PM

Source: United States of America – Department of State (video statements)

Spokesperson Matthew Miller leads the Department Press Briefing, at the Department of State, onnOctober 29, 2024.

———-
Under the leadership of the President and Secretary of State, the U.S. Department of State leads America’s foreign policy through diplomacy, advocacy, and assistance by advancing the interests of the American people, their safety and economic prosperity. On behalf of the American people we promote and demonstrate democratic values and advance a free, peaceful, and prosperous world.

The Secretary of State, appointed by the President with the advice and consent of the Senate, is the President’s chief foreign affairs adviser. The Secretary carries out the President’s foreign policies through the State Department, which includes the Foreign Service, Civil Service and U.S. Agency for International Development.

Get updates from the U.S. Department of State at www.state.gov and on social media!
Facebook: https://www.facebook.com/statedept
Twitter: https://twitter.com/StateDept
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Flickr: https://flickr.com/photos/statephotos/

Subscribe to the State Department Blog: https://www.state.gov/blogs
Watch on-demand State Department videos: https://video.state.gov/
Subscribe to The Week at State e-newsletter: http://ow.ly/diiN30ro7Cw

State Department website: https://www.state.gov/
Careers website: https://careers.state.gov/
White House website: https://www.whitehouse.gov/
Terms of Use: https://state.gov/tou

#StateDepartment #DepartmentofState #Diplomacy

https://www.youtube.com/watch?v=o0DZRsxwOqM

MIL OSI Video –

January 25, 2025
MIL-OSI Russia: Dmitry Patrushev took part in the keel-laying ceremony of the research expedition vessel Ivan Frolov in St. Petersburg

Translation. Region: Russian Federation –

Source: Government of the Russian Federation – An important disclaimer is at the bottom of this article.

Deputy Prime Minister Dmitry Patrushev, as part of a working visit to St. Petersburg, together with the city’s governor, Alexander Beglov, took part in the ceremonial laying of the keel of the scientific expedition vessel Ivan Frolov.

Dmitry Patrushev took part in the keel-laying ceremony of the research expedition vessel Ivan Frolov in St. Petersburg

October 29, 2024

Keel-laying ceremony of the research expedition vessel “Ivan Frolov”

October 29, 2024

Keel-laying ceremony of the research expedition vessel “Ivan Frolov” in St. Petersburg

October 29, 2024

Dmitry Patrushev took part in the keel-laying ceremony of the research expedition vessel Ivan Frolov in St. Petersburg

October 29, 2024

Minister of Natural Resources and Environment Alexander Kozlov took part in the keel-laying ceremony of the research expedition vessel Ivan Frolov in St. Petersburg

October 29, 2024

Keel-laying ceremony of the research expedition vessel “Ivan Frolov”

October 29, 2024

Keel-laying ceremony of the research expedition vessel “Ivan Frolov”

October 29, 2024

Keel-laying ceremony of the research expedition vessel “Ivan Frolov”

October 29, 2024

Keel-laying ceremony of the research expedition vessel “Ivan Frolov”

October 29, 2024

Previous news Next news

Dmitry Patrushev took part in the keel-laying ceremony of the research expedition vessel Ivan Frolov in St. Petersburg

According to the Deputy Prime Minister, after commissioning, the vessel should become the flagship of the Roshydromet fleet. It will house a powerful scientific complex that will allow research to be conducted even in the harshest weather conditions. And in general, this multi-purpose project will ensure the uninterrupted operation of Roshydromet polar stations – five year-round and five field bases in Antarctica.

“Studying the Arctic and Antarctic is one of the key areas of activity of the federal service. More than 20 expeditions are already conducted annually. They allow us to track climate change, collect data for the development of navigation along the Northern Sea Route and clarify the boundaries of the country’s continental shelf. The appearance of the new vessel “Ivan Frolov” will certainly strengthen our positions in the polar regions,” said Dmitry Patrushev.

The Deputy Prime Minister noted that a range of advanced knowledge and technologies is being used in construction. This will contribute to the development of Russia’s competencies in high-tech areas.

It is planned that the research and expedition vessel Ivan Frolov will replace the flagship of the polar fleet Akademik Fedorov and will remain in service for at least 30 years. The vessel will be about 165 m long. Up to 20 laboratories and a platform for helicopters will be located on board. The research vessel will allow scientific research to be carried out on modular programs of any complexity by different scientific teams. Dozens of scientific projects will be carried out on board at the same time – from research of the ocean floor to the upper atmosphere and space, depending on the need and priority of research in polar latitudes.

Please note: This information is raw content directly from the source of the information. It is exactly what the source states and does not reflect the position of MIL-OSI or its clients.

MIL OSI Russia News –

January 25, 2025
MIL-OSI USA: Gateway: Centering Science

Source: NASA

Gateway is set to advance science in deep space, bringing groundbreaking research opportunities to lunar orbit.

Stephanie Dudley sits at the intersection of human spaceflight and science for Gateway, humanity’s first lunar space station that will host astronauts and unique scientific investigations.
Gateway’s mission integration and utilization manager, Dudley recently posed for this photo in a high-fidelity mockup of the space station’s HALO (Habitation and Logistics Outpost), where astronauts will live, conduct science, and prepare for missions to investigate the lunar South Pole region. Dudley works with NASA’s partner space agencies and academia to identify science opportunities on Gateway.
HALO will host various science experiments, including the Heliophysics Environmental and Radiation Measurement Experiment Suite, led by NASA, and the Internal Dosimeter Array, led by ESA (European Space Agency) and JAXA (Japan Aerospace Exploration Agency). The heliophysics experiment will fly on HALO’s exterior, and the dosimeter will be housed inside Gateway in a series of racks, mockups of which are shown to the right of Dudley in the image above. Both experiments will study solar and cosmic radiation to help the science community better understand how to protect astronauts and hardware during deep space travels to places like Mars.
“We are building [Gateway] for a 15-year lifespan, but definitely hope that we go longer than that,” Dudley recently said on Houston We Have a Podcast. “And so that many years of scientific study in a place where humans have never worked and lived long-term, Gateway is going to allow us to do that.”
Dudley pulls double duty as a deputy director for the Exploration Operations Office within NASA’s Moon to Mars Program, a role that connects her to Artemis science beyond Gateway, including science investigations on the Orion and Human Landing System spacecraft and lunar terrain vehicle.
“My work…is helping to make sure that across all of the six [Artemis] programs, including Gateway, we’re all focusing on utilization in the same way,” Dudley said.
Dudley’s team coordinates science payloads for Artemis II, the first mission to send humans to the Moon since 1972, and Artemis III, the first landing in the lunar South Pole region that is of keen interest to the global science community.
Gateway’s HALO will launch with the space station’s Power and Propulsion Element ahead of the Artemis IV mission in 2028, the first lunar mission to include an orbiting space station.
“Gateway sounds so science fiction, but it’s real,” Dudley recently said. “And we’re building it. And in a few years, it’s going to be around the Moon and that’s when the real work, the fun work in my opinion, is going to begin and science will never be the same.”
Gateway is humanity’s first lunar space station as a central component of the Artemis campaign that will return humans to the Moon for scientific discovery and chart a path for the first human missions to Mars.

MIL OSI USA News –

January 25, 2025
MIL-OSI Security: U.S. Joins International Action Against RedLine and META Infostealers

Source: Office of United States Attorneys

RedLine and META Infostealers stole information from millions of victims around the world; U.S. complaint charges developer and administrator; U.S. law enforcement seizes infrastructure

AUSTIN, Texas – The Department of Justice joined the Netherlands, Belgium, Eurojust and other partners in announcing an international disruption effort against the current version of RedLine Infostealer, one of the most prevalent infostealers in the world that has targeted millions of victim computers, and the closely-related META Infostealer.

The Justice Department, FBI, Naval Criminal Investigative Service, IRS Criminal Investigation, Defense Criminal Investigative Service, and Army Criminal Investigation Division joined international partners in the Joint Cybercrime Action Taskforce (“JCAT”) Operation Magnus (supported by Europol) to seize domains, servers, and Telegram accounts used by the RedLine and META administrators to disrupt the operations of the infostealers.

International authorities have created a website at www.operation-magnus.com with additional resources for the public and potential victims.

Infostealers are a prevalent form of malware used to steal sensitive information from victim’s computers including usernames and passwords, financial information, system information, cookies, and cryptocurrency accounts. The stolen information—referred to as “logs”—is sold on cybercrime forums and used for further fraudulent activity and other hacks. RedLine has been used to conduct intrusions against major corporations. RedLine and META infostealers can also enable cyber criminals to bypass multi-factor authentication (MFA) through the theft of authentication cookies and other system information.

RedLine and META are sold through a decentralized Malware as a Service (“MaaS”) model where affiliates purchase a license to use the malware, and then launch their own campaigns to infect their intended victims. The malware is distributed to victims using malvertising, e-mail phishing, fraudulent software downloads, and malicious software sideloading. Various schemes, including COVID-19 and Windows update related ruses have been used to trick victims into downloading the malware. The malware is advertised for sale on cybercrime forums and through Telegram channels that offer customer support and software updates. RedLine and META have infected millions of computers worldwide and, by some estimates, RedLine is one of the top malware variants in the world.

Through various investigative steps, law enforcement has collected victim log data stolen from computers infected with RedLine and META. While an exact number has not been finalized, agents have identified millions of unique credentials (usernames and passwords), email addresses, bank accounts, cryptocurrency addresses, credit card numbers, etc. The United States does not believe it is in possession of all the stolen data and continues to investigate.

The Department has unsealed a warrant issued in the Western District of Texas that authorized law enforcement to seize two domains used by RedLine and META for command and control.

In conjunction with the disruption effort, the Justice Department unsealed charges against Maxim Rudometov, one of the developers and administrators of RedLine Infostealer. According to the complaint, Rudometov regularly accessed and managed the infrastructure of RedLine Infostealer, was associated with various cryptocurrency accounts used to receive and launder payments and was in possession of RedLine malware. For his actions, he has been charged with access device fraud, in violation of 18 U.S.C. § 1029, conspiracy to commit computer intrusion, in violation of 18 U.S.C. §§ 1030 and 371, and money laundering, in violation of 18 U.S.C. § 1956.

If convicted, Rudometov faces a maximum penalty of 10 years in prison for access device fraud, five years in prison for conspiracy to commit computer intrusion, and 20 years in prison for money laundering. The complaint is merely an allegation, and the defendant is presumed innocent until proven guilty beyond a reasonable doubt in a court of law.

The FBI Austin Cyber Task Force is investigating the case. The Task Force participants include the Naval Criminal Investigative Service, IRS Criminal Investigation, Defense Criminal Investigative Service, and Army Criminal Investigation Division, among other agencies.

Assistant U.S. Attorney G. Karthik Srinivasan is prosecuting the case. The Justice Department’s Cybercrime Liaison Prosecutor to Eurojust and Office of International Affairs also provided significant assistance.

The disruption effort announced today was in conjunction with Operation Magnus, a JCAT law enforcement operation to investigate RedLine and META Infostealers. The participating agencies included the Dutch National Police, Belgian Federal Police, Belgian Federal Prosecutor’s Office, United Kingdom National Crime Agency, Australian Federal Police, Portuguese Federal Police, and Eurojust.

###

MIL Security OSI –

January 25, 2025
MIL-OSI Security: Darnell Bishop Sentenced To 15 Years For Role In Benton Harbor Dunham’s Store Handgun Theft

Source: Office of United States Attorneys

  GRAND RAPIDS, MICHIGAN — U.S. Attorney for the Western District of Michigan Mark Totten today announced that Darnell Bishop, 32, of Benton Harbor, was sentenced to 15 years in federal prison for kidnapping and brandishing a firearm during and in relation to a crime of violence.

“Mr. Bishop’s criminal scheme, had it succeeded, would have flooded the streets of southwest Michigan with illegal guns,” said U.S. Attorney Mark Totten. “The proliferation of illegal guns is one cause behind the gun violence epidemic we are experiencing in Benton Harbor, across the state, and across the nation. I am grateful to our local, state, and federal law enforcement partners for their swift and smart response that prevented the worst from happening. Moving forward, we will continue to focus our efforts on those few individuals who are driving gun violence in their communities.”

Bishop was charged along with his brother and codefendant, Dontrell Nance, for the theft of 123 handguns from Benton Harbor Dunham’s Sports Store. Bishop and Nance kidnapped the Dunham’s manager from outside the manager’s home using a pistol, blindfolded and handcuffed him, took him to a second location, and threatened the manager into providing the alarm code for Dunham’s. Bishop then went to the store and stole 123 pistols, which he carried away in two large coolers. Law enforcement has since recovered all the firearms.

Nance previously pled guilty to kidnapping and brandishing a firearm during and in relation to a crime of violence. He was sentenced to 15 years in federal prison.

“Today’s sentence is an example of our commitment to our industry partners and their employees, that their safety and security is one of ATF’s top priorities,” said Detroit Field Division Special Agent in Charge James Deir. “Mr. Bishop and his cohorts need to be held accountable for their actions and represent the most deserving of Federal prosecution. They are criminals who put personal greed before the safety of Dunham’s employees and their families. Now, they will have plenty of time in prison to reflect on their wrongdoing.”

  “Mr. Bishop’s sentencing brings closure to a community left rattled by a violent attack against Dunham’s Sports and its manager in a plot to traffic over 100 illegal guns into our streets,” said Cheyvoryea Gibson, Special Agent in Charge of the FBI in Michigan. “I am thankful for the cooperation of our law enforcement partners, especially the Benton Harbor Safe Streets Task Force, whose prompt response thwarted this plot and averted potentially devastating consequences.”

This case was investigated by the Benton Charter Township Police Department, Benton Harbor Department of Public Safety, Berrien County Sheriff’s Department, Michigan State Police, ATF, and FBI.

###

The previous press releases, complaint, and press conference can be viewed at the following links here, here, here, here, and here.

MIL Security OSI –

January 25, 2025
MIL-OSI: Bybit Card Expands Into New Regions, Offering Seamless and Rewarding International Crypto Payments
Source: GlobeNewswire (MIL-OSI)

DUBAI, United Arab Emirates, Oct. 29, 2024 (GLOBE NEWSWIRE) — Bybit, the world’s second-largest cryptocurrency exchange by trading volume, elevates off-ramp experiences for crypto users in more regions with the Bybit Card. Officially open for registration for new users in select regions, the Bybit Card marks another step forward in the company’s mission to enable digital asset investors worldwide to access, hold and spend their cryptocurrencies with ease and confidence.

In collaboration with S1LKPAY, principal member of Mastercard’s payment network and a provider of Banking-as-a-Service (BaaS) and Card-as-a-Service (CaaS), the Bybit Card is now accepting applications from customers of Bybit Limited, the entity regulated by the Astana Financial Services Authority (AFSA). Having obtained the full license in Sep., this is the first time Bybit Limited (AFSA) issued a prepaid card for international customers.

To celebrate the launch, eligible users who successfully register for the campaign will receive 10% cashback up to 600 USD for a limited time only. The Bybit Card simplifies the integration of crypto into everyday spending by offering users the ability to make payments in multiple currencies wherever Mastercard is accepted worldwide.

The Bybit Card has been mapping out new markets globally throughout 2024, now serving customers in multiple markets across four continents.

“Bybit is dedicated to bridging the gap between our customers’ digital assets and their real-world needs. As the Bybit Card continues to gain traction, it is being recognized as a trusted and easy-to-use crypto payment solution. We’re excited to welcome more users to the future of crypto and are committed to delivering more rewards and features in the near future,” said Joan Han, Sales and Marketing Director at Bybit. “SILKPAY is the first in the region to bring cutting-edge digital asset payment technology to market. Our partnership with Bybit brings together complementary strengths, enabling us to deliver more secure, seamless, and faster transactions through the Bybit Card. Together, we are setting a new standard for innovation and inclusion in the region’s financial landscape,” said Gani Uzbekov, Founder and CEO of SILKPAY.

Key Features of the Bybit Card
- Free virtual card: Zero fees for the virtual Bybit Card
- No hidden charges: No annual or monthly fees
- Attractive rewards: Up to $600 USD in rewards during the promotional period with 10% cashback, followed by 2-10% rebates and up to 8% APY
- Instant access: Virtual card available immediately for use
- Wide range of digital assets: The Bybit Card supports USDT, BTC, ETH, and more.
Users can read more about how to qualify for the rewards: Bybit Card – 10% Cashback and Card Bonuses (Selected International Users Only)

#Bybit / #TheCryptoArk

About Bybit

Bybit is the world’s second-largest cryptocurrency exchange by trading volume, serving over 50 million users. Established in 2018, Bybit provides a professional platform where crypto investors and traders can find an ultra-fast matching engine, 24/7 customer service, and multilingual community support. Bybit is a proud partner of Formula One’s reigning Constructors’ and Drivers’ champions: the Oracle Red Bull Racing team.

For more details about Bybit, users can visit: Bybit Press

For media inquiries, users can contact: media@bybit.com

For more information, users can visit: https://www.bybit.com

For updates, users can follow: Bybit’s Communities and Social Media

Discord | Facebook | Instagram | LinkedIn | Reddit | Telegram | TikTok | X | Youtube

About Mastercard

Mastercard is a global technology company in the payments industry. Their mission is to connect and power an inclusive, digital economy that benefits everyone, everywhere by making transactions safe, simple, smart and accessible. Using secure data and networks, partnerships and passion, their innovations and solutions help individuals, financial institutions, governments and businesses realize their greatest potential. Mastercard decency quotient, or DQ, drives our culture and everything they do inside and outside of their company. With connections across more than 210 countries and territories, they are building a sustainable world that unlocks priceless possibilities for all.

Mastercard press office in Kazakhstan

Tel: +7 (727) 264 67 37

mastercard@pressclub.kz

Contact

Head of PR

Tony Au

Bybit

tony.au@bybit.com

The MIL Network –
January 25, 2025
MIL-OSI: Locus Unveils Refrigerant Management Software Aligned with the EPA’s Final Rule on Hydrofluorocarbon Phasedown

Source: GlobeNewswire (MIL-OSI)

MOUNTAIN VIEW, Calif., Oct. 29, 2024 (GLOBE NEWSWIRE) — Locus Technologies the sustainability and Environmental Health and Safety (EHS) compliance software leader, today announced the release of Locus Refrigerant Management software, the cloud-based, mobile-friendly product that generates exceedance alerts, facilitates leak detection, and automates response protocols in addition to providing comprehensive tracking of fluorinated greenhouse gases (F-gases), chlorofluorocarbons (CFCs), hydrochlorofluorocarbons (HCFCs), and substitutes like hydrofluorocarbons (HFCs). The software empowers companies to manage complex refrigerant phasedowns with accuracy and confidence, ultimately avoiding excessive emissions. The software also positions Locus clients to comply with tougher US federal regulations taking effect 14 months from now and to easily adapt as US and EU rules evolve in the future.

On September 20, 2024, EPA Administrator, Michael S. Regan, signed the final rule Phasedown of Hydrofluorocarbons: Management of Certain Hydrofluorocarbons and Substitutes under of the American Innovation and Manufacturing (AIM) Act which indicates tougher requirements will be phased in starting January 1, 2026. Refrigerants are the most potent of greenhouse gases, with some varieties having a global warming potential hundreds and even thousands of times greater than CO₂. Even small leaks pack a big punch on the environment, which is why stricter regulations are emerging.

“These next 12 months will be critical for companies to articulate their refrigerant management plans, train their technicians, and adopt technology that will help them avoid costly errors and get this right,” said Mark Harbin, veteran refrigerant compliance expert and Locus product designer. “Locus is pleased to bring to market refrigerant management software as well as refrigerant management training and certification to help each client manage the phase down and transition successfully.”

Immediate regulatory priorities include detecting leaks and resolving them within mandated timeframes; comprehensive record keeping of equipment, inspections, refrigerant inventories, and rates of use; and meticulously disposing and reclaiming used refrigerants. Locus Refrigerant Management software simplifies these challenges. Locus manages everything from service records to cylinder barcodes and automatically alerts users when any dates or datapoints are out of compliance. Immediate notifications and dynamic dashboards deliver real-time insights, and the software’s fully configurable components flex to future demands.

“Refrigeration and air conditioning cause up to 10 percent of global carbon emissions, and the leaks alone produce more carbon than all the air travel worldwide, which is why waiting on periodic reports pulled from static refrigerant databases just won’t cut it,” said Wes Hawthorne, President of Locus Technologies. “Locus software enables clients to act quickly; the software immediately alerts users of potential problems with their equipment so that issues can be resolved before becoming disastrous.”

Locus Refrigerant Management is one of several integrated applications available in Locus software. Other Locus offerings include EHS risk and compliance, sustainable construction, waste management, water quality, incident management, ESG reporting, and robust environmental data management software. This collection of specialized and unified SaaS applications enables clients to manage every facet of refrigerant management and environmental data in one place. To learn more about Locus Refrigerant Management or the full suite of applications, please visit www.locustec.com.

About Locus Technologies
Locus Technologies, the global environmental, social, governance (ESG), sustainability, and EHS compliance software leader, empowers companies of every size and industry to be credible with ESG reporting. From 1997, Locus pioneered enterprise software-as-a-service (SaaS) for EHS compliance, water management, and ESG credible reporting. Locus apps and software solutions improve business performance by strengthening risk management and EHS for organizations across industries and government agencies. Organizations ranging from medium-sized businesses to Fortune 500 enterprises, such as Sempra, Corteva, Chevron, DuPont, Chemours, San Jose Water Company, The Port Authority of New York and New Jersey, Port of Seattle, and Los Alamos National Laboratory, have selected Locus. Locus is headquartered in Mountain View, California. For further information regarding Locus and its commitment to excellence in SaaS solutions, please visit www.locustec.com or email info@locustec.com.

The MIL Network –

January 25, 2025

MIL-OSI: CALIFORNIA BANCORP REPORTS FINANCIAL RESULTS FOR THE THIRD QUARTER OF 2024

Source: GlobeNewswire (MIL-OSI)

San Diego, Calif., Oct. 29, 2024 (GLOBE NEWSWIRE) — California BanCorp (“us,” “we,” “our,” or the “Company”) (NASDAQ: BCAL), the holding company for California Bank of Commerce, N.A. (the “Bank”) announces its consolidated financial results for the third quarter of 2024.

The Company reported net loss of $16.5 million for the third quarter of 2024, or $0.59 diluted loss per share, compared to net income of $190 thousand, or $0.01 per diluted share in the second quarter of 2024, and $6.6 million, or $0.35 per diluted share in the third quarter of 2023.

“As we previously reported, the merger of Southern California Bancorp and California BanCorp closed on July 31, 2024, and I am pleased to announce we executed a successful core conversion on September 20, 2024,” said David Rainer, Executive Chairman of the Company and the Bank. “We are excited to have created a commercial banking franchise with a footprint that covers the best banking markets in both Northern and Southern California and that is based on our trusted brands and reputations. Our scalable business model is expected to bring cost savings and greater efficiency to our operations, while allowing us to offer complementary products and services to all our clients. We will continue to build on our history of service to our communities and remain dedicated to increasing shareholder value.”

“With the close of the merger and successful conversion behind us, we are now focused on the prudent growth of our franchise by offering the highest quality and level of customer service available to middle-market businesses in both Northern and Southern California,” said Steven Shelton, CEO of the Company and the Bank. “We are excited about our future and look forward to the traction we expect our combined banking franchise will realize in the coming quarters.”

Third Quarter 2024 Highlights

	●	Merger closed on July 31, 2024, whereby California BanCorp (“CALB”) merged with and into Southern California Bancorp and California Bank of Commerce merged with and into Bank of Southern California, N.A. CALB had total loans of $1.43 billion, total assets of $1.91 billion, and total deposits of $1.64 billion. The combined holding company has assumed the California BanCorp name, and the combined bank has assumed the California Bank of Commerce, N.A. name. The merger created a bank holding company with approximately $4.25 billion in assets and 14 branches across California, with approximately 300 employees serving our communities.
	●	Total aggregate consideration paid was approximately $216.6 million and resulted in approximately $74.7 million of preliminary goodwill subject to adjustment in accordance with ASC 805.
	●	Net loss of $16.5 million or $0.59 diluted loss per share for the third quarter reflects the after-tax one-time initial provision for credit losses (“day one provision”) related to non-purchased credit deteriorated (“non-PCD”) loans and unfunded loan commitments of $15.0 million and merger related expenses of $10.6 million; adjusted net income (non-GAAP¹) was $9.1 million or $0.33 per share for the third quarter.
	●	Net interest margin of 4.43%, compared with 3.94% in the prior quarter; average total loan yield of 6.79% compared with 6.21% in the prior quarter.
	●	Provision for credit losses of $23.0 million for the third quarter, of which $21.3 million was due to the day one provision for credit losses on non-PCD loans and unfunded loan commitments.

¹ Reconciliations of non–U.S. generally accepted accounting principles (“GAAP”) measures are set forth at the end of this press release.

	●	Return on average assets of (1.82)%, compared with 0.03% in the prior quarter.
	●	Return on average common equity of (15.28)%, compared with 0.26% in the prior quarter.
	●	Efficiency ratio (non-GAAP¹) of 98.9% compared with 85.7% in the prior quarter; excluding merger related expenses the efficiency ratio was 60.5%, compared with 83.5% in the prior quarter.
	●	Tangible book value per common share (“TBV”) (non-GAAP¹) of $11.28 at September 30, 2024, down $2.43 from $13.71 at June 30, 2024.
	●	Total assets of $4.36 billion at September 30, 2024, compared with $2.29 billion at June 30, 2024.
	●	Total loans, including loans held for sale of $3.23 billion at September 30, 2024, compared with $1.88 billion at June 30, 2024, largely due to the merger, with the fair value of the acquired loans totaling $1.36 billion.
	●	Nonperforming assets to total assets ratio of 0.68% at September 30, 2024, compared with 0.20% at June 30, 2024, which included the fair value of $13.9 million in nonaccrual PCD loans in connection with the merger.
	●	Allowance for credit losses (“ACL”) was 1.80% of total loans held for investment at September 30, 2024; allowance for loan losses (“ALL”) was 1.67% of total loans held for investment at September 30, 2024.
	●	Total deposits of $3.74 billion at September 30, 2024, increased $1.81 billion or 93.2% compared with $1.94 billion at June 30, 2024, largely due to the $1.64 billion of deposits acquired in the merger.
	●	Noninterest-bearing demand deposits of $1.37 billion at September 30, 2024, an increase of $701.7 million or 105.3%, of which $635.5 million was related to the merger; noninterest bearing deposits represented 36.6% of total deposits, compared with $666.6 million, or 34.4% of total deposits at June 30, 2024.
	●	Cost of deposits was 2.09%, compared with 2.12% in the prior quarter.
	●	Cost of funds was 2.19%, compared with 2.21% in the prior quarter.
	●	The Company’s capital exceeds minimums required to be “well-capitalized,” the highest regulatory capital category.

Third Quarter Operating Results

Net Loss

Net loss for the third quarter of 2024 was $16.5 million, or $0.59 loss per diluted share, compared with net income of $190 thousand, or $0.01 per diluted share in the second quarter of 2024. Our third quarter results were negatively impacted by a day one $15.0 million after-tax CECL-related provision for credit losses on non-PCD loans and unfunded loan commitments related to the merger, or $0.54 loss per diluted share, and $10.6 million of after-tax merger expenses, or $0.38 loss per diluted share. Excluding one-time CECL-related provision for credit losses on acquired loans and unfunded loan commitments, and merger related expenses, the Company would have reported net income (non-GAAP¹) of $9.1 million, or $0.33 per diluted share, for the third quarter of 2024. Pre-tax, pre-provision income (non-GAAP¹) for the third quarter was $436 thousand, a decrease of $2.7 million or 86.3% from the prior quarter.

Net Interest Income and Net Interest Margin

Net interest income for the third quarter of 2024 was $36.9 million, compared with $21.0 million in the prior quarter. The increase in net interest income was primarily due to a $22.3 million increase in total interest and dividend income, partially offset by a $6.3 million increase in total interest expense in the third quarter of 2024, as compared to the prior quarter. During the third quarter of 2024, loan interest income increased $18.5 million, of which $4.1 million was related to accretion income from the net purchase accounting discounts on acquired loans, total debt securities income increased $458 thousand, and interest and dividend income from other financial institutions increased $3.3 million. The increase in interest income was primarily driven by the mix of interest-earning assets added by the merger and the impact of the accretion and amortization of fair value marks. Average total interest-earning assets increased $1.17 billion, the result of a $900.7 million increase in average total loans, a $114.2 million increase in average deposits in other financial institutions, a $25.1 million increase in average total debt securities, a $124.1 million increase in average Fed funds sold/resale agreements and a $7.5 million increase in average restricted stock investments and other bank stock. The increase in interest expense for the third quarter of 2024 was primarily due to a $6.0 million increase in interest expense on interest-bearing deposits, the result of a $763.7 million increase in average interest-bearing deposits, coupled with a $34.3 million increase in average subordinated debt, partially offset by a 6 basis point decrease in average interest-bearing deposit costs, and a $378 thousand decrease in interest expense on Federal Home Loan Bank (“FHLB”) borrowings, the result of a $26.8 million decrease in average FHLB borrowings in the third quarter of 2024.

Net interest margin for the third quarter of 2024 was 4.43%, compared with 3.94% in the prior quarter. The increase was primarily related to a 52 basis point increase in the total interest-earning assets yield, coupled with a 2 basis point decrease in the cost of funds. The yield on total average earning assets in the third quarter of 2024 was 6.49%, compared with 5.97% in the prior quarter. The yield on average total loans in the third quarter of 2024 was 6.79%, an increase of 58 basis points from 6.21% in the prior quarter. Accretion income from the net purchase accounting discounts on acquired loans was $4.1 million and the amortization expense impact on interest expense was $283 thousand, which increased the net interest margin by 46 basis points in the third quarter of 2024. Accretion income from the net purchase accounting discounts on acquired loans was $4.1 million, which increased the yield on average total loans by 59 basis points in the third quarter of 2024.

Cost of funds for the third quarter of 2024 was 2.19%, a decrease of 2 basis points from 2.21% in the prior quarter. The decrease was primarily driven by a 6 basis point decrease in the cost of average interest-bearing deposits, and an increase in average noninterest-bearing deposits, partially offset by an increase of 187 basis points in the cost of total borrowings, which was driven primarily by the amortization expense of $373 thousand, or 281 basis points from the purchase accounting discounts on acquired subordinated debts. Average noninterest-bearing demand deposits increased $373.8 million to $1.03 billion and represented 33.6% of total average deposits for the third quarter of 2024, compared with $658.0 million and 34.1%, respectively, in the prior quarter; average interest-bearing deposits increased $763.7 million to $2.04 billion during the third quarter of 2024. The total cost of deposits in the third quarter of 2024 was 2.09%, a decrease of 3 basis points from 2.12% in the prior quarter. The cost of total interest-bearing deposits decreased primarily due to the Company’s deposit repricing strategy and paying off high cost brokered deposits in the third quarter of 2024.

Average total borrowings increased $7.6 million to $52.9 million for the third quarter of 2024, primarily due to an increase of $34.3 million in average subordinated debt from the $50.8 million in fair value of subordinated debt acquired in the merger, partially offset by a decrease of $26.8 million in average FHLB borrowings during the third quarter of 2024. The average cost of total borrowings was 7.71% for the third quarter of 2024, up from 5.84% in the prior quarter.

Provision for Credit Losses

The Company recorded a provision for credit losses of $23.0 million in the third quarter of 2024, compared to $2.9 million in the prior quarter. The increase was largely related to the merger, and the resulting one-time initial provision for credit losses on acquired non-PCD loans of $18.5 million and unfunded commitments of $2.7 million. Total net charge-offs were $1.2 million in the third quarter of 2024, which included $967 thousand from a construction loan and $135 thousand from an acquired consumer solar loan portfolio. The provision for credit losses in the third quarter of 2024 included a $3.3 million provision for unfunded loan commitments, of which $2.7 million was related to the one-time initial provision for credit losses on acquired unfunded loan commitments, and $511 thousand related to the increase in unfunded loan commitments during the third quarter of 2024, coupled with higher loss rates and average funding rates used to estimate the allowance for credit losses on unfunded commitments. Total unfunded loan commitments increased $662.4 million to $1.03 billion at September 30, 2024, including $574.3 million in unfunded loan commitment related to the merger, compared to $371.5 million in unfunded loan commitments at June 30, 2024. The provision for credit losses for loans held for investment in the third quarter of 2024 was $19.7 million, an increase of $16.7 million from $3.0 million in the prior quarter. The increase was driven primarily by the one-time initial provision for credit losses on acquired non-PCD loans and increases in legacy special mention loans and loans held for investment. Additionally, qualitative factors, coupled with changes in the portfolio mix and in net charge-offs, and in the reasonable and supportable forecast, primarily related to the economic outlook for California which were partially offset by decreases in legacy substandard accruing loans, were factors related to the increase in the provision for credit losses. The Company’s management continues to monitor macroeconomic variables related to increasing interest rates, inflation and the concerns of an economic downturn, and believes it has appropriately provisioned for the current environment.

Noninterest Income

The Company recorded noninterest income of $1.2 million in the third quarter of 2024, a decrease of $5 thousand compared to $1.2 million in the second quarter of 2024. There was no gain on SBA 7A loan sales in the second and third quarters of 2024. Noninterest income was impacted by the merger through increases in service charges and fees on deposit accounts, bank owned life insurance income, and servicing and related income on loans; offset by a $614 thousand valuation allowance on other real estate owned (“OREO”) due to a decline in the fair value of the underlying property in the third quarter of 2024.

Noninterest Expense

Total noninterest expense for the third quarter of 2024 was $37.7 million, an increase of $18.7 million from total noninterest expense of $19.0 million in the prior quarter, which was largely due to the increase in merger related expenses.

Salaries and employee benefits increased $6.6 million during the quarter to $15.4 million. The increase in salaries and employee benefits was primarily the result of the merger and included $1.4 million related to one-time costs associated with non-continuing directors, executives and employees. Merger and related expenses in connection with the merger increased $14.1 million to $14.6 million. These costs primarily included retention bonus, severance and change in control costs of $6.2 million, financial advisory fees of $2.3 million, information technology expenses of $4.5 million, insurance costs of $919 thousand and legal and other professional costs of $305 thousand. The increase in core deposit intangible amortization was primarily driven by $622 thousand related to the additional amortization from the core deposit intangible of $22.7 million acquired in the merger.

The Company sold other real estate owned and recognized a $4.8 million loss in the second quarter of 2024. There was no comparable transaction in the third quarter of 2024.

Efficiency ratio (non-GAAP¹) for the third quarter of 2024 was 98.9%, compared to 85.7% in the prior quarter. Excluding the merger and related expenses of $14.6 million, the efficiency ratio (non-GAAP¹) for the third quarter of 2024 would have been 60.5%.

Income Tax

In the third quarter of 2024, the Company’s income tax benefit was $6.1 million, compared with an $88 thousand income tax expense in the second quarter of 2024. The effective rate was 26.9% for the third quarter of 2024 and 31.7% for the second quarter of 2024. The decrease in the effective tax rate for the third quarter of 2024 was primarily attributable to the impact of the vesting and exercise of equity awards combined with changes in the Company’s stock price over time, as well as non-deductible merger-related expenses.

Balance Sheet

Assets

Total assets at September 30, 2024 were $4.36 billion, an increase of $2.07 billion or 90.2% from June 30, 2024. The increase in total assets from the prior quarter was primarily related to the $1.86 billion in fair value of total assets acquired in the merger, which included increases of $1.36 billion in loans held for investment, $42.6 million in debt securities, and $336.3 million in cash and cash equivalents. In addition, the Company recorded preliminary goodwill of $74.7 million related to the merger in the third quarter of 2024.

Loans

Total loans held for investment were $3.20 billion at September 30, 2024, an increase of $1.32 billion, compared to June 30, 2024, primarily the result of the $1.36 billion fair value of loans acquired in the merger. During the third quarter 2024, there were new originations of $70.0 million and net advances of $8.9 million, offset by payoffs of $64.9 million, and the transfer of a multifamily nonaccrual loan of $4.7 million to OREO and the partial charge-off of loans in the amount of $1.2 million. Total loans secured by real estate increased by $814.5 million, including $780.9 million acquired in the merger, construction and land development loans increased by $42.9 million, commercial real estate and other loans increased by $712.2 million, 1-4 family residential loans decreased by $4.8 million and multifamily loans increased by $64.2 million. Commercial and industrial loans increased by $482.3 million, and consumer loans increased by $25.3 million, largely due to a $25.2 million increase in consumer loans related to the merger. The Company had $33.7 million in loans held for sale at September 30, 2024, compared to $7.0 million at June 30, 2024.

Deposits

Total deposits at September 30, 2024 were $3.74 billion, an increase of $1.81 billion from June 30, 2024 due to the $1.64 billion in fair value of deposits related to the merger. Noninterest-bearing demand deposits at September 30, 2024, were $1.37 billion, including $635.5 million noninterest-bearing demand deposits related to the merger, or 36.6% of total deposits, compared with $666.6 million, or 34.4% of total deposits at June 30, 2024. At September 30, 2024, total interest-bearing deposits were $2.37 billion, compared to $1.27 billion at June 30, 2024. At September 30, 2024, total brokered time deposits were $222.6 million, including a $251.4 million increase of brokered time deposits related to the merger, compared to $103.4 million in brokered time deposits at June 30, 2024. The Company used excess cash acquired from the merger to pay off high cost callable and noncallable brokered time deposits totaling $131.9 million during the third quarter 2024. The Company also offers the Insured Cash Sweep (ICS) product, providing customers with FDIC insurance coverage at ICS network institutions. At September 30, 2024, ICS deposits were $699.6 million, or 18.7% of total deposits, compared to $239.8 million, or 12.4% of total deposits at June 30, 2024. Legacy CALB was also a participant in the Certificate of Deposit Account Registry Service (CDARS), and Reich & Tang Deposit Solutions (R&T) network, both of which provide reciprocal deposit placement services to fully qualified large customer deposits for FDIC insurance among other participating banks. At July 31, 2024, the Company acquired the fair value of $37.7 million in CDARS deposits and $306.6 million in R&T deposits.

Federal Home Loan Bank (“FHLB”) and Liquidity

The Company repaid all FHLB borrowings with liquidity primarily derived from the cash acquired in the merger during the third quarter of 2024. At September 30, 2024, the Company had no overnight FHLB borrowings, a $25.0 million decrease from June 30, 2024. There were no outstanding Federal Reserve Discount Window borrowings at September 30, 2024 or June 30, 2024.

At September 30, 2024, the Company had available borrowing capacity from the FHLB secured line of credit of approximately $663.6 million and available borrowing capacity from the Federal Reserve Discount Window of approximately $446.4 million. The Company also had available borrowing capacity from eight unsecured credit lines from correspondent banks of approximately $121.0 million at September 30, 2024, with no outstanding borrowings. Total available borrowing capacity was $1.23 billion at September 30, 2024. Additionally, the Company had unpledged liquid securities at fair value of approximately $159.3 million and cash and cash equivalents of $614.4 million at September 30, 2024.

In connection with the merger, the Company assumed subordinated borrowings of $55.0 million, with a fair value of $50.8 million. The subordinated borrowings include $20.0 million with a maturity date in September 2030 and $35.0 million with a maturity date in September 2031.

Asset Quality

Total non-performing assets increased to $29.8 million, or 0.68% of total assets at September 30, 2024, compared with $4.7 million, or 0.20% of total assets at June 30, 2024.

The increase in non-performing assets in the third quarter of 2024 was primarily attributable to downgrades of a construction loan and 1-4 family residential loan from one relationship totaling $12.7 million and a $13.9 million of nonaccrual PCD loans acquired in the merger. This increase was net of total charge-offs of $1.2 million, which included a partial charge-off of $967 thousand for a substandard nonaccrual construction loan collateralized by a stalled construction project in Los Angeles, California. Based on the Company’s internal analysis, which included a review of an updated appraisal, the estimated net collateral value was $9.7 million, which was $967 thousand lower than the subject loan’s net carrying value resulting in a partial charge-off in the third quarter of 2024. The Company expects to pursue the resolution of this matter. Non-performing assets in the third quarter of 2024 included OREO, net of valuation allowance, of $4.1 million related to a multifamily nonaccrual loan of $4.7 million that was transferred to OREO and the Company recorded a $614 thousand valuation allowance on OREO due to a decline in the fair value of the underlying property in the third quarter of 2024.

Total non-performing loans increased to $25.7 million, or 0.80% of total loans held for investment at September 30, 2024, compared with $4.7 million, or 0.25% of total loans at June 30, 2024. The increase from June 30, 2024 was due primarily to the aforementioned downgrades of a construction loan and 1-4 family residential loan from one relationship, nonaccrual PCD loans acquired in the merger and partial charge-offs of loans in the amount of $1.2 million in the third quarter of 2024.

Special mention loans increased by $65.6 million, including $41.0 million non-PCD loans and $10.1 million PCD loans, during the third quarter of 2024 to $93.4 million at September 30, 2024. The $14.5 million increase in the legacy special mention loans was due mostly to a $2.2 million increase in special mention commercial real estate loans and a $12.3 million increase in special mention commercial and industrial loans. Substandard loans increased by $81.2 million, including $2.3 million non-PCD loans, $71.3 million PCD loans, and $13.5 million nonaccrual PCD loans, during the third quarter of 2024 to $104.3 million at September 30, 2024. The $5.8 million decrease in the legacy substandard loans was due primarily to the transfer of a multifamily nonaccrual loan of $4.7 million to OREO and the partial charge-off of $967 thousand for the nonaccrual construction loan, partially offset by a downgrade to substandard of a commercial and industrial loan of $118 thousand during the third quarter of 2024.

The Company had $37 thousand in consumer solar loans that were over 90 days past due that were accruing interest at September 30, 2024, and no delinquencies at June 30, 2024.

There were $19.1 million in loan delinquencies (30-89 days past due, excluding nonaccrual loans) at September 30, 2024 and no delinquencies at June 30, 2024.

The allowance for credit losses, which is comprised of the allowance for loan losses (“ALL”) and reserve for unfunded loan commitments, totaled $57.6 million at September 30, 2024, compared to $24.6 million at June 30, 2024. The $33.0 million increase in the allowance included a $19.7 million provision for credit losses for the loan portfolio, of which $11.2 million related to the initial allowance for credit losses on acquired PCD loans, $21.3 million related to the initial provision for credit losses on acquired non-PCD loans and unfunded loan commitments, partially offset by total charge-offs of $1.2 million for the quarter ended September 30, 2024.

The ALL was $53.6 million, or 1.67% of total loans held for investment at September 30, 2024, compared with $23.8 million, or 1.27% at June 30, 2024.

Capital

Tangible book value (non-GAAP¹) per common share at September 30, 2024, was $11.28, compared with $13.71 at June 30, 2024. In the third quarter of 2024, tangible book value was primarily impacted by the net loss for the third quarter, the impact of equity issued in connection with the merger, stock-based compensation expense, and a decrease in net of unrealized tax losses on available-for-sale debt securities. Other comprehensive losses related to unrealized losses, net of taxes, on available-for-sale debt securities decreased by $3.6 million to $2.9 million at September 30, 2024, from $6.5 million at June 30, 2024. The decrease in the unrealized losses, net of taxes, on available-for-sale debt securities was primarily attributable to factors other than credit related, including decreases in market interest rates driven by the Federal Reserve’s 50 basis point rate cut in September 2024. Tangible common equity (non-GAAP¹) as a percentage of total tangible assets (non-GAAP¹) at September 30, 2024, decreased to 8.58% from 11.28% in the prior quarter, and unrealized losses, net of taxes, on available-for-sale debt securities as a percentage of tangible common equity (non-GAAP¹) at September 30, 2024 decreased to 0.8% from 2.6% in the prior quarter.

The Company’s preliminary capital exceeds minimums required to be “well-capitalized” at September 30, 2024.

ABOUT CALIFORNIA BANCORP

California BanCorp (NASDAQ: BCAL) is a registered bank holding company headquartered in San Diego, California. California Bank of Commerce, N.A., a national banking association chartered under the laws of the United States (the “Bank”) and regulated by the Office of Comptroller of the Currency, is a wholly owned subsidiary of California BanCorp. Established in 2001 and headquartered in San Diego, California, the Bank offers a range of financial products and services to individuals, professionals, and small to medium-sized businesses through its 14 branch offices and four loan production offices serving Northern and Southern California. The Bank’s solutions-driven, relationship-based approach to banking provides accessibility to decision makers and enhances value through strong partnerships with its clients. Additional information is available at www.bankcbc.com.

CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS

In addition to historical information, this release includes forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements relate to expectations, beliefs, projections, future plans and strategies, anticipated events or trends and other matters that are not historical facts. Examples of forward-looking statements include, among others, statements regarding expectations, plans or objectives for future operations, products or services, loan recoveries, projections, expectations regarding the adequacy of reserves for credit losses and statements about the benefits of the Company’s merger with CALB (the “Merger”), as well as forecasts relating to financial and operating results or other measures of economic performance. Forward-looking statements reflect management’s current view about future events and involve risks and uncertainties that may cause actual results to differ from those expressed in the forward-looking statement or historical results. Forward-looking statements can be identified by the fact that they do not relate strictly to historical or current facts and often include the words or phrases such as “aim,” “can,” “may,” “could,” “predict,” “should,” “will,” “would,” “believe,” “anticipate,” “estimate,” “expect,” “hope,” “intend,” “plan,” “potential,” “project,” “will likely result,” “continue,” “seek,” “shall,” “possible,” “projection,” “optimistic,” and “outlook,” and variations of these words and similar expressions.

Factors that could cause or contribute to results differing from those in or implied in the forward-looking statements include but are not limited to risk related to the Merger, including the risks that costs may be greater than anticipated, cost savings may be less than anticipated, and difficulties in retaining senior management, employees or customers, the impact of bank failures or other adverse developments at other banks on general investor sentiment regarding the stability and liquidity of banks, changes in real estate markets and valuations; the impact on financial markets from geopolitical conflicts; inflation, interest rate, market and monetary fluctuations and general economic conditions, either nationally or locally in the areas in which the Company conducts business; increases in competitive pressures among financial institutions and businesses offering similar products and services; general credit risks related to lending, including changes in the value of real estate or other collateral, the financial condition of borrowers, the effectiveness of our underwriting practices and the risk of fraud; higher than anticipated defaults in the Company’s loan portfolio; changes in management’s estimate of the adequacy of the allowance for credit losses or the factors the Company uses to determine the allowance for credit losses; changes in demand for loans and other products and services offered by the Company; the costs and outcomes of litigation; legislative or regulatory changes or changes in accounting principles, policies or guidelines and other risk factors discussed in the Company’s Annual Report on Form 10-K for the year ended December 31, 2023, filed with the Securities and Exchange Commission (“SEC”) and other documents the Company may file with the SEC from time to time.

Additional information regarding these and other risks and uncertainties to which our business and future financial performance are subject is contained in the Company’s Annual Report on Form 10-K for the year ended December 31, 2023, and other documents the Company files with the SEC from time to time.

Any forward-looking statement made in this release is based only on information currently available to management and speaks only as of the date on which it is made. The Company does not undertake, and specifically disclaims any obligation, to update any forward-looking statements to reflect occurrences or unanticipated events or circumstances after the date of such statements or to conform such forward-looking statements to actual results or to changes in its opinions or expectations, except as required by law.

California BanCorp and Subsidiary
Financial Highlights (Unaudited)

	At or for the Three Months Ended									At or for the Nine Months Ended
	September 30, 2024			June 30, 2024			September 30, 2023			September 30, 2024			September 30, 2023
EARNINGS	($ in thousands except share and per share data)
Net interest income	$	36,942		$	21,007		$	23,261		$	78,443		$	71,579
Provision for (reversal of) credit losses	$	22,963		$	2,893		$	(96	)	$	25,525		$	91
Noninterest income	$	1,174		$	1,169		$	815		$	3,756		$	3,481
Noninterest expense	$	37,680		$	19,005		$	14,781		$	71,666		$	44,407
Income tax (benefit) expense	$	(6,063	)	$	88		$	2,835		$	(3,653	)	$	9,064
Net (loss) income	$	(16,464	)	$	190		$	6,556		$	(11,339	)	$	21,498
Pre-tax pre-provision income ⁽¹⁾	$	436		$	3,171		$	9,295		$	10,533		$	30,653
Adjusted pre-tax pre-provision income ⁽¹⁾	$	15,041		$	3,662		$	9,295		$	26,178		$	30,653
Diluted (loss) earnings per share	$	(0.59	)	$	0.01		$	0.35		$	(0.53	)	$	1.15
Shares outstanding at period end		32,142,427			18,547,352			18,309,282			32,142,427			18,309,282

PERFORMANCE RATIOS
Return on average assets		(1.82	)%		0.03	%		1.12	%		(0.55	)%		1.25	%
Adjusted return on average assets ⁽¹⁾		1.01	%		0.11	%		1.12	%		0.74	%		1.25	%
Return on average common equity		(15.28	)%		0.26	%		9.38	%		(4.48	)%		10.63	%
Adjusted return on average common equity ⁽¹⁾		8.44	%		0.82	%		9.38	%		6.00	%		10.63	%
Yield on total loans		6.79	%		6.21	%		5.97	%		6.40	%		5.89	%
Yield on interest earning assets		6.49	%		5.97	%		5.72	%		6.15	%		5.63	%
Cost of deposits		2.09	%		2.12	%		1.56	%		2.09	%		1.22	%
Cost of funds		2.19	%		2.21	%		1.62	%		2.19	%		1.30	%
Net interest margin		4.43	%		3.94	%		4.23	%		4.12	%		4.43	%
Efficiency ratio ⁽¹⁾		98.86	%		85.70	%		61.39	%		87.19	%		59.16	%
Adjusted efficiency ratio ⁽¹⁾		60.54	%		83.49	%		61.39	%		68.15	%		59.16	%

	As of
	September 30, 2024			June 30, 2024			December 31, 2023
CAPITAL	($ in thousands except share and per share data)
Tangible equity to tangible assets ⁽¹⁾		8.58	%		11.28	%		10.73	%
Book value (BV) per common share	$	15.50		$	15.81		$	15.69
Tangible BV per common share ⁽¹⁾	$	11.28		$	13.71		$	13.56

ASSET QUALITY
Allowance for loan losses (ALL)	$	53,552		$	23,788		$	22,569
Reserve for unfunded loan commitments	$	4,071		$	819		$	933
Allowance for credit losses (ACL)	$	57,623		$	24,607		$	23,502
Allowance for loan losses to nonperforming loans		2.09	x		5.07	x		1.74	x
ALL to total loans held for investment		1.67	%		1.27	%		1.15	%
ACL to total loans held for investment		1.80	%		1.31	%		1.20	%
30-89 days past due, excluding nonaccrual loans	$	19,110		$	—		$	19
Over 90 days past due, excluding nonaccrual loans	$	37		$	—		$	—
Special mention loans	$	93,448		$	27,861		$	2,996
Special mention loans to total loans held for investment		2.92	%		1.48	%		0.15	%
Substandard loans	$	104,298		$	23,080		$	19,502
Substandard loans to total loans held for investment		3.26	%		1.23	%		1.00	%
Nonperforming loans	$	25,698		$	4,696		$	13,004
Nonperforming loans total loans held for investment		0.80	%		0.25	%		0.66	%
Other real estate owned, net	$	4,083		$	—		$	—
Nonperforming assets	$	29,781		$	4,696		$	13,004
Nonperforming assets to total assets		0.68	%		0.20	%		0.55	%

END OF PERIOD BALANCES
Total loans, including loans held for sale	$	3,233,418		$	1,884,599		$	1,964,791
Total assets	$	4,362,767		$	2,293,693		$	2,360,252
Deposits	$	3,740,915		$	1,935,862		$	1,943,556
Loans to deposits		86.4	%		97.4	%		101.1	%
Shareholders’ equity	$	498,064		$	293,219		$	288,152

(1) Non-GAAP measure. See – GAAP to Non-GAAP reconciliation.

	At or for the Three Months Ended									At or for the Nine Months Ended
ALLOWANCE for CREDIT LOSSES	September 30, 2024			June 30, 2024			September 30, 2023			September 30, 2024			September 30, 2023
	($ in thousands)
Allowance for loan losses
Balance at beginning of period	$	23,788		$	22,254		$	22,502		$	22,569		$	17,099
Adoption of ASU 2016-13 ⁽¹⁾		—			—			—			—			5,027
Initial Allowance for PCD loans		11,216			—			—			11,216			—
Provision for credit losses ⁽²⁾		19,711			2,990			202			22,387			600
Charge-offs		(1,163	)		(1,456	)		—			(2,620	)		(36	)
Recoveries		—			—			1			—			15
Net (charge-offs) recoveries		(1,163	)		(1,456	)		1			(2,620	)		(21	)
Balance, end of period	$	53,552		$	23,788		$	22,705		$	53,552		$	22,705
Reserve for unfunded loan commitments ⁽³⁾
Balance, beginning of period	$	819		$	916		$	1,538		$	933		$	1,310
Adoption of ASU 2016-13 ⁽¹⁾		—			—			—			—			439
Provision for (reversal of) credit losses ⁽⁴⁾		3,252			(97	)		(298	)		3,138			(509	)
Balance, end of period		4,071			819			1,240			4,071			1,240
Allowance for credit losses	$	57,623		$	24,607		$	23,945		$	57,623		$	23,945

ALL to total loans held for investment		1.67	%		1.27	%		1.18	%		1.67	%		1.18	%
ACL to total loans held for investment		1.80	%		1.31	%		1.24	%		1.80	%		1.24	%
Net (charge-offs) recoveries to average total loans		(0.17	)%		(0.31	)%		0.00	%		(0.16	)%		0.00	%

(1	)	Represents the impact of adopting ASU 2016-13, Financial Instruments – Credit Losses on January 1, 2023. As a result of adopting ASU 2016-13, our methodology to compute our allowance for credit losses is based on a current expected credit loss methodology, rather than the previously applied incurred loss methodology.
(2	)	Includes $18.5 million for the three and nine months ended September 30, 2024 related to the initial provision for credit losses for non-PCD loans acquired in the merger with CALB.
(3	)	Included in “Accrued interest and other liabilities” on the consolidated balance sheet.
(4	)	Includes $2.7 million for the three and nine months ended September 30, 2024 related to the initial provision for credit losses on unfunded commitments acquired in the merger with CALB.

California BanCorp and Subsidiary

Balance Sheets (Unaudited)

	September 30, 2024			June 30, 2024			December 31, 2023
ASSETS	($ in thousands)
Cash and due from banks	$	115,165		$	29,153		$	33,008
Federal funds sold & interest-bearing balances		499,258			75,580			53,785
Total cash and cash equivalents		614,423			104,733			86,793

Debt securities available-for-sale, at fair value (amortized cost of $163,384, $132,862 and $136,366 at September 30, 2024, June 30, 2024 and December 31, 2023)		159,330			123,653			130,035
Debt securities held-to-maturity, at cost (fair value of $49,487, $48,476 and $50,432 at September 30, 2024, June 30, 2024 and December 31, 2023)		53,364			53,449			53,616
Loans held for sale		33,704			6,982			7,349
Loans held for investment:
Construction & land development		247,934			205,072			243,521
1-4 family residential		152,540			157,323			143,903
Multifamily		252,134			187,960			221,247
Other commercial real estate		1,755,908			1,043,662			1,024,243
Commercial & industrial		765,472			283,203			320,142
Other consumer		25,726			397			4,386
Total loans held for investment		3,199,714			1,877,617			1,957,442
Allowance for credit losses – loans		(53,552	)		(23,788	)		(22,569	)
Total loans held for investment, net		3,146,162			1,853,829			1,934,873

Restricted stock at cost		27,394			16,898			16,055
Premises and equipment		13,996			12,741			13,270
Right of use asset		15,310			8,298			9,291
Other real estate owned, net		4,083			—			—
Goodwill		112,515			37,803			37,803
Core deposit intangible		23,031			1,065			1,195
Bank owned life insurance		66,180			39,445			38,918
Deferred taxes, net		45,644			11,080			11,137
Accrued interest and other assets		47,631			23,717			19,917
Total assets	$	4,362,767		$	2,293,693		$	2,360,252

LIABILITIES AND SHAREHOLDERS’ EQUITY
Deposits:
Noninterest-bearing demand	$	1,368,303		$	666,606		$	675,098
Interest-bearing NOW accounts		781,125			355,994			381,943
Money market and savings accounts		1,149,268			660,808			636,685
Time deposits		442,219			252,454			249,830
Total deposits		3,740,915			1,935,862			1,943,556

Borrowings		69,142			42,913			102,865
Operating lease liability		19,211			10,931			12,117
Accrued interest and other liabilities		35,435			10,768			13,562
Total liabilities		3,864,703			2,000,474			2,072,100

Shareholders’ Equity:
Common stock – 50,000,000 shares authorized, no par value; issued and outstanding 32,142,427, 18,547,352 and 18,369,115 at September 30, 2024, June 30, 2024 and December 31, 2023)		441,684			224,006			222,036
Retained earnings		59,236			75,700			70,575
Accumulated other comprehensive loss – net of taxes		(2,856	)		(6,487	)		(4,459	)
Total shareholders’ equity		498,064			293,219			288,152
Total liabilities and shareholders’ equity	$	4,362,767		$	2,293,693		$	2,360,252

California BanCorp and Subsidiary

Income Statements – Quarterly and Year-to-Date (Unaudited)

	Three Months Ended									Nine Months Ended
	September 30, 2024			June 30, 2024			September 30, 2023			September 30, 2024			September 30, 2023
	($ in thousands except share and per share data)
INTEREST AND DIVIDEND INCOME
Interest and fees on loans	$	47,528		$	29,057		$	28,977		$	105,169		$	83,983
Interest on debt securities		1,687			1,229			942			4,129			2,506
Interest on tax-exempted debt securities		306			306			359			918			1,302
Interest and dividends from other institutions		4,606			1,257			1,206			7,024			3,162
Total interest and dividend income		54,127			31,849			31,484			117,240			90,953

INTEREST EXPENSE
Interest on NOW, savings, and money market accounts		11,073			7,039			5,922			24,882			13,555
Interest on time deposits		5,087			3,145			1,867			11,253			4,373
Interest on borrowings		1,025			658			434			2,662			1,446
Total interest expense		17,185			10,842			8,223			38,797			19,374
Net interest income		36,942			21,007			23,261			78,443			71,579

Provision for (reversal of ) credit losses ⁽¹⁾		22,963			2,893			(96	)		25,525			91
Net interest income after provision for (reversal of) credit losses		13,979			18,114			23,357			52,918			71,488

NONINTEREST INCOME
Service charges and fees on deposit accounts		1,136			568			470			2,229			1,439
Gain on sale of loans		8			—			(54	)		423			831
Bank owned life insurance income		398			266			238			925			693
Servicing and related income (expense) on loans		82			(5	)		61			150			223
Loss on sale of debt securities		—			—			—			—			34
Loss on sale of building and related fixed assets		—			(19	)		—			(19	)		—
Other charges and fees		(450	)		359			100			48			261
Total noninterest income		1,174			1,169			815			3,756			3,481

NONINTEREST EXPENSE
Salaries and employee benefits		15,385			8,776			9,736			33,771			29,651
Occupancy and equipment expenses		2,031			1,445			1,579			4,928			4,553
Data processing		1,536			1,186			1,144			3,872			3,376
Legal, audit and professional		669			557			598			1,742			2,050
Regulatory assessments		544			347			369			1,278			1,188
Director and shareholder expenses		520			229			215			952			642
Merger and related expenses		14,605			491			—			15,645			—
Core deposit intangible amortization		687			65			128			817			309
Other real estate owned expense		3			4,935			—			5,026			—
Other expense		1,700			974			1,012			3,635			2,638
Total noninterest expense		37,680			19,005			14,781			71,666			44,407
(Loss) income before income taxes		(22,527	)		278			9,391			(14,992	)		30,562
Income tax (benefit) expense		(6,063	)		88			2,835			(3,653	)		9,064
Net (loss) income	$	(16,464	)	$	190		$	6,556		$	(11,339	)	$	21,498

Net (loss) income per share – basic	$	(0.59	)	$	0.01		$	0.36		$	(0.53	)	$	1.18
Net (loss) income per share – diluted	$	(0.59	)	$	0.01		$	0.35		$	(0.53	)	$	1.15
Weighted average common shares-diluted		27,705,844			18,799,513			18,672,132			21,579,175			18,632,890
Pre-tax, pre-provision income ⁽²⁾	$	436		$	3,171		$	9,295		$	10,533		$	30,653

(1) Included provision for (reversal of) unfunded loan commitments of $3.3 million, $(97) thousand and $(298) thousand for the three months ended September 30, 2024, June 30, 2024 and September 30, 2023, respectively, and $3.1 million and $(509) thousand for the nine months ended September 30, 2024 and 2023, respectively
(2) Non-GAAP measure. See – GAAP to Non-GAAP reconciliation.

California BanCorp and Subsidiary
Average Balance Sheets and Yield Analysis
(Unaudited)

	Three Months Ended
	September 30, 2024							June 30, 2024							September 30, 2023
	Average Balance		Income/ Expense		Yield/ Cost			Average Balance		Income/ Expense		Yield/ Cost			Average Balance		Income/ Expense		Yield/ Cost
Assets	($ in thousands)
Interest-earning assets:
Total loans	$	2,783,581	$	47,528		6.79	%	$	1,882,845	$	29,057		6.21	%	$	1,924,384	$	28,977		5.97	%
Taxable debt securities		149,080		1,687		4.50	%		123,906		1,229		3.99	%		111,254		942		3.36	%
Tax-exempt debt securities ⁽¹⁾		53,682		306		2.87	%		53,754		306		2.90	%		59,630		359		3.02	%
Deposits in other financial institutions		161,616		2,215		5.45	%		47,417		638		5.41	%		50,367		681		5.36	%
Fed funds sold/resale agreements		143,140		1,886		5.24	%		19,062		261		5.51	%		20,653		283		5.44	%
Restricted stock investments and other bank stock		24,587		505		8.17	%		17,091		358		8.42	%		16,365		242		5.87	%
Total interest-earning assets		3,315,686		54,127		6.49	%		2,144,075		31,849		5.97	%		2,182,653		31,484		5.72	%
Total noninterest-earning assets		277,471							150,603							131,288
Total assets	$	3,593,157						$	2,294,678						$	2,313,941

Liabilities and Shareholders’ Equity
Interest-bearing liabilities:
Interest-bearing NOW accounts	$	617,373	$	2,681		1.73	%	$	361,244	$	2,134		2.38	%	$	353,714	$	1,706		1.91	%
Money market and savings accounts		999,322		8,392		3.34	%		653,244		4,905		3.02	%		675,609		4,216		2.48	%
Time deposits		421,241		5,087		4.80	%		259,722		3,145		4.87	%		183,745		1,867		4.03	%
Total interest-bearing deposits		2,037,936		16,160		3.15	%		1,274,210		10,184		3.21	%		1,213,068		7,789		2.55	%
Borrowings:
FHLB advances		611		9		5.86	%		27,391		387		5.68	%		11,731		163		5.51	%
Subordinated debt		52,246		1,016		7.74	%		17,901		271		6.09	%		17,830		271		6.03	%
Total borrowings		52,857		1,025		7.71	%		45,292		658		5.84	%		29,561		434		5.82	%
Total interest-bearing liabilities		2,090,793		17,185		3.27	%		1,319,502		10,842		3.30	%		1,242,629		8,223		2.63	%

Noninterest-bearing liabilities:
Noninterest-bearing deposits ⁽²⁾		1,031,844							658,001							768,148
Other liabilities		41,962							23,054							25,722
Shareholders’ equity		428,558							294,121							277,442
Total Liabilities and Shareholders’ Equity	$	3,593,157						$	2,294,678						$	2,313,941

Net interest spread						3.22	%						2.67	%						3.09	%
Net interest income and margin			$	36,942		4.43	%			$	21,007		3.94	%			$	23,261		4.23	%
Cost of deposits	$	3,069,780	$	16,160		2.09	%	$	1,932,211	$	10,184		2.12	%	$	1,981,216	$	7,789		1.56	%
Cost of funds	$	3,122,637	$	17,185		2.19	%	$	1,977,503	$	10,842		2.21	%	$	2,010,777	$	8,223		1.62	%

(1) Tax-exempt debt securities yields are presented on a tax equivalent basis using a 21% tax rate.
(2) Average noninterest-bearing deposits represent 33.61%, 34.05% and 38.77% of average total deposits for the three months ended September 30, 2024, June 30, 2024 and September 30, 2023, respectively.

California BanCorp and Subsidiary
Average Balance Sheets and Yield Analysis
(Unaudited)

	Nine Months Ended
	September 30, 2024							September 30, 2023
	Average Balance		Income/ Expense		Yield/ Cost			Average Balance		Income/ Expense		Yield/ Cost
Assets	($ in thousands)
Interest-earning assets:
Total loans	$	2,194,059	$	105,169		6.40	%	$	1,906,327	$	83,983		5.89	%
Taxable debt securities		133,321		4,129		4.14	%		104,881		2,506		3.19	%
Tax-exempt debt securities ⁽¹⁾		53,759		918		2.89	%		68,043		1,302		3.24	%
Deposits in other financial institutions		87,966		3,569		5.42	%		43,629		1,675		5.13	%
Fed funds sold/resale agreements		57,634		2,281		5.29	%		21,182		798		5.04	%
Restricted stock investments and other bank stock		19,383		1,174		8.09	%		15,774		689		5.84	%
Total interest-earning assets		2,546,122		117,240		6.15	%		2,159,836		90,953		5.63	%
Total noninterest-earning assets		189,573							133,224
Total assets	$	2,735,695						$	2,293,060

Liabilities and Shareholders’ Equity
Interest-bearing liabilities:
Interest-bearing NOW accounts	$	446,759	$	6,860		2.05	%	$	290,326	$	3,301		1.52	%
Money market and savings accounts		767,916		18,022		3.13	%		674,452		10,254		2.03	%
Time deposits		312,544		11,253		4.81	%		170,620		4,373		3.43	%
Total interest-bearing deposits		1,527,219		36,135		3.16	%		1,135,398		17,928		2.11	%
Borrowings:
FHLB advances		26,105		1,103		5.64	%		16,282		632		5.19	%
Subordinated debt		29,425		1,559		7.08	%		17,807		814		6.11	%
Total borrowings		55,530		2,662		6.40	%		34,089		1,446		5.67	%
Total interest-bearing liabilities		1,582,749		38,797		3.27	%		1,169,487		19,374		2.21	%

Noninterest-bearing liabilities:
Noninterest-bearing deposits ⁽²⁾		784,609							829,082
Other liabilities		30,524							24,086
Shareholders’ equity		337,813							270,405

Total Liabilities and Shareholders’ Equity	$	2,735,695						$	2,293,060

Net interest spread						2.88	%						3.42	%
Net interest income and margin			$	78,443		4.12	%			$	71,579		4.43	%
Cost of deposits	$	2,311,828	$	36,135		2.09	%	$	1,964,480	$	17,928		1.22	%
Cost of funds	$	2,367,358	$	38,797		2.19	%	$	1,998,569	$	19,374		1.30	%

(1) Tax-exempt debt securities yields are presented on a tax equivalent basis using a 21% tax rate.
(2) Average noninterest-bearing deposits represent 33.94%, and 42.20% of average total deposits for the nine months ended September 30, 2024 and September 30, 2023, respectively.

California BanCorp and Subsidiary
GAAP to Non-GAAP Reconciliation
(Unaudited)

The following tables present a reconciliation of non-GAAP financial measures to GAAP measures for: (1) adjusted net (loss) income, (2) efficiency ratio, (3) adjusted efficiency ratio, (4) pre-tax pre-provision income, (5) adjusted pre-tax pre-provision income, (6) average tangible common equity, (7) adjusted return on average assets, (8) adjusted return on average equity, (9) return on average tangible common equity, (10) adjusted return on average tangible common equity, (11) tangible common equity, (12) tangible assets, (13) tangible common equity to tangible asset ratio, and (14) tangible book value per share. We believe the presentation of certain non-GAAP financial measures provides useful information to assess our consolidated financial condition and consolidated results of operations and to assist investors in evaluating our financial results relative to our peers. These non-GAAP financial measures complement our GAAP reporting and are presented below to provide investors and others with information that we use to manage the business each period. Because not all companies use identical calculations, the presentation of these non-GAAP financial measures may not be comparable to other similarly titled measures used by other companies. These non-GAAP measures should be taken together with the corresponding GAAP measures and should not be considered a substitute of the GAAP measures.

	Three Months Ended									Nine Months Ended
	September 30, 2024			June 30, 2024			September 30, 2023			September 30, 2024			September 30, 2023
	($ in thousands)
Adjusted net income
Net (loss) income	$	(16,464	)	$	190		$	6,556		$	(11,339	)	$	21,498
Add: After-tax Day1 provision for non PCD loans and unfunded loan commitments ⁽¹⁾		14,978			—			—			14,978			—
Add: After-tax merger and related expenses ⁽¹⁾		10,576			412			—			11,535			—
Adjusted net (loss) income (non-GAAP)	$	9,090		$	602		$	6,556		$	15,174		$	21,498

Efficiency Ratio
Noninterest expense	$	37,680		$	19,005		$	14,781		$	71,666		$	44,407
Deduct: Merger and related expenses		14,605			491			—			15,645			—
Adjusted noninterest expense		23,075			18,514			14,781			56,021			44,407

Net interest income		36,942			21,007			23,261			78,443			71,579
Noninterest income		1,174			1,169			815			3,756			3,481
Total net interest income and noninterest income	$	38,116		$	22,176		$	24,076		$	82,199		$	75,060
Efficiency ratio (non-GAAP)		98.9	%		85.7	%		61.4	%		87.2	%		59.2	%
Adjusted efficiency ratio (non-GAAP)		60.5	%		83.5	%		61.4	%		68.2	%		59.2	%

Pre-tax pre-provision income
Net interest income	$	36,942		$	21,007		$	23,261		$	78,443		$	71,579
Noninterest income		1,174			1,169			815			3,756			3,481
Total net interest income and noninterest income		38,116			22,176			24,076			82,199			75,060
Less: Noninterest expense		37,680			19,005			14,781			71,666			44,407
Pre-tax pre-provision income (non-GAAP)		436			3,171			9,295			10,533			30,653
Add: Merger and related expenses		14,605			491			—			15,645			—
Adjusted pre-tax pre-provision income (non-GAAP)	$	15,041		$	3,662		$	9,295		$	26,178		$	30,653

(1) After-tax merger and related expenses are presented using a 29.56% tax rate.

Return on Average Assets, Equity, and Tangible Equity
Net (loss) income	$	(16,464	)	$	190		$	6,556		$	(11,339	)	$	21,498
Adjusted net (loss) income (non-GAAP)	$	9,090		$	602		$	6,556		$	15,174		$	21,498

Average assets	$	3,593,157		$	2,294,678		$	2,313,941		$	2,735,695		$	2,293,060
Average shareholders’ equity		428,558			294,121			277,442			337,813			270,405
Less: Average intangible assets		104,409			38,900			39,158			60,917			39,249
Average tangible common equity (non-GAAP)	$	324,149		$	255,221		$	238,284		$	276,896		$	231,156

Return on average assets		(1.82	%)		0.03	%		1.12	%		(0.55	%)		1.25	%
Adjusted return on average assets (non-GAAP)		1.01	%		0.11	%		1.12	%		0.74	%		1.25	%
Return on average equity		(15.28	%)		0.26	%		9.38	%		(4.48	%)		10.63	%
Adjusted return on average equity (non-GAAP)		8.44	%		0.82	%		9.38	%		6.00	%		10.63	%
Return on average tangible common equity (non-GAAP)		(20.21	%)		0.30	%		10.92	%		(5.47	%)		12.43	%
Adjusted return on average tangible common equity (non-GAAP)		11.16	%		0.95	%		10.92	%		7.32	%		12.43	%

	September 30, 2024			December 31, 2023
	($ in thousands except share and per share data)
Tangible Common Equity Ratio/Tangible Book Value Per Share
Shareholders’ equity	$	498,064		$	288,152
Less: Intangible assets		135,546			38,998
Tangible common equity (non-GAAP)	$	362,518		$	249,154

Total assets	$	4,362,767		$	2,360,252
Less: Intangible assets		135,546			38,998
Tangible assets (non-GAAP)	$	4,227,221		$	2,321,254

Equity to asset ratio		11.42	%		12.21	%
Tangible common equity to tangible asset ratio (non-GAAP)		8.58	%		10.73	%
Book value per share	$	15.50		$	15.69
Tangible book value per share (non-GAAP)	$	11.28		$	13.56
Shares outstanding		32,142,427			18,369,115

INVESTOR RELATIONS CONTACT
Kevin Mc Cabe
California Bank of Commerce, N.A.
kmccabe@bankcbc.com
818.637.7065

The MIL Network –

January 25, 2025

MIL-OSI: You Could Get Up to $1,300 the Same Day with an H&R Block Emerald Advance® Loan

Source: GlobeNewswire (MIL-OSI)

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Anyone can apply for the H&R Block Emerald Advance^® Loan during the application period which runs from November 1 through December 31, 2024. To check eligibility and apply, go to HRBlock.com to make an appointment at one of nearly 4,000 participating H&R Block offices. H&R Block associates will gladly assist with the application process. Approved applicants could leave with funds on an Emerald Card^®² or deposited to their Spruce account²^.

To learn more, and make an appointment to apply for Emerald Advance today, visit HRBlock.com

¹H&R Block Emerald Advance^® Loan originated by Pathward^®, N.A. Subject to eligibility and credit approval. Annual Percentage Rate (APR) is 35.9%. Loan amounts vary from $350-$1300. If approved, loan proceeds will be disbursed as directed to prepaid card or checking account at Pathward. Additional terms and conditions apply, see account agreements for details. Offered for a limited time at participating locations.

2 Spruce fintech platform is built by H&R Block, which is not a bank. Spruce℠ Spending and Savings Accounts established at, and the Spruce debit card and the H&R Block Emerald Prepaid Mastercard^® are issued by, Pathward^®, N.A., Member FDIC, pursuant to license by Mastercard^®. Mastercard and the circles design are registered trademarks of Mastercard International Incorporated. Additional fees, conditions, and terms apply to how you use your Emerald Card or Spruce account. Consult your Cardholder Agreement or Spruce Spending Account Agreement for details.

About H&R Block
H&R Block, Inc. (NYSE: HRB) provides help and inspires confidence in its clients and communities everywhere through global tax preparation services, financial products, and small-business solutions. The company blends digital innovation with human expertise and care as it helps people get the best outcome at tax time and also be better with money using its mobile banking app, Spruce. Through Block Advisors and Wave, the company helps small-business owners thrive with year-round bookkeeping, payroll, advisory, and payment processing solutions. For more information, visit H&R Block News.

The MIL Network –

January 25, 2025
MIL-OSI: Vast and GGS Energy Partner to Bring CSP-Powered Green Methanol and SAF to the U.S.

Source: GlobeNewswire (MIL-OSI)

HOUSTON, Oct. 29, 2024 (GLOBE NEWSWIRE) — Vast Renewables Limited (“Vast”) (Nasdaq: VSTE), a renewable energy company specialising in concentrated solar thermal power (CSP) systems that generate zero-carbon, utility-scale electricity and industrial process heat, today announced it has signed a development services agreement with GGS Energy LLC (“GGS Energy”), a leading energy transition development company with deep project development experience, to pursue a commercial-scale synthetic fuels project in the Southwest United States (Project Bravo).

Project Bravo, Vast’s first deployment in the U.S., will see Vast’s CSP v3.0 technology used to generate carbon free heat and electricity to power a co-located refinery that will produce green methanol and/or electrically powered sustainable aviation fuel (e-SAF). The project is expected to be located in the Southwest United States.

Methanol is one of the most versatile hydrogen derivatives which, if produced using clean energy, has the potential to decarbonise shipping and aviation fuels. Using CSP can potentially reduce green fuel production costs by up to 40 percent according to a recent report by engineering group Fichtner. Furthermore, e-SAF will be critical to reducing emissions from the aviation industry over the coming decades. Given these and other strong demand trends, the parties expect to attract high-quality, long-term offtake contracts from global strategic partners.

Project Bravo will build on Solar Methanol 1 (SM1), the CSP-powered green methanol reference plant to be located in Australia at the Port Augusta Green Energy Hub, that Vast is co-developing with global energy company Mabanaft. SM1 will be supplied with baseload renewable heat from Vast’s co-located 30 MW / 288 MWh CSP plant, and it will have the capacity to produce 7,500 tonnes of green methanol each year.

Vast has been undertaking early-stage development activities for Project Bravo, including initial design, site selection and feasibility assessments, to create a viable project ready for the next phase of development in collaboration with GGS Energy. The project has a development target of 550MWh of CSP generation, with further details to be released as development activities unfold.

The development services agreement sets out how Vast will advance Project Bravo with GGS Energy, a subsidiary of Glacier Global Partners that was formed in 2020 as an energy transition company focused on developing utility-scale renewable energy. The project’s success could unlock the mass production of green fuels from synthetic feedstocks in the US and catalyse a pipeline of future projects.

Craig Wood, CEO of Vast, said, “CSP has the potential to unlock low-cost green fuel production in the U.S., and it can play a significant role in helping decarbonise shipping and aviation. We are delighted to have GGS Energy as a development partner to advance our plans in the U.S., which is a key market for Vast’s technology.”

Tommy Soriero from GGS Energy said, “GGS Energy is excited to partner with Vast and work to develop Project Bravo. This collaboration marks a significant step toward a sustainable future, harnessing advanced technology to produce low-cost green fuels. We are eager to combine our expertise and resources to ensure the success and impact of future innovative projects starting with Project Bravo.”

About Vast

Vast is a renewable energy company that has developed CSP systems to generate, store and dispatch carbon free, utility-scale electricity and industrial heat, and to unlock the production of green fuels. Vast’s CSP v3.0 approach to CSP utilises a proprietary, modular sodium loop to efficiently capture and convert solar heat into these end products. 

Visit www.vast.energy for more information. 

About GGS Energy LLC

GGS Energy was formed in 2020 as an energy infrastructure company focusing on developments of utility-scale energy transition projects. The GGS team has an extensive infrastructure development experience in the U.S. and internationally utilizing multiple technologies including utility scale CSP, coal-to-liquids projects, PV solar, Wind, BESS, and many more.

Contacts: 

Vast

For Investors:  
Caldwell Bailey  
ICR, Inc.  
VastIR@icrinc.com

For Australian media: 
Nick Albrow 
Wilkinson Butler 
nick@wilkinsonbutler.com

For US Media:  
Matt Dallas  
ICR, Inc.  
VastPR@icrinc.com

Forward Looking Statements
The information included herein and in any oral statements made in connection herewith include “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. All statements, other than statements of present or historical fact included herein, regarding Project Bravo, Vast’s future financial performance, Vast’s strategy, future operations, financial position, estimated revenues and losses, projected costs, prospects, plans and objectives of management are forward-looking statements. When used herein, including any oral statements made in connection herewith, the words “anticipate,” “believe,” “could,” “estimate,” “expect,” “intend,” “may,” “project,” “should,” “will,” the negative of such terms and other similar expressions are intended to identify forward-looking statements, although not all forward-looking statements contain such identifying words. These forward-looking statements are based on Vast management’s current expectations and assumptions about future events and are based on currently available information as to the outcome and timing of future events. Except as otherwise required by applicable law, Vast disclaims any duty to update any forward-looking statements, all of which are expressly qualified by the statements in this section, to reflect events or circumstances after the date hereof. Vast cautions you that these forward-looking statements are subject to risks and uncertainties, most of which are difficult to predict and many of which are beyond the control of Vast. These risks include, but are not limited to, general economic, financial, legal, political and business conditions and changes in domestic and foreign markets; Vast’s ability to obtain financing on commercially acceptable terms or at all; Vast’s ability to manage growth; Vast’s ability to execute its business plan, including the completion of the Port Augusta project (including SM1) and Project Bravo, at all or in a timely manner and meet its projections; potential litigation, governmental or regulatory proceedings, investigations or inquiries involving Vast, including in relation to Vast’s recent business combination; the inability to recognize the anticipated benefits of Vast’s recent business combination; costs related to that business combination; changes in applicable laws or regulations and general economic and market conditions impacting demand for Vast’s products and services. Additional risks are set forth in the section titled “Risk Factors” in the Annual Report on Form 20-F for the year ended June 30, 2024, dated September 9, 2024, and other documents filed, or to be filed with the SEC by Vast. Should one or more of the risks or uncertainties described herein and in any oral statements made in connection therewith occur, or should underlying assumptions prove incorrect, actual results and plans could differ materially from those expressed in any forward-looking statements. Additional information concerning these and other factors that may impact Vast’s expectations can be found in Vast’s periodic filings with the SEC. Vast’s SEC filings are available publicly on the SEC’s website at www.sec.gov

The MIL Network –

January 25, 2025
MIL-OSI: NANO Nuclear Energy Scheduled to Present at the ThinkEquity Conference on October 30, 2024
Source: GlobeNewswire (MIL-OSI)

New York, N.Y., Oct. 29, 2024 (GLOBE NEWSWIRE) — NANO Nuclear Energy Inc. (NASDAQ: NNE) (“NANO Nuclear” or “the Company”), a leading advanced nuclear energy and technology company focused on developing portable, clean energy solutions, today announced that its senior leadership will lead a presentation at the upcoming ThinkEquity Conference, held on October 30^th, 2024, at the Mandarin Oriental Hotel in New York City.

“The ThinkEquity Conference is well-known and anticipated gathering of innovative companies,” said Jay Yu, Founder and Chairman of NANO Nuclear Energy. “We’re excited to lead an informative and engaging presentation and look forward to meaningful one-on-one discussions with fellow attendees.”

Figure 1 – NANO Nuclear Energy Inc. Will Present at The ThinkEquity Conference, to be held on October 30th, 2024, at the Mandarin Oriental Hotel in New York City.

The 2024 edition of the ThinkEquity Conference will showcase innovative companies across sectors such as alternative energy, biotechnology, AI & big data, and more. With over 750 attendees, the event will feature more than 75 company presentations and 650 one-on-one meetings with investors.

“It is a pleasure to be participating the ThinkEquity Conference this year,” said James Walker, Chief Executive Officer and Head of Reactor Development of NANO Nuclear Energy. “In addition to discussing the progress of our innovative technologies during the presentation, the event offers a valuable opportunity to engage personally with investors and innovators from other sectors.”

About NANO Nuclear Energy, Inc.

NANO Nuclear Energy Inc. (NASDAQ: NNE) is an advanced technology-driven nuclear energy company seeking to become a commercially focused, diversified, and vertically integrated company across four business lines: (i) cutting edge portable microreactor technology, (ii) nuclear fuel fabrication, (iii) nuclear fuel transportation and (iv) nuclear industry consulting services. NANO Nuclear believes it is the first portable nuclear microreactor company to be listed publicly in the U.S.

Led by a world-class nuclear engineering team, NANO Nuclear’s products in technical development are “ZEUS”, a solid core battery reactor, and “ODIN”, a low-pressure coolant reactor, each representing advanced developments in clean energy solutions that are portable, on-demand capable, advanced nuclear microreactors.

Advanced Fuel Transportation Inc. (AFT), a NANO Nuclear subsidiary, is led by former executives from the largest transportation company in the world aiming to build a North American transportation company that will provide commercial quantities of HALEU fuel to small modular reactors, microreactor companies, national laboratories, military, and DOE programs. Through NANO Nuclear, AFT is the exclusive licensee of a patented high-capacity HALEU fuel transportation basket developed by three major U.S. national nuclear laboratories and funded by the Department of Energy. Assuming development and commercialization, AFT is expected to form part of the only vertically integrated nuclear fuel business of its kind in North America.

HALEU Energy Fuel Inc. (HEF), a NANO Nuclear subsidiary, is focusing on the future development of a domestic source for a High-Assay, Low-Enriched Uranium (HALEU) fuel fabrication pipeline for NANO Nuclear’s own microreactors as well as the broader advanced nuclear reactor industry.

NANO Nuclear Space Inc. (NNS), a NANO Nuclear subsidiary, is exploring the potential commercial applications of NANO Nuclear’s developing micronuclear reactor technology in space. NNS is focusing on applications such as power systems for extraterrestrial projects and human sustaining environments, and potentially propulsion technology for long haul space missions. NNS’ initial focus will be on cis-lunar applications, referring to uses in the space region extending from Earth to the area surrounding the Moon’s surface.

For more corporate information please visit: https://NanoNuclearEnergy.com/

For further information, please contact:
Email: IR@NANONuclearEnergy.com
Business Tel: (212) 634-9206

PLEASE FOLLOW OUR SOCIAL MEDIA PAGES HERE:
NANO Nuclear Energy LINKEDIN
NANO Nuclear Energy YOUTUBE
NANO Nuclear Energy TWITTER

Cautionary Note Regarding Forward Looking Statements

This news release, the conference presentation described herein, and statements of NANO Nuclear’s management in connection with this news release and such presentation contain or may contain “forward-looking statements” within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended, and the Private Securities Litigation Reform Act of 1995. In this context, forward-looking statements mean statements related to future events, which may impact our expected future business and financial performance, and often contain words such as “expects”, “anticipates”, “intends”, “plans”, “believes”, “potential”, “will”, “should”, “could”, “would” or “may” and other words of similar meaning. These forward-looking statements are based on information available to us as of the date of this news release and represent management’s current views and assumptions. Forward-looking statements are not guarantees of future performance, events or results and involve significant known and unknown risks, uncertainties and other factors, which may be beyond our control. For NANO Nuclear, particular risks and uncertainties that could cause our actual future results to differ materially from those expressed in our forward-looking statements include but are not limited to the following: (i) risks related to our U.S. Department of Energy (“DOE”) or related state nuclear fuel licensing submissions, (ii) risks related the development of new or advanced technology, including difficulties with design and testing, cost overruns, development of competitive technology, (iii) our ability to obtain contracts and funding to be able to continue operations, (iv) risks related to uncertainty regarding our ability to technologically develop and commercially deploy a competitive advanced nuclear reactor or other technology in the timelines we anticipate, if ever, (v) risks related to the impact of government regulation and policies including by the DOE and the U.S. Nuclear Regulatory Commission, including those associated with the recently enacted ADVANCE Act, and (vi) similar risks and uncertainties associated with the business of a start-up business operating a highly regulated industry. Readers are cautioned not to place undue reliance on these forward-looking statements, which apply only as of the date of this news release. These factors may not constitute all factors that could cause actual results to differ from those discussed in any forward-looking statement, and the NANO Nuclear therefore encourages investors to review other factors that may affect future results in its filings with the SEC, which are available for review at www.sec.gov and at https://ir.nanonuclearenergy.com/financial-information/sec-filings. Accordingly, forward-looking statements should not be relied upon as a predictor of actual results. We do not undertake to update our forward-looking statements to reflect events or circumstances that may arise after the date of this news release, except as required by law.

Attachment
- NANO Nuclear Energy Inc.
The MIL Network –
January 25, 2025
MIL-OSI: TeraWulf Schedules Conference Call for Third Quarter 2024 Financial Results

Source: GlobeNewswire (MIL-OSI)

EASTON, Md., Oct. 29, 2024 (GLOBE NEWSWIRE) — TeraWulf Inc. (Nasdaq: WULF) (“TeraWulf” or the “Company”), a leading owner and operator of vertically integrated, next-generation digital infrastructure powered by predominantly zero-carbon energy, today announced that it will hold its earnings conference call and webcast for the third quarter ended September 30, 2024 on Tuesday, November 12, 2024 at 5:00 p.m. Eastern Time.

A press release detailing these results will be issued prior to the call on the same day.

Conference Call Information

To participate in this event, please log on or dial in approximately 5 minutes before the beginning of the call.

Date: November 12, 2024
Time: 5:00 p.m. ET
Access ID: 13749451
Webcast: https://viavid.webcasts.com/starthere.jsp?ei=1692405&tp_key=67828cf360
Dial in: 1-877-407-0789 or 1-201-689-8562
Call me™: https://callme.viavid.com/viavid/?callme=true&passcode=13748140&h=true&info=company&r=true&B=6

Participants can use the dial-in numbers listed above or click the Call me™ link for instant telephone access to the event. The Call me™ link will be available 15 minutes prior to the scheduled start time.

Replay Information

Dial-In: (844) 512-2921 or (412) 317-6671
Replay Expiration: Tuesday, November 26, 2024 at 11:59 PM ET
Access ID: 13749451

About TeraWulf

TeraWulf develops, owns, and operates environmentally sustainable, next-generation data center infrastructure in the United States, specifically designed for Bitcoin mining and high-performance computing. Led by a team of seasoned energy entrepreneurs, the Company owns and operates the Lake Mariner facility situated on the expansive site of a now retired coal plant in Western New York. Currently, TeraWulf generates revenue primarily through Bitcoin mining, leveraging predominantly zero-carbon energy sources, including nuclear and hydroelectric power. Committed to environmental, social, and governance (ESG) principles that align with its business objectives, TeraWulf aims to deliver industry-leading economics in mining and data center operations at an industrial scale.

Forward-Looking Statements

This press release contains forward-looking statements within the meaning of the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995, as amended. Such forward-looking statements include statements concerning anticipated future events and expectations that are not historical facts. All statements, other than statements of historical fact, are statements that could be deemed forward-looking statements. In addition, forward-looking statements are typically identified by words such as “plan,” “believe,” “goal,” “target,” “aim,” “expect,” “anticipate,” “intend,” “outlook,” “estimate,” “forecast,” “project,” “continue,” “could,” “may,” “might,” “possible,” “potential,” “predict,” “should,” “would” and other similar words and expressions, although the absence of these words or expressions does not mean that a statement is not forward-looking. Forward-looking statements are based on the current expectations and beliefs of TeraWulf’s management and are inherently subject to a number of factors, risks, uncertainties and assumptions and their potential effects. There can be no assurance that future developments will be those that have been anticipated. Actual results may vary materially from those expressed or implied by forward-looking statements based on a number of factors, risks, uncertainties and assumptions, including, among others: (1) conditions in the cryptocurrency mining industry, including fluctuation in the market pricing of bitcoin and other cryptocurrencies, and the economics of cryptocurrency mining, including as to variables or factors affecting the cost, efficiency and profitability of cryptocurrency mining; (2) competition among the various providers of cryptocurrency mining services; (3) changes in applicable laws, regulations and/or permits affecting TeraWulf’s operations or the industries in which it operates, including regulation regarding power generation, cryptocurrency usage and/or cryptocurrency mining, and/or regulation regarding safety, health, environmental and other matters, which could require significant expenditures; (4) the ability to implement certain business objectives and to timely and cost-effectively execute integrated projects; (5) failure to obtain adequate financing on a timely basis and/or on acceptable terms with regard to growth strategies or operations; (6) loss of public confidence in bitcoin or other cryptocurrencies and the potential for cryptocurrency market manipulation; (7) adverse geopolitical or economic conditions, including a high inflationary environment; (8) the potential of cybercrime, money-laundering, malware infections and phishing and/or loss and interference as a result of equipment malfunction or break-down, physical disaster, data security breach, computer malfunction or sabotage (and the costs associated with any of the foregoing); (9) the availability, delivery schedule and cost of equipment necessary to maintain and grow the business and operations of TeraWulf, including mining equipment and infrastructure equipment meeting the technical or other specifications required to achieve its growth strategy; (10) employment workforce factors, including the loss of key employees; (11) litigation relating to TeraWulf and/or its business; and (12) other risks and uncertainties detailed from time to time in the Company’s filings with the Securities and Exchange Commission (“SEC”). Potential investors, stockholders and other readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date on which they were made. TeraWulf does not assume any obligation to publicly update any forward-looking statement after it was made, whether as a result of new information, future events or otherwise, except as required by law or regulation. Investors are referred to the full discussion of risks and uncertainties associated with forward-looking statements and the discussion of risk factors contained in the Company’s filings with the SEC, which are available at www.sec.gov.

Investors:
Investors@terawulf.com

Media:
media@terawulf.com

The MIL Network –

January 25, 2025

Sales Contact: Amplify ETFs 855-267-3837 info@amplifyetfs.com	Media Contacts: Gregory FCA for Amplify ETFs Kerry Davis 610-228-2098 amplifyetfs@gregoryfca.com

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