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Category: Transport

  • MIL-OSI: International Petroleum Corporation Announces Results of Normal Course Issuer Bid

    Source: GlobeNewswire (MIL-OSI)

    International Petroleum Corporation (IPC or the Corporation) (TSX, Nasdaq Stockholm: IPCO) is pleased to announce that IPC repurchased a total of 111,400 IPC common shares (ISIN: CA46016U1084) during the period of October 21 to 25, 2024 under IPC’s normal course issuer bid / share repurchase program (NCIB).

    IPC’s NCIB, announced on December 1, 2023, is being implemented in accordance with the Market Abuse Regulation (EU) No 596/2014 (MAR) and Commission Delegated Regulation (EU) No 2016/1052 (Safe Harbour Regulation) and the applicable rules and policies of the Toronto Stock Exchange (TSX) and Nasdaq Stockholm and applicable Canadian and Swedish securities laws.

    During the period of October 21 to 25, 2024, IPC repurchased a total of 87,500 IPC common shares on Nasdaq Stockholm. All of these share repurchases were carried out by Pareto Securities AB on behalf of IPC.

    For more information regarding transactions under the NCIB in Sweden, including aggregated volume, weighted average price per share and total transaction value for each trading day during the period of October 21 to 25, 2024, see the following link to Nasdaq Stockholm’s website:

    www.nasdaqomx.com/transactions/markets/nordic/corporate-actions/stockholm/repurchases-of-own-shares

    A detailed breakdown of the transactions conducted on Nasdaq Stockholm during the period of October 21 to 25, 2024 according to article 5.3 of MAR and article 2.3 of the Safe Harbour Regulation is available with this press release on IPC’s website: www.international-petroleum.com/news-and-media/press-releases.

    During the same period, IPC purchased a total of 23,900 IPC common shares on the TSX. All of these share repurchases were carried out by ATB Capital Markets Inc. on behalf of IPC.

    All common shares repurchased by IPC under the NCIB will be cancelled. As at October 25, 2024, the total number of issued and outstanding IPC common shares is 120,751,038 with voting rights and IPC holds 484,000 common shares in treasury.

    Since December 5, 2023 up to and including October 25, 2024, a total of 7,957,782 IPC common shares have been repurchased under the NCIB through the facilities of the TSX and Nasdaq Stockholm. A maximum of 8,342,119 IPC common shares may be repurchased over the period of twelve months commencing December 5, 2023 and ending December 4, 2024, or until such earlier date as the NCIB is completed or terminated by IPC.

    International Petroleum Corp. (IPC) is an international oil and gas exploration and production company with a high quality portfolio of assets located in Canada, Malaysia and France, providing a solid foundation for organic and inorganic growth. IPC is a member of the Lundin Group of Companies. IPC is incorporated in Canada and IPC’s shares are listed on the Toronto Stock Exchange (TSX) and the Nasdaq Stockholm exchange under the symbol “IPCO”.

    For further information, please contact:

    Rebecca Gordon
    SVP Corporate Planning and Investor Relations
    rebecca.gordon@international-petroleum.com
    Tel: +41 22 595 10 50    		  

    Or

    		 Robert Eriksson
    Media Manager
    reriksson@rive6.ch
    Tel: +46 701 11 26 15

    This information is information that International Petroleum Corporation is required to make public pursuant to the Swedish Financial Instruments Trading Act. The information was submitted for publication, through the contact persons set out above, at 12:15 CET on October 28, 2024.

    Forward-Looking Statements
    This press release contains statements and information which constitute “forward-looking statements” or “forward-looking information” (within the meaning of applicable securities legislation). Such statements and information (together, “forward-looking statements”) relate to future events, including the Corporation’s future performance, business prospects or opportunities. Actual results may differ materially from those expressed or implied by forward-looking statements. The forward-looking statements contained in this press release are expressly qualified by this cautionary statement. Forward-looking statements speak only as of the date of this press release, unless otherwise indicated. IPC does not intend, and does not assume any obligation, to update these forward-looking statements, except as required by applicable laws.

    All statements other than statements of historical fact may be forward-looking statements. Any statements that express or involve discussions with respect to predictions, expectations, beliefs, plans, projections, forecasts, guidance, budgets, objectives, assumptions or future events or performance (often, but not always, using words or phrases such as “seek”, “anticipate”, “plan”, “continue”, “estimate”, “expect”, “may”, “will”, “project”, “forecast”, “predict”, “potential”, “targeting”, “intend”, “could”, “might”, “should”, “believe”, “budget” and similar expressions) are not statements of historical fact and may be “forward-looking statements”. Forward-looking statements include, but are not limited to, statements with respect to: the ability and willingness of IPC to continue the NCIB, including the number of common shares to be acquired and cancelled and the timing of such purchases and cancellations; and the return of value to IPC’s shareholders as a result of any common share repurchases.

    The forward-looking statements are based on certain key expectations and assumptions made by IPC, including expectations and assumptions concerning: prevailing commodity prices and currency exchange rates; applicable royalty rates and tax laws; interest rates; future well production rates and reserve and contingent resource volumes; operating costs; our ability to maintain our existing credit ratings; our ability to achieve our performance targets; the timing of receipt of regulatory approvals; the performance of existing wells; the success obtained in drilling new wells; anticipated timing and results of capital expenditures; the sufficiency of budgeted capital expenditures in carrying out planned activities; the timing, location and extent of future drilling operations; the successful completion of acquisitions and dispositions and that we will be able to implement our standards, controls, procedures and policies in respect of any acquisitions and realize the expected synergies on the anticipated timeline or at all; the benefits of acquisitions; the state of the economy and the exploration and production business in the jurisdictions in which IPC operates and globally; the availability and cost of financing, labour and services; our intention to complete share repurchases under our normal course issuer bid program, including the funding of such share repurchases, existing and future market conditions, including with respect to the price of our common shares, and compliance with respect to applicable limitations under securities laws and regulations and stock exchange policies; and the ability to market crude oil, natural gas and natural gas liquids successfully.

    Although IPC believes that the expectations and assumptions on which such forward-looking statements are based are reasonable, undue reliance should not be placed on the forward-looking statements because IPC can give no assurances that they will prove to be correct. Since forward-looking statements address future events and conditions, by their very nature they involve inherent risks and uncertainties. Actual results could differ materially from those currently anticipated due to a number of factors and risks. These include, but are not limited to: general global economic, market and business conditions; the risks associated with the oil and gas industry in general such as operational risks in development, exploration and production; delays or changes in plans with respect to exploration or development projects or capital expenditures; the uncertainty of estimates and projections relating to reserves, resources, production, revenues, costs and expenses; health, safety and environmental risks; commodity price fluctuations; interest rate and exchange rate fluctuations; marketing and transportation; loss of markets; environmental and climate-related risks; competition; innovation and cybersecurity risks related to our systems, including our costs of addressing or mitigating such risks; the ability to attract, engage and retain skilled employees; incorrect assessment of the value of acquisitions; failure to complete or realize the anticipated benefits of acquisitions or dispositions; the ability to access sufficient capital from internal and external sources; failure to obtain required regulatory and other approvals; geopolitical conflicts, including the war between Ukraine and Russia and the conflict in the Middle East, and their potential impact on, among other things, global market conditions; and changes in legislation, including but not limited to tax laws, royalties and environmental regulations. Readers are cautioned that the foregoing list of factors is not exhaustive.

    Additional information on these and other factors that could affect IPC, or its operations or financial results, are included in IPC’s annual information form for the year ended December 31, 2023 (See “Cautionary Statement Regarding Forward-Looking Information”, “Risks Factors” and “Reserves and Resources Advisory” therein), in the management’s discussion and analysis (MD&A) for the three and six months ended June 30, 2024 (See “Cautionary Statement Regarding Forward-Looking Information”, “Risks Factors” and “Reserves and Resources Advisory” therein) and other reports on file with applicable securities regulatory authorities, including previous financial reports, management’s discussion and analysis and material change reports, which may be accessed through the SEDAR+ website (www.sedarplus.ca) or IPC’s website (www.international-petroleum.com).

    Attachment

    • IPC PR Buyback results period of October 21 to 25 2024 28-10-24

    The MIL Network –

    January 25, 2025

  • MIL-OSI United Kingdom: Five-year plan commits to Sheffield being a proud dementia-friendly city Sheffield has a new citywide dementia plan to provide people with dementia and their families with the right support and care. 28 October 2024

    Source: City of Sheffield

    Sheffield’s skyline

    Sheffield has a new citywide dementia plan to provide people with dementia and their families with the right support and care.

    The Council, key partners across the city, people living with dementia and their families have all worked together to inform the plan, which aims for Sheffield to become a proud dementia-friendly city.

    It will be discussed next week by members of the Adult Health and Social Care Policy Committee who will be asked to approve the plan, which will run from 2025-2030.

    Councillor Angela Argenzio, Chair of Adult Health and Social Care Policy Committee at Sheffield City Council, said: “Our vision is to make sure people with dementia are supported by being in the right environment, with the right support around them. At committee today, the Council and its key partner organisations signed up to a five-year plan, designed as a result of research and conversations with providers and people and families with lived experience of dementia. It focuses on what they have said is important to them.

    Nine commitments make up the plan:

    • Sheffield will become a Dementia friendly city
    • More will be done to prevent, reduce, and delay, the risk of developing dementia
    • Improved access to dementia diagnosis at the earliest possible stage for the people of Sheffield.
    • Support will be personalised, local and accessible, to help people with dementia to remain independent for as long as possible
    • High quality support to families and carers of people living with dementia in Sheffield will be provided
    • People living with dementia and their carers will receive care and support that recognises and works with them as individuals
    • Families and staff will be supported to plan ahead to reduce the likelihood of dementia related crisis
    • Improved care for people with dementia attending hospital
    • Personalised, good quality palliative and end of life care when needed

    Councillor Angela Argenzio added: “We’re driving this work forward with the NHS South Yorkshire Integrated Care Board, all of our partners from both the statutory, voluntary sector and working with communities because we need to be better at supporting the diverse needs of this group of people.

    “In Sheffield, we know that our success will be because we have adopted a multi-agency approach in supporting people across the city. It’s the working together that will be key. Supporting people with dementia and their families and those who work with dementia effectively will only be possible by having a focus on doing the things that we know have been agreed as a result of what people living with dementia have told us is important. Working in partnership is key to us all making progress together.

    “One of the biggest highlights from the results showed how difficult lives can become for those living with dementia if there isn’t consistency. Consistency makes a world of difference. Our job is to make sure they are fully supported, and we want to achieve this through these commitments.”

    Grace Stead from ‘Enrichment for the Elderly’ delivers Dementia Stars training in the city funded by Sheffield City Council through Dementia Advice Sheffield. This training helps professionals and volunteers understand dementia better and the training is designed to meet the diverse needs of Sheffield’s communities.

    Grace said: “When supporting my nan with dementia people just didn’t understand how best to support her. The negative impact on her, me and those around her was huge. These dementia commitments will help us to put people with dementia at the centre of what we do, working together to support the person with dementia and the people around them with better understanding at the heart of it.” 

    People in the city who have done Dementia Stars training speak highly of the difference it has made to them: 

    “I wish I would have had this training years ago; it would have helped me support my mum better who had dementia, but it will now support my practice.”

    “This has been the best learning experience I have ever had! Inspiring, it makes you want to make a difference to people’s lives.”

    More information about dementia training is available here: https://www.ageuk.org.uk/sheffield/our-services/dementia-services-professionals/das-training/

    It’s estimated that there are over 6,000 and up to around 7,300 people aged over 65 currently living with dementia in Sheffield, which is between 6.7% and 7.7% of the 94,840 people aged 65 years and over in the city. Approximately 140 people under 65 in Sheffield live with young onset dementia. Dementia support and awareness in Sheffield has increased over the last 5 years, however, the growing impact of an aging population on dementia prevalence means the number of people living with dementia is predicted to keep increasing.

    The Council is committed to helping to prevent and reduce the risk of developing dementia right across a person’s life through the many programmes for which it holds responsibility to deliver. There are ways that some types of dementia can be prevented, or the risk of dementia reduced. Dementia risk includes factors starting at early years and education; and includes environmental factors such as exposure to air pollution. 

    Some risk factors that can be changed to reduce the risk of dementia are similar to those recommended to people to keep their heart and circulation healthy such as increasing physical activity, reducing alcohol consumption, and reducing smoking. Social contact is really important for everyone, and this is the case for people at risk of developing dementia or who already have dementia. Research has also found that using aids for hearing and visual problems can also reduce the risk.

    Sheffield Dementia Action Alliance (SDAA) is a network of organisations who want to help communities, organisations and businesses do more for people affected by dementia: reducing stigma, increasing understanding, and making small but significant changes to buildings and environments to make them more accessible for people with dementia. Over the past 5 years SDAA has recruited and supported over 80 members who have made over 200 pledges to make their organisations more dementia friendly. This has included community centres, train operators, places of worship, theatres, libraries, charity shops and pubs.

    Work on the strategy and what it aims to achieve will be formally launched on the morning of Wednesday 27th November at an event for people with dementia and their families, providers, and partners. Taking place at Niagara Conference and Leisure Centre, Niagara Road, Sheffield, S6 1LU, resources, advice, information and more on the city’s dementia plan will be available.

    There are limited spaces so early booking is advised at Dementia Strategy Launch Event Tickets, Wed, Nov 27, 2024 at 9:30 AM | Eventbrite

    The new citywide Dementia Strategy 2025- 20230is here and there is a range of resources and information on www.sheffielddirectory.org.uk

    More information about risk and prevention is here: Dementia prevention, intervention, and care: 2024 report of the Lancet standing Commission – The Lancet

    MIL OSI United Kingdom –

    January 25, 2025

  • MIL-OSI: Purpose Investments Inc. Announces Final October 2024 Distribution Rate for Purpose High Interest Savings Fund, Purpose US Cash Fund, Purpose Cash Management Fund, and Purpose USD Cash Management Fund

    Source: GlobeNewswire (MIL-OSI)

    TORONTO, Oct. 28, 2024 (GLOBE NEWSWIRE) — Purpose Investments Inc. announced today the final October 2024 distribution rates for Purpose High Interest Savings Fund, Purpose US Cash Fund, Purpose Cash Management Fund, and Purpose USD Cash Management Fund.

    Due to the recent interest rate cut by the Bank of Canada, the distribution levels for our Canadian cash funds have been proportionately reduced to align with this adjustment.

    The following table reflects the final distribution amounts for the month of October. Ex-distribution date is October 29, 2024.

    Open-End Fund Ticker
    Symbol    		 Final distribution
    per unit    		 Record Date Payable Date Distribution
    Frequency
    Purpose USD Cash Management Fund – ETF Units MNU.U US $ 0.4473 10/29/2024 11/04/2024 Monthly
    Purpose Cash Management Fund – ETF Units MNY $ 0.3914 10/29/2024 11/04/2024 Monthly
    Purpose High Interest Savings Fund – ETF Units PSA $ 0.1822 10/29/2024 11/04/2024 Monthly
    Purpose US Cash Fund – ETF Units PSU.U US $ 0.4275 10/29/2024 11/04/2024 Monthly


    About Purpose Investments Inc.
    Purpose Investments Inc. is an asset management company with more than $21 billion in assets under management. Purpose Investments has an unrelenting focus on client-centric innovation, and offers a range of managed and quantitative investment products. Purpose Investments is led by well-known entrepreneur Som Seif and is a division of Purpose Unlimited, an independent technology-driven financial services company.

    For further information please contact:
    Keera Hart
    Keera.Hart@kaiserpartners.com
    905-580-1257

    Commissions, trailing commissions, management fees and expenses all may be associated with investment fund investments. Please read the prospectus and other disclosure documents before investing. Investment funds are not covered by the Canada Deposit Insurance Corporation or any other government deposit insurer. There can be no assurance that the full amount of your investment in a fund will be returned to you. If the securities are purchased or sold on a stock exchange, you may pay more or receive less than the current net asset value. Investment funds are not guaranteed, their values change frequently and past performance may not be repeated.

    The MIL Network –

    January 25, 2025

  • MIL-OSI NGOs: Global law firm’s flawed human rights assessment of Saudi Arabia’s World Cup 2034 bid raises ‘deep concern’

    Source: Amnesty International –

    AS&H Clifford Chance’s assessment contains no substantive discussion of Saudi’s extensive and relevant abuses

    11 human rights groups, football supporters and worker organisations join forces to voice deep concern

    ‘FIFA must insist on a proper assessment and meaningful human rights strategy or its flagship tournament will be tarnished by severe human rights violations’ – Steve Cockburn

    A flawed human rights assessment of Saudi Arabia’s FIFA 2034 World Cup bid by AS&H Clifford Chance – part of the global partnership of London-based law firm Clifford Chance – leaves the global firm at risk of being linked to abuses which result from the tournament, 11 organisations said today.

    AS&H Clifford Chance, which is based in Riyadh and sits within Clifford Chance’s integrated global partnership, produced an “independent human rights context assessment” that was published by FIFA and has helped pave the way for Saudi Arabia to be confirmed on 11 December as the 2034 hosts, as is widely expected to happen.

    The assessment contains no substantive discussion of extensive and relevant abuses in Saudi Arabia documented by multiple human rights organisations and UN bodies. It formed the basis of Saudi Arabia’s human rights strategy for the tournament, which Amnesty International described as a “whitewash”.

    The 11 organisations – which include a Saudi Arabian diaspora organisation, Gulf human rights groups, and labour organisations, as well as Football Supporters Europe, Amnesty and Human Rights Watch – wrote to Clifford Chance’s Global Managing Partner setting out in detail all of their concerns with the statement, and invited the authors to publish an updated report. The firm, which says that it works in partnership with “some of the world’s leading NGOs and civil society organisations”, said in response last week that it would be “inappropriate” to offer any further comment on the report and shared a link to publicly available company policies.

    Dire human rights record

    Saudi Arabia’s already dire human rights record has deteriorated under the de facto rule of Crown Prince Mohammed bin Salman, who has presided over a soaring number of mass executions, torture, enforced disappearance, severe restrictions on free expression, repression of women’s rights under the male guardianship system, LGBTI+ discrimination, and the killing of hundreds of migrants at the  Saudi Arabia-Yemen border. The country’s abusive Kafala (labour sponsorship) system, as well as the prohibition on trade unions and lack of enforcement of labour laws continues to lead to the widespread exploitation of migrant workers.

    The organisations have warned Clifford Chance that, through the production of its human rights assessment by AS&H Clifford Chance, there is a risk that the firm could be linked to potential adverse human rights impacts resulting from a Saudi Arabia-hosted tournament.

    In their memorandum to Clifford Chance the organisations set out and requested comment on three overarching concerns about the assessment. Taken together, these fatally undermine the report’s claim to provide an independent assessment of the human rights context in Saudi Arabia, relevant to the hosting and staging of the 2034 World Cup.

    • AS&H Clifford Chance agreed to a decision by FIFA and the Saudi Arabian Football Federation to effectively exclude analysis of Saudi Arabia’s record on multiple critical human rights such as freedom of expression, LGBTI+ discrimination, the prohibition of trade unions, or forced evictions – either because Saudi Arabia has not ratified the relevant treaties or because the Saudi Arabian Football Federation did not accept them as “applying”. Any assessment that does not recognise these as relevant human rights risks for a World Cup in Saudi Arabia cannot be considered credible.
    •  The assessment made highly selective use of the findings of UN bodies on Saudi Arabia, leaving out damaging judgements. For example, it fails to reference one UN body’s concern at receiving reports that “torture and other ill-treatment are commonly practised in prisons”, or another which notes that “women and girls who are victims of sexual abuse risk facing criminal proceedings if they press charges”. It does not mention that Saudi Arabia is currently facing a labour complaint at the UN brought by Building and Woodworkers International, an international trade union. No reports by UN Special Rapporteurs are included meaning, for example, there is no reference to the imposition of the death penalty in relation to the Crown Prince’s flagship giga-project NEOM, or the murder of Saudi Arabian journalist Jamal Khashoggi.
    • There is no evidence that AS&H Clifford Chance consulted external experts, such as people who might be affected by human rights abuses linked to the tournament, Saudi Arabian human rights experts or organisations, international human rights organisations, or trade unions. No work by such groups is referenced. The report, for example, ignores Amnesty’s 2024 91-page report ‘Playing a Dangerous Game? Human Rights Risks Linked to the 2030 and 2034 FIFA World Cups’.

    Amnesty has written to FIFA asking it to confirm on what basis the organisation agreed with the Saudi Arabian Football Federation to limit the scope of the rights assessment conducted by AS&H Clifford Chance. As of 25 October, FIFA had not responded.

    James Lynch, FairSquare co-director, said: 

    “It has been clear for more than a year now that FIFA is determined to remove all potential obstacles to make sure it can hand Saudi Arabia’s Crown Prince Mohammed bin Salman the 2034 World Cup. By producing a shockingly poor report, AS&H Clifford Chance, part of one of the world’s largest law firms that makes much of its human rights expertise, has helped to remove a key final stumbling block.”

    Julia Legner, Executive Director of ALQST for Human Rights, a Saudi Arabian diaspora organisation, said:

    “AS&H Clifford Chance had the chance to write a credible assessment of risks that are relevant to the 2034 World Cup. Instead, they have produced an artificially limited, misleading and overly positive perspective, that serves only to whitewash the reality of abuse and discrimination faced by Saudi Arabia’s citizens and residents.”

    Steve Cockburn, Amnesty International’s Head of Labour Rights and Sport, said:

    “The severe risks of hosting the 2034 World Cup in Saudi Arabia are clear and well-known – without huge reforms, critics will be arrested, women and LGBTI+ people will face discrimination, and workers will be exploited on a massive scale. It is incredible that AS&H Clifford Chance omitted such glaring risks from its assessment and scandalous that FIFA paved the way for them to do so. FIFA must now insist on a proper assessment and meaningful human rights strategy or its flagship tournament will inevitably be tarnished by severe human rights violations.”

    Martha Waithira, Equidem investigator, said:

    “As a former domestic worker in Saudi Arabia from Kenya, I know that women like me are often treated like slaves. Women especially face sexual and other gender abuse. I’m in regular contact with workers in horrific situations in Saudi Arabia. Now, the hundreds of thousands of people expected to arrive in Saudi Arabia to build stadiums and clean hotels ahead of the World Cup are at great risk of severe exploitation and even death. How can these realities have escaped AS&H Clifford Chance’s attention?”

    Stated commitments to human rights

    The ‘Independent Context Assessment Prepared for the Saudi Arabian Football Federation in relation to the FIFA World Cup 2034’ can be found on FIFA’s website. FIFA’s Human Rights Policy, adopted in 2017, outlines its responsibility to identify and address adverse human rights impacts of its operations, including taking adequate measures to prevent and mitigate human rights abuses.

    Clifford Chance is one of the world’s largest law firms. It has made multiple commitments concerning its human rights responsibilities, including in its company code. The firm states on its global website that its client base in Saudi Arabia, delivered “through AS&H Clifford Chance” includes “key Saudi Ministries and government-owned entities as well as a wide range of government owned, privately and publicly held Saudi and international businesses, listed companies and financial institutions.” These Saudi clients include the Public Investment Fund. AS&H Clifford Chance is a joint venture between Clifford Chance and AS&H that has been registered in Saudi Arabia since 2023. It is integrated within Clifford Chance’s global firm, “follows [the global firm’s] processes and practices”, and employs a number of Clifford Chance partners, including a “Senior Clifford Chance partner”. The Independent Context Assessment refers readers to the global Clifford Chance website.

    Full list of signatories:

    FairSquare

    ALQST for Human Rights

    Amnesty International

    The Army of Survivors

    Building and Woodworkers International

    Equidem

    Football Supporters Europe

    Gulf Centre for Human Rights

    Human Rights Watch

    Middle East Democracy Center

    Migrant-Rights.org

    MIL OSI NGO –

    January 25, 2025

  • MIL-OSI United Kingdom: Unregistered boats on River Thames: fines and costs total £18,000

    Source: United Kingdom – Executive Government & Departments

    Clear warning to unregistered boat owners on the Thames as owners failed to register their boats despite warnings. More to face court in coming months

    Lindum, owned by Battersea boater Drystan Brod

    Staines magistrates’ court had a busy day on 22 October as 14 owners were sentenced to pay more than £18,000 for failing to register their boats for use on the River Thames.

    Environment Agency enforcement officers discovered these vessels during spot checks in December 2023 at Penton Hook Marina in Surrey. The inspection showed unacceptably high levels of registration evasion with a quarter of the boats in the marina, around 125 vessels, failing to have been registered. Every boat-owner was traced and given ample warning and opportunity to register their boats correctly.

    The court was told that all owners had skipped the annual registration fee, determined by the length and width of the boat. A couple of them had skipped it twice. Duncan Heyward and Tony Davies, both of Chertsey, were found guilty of owning two unregistered vessels and had to pay compensation accordingly.

    The highest charges were issued to Drystan Brod of Battersea for his boat, Lindum – more than £2300 including costs, fines, compensation and victim surcharge. Full details of all fines below.

    Colin Chiverton, environment manager for Surrey at the Environment Agency, said:

    This was a great day for the majority of Thames boat-owners who register their vessel with us every year. Just like us, they’re fed up with seeing this unlawful behaviour take place on the river every year. We’re pleased with this outcome, and it sends a clear warning to all unregistered boat owners – it’s just not worth the risk.

    At the end of November, we have another day in court with a further 14 owners facing the music. So, if you have an unregistered boat on the Thames, you should know that our enforcement teams are still out in October, patrolling the river and checking for valid registrations.

    Renewal invitation letters for 2025 registrations on the River Thames are to be sent in November to everyone that registered their boat this year and owners are encouraged to register early to ensure their boats are compliant by 1 January, when the new season starts. The Environment Agency’s approach to non-registration on the Thames has changed – boat-owners are given ample opportunity to register their boat. However, once a summons has been issued, it won’t stop court proceedings, even if the boat owner subsequently pays their registration fee.

    Similar to excise duty for road vehicles, boat registration fees allow the Environment Agency to manage and maintain more than 600 miles of inland waterways across England, keeping them open and safe for thousands of boaters to enjoy.

    Background:

    Owners of powered or non-powered boats, including paddleboards, must register their boats annually with the Environment Agency for use on the non-tidal River Thames.

    Boat registration on the Thames starts on 1 January every year. Any boats found on the water after that date, without having registered, may be liable to a fine.

    In mid-September 2024 during a river wide census, Environment Agency officers recorded the locations of 10,890 boats on the river.

    Boats can be registered by calling 03708 506 506 or going to River Thames: boat registration and application forms – GOV.UK (www.gov.uk)

    Offender/age/address/boat[s]/pleas/compensation order/costs/victim surcharge/fine

    Des Higgins, 64, of Graham Court, Northolt, Middlesex, PRINCESS BURFORD. Pleaded not guilty then changed plea at court to guilty. £803.60. £250. £80. £120.

    Stephen Hale, 54, of Bridge Court, Chertsey, Surrey. LADY RUTH. Found guilty in absence. £994.14. £275. £88. £220.

    Drystan Brod, 50, of Birley Street, Battersea, London. LINDUM. Found guilty in absence. £1724.00. £275. £88. £220.

    Duncan Hayward, 40, of Hill Rise, Richmond, Surrey. MAVERICK III/TT MAVERICK III. Found guilty in absence – 2 offences. £1065.15/£23.20. £275/nil. £24/nil. £60/NSP

    Mark Geeson, 53, of Gaston Way, Shepperton, Middlesex. PORTIA. Found guilty in absence. £970.47. £275. £88. £220

    Tony Davies, 70, of St Annes Road, Chertsey, Surrey. BULTRUG/REDWATCH. Pleaded guilty at court – 2 offences. £923.13/£887.64. £250/nil. Nil/nil. No separate penalty/NSP.

    Andrew Graham, 53,  of Wellington Terrace, Basingstoke, Hampshire. BUSTAROON. Found guilty in absence. £757.44. £275. £88. £220.

    Hugo Handford, of Chichester Road, West Wittering, West Sussex. DAJA. Found guilty in absence. £331.00. £275. £88. £220.

    Tim Cartwright, 64, of Elder Road, Bisley, Surrey. CHARLIE BEN. Found guilty in absence. £678.44. £275. £88. £220.

    Brian Harvey, 60, of Queens Road, Hersham, Surrey. SEA DANCER. Found guilty in absence. £520.74. £275. £88. £220.

    Scott Cole, 52, of Grafton Road, Acton, London. ALKYON. Found guilty in absence. £284.04. £275. £88. £220.

    Lee Davis, 49, of Meadow View, Chertsey, Surrey. TUBS. Found guilty in absence. £473.40. £275. £88. £220.

    Maciej Firla-Cuchra, 49, of The Broadway, Laleham, Surrey. JEWNA. Found guilty in absence. £426.06. £275. £88. £220.

    David Harding, 73, of Easton, Wells, Somerset. Le BATEAU DE BOIS. Pleaded not guilty, then changed plea at court to guilty. £736.02. £275. Nil. NSP.

    Contact us:

    Journalists only: 0800 141 2743 or communications_se@environment-agency.gov.uk.

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    Updates to this page

    Published 28 October 2024

    MIL OSI United Kingdom –

    January 25, 2025

  • MIL-OSI United Kingdom: Dinosaur Trail brings roar-some fun to city centre

    Source: Scotland – City of Aberdeen

    Locals and visitors alike took part in a new dinosaur trail in the city centre throughout the October holidays. 

    The Iconic Bricks Dinosaur Trail was a two-week event from 12th to 27th October which saw 18 brick model dinosaurs placed in businesses across the city centre, with free car parking also available in two city centre car parks. 

    Aberdeen City Council Co-Leader Councillor Christian Allard said: “It has been wonderful to see so many people taking part in the Iconic Bricks Dinosaur Trail and exploring our city centre. 

    “My grandchildren loved the trail, and I would like to extend my thanks to each business who took part and helped create a fun and exciting atmosphere across the city centre.”

    Education and Children’s Services Convener Councillor Martin Greig said: “This has been a great way for all ages to visit the city centre and take part in a fun new event. 

    “Dinosaurs are always a popular attraction for children and adults alike and has helped capture imaginations.” 

    Visitors taking part in the trail were able to get an insight into how each model was made and learn more about the creations, including how many bricks were used to build the model and learn a fun dinosaur fact. 

    Monica and her family from Aberdeen said: “This has been lovely for the children and a great free activity to do. We have enjoyed walking around the city doing the trail.” 

    Businesses taking part in the trail recorded seeing increased footfall, with the Maritime Museum having had its busiest week since 2019. 

    Kenny Bruce, Trinity Centre Aberdeen Manager, said: “Trinity Aberdeen was delighted to take part in the Ionic Bricks Dinosaur Trail this year, the event has brought increased visitors to the centre and seen our stores offer unique dinosaur discounts in Shot n Roll and Resting Brunch Face, even a special guest appearance from The Works mascot Rex the Dinosaur.

    “It’s fantastic to support an event that offers customers a chance to come and explore our city centre.”

    Lynne Clark, Communications Lead for Michies Pharmacy, said: “The Iconic Bricks Dinosaur Trail has been a roaring success for Michies! It has been a joy to see so many children and families through our doors, many of whom have never visited Michies before. It was a wonderful initiative to get people out and about having fun and exploring our city centre!”

    The Hidden Lego Minifigure Trail also ran throughout the October Holidays, which saw small Lego figures hidden across ten shop windows around the Upperkirkgate and Belmont Street area for people of all ages to find in a treasure-hunt style challenge. 

    Once each minifigure was found, there was the chance to enter into a prize draw to win an Aberdeen Gift Card worth £20. 

    Additional activities also took place throughout the October Holidays across businesses taking part in the trail, including storytelling and dinosaur-themed Bookbug. 

    The Iconic Bricks Dinosaur Trail received £30,000 from the UK Government through the UK Shared Prosperity Fund. 

    Free weekend parking is still available in the Denburn and Frederick Street car parks throughout October and the first weekend in November. Parking for £1 will be available after 5pm at Virginia Street, the Gallowgate, Frederick Street, Summer Street, Chapel Street, West North Street and the Denburn. Normal charging rates will resume from 8am.  

    MIL OSI United Kingdom –

    January 25, 2025

  • MIL-OSI Asia-Pac: SLW visits confined space worksite to promote occupational safety and health (with photos)

    Source: Hong Kong Government special administrative region

         The Secretary for Labour and Welfare, Mr Chris Sun, and the Deputy Commissioner for Labour (Occupational Safety and Health), Mr Vincent Fung, visited a construction site today (October 28) to call on contractors, employers and workers to pay attention to safety and health at work in confined spaces.

         The Labour Department (LD) attaches great importance to the occupational safety and health (OSH) of confined space work. The revised Code of Practice for Safety and Health at Work in Confined Spaces (CoP) published by the LD earlier will take effect on November 30 this year. The revised CoP provides proprietors, contractors, competent persons and certified workers engaged in confined spaces work with practical guidance and technical information, and imposes stricter requirements on proprietors and/or contractors to adopt technology to record videos at the entrance and exit of the confined space throughout the entire work period to monitor relevant personnel’s compliance with the safety precautions. The LD will continue to conduct surprise inspections from time to time of workplaces carrying out confined space work, and check relevant work processes and equipment to ensure that workers’ OSH is safeguarded.

         Mr Sun said, “The Government has been encouraging the industry to provide a safer working environment, including wider adoption of the Smart Site Safety System in the construction industry. Advanced technology and equipment will be applied to transmit video recordings taken at the entrance and exit of confined space worksites as well as continuous air-monitoring results inside the confined spaces through a central management platform, enabling the management to perform real-time safety monitoring and maintain proper records. The system also helps to initiate evacuation and rescue procedures promptly in case of emergency to further improve OSH in confined space work.

         Mr Sun called on proprietors and contractors of confined space work to observe the provisions of the revised CoP, take adequate safety measures and strengthen supervision to prevent accidents. Workers also must raise their safety awareness, remain vigilant at all times, protect their personal safety at work, and cherish their lives and families.

         Mr Sun reiterated, “The Government has long adopted the combination of legislation and enforcement, education and training, and publicity and promotion in striving to ensure workplace safety. Employers and employees also have the shared responsibility to help ensure OSH.”

         The LD will continue to carry out inspections and law enforcement actions targeting confined space work. If any violations of the OSH legislation are detected, stringent enforcement actions will be taken immediately without prior warning. In addition, the LD is carrying out a new round of publicity work to disseminate OSH messages through different channels, remind employers and employees not to contravene OSH legislation, and enhance workers’ safety awareness regarding confined space work.         

    MIL OSI Asia Pacific News –

    January 25, 2025

  • MIL-OSI Asia-Pac: Speech by CE at MTR 45th Anniversary Cocktail Reception (English only) (with photos)

    Source: Hong Kong Government special administrative region

         Following is the speech by the Chief Executive, Mr John Lee, at the MTR 45th Anniversary Cocktail Reception today (October 28):

    Deputy Commissioner Fang Jianming (Deputy Commissioner of the Office of the Commissioner of the Ministry of Foreign Affairs of the People’s Republic of China in the Hong Kong Special Administrative Region), Dr Rex Auyeung (Chairman of MTR Corporation), Dr Jacob Kam (Chief Executive Officer of MTR Corporation), distinguished guests, ladies and gentlemen, 

         Good evening. It gives me great pleasure to join you today, in celebration of the 45th anniversary of the MTR Corporation. 

         Just look around our beautiful city, and you would know how this is a true milestone. Building a mass transit railway system in a city packed with people and skyscrapers, surrounding a deep harbour. And with towns scattered amid hilly countryside and mountainous terrain, alongside vast pieces of land dedicated as country parks and natural conservation areas. It is a remarkable feat. 

         And yet, here we are, 45 years later, proud to call the MTR one of the world’s top transit systems. One that delivers reliable, efficient and safe journeys for the people of Hong Kong, and beyond.

         According to last year’s Urban Mobility Readiness Index, Hong Kong’s public transport system tops the world, number one. That’s thanks to our extensive transport infrastructure, as well as a wide range of high-quality and affordable transport modes – with the MTR playing a major part.

         Earlier this year, two different international media outlets included Hong Kong among their rankings of the world’s best “metro” and “public transport” systems, respectively. One of them reported that “transit planners flock to Hong Kong from across the globe to discover how its Mass Transit Railway delivers world-class service and reliability to the territory’s 7.4 million citizens”. And another added that “92 per cent of Hongkongers praised their city’s transit system”. 

         That’s as reaffirming as it is encouraging, ladies and gentlemen – as I’m sure it is to everybody in the MTR Corporation, too. 

         Today, the MTR railway network handles the daily commutes and travelling of more than 5 million passenger trips in our city. It also connects us to our country, via the Hong Kong Section of the high-speed rail. That strengthens the people-to-people bonds, and business ties, between Hong Kong and a great many cities across the Mainland. 

         More than that, the MTR Corporation is now an international entity, with its service spanning across the Mainland, Australia, the United Kingdom and Sweden. Its network carries over 10 million passengers worldwide every weekday.

         And while we’re certainly not just getting going, not after 45 years, we’ve got a lot more in the works – plans built around “infrastructure-led” and “capacity-creating” principles, with railway forming the backbone of our public transport system.  

         Last year, the Government published the Hong Kong Major Transport Infrastructure Development Blueprint, which presents a planning framework for Hong Kong’s transport infrastructure future, designed to meet transport and logistics demand up to 2046 and beyond.

         That includes two railway projects to help drive the full potential of the Northern Metropolis, our new engine of economic development. The Hung Shui Kiu Station and the Northern Link Main Line will begin construction this year and next year for tentative completion in 2030 and 2034, respectively.  

         And, as I noted in my Policy Address two weeks ago, the MTR Corporation will begin detailed planning and design for the Northern Link Spur Line early next year. This vital, cross-boundary railway will connect San Tin Technopole and the Hong Kong-Shenzhen Innovation and Technology (I&T) Park in the Loop, the area set to become an international I&T powerhouse – all the way to the new Huanggang Port in Shenzhen. That will certainly fast-track Hong Kong’s integration with the Guangdong-Hong Kong-Macao Greater Bay Area.

         The Government has been working closely with the MTR Corporation to take forward the planning and design of these projects. And we will continue to co-ordinate their construction and project commissioning.

         The Government is also committed to realising three smart and green mass transit systems – in East Kowloon, Kai Tak and the Hung Shui Kiu/Ha Tsuen New Development Area. We’re working to compress the implementation programmes, enabling the public to enjoy their social and economic benefits as quickly as possible.  

         And we’re pressing ahead, too, with the planning of the Hong Kong-Shenzhen Western Rail Link (Hung Shui Kiu-Qianhai).  

         Add it up, and it’s a hugely ambitious undertaking. On completion of our railway construction projects, our railway network is expected to increase from about 270 kilometres today, to nearly 390km. 

         The long-term profits and the long-term benefits are equally huge. They include the capacity to drive territory-wide developments, deepen cross-boundary integration, expand commuting options, improve traffic conditions, reduce journey time and realise long-term, far-reaching, socio-economic benefits for Hong Kong. For us all. 

         My congratulations, once again, to the MTR Corporation on your milestone 45th anniversary. My presence here is to reiterate once again how I personally feel proud of our MTR. I am sure each one of you shares this pride. I look forward to your continued success in the next 45 years, and more.   

         Thank you.         

    MIL OSI Asia Pacific News –

    January 25, 2025

  • MIL-OSI Asia-Pac: Hong Kong Customs seizes suspected cannabis buds at airport (with photo)

    Source: Hong Kong Government special administrative region

    Hong Kong Customs seizes suspected cannabis buds at airport (with photo)
    Hong Kong Customs seizes suspected cannabis buds at airport (with photo)
    ************************************************************************

         Hong Kong Customs yesterday (October 27) detected a drug trafficking case involving baggage concealment at Hong Kong International Airport and seized about 10 kilograms of suspected cannabis buds with an estimated market value of about $1.9 million.     A 62-year-old local woman arrived in Hong Kong from Bangkok, Thailand, yesterday. During customs clearance, the batch of suspected cannabis buds was found concealed inside her check-in baggage. The woman was subsequently arrested.       After a follow-up investigation, a local man, aged 26, who was suspected to be connected with the case, was also arrested at the airport on the same day.     An investigation is ongoing.      Customs will continue to step up enforcement against drug trafficking activities through intelligence analysis. The department also reminds members of the public to stay alert and not participate in drug trafficking activities for monetary return. They must not accept hiring or delegation from another party to carry controlled items into and out of Hong Kong. They are also reminded not to carry unknown items for other people.     Customs will continue to apply a risk assessment approach and focus on selecting passengers from high-risk regions for clearance to combat transnational drug trafficking activities.     Under the Dangerous Drugs Ordinance, trafficking in a dangerous drug is a serious offence. The maximum penalty upon conviction is a fine of $5 million and life imprisonment.     Members of the public may report any suspected drug trafficking activities to Customs’ 24-hour hotline 182 8080 or its dedicated crime-reporting email account (crimereport@customs.gov.hk) or online form (eform.cefs.gov.hk/form/ced002).

     
    Ends/Monday, October 28, 2024Issued at HKT 20:00

    NNNN

    MIL OSI Asia Pacific News –

    January 25, 2025

  • MIL-OSI USA: Study Investigates Communication, Intimacy Among Couples Facing Metastatic Breast Cancer

    Source: US State of Connecticut

    Amanda Denes, a professor in the Department of Communication in the College of Liberal Arts and Sciences, has received funding from the National Cancer Institute to conduct a pilot study that investigates the relationships between communication and sexual, relational, and individual well-being for individuals diagnosed with metastatic breast cancer.

    Metastatic breast cancer, also called stage IV breast cancer, is a late-stage cancer where cancerous cells have spread beyond the breast to other organs.

    Denes, who is a principal investigator at UConn’s Institute for Collaboration on Health, Intervention, and Policy (InCHIP), will explore how metastatic breast cancer patients communicate with their partner about their sexual, relational, and individual well-being. Patients will complete an online survey about their relationship with their partner, how cancer has changed their sexual relationship, and if and how they communicate with their partner about these changes.

    Amanda Denes, professor in the Department of Communication

    “Despite the recognition that sexuality should be part of end-of-life care and is vital for couples with cancer to maintain connection, sexual needs are rarely assessed among metastatic cancer patients. Their needs for intimacy may be even stronger than before cancer, given the limited time and highly emotional experience of facing a terminal diagnosis,” says Denes.

    A cancer diagnosis is a life-altering experience that impacts not only physical health, but also mental and emotional well-being, and social relationships.

    For married or committed couples, a cancer diagnosis becomes a shared challenge as they cope with the diagnosis and adjust to their new reality. Cancer can impact and change the communication patterns that couples have established, as well as their roles and responsibilities in the relationship.

    Although being married or in a committed partnership has health benefits and may improve quality of life, couples navigating a cancer diagnosis may also experience heightened levels of stress and breakdowns in communication, a major cause of divorce or breakups.

    Mutual, constructive communication has been shown to ease psychological distress, sustain closeness and intimacy, and improve outcomes. It is particularly important for couples to engage in discussions about their sexual health, even if they may be reluctant.

    “Sex is one of the most frequently discussed topics among couples facing cancer, so there is evidence that talking about sex is important in this context. There has been some work demonstrating the benefits of interventions focused on improving sexual communication between reproductive cancer patients and their partners, but much of this work overlooks the experiences of people with advanced cancers, like metastatic breast cancer,” says Denes.

    Denes is collaborating with Keith Bellizzi, a professor of gerontology in the Department of Human Development and Family Sciences. He has expertise in cancer survivorship and quality of life, including sexual function.

    Keith Bellizzi, professor in the Department of Human Development and Family Sciences

    “While there has been growing attention to psychosocial impacts of cancer, intimacy in couples is much less understood, particularly among women with metastatic breast cancer,” says Bellizzi.

    Denes and Bellizzi previously collaborated on projects exploring couples’ communication about sexuality in the context of reproductive cancers. They also conducted preliminary testing of the study’s survey tool.

    “Identifying specific forms and features of talk that may help or hinder couples as they navigate intimacy in the context of metastatic breast cancer is a pivotal first step in understanding if and how communication can benefit individual and relational well-being. Findings from this study will help identify aspects of communication that patients find beneficial when navigating sexuality and intimacy in their relationship,” says Denes.

    To expand data collection, the research team received bridge funding from InCHIP. This will enable Denes and Bellizzi to survey an additional 200 participants and test their exploratory model, which will serve as the foundation for a future external grant application.

    For Denes, studying how couples with cancer successfully talk about cancer-related changes is both a personal and professional endeavor.

    “I am particularly interested in the experiences of couples facing cancer given the ways that cancer has affected my own life. I have watched friends and family members battle cancer and experience changes to roles, relationships, and the communication that occurs within them. This has made me want to understand how couples facing cancer can successfully communicate about cancer-related changes,” says Denes.

    Denes’ research focuses on interpersonal communication and how it impacts relational, mental, and physical health, with the goal of identifying communication practices that contribute to individual and relational thriving. She currently serves as principal investigator on two projects that explore couples’ communication about sexual and relational changes in the face of a cancer diagnosis and treatment.

    These projects were supported by internal funding from UConn and a U.S. Scholar Award from the Australian-American Fulbright Commission, and investigate communication about sexuality and intimacy among heterosexual and LGBTQI+ cancer patients.

    According to the World Health Organization (WHO), sexual health extends beyond the absence of disease, dysfunction, or infirmity and encompasses physical, emotional, mental, and social well-being. WHO also recommends acknowledging that sexual experiences can and should be pleasurable.

    “Despite sex being an essential part of human existence and connection, it is still a topic that many consider taboo. Seeing how the silence that surrounds sex and sexuality can negatively impact individuals and their relationships led me to focus my research on the communication processes that contribute to satisfying relationships,” says Denes.

    MIL OSI USA News –

    January 25, 2025

  • MIL-OSI USA: Nutritional Sciences Ph.D. Candidate Earns NSCA Funding to Study Collagen Peptides

    Source: US State of Connecticut

    Nick Kuhlman is a doctoral student in nutritional sciences. (Sean Flynn/UConn Photo)

    If you’ve looked at social media or a supplement aisle in the past year, chances are you’ve seen pastel-colored tubs of collagen peptides. This popular supplement is often marketed as supporting joint and bone health (among other things, like skin elasticity and digestion).

    But do these claims actually hold up? That’s what Nick Kuhlman, a nutritional sciences Ph.D. candidate, is investigating in his dissertation.

    Kuhlman recently received funding to support his work from the National Strength and Conditioning Association (NSCA) Foundation, one of the nation’s premiere providers of support to athletics- and kinesiology-related research.

    Prior to pursuing research, Kuhlman worked as a strength and conditioning coach for several universities, including West Texas A&M University and the University of South Alabama (where he became the director of athletic performance).

    “The NSCA is the gold standard organization and certification for strength and conditioning coaches, at both the professional and collegiate level,” Kuhlman says. “I was involved with that organization as a coach for many years. But they also have a foundation which is at the cutting edge in terms of research for strength and conditioning, and athletic development. As I transitioned to academia, I took advantage of the opportunity to apply for this award.”

    Kuhlman’s double-blind, placebo-controlled study will examine the effects of collagen peptide supplements (using a popular commercial brand) on bone metabolism, tendon health, and biomarkers of inflammation and recovery for female distance runners. This population is doubly at risk for early-onset osteoporosis, and other bone stress injuries such as stress fractures, due to their high-impact sport and nutritional challenges.

    Through analyzing bone density scans as well as biomarkers in the bloodstream, the study will investigate whether regular supplementation of collagen peptides helps prevent bone loss.

    Investigating Collagen’s Health Claims

    Collagen is one of the latest additions to the pantheon of popular over-the-counter supplements with compelling health claims. Since supplement marketing is largely unregulated in the United States, companies have broad leeway in their advertising.

    In the case of collagen, though, there is compelling evidence that some of the health claims may actually hold up. Kuhlman mentions existing research on the supplement’s benefits for bone density among post-menopausal women. But, he says, “There’s not a whole lot of evidence in the athletic population.”

    The findings of this study will help runners and other athletes assess whether they may benefit from adding collagen peptides to their supplement routines.

    “Either way, whether we find some significant effects or not, I think it’s valuable,” Kuhlman says. “If we have a null finding, we can say, ‘OK, despite what you may see in these advertisements, it’s not really bearing out in the literature.’ On the flip side, if we find bone health does improve, we can help contextualize those health claims.”

    Sifting through nutritional claims as a consumer can be challenging, especially since many supplements come with high price tags. How can you be sure you’re spending your money on something that will actually improve your health?

    “It’s tough even for me, and for someone who’s not plugged in to the science world, I can see it being really, really challenging,” Kuhlman says, adding that individual variability can introduce even more confusion – some people may experience positive effects from a given supplement, while others may report a neutral or negative effect from the exact same product.

    That’s why he’s eager to provide new data that can help consumers make informed decisions.

    “I’m interested in actionable interventions that people can implement in their daily lives,” he says.

    Supporting the Health of Athletic Populations

    For Kuhlman, this research at the intersection of nutrition and exercise science is simply the latest step in a career devoted to nurturing athletic health. Earning his doctorate, he says, has been an exercise in understanding the scientific side of the applied work he did as a coach and trainer.

    “Getting my Ph.D. was something I wanted to do for a while,” he says. “I love research. I love the process of asking a question and applying the scientific method to uncover a little bit more of the likely truth of whatever problem you’re trying to solve.”

    Throughout his doctoral studies, Kuhlman has published numerous articles on sports nutrition and performance, particularly among college athletes, and has presented his research at five conferences.

    After receiving his degree, he hopes to remain in the research world, exploring more questions that athletes and athletic people navigate every day. His research seeks to help people understand how nutrition and exercise can benefit everyone – not just those looking to maximize their athletic potential.

    “I’m a big believer in the fact that nutrition and exercise can modulate health in so many ways,” he says. “It’s not just about ‘peak performance’ — it’s really about health. Health underpins all of this.”

    MIL OSI USA News –

    January 25, 2025

  • MIL-OSI USA: Non-Profit Organizations Benefit from FEMA Funds

    Source: US Federal Emergency Management Agency 2

    strong>Guaynabo, PUERTO RICO ― The Support and Therapy Center of the Puerto Rico Spina Bifida and Hydrocephalus Association is one of the non-profit organizations that recently received funds from the Federal Emergency Management Agency (FEMA) to repair its infrastructure after Hurricane María and to continue offering its services for the development of its participants.
    The organization, which focuses on promoting the functioning, independence and integration of people with developmental disabilities, also offers services in social work, physical and occupational therapy, and assistance with the purchase of orthopedic equipment.
    “The social and health needs of our island are different and precise. We have the great talent and dedication of communities that are ready to meet these needs and FEMA remains committed to assisting in the recovery of these organizations,” said Federal Disaster Recovery Coordinator José Baquero. 
    The Support and Therapy Center serves over 200 people. It also offers educational workshops on the management and prevention of births with neural tube defects and supports families during and after a pregnancy with a neural tube defect diagnosis. 
    The Association’s director, Isolina Laboy Arroyo, said that they recently discharged a 3-year-old participant, who “lives a full life, participates in extracurricular activities such as gymnastics and is a girl who enjoys having reached her full potential thanks to early intervention.” 
    The organization offered direct services to the mother during her pregnancy and after a surgery to treat the infant’s spina bifida from the womb. After birth, the entity offered direct occupational and physical therapy services to the girl from 5 months to 2 years old.
    Laboy Arroyo stated that “over the years, this organization has been able to fulfill its mission of offering direct services to participants to promote the functioning, independence and integration in the community of people with developmental disabilities. This entity has played an important role in being able to provide patients with the opportunity to become as independent as possible within the limits that their condition allows.”
    The Association has about $35,000 from the agency to replace the roof waterproofing system, the air conditioners, floor mats for therapy rooms and some office equipment, among others. Mitigation funds within this allocation will anchor the water cistern tank and improve the facilities’ infrastructure against infiltration. 
    On the other hand, FEMA also obligated funds for Bill’s Kitchen, an entity that has been providing food security along with nutritional counseling for 31 years.
    Bill’s Kitchen was born in memory of a young architect named Bill, who died of AIDS in Seattle in 1992. His mother Sara Metcalf, who lived in Puerto Rico, decided to help people on the island living with this condition by providing food to everyone who needed it, replicating several service programs in New York, Seattle, San Francisco and Washington, DC. Today, Bill’s Kitchen serves more than 30 towns in the northeastern area of the island: they serve about 1,175 people a year, distribute over 11,000 bags of food for two weeks, and coordinate thousands of clinical and support services for their participants.
    Bill’s Kitchen Executive Director Sandra Torres Rivera explained that its participants also have services in place to ensure they maintain their treatments for HIV and other chronic health conditions.
    “Our nutritional services program complements the provision of food, offering food security to the medical and nutritional counseling, to give the participant the tools to combat not only hunger, but also prevailing health conditions on the island such as diabetes, hypertension and gastrointestinal problems. Through the Intégrate Program we offer medical transportation, oral health and visual health services, which include the purchase of eyeglasses, laboratories and emergency assistance, among other services that our participants cannot access through their health insurance coverage,” said Torres Rivera.
    This organization received about $470,000 for its infrastructure. The work includes the replacement of equipment, such as the mezzanine and kitchen air conditioners. More than $78,000 of the funds were destined to mitigation measures aimed at ensuring proper drainage and preventing infiltration to the roof and interior of the facilities.
    For his part, the executive director of the Central Office for Recovery, Reconstruction and Resiliency (COR3), Manuel A. Laboy Rivera, said that “our work team assists non-profit organizations such as Bill’s Kitchen, an entity that is currently in the construction acquisition phase to make way for the reconstruction of the facilities where they offer services aimed at a population in need. Puerto Rico has thousands of non-profit entities like this one, which have the commendable work of supporting and contributing to the quality of life of our citizens. At COR3 we will continue to guide them in the process so that they can complete their works.”
    To date, FEMA has allocated over $34.2 billion for more than 11,000 projects to address Puerto Rico’s recovery following Hurricane María. A total of over $1.4 billion are destined exclusively to support the recovery of 1,105 non-profit projects across the island.
    For more information about Puerto Rico’s recovery,  visit fema.gov/disaster/4339, fema.gov/disaster/4473 and recovery.pr. Follow us on our social media at Facebook.com/FEMAPuertoRico, Facebook.com/COR3pr and Twitter @COR3pr.
     
     

    MIL OSI USA News –

    January 25, 2025

  • MIL-OSI: BrainHQ Awarded New Army Contract

    Source: GlobeNewswire (MIL-OSI)

    SAN FRANCISCO, Oct. 28, 2024 (GLOBE NEWSWIRE) — Posit Science, the maker of the brain health and fitness app BrainHQ, announced that it has been awarded a new contract by the U.S. Army’s Training and Doctrine Command (TRADOC).

    “We are proud to be expanding our work with the military,” said Dr. Henry Mahncke, the CEO of Posit Science. “The science has shown that our plasticity-based brain training exercises can improve cognitive performance in both top performers and in those recovering from concussions and blast exposures or even more severe brain injuries. BrainHQ brain health assessments can contribute to rapid, precise evaluations of cognitive readiness.”

    “BrainHQ is already in use by the military in a variety of settings, including military hospitals, such as the Walter Reed National Intrepid Center of Excellence, and special forces units. There’s an opportunity for the military to gain true cognitive dominance over adversaries by employing BrainHQ assessments to evaluate cognitive readiness at the individual and unit level, and to use BrainHQ’s proven cognitive training exercises to enable service members to achieve peak cognitive performance, and to recover performance after combat-related injuries,” Dr. Mahncke continued. “Over time, we expect our work with the military to contribute to readiness, resilience, and recovery.”

    For the past two decades, Posit Science has transformed applied neuroscience by designing, testing, and validating dozens of breakthrough brain exercises, which have been shown to improve neuropsychological and physical measures of cognitive performance and health across the brain, and which have been used by millions of people.

    In recent years, Posit Science has also developed and normed dozens of cognitive assessments, each of which takes about three minutes to complete. The assessments can be self-administered remotely and can be arranged to be taken one at a time or in batteries designed for different purposes. Greater use of these quick and validated assessments allows individuals and organizations to easily take a baseline of health and performance (across the brain) and to monitor changes over time.

    Because the BrainHQ assessments were developed under the same umbrella as the BrainHQ cognitive exercises, they also can provide a roadmap for which BrainHQ cognitive exercises can improve performance and, when appropriate, help drive faster and more complete recovery.

    “In the near future, we expect most of us will be able to take this type of assessment on our own, just as easily as people already measure their weight, temperature, blood pressure, or blood sugar at home,” Dr. Mahncke said. “That helps move us toward the promise of 21st Century Medicine — to be predictive, preventative, personalized, and participatory — and should improve brain health, performance, and resilience.”

    BrainHQ exercises have shown benefits in hundreds of studies. Such benefits include gains in cognition (attention, speed, memory, decision-making), in quality of life (depressive symptoms, confidence and control, health-related quality of life) and in real-world activities (health outcomes, balance, driving, workplace activities). BrainHQ is offered by leading health and Medicare Advantage plans, by leading medical centers, clinics, and communities, and by military, law enforcement, sports, and other organizations focused on peak performance. Consumers can try a BrainHQ exercise for free daily at https://www.brainhq.com.

    The MIL Network –

    January 25, 2025

  • MIL-OSI: Condor’s Workover Results Continue to Exceed Pre-Job Expectations

    Source: GlobeNewswire (MIL-OSI)

    CALGARY, Alberta, Oct. 28, 2024 (GLOBE NEWSWIRE) — Condor Energies Inc. (“Condor” or the “Company”) (TSX: CDR), a Canadian based energy transition company, is pleased to provide an operational update for its eight gas field production enhancement project in Uzbekistan.

    Two recently worked-over wells have returned to service and are providing 441 boepd of incremental production, after a combined 20 meters of previously unperforated reservoir pay was accessed. Prior to the workovers, the first well wasn’t producing and is now flowing 410 boepd based on a 24 hour production test. Although the second well is still recovering workover fluids, its incremental flow rate is already 31 boepd or a 65% increase, also based on a 24 hour test. As disclosed earlier this month, three prior workovers added a cumulative 330 boepd of incremental production.

    A second rig that was planned for delivery in early November has already begun workover activities on a well that is targeting up to 25 meters of previously unperforated reservoir. With over 100 wells in the eight fields, there is a large inventory of both producing and shut-in wells available for evaluation, recompletion and optimization opportunities to profitably grow production.

    The extensive geological evaluations performed, coupled with recent workover results, suggest that material untapped hydrocarbon potential exists within the carbonate formations of the Company’s 279 km2 license area. These carbonate platforms contain thick reservoir sections interbedded with laterally extensive evaporite layers, creating ideal conditions for hydrocarbon trapping. The reservoirs are analogous to carbonate formations in Canada’s Western Canada Sedimentary Basin (“WCSB”), such as the Charlie Lake and Midale, which continue to be successfully monetized. By leveraging this geological similarity, the Company is maturing the potential of horizontal and multi-lateral drilling, a proven method in Canada to enhance deliverability and maximize recovery from these reservoirs.

    Don Streu, President and CEO of Condor, commented: “We continue to be very pleased with the early results of our workover program and are excited to have a second service rig operating. The multiple successes of world-class developments in the WCSB showcases how carbonate reservoirs can deliver impressive production rates and recoveries. The geological characteristics in Uzbekistan – thick reservoirs interbedded with evaporites – are strikingly similar to those found in Western Canada, where decades of production have been economically sustained. By employing advanced horizontal and stacked drilling techniques, we could achieve even higher deliverability and maximize recovery from our Jurassic carbonate reservoirs, mirroring the positive Canadian analogue outcomes.”

    ABOUT CONDOR ENERGIES INC

    Condor Energies Inc is a TSX-listed energy transition company that is uniquely positioned on the doorstep of European and Asian markets with three distinct first-mover initiatives: increasing natural gas and condensate production from its existing fields in Uzbekistan; an ongoing project to construct and operate Central Asia’s first LNG facility in Kazakhstan; and a separate initiative to develop and produce lithium brine in Kazakhstan. Condor has already built a strong foundation for reserves, production and cashflow growth while also striving to minimize its environmental footprint.

    FORWARD-LOOKING STATEMENTS

    Certain statements in this news release constitute forward-looking statements under applicable securities legislation. Such statements are generally identifiable by the terminology used, such as “anticipate”, “appear”, “believe”, “intend”, “expect”, “plan”, “estimate”, “budget”, “outlook”, “scheduled”, “may”, “will”, “should”, “could”, “would”, “in the process of” or other similar wording. Forward-looking information in this news release includes, but is not limited to, information concerning: the timing and ability to perforate up to 25 meters of previously unperforated reservoir; the timing and ability for material untapped hydrocarbon potential to exist within the carbonate formations of the Company’s license area; the timing and ability for carbonate platforms to contain thick reservoir sections interbedded with laterally extensive evaporite layers to create ideal conditions for hydrocarbon trapping; the timing and ability for the Company’s reservoirs to be analogous to carbonate formations in Canada’s Western Canada Sedimentary Basin; the timing and ability to mature the potential of horizontal and multi-lateral drilling to maximize recovery; the timing and ability to employ advanced horizontal and stacked drilling techniques; the timing and ability to drill new wells and the ability of the drilled wells to become producing wells; projections and timing with respect to production; the timing and ability to obtain future funding on favorable terms, if at all; the timing and ability to increase production by executing the planned drilling and workover programs; and the timing and ability to obtain various approvals and conduct the Company’s planned development activities.

    ABBREVIATIONS

    The following is a summary of abbreviations used in this news release:

    boe Barrels of oil equivalent*
    boepd Barrels of oil equivalent per day
    km2 Square kilometers
    Mscf  Thousand standard cubic feet of gas
       

    * Barrels of oil equivalent (“boe”) are derived by converting gas to oil in the ratio of six thousand standard cubic feet (“Mscf”) of gas to one barrel of oil based on an energy conversion method primarily applicable at the burner tip and does not represent a value equivalency at the wellhead. Given the value ratio based on the current price of crude oil as compared to natural gas is significantly different from the energy equivalency of 6 Mscf to 1 barrel, utilizing a conversion ratio at 6 Mscf to 1 barrel may be misleading as an indication of value, particularly if used in isolation.

    The TSX does not accept responsibility for the adequacy or accuracy of this news release.

    For further information, please contact Don Streu, President and CEO or Sandy Quilty, Vice President of Finance and CFO at 403-201-9694.

    The MIL Network –

    January 25, 2025

  • MIL-OSI: Primech AI, a Subsidiary of Primech Holdings, Launches AI-Powered Automated Toilet Cleaning Robot, Hytron

    Source: GlobeNewswire (MIL-OSI)

                                                                                       

    Hytron Enhances Hygiene Standards at Temasek Polytechnic, Marks a Monumental Leap in Cleaning Technology

    SINGAPORE, Oct. 28, 2024 (GLOBE NEWSWIRE) — Primech AI Pte. Ltd., a subsidiary of Primech Holdings Limited (Nasdaq: PMEC), announces the launch of Hytron, a cutting-edge AI-powered automated toilet cleaning robot, now operational and enhancing hygiene standards at Temasek Polytechnic. This innovative technology introduces unprecedented levels of cleaning efficiency, setting new benchmarks in the industry.

    (Primech AI’s COO, Charles Ng, and CTO, Richard Zhang, proudly commemorate the successful deployment of the Hytron robot at Temasek Polytechnic. Image: Primech AI)

    Hytron is engineered to address the high demands for cleanliness in high-traffic areas such as offices, malls, and hospitals. Equipped with advanced AI, Hytron autonomously navigates and cleans toilet fixtures with a precision down to less than one millimeter, surpassing conventional cleaning methods. Its ability to navigate in three-dimensional spaces and perform touch-based cleaning allows it to remove stubborn stains effectively, ensuring a thorough and consistent clean every time.

    The technical superiority of Hytron lies in its integration of force-sensitive sensors and 3D recognition technologies, enabling it to adapt and respond to the nuances of different cleaning environments. This level of precision and adaptability sets Hytron apart from competitors, highlighting its unique position in the market.

    “The launch of Hytron at Temasek Polytechnic has already shown fantastic results, with significant improvements in restroom cleanliness and overall hygiene,” said Charles Ng, Vice President of Innovation and Technology at Primech Holdings and Co-Founder COO of Primech AI. “Hytron not only elevates the standard of cleanliness but also enhances the operational efficiency for facilities managers, offering a scalable solution that meets the growing global demands for hygiene.”

    The market potential for restroom-cleaning robots like Hytron is vast. With the global commercial cleaning products market projected to reach USD 121.29 billion by 2023, according to data from market research and consulting firm Grand View Research, growing at a CAGR of 7.91% from 2024 to 2030, the introduction of automated solutions like Hytron is timely. This growth is driven by increasing hygiene awareness and the need for more efficient cleaning solutions in public and private spaces worldwide.

    Primech AI, in collaboration with Temasek Polytechnic, plans to expand this cleaning initiative by introducing more robots to clean more toilets on campus, modernizing, streamlining, and humanizing toilet cleaning processes. Hytron’s successful deployment marks the beginning of its potential expansion into other cleaning applications, reinforcing Primech AI’s position as a leader in the field of robotic cleaning solutions. This technology not only promises to revolutionize the way cleaning tasks are approached but also offers substantial cost savings and health benefits, making it a game-changer in the cleaning industry.

    Additional images of Hytron in operation can be found at https://primech.ai/

    See Hytron in action at https://www.youtube.com/watch?v=HBFBTs5vRjs

    (Hytron being deployed at Temasek Polytechnic, autonomously executing a restroom cleaning cycle, leveraging advanced AI algorithms for precise positioning and optimal task completion.Image:Primech AI)

    About Primech Holdings Limited
    Headquartered in Singapore, Primech Holdings Limited is a leading provider of comprehensive technology-driven facilities services, predominantly serving both public and private sectors throughout Singapore, with expanding operations in Malaysia. With a legacy of excellence and innovation in the facility services industry, Primech’s operating subsidiary, Primech A & P, offers an extensive range of services tailored to meet the complex demands of its diverse clientele. Services include advanced general facility maintenance services, specialized cleaning solutions such as marble polishing and facade cleaning, meticulous stewarding services, and targeted cleaning services for offices and homes. Additionally, CSG Industries Pte Ltd, a subsidiary of Primech Holdings, manufactures and supplies various high-quality cleaning products under its brand, extending its reach and capabilities within the industry. Known for its commitment to sustainability and cutting-edge technology, Primech integrates eco-friendly practices and smart technology solutions to enhance operational efficiency and client satisfaction. This strategic approach positions Primech Holdings as a leader in the industry and a proactive contributor to advancing industry standards and practices in Singapore and beyond. For more information, visit www.primechholdings.com.   

    About Primech AI
    Primech AI is a leading robotics company dedicated to pushing the boundaries of innovation in technology. With a team of passionate individuals and a commitment to collaboration, Primech AI is poised to revolutionize the robotics industry with groundbreaking solutions that make a meaningful impact on society. For more information, visit www.primech.ai.

    Forward-Looking Statements
    Certain statements in this announcement are forward-looking statements, including, for example, statements about completing the acquisition, anticipated revenues, growth, and expansion. These forward-looking statements involve known and unknown risks and uncertainties and are based on the Company’s current expectations and projections about future events that the Company believes may affect its financial condition, results of operations, business strategy, and financial needs. These forward-looking statements are also based on assumptions regarding the Company’s present and future business strategies and the environment in which the Company will operate in the future. Investors can find many (but not all) of these statements by the use of words such as “may,” “will,” “expect,” “anticipate,” “aim,” “estimate,” “intend,” “plan,” “believe,” “likely to” or other similar expressions. The Company undertakes no obligation to update or revise publicly any forward-looking statements to reflect subsequent occurring events or circumstances or changes in its expectations, except as may be required by law. Although the Company believes that the expectations expressed in these forward-looking statements are reasonable, it cannot assure that such expectations will be correct. The Company cautions investors that actual results may differ materially from the anticipated results and encourages investors to review other factors that may affect its future results in the Company’s registration statement and other filings with the SEC.

    Company Contact:
    Email: ir@primech.com.sg

    Investor Relations Contact:        
    Matthew Abenante, IRC
    President                                        
    Strategic Investor Relations, LLC                                         
    Tel: 347-947-2093
    Email: matthew@strategic-ir.com

    The MIL Network –

    January 25, 2025

  • MIL-OSI: NANO Nuclear Energy Announces Closing of Upsized $36 Million Underwritten Offering

    Source: GlobeNewswire (MIL-OSI)

    Additional capital following public offerings in May and July 2024 to fund technology advancements and growth opportunities

    New York, N.Y., Oct. 28, 2024 (GLOBE NEWSWIRE) — NANO Nuclear Energy Inc. (NASDAQ: NNE) (“NANO Nuclear”), a leading vertically integrated advanced nuclear energy and technology company developing portable clean nuclear energy solutions, today announced that it has closed its previously announced upsized $36 million firm commitment, registered underwritten public offering.

    In the offering, NANO Nuclear sold 2,117,646 shares of common stock and warrants to purchase 1,217,646 shares of common stock at $17.00 per share and associated warrant, less underwriting discounts and expenses. Such warrants include warrants to purchase 158,823 shares of common stock which were purchased by the underwriter at closing pursuant to a partial exercise of its offering over-allotment option. The underwriter retains an option through November 22, 2024, to purchase an additional 317,646 shares of common stock. The warrants are exercisable immediately, have a term of five years, and have an exercise price of $17.00 per share. The warrants will not trade on any market.

    This offering follows NANO Nuclear’s initial public offering which closed on May 10, 2024, and its underwritten follow-on offering which closed on July 15, 2024, from which NANO Nuclear received total gross proceeds of over $30 million.

    NANO Nuclear expects its net proceeds from the offering, after underwriting commissions and offering expenses, will be approximately $32.6 million. NANO Nuclear intends to use the net proceeds from this offering for (i) research and development of its products and technologies, including its ‘ZEUS’ and ‘ODIN’ microreactors and nuclear fuel transportation design optimization, fuel facility investigations and development, test work and scoping studies, and other technology research and development; (ii) marketing, promotion and business development activities; and (iii) regulatory compliance, intellectual property protection, hiring additional employees, retaining additional contractors and building out NANO Nuclear’s new Nuclear Technology Headquarters in Oak Ridge, Tennessee. NANO Nuclear will also use the proceeds for general working capital and may also use a portion of the net proceeds to acquire, license and invest in complementary products, technologies, or additional businesses, although NANO Nuclear currently has no agreements or commitments with respect to any such transaction.

    “We have worked extremely hard to establish NANO Nuclear as one of the leaders in the U.S. advanced nuclear energy market. It is incredibly gratifying to see the continued support from our current shareholder base as well as new fundamental and institutional investors in this oversubscribed financing round, which will fuel our efforts to further develop and refine our proprietary technologies,” said Jay Yu, Founder and Chairman of NANO Nuclear Energy. “With over $65 million raised in under 6 months as a public company, we are positioned to drive shareholder value and realize our vision of becoming a leading, diversified, and vertically integrated nuclear energy company.”

    The Benchmark Company, LLC acted as the sole book-running representative for the offering. Ellenoff Grossman & Schole LLP acted as counsel to NANO Nuclear. Lucosky Brookman LLP acted as counsel to The Benchmark Company. Withum Smith+Brown PC are NANO Nuclear’s registered independent auditors.

    Registration statements relating to this public offering were filed with the Securities and Exchange Commission and declared. This registration statement can be obtained by visiting the SEC website at www.sec.gov. Please see such registration statement for additional information regarding NANO Nuclear.

    This press release shall not constitute an offer to sell or the solicitation of an offer to buy these securities, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.

    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 further information, please contact:

    Email: IR@NANONuclearEnergy.com
    Business Tel: (212) 634-9206

    Cautionary Note Regarding Forward Looking Statements

    This news release and statements of NANO Nuclear’s management in connection with this news release or related events 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 (including statements related to the public offering and the proposed use of proceeds from such offering, as described herein) related to future events, which may impact our expected future business and financial performance, and often contain words such as “seek,” “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, some of which may be beyond our control. Readers are cautioned that actual results may differ materially and adversely from the results implied in forward-looking statements. 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, regulatory delays and the 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 of the factors that could cause actual results to differ from those discussed in any forward-looking statement, and the Company therefore encourages investors to review other factors that may affect future results in the Company’s filings with the SEC, which are available for review at www.sec.gov and at https://ir.nanonuclearenergy.com/financial-information/sec-filings. Readers are cautioned not to place undue reliance on forward-looking statements, which apply only as of the date of this news release, and 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.

    The MIL Network –

    January 25, 2025

  • MIL-OSI: CareCloud Pays Off Credit Line, Signs an Updated Credit Facility Agreement

    Source: GlobeNewswire (MIL-OSI)

    SOMERSET, N.J., Oct. 28, 2024 (GLOBE NEWSWIRE) — — CareCloud, Inc. (the “Company”) (Nasdaq: CCLD, CCLDO, CCLDP), a leader in healthcare technology solutions for medical practices and health systems nationwide, today announced that it has fully paid down its credit facility line with Silicon Valley Bank (“SVB”), achieving a key 2024 objective. Additionally, CareCloud requested and secured a reduction in its borrowing fees and lowered its overall revolving credit facility limit.

    “We are thrilled to have reached this important strategic milestone,” said Norm Roth, Interim CFO and Corporate Controller of CareCloud. “We started 2024 with a $10 million outstanding balance and a clear goal to significantly increase our free cash flow, allowing us to fully pay down this debt. We are pleased to have accomplished this ahead of schedule, achieving a zero balance at the end of the third quarter.”

    “Along with eliminating the credit facility balance — which had been incurring interest expense since the beginning of the year — we sought and achieved a reduction in the available amount of our credit line. This reduction will lower the annual anniversary and unused revolving line facility fees. These savings amount to approximately $140,000 on an annual basis. Moreover, these cost reductions are a small part of a larger plan to accelerate free cashflow and revitalize our business model as we continue to strategically drive efficiencies across the organization,” said Roth.

    Pursuant to the Company’s Ninth Loan Modification Agreement, dated October 25, 2024, with Silicon Valley Bank, a division of First-Citizens Bank & Trust Company (the “Agreement”), the Company continues to maintain an unused, but available, credit facility line of $10 million. The information contained in this press release is a summary of certain relevant portions of the Agreement and Form 8-K, which are filed with Securities and Exchange Commission.

    About CareCloud

    CareCloud brings disciplined innovation to the business of healthcare. Our suite of technology-enabled solutions helps clients increase financial and operational performance, streamline clinical workflows and improve the patient experience. More than 40,000 providers count on CareCloud to help them improve patient care while reducing administrative burdens and operating costs. Learn more about our products and services including revenue cycle management (RCM), practice management (PM), electronic health records (EHR), business intelligence, patient experience management (PXM) and digital health at www.carecloud.com.

    Follow CareCloud on LinkedIn, X and Facebook.

    Forward-Looking Statements

    This press release contains various forward-looking statements within the meaning of the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995. These statements relate to anticipated future events, future results of operations or future financial performance. In some cases, you can identify forward-looking statements by terminology such as “may,” “might,” “will,” “shall,” “should,” “could”, “intends,” “expects,” “plans,” “goals,” “projects,” “anticipates,” “believes,” “seeks,” “estimates,” “predicts,” “possible,” “potential,” “target,” or “continue” or the negative of these terms or other comparable terminology.

    Our operations involve risks and uncertainties, many of which are outside our control, and any one of which, or a combination of which, could materially affect our results of operations and whether the forward-looking statements ultimately prove to be correct. Forward-looking statements in this press release include, without limitation, statements reflecting management’s expectations for future financial performance and operating expenditures, expected growth, profitability and business outlook, the impact of pandemics on our financial performance and business activities, and the expected results from the integration of our acquisitions.

    These forward-looking statements are neither historical facts nor assurances of future performance. Instead, they are only predictions, are uncertain and involve substantial known and unknown risks, uncertainties and other factors which may cause our (or our industry’s) actual results, levels of activity or performance to be materially different from any future results, levels of activity or performance expressed or implied by these forward-looking statements. We do not have an ongoing obligation to update shareholders regarding future proxy or vote trends, even if they are materially different from those experienced to date. New risks and uncertainties emerge from time to time, and it is not possible for us to predict all of the risks and uncertainties that could have an impact on the forward-looking statements, including without limitation, risks and uncertainties relating to the Company’s ability to manage growth, migrate newly acquired customers and retain new and existing customers, maintain cost-effective global operations, increase operational efficiency and reduce operating costs, predict and properly adjust to changes in reimbursement and other industry regulations and trends, retain the services of key personnel, develop new technologies, upgrade and adapt legacy and acquired technologies to work with evolving industry standards, compete with other companies products and services competitive with ours, and other important risks and uncertainties referenced and discussed under the heading titled “Risk Factors” in the Company’s filings with the Securities and Exchange Commission.

    The statements in this press release are made as of the date of this press release, even if subsequently made available by the Company on its website or otherwise. The Company does not assume any obligations to update the forward-looking statements provided to reflect events that occur or circumstances that exist after the date on which they were made.

    SOURCE CareCloud

    Company and Investor Contact:
    Stephen Snyder
    President
    CareCloud, Inc.
    ir@carecloud.com

    The MIL Network –

    January 25, 2025

  • MIL-OSI: QuestionPro Appoints Chris Robson as Vice President, Managed Services

    Source: GlobeNewswire (MIL-OSI)

    SAN FRANCISCO, Oct. 28, 2024 (GLOBE NEWSWIRE) — QuestionPro, a global leader in online survey and research services announces Chris Robson has joined the company in the newly created position of Vice President, Managed Services. Robson will create this new division which is focused on helping QuestionPro customers get the most out of its robust research platform.

    Well known as a research industry thought-leader, Robson is a mathematician by training who has worked at both large enterprises as well as startups. Immediately prior to joining QuestionPro, he was the Global Head of Data Science at Human8, a global brand consultancy where he developed new methodologies including the application of Generative AI and LLMs. Earlier in his career he managed advanced research teams and large software teams (70+ people) at HP.

    He was also Chief Innovation Officer and Global Head of Research Science at ORC, where he led a team of analysts and statisticians to embrace and adopt new approaches for data-centered insights. Robson also co-founded and ran two successful research analytics agencies: Parametric Marketing and Deckchair Data. He holds a Bachelor of Science with Honors in Mathematics from the Brunel University of London.

    Robson will have overall responsibility for establishing and growing QuestionPro’s Managed Services Group which provides services to clients who need assistance to go above and beyond the capabilities of the company’s existing suite of research platforms. This can include project management, study design, custom programming, reporting and analytics. Whether it is providing end-to-end project support, simply customizing the appearance of a single question or running advanced analytic methods the group ensures that clients can get the answers they need for their business decisions.

    In particular, Robson will apply his deep expertise in Artificial Intelligence (AI) to not only integrate AI across the QuestionPro platform, but also leverage it for new ways to drive consumer insights through emerging techniques like synthetic data.

    “I’ve known and worked with Chris for close to 20 years,” said Vivek Bhaskaran, founder and CEO of QuestionPro. “In fact, he helped build some of our early features like MaxDiff and others. It’s great to have him on board full time to launch a new division and also ensure our customers benefit from the application of AI across our platform.”

    About QuestionPro:
    Founded in 2006, QuestionPro is a global provider of online survey and research services that help companies make better decisions through data. Our fully integrated online platform includes surveys, research & insights, customer experience (CX) and workforce/employee experience software. We additionally offer polling, journey mapping, employee 360s and data visualization. Our clientele ranges from small businesses to Fortune 100 companies, who rely on us for insights about customers, employees, and the marketplace. With offices in the US, Canada, Mexico, U.K., Germany, Japan, Australia, the United Arab Emirates and India, we offer customers 24-7 access to highly trained support specialists and engineers. More information is available at www.questionpro.com.

    A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/c9035859-cb80-41e3-be32-21eab55be2d3

    The MIL Network –

    January 25, 2025

  • MIL-OSI: Baker Hughes Awarded Contracts to Supply Petrobras with Flexible Pipe Systems, Associated Services across Several Fields

    Source: GlobeNewswire (MIL-OSI)

    • Company to support projects in Brazil’s pre-salt fields, reinforcing position as a leading provider of flexible pipe for deepwater and high CO2projects
    • Local manufacturing boost Brazilian economy, strengthen energy supply chain

    HOUSTON and LONDON, Oct. 28, 2024 (GLOBE NEWSWIRE) — Baker Hughes (NASDAQ: BKR), an energy technology company, announced Monday significant contracts with Petrobras to provide 77 km of flexible pipe systems to be deployed in Brazil’s pre-salt fields. The agreement was signed Oct. 15, 2024, following an open tender.

    The multi-year project includes risers and flowlines for hydrocarbon production and associated gas and water injection with support for equipment storage, maintenance and installation. Delivery is scheduled to begin in mid-2026, and the equipment will be utilized across Petrobras’ Búzios, Libra, Berbigão, Sururu and Sépia fields.

    These systems will also address the critical issue of stress-induced corrosion cracking from CO2 (SCC-CO2), which can affect flexible pipes in pre-salt fields with high concentrations of the gas. Baker Hughes’ flexible pipes have proven effective at mitigating this issue, which can arise as gas is reinjected into wells to reduce flaring and enhance oil recovery. Petrobras has committed to limiting CO2 emissions to the atmosphere in their operations, and CO2 storage is an important tool for producing lower-carbon barrels.

    “Brazil’s Santos Basin contains incredible potential to help power Latin America into the future,” said Amerino Gatti, executive vice president, Oilfield Services & Equipment at Baker Hughes. “Operating in deep waters with high CO2 concentrations presents unique challenges. Baker Hughes’ combination of industry-leading subsea technology and engineering, expertise in offshore operations, and extensive experience in the region will assist Petrobras to unlock and develop this potential, delivering these vital resources safely and efficiently.”

    Baker Hughes has been deeply involved in the development of Brazil’s offshore oil and gas fields for decades, and its localization strategy contributes to the nation’s economy while strengthening its energy supply chain. The company’s plant in Niteroi, Brazil, where these systems will be manufactured, is a major supplier of flexible pipe systems for the industry and employs hundreds of people in the state of Rio de Janeiro.

    The company has announced several agreements with Petrobras throughout 2024, including additional contracts for 69.1 km of flexible pipe systems and associated services in the third quarter. Other awards have included integrated well construction services in the Buzios field and integrated solutions for workover and plug and abandonment services across Petrobras’ pre-salt and post-salt fields.

    About Baker Hughes
    Baker Hughes (NASDAQ: BKR) is an energy technology company that provides solutions to energy and industrial customers worldwide. Built on a century of experience and conducting business in over 120 countries, our innovative technologies and services are taking energy forward – making it safer, cleaner and more efficient for people and the planet. Visit us at bakerhughes.com.

    For more information, please contact:

    Media Relations

    Brian Reynolds
    +1 346-315-6663
    brian.reynolds@bakerhughes.com

    Investor Relations

    Chase Mulvehill
    +1 346-297-2561
    investor.relations@bakerhughes.com

    The MIL Network –

    January 25, 2025

  • MIL-OSI: SWA Lithium and Koch Technology Solutions Sign License for First Commercial DLE Project in North America

    Source: GlobeNewswire (MIL-OSI)

    EL DORADO, Ark., Oct. 28, 2024 (GLOBE NEWSWIRE) — SWA Lithium, the Joint Venture between Standard Lithium and Equinor which is developing the South West Arkansas Project (“SWA” or the “Project”), is pleased to announce that it has entered into a license agreement with Koch Technology Solutions LLC (“KTS”) to deploy and use KTS’ Li-ProTM Lithium Selective Sorption (“Li-Pro LSS”) technology at the JV’s commercial plant for the SWA Phase 1 Project.

    The license agreement allows the JV to utilize KTS’ technology for the lifetime of the first phase of the Project, with an option for utilization in subsequent phases of the Project. Considerations and benefits of the license agreement include:

    • Rights to use the Li-Pro LSS technology for subsequent phases of the JV’s SWA Project;
    • Certain technology performance guarantees for lithium recovery, contaminant rejection and water use;
      • Lithium recovery ≥ 95.00%
      • Impurity rejection Calcium, Sodium, Potassium & Magnesium ≥ 99%
    • Technical support from KTS to fully integrate the Li-Pro LSS technology into overall process plant design;
    • Continued exclusive joint development of the technology in the Smackover Formation;
    • Technical support from KTS during commissioning and startup;
    • License payment phased over several milestones; and
    • Continued collaboration and technology refinement between SWA Lithium and KTS.

    Standard Lithium’s Director, President & COO, Dr. Andy Robinson commented: “Signing this license agreement is the culmination of over two years of close work with the KTS team to refine the direct lithium extraction (‘DLE’) technology and integrate it into the JV’s flowsheet. The Li-Pro LSS technology is now sufficiently scaled-up, tested and derisked, so not only is the JV comfortable committing to its use at commercial scale, but KTS is also able to offer performance guarantees for its commercial deployment. We view this as a significant derisking event for the Project, and it points to the successful ongoing partnership with the KTS team.”

    Garrett Krall, Business Leader for Koch Technology Solutions, said: “This license agreement for use of our Li-Pro LSS technology is another key milestone in the development of DLE as a commercially viable, economic and environmentally responsible solution to deliver against future lithium demand.”

    UPDATED PERFORMANCE OF COMMERCIAL-SCALE DLE COLUMN

    Standard Lithium is also pleased to announce the continued successful operation of the commercial-scale DLE column at its wholly-owned Demonstration Plant (“Demo Plant”) near El Dorado, Arkansas. The Company installed a commercial-scale DLE column in late March 2024 and has been operating the column continuously. The column is a Li-Pro LSS unit, supplied by KTS and identical to those currently being integrated into the front-end engineering and design (FEED) study for the SWA Project.

    Since commissioning, the column has exceeded the targeted design parameters for lithium recovery and rejection of impurities. Key technical highlights of the commercial-scale DLE column are provided below:

    • Lithium recovery efficiency of 95.4%: During a four-month continuous operating period (1st April to 31st July 2024), the Li-Pro LSS process achieved an average lithium recovery (i.e. after loading and elution) of 95.4% from the 90 gallons per minute (gpm) incoming brine flow (the average incoming brine contained 183 mg/L lithium during the same period).
    • Excellent contamination rejection rate: During the same period, the DLE process rejected, on average;
      • Sodium – 99.9%
      • Calcium – 99.6%
      • Magnesium – 99.2%
      • Potassium – 99.7%
      • Boron – 95.4%
        High and consistent contaminant rejection at the DLE stage means that the eluate (the initial lithium chloride solution) is easier and cheaper to further refine and concentrate using tested and proven steps to make a concentrated and purified lithium chloride solution. This solution can then be converted to a battery quality carbonate, as has been demonstrated multiple times and at several different scales, both at the Demo Plant and off-site with various third-party vendors.
    • Nearly 10,000 operational cycles for the Li-Pro LSS technology: The commercial-scale Li-Pro LSS column has completed over 725 operational cycles, and the Li-Pro LSS technology has completed over 9,740 operational cycles at the Demo Plant (as of early October 2024).
    • Over 24 million gallons of brine processed: As of the end of September 2024, the Demo Plant had processed 24,446,306 gallons (92,539,335 litres) of Smackover brine, produced directly from the formation and reinjected continuously back into the same formation.

    Figure 1 – Side elevation of operators working on the commercial-scale DLE column at Standard Lithium’s Demonstration Plant near El Dorado, Arkansas.

    About Standard Lithium Ltd.

    Standard Lithium is a leading near-commercial lithium development company focused on the sustainable development of a portfolio of large, high-grade lithium-brine properties in the United States. The Company prioritizes projects characterized by the highest quality resources, robust infrastructure, skilled labor, and streamlined permitting. Standard Lithium aims to achieve sustainable, commercial-scale lithium production via the application of a scalable and fully integrated Direct Lithium Extraction (“DLE”) and purification process. The Company’s flagship projects are located in the Smackover Formation, a world-class lithium brine asset, focused in Arkansas and Texas. In partnership with global energy leader Equinor ASA, Standard Lithium is advancing the South West Arkansas project, a greenfield project located in southern Arkansas, and actively exploring promising lithium brine prospects in East Texas. Additionally, the Company is advancing the Phase 1A project in partnership with LANXESS Corporation, a brownfield development project located in southern Arkansas. Standard Lithium also holds an interest in certain mineral leases in the Mojave Desert in San Bernardino County, California.

    Standard Lithium trades on both the TSX Venture Exchange and the NYSE American under the symbol “SLI”; and on the Frankfurt Stock Exchange under the symbol “S5L”. Please visit the Company’s website at www.standardlithium.com.

    About Equinor

    Equinor is an international energy company committed to long-term value creation in a low-carbon future. Our purpose is to turn natural resources into energy for people and progress for society. Equinor’s portfolio of projects encompasses oil and gas, renewables and low-carbon solutions, with an ambition of becoming a net-zero energy company by 2050. Headquartered in Stavanger (Norway), Equinor is the leading operator on the Norwegian continental shelf. We are present in around 30 countries worldwide.

    About Koch Technology Solutions (KTS)

    Koch Technology Solutions is the technology licensing business of Koch Engineered Solutions (KES). KTS creates value for its customers across a growing portfolio of technologies including direct lithium extraction, the polyester value chain, and 1,4-Butananediol plus its derivates. KTS combines its exclusive technologies, expertise, and capabilities with those of other KES companies to provide overall solutions to optimize customer’s capital investments and existing manufacturing assets.

    Qualified Person

    Marek Dworzanowski, EUR ING, CEng, HonFSAIMM, FIMMM, a qualified person as defined by National Instrument 43 -101 – Technical Report Standards of Disclosure for Mineral Projects, and a Consulting Metallurgical Engineer who is independent of the Company, has reviewed and approved the relevant scientific and technical information in this news release.

    Twitter: @standardlithium
    LinkedIn: https://www.linkedin.com/company/standard-lithium/

    Neither the TSXV nor its Regulation Services Provider (as that term is defined in policies of the TSXV) accepts responsibility for the adequacy or accuracy of this release. This news release may contain certain “forward-looking statements” within the meaning of the United States Private Securities Litigation Reform Act of 1995 and “forward looking information” within the meaning of applicable Canadian securities laws. When used in this news release, the words “anticipate”, “believe”, “estimate”, “expect”, “target, “plan”, “forecast”, “may”, “schedule” and other similar words or expressions identify forward-looking statements or information. These forward-looking statements or information may relate to intended development timelines, future prices of commodities, accuracy of mineral or resource exploration activity, reserves or resources, continued operation of the LSS column, regulatory or government requirements or approvals, the reliability of third party information, the continued accuracy of current contaminant rejection rates, continued access to mineral properties or infrastructure, fluctuations in the market for lithium and its derivatives, changes in exploration costs and government regulation in Canada and the United States, and other factors or information. Such statements represent the Company’s current views with respect to future events and are necessarily based upon a number of assumptions and estimates that, while considered reasonable by the Company, are inherently subject to significant business, economic, competitive, political and social risks, contingencies and uncertainties. Many factors, both known and unknown, could cause results, performance or achievements to be materially different from the results, performance or achievements that are or may be expressed or implied by such forward-looking statements. The Company does not intend, and does not assume any obligation, to update these forward-looking statements or information to reflect changes in assumptions or changes in circumstances or any other events affecting such statements and information other than as required by applicable laws, rules and regulations.

    A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/0c4dea63-0750-44b2-bea8-e287cc9be29c

    The MIL Network –

    January 25, 2025

  • MIL-OSI: Newly Published Research Shows 14-Day Monitoring Detected Almost Three Times More Nonsustained Ventricular Tachycardia Than Standard 48-Hour Monitoring in Patients with Hypertrophic Cardiomyopathy

    Source: GlobeNewswire (MIL-OSI)

    • Hypertrophic cardiomyopathy (HCM) is a genetic heart condition affecting about 1 in 500 people and is one of the leading causes of sudden cardiac death (SCD) in people under 35, including among athletes.1
    • NSVT (nonsustained ventricular tachycardia), a known marker for increased risk of SCD in HCM, was detected in nearly 50% of HCM patients in the study undergoing long-term continuous ambulatory ECG monitoring of up to 14 days with a Zio®XT LTCM ECG patch device; 63% of NSVT episodes detected only after 48 hours, suggesting that Holter monitoring would miss the majority of episodes.
    • NSVT episodes clinically judged to be higher risk were identified in 24% of the study population and were detected more frequently during 14-day monitoring (3-fold greater diagnostic yield vs 48 hours).

    SAN FRANCISCO, Oct. 28, 2024 (GLOBE NEWSWIRE) — iRhythm Technologies, Inc. (NASDAQ:IRTC), a leading digital health company focused on creating trusted solutions that detect, predict, and prevent disease, today announced that the results of the Extended Ambulatory ECG Monitoring Enhances Identification of Higher-Risk Ventricular Tachyarrhythmias in Patients with Hypertrophic Cardiomyopathy (EXAMINE-HCM) study have been published in Heart Rhythm Journal. The findings were also presented at the Heart Rhythm Society’s annual meeting in 2023, and most recently, at the International HCM Summit 8 in Boston, MA (October 25-28, 2024).

    The newly published research highlights the value of 14-day long-term, uninterrupted2 continuous monitoring (LTCM), using a Zio® XT patch ECG device, for detecting nonsustained ventricular tachycardia (NSVT), a known marker for sudden cardiac death (SCD) in patients with hypertrophic cardiomyopathy (HCM). The findings support more informed decisions about care pathways and interventions, particularly by capturing arrhythmias that would go undetected by standard 48-hour monitoring, such as with a conventional Holter device monitoring period. Prior research has demonstrated that NSVT episodes occurring with higher heart rate, longer duration, and greater frequency are associated with increased risk of SCD3 and practice guidelines place greater emphasis on these episodes (8 consecutive beats, >200 bpm, 2 runs in consecutive 2-day period) in clinical decision-making regarding use of primary prevention implantable cardioverter-defibrillator (ICD).4 These NSVT episodes clinically judged to be higher risk were detected in only 8% of the study population through 48 hours, but in 24% of patients through 14-days.       

    “The EXAMINE-HCM study provides important new insights into how we manage patients with hypertrophic cardiomyopathy identified with ventricular arrhythmias,” said Martin S. Maron, MD, study lead investigator, HCM expert, and Medical Director, Hypertrophic Cardiomyopathy Center, Lahey Hospital and Medical Center. “By extending the monitoring period beyond the traditional 48 hours, we have been able to detect nonsustained ventricular tachycardia episodes that may have otherwise gone undetected with traditional shorter monitoring periods, which may offer the potential to inform more tailored clinical decision-making to help prevent sudden cardiac death in this high-risk population.”

    Overall, the study authors concluded that traditional 48-hour short-term cardiac monitoring is significantly less effective compared to extended 14-day continuous monitoring for both NSVT and NVST detection with features judged to be high risk in patients with HCM. These data support the need for additional clinical studies to evaluate the significance of longer-term monitoring for NSVT detection and relationship to future risk for sudden death in HCM.

    Key findings from the Extended Ambulatory ECG Monitoring Enhances Identification of Higher-Risk Ventricular Tachyarrhythmias in Patients with Hypertrophic Cardiomyopathy study:

    • 48% of study patients (n=114) with HCM experienced NSVT episodes, and high-risk NSVT was detected in 24% (n=56) of study patients during the 14-day monitoring period.
    • 63% of NSVT episodes (n=72) were detected during a 3 to 14-day continuous monitoring period, compared to 37% (n=42) of NSVT episodes detected during the standard 48-hour Holter monitoring period. This resulted in a 2.7-fold higher diagnostic yield for detecting NSVT during the 14-day extended monitoring period compared to the initial 48 hours (48% vs. 18%; p<0.001).
    • 64% of NSVT episodes clinically judged to be higher risk (n=36); 8 consecutive beats, >200 bpm, 2 runs in consecutive 2-day period)) were detected during a 3 to 14-day continuous monitoring period, compared to 36% (n=20) of high-risk NSVT episodes detected during the standard 48-hour Holter monitoring period. Therefore, the diagnostic yield of high-risk NSVT was 3.0-fold greater over the entire 2 weeks of monitoring vs. only the first 48 hours (24% vs. 8%; p<0.001).
    • 17% of patient profiles were re-classified with respect to risk of sudden cardiac death (n=40) based on their extended 14-day continuous monitoring period. The number of patients at high-risk for SCD increased 2.3-fold (95% CI: 1.2, 4.3) vs. 48-hour monitoring, with 18 (8%) of study patients reclassified from low- or intermediate-risk to high-risk for SCD. In addition, 22 (9%) of patients were reclassified from low to intermediate risk.

    Importance of Detecting NSVT in HCM Patients

    HCM is a genetic condition that affects approximately 1 in 500 people and one of the leading causes of sudden cardiac death (SCD), especially in individuals under 35, including among athletes. HCM is caused by mutations in genes controlling the production of heart muscle proteins, resulting in thickening of the left ventricle wall. These changes can impair the heart’s ability to pump blood efficiently and disrupt its electrical signaling. Nonsustained ventricular tachycardia (NSVT) is a well-recognized marker for SCD risk in patients with HCM.

    Standard Holter monitoring captures only up to 48 hours of data, potentially missing episodes of NSVT that can occur later. This study shows that extended monitoring can detect NSVT that would otherwise go unnoticed, providing clinicians with clinical actionable information needed to make timely interventions such as implantable cardioverter-defibrillators (ICDs).

    The findings underscore the importance of long-term continuous monitoring (LTCM) for patients with HCM. By detecting NSVT that would otherwise go undetected, clinicians are better equipped to assess sudden cardiac death (SCD) risk and recommend interventions like ICD placement.

    This study highlights the value of extended monitoring as an important tool for risk stratification in HCM patients, complementing current American Heart Association/American College of Cardiology guidelines, which recommend monitoring every 1 to 2 years but do not yet specify the optimal duration for detecting arrhythmias.

    “There is an abundance of clinical evidence demonstrating that uninterrupted, continuous, patch-based monitoring with the Zio® long-term continuous monitoring service leads to increased diagnostic yield of Afib, atrial arrhythmias, ventricular arrhythmias, more accurate ectopic burden estimation, and lower rates of retesting,”5 said Mintu Turakhia, MD, iRhythm’s Chief Medical and Scientific Officer and EVP, Product Innovation. “This study adds to the evidence by showing how ascertainment of NSVT could be missed during risk stratification, in this case specifically for hypertrophic cardiomyopathy, depending on the diagnostic test being used.”

    About the Study

    The EXAMINE-HCM study was a single-center, prospective study focused on patients with hypertrophic cardiomyopathy (HCM), a common genetic heart disease and a leading cause of sudden cardiac death (SCD) in young adults. The study aimed to evaluate the prevalence and clinical profile of nonsustained ventricular tachycardia (NSVT), a key marker for SCD risk, using extended continuous ambulatory ECG monitoring. The primary goal was to assess the benefit of long-term monitoring compared to traditional 48-hour Holter monitoring, with a focus on NSVT episodes of longer duration, greater frequency, and occurring with a higher heart rate, which have been associated greater risk of SCD.

    The study enrolled 236 consecutive adult patients diagnosed with HCM (mean age 49 ± 12 years; 72% male), none of whom had prior implantable cardioverter-defibrillators (ICDs) or permanent pacemakers. These patients were being evaluated for SCD risk stratification. Participants wore the Zio® XT long-term continuous (LTCM) patch ECG device (iRhythm Technologies, Inc.), a long-term continuous monitoring ECG patch device, for 14 days. The Zio patch recorded ECG data continuously, offering an extended wear time compared to traditional 48-hour Holter monitors. After the 14-day monitoring period, patients returned the device for data analysis, which was performed using artificial intelligence (AI)-powered algorithms and validated by certified cardiographic technicians.

    NSVT was defined as more than 3 consecutive ventricular beats at a rate of ≥120 beats per minute (bpm) lasting for less than 30 seconds and terminating spontaneously. High-risk NSVT episodes were defined as those with one or more of the following: ≥8 consecutive beats, a rate of >200 bpm, or ≥2 runs within a 48-hour period, all of which are associated with a higher risk of SCD.

    The study’s primary objective was to compare the prevalence, burden, speed, and length of NSVT episodes detected during the initial 48-hour period (standard Holter monitoring) versus the full 14-day extended monitoring period.

    Key outcomes included the detection of NSVT with features judged to be higher risk and its potential impact on SCD risk stratification. The European Society of Cardiology (ESC) SCD risk score was calculated based on both the 48-hour and full 14-day data, and patients were stratified into low, intermediate, and high-risk SCD categories over a 5-year period.

    This project was supported by an investigator-initiated grant from iRhythm Technologies, Inc. Results presented are scientific data and not product or marketing claims.

    Zio XT is indicated for use on patients who may be asymptomatic or who may suffer from transient symptoms such as palpitations, shortness of breath, dizziness, light-headedness, pre-syncope, syncope, fatigue or anxiety.

    To learn more about the study, visit Heart Rhythm. To learn more about the value of the Zio LTCM service, which has been demonstrated in over 100 original scientific research manuscripts6, visit iRhythmTech.com..

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

    Media Contact:
    Kassandra Perry
    irhythm@highwirepr.com

    Investor Relations Contact:
    Stephanie Zhadkevich
    investors@irhythmtech.com

    1“Hypertrophic Cardiomyopathy (HCM).” Www.Heart.Org, American Heart Association, Aug. 2024, www.heart.org/en/health-topics/cardiomyopathy/what-is-cardiomyopathy-in-adults/hypertrophic-cardiomyopathy.

    2“Uninterrupted” refers to uninterrupted ECG recording.

    3Wang W, Lian Z, Rowin EJ, Maron BJ, Maron MS, Link MS. Prognostic implications of nonsustained ventricular tachycardia in high-risk patients with hypertrophic cardiomyopathy. Circ Arrhythm Electrophysiol. 2017;10.

    4Ommen et al. 2024 AHA/ACC/AMSSM/HRS/PACES/SCMR Guideline for the Management of Hypertrophic Cardiomyopathy: A Report of the American Heart Association/American College of Cardiology Joint Committee on Clinical Practice Guidelines. Circulation. 2024 Jun 4;149(23):e1239-e1311.

    5Reynolds et al. Comparative effectiveness and healthcare utilization for ambulatory cardiac monitoring strategies in Medicare beneficiaries. Am Heart J. 2024;269:25–34. Accessed January 2, 2024. https://doi.org/10.1016/j.ahj.2023.12.002

    6Data on file. iRhythm Technologies, 2023: https://www.irhythmtech.com/providers/evidence/list-of-clinical-articles

    The MIL Network –

    January 25, 2025

  • MIL-OSI Video: Department of State Daily Press Briefing – October 28, 2024 – 2:00 PM

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

    Spokesperson Matthew Miller leads the Department Press Briefing, at the Department of State, on October 28, 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
    Instagram: https://www.instagram.com/statedept
    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/
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    White House website: https://www.whitehouse.gov/
    Terms of Use: https://state.gov/tou

    #StateDepartment #DepartmentofState #Diplomacy

    https://www.youtube.com/watch?v=fzr1hZL12Pk

    MIL OSI Video –

    January 25, 2025

  • MIL-OSI Africa: Somaliland elections: what’s at stake for independence, stability and shifting power dynamics in the Horn of Africa

    Source: The Conversation – Africa – By Brendon J. Cannon, Associate Professor, Khalifa University

    Somaliland is due to hold a presidential election on 13 November 2024.

    The results of the election will be important for two main reasons. First, what the leadership outcome will mean for Somaliland’s democratic credentials. Second, it will have implications for Somaliland’s push for recognition as an independent state.

    Thirty-three years ago, Somaliland declared its unilateral withdrawal from the Somali Union. It is an independent state in reality but unrecognised in law. Like other unrecognised states such as Taiwan, it doesn’t fly a flag at the United Nations in New York. It also suffers from a lack of access to global financing, and humanitarian and development aid, most of which must come via Mogadishu.

    Somaliland’s determination to achieve recognition was evident in January 2024 when it signed an agreement with neighbouring Ethiopia. Under this deal, Ethiopia would get access to the sea via a 19km strip of coastline, possibly near the port of Berbera (though three sites have been identified), and Addis Ababa would recognise Somaliland’s statehood. The agreement, which has yet to be ratified, was met with a storm of protests, including from Somalia.

    Somaliland is run by the ruling party, Kulmiye, which is led by Muse Bihi Abdi, Somaliland’s president since 2017. The party has been in power since 2010. The main opposition party is Waddani (also spelled Wadani), led by Abdirahman Mohamed Abdilahi (or Ciro/Irro).

    I have carried out a decade of research and fieldwork in Somaliland. In my view, this election carries weight in terms of Somaliland’s democratic health, as well as its prospects for peace and stability – within its borders and in the region.

    Somaliland’s democracy, like all democracies, relies on giving politicians and parties the chance to win elections. It is the voters who will decide who gets to run Somaliland next, and they face a clear choice between Kulmiye and Waddani.

    Political landscape

    Somaliland’s 2024 presidential election will be a test of its democratic institutions and a critical moment in its quest for independence.

    Kulmiye can point to milestones on the road to Somaliland’s recognition. It was in power when Somaliland and Taiwan (Republic of China) recognised one another and swapped diplomats.

    The party can also claim success for a strategy to get support from western states for Somaliland’s formal recognition. This includes the staffing and funding of Somaliland’s overseas missions in London, Washington DC and Dubai, among others. These act as non-accredited embassies for the country.

    Their work resulted in a non-official visit to Washington, DC by Bihi in 2022. The same year, a UK parliamentary delegation visited Hargeisa.

    Somaliland and Ethiopia also reached their agreement in January 2024. This is the closest Somaliland has come to gaining official recognition from another state.

    Read more: Somaliland has been pursuing independence for 33 years. Expert explains the impact of the latest deal with Ethiopia

    Like the ruling party, the opposition party Waddani fully supports the agreement with Ethiopia. It sees recognition from Somaliland’s huge neighbour – which also happens to host the headquarters of the African Union – as a first step to gaining official recognition.

    However, based on my recent interviews with a Waddani official, the party is likely to adopt a broader approach if it wins the upcoming election. Instead of focusing solely on western states like the US and the UK, Waddani plans to approach African and global south states, such as Senegal and Kenya, for support.

    This potential shift reflects an understanding that both regional and global dynamics are changing.

    Waddani’s broader diplomatic strategy is reinforced by its recent coalition with KAAH (the Somali acronym for Alliance for Equity and Development). KAAH is a young political association rather than a formal political party. Somaliland has a constitutional limit of three official parties.

    KAAH was formed, in part, by experienced politicians. In building a coalition, Waddani and KAAH hope to displace Somaliland’s current third party, the Justice and Welfare Party.

    KAAH’s support is partially based in Somaliland’s eastern region, which has experienced violent upheavals in recent years. This coalition promises to better incorporate the eastern regions and clans into the government should Waddani win.

    Regardless of the outcome of the election, one issue unites Somaliland’s political parties: the push for independence.

    Regional implications

    A peaceful election would reinforce Somaliland’s claim as a stable, democratic entity.

    Mogadishu should not expect any winds of change to blow from Hargeisa if Waddani wins. Three generations and counting have been raised in a de-facto independent Somaliland and they remember the violent dissolution from the Somali Union. This included the bombing of Hargeisa, the destruction of Berbera port and the displacement of thousands of people. Somalilanders largely support independence.

    Neither Waddani nor Kulmiye will be wishy-washy on this issue. And there will be forward movement on the Ethiopia-Somaliland agreement. This is likely to lead to increased tensions in the Horn region. As it is, Ethiopia and Somaliland are disturbed by the prospect of a resurgent Somalia supported by Egypt with arms and troops.

    Read more: Somaliland crisis: delayed elections and armed conflict threaten dream of statehood

    There won’t be a shooting war – Mogadishu still has far too many problems with al-Shabaab, clan infighting and a lack of resources and training. But history shows that states take extreme measures if they feel existentially threatened.

    Mogadishu’s stance is to retake Somaliland at all costs. And it has much of the world’s tacit support for its “one Somalia” policy. That makes Somaliland a textbook case of an existentially threatened state.

    Risks that lie ahead

    There are some risks of instability regardless of who wins the election.

    The Isaaq clan controls much of the political and economic landscape. This may intensify tensions, especially if minority clans feel sidelined. Waddani’s promise of inclusivity may appeal to marginalised groups, but clan-based grievances have grown over the past decade.

    There’s also the risk of unrest among Isaaq loyalists if power shifts too much. And allegations of electoral fraud or voter suppression could fuel protests.

    After 2022’s violent postponement due to election disputes, maintaining peace will require transparency, clan reconciliation and careful oversight to prevent renewed conflict.

    Despite these risks, Somaliland is again (better late than never) going to the polls. Regardless of who wins, this is good news for Somaliland and its ongoing push for independence recognition.

    – Somaliland elections: what’s at stake for independence, stability and shifting power dynamics in the Horn of Africa
    – https://theconversation.com/somaliland-elections-whats-at-stake-for-independence-stability-and-shifting-power-dynamics-in-the-horn-of-africa-242131

    MIL OSI Africa –

    January 25, 2025

  • MIL-OSI China: Chinese supply chain expo to promote global industrial cooperation

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

    BEIJING, Oct. 28 — The second China International Supply Chain Expo will be held in Beijing from Nov. 26 to 30, and will focus on promoting international cooperation in industrial and supply chains, a Chinese trade official said on Monday.

    As the world’s first national-level exhibition focusing on supply chains, the expo aims to connect upstream, midstream and downstream sectors, bring together enterprises of various sizes, and help companies better integrate into global industrial and supply chains, said Zhang Shaogang, deputy director of the China Council for the Promotion of International Trade, at a press conference.

    This year’s expo will feature more than 600 domestic and foreign exhibitors. Overseas exhibitors will constitute 32 percent of participants at the 2024 expo, up from 26 percent at the first expo held last year, Zhang said.

    U.S. companies will contribute the largest share of overseas participation at the expo this year, while the number of participants from Europe and Japan will also significantly surpass that of the first expo, Zhang added.

    This shows foreign investors remain optimistic concerning the outlook of the Chinese market and that China is still considered their top supply chain partner for global resource allocation, said Zhang.

    Similar to last year, the expo will have areas dedicated to supply chains for clean energy, smart vehicles, digital technology, healthy living, green agriculture and supply chain services.

    In addition, this year’s expo has introduced a new exhibition area dedicated to advanced manufacturing chains — showcasing the latest achievements in the integration of technological and industrial innovation.

    Unlike many expos, the supply chain expo is not about showcasing products. It is, instead, about presenting chains, ecosystems and scenarios, Zhang added.

    Rather than focusing on short-term transactions, it emphasizes long-term cooperation and common development among upstream, midstream and downstream enterprises, Zhang explained. Exhibitors attend not to compete for clients, but to join hands and seek partnership.

    Hungary is the guest country of honor at this year’s expo. The Hungary Pavilion will showcase Hungary’s leading industries, unique resources, cultural heritage, beautiful landscapes and national brand image.

    MIL OSI China News –

    January 25, 2025

  • MIL-OSI: NEWTON GOLF Company Provides Preliminary Financial Results for Third Quarter of 2024

    Source: GlobeNewswire (MIL-OSI)

    CAMARILLO, CA, Oct. 28, 2024 (GLOBE NEWSWIRE) — NEWTON GOLF Company (Nasdaq: SPGC) (“NEWTON GOLF” or the “Company”), a technology-forward golf company with a growing portfolio of golf products, including putters, golf shafts, golf grips, and other golf-related accessories, reports preliminary financial results for the third quarter of 2024 (three months ended September 30, 2024) ahead of its quarterly filing.

    Financial Highlights for Third Quarter 2024

    • Revenue of $1,150,000 – $1,250,000 in 3Q24, an increase of 1,163% at the midpoint of the range over $95,000 in 3Q23 and a sequential increase of 48% at the midpoint of the range over $813,000 in 2Q24.
    • Gross margin of 63-67% in 3Q24 was driven by increased volume in manufacturing and compares to 41% in 3Q23.
    • Announced a complete rebranding of the Company.
    • Launched the new Gravity Premium putter line with the introduction of five models.
    • Expanded the Company’s global presence with the launch of the Newton Motion shafts in Japan in 50 of its largest golf retail locations.
    • Closed on $732,000 of underwritten public offering of shares of common stock.
    • Increased the number of professionals using the Newton Motion Shafts on the PGA TOUR Champions to 34, generating greater exposure.
    • Executed successful digital campaigns.
    • Introduced the new advanced performance shafts for higher swing speeds.

    NEWTON GOLF Company Executive Chairman Greg Campbell commented, “Our third quarter was marked by continued momentum in the sales of our Newton Motion replacement driver shafts and the first full quarter of revenue from our fairway woods replacement shafts. The continued traction we are seeing from professional golfers, highlighted by 34 Champions TOUR players now using the Newton Motion shafts, gives us confidence that our technology-forward approach to design is the proper cornerstone of our product development strategy. Additionally, a recent launch of our putter line that now carries the NEWTON GOLF Gravity brand can potentially add to our growth trajectory.”

    This press release contains preliminary estimated financial results for the quarter ended September 30, 2024, and may change as a result of management’s continued review. The preliminary financial information included in this press release reflects the Company’s current estimates based on information available as of the date of this press release and has been prepared by Company management. This preliminary financial and operational information should not be viewed as a substitute for full financial statements and is not necessarily indicative of the results to be achieved for any future periods. This preliminary financial and operational information could be impacted by the effects of financial closing procedures, final adjustments, and other developments.

    About NEWTON GOLF: A Sacks Parente Company

    NEWTON GOLF: A Sacks Parente Company, is a technology-forward golf company that help golfers elevate their game. With a growing portfolio of golf products, including putters, golf shafts, golf grips, and other golf-related accessories, the Company’s innovative accomplishments include: the First Vernier Acuity putter, patented Ultra-Low Balance Point (ULBP) putter technology, weight-forward Center-of-Gravity (CG) design, and pioneering ultra-light carbon fiber putter shafts.

    In consideration of its growth opportunities in golf shaft technologies, the Company expanded its manufacturing business in April of 2022 to develop the advanced Newton brand of premium golf shafts by opening a new shaft manufacturing facility in St. Joseph, MO. It is the Company’s intent to manufacture and assemble substantially all products in the United States, while also expanding into golf apparel and other golf-related product lines to enhance its growth.

    The Company’s future expansions may include broadening its offerings through mergers, acquisitions or internal developments of product lines that are complementary to its premium brand. The Company currently sells its products through resellers, the Company’s websites, Club Champion retail stores, and distributors in the United States, Japan, and South Korea.

    For more information, please visit the Company’s website at www.newtongolfco.com or on social media at @newtongolfco.com, @newtonshafts, or @gravityputters.

    Investor Contact for NEWTON GOLF
    CORE IR
    516-222-2560
    investors@sacksparente.com

    The MIL Network –

    January 25, 2025

  • MIL-OSI NGOs: Nigeria: Escalation of mob violence emboldens impunity

    Source: Amnesty International –

    • At least 555 victims of mob violence recorded over the last decade
    • Upsurge of blasphemy killings fueled by alleged incitement from clerics
    • Allegations of corruption and policing failures perpetuating violence

    The failure of the Nigerian authorities to protect lives has led to a growing escalation of mob violence over the last decade, as people increasingly take law into their hands and carry out so- called ‘jungle justice,’ said Amnesty International Nigeria in a new report. 

    Instantly Killed: How Law Enforcement failures exacerbate wave of mob violence in Nigeria documents how victims accused of theft, blasphemy, shoplifting and witchcraft are beaten, tortured and killed with impunity and suspected perpetrators almost always get away with it. 

    Between January 2012 to August 2023, Amnesty International recorded at least 555 victims of mob violence (how many killed), from 363 documented incidents across Nigeria. Over the period of this investigation 57 people were killed by violent mobs; 32 were burnt alive, 2 persons were buried alive, while 23 people were tortured to death.

    “The menace of mob violence is perhaps one of the biggest threats to the right to life in Nigeria. The fact that these killings have been happening for a long time, with few cases investigated and prosecuted, highlights the authorities’ shocking failure to uphold and fulfil their obligation to protect people from harm and violence,” said Isa Sanusi, Director Amnesty International Nigeria.

    “The failure of law enforcement agencies, especially the Nigeria Police Force, to prevent mob violence, investigate allegations of torture and killings, and bring suspected perpetrators to justice, is empowering mobs to kill. The problem is compounded by weak and corrupt legal institutions and systems.” 

    Isa Sanusi, Director Amnesty International Nigeria

    Amnesty International’s research details cases of victims of mob violence that include at least 13 women, six children, and two people with actual or perceived mental health illnesses and/or psycho-social or intellectual disabilities. Cases of mob violence were documented in each of Nigeria’s six geopolitical zones: South-South (82), South-East (43), South-West (98), North-Central (42), North-West (100), and North-East (26).

    In the southern parts of Nigeria, mob violence is mostly targeted at those accused of theft, of taking part in rituals or practising witchcraft. In northern Nigeria, it is mostly used against those accused of blasphemy and often endorsed by religious clerics. 

    Those with mental health conditions and psycho-social disabilities are consistently targeted by violent mobs that use their disabilities to make false accusations against victims and to justify lynching them. 

    “It is appalling that mob violence is gradually becoming the norm, often meted out in crowded areas, such as motor parks, market areas and busy roads. Victims were always tortured including by beating, stoning, or via the use of improvised weapons like sticks and metal rods,” said Isa Sanusi.

    Many of the victims of mob violence were targeted because of their social status, identities as members of religious or other minority groups. Other reasons for targeting victims include attempts to curtail the rights to freedom of expression, and freedom from discrimination due to gender or specific conditions, including against women, children, and people with psycho-social disabilities.

    MIL OSI NGO –

    January 25, 2025

  • MIL-OSI Global: Somaliland elections: what’s at stake for independence, stability and shifting power dynamics in the Horn of Africa

    Source: The Conversation – Africa – By Brendon J. Cannon, Associate Professor, Khalifa University

    Somaliland is due to hold a presidential election on 13 November 2024.

    The results of the election will be important for two main reasons. First, what the leadership outcome will mean for Somaliland’s democratic credentials. Second, it will have implications for Somaliland’s push for recognition as an independent state.

    Thirty-three years ago, Somaliland declared its unilateral withdrawal from the Somali Union. It is an independent state in reality but unrecognised in law. Like other unrecognised states such as Taiwan, it doesn’t fly a flag at the United Nations in New York. It also suffers from a lack of access to global financing, and humanitarian and development aid, most of which must come via Mogadishu.

    Somaliland’s determination to achieve recognition was evident in January 2024 when it signed an agreement with neighbouring Ethiopia. Under this deal, Ethiopia would get access to the sea via a 19km strip of coastline, possibly near the port of Berbera (though three sites have been identified), and Addis Ababa would recognise Somaliland’s statehood. The agreement, which has yet to be ratified, was met with a storm of protests, including from Somalia.

    Somaliland is run by the ruling party, Kulmiye, which is led by Muse Bihi Abdi, Somaliland’s president since 2017. The party has been in power since 2010. The main opposition party is Waddani (also spelled Wadani), led by Abdirahman Mohamed Abdilahi (or Ciro/Irro).

    I have carried out a decade of research and fieldwork in Somaliland. In my view, this election carries weight in terms of Somaliland’s democratic health, as well as its prospects for peace and stability – within its borders and in the region.

    Somaliland’s democracy, like all democracies, relies on giving politicians and parties the chance to win elections. It is the voters who will decide who gets to run Somaliland next, and they face a clear choice between Kulmiye and Waddani.

    Political landscape

    Somaliland’s 2024 presidential election will be a test of its democratic institutions and a critical moment in its quest for independence.

    Kulmiye can point to milestones on the road to Somaliland’s recognition. It was in power when Somaliland and Taiwan (Republic of China) recognised one another and swapped diplomats.

    The party can also claim success for a strategy to get support from western states for Somaliland’s formal recognition. This includes the staffing and funding of Somaliland’s overseas missions in London, Washington DC and Dubai, among others. These act as non-accredited embassies for the country.

    Their work resulted in a non-official visit to Washington, DC by Bihi in 2022. The same year, a UK parliamentary delegation visited Hargeisa.

    Somaliland and Ethiopia also reached their agreement in January 2024. This is the closest Somaliland has come to gaining official recognition from another state.



    Read more:
    Somaliland has been pursuing independence for 33 years. Expert explains the impact of the latest deal with Ethiopia

    Like the ruling party, the opposition party Waddani fully supports the agreement with Ethiopia. It sees recognition from Somaliland’s huge neighbour – which also happens to host the headquarters of the African Union – as a first step to gaining official recognition.

    However, based on my recent interviews with a Waddani official, the party is likely to adopt a broader approach if it wins the upcoming election. Instead of focusing solely on western states like the US and the UK, Waddani plans to approach African and global south states, such as Senegal and Kenya, for support.

    This potential shift reflects an understanding that both regional and global dynamics are changing.

    Waddani’s broader diplomatic strategy is reinforced by its recent coalition with KAAH (the Somali acronym for Alliance for Equity and Development). KAAH is a young political association rather than a formal political party. Somaliland has a constitutional limit of three official parties.

    KAAH was formed, in part, by experienced politicians. In building a coalition, Waddani and KAAH hope to displace Somaliland’s current third party, the Justice and Welfare Party.

    KAAH’s support is partially based in Somaliland’s eastern region, which has experienced violent upheavals in recent years. This coalition promises to better incorporate the eastern regions and clans into the government should Waddani win.

    Regardless of the outcome of the election, one issue unites Somaliland’s political parties: the push for independence.

    Regional implications

    A peaceful election would reinforce Somaliland’s claim as a stable, democratic entity.

    Mogadishu should not expect any winds of change to blow from Hargeisa if Waddani wins. Three generations and counting have been raised in a de-facto independent Somaliland and they remember the violent dissolution from the Somali Union. This included the bombing of Hargeisa, the destruction of Berbera port and the displacement of thousands of people. Somalilanders largely support independence.

    Neither Waddani nor Kulmiye will be wishy-washy on this issue. And there will be forward movement on the Ethiopia-Somaliland agreement. This is likely to lead to increased tensions in the Horn region. As it is, Ethiopia and Somaliland are disturbed by the prospect of a resurgent Somalia supported by Egypt with arms and troops.



    Read more:
    Somaliland crisis: delayed elections and armed conflict threaten dream of statehood

    There won’t be a shooting war – Mogadishu still has far too many problems with al-Shabaab, clan infighting and a lack of resources and training. But history shows that states take extreme measures if they feel existentially threatened.

    Mogadishu’s stance is to retake Somaliland at all costs. And it has much of the world’s tacit support for its “one Somalia” policy. That makes Somaliland a textbook case of an existentially threatened state.

    Risks that lie ahead

    There are some risks of instability regardless of who wins the election.

    The Isaaq clan controls much of the political and economic landscape. This may intensify tensions, especially if minority clans feel sidelined. Waddani’s promise of inclusivity may appeal to marginalised groups, but clan-based grievances have grown over the past decade.

    There’s also the risk of unrest among Isaaq loyalists if power shifts too much. And allegations of electoral fraud or voter suppression could fuel protests.

    After 2022’s violent postponement due to election disputes, maintaining peace will require transparency, clan reconciliation and careful oversight to prevent renewed conflict.

    Despite these risks, Somaliland is again (better late than never) going to the polls. Regardless of who wins, this is good news for Somaliland and its ongoing push for independence recognition.

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

    – ref. Somaliland elections: what’s at stake for independence, stability and shifting power dynamics in the Horn of Africa – https://theconversation.com/somaliland-elections-whats-at-stake-for-independence-stability-and-shifting-power-dynamics-in-the-horn-of-africa-242131

    MIL OSI – Global Reports –

    January 25, 2025

  • MIL-OSI Security: Grand Bay-Westfield — 18-year-old man arrested in connection with firearm-related incident

    Source: Royal Canadian Mounted Police

    An 18-year-old man from Grand Bay-Westfield, N.B., has been arrested following a firearm-related incident in Grand Bay-Westfield, N.B.

    On October 24, 2024, at approximately 5:25 p.m., members of the Grand Bay-Westfield RCMP responded to a complaint of a man with a firearm on River Valley Drive in Grand Bay-Westfield.

    When police arrived at the scene, they were able to quickly identify a person of interest. Shortly after, the 18-year-old man was arrested without incident near his parked vehicle. A firearm was also seized as part of the investigation.

    The man was later released on conditions pending a future court appearance.

    At the time, police believed the incident to have been isolated, and that there was no danger to the general public. No one was injured at the time of the incident.

    The investigation is ongoing.

    MIL Security OSI –

    January 25, 2025

  • MIL-OSI: Ozop Capital Partners, Inc. Enters Agreement with Empire Auto Protect

    Source: GlobeNewswire (MIL-OSI)

    Empire Auto Protect to White Label the Fully Charged VSC as EMPIRE PLUS

    Warwick, NY, Oct. 28, 2024 (GLOBE NEWSWIRE) — OZOP Capital Partners, Inc., a wholly owned subsidiary of Ozop Energy Solutions, Inc. (OZSC or the “Company”), announces the execution of a White Label Agreement with Empire Auto Protect, a leading provider of comprehensive protection and aftermarket products to the automotive industry.

    Under the agreement, Empire will white label the Royal Administration’s Fully Charged Vehicle Service Contract, incorporating their own branding as Empire Plus. OZOP Plus will be providing battery protection and will be ceded the battery portion of all premiums sold through Empire. Empire’s version of the Fully Charged VSC will offer the same enhanced features and benefits of the Fully Charged VSC to their extensive customer base through their well-established marketing programs.

    The benefits of this white-label agreement are that Empire can immediately go to market with their branded version of the Fully Charged VSC and will also use Royal Administration as the Third-Party Administrator (the “TPA”) for any claims. Royal provides their TPA services for processing claims through their claims center. This seamless integration of services ensures that consumers and dealerships will experience a smooth and efficient claims process, further enhancing their overall experience.

    Brian Conway, CEO of Ozop Plus stated, “This agreement opens new revenue opportunities for OZOP Plus, from Empire’s comprehensive national marketing network which sees a monthly average of 5,000 + vehicle service policies written nationwide. This expansion allows the Fully Charged VSC to be accessible to new and current EV owners in addition to our total of 7,000+ dealerships, consolidating the strengths of both Royal Administration, Ozop Plus, and Empire within the automotive industry.”

    Empire Auto Protect, a trusted name in the automotive market, boasts a remarkable 17-year track record of offering a wide variety of top-rated vehicle service protection plans. As they launch a new Electric Vehicle product, the company is equally enthusiastic about integrating the Fully Charged VSC into their existing portfolio. This move aims to fortify their position in the market and provide their customers with a comprehensive suite of offerings to protect and enhance their electric vehicles.

    Robin and Michael Isaac Kassin, CEO & CFO of Empire Auto Protect talked about the partnership with Ozop Plus: “With this collaboration, we’re leveraging Empire Auto Protect’s cutting-edge digital technology to meet the evolving needs of today’s drivers. We’re excited to lead the warranty sector into a new era of efficiency and accessibility. Through our partnership with OZOP Plus, we will become the leading provider for EV and hybrid vehicles for all automotive warranty needs. This partnership will give customers access to a large network of fully charged Vehicle Service Contracts, offering the best warranty options tailored to each consumer, giving all drivers the peace of mind they deserve.”

    About Ozop Energy Solutions.

    Ozop Energy Solutions (Ozop Energy Solutions (http://ozopenergy.com/) is the flagship company that oversees a wide variety of products in various stages of development in the renewable energy sector. Our strategy focuses on capturing a significant share of the rapidly growing renewable energy market as a provider of assets and infrastructure needed to store energy.

    About Empire Auto Protect

    Empire Auto Protect is at the forefront of transforming the auto warranty landscape by integrating cutting-edge technology into every aspect of our services. Much like how Apple revolutionized consumer electronics and Tesla redefined automotive innovation, we are setting new standards in the warranty sector.

    Our advanced digital platforms streamline the warranty process, making it more efficient and user-friendly for customers. By harnessing data analytics and seamless online tools, we empower consumers with tailored warranty solutions that meet their unique needs. This commitment to innovation not only enhances customer experience but also positions Empire Auto Protect as the leading technology provider in the automotive warranty industry, driving it into a new digital age.

    https://empireautoprotect.com/

    About Automated Room Controls, Inc.

    Also known as ARC, Inc. its mission is to deliver cutting-edge technology that simplifies complex control needs, ensuring seamless integration and exceptional performance. We aim to lead the industry by continuously innovating and providing solutions that meet the evolving demands of our customers. Our vision is to make control systems smarter, more efficient, and more accessible to everyone.

    www.ARControl.com

    About Ozop Energy Systems, Inc.

    Ozop Energy Systems is a manufacturer and distributor of Renewable Energy products in the Energy Storage, Solar, Microgrids, and EV charging Station space. We offer a broad portfolio of Renewable Energy products at competitive prices with a commitment to customer satisfaction from selection, to ordering, shipping, and delivery.

    About Ozop Engineering and Design

    Ozop Engineering and Design engineers’ energy efficient, easy to install and use, digital lighting controls solutions for commercial buildings, campuses, and sports complexes throughout North America. Products include relays panels, controllers, occupancy/vacancy sensors, daylight sensors and wall switch stations. Ozop has a dedicated design team that produces system drawings and a technical support group for product questions and onsite system commissioning. Our mission is to be recognized for our deep understanding of power management systems and ability to provide the right solution for each facility.

    www.ozopengineering.com

    About Ozop Capital Partners

    Ozop Capital Partners, Inc. is a wholly owned subsidiary of the Company, and wholly owns EV Insurance Company, Inc. (“EVIC”). EVIC, DBA Ozop Plus is licensed as a captive insurer that reinsures. www.OzopPlus.com

    https://twitter.com/OzopEnergy

    https://www.facebook.com/OzopEnergy/

    Safe Harbor Statement

    “This press release contains or may contain, among other things, certain forward-looking statements. Such forward-looking statements involve significant risks and uncertainties. Such statements may include, without limitation, statements with respect to the company’s plans, objectives, projections, expectations and intentions and other statements identified by words such as “projects,” “may,” “will,” “could,” “would,” “should,” “believes,” “expects,” “anticipates,” “estimates,” “intends,” “plans,” “potential” or similar expressions. These statements are based upon the current beliefs and expectations of the company’s management and are subject to significant risks and uncertainties, including those detailed in the company’s filings with the Securities and Exchange Commission. Actual results may differ significantly from those set forth in the forward-looking statements. These forward-looking statements involve certain risks and uncertainties that are subject to change based on various factors (many of which are beyond the company’s control). The company undertakes no obligation to publicly update any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by applicable law.”

    Investor Relations Contact – Ozop
    The Waypoint Refinery, LLC
    845-397-2956
    Visit our Discord:
    https://discord.gg/waypoint

    The MIL Network –

    January 25, 2025

  • MIL-OSI: Citizens Community Bancorp, Inc. Reports Third Quarter 2024 Earnings of $0.32 Per Share; Nine Month 2024 Earnings of $1.07 Per Share

    Source: GlobeNewswire (MIL-OSI)

    EAU CLAIRE, Wis., Oct. 28, 2024 (GLOBE NEWSWIRE) — Citizens Community Bancorp, Inc. (the “Company”) (Nasdaq: CZWI), the parent company of Citizens Community Federal N.A. (the “Bank” or “CCFBank”), today reported earnings of $3.3 million and earnings per diluted share of $0.32 for the third quarter ended September 30, 2024, compared to $3.7 million and earnings per diluted share of $0.35 for the quarter ended June 30, 2024, and $2.5 million and $0.24 earnings per diluted share for the quarter ended September 30, 2023, respectively.

    The Company’s third quarter 2024 operating results reflected the following changes from the second quarter of 2024: (1) no loan forbearance interest income in the third quarter compared to $0.2 million in the second quarter; (2) a $1.1 million decrease in negative provision for credit losses to $0.4 million in the third quarter; and (3) higher non-interest income of $1.0 million due to $0.5 million higher gain on sale of loans and $0.6 million lower net losses on sale of equity securities in the third quarter of 2024.

    Book value per share improved to $17.88 at September 30, 2024, compared to $17.10 at June 30, 2024, and $15.80 at September 30, 2023. Tangible book value per share (non-GAAP)1 was $14.64 at September 30, 2024, compared to $13.91 at June 30, 2024, and a 16.1% increase from $12.61 at September 30, 2023. For the third quarter of 2024, tangible book value was positively influenced by net income, net unrealized gains on the available for sale securities portfolio and intangible amortization. Stockholders’ equity as a percentage of total assets was 10.01% at September 30, 2024, compared to 9.77% at June 30, 2024. Tangible common equity (“TCE”) as a percent of tangible assets (non-GAAP)1 was 8.35% at September 30, 2024, compared to 8.09% at June 30, 2024, with the changes above impacted favorably by asset shrinkage.

    “We continued to execute on our strategic objectives during the third quarter that further strengthened franchise value. The quarter reflected our balance sheet optimization efforts, which increased tangible common equity levels and allowed for the continued repurchase of shares at prices that were accretive to tangible book value per share and earnings per share. The TCE ratio increased to 8.35%, from 8.09% in the prior quarter, which included the impact of repurchasing 223 thousand shares. Deposits, net of the decrease in brokered deposits, increased $31 million. While credit metrics were impacted by an increase in nonperforming loans, the increase largely reflected one lending relationship. Meanwhile, we continue to maintain a healthy reserve for credit losses to total loans at 1.47%,” stated Stephen Bianchi, Chairman, President, and Chief Executive Officer.

    September 30, 2024, Highlights:

    • Quarterly earnings were $3.3 million, or $0.32 per diluted share for the quarter ended September 30, 2024, a decrease from the quarter ended June 30, 2024, earnings of $3.7 million, or $0.35 per diluted share, and an increase from the quarter ended September 30, 2023, earnings of $2.5 million, or $0.24 per diluted share.
    • Net interest income decreased $0.3 million for the current quarter ended September 30, 2024, from $11.6 million for the quarter ended June 30, 2024, and decreased from $12.1 million for the quarter ended September 30, 2023. The decrease in net interest income from the second quarter of 2024 was primarily due to lower non-recurring interest income of $0.2 million recognized in the second quarter from curing technical defaults on performing loans.
    • The net interest margin was 2.63% for the quarter ended September 30, 2024, compared to 2.72% for the previous quarter, and 2.79% for the quarter ended September 30, 2023. The net interest margin declined nine basis points in the third quarter, of which five basis points were due to no interest income recognition from curing technical defaults.
    • In the third quarter ended September 30, 2024, a negative provision for credit losses of $0.4 million was recorded compared to a negative provision for credit losses of $1.525 million in the quarter ended June 30, 2024, and a negative provision for credit losses of $0.30 million for the quarter ended September 30, 2023. The third quarter’s negative provision was due to decreases in on-balance sheet allowance for credit losses (“ACL”) of $0.1 million and a $0.3 million decrease in off-balance sheet ACL due to a reduction in unfunded loan commitments.
    • Non-interest income increased $1.0 million in the third quarter of 2024, due to $0.5 million of higher gain on sale of loans and $0.6 million of lower net losses on equity securities and was $0.4 million higher compared to the third quarter of 2023, due to higher gain on sale of loans.
    • Non-interest expense increased $122 thousand to $10.4 million from $10.3 million for the previous quarter and increased $452 thousand from $10.0 million one year earlier.
    • Gross loans decreased by $3.9 million during the third quarter ended September 30, 2024, to $1.43 billion, compared to June 30, 2024.
    • Total deposits increased $1.1 million, more than offsetting the $30.1 million decrease in brokered deposits during the quarter ended September 30, 2024, to $1.52 billion, compared to June 30, 2024.
    • Federal Home Loan Bank advances decreased $10.5 million to $21.0 million at September 30, 2024, from $31.5 million at June 30, 2024.
    • The effective tax rate was 21.48% for the quarter ended September 30, 2024, compared to 22.1% for the quarter ended June 30, 2024, and 50.5% for the quarter ended September 30, 2023. The change in tax rate from 2023 is largely due to the Wisconsin state legislation in the third quarter of 2023, eliminating the Company’s state income tax in Wisconsin.
    • Nonperforming assets increased to $17.1 million at September 30, 2024, compared to $10.3 million at June 30, 2024. The increase was largely due to one agricultural real estate loan relationship in forestry services that moved from special mention to substandard and was placed on nonaccrual in the third quarter.
    • Common stock totaling 223 thousand shares were repurchased in the third quarter of 2024 at an average price of $12.91 per share.
    • The efficiency ratio was 72% for the quarters ended September 30, 2024 and June 30, 2024.

    Balance Sheet and Asset Quality

    Total assets decreased by $3.2 million during the quarter to $1.80 billion at September 30, 2024.

    Securities available for sale (“AFS”) increased $3.0 million during the quarter ended September 30, 2024, to $149.4 million from $146.4 million at June 30, 2024. The increase was due to: (1) pre-tax unrealized gains of $4.6 million; and (2) a purchase of $2.9 million of agency MBS to support the Bank’s CRA program partially offset by principal repayments of $4.5 million.

    Securities held to maturity (“HTM”) decreased $1.6 million to $87.0 million during the quarter ended September 30, 2024, from $88.6 million at June 30, 2024, due to principal repayments.

    The on-balance sheet liquidity ratio, which is defined as the fair market value of AFS and HTM securities that are not pledged and cash on deposit with other financial institutions, was 11.46% of total assets at September 30, 2024, compared to 11.48% at June 30, 2024. On-balance sheet liquidity, collateralized new borrowing capacity and uncommitted federal funds borrowing availability was $718 million, or 269%, of uninsured and uncollateralized deposits at September 30, 2024, and $714 million, or 289%, at June 30, 2024.

    Gross loans decreased by $3.9 million during the third quarter ended September 30, 2024, due to loan payoffs exceeding origination activity and construction loan fundings.

    The office loan portfolio totaled $31.0 million at quarter end and consists of 71 loans. There was one criticized loan in this portfolio during the quarter ended September 30, 2024, totaling $0.2 million and there have been no charge-offs in the trailing twelve months.

    The allowance for credit losses on loans decreased by $0.2 million to $21.0 million at September 30, 2024, representing 1.47% of total loans receivable compared to 1.48% of total loans receivable at June 30, 2024. For the quarter ended September 30, 2024, the Bank recorded negative provision of $0.4 million which included a negative provision on ACL for loans of $0.1 million and a negative provision of $0.3 million on ACL for unfunded commitments.

    Allowance for Credit Losses (“ACL”) – Loans Percentage

    (in thousands, except ratios)

      September 30, 2024   June 30, 2024   December 31, 2023   September 30, 2023
    Loans, end of period $ 1,424,828     $ 1,428,588     $ 1,460,792     $ 1,447,529  
    Allowance for credit losses – Loans $ 21,000     $ 21,178     $ 22,908     $ 22,973  
    ACL – Loans as a percentage of loans, end of period   1.47 %     1.48 %     1.57 %     1.59 %

    In addition to the ACL – Loans, the Company has established an ACL – Unfunded Commitments of $0.460 million at September 30, 2024, $0.712 million at June 30, 2024, and $1.571 million at September 30, 2023, classified in other liabilities on the consolidated balance sheets.

    Allowance for Credit Losses – Unfunded Commitments:
    (in thousands)

      September 30, 2024
    and Three Months
    Ended    		   September 30, 2023
    and Three Months
    Ended    		   September 30, 2024
    and Nine Months
    Ended    		   September 30, 2023
    and Nine Months
    Ended
    ACL – Unfunded commitments – beginning of period $ 712     $ 1,544   $ 1,250     $ —
    Cumulative effect of ASU 2016-13 adoption   —       —     —       1,537
    (Reductions) additions to ACL – Unfunded commitments via provision for credit losses charged to operations   (252 )     27     (790 )     34
    ACL – Unfunded commitments – end of period $ 460     $ 1,571   $ 460     $ 1,571

    Special mention loans increased by $2.2 million to $11.0 million at September 30, 2024, compared to $8.8 million at June 30, 2024. The increase is largely due to one loan of $8.7 million, which is secured by a multi-family unit. The addition of the multi-family unit to special mention was partially offset by the movement of a $7.7 million agricultural real estate loan relationship in forestry services that moved to substandard and was placed on nonaccrual.

    Substandard loans increased by $6.8 million to $21.2 million at September 30, 2024, compared to $14.4 million at June 30, 2024, due to the addition of the forestry services loan relationship noted above.

    Nonperforming assets increased to $17.1 million at September 30, 2024, compared to $10.3 million at June 30, 2024 largely due to the previously mentioned forestry services loan relationship.

      (in thousands)
      September 30, 2024   June 30, 2024   March 31, 2024   December 31, 2023   September 30, 2023
    Special mention loan balances $ 11,047   $ 8,848   $ 13,737   $ 18,392   $ 20,043
    Substandard loan balances   21,202     14,420     14,733     19,596     16,171
    Criticized loans, end of period $ 32,249   $ 23,268   $ 28,470   $ 37,988   $ 36,214

    Total deposits increased $1.1 million during the quarter ended September 30, 2024, to $1.52 billion. Consumer deposits increased $22.1 million, including an increase in CDs of $17.9 million. Commercial deposits increased by $20.0 million. Brokered deposits decreased $30.1 million as the company decreased brokered MMDAs by $24.6 million and $5.5 million in brokered CDs matured and were not replaced. Public deposits decreased $10.9 million, largely due to expected seasonal outflows.

    Deposit Portfolio Composition
    (in thousands)

      September 30,
    2024    		   June 30,
    2024    		   March 31,
    2024    		   December 31,
    2023    		   September 30,
    2023
    Consumer deposits $ 844,808   $ 822,665   $ 827,290   $ 814,899   $ 794,970
    Commercial deposits   432,361     412,385     414,088     423,762     429,358
    Public deposits   176,844     187,698     202,175     182,172     163,734
    Brokered deposits   66,654     96,796     83,936     98,259     85,173
    Total deposits $ 1,520,667   $ 1,519,544   $ 1,527,489   $ 1,519,092   $ 1,473,235


    Deposit Composition
    (in thousands)

      September 30,
    2024    		   June 30,
    2024    		   March 31,
    2024    		   December 31,
    2023    		   September 30,
    2023
    Non-interest-bearing demand deposits $ 256,840   $ 255,703   $ 248,537   $ 265,704   $ 275,790
    Interest-bearing demand deposits   346,971     353,477     361,278     343,276     336,962
    Savings accounts   169,096     170,946     177,595     176,548     183,702
    Money market accounts   366,067     370,164     387,879     374,055     312,689
    Certificate accounts   381,693     369,254     352,200     359,509     364,092
    Total deposits $ 1,520,667   $ 1,519,544     1,527,489   $ 1,519,092   $ 1,473,235

    At September 30, 2024, the deposit portfolio composition was 56% consumer, 28% commercial, 12% public, and 4% brokered deposits compared to 54% consumer, 27% commercial, 12% public, and 7% brokered deposits at June 30, 2024.

    Uninsured and uncollateralized deposits were $267.1 million, or 18% of total deposits, at September 30, 2024, and $246.7 million, or 16% of total deposits, at June 30, 2024. Uninsured deposits alone at September 30, 2024, were $413.6 million, or 27% of total deposits, and $401.6 million, or 26% of total deposits at June 30, 2024.

    Federal Home Loan Bank advances decreased $10.5 million to $21.0 million at September 30, 2024, from $31.5 million one quarter earlier.

    Common stock totaling 223 thousand shares were repurchased in the third quarter of 2024 at an average price of $12.91 per share. For the nine-month period ended September 30, 2024, 382 thousand shares of common stock were repurchased at an average price of $12.32 per share. There are 333 thousand shares remaining under the July 2024 Board of Director repurchase authorization plan.

    Review of Operations

    Net interest income decreased $0.3 million for the current quarter ended September 30, 2024, from $11.6 million for the quarter ended June 30, 2024, and decreased from $12.1 million for the quarter ended September 30, 2023. The decrease in net interest income from the second quarter of 2024 was primarily due to lower non-recurring interest income of $0.2 million recognized from curing technical defaults on performing loans during the prior quarter. The net interest margin declined nine basis points in the third quarter, of which five basis points were due to no interest income recognition from curing technical defaults.

    Net interest income and net interest margin analysis:
    (in thousands, except yields and rates)

      Three months ended
      September 30, 2024   June 30, 2024   March 31, 2024   December 31, 2023   September 30, 2023
      Net
    Interest
    Income    		   Net
    Interest
    Margin    		   Net
    Interest
    Income    		   Net
    Interest
    Margin    		   Net
    Interest
    Income    		   Net
    Interest
    Margin    		   Net
    Interest
    Income    		   Net
    Interest
    Margin    		   Net
    Interest
    Income    		   Net
    Interest
    Margin
    As reported $ 11,285     2.63 %   $ 11,576     2.72 %   $ 11,905     2.77 %   $ 11,747     2.69 %   $ 12,121     2.79 %
    Less accretion for PCD loans   (45 )   (0.01 )%     (62 )   (0.01 )%     (75 )   (0.02 )%     (37 )   (0.01 )%     (39 )   (0.01 )%
    Less scheduled accretion interest   (33 )   (0.01 )%     (32 )   (0.01 )%     (33 )   (0.01 )%     (33 )   (0.01 )%     (77 )   (0.02 )%
    Without loan purchase accretion $ 11,207     2.61 %   $ 11,482     2.70 %   $ 11,797     2.74 %   $ 11,677     2.67 %   $ 12,005     2.76 %

    Non-interest income increased $1.0 million in the third quarter of 2024, due to $0.5 million of higher gain on sale of loans and $0.6 million of lower net losses on equity securities. Non-interest income was $0.4 million higher compared to the third quarter of 2023 due to higher gain on sale of loans.

    Non-interest expense increased $122 thousand to $10.4 million in the third quarter of 2024 from $10.3 million for the previous quarter and increased $452 thousand from $10.0 million one year earlier. The increase in the current quarter relative to the second quarter was primarily related to one-time data processing costs, modest REO losses and higher quarterly marketing spending, partially offset by $0.2 million in branch closure costs in the second quarter.

    Provision for income taxes decreased to $0.9 million in the third quarter of 2024 from $1.0 million in the second quarter of 2024 largely due to lower pre-tax income. The effective tax rate was 21.48% for the quarter ended September 30, 2024, 22.1% for the quarter ended June 30, 2024, and 50.5% for the quarter ended September 30, 2023. The change in tax rate from 2023 is largely due to the Wisconsin state legislation in the third quarter of 2023, eliminating the Company’s state income tax in Wisconsin.

    These financial results are preliminary until Form 10-Q is filed in November 2024.

    About the Company

    Citizens Community Bancorp, Inc. (NASDAQ: “CZWI”) is the holding company of the Bank, a national bank based in Altoona, Wisconsin, currently serving customers primarily in Wisconsin and Minnesota through 22 branch locations. Its primary markets include the Chippewa Valley Region in Wisconsin, the Twin Cities and Mankato markets in Minnesota, and various rural communities around these areas. The Bank offers traditional community banking services to businesses, ag operators and consumers, including residential mortgage loans.

    Cautionary Statement Regarding Forward-Looking Statements

    Certain statements contained in this release are considered “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. These statements may be identified using forward-looking words or phrases such as “anticipate,” “believe,” “could,” “expect,” “estimates,” “intend,” “may,” “on pace,” “preliminary,” “planned,” “potential,” “should,” “will,” “would” or the negative of those terms or other words of similar meaning. Such forward-looking statements in this release are inherently subject to many uncertainties arising in the operations and business environment of the Company and the Bank. These uncertainties include: conditions in the financial markets and economic conditions generally; the impact of inflation on our business and our customers; geopolitical tensions, including current or anticipated impact of military conflicts; higher lending risks associated with our commercial and agricultural banking activities; future pandemics (including new variants of COVID-19); cybersecurity risks; adverse impacts on the regional banking industry and the business environment in which it operates; interest rate risk; lending risk; changes in the fair value or ratings downgrades of our securities; the sufficiency of allowance for credit losses; competitive pressures among depository and other financial institutions; disintermediation risk; our ability to maintain our reputation; our ability to maintain or increase our market share; our ability to realize the benefits of net deferred tax assets; our inability to obtain needed liquidity; our ability to raise capital needed to fund growth or meet regulatory requirements; our ability to attract and retain key personnel; our ability to keep pace with technological change; prevalence of fraud and other financial crimes; the possibility that our internal controls and procedures could fail or be circumvented; our ability to successfully execute our acquisition growth strategy; risks posed by acquisitions and other expansion opportunities, including difficulties and delays in integrating the acquired business operations or fully realizing the cost savings and other benefits; restrictions on our ability to pay dividends; the potential volatility of our stock price; accounting standards for credit losses; legislative or regulatory changes or actions, or significant litigation, adversely affecting the Company or Bank; public company reporting obligations; changes in federal or state tax laws; and changes in accounting principles, policies or guidelines and their impact on financial performance. Stockholders, potential investors, and other readers are urged to consider these factors carefully in evaluating the forward-looking statements and are cautioned not to place undue reliance on such forward-looking statements. Such uncertainties and other risks that may affect the Company’s performance are discussed further in Part I, Item 1A, “Risk Factors,” in the Company’s Form 10-K, for the year ended December 31, 2023, filed with the Securities and Exchange Commission (“SEC”) on March 5, 2024 and the Company’s subsequent filings with the SEC. The Company undertakes no obligation to make any revisions to the forward-looking statements contained in this news release or to update them to reflect events or circumstances occurring after the date of this release.

    1Non-GAAP Financial Measures

    This press release contains non-GAAP financial measures, such as net income as adjusted, net income as adjusted per share, tangible book value, tangible book value per share, tangible common equity as a percent of tangible assets and return on average tangible common equity, which management believes may be helpful in understanding the Company’s results of operations or financial position and comparing results over different periods.

    Net income as adjusted and net income as adjusted per share are non-GAAP measures that eliminate the impact of certain expenses such as branch closure costs and related severance pay, accelerated depreciation expense and lease termination fees, and the gain on sale of branch deposits and fixed assets. Tangible book value, tangible book value per share, tangible common equity as a percentage of tangible assets and return on average tangible common equity are non-GAAP measures that eliminate the impact of goodwill and intangible assets on our financial position. Management believes these measures are useful in assessing the strength of our financial position.

    Where non-GAAP financial measures are used, the comparable GAAP financial measure, as well as the reconciliation to the comparable GAAP financial measure, can be found in this press release. These disclosures should not be viewed as a substitute for operating results determined in accordance with GAAP, nor are they necessarily comparable to non-GAAP performance measures that may be presented by other banks and financial institutions.

    Contact: Steve Bianchi, CEO
    (715)-836-9994

    (CZWI-ER)

     
    CITIZENS COMMUNITY BANCORP, INC.
    Consolidated Balance Sheets
    (in thousands, except shares and per share data)
     
      September 30, 2024
    (unaudited)    		   June 30, 2024
    (unaudited)    		   December 31, 2023
    (audited)    		   September 30, 2023
    (unaudited)
    Assets              
    Cash and cash equivalents $ 36,632     $ 36,886     $ 37,138     $ 32,532  
    Securities available for sale “AFS”   149,432       146,438       155,743       153,414  
    Securities held to maturity “HTM”   87,033       88,605       91,229       92,336  
    Equity investments   5,096       5,023       3,284       2,433  
    Other investments   12,311       13,878       15,725       15,109  
    Loans receivable   1,424,828       1,428,588       1,460,792       1,447,529  
    Allowance for credit losses   (21,000 )     (21,178 )     (22,908 )     (22,973 )
    Loans receivable, net   1,403,828       1,407,410       1,437,884       1,424,556  
    Loans held for sale   697       275       5,773       2,737  
    Mortgage servicing rights, net   3,696       3,731       3,865       3,944  
    Office properties and equipment, net   17,365       17,774       18,373       19,465  
    Accrued interest receivable   6,235       6,289       5,409       5,936  
    Intangible assets   1,158       1,336       1,694       1,873  
    Goodwill   31,498       31,498       31,498       31,498  
    Foreclosed and repossessed assets, net   1,572       1,662       1,795       1,046  
    Bank owned life insurance (“BOLI”)   25,901       25,708       25,647       25,467  
    Other assets   16,683       15,794       16,334       18,741  
    TOTAL ASSETS $ 1,799,137     $ 1,802,307     $ 1,851,391     $ 1,831,087  
    Liabilities and Stockholders’ Equity              
    Liabilities:              
    Deposits $ 1,520,667     $ 1,519,544     $ 1,519,092     $ 1,473,235  
    Federal Home Loan Bank (“FHLB”) advances   21,000       31,500       79,530       114,530  
    Other borrowings   61,548       61,498       67,465       67,407  
    Other liabilities   15,773       13,720       11,970       10,513  
    Total liabilities   1,618,988       1,626,262       1,678,057       1,665,685  
    Stockholders’ equity:              
    Common stock— $0.01 par value, authorized 30,000,000; 10,074,136, 10,297,341, 10,440,591, and 10,468,091 shares issued and outstanding, respectively   101       103       104       105  
    Additional paid-in capital   115,455       117,838       119,441       119,612  
    Retained earnings   78,438       75,501       71,117       67,424  
    Accumulated other comprehensive loss   (13,845 )     (17,397 )     (17,328 )     (21,739 )
    Total stockholders’ equity   180,149       176,045       173,334       165,402  
    TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY $ 1,799,137     $ 1,802,307     $ 1,851,391     $ 1,831,087  

    Note: Certain items previously reported were reclassified for consistency with the current presentation.

    CITIZENS COMMUNITY BANCORP, INC.
    Consolidated Statements of Operations
    (in thousands, except per share data)
     
      Three Months Ended   Nine Months Ended
      September 30, 2024 (unaudited)   June 30, 2024 (unaudited)   September 30, 2023 (unaudited)   September 30, 2024 (unaudited)   September 30, 2023 (unaudited)
    Interest and dividend income:                  
    Interest and fees on loans $ 20,115     $ 19,921     $ 19,083     $ 60,204     $ 54,169
    Interest on investments   2,397       2,542       2,689       7,450       8,053
    Total interest and dividend income   22,512       22,463       21,772       67,654       62,222
    Interest expense:                  
    Interest on deposits   10,165       9,338       7,388       28,712       17,898
    Interest on FHLB borrowed funds   128       576       1,210       1,216       4,595
    Interest on other borrowed funds   934       973       1,053       2,960       3,127
    Total interest expense   11,227       10,887       9,651       32,888       25,620
    Net interest income before provision for credit losses   11,285       11,576       12,121       34,766       36,602
    (Negative) provision for credit losses   (400 )     (1,525 )     (325 )     (2,725 )     175
    Net interest income after provision for credit losses   11,685       13,101       12,446       37,491       36,427
    Non-interest income:                  
    Service charges on deposit accounts   513       490       491       1,474       1,464
    Interchange income   577       579       601       1,697       1,743
    Loan servicing income   643       526       611       1,751       1,679
    Gain on sale of loans   752       226       299       1,998       1,501
    Loan fees and service charges   165       309       140       704       308
    Net realized gains on debt securities   —       —       —       —       12
    Net (losses) gains on equity securities   (78 )     (658 )     116       (569 )     170
    Bank Owned Life Insurance (BOLI) death benefit   —       184       —       184       —
    Other   349       257       307       859       893
    Total non-interest income   2,921       1,913       2,565       8,098       7,770
    Non-interest expense:                  
    Compensation and related benefits   5,743       5,675       5,293       16,901       15,967
    Occupancy   1,242       1,333       1,335       3,942       4,117
    Data processing   1,665       1,525       1,536       4,787       4,440
    Amortization of intangible assets   178       179       179       536       576
    Mortgage servicing rights expense, net   163       116       150       427       456
    Advertising, marketing and public relations   225       186       185       575       472
    FDIC premium assessment   201       200       204       606       608
    Professional services   336       347       342       1,249       1,153
    Losses (gains) on repossessed assets, net   65       (18 )     100       47       62
    Other   603       756       645       2,427       2,085
    Total non-interest expense   10,421       10,299       9,969       31,497       29,936
    Income before provision for income taxes   4,185       4,715       5,042       14,092       14,261
    Provision for income taxes   899       1,040       2,544       3,043       4,895
    Net income attributable to common stockholders $ 3,286     $ 3,675     $ 2,498     $ 11,049     $ 9,366
    Per share information:                  
    Basic earnings $ 0.32     $ 0.35     $ 0.24     $ 1.07     $ 0.89
    Diluted earnings $ 0.32     $ 0.35     $ 0.24     $ 1.07     $ 0.89
    Cash dividends paid $ —     $ —     $ —     $ 0.32     $ 0.29
    Book value per share at end of period $ 17.88     $ 17.10     $ 15.80     $ 17.88     $ 15.80
    Tangible book value per share at end of period (non-GAAP) $ 14.64     $ 13.91     $ 12.61     $ 14.64     $ 12.61

    Reconciliation of GAAP Net Income and Net Income as Adjusted (non-GAAP)

    (in thousands, except per share data)

      Three Months Ended   Nine Months Ended
      September 30,
    2024    		   June 30,
    2024    		   September 30,
    2023    		   September 30,
    2024    		   September 30,
    2023
                       
    GAAP pretax income $ 4,185   $ 4,715   $ 5,042   $ 14,092   $ 14,261
    Branch closure costs (1)   —     168     —     168     —
    Pretax income as adjusted (2) $ 4,185   $ 4,883   $ 5,042   $ 14,260   $ 14,261
    Provision for income tax on net income as adjusted (3)   899     1,077     2,544     3,079     4,895
    Net income as adjusted (non-GAAP) (2) $ 3,286   $ 3,806   $ 2,498   $ 11,181   $ 9,366
    GAAP diluted earnings per share, net of tax $ 0.32   $ 0.35   $ 0.24   $ 1.07   $ 0.89
    Branch closure costs, net of tax   —     0.01     —     0.01     —
    Diluted earnings per share, as adjusted, net of tax (non-GAAP) $ 0.32   $ 0.36   $ 0.24   $ 1.08   $ 0.89
                       
    Average diluted shares outstanding   10,204,195     10,373,089     10,470,098     10,339,802     10,474,685

    (1) Branch closure costs include severance pay recorded in compensation and benefits and depreciation and right of use lease asset accelerated expense included in other non-interest expense in the consolidated statement of operations.
    (2) Pretax income as adjusted and net income as adjusted are non-GAAP measures that management believes enhances the market’s ability to assess the underlying business performance and trends related to core business activities.
    (3) Provision for income tax on net income as adjusted is calculated at our effective tax rate for each respective period presented.


    Loan Composition

    (in thousands)

      September 30, 2024   June 30, 2024   December 31, 2023   September 30, 2023
    Total Loans:              
    Commercial/Agricultural real estate:              
    Commercial real estate $ 730,459     $ 729,236     $ 750,531     $ 750,282  
    Agricultural real estate   76,043       78,248       83,350       84,558  
    Multi-family real estate   239,191       234,758       228,095       219,193  
    Construction and land development   87,875       87,898       110,941       109,799  
    C&I/Agricultural operating:              
    Commercial and industrial   119,619       127,386       121,666       121,033  
    Agricultural operating   27,550       27,409       25,691       24,552  
    Residential mortgage:              
    Residential mortgage   134,944       133,503       129,021       125,939  
    Purchased HELOC loans   2,932       2,915       2,880       2,881  
    Consumer installment:              
    Originated indirect paper   4,405       5,110       6,535       7,175  
    Other consumer   5,438       5,860       6,187       6,440  
    Gross loans $ 1,428,456     $ 1,432,323     $ 1,464,897     $ 1,451,852  
    Unearned net deferred fees and costs and loans in process   (2,703 )     (2,733 )     (2,900 )     (3,048 )
    Unamortized discount on acquired loans   (925 )     (1,002 )     (1,205 )     (1,275 )
    Total loans receivable $ 1,424,828     $ 1,428,588     $ 1,460,792     $ 1,447,529  

    Nonperforming Assets
    Loan Balances at Amortized Cost

    (in thousands, except ratios)

      September 30, 2024   June 30, 2024   December 31, 2023   September 30, 2023
    Nonperforming assets:              
    Nonaccrual loans              
    Commercial real estate $ 4,778     $ 5,350     $ 10,359     $ 10,570  
    Agricultural real estate   6,193       382       391       469  
    Construction and land development   106       —       54       94  
    Commercial and industrial (“C&I”)   1,956       422       —       —  
    Agricultural operating   901       1,017       1,180       1,373  
    Residential mortgage   1,088       1,145       1,167       923  
    Consumer installment   20       36       33       27  
    Total nonaccrual loans $ 15,042     $ 8,352     $ 13,184     $ 13,456  
    Accruing loans past due 90 days or more   530       256       389       971  
    Total nonperforming loans (“NPLs”) at amortized cost   15,572       8,608       13,573       14,427  
    Foreclosed and repossessed assets, net   1,572       1,662       1,795       1,046  
    Total nonperforming assets (“NPAs”) $ 17,144     $ 10,270     $ 15,368     $ 15,473  
    Loans, end of period $ 1,424,828     $ 1,428,588     $ 1,460,792     $ 1,447,529  
    Total assets, end of period $ 1,799,137     $ 1,802,307     $ 1,851,391     $ 1,831,087  
    Ratios:              
    NPLs to total loans   1.09 %     0.60 %     0.93 %     1.00 %
    NPAs to total assets   0.95 %     0.57 %     0.83 %     0.85 %

    Average Balances, Interest Yields and Rates

    (in thousands, except yields and rates)

      Three Months Ended
    September 30, 2024    		   Three Months Ended
    June 30, 2024    		   Three Months Ended
    September 30, 2023
      Average
    Balance    		   Interest
    Income/
    Expense    		   Average
    Yield/
    Rate    		   Average
    Balance    		   Interest
    Income/
    Expense    		   Average
    Yield/
    Rate    		   Average
    Balance    		   Interest
    Income/
    Expense    		   Average
    Yield/
    Rate
    Average interest earning assets:                                  
    Cash and cash equivalents $ 25,187   $ 360   5.69 %   $ 18,894   $ 272   5.79 %   $ 21,298   $ 302   5.63 %
    Loans receivable   1,429,928     20,115   5.60 %     1,439,535     19,921   5.57 %     1,435,284     19,083   5.27 %
    Investment securities   236,960     1,966   3.30 %     238,147     2,012   3.40 %     252,226     2,119   3.33 %
    Other investments   12,553     71   2.25 %     13,051     258   7.95 %     15,511     268   6.85 %
    Total interest earning assets $ 1,704,628   $ 22,512   5.25 %   $ 1,709,627   $ 22,463   5.28 %   $ 1,724,319   $ 21,772   5.01 %
    Average interest-bearing liabilities:                                  
    Savings accounts $ 170,777   $ 450   1.05 %     174,259   $ 429   0.99 %   $ 199,279   $ 328   0.65 %
    Demand deposits   357,201     2,152   2.40 %     354,850   $ 2,023   2.29 %     354,073     1,863   2.09 %
    Money market accounts   381,369     3,126   3.26 %     377,346   $ 2,958   3.15 %     298,098     1,889   2.51 %
    CD’s   379,722     4,437   4.65 %     352,323   $ 3,928   4.48 %     358,238     3,308   3.66 %
    Total deposits $ 1,289,069   $ 10,165   3.14 %   $ 1,258,778   $ 9,338   2.98 %   $ 1,209,688   $ 7,388   2.42 %
    FHLB advances and other borrowings   80,338     1,062   5.26 %     121,967   $ 1,549   5.11 %     182,967     2,263   4.91 %
    Total interest-bearing liabilities $ 1,369,407   $ 11,227   3.26 %   $ 1,380,745   $ 10,887   3.17 %   $ 1,392,655   $ 9,651   2.75 %
    Net interest income     $ 11,285           $ 11,576           $ 12,121    
    Interest rate spread         1.99 %           2.11 %           2.26 %
    Net interest margin         2.63 %           2.72 %           2.79 %
    Average interest earning assets to average interest-bearing liabilities         1.24             1.24             1.24  
      Nine Months Ended
    September 30, 2024    		   Nine Months Ended
    September 30, 2023
      Average
    Balance    		   Interest
    Income/
    Expense    		   Average
    Yield/
    Rate    		   Average
    Balance    		   Interest
    Income/
    Expense    		   Average
    Yield/
    Rate
    Average interest earning assets:                      
    Cash and cash equivalents $ 19,073   $ 823   5.76 %   $ 19,066   $ 768   5.39 %
    Loans receivable   1,441,972     60,204   5.58 %     1,420,423     54,169   5.10 %
    Interest bearing deposits   —     —   — %     84     1   1.59 %
    Investment securities   240,054     6,038   3.36 %     261,507     6,505   3.33 %
    Other investments   12,983     589   6.06 %     16,447     779   6.33 %
    Total interest earning assets $ 1,714,082   $ 67,654   5.27 %   $ 1,717,527   $ 62,222   4.84 %
    Average interest-bearing liabilities:                      
    Savings accounts $ 173,946   $ 1,300   1.00 %   $ 208,446   $ 1,103   0.71 %
    Demand deposits   355,356     6,192   2.33 %     370,235     5,047   1.82 %
    Money market accounts   378,740     9,005   3.18 %     298,957     4,759   2.13 %
    CD’s   364,131     12,215   4.48 %     300,279     6,989   3.11 %
    Total deposits $ 1,272,173   $ 28,712   3.01 %   $ 1,177,917   $ 17,898   2.03 %
    FHLB advances and other borrowings   108,897     4,176   5.12 %     214,034     7,722   4.82 %
    Total interest-bearing liabilities $ 1,381,070   $ 32,888   3.18 %   $ 1,391,951   $ 25,620   2.46 %
    Net interest income     $ 34,766           $ 36,602    
    Interest rate spread         2.09 %           2.38 %
    Net interest margin         2.71 %           2.85 %
    Average interest earning assets to average interest bearing liabilities         1.24             1.23  


    Key Financial Metric Ratios:

      Three Months Ended   Nine Months Ended
      September 30, 2024   June 30, 2024   September 30, 2023   September 30, 2024   September 30, 2023
    Ratios based on net income:                  
    Return on average assets (annualized) 0.72 %   0.81 %   0.54 %   0.81 %   0.68 %
    Return on average equity (annualized) 7.34 %   8.52 %   5.97 %   8.46 %   7.59 %
    Return on average tangible common equity4 (annualized) 9.38 %   10.92 %   7.74 %   10.78 %   9.91 %
    Efficiency ratio 72 %   72 %   67 %   71 %   66 %
    Net interest margin with loan purchase accretion 2.63 %   2.72 %   2.79 %   2.71 %   2.85 %
    Net interest margin without loan purchase accretion 2.61 %   2.70 %   2.76 %   2.69 %   2.82 %
    Ratios based on net income as adjusted (non-GAAP)                  
    Return on average assets as adjusted2 (annualized) 0.72 %   0.84 %   0.54 %   0.82 %   0.68 %
    Return on average equity as adjusted3 (annualized) 7.34 %   8.82 %   5.97 %   8.56 %   7.59 %


    Reconciliation of Return on Average Assets

    (in thousands, except ratios)

      Three Months Ended   Nine Months Ended
      September 30, 2024   June 30, 2024   September 30, 2023   September 30, 2024   September 30, 2023
           
    GAAP earnings after income taxes $ 3,286     $ 3,675     $ 2,498     $ 11,049     $ 9,366  
    Net income as adjusted after income taxes (non-GAAP) (1) $ 3,286     $ 3,806     $ 2,498     $ 11,181     $ 9,366  
    Average assets $ 1,810,826     $ 1,815,693     $ 1,836,775     $ 1,822,106     $ 1,832,832  
    Return on average assets (annualized)   0.72 %     0.81 %     0.54 %     0.81 %     0.68 %
    Return on average assets as adjusted (non-GAAP) (annualized)   0.72 %     0.84 %     0.54 %     0.82 %     0.68 %

    (1) See Reconciliation of GAAP Net Income and Net Income as Adjusted (non-GAAP)


    Reconciliation of Return on Average Equity

    (in thousands, except ratios)

      Three Months Ended   Nine Months Ended
      September 30, 2024   June 30, 2024   September 30, 2023   September 30, 2024   September 30, 2023
    GAAP earnings after income taxes $ 3,286     $ 3,675     $ 2,498     $ 11,049     $ 9,366  
    Net income as adjusted after income taxes (non-GAAP) (1) $ 3,286     $ 3,806     $ 2,498     $ 11,181     $ 9,366  
    Average equity $ 178,050     $ 173,462     $ 166,131     $ 174,436     $ 165,075  
    Return on average equity (annualized)   7.34 %     8.52 %     5.97 %     8.46 %     7.59 %
    Return on average equity as adjusted (non-GAAP) (annualized)   7.34 %     8.82 %     5.97 %     8.56 %     7.59 %

    (1) See Reconciliation of GAAP Net Income and Net Income as Adjusted (non-GAAP)


    Reconciliation of Efficiency Ratio

    (in thousands, except ratios)

      Three Months Ended   Nine Months Ended
      September 30, 2024   June 30, 2024   September 30, 2023   September 30, 2024   September 30, 2023
    Non-interest expense (GAAP) $ 10,421     $ 10,299     $ 9,969     $ 31,497     $ 29,936  
    Less amortization of intangibles   (178 )     (179 )     (179 )     (536 )     (576 )
    Efficiency ratio numerator (GAAP) $ 10,243     $ 10,120     $ 9,790     $ 30,961     $ 29,360  
                       
    Non-interest income $ 2,921     $ 1,913     $ 2,565     $ 8,098     $ 7,770  
    Add back net losses on debt and equity securities   (78 )     (658 )     —       (569 )     —  
    Subtract net gains on debt and equity securities   —       —       116       —       182  
    Net interest income   11,285       11,576       12,121       34,766       36,602  
    Efficiency ratio denominator (GAAP) $ 14,284     $ 14,147     $ 14,570     $ 43,433     $ 44,190  
    Efficiency ratio (GAAP)   72 %     72 %     67 %     71 %     66 %


    Reconciliation of tangible book value per share (non-GAAP)

    (in thousands, except per share data)

    Tangible book value per share at end of period September 30, 2024   June 30, 2024   December 31, 2023   September 30, 2023
    Total stockholders’ equity $ 180,149     $ 176,045     $ 173,334     $ 165,402  
    Less: Goodwill   (31,498 )     (31,498 )     (31,498 )     (31,498 )
    Less: Intangible assets   (1,158 )     (1,336 )     (1,694 )     (1,873 )
    Tangible common equity (non-GAAP) $ 147,493     $ 143,211     $ 140,142     $ 132,031  
    Ending common shares outstanding   10,074,136       10,297,341       10,440,591       10,468,091  
    Book value per share $ 17.88     $ 17.10     $ 16.60     $ 15.80  
    Tangible book value per share (non-GAAP) $ 14.64     $ 13.91     $ 13.42     $ 12.61  


    Reconciliation of tangible common equity as a percent of tangible assets (non-GAAP)

    (in thousands, except ratios)

    Tangible common equity as a percent of tangible assets at end of period September 30, 2024   June 30, 2024   December 31, 2023   September 30, 2023
    Total stockholders’ equity $ 180,149     $ 176,045     $ 173,334     $ 165,402  
    Less: Goodwill   (31,498 )   $ (31,498 )     (31,498 )   $ (31,498 )
    Less: Intangible assets   (1,158 )   $ (1,336 )     (1,694 )   $ (1,873 )
    Tangible common equity (non-GAAP) $ 147,493     $ 143,211     $ 140,142     $ 132,031  
    Total Assets $ 1,799,137     $ 1,802,307     $ 1,851,391     $ 1,831,087  
    Less: Goodwill   (31,498 )     (31,498 )     (31,498 )   $ (31,498 )
    Less: Intangible assets   (1,158 )     (1,336 )     (1,694 )   $ (1,873 )
    Tangible Assets (non-GAAP) $ 1,766,481     $ 1,769,473     $ 1,818,199     $ 1,797,716  
    Total stockholders’ equity to total assets ratio   10.01 %     9.77 %     9.36 %     9.03 %
    Tangible common equity as a percent of tangible assets (non-GAAP)   8.35 %     8.09 %     7.71 %     7.34 %


    Reconciliation of Return on Average Tangible Common Equity (non-GAAP)

    (in thousands, except ratios)

      Three Months Ended   Nine Months Ended
      September 30, 2024   June 30, 2024   September 30, 2023   September 30, 2024   September 30, 2023
    Total stockholders’ equity $ 180,149     $ 176,045     $ 165,402     $ 180,149     $ 165,402  
    Less: Goodwill   (31,498 )     (31,498 )     (31,498 )     (31,498 )     (31,498 )
    Less: Intangible assets   (1,158 )     (1,336 )     (1,873 )     (1,158 )     (1,873 )
    Tangible common equity (non-GAAP) $ 147,493     $ 143,211     $ 132,031     $ 147,493     $ 132,031  
    Average tangible common equity (non-GAAP) $ 145,305     $ 140,539     $ 132,671     $ 141,512     $ 131,425  
    GAAP earnings after income taxes   3,286       3,675       2,498       11,049       9,366  
    Amortization of intangible assets, net of tax   140       140       89       374       378  
    Tangible net income $ 3,426     $ 3,815     $ 2,587     $ 11,423     $ 9,744  
    Return on average tangible common equity (annualized)   9.38 %     10.92 %     7.74 %     10.78 %     9.91 %


    1    Net income as adjusted and net income as adjusted per share are non-GAAP financial measures that management believes enhances investors’ ability to better understand the underlying business performance and trends related to core business activities. For a detailed reconciliation of GAAP to non-GAAP results, see the accompanying financial table “Reconciliation of GAAP Net Income and Net Income as Adjusted (non-GAAP)”.

    2Return on average assets as adjusted is a non-GAAP measure that management believes enhances investors’ ability to better understand the underlying business performance and trends relative to average assets. For a detailed reconciliation of GAAP to non-GAAP results, see the accompanying financial table “Reconciliation of Return on Average Assets as Adjusted (non-GAAP)”.

    3Return on average equity as adjusted is a non-GAAP measure that management believes enhances investors’ ability to better understand the underlying business performance and trends relative to average equity. For a detailed reconciliation of GAAP to non-GAAP results, see the accompanying financial table “Reconciliation of Return on Average Equity as Adjusted (non-GAAP)”.

    4Tangible book value, tangible book value per share, tangible common equity as a percent of tangible assets and return on tangible common equity are non-GAAP measures that management believes enhances investors’ ability to better understand the Company’s financial position. For a detailed reconciliation of GAAP to non-GAAP results, see the accompanying financial table “Reconciliation of tangible book value per share (non-GAAP)”, “Reconciliation of tangible common equity as a percent of tangible assets (non-GAAP)”, and “Reconciliation of return on average tangible common equity)”.

    The MIL Network –

    January 25, 2025
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