Category: Transport

MIL-OSI: After iOS Traction, AI Pet Travel App Kruiz, Announces Android Launch

Source: GlobeNewswire (MIL-OSI)

Irvine, California, May 14, 2025 (GLOBE NEWSWIRE) — Co-founders Brad Pauer and Angela Le had confirmed—twice—that their dog could fly in-cabin on a trip to London. But a last-minute policy change at Heathrow Airport left them stranded, out thousands of dollars, and without options. That single moment sparked the creation of Kruiz—the first AI-powered travel assistant built to transform how pet parents explore the world with their animals.

And now, after a successful iOS launch in April, Kruiz is officially coming to Android by the end of May 2025—something many users have been asking for since day one.

“We’ve heard from Android users around the world: ‘When is it our turn?’” says Brad Pauer, CEO and co-founder. “This launch is about inclusion, accessibility, and delivering on our promise to make pet travel effortless for every kind of traveler.”

From Frustration to Innovation

For millions of pet parents, travel still feels like a gamble. Airline policies shift without notice. Fees and forms are buried in PDFs. A single oversight—like showing up with the wrong-sized carrier—can derail an entire trip.

Kruiz solves that. Built by real pet travelers, not travel agents, Kruiz aggregates the most up-to-date travel rules and policies, combining verified data sources and AI to give pet parents instant, personalized guidance on airline fees, documentation, carrier sizes, and more—all through an intuitive chatbot experience.

Think of it as ChatGPT, but trained specifically for pet travel—and backed by a community that’s been in your shoes.

A Movement, Not Just an App

Before even launching publicly, Kruiz secured 10+ strategic partnerships, won the Audience Choice Award at UC Berkeley’s LAUNCH Accelerator, and validated deep market interest. Now live on iOS, the app has seen rapid early adoption with hundreds of users in its first few weeks—a strong signal of product-market fit ahead of its Android release in May 2025.

But beyond awards and downloads, Kruiz is resonating for a deeper reason: it speaks directly to the overlooked traveler. The kind who sees pets as family, not cargo. The kind who just wants someone—anyone—to make things easier.

“Pet travel has always been fragmented,” said Pauer. “We’re not just filling a gap—we’re reimagining what the travel experience can feel like: stress-free and inclusive.”

What’s Next

With the Android release now on deck, Kruiz is also preparing to roll out new features in summer 2025—including hotel and flight booking, car rentals, and international travel support. Kruizy, the AI assistant at the heart of the app, continues to learn and adapt with every user interaction.

And while the technology is powerful, the mission stays simple: give pet parents peace of mind, wherever they go.

The Kruiz Android app will be available for download in the Google Play Store by the end of May 2025.

To learn more, visit Kruiz.co or follow @letskruiz on Instagram, TikTok, and LinkedIn.

The MIL Network –

May 15, 2025
MIL-OSI: ArrowMark Financial Corp. Releases Month End Estimated Net Asset Value as of April 2025

Source: GlobeNewswire (MIL-OSI)

DENVER, May 14, 2025 (GLOBE NEWSWIRE) — ArrowMark Financial Corp., (NASDAQ: BANX) (“ArrowMark Financial”), today announced that BANX’s estimated and unaudited Net Asset Value (“NAV”) as of April 30, 2025, was $21.74.

This estimated NAV is not a comprehensive statement of our financial condition or results for the month April 30, 2025.

About ArrowMark Financial Corp.
ArrowMark Financial Corp. is an SEC registered non-diversified, closed-end fund listed on the NASDAQ Global Select Market under the symbol “BANX.” Its investment objective is to provide shareholders with current income. BANX pursues its objective by investing primarily in regulatory capital securities of financial institutions. BANX is managed by ArrowMark Asset Management, LLC. To learn more, visit ir.arrowmarkfinancialcorp.com, or contact Destra at 877.855.3434 or by email at BANX@destracapital.com.

Disclaimer and Risk Factors:
There is no assurance that ArrowMark Financial will achieve its investment objective. ArrowMark Financial is subject to numerous risks, including investment and market risks, management risk, income and interest rate risks, banking industry risks, preferred stock risk, convertible securities risk, debt securities risk, liquidity risk, valuation risk, leverage risk, non-diversification risk, credit and counterparty risks, market at a discount from net asset value risk and market disruption risk. Shares of closed-end investment companies may trade above (a premium) or below (a discount) their net asset value. Shares of ArrowMark Financial may not be appropriate for all investors. Investors should review and consider carefully ArrowMark Financial’s investment objective, risks, charges and expenses. Past performance does not guarantee future results.

The Annual Report, Semi-Annual Report and other regulatory filings of the Company with the SEC are accessible on the SEC’s website at www.sec.gov and on the BANX’s website at ir.arrowmarkfinancialcorp.com.

Contact:
BANX@destracapital.com

The MIL Network –

May 15, 2025

MIL-OSI: North American Construction Group Ltd. Announces Results for the First Quarter Ended March 31, 2025

Source: GlobeNewswire (MIL-OSI)

ACHESON, Alberta, May 14, 2025 (GLOBE NEWSWIRE) — North American Construction Group Ltd. (“NACG”) (TSX:NOA/NYSE:NOA) today announced results for the first quarter ended March 31, 2025. Unless otherwise indicated, financial figures are expressed in Canadian dollars, and comparisons are to the prior period ended March 31, 2024.

First Quarter 2025 Highlights:

Combined revenue of $391.5 million, the second-highest quarter in company history, compared favorably to $345.7 million in the same period last year and was driven equally by higher heavy equipment fleet commissioned in Australia and higher equipment utilization in Canada.
Reported revenue of $340.8 million, compared to $297.0 million in the same period last year, was driven primarily by increased capacity in Australia and a 68% utilization in Canada. However, lower utilization in Australia, due to the high number of rain days in February and March, far exceeding historical average, tempered overall performance.
Our net share of revenue from equity consolidated joint ventures was $50.7 million in 2025 Q1, compared to $48.7 million in the same period last year. While the Fargo project saw a quarter-over-quarter increase, this was offset by lower volumes within the Nuna Group of Companies and the discontinuation of the Brake Supply joint venture.
Adjusted EBITDA of $99.9 million was a slight increase of $2.5 million, or 3%, compared to the 2024 Q1 result of $97.4 million. However, the operational challenges of excessive rainfall in Australia and an extended bitter cold snap in Canada fully offset the 15% increase in revenue.
Combined gross profit of $51.6 million and margin of 13.2% declined compared to the $62.4 million and 18.1% metrics posted in the same period last year. The overall margin decrease reflects the specific impacts of rain and cold weather in Australia and Canada.
Cash flows generated from operating activities reached $51.4 million, exceeding the $19.0 million reported in the same period last year, primarily due to a lower working capital draw in the current quarter. Sustaining capital additions of $89.9 million reflect the front-loaded nature of our capital maintenance program in Canada.
Free cash flow resulted in a use of cash of $41.6 million in the quarter, driven by the consumption of $24.5 million by our working capital accounts. The working capital draw on cash remains directionally consistent to 2024 Q1 and aligns with the typical seasonal impacts of our annual business cycle.
Net debt was $867.5 million at March 31, 2025, an increase of $11.3 million from December 31, 2024, as free cash flow usage and growth spending required debt financing. The cash-related interest rate during the quarter on our debt was 6.2% due to Bank of Canada posted rates and the impact on equipment financing rates.
Additional highlights during and after the quarter: i) the Fargo-Moorhead flood diversion project passed the 65% completion mark prior to March 31; ii) successfully commenced the early development work at a copper mine in New South Wales; iii) first operational wins achieved under the new Finning parts and component supply and services agreement; iv) converted $73 million of debentures to 3.0 million common shares; and v) on May 1, completed $225 million of senior unsecured financing to increase liquidity as we advance efforts on heavy civil infrastructure and mining opportunities in Australia and North America.

Joe Lambert, President and CEO stated, “It’s no surprise that severe weather impacts our business, and Q1 2025 proved especially challenging across both geographies. However, we remain optimistic about the more stable conditions expected for the remainder of the year. Our full-year expectations remain intact, and we are eager to execute the contracted scopes for our customers. We continue to see significant opportunities and tailwinds in the heavy civil infrastructure and mining industries in Australia and North America and are diligently advancing efforts to secure new scopes, leveraging our strong reputation in these regions.”

Consolidated Financial Highlights

	Three months ended
	March 31,
(dollars in thousands, except per share amounts)		2025			2024		Change
Revenue	$	340,833		$	297,026		$	43,807
Cost of sales⁽ⁱ⁾		242,228			195,670			46,558
Depreciation⁽ⁱ⁾		60,714			47,862			12,852
Gross profit⁽ⁱ⁾	$	37,891		$	53,494		$	(15,603	)
Gross profit margin^(i)(ii)		11.1	%		18.0	%	(6.9		)%
General and administrative expenses (excluding stock-based compensation)⁽ⁱⁱ⁾		11,090			10,835			255
Stock-based compensation (benefit) expense		(3,408	)		3,608			(7,016	)
Operating income⁽ⁱ⁾		30,582			38,480			(7,898	)
Interest expense, net		13,516			15,597			(2,081	)
Net income⁽ⁱ⁾		6,163			11,511			(5,348	)
Comprehensive income⁽ⁱ⁾		6,641			10,818			(4,177	)

Adjusted EBITDA^(i)(ii)		99,932			97,386			2,546
Adjusted EBITDA margin^(i)(ii)(iii)		25.5	%		28.2	%	(2.7		)%

Per share information
Basic net income per share	$	0.22		$	0.43		$	(0.21	)
Diluted net income per share	$	0.21		$	0.39		$	(0.18	)
Adjusted EPS⁽ⁱⁱ⁾	$	0.52		$	0.79		$	(0.27	)

⁽ⁱ⁾The prior year amounts are adjusted to reflect a change in policy. See “Accounting Estimates, Pronouncements and Measures”.
⁽ⁱⁱ⁾See “Non-GAAP Financial Measures”.
⁽ⁱⁱⁱ⁾Adjusted EBITDA margin is calculated using adjusted EBITDA over total combined revenue.

	Three months ended
	March 31,
(dollars in thousands)		2025			2024
Consolidated Statements of Cash Flows
Cash provided by operating activities⁽ⁱ⁾	$	51,418		$	18,959
Cash used in investing activities⁽ⁱ⁾		(93,781	)		(66,095	)
Effect of exchange rate on changes in cash		(1,075	)		(99	)
Add back of growth and non-cash items included in the above figures:
Growth capital additions⁽ⁱⁱ⁾		28,066			19,607
Capital additions financed by leases⁽ⁱⁱ⁾		(26,203	)		(14,156	)
Free cash flow⁽ⁱ⁾	$	(41,575	)	$	(41,784	)

⁽ⁱ⁾The prior year amounts are adjusted to reflect a change in policy. See “Accounting Estimates, Pronouncements and Measures”.
⁽ⁱⁱ⁾See “Non-GAAP Financial Measures”.

Declaration of Quarterly Dividend

On May 14th, 2025, the NACG Board of Directors declared a regular quarterly dividend (the “Dividend”) of twelve Canadian cents ($0.12) per common share, payable to common shareholders of record at the close of business on June 4, 2025. The Dividend will be paid on July 11, 2025, and is an eligible dividend for Canadian income tax purposes.

Resignation of Vanessa Guthrie

Effective May 14, 2025, Dr. Vanessa Guthrie, AO, resigned from her position as a director of NACG for personal reasons. Martin Ferron, Chair of the Board, stated “We wish to extend our sincerest thanks to Dr. Guthrie for the insight and perspectives she brought to the company during what was an important transitional period for us as we expanded operations into Australia. We wish her all the best in the future.”

Results for the Three Months Ended March 31, 2025

Revenue of $340.8 million represented a $43.8 million (or 15%) increase from 2024 Q1 as Heavy Equipment – Australia and Heavy Equipment – Canada were up 18% and 13%, respectively.

Revenue within Heavy Equipment – Australia, which is primarily comprised of the MacKellar Group (“MacKellar”), increased $23.8 million quarter-over-quarter primarily due to a 25% increase in the large capacity heavy equipment fleet over the past twelve months. This fleet increase was offset by the 12% decrease in equipment utilization (68% versus 2024 Q1 of 80%) as the high number of rain days experienced in both February and March well exceeded historical averages and operational expectations. The Carmichael mine was significantly affected by rain, receiving over 340 mm of rainfall over the two months, nearly double the historical average and our forecast of 180 mm. Excessive rainfall caused the slowdown of mining activity and the parking of the large capacity heavy mining equipment due to flooding of the lower lying mining areas as well as certain mine, access and service roads requiring additional maintenance.

Equipment utilization in the oil sands region of 68% drove a 13% increase from 2024 Q1 in the Heavy Equipment – Canada segment. Demand for large capacity heavy equipment was strong for the full quarter, with top-line performance constrained only by extended periods of cold weather and mechanical availability. The Millennium mine currently has approximately 40% of our fleet operating on site and is the primary driver of both equipment utilization and top-line revenue.

Combined revenue in the quarter of $391.5 million, the second-highest quarter in company history, represented a $45.8 million (or 13%) increase from 2024 Q1. Our share of revenue generated in the quarter by joint ventures and affiliates was $50.7 million, compared to $48.7 million in 2024 Q1 (an increase of 4%) with quarter-over-quarter increases in the Fargo project offset by lower volumes within the Nuna Group of Companies (“Nuna”) as well as the termination of the Brake Supply Joint Venture which occurred in the latter half of 2024. The Fargo project progressed past the 65% completion mark during the quarter with the modest top-line revenue reflecting the expected impact of winter conditions on civil earth-moving scopes.

Adjusted EBITDA of $99.9 million was a slight increase of $2.5 million, or 3%, from the 2024 Q1 result of $97.4 million as the operational challenges of excessive rainfall in Australia and a bitter extended cold snap in Canada fully offset the 15% increase in revenue. The adjusted EBITDA margin of 25.5% was lower compared to the previous quarter, primarily due to the challenging weather conditions in both segments, which affected operational efficiency. 2024 Q1, which experienced typical seasonal conditions, posted a 28.2% adjusted EBITDA margin with the approximate 3.0% variance being a fair reflection of the weather’s impact to 2025 Q1.

Excessive rainfall in Australia in February and March impacted operating margins with the Carmichael mine being the most affected in terms of the sheer quantity of rainfall experienced in those two months. Steady margin performance depends on the continuous operation of the primary fleet of large capacity heavy mining equipment. When this equipment is parked due to weather or other interruptions, not only is top-line revenue constrained, but it also becomes an opportune time to perform certain maintenance activities. While these activities support longer-term equipment reliability and utilization, they can increase costs, impacting margins in the current quarter. Additionally, rain days contribute to further cost pressures, as they introduce expenses not typically incurred during normal operations, such as site cleanup, dewatering, and related weather recovery efforts.

Based on historical precedent, gross margins at that site were over 10% lower than operational expectation and drove the decrease in gross profit margin in this segment from 24.7% in 2024 Q1 to 16.1% in 2025 Q1.

The extreme cold snap in the oil sands region in February impacted operating margins with all five operating sites being equally affected. This segment gross profit margin of 5.5% was impacted significantly by this cold weather with the correlated high idle time and required additional cost incurred to operate at frigid temperatures for an extended period of time. Using 2024 Q1 and 2023 Q1 as reasonable benchmarks, it is estimated that the cold weather impacted gross profit margin by approximately 5.0% to 7.0%. In addition to the weather, extraordinary early component failures related to the now discontinued component supply agreement with a third-party vendor impacted margins by $4.3 million in the quarter.

Depreciation of our equipment fleet was 17.8% of revenue in the quarter, compared to 16.1% in 2024 Q1. The Heavy Equipment – Canada fleet averaged approximately 24.0% of revenue due to required high idle time in February. This is offset by depreciation on the Heavy Equipment – Australia fleet, which averaged approximately 12.4% of revenue, largely driven by MacKellar depreciation of 13.0% of revenue in the quarter. On a combined basis, depreciation averaged 17.1% of combined revenue in the quarter, compared to 15.0% in 2024 Q1, due to high depreciation experienced in Canada during the quarter.

General and administrative expenses (excluding stock-based compensation) were $11.1 million, or 3.3% of revenue, compared to $10.8 million, or 3.6% of revenue, in 2024 Q1. Cash related interest expense incurred on our debt for the quarter was $12.9 million at an average cost of debt of 6.2%, compared to 8.1% in 2024 Q1, as rate decreases posted by the Bank of Canada directly impact our Credit Facility and have a delayed impact on the rates for secured equipment-backed financing.

Adjusted earnings per share (“EPS”) of $0.52 and adjusted net earnings of $14.5 million were down 34.2% and 31.0% from the prior year figures of $0.79 and $21.0 million, respectively. The $6.5 million decrease in adjusted net earnings is due to the slightly higher EBITDA being more than offset by the higher depreciation expenses, as discussed above, as well as higher interest expenses associated with the fleet acquired and debt assumed upon acquisition of MacKellar.

Adjusted earnings per share (“EPS”) of $0.52 was down $0.27 per share from the prior year figure of $0.79 per share primarily from the factors mentioned above. Weighted-average common shares outstanding for the first quarters of 2025 and 2024 were 27,859,886 and 26,733,473, respectively.

Between January 29 and February 28, 2025, approximately 3.0 million common shares were issued to convertible debenture holders for a value of $72.7 million and which contributed approximately $0.02 in the aforementioned quarter-over-quarter adjusted earnings per share variance of $0.27 per share.

Free cash flow was a use of cash of $41.6 million in the quarter primarily due to the consumption of $24.5 million by our working capital accounts. The working capital draw on cash is directionally consistent to 2024 Q1 and is comparable with past seasonal impacts of our annual business cycle. Adjusted EBITDA generated $99.9 million and when factoring in sustaining capital additions ($89.9 million) and cash interest paid ($16.2 million), $6.2 million of cash was used by the overall business in the quarter.

Business Updates

2025 Strategic Focus Areas

Safety – maintain our uncompromising commitment to health and safety while elevating the standard of excellence in the field, particularly with regards to front-line leadership training;
Operational excellence – put into action practical and experienced-based protocols to ensure predictable high-quality project execution in Australia;
Execution – enhance equipment availability in Canada through improved fleet maintenance, equipment telematics and reliability programs, technical improvements and management systems;
Integration – utilize recently implemented ERP at MacKellar Group to optimize business processes to lower overall costs and improve working capital management;
Organic growth – based on strong site operating performance, leverage customer satisfaction to earn contract extensions and expansions
Diversification – pursue diversification of customers and resources through strategic partnerships, industry expertise and investment in Indigenous joint ventures; and
Sustainability – further develop and deliver into our environmental, social, and governance goals.

Liquidity

Our current liquidity positions us well moving forward to fund organic growth and the required correlated working capital investments. Including equipment financing availability and factoring in the amended Credit Facility agreement, total available capital liquidity of $198.5 million includes total liquidity of $147.2 million and $32.9 million of unused finance lease borrowing availability as at March 31, 2025. Liquidity is primarily provided by the terms of our $524.7 million credit facility which allows for funds availability based on a trailing twelve-month EBITDA as defined in the agreement, and is now scheduled to expire in May 2028.

	March 31, 2025			December 31, 2024
Cash	$	78,241		$	77,875
Credit Facility borrowing limit		524,675			522,550
Credit Facility drawn		(421,702	)		(395,844	)
Letters of credit outstanding		(33,998	)		(33,992	)
Cash liquidity⁽ⁱ⁾	$	147,216		$	170,589
Finance lease borrowing limit		400,000			400,000
Other debt borrowing limit		20,000			20,000
Equipment financing drawn		(310,362	)		(253,639	)
Guarantees provided to joint ventures		(58,314	)		(61,675	)
Total capital liquidity⁽ⁱ⁾	$	198,540		$	275,275

⁽ⁱ⁾See “Non-GAAP Financial Measures”.

Subsequent to the three months ended March 31, 2025, on April 25, 2025, we announced that we entered into an underwriting agreement to sell, pursuant to a private placement offering, $225 million aggregate principal amount of 7.75% Senior Unsecured Notes due May 1, 2030 (the “Notes”). The agreement closed on May 1, 2025. The Notes were issued at a price of $1,000 per $1,000 of Notes. The Notes will accrue interest at the rate of 7.75% per annum, payable in cash in equal payments semi-annually in arrears each November 1 and May 1, commencing on November 1, 2025. We intend to use the net proceeds of the Offering to repay indebtedness under our existing Credit Agreement, and for general corporate purposes.

NACG’s outlook for 2025

The following table provides projected key measures for 2025. These measures are predicated on contracts currently in place, including expected renewals, and the heavy equipment fleet that we own and operate.

Key measures		2025
Combined revenue⁽ⁱ⁾		$1.4 – $1.6B
Adjusted EBITDA⁽ⁱ⁾		$415 – $445M
Sustaining capital⁽ⁱ⁾		$180 – $200M
Adjusted EPS⁽ⁱ⁾		$3.70 – $4.00
Free cash flow⁽ⁱ⁾		$130 – $150M

Capital allocation
Growth spending⁽ⁱ⁾		$65 – $75M
Net debt leverage⁽ⁱ⁾		Targeting 1.7x

⁽ⁱ⁾See “Non-GAAP Financial Measures”.

Conference Call and Webcast

Management will hold a conference call and webcast to discuss our financial results for the quarter ended March 31, 2025, tomorrow, Thursday, May 15, 2025, at 7:00 am Mountain Time (9:00 am Eastern Time).

The call can be accessed by dialing:
Toll free: 1-800-717-1738
Conference ID: 42703

A replay will be available through June 12, 2025, by dialing:
  Toll Free: 1-888-660-6264
  Conference ID: 42703
  Playback Passcode: 42703

The Q1 2025 earnings presentation for the webcast will be available for download on the company’s website at www.nacg.ca/presentations/

The live presentation and webcast can be accessed at:

https://onlinexperiences.com/scripts/Server.nxp?LASCmd=AI:4;F:QS!10100&ShowUUID=5E415713-29A1-4D60-A023-BF0345BED32F

A replay will be available until June 12, 2025, using the link provided.

Basis of Presentation

We have prepared our consolidated financial statements in conformity with accounting principles generally accepted in the United States (“US GAAP”). Unless otherwise specified, all dollar amounts discussed are in Canadian dollars. Please see the Management’s Discussion and Analysis (“MD&A”) for the quarter ended March 31, 2025, for further detail on the matters discussed in this release. In addition to the MD&A, please reference the dedicated Q1 2025 Results Presentation for more information on our results and projections which can be found on our website under Investors – Presentations.

Change in significant accounting policy – Classification of multi-use tires

Effective in the first quarter of 2025, we have changed our accounting policy for the classification of multi-life tires. These tires are now recognized as property, plant, and equipment on the Consolidated Balance Sheets and are amortized through depreciation on the Consolidated Statements of Operations and Comprehensive Income. Previously, multi-life tires were classified as inventories and expensed through cost of sales when placed into service. This change in accounting policy provides a more accurate reflection of the role of multi-life tires as components of the heavy equipment in which they are utilized, aligning the accounting treatment with the economic substance of their use.

We have applied this change retrospectively in accordance with Accounting Standards Codification (“ASC”) 250, Accounting Changes and Error Corrections, by restating the comparative period. For further details regarding the retrospective adjustments, refer to Note 16 in the consolidated financial statements for the period ended March 31, 2025.

Forward-Looking Information

The information provided in this release contains forward-looking statements. Forward-looking statements include statements preceded by, followed by or that include the words “anticipate”, “believe”, “expect”, “should” or similar expressions.

The material factors or assumptions used to develop the above forward-looking statements include, and the risks and uncertainties to which such forward-looking statements are subject, are highlighted in the MD&A for the three months ended March 31, 2025. Actual results could differ materially from those contemplated by such forward-looking statements because of any number of factors and uncertainties, many of which are beyond NACG’s control. Undue reliance should not be placed upon forward-looking statements and NACG undertakes no obligation, other than those required by applicable law, to update or revise those statements. For more complete information about NACG, please read our disclosure documents filed with the SEC and the CSA. These free documents can be obtained by visiting EDGAR on the SEC website at www.sec.gov or on the CSA website at www.sedarplus.com.

Non-GAAP Financial Measures

This press release presents certain non-GAAP financial measures because management believes that they may be useful to investors in analyzing our business performance, leverage and liquidity. The non-GAAP financial measures we present include “adjusted EBIT”, “adjusted EBITDA”, “adjusted EBITDA margin”, “adjusted EPS”, “adjusted net earnings”, “capital additions”, “capital work in progress”, “cash liquidity”, “cash provided by operating activities prior to change in working capital”, “cash related interest expense”, “combined gross profit”, “combined gross profit margin”, “equity investment depreciation and amortization”, “equity investment EBIT”, “free cash flow”, “general and administrative expenses (excluding stock-based compensation)”, “gross profit margin”, “growth capital”, “margin”, “net debt”, “net debt leverage”, “sustaining capital”, “total capital liquidity”, “total combined revenue”, and “total debt”. A non-GAAP financial measure is defined by relevant regulatory authorities as a numerical measure of an issuer’s historical or future financial performance, financial position or cash flow that is not specified, defined or determined under the issuer’s GAAP and that is not presented in an issuer’s financial statements. These non-GAAP measures do not have any standardized meaning and therefore are unlikely to be comparable to similar measures presented by other companies. They should not be considered in isolation or as a substitute for measures of performance prepared in accordance with GAAP. Each non-GAAP financial measure used in this press release is defined and reconciled to its most directly comparable GAAP measure in the “Non-GAAP Financial Measures” section of our Management’s Discussion and Analysis filed concurrently with this press release.

Reconciliation of total reported revenue to total combined revenue

	Three months ended
	March 31,
(dollars in thousands)		2025			2024
Revenue from wholly-owned entities per financial statements	$	340,833		$	297,026
Share of revenue from investments in affiliates and joint ventures		136,237			125,838
Elimination of joint venture subcontract revenue		(85,566	)		(77,151	)
Total combined revenue⁽ⁱ⁾	$	391,504		$	345,713

⁽ⁱ⁾See “Non-GAAP Financial Measures”.

Reconciliation of reported gross profit to combined gross profit

	Three months ended
	March 31,
(dollars in thousands)		2025		2024
Gross profit from wholly-owned entities per financial statements	$	37,891	$	53,494
Share of gross profit from investments in affiliates and joint ventures		13,677		8,935
Combined gross profit^(i)(ii)	$	51,568	$	62,429

⁽ⁱ⁾See “Non-GAAP Financial Measures”.
⁽ⁱⁱ⁾The prior year amounts are adjusted to reflect a change in policy. See “Accounting Estimates, Pronouncements and Measures”.

Reconciliation of net income to adjusted net earnings, adjusted EBIT and adjusted EBITDA

	Three months ended
	March 31,
(dollars in thousands)		2025			2024
Net income⁽ⁱ⁾	$	6,163		$	11,511
Adjustments:
Stock-based compensation (benefit) expense		(3,408	)		3,608
(Gain) loss on disposal of property, plant and equipment		(974	)		261
Change in fair value of contingent obligations from adjustments to estimates		(1,317	)		1,438
Loss on derivative financial instruments		6,912			—
Equity investment loss on derivative financial instruments		1,019			1,954
Equity investment restructuring costs		—			4,517
Depreciation expense relating to early component failures		4,274			—
Post-acquisition asset relocation and integration costs		1,640			—
Tax effect of the above items		208			(2,260	)
Adjusted net earnings^(i)(ii)		14,517			21,029
Adjustments:
Tax effect of the above items		(208	)		2,260
Interest expense, net		13,516			15,597
Equity investment EBIT⁽ⁱⁱ⁾		3,310			(3,768	)
Equity (earnings) loss in affiliates and joint ventures		(3,283	)		1,512
Change in fair value of contingent obligations		4,347			3,955
Income tax expense		4,244			4,467
Adjusted EBIT^(i)(ii)		36,443			45,052
Adjustments:
Depreciation⁽ⁱ⁾		60,714			47,862
Amortization of intangible assets		601			310
Depreciation expense relating to early component failures		(4,274	)		—
Equity investment depreciation and amortization⁽ⁱⁱ⁾		6,448			4,162
Adjusted EBITDA^(i)(ii)	$	99,932		$	97,386
Adjusted EBITDA margin^(i)(ii)(iii)		25.5	%		28.2	%

Reconciliation of equity earnings in affiliates and joint ventures to equity investment EBIT

	Three months ended
	March 31,
(dollars in thousands)		2025			2024
Equity (loss) earnings in affiliates and joint ventures	$	3,283		$	(1,512	)
Adjustments:
Loss (gain) on disposal of property, plant and equipment		2			(175	)
Interest income		(29	)		(573	)
Income tax expense (benefit)		54			(1,508	)
Equity investment EBIT⁽ⁱ⁾	$	3,310		$	(3,768	)

⁽ⁱ⁾See “Non-GAAP Financial Measures”.

About the Company

North American Construction Group Ltd. is a premier provider of heavy civil construction and mining services in Australia, Canada, and the U.S. For 70 years, NACG has provided services to the mining, resource and infrastructure construction markets.

For further information contact:

Jason Veenstra, CPA, CA
Chief Financial Officer
North American Construction Group Ltd.
(780) 960-7171
IR@nacg.ca
www.nacg.ca

Interim Consolidated Balance Sheets

(Expressed in thousands of Canadian Dollars)
(Unaudited)

	March 31, 2025			December 31, 2024⁽ⁱ⁾
Assets
Current assets
Cash	$	78,241		$	77,875
Accounts receivable		186,850			166,070
Contract assets		19,676			4,135
Inventories		74,242			69,027
Prepaid expenses and deposits		6,523			7,676
Assets held for sale		782			683
		366,314			325,466
Property, plant and equipment, net of accumulated depreciation of $503,486 (December 31, 2024 – $500,303)		1,314,635			1,251,874
Operating lease right-of-use assets		11,539			12,722
Investments in affiliates and joint ventures		86,341			84,692
Intangible assets		10,072			9,901
Other assets		5,581			9,845
Total assets	$	1,794,482		$	1,694,500
Liabilities and shareholders’ equity
Current liabilities
Accounts payable	$	138,700		$	110,750
Accrued liabilities		59,454			78,010
Contract liabilities		6,734			1,944
Current portion of long-term debt		150,301			84,194
Current portion of contingent obligations		40,139			39,290
Current portion of operating lease liabilities		1,475			1,771
		396,803			315,959
Long-term debt		663,622			719,399
Contingent obligations		91,107			88,576
Operating lease liabilities		10,612			11,441
Other long-term obligations		42,792			44,711
Deferred tax liabilities		127,615			125,378
		1,332,551			1,305,464
Shareholders’ equity
Common shares (authorized – unlimited number of voting common shares; issued and outstanding – March 31, 2025 – 30,601,681 (December 31, 2024 – 27,704,450))		298,858			228,961
Treasury shares (March 31, 2025 – 1,004,074 (December 31, 2024 – 1,000,328))		(16,036	)		(15,913	)
Additional paid-in capital		20,856			20,819
Retained earnings		158,877			156,271
Accumulated other comprehensive loss		(624	)		(1,102	)
Shareholders’ equity		461,931			389,036
Total liabilities and shareholders’ equity	$	1,794,482		$	1,694,500

⁽ⁱ⁾The prior year amounts are adjusted to reflect a change in policy. See “Accounting Estimates, Pronouncements and Measures”.

Interim Consolidated Statements of Operations and Comprehensive Income

(Expressed in thousands of Canadian Dollars, except per share amounts)
(Unaudited)

	Three months ended
	March 31,
		2025		2024⁽ⁱ⁾
Revenue	$	340,833		$	297,026
Cost of sales		242,228			195,670
Depreciation		60,714			47,862
Gross profit		37,891			53,494
General and administrative expenses		7,682			14,443
Amortization of intangible assets		601			310
(Gain) loss on disposal of property, plant and equipment		(974	)		261
Operating income		30,582			38,480
Interest expense, net		13,516			15,597
Equity (earnings) loss in affiliates and joint ventures		(3,283	)		1,512
Loss on derivative financial instruments		6,912			—
Change in fair value of contingent obligations		3,030			5,393
Income before income taxes		10,407			15,978
Current income tax expense		1,777			4,296
Deferred income tax expense		2,467			171
Net income	$	6,163		$	11,511
Other comprehensive income
Unrealized foreign currency translation (gain) loss		(478	)		693
Comprehensive income	$	6,641		$	10,818
Per share information
Basic net income per share	$	0.22		$	0.43
Diluted net income per share	$	0.21		$	0.39

⁽ⁱ⁾The prior year amounts are adjusted to reflect a change in policy. See “Accounting Estimates, Pronouncements and Measures”.

The MIL Network –

May 15, 2025

MIL-OSI New Zealand: Launch of the Social Investment Fund

Source: NZ Music Month takes to the streets

Kia ora koutou katoa. Nau mai, haere mai, piki mai. Ki te mihi atu ahau, ki ngā mana whenua nei, tenei te mihi i kaikarakia ko Riki Minhinnick, tēnā koutou, tēnā koutou, tēnā koutou katoa.
Thank you to the Southern Initiative for hosting us in Manukau today.
As many of you will know the Southern Initiative champions social and community innovation in south Auckland to drive real change for people in need.
There are many parallels with the work the Social Investment Agency is doing, and I’m delighted to be making today’s announcement here.
I would also like to acknowledge the presence of Social Investment Board members Dr Graham Scott, David Woods and Mike Williams.
Last year I told a story about Jack. It was not your classic Hollywood underdog story – maybe something closer to home, gritty and independent and without a cosy fairytale ending.
When we left Jack he was 22-years-old, had been arrested for assault and was heading to prison. His pregnant partner Danni and four-year-old son were living in a damp, overcrowded rental in South Auckland. He’d had frequent and extensive interactions with government services, which had not been successful in providing the intervention or support he needed to break the cycle.
Over successive decades and successive governments it’s become increasingly clear that despite billions of dollars being spent major barriers in the system are holding back change.
The sad reality is that despite many good intentions, outcomes haven’t improved for many of our most vulnerable – people like Jack and his partner Danni – whose complex needs span multiple government portfolios.
Since we last talked about Jack, the Social Investment Agency has been developing a new social investment approach for better delivery of social services.
The Government currently funds a huge number of non-government organisations to deliver social services to improve the lives of vulnerable New Zealanders. But many of these providers are operating with one arm tied behind their backs because of a traditionally fragmented, short-term approach to contracting.
I’ve been told of providers juggling over 100 contracts with up to 17 different agencies – many of them renewed annually. That creates uncertainty, pushes up costs, and drives short-term thinking.
Contracts are often highly prescriptive, focused on easily measured inputs and outputs, rather than the outcomes that actually matter to peoples’ lives.
Social providers report spending up to a third of their time on auditing and reporting, rather than working with the people they are supposed to be helping.
Those delivering services that span multiple government agencies often find their overall impact goes unrecognised. Each agency sees only the part that relates to its silo, missing the broader value of the work. As a result, effective, integrated community support is undervalued, and the people who need it most, like Jack and Danni, miss out.
The people in this room know that New Zealanders like Jack and Danni require intensive and bespoke services, which are most effective when provided in their communities, not one-size-fits-all programmes driven by the organisational needs of Wellington bureaucracies.
Social investment flips the model. It puts people – like Jack and his whānau – at the centre of social service delivery.
It means being clear about the outcomes we’re purchasing, who we’re targeting, and the data and evidence we’ll use to determine what is and isn’t working – and what we should, and shouldn’t, be funding.
And it means partnering better with the organisations like many of you here today, who are best placed to help the likes of Jack, Danni and Jack Jr thrive – as long as Government will let you.
SOCIAL INVESTMENT FUND
To drive this change, today I am announcing that Budget 2025 allocates $275 million over the next four years to Vote Social Investment.
The centrepiece of the Social Investment Budget is a new $190 million Social Investment Fund, designed to change lives and tackle the very problems we’ve talked about – short-term contracts, siloed funding, and a lack of focus on outcomes.
In addition, the Social Investment Agency has been allocated:

$20 million for initiatives that strengthen parenting in the first 2000 days of a child’s life, reducing harm and setting children up for better long-term outcomes; and
$25 million for initiatives to help prevent children and vulnerable adults from entering state care, as part of the Crown’s response to the Royal Commission of Inquiry into Historical Abuse in State Care.

The hero of today’s announcement is the Social Investment Fund.
It will invest in services that deliver measurable improvements in the lives of those who need our help, guided by data and evidence. It will support both new approaches and strengthen existing services that work.
Each investment will have robust evaluation built in from the start, so Government can track the Fund’s impact and invest taxpayer money with confidence.
The Fund is expected to invest in at least 20 initiatives over the next year.
Today, I’m pleased to announce the first three initiatives which demonstrate how the Fund will work in practice:
The first is an Autism NZ initiative to each year help 50 families of young children who are autistic or showing signs of autism by intervening early so that families, teachers, and other professionals, are better able to help these young people to thrive at school.
The second extends to another 80 families an evidence-based Emerge Aotearoa programme that has been proven to reduce youth offending and truancy.
The third is He Piringa Whare, an expanded programme delivered by Te Tihi o Ruahine, an alliance of nine hapū, iwi, Māori organisations, partners and providers with a track record of using data and evidence to shape its services.
The He Piringa Whare programme will support over 130 families at a time to live in warm, dry homes, engage them in education, training and employment and support whānau to live in relationships that are free from violence.
All three of these initiatives have established expertise, but all have historically struggled to secure funding for their services because the outcomes span multiple government agencies.
My goal is that the Government’s new approach will help us prove the return on these investments so we can scale them up over time.
But what might the work of the Social Investment Fund actually mean for someone like Jack and Danni?
It could mean a coordinated response from Te Tihi: support for Jack as he reintegrates into his community after prison, parenting programmes for him and Danni, smoking interventions while Danni is pregnant; tailored housing support; and education and health services wrapped around their young family.
Not a patchwork of agencies working in silos, and providers cobbling together piecemeal funding and contracts.
It means a dedicated support worker who knows their whānau and a stable home for Jack, Danni, and their children.
It means early identification of autism for Jack Jr, when his Plunket nurse sees early signs of autism and refers him to Autism NZ.
Autism NZ, in turn, could provide Jack’s whānau with tools to better understand his needs and get him ready for school, provide access to the learning support his father would likely have benefited from and didn’t get, and on-going support for the whole family, setting the foundation for long-term success.
We’re not talking about waving a magic wand, applying a quick fix or simply servicing misery. This is about investing in smart, targeted early interventions that not only make a difference in the lives of Jack and his whānau, but mean the Government reduces the money it might otherwise have spent on treating the symptoms rather than the cause of dysfunction – be it at the crisis end of the justice or health systems or government provided income support.
Maybe if Jack had received something like Emerge’s services as a youth, things wouldn’t have progressed to where he was heading to prison. Its Multi-Systemic Therapy programme has seen at least 80 per cent of the young people it works with engaged in education or work with no new arrests.
The Social Investment Fund is starting small but I see potential for it to achieve significant scale over time.
Government agencies currently spend about $7 billion each year buying social services designed to improved lives from non-government agencies.
In the years ahead we want to see more of this funding and more of these contracts transferred into the Social Investment Fund.
We will work with providers and communities who want to consolidate their multiple government contracts into one genuinely outcomes-based contract.
The Government is also open to the pooling of social sector funding from multiple government budgets into a single fund under local decision-making. We often hear local leaders saying that they could do a better job of investing in outcomes than multiple government agencies and we want to hear from you how we can make that work.
We’re also creating the opportunity for future co-investment opportunities with the philanthropic and private sector.
The Social Investment Fund is a rejection of the failed approaches of the past. It’s being set up as a totally new way of working with you, the people who know Jack and Danni best and who are best placed to impact their lives for the better. I see it as a force for enduring change that will survive changes of Government.
Because Jack doesn’t care that the providers that have been in contact with him have been doing it hard. He doesn’t know that they scrounge and scrape to get by, managing dozens of contracts with agencies, getting endlessly audited and reporting back on every minor detail.
A central fund with a clear mandate gives us the best chance of working with those outside of government to improve the lives of the most vulnerable New Zealanders.
SOCIAL INVESTMENT ACROSS GOVERNMENT
The Social Investment Agency also has a wider leadership role. It’s purpose is to demonstrate and accelerate change that ensures all government agencies invest more effectively to deliver better outcomes for New Zealanders.
It is building tools, infrastructure and methods that both government agencies and the wider social sector can use. That includes better ways to track progress, measure outcomes and understand what’s actually working.
This will also improve the way the Government delivers mainstream social services in health, education and other areas.
For example, the Government invests billions of dollars in education every year, but the returns – in terms of literacy, school attendance, and long-term outcomes – are not where they should be.
We know that many kids with additional needs struggle throughout their time at school. We also know that if we intervened earlier to help them they’d be capable of achieving a whole lot more.
This is a prime area for applying a social investment approach – targeting resources earlier, backing what works, and ensuring that spending leads to better outcomes later in life.
If we get it right early, we reduce the need for far more expensive interventions down the track. You can expect to see that thinking heroed in this year’s Education Budget. And I’m looking forward to saying more about it next week.
It’s not just about education. We want every government agency to be asking: how can we invest smarter? How do we make sure out spending is improving lives, not just funding activity?
That means being open to innovation – and by that I mean being open to, and enabling, new approaches to existing challenges. We need to recognise that the overly risk-averse approach traditionally taken by government agencies has not shifted the dial – especially for families with high and complex needs or intergenerational issues.
We also know that innovation is happening outside of the Wellington system – in spite of the barriers government can put up. We want to back communities and non-government organisations who show insight in their use of data and evidence, who are willing to innovate and to clearly evaluate what’s working and what’s not working.
It’s about constant improvement. We want to see data used to constantly measure the progress being made and to identify how we can do better together.
Data, evidence and infrastructure form the backbone of the social investment approach. Together, they provide for safe and secure data sharing that enables the Government to understand where it should focus its efforts. They also enable providers to understand their impact and what else they need to do.
A key goal for the Social Investment Agency is to reduce the amount of reporting and data being sought by government agencies from providers.
We recognise that the amount of meaningless information presently sought by agencies can be burdensome for NGOs and often adds very little value relative to the work required to provide it.
Social investment contracts will be designed to reduce the amount of data being required while improving our insights about what actually has impact.
SPEND TO SAVE
Social investment not only improves lives, it also frees up resources for investment in other priorities.
When we invest even relatively small amounts in the right places, that can lead to bigger and better impacts – both socially and fiscally.
Our Government is willing to make investments up front to drive durable savings down the line.
We’re starting to shift how this logic is reflected in the Budget process — recognising that not all spending is a cost. Some spending is investment that provides a social and financial return over the longer-term. And when it’s well-targeted and backed by evidence, it pays for itself many times over.
We’ve already put this theory into action.
In December 2023, over 3,100 households were living in emergency housing motels – often for months at a time and at one point costing the country around a million dollars a day. Some of these motels became long-term living arrangements for families with young children. It was one of the most visible policy failures in recent memory – unsustainable, expensive, and harmful to the people stuck in the system.
So we changed approach. We made families with children a priority for social housing. We made an upfront investment of $80m and we worked across agencies to support people into stable housing – including private rentals.
The result was that by December 2024, the number of households in emergency housing motels dropped to 591 – a 75% reduction in just 12 months, and five years ahead of the target we set on coming into office.
This is not just a huge social success for the thousands of families now raising their children in proper homes. It’s also a huge success for the taxpayer – with savings of nearly $1.35 billion forecast over the next four years. That’s hundreds of millions of dollars that would have been spent on motel bills instead being reinvested back into social services, education, and health.
Budget 2025 builds on this approach. It includes further initiatives where smart, early investment is expected to generate real savings, including in areas like employment, where helping someone into work today not only improves that person’s life prospects, but lead to savings for the taxpayer.
This is how our Government will build a social system that’s more effective, more sustainable, and that replaces heavy-handed bureaucracy with real results.
CONCLUSION
Fast forward ten years. On this trajectory, we expect to see Jack, Danni and their children thriving, living in a home full of hope, not hardship.
Jack and Danni have been able to give their children stability they themselves haven’t had. With parenting programmes and community support, they have a confidence and a sense of belonging brought about by interventions that were targeted, holistic, and locally-driven.
We’re looking forward to seeing communities drive the change we want to see. We know that real change will come from the leadership of people like those in this room, not policy advisors on the Terrace.
Today’s Budget announcement is a big step forward. Over the next few years, I expect to see significant amounts of funding transferred to the Social Investment Fund, which will enable providers to work holistically and flexibly to improve people’s lives.
Our Government believes in the potential of every person growing up in this country.
Because every New Zealander deserves the chance to live in a home full of hope, not hardship. That’s the vision for social investment and I’m looking forward to working with you to make it happen.

MIL OSI New Zealand News –

May 15, 2025
MIL-OSI New Zealand: Social Investment Fund to help vulnerable Kiwis

Source: NZ Music Month takes to the streets

Vulnerable families and young New Zealanders will benefit from a new approach to the delivery of social services with a $275 million boost to Vote Social Investment, Social Investment Minister Nicola Willis says.
“The centrepiece of the Social Investment Budget package is a new $190 million Social Investment Fund that will make carefully targeted investments designed to improve the lives of New Zealanders in need.
“The Fund is about more than new money. It’s about Government investing earlier, smarter and with much more transparent measurement of the impact interventions are having for the people they are designed to help.
“The Fund will invest in services that deliver measurable improvements in people’s lives, guided by data and evidence. It will support both new approaches and strengthen existing services that work, to improve the Government’s return on investment and change vulnerable people’s lives for the better.
“Over the next year the fund will invest in at least 20 initiatives, using a completely different contracting approach than that traditionally used by Government agencies.
“Each initiative will have robust evaluation built into it from the start, so that its impact can be tracked.
“The Government is already investing around $7 billion each year buying social services from non-government agencies. Despite this, we know too many New Zealanders remain trapped in cycles of inter-generational dysfunction. Communities, NGOS and iwi all tell us they could have much more impact in people’s lives if the Government was smarter about the way it selects, contracts, and monitors the social services we fund.
“The Fund will start relatively small and grow over time as it proves itself, setting up the infrastructure for large scale delivery of integrated contracts with support from the social sector.
“The Fund will be the catalyst for improving the way Government works with communities to drive social impact.
“Over the next two to three years, I expect to see significant amounts of funding transferred from current social services to the Social Investment Fund as communities and providers develop new approaches to working with government.”
As part of the $275 million, the Budget also provides:

$20 million for programmes that strengthen parenting in the first 2000 days of a child’s life, reducing harm and setting children up for better long-term outcomes; and
$25 million to help prevent children and vulnerable adults from entering state care, as part of the Crown’s response to the Royal Commission of Inquiry into Abuse in Care.

Note for editors
The first three initiatives funded by the Social Investment Fund are:

Autism New Zealand’s early screening and intervention programme that provides services and support for family/whānau, caregivers and professionals.
Ka Puta Ka Ora Emerge Aotearoa’s evidence-based approach to tackling youth offending and truancy that will help at least 80 families each year to address youth offending and truancy; and
The He Piringa Whare programme with Te Tihi o Ruahine an alliance of nine hapū, iwi, Māori organisations and providers that will support 130 families at a time with a wraparound service that delivers stable housing, education, training and employment, and other services

MIL OSI New Zealand News –

May 15, 2025
MIL-Evening Report: Can we confront cancel culture by finding common ground between moderate leftists and ‘wokists’?

Source: The Conversation (Au and NZ) – By Hugh Breakey, Deputy Director, Institute for Ethics, Governance & Law, Griffith University

A.C. Grayling’s new book Discriminations: Making Peace in the Culture Wars sees the renowned philosopher wading into the ethical minefields of “woke” activism, cancellation, and conservative backlash.

Filled with thoughtful analysis, deep reflection, and fascinating historical detail, Discriminations argues the differences between leftist moderates and “woke activists” centrally concern means rather than ends.

Review: Discriminations: Making Peace in the Culture Wars (Oneworld Publications)

The book’s core contribution lies in Grayling’s searching examination of “othering”. This allows him to explain the core ethical concern about racism and sexism while simultaneously providing a principled basis to resist the more intolerant strategies that might be used in the struggle against such evils.

Defining ‘woke’

“Woke” and “wokist” now have pejorative implications and are terms used mainly by critics of progressive views. Grayling defines “wokism” in terms of the passionate advocacy of things like:

• Critical Race Theory in history classes

• Campaigning for same-sex marriage

• Educating about diversity in sexuality

• Supporting medical gender transition

• Advocating changes in language use, such as with non-gendered pronouns

• Encouraging Me Too avowals.

A significant number of identity politics activists, he adds, “promote no-platforming and cancellation as weapons in the struggle”.

This last point is critical in the way Grayling pictures the differences between moderate leftists like himself and “woke activists”. After all, the bulleted list above – apart perhaps from the reference to Critical Race Theory – includes many concerns broadly shared across the political left.

Goodreads

For Grayling, the differences between moderates and activists are mainly ones of strategies they employ to achieve their shared social justice goals.

Through their justifiable anger at systemic injustice, he argues, some “woke activists” have been drawn into employing weapons like no-platforming and cancellation. These tactics can sometimes be morally mistaken, especially when driven by online mobs.

Grayling worries that the use of these practices can “other” their targets, without any attempt at due process and constraints of proportionality.

A contrasting view?

Discriminations stands in stark contrast to another recent work on wokism: Yascha Mounk’s The Identity Trap. Like Grayling, Mounk is a moderate leftist. Like Grayling, he is critical of woke activism. But that is where their similarities end.

For Mounk, wokism is not a continuation of traditional leftist civil rights struggles but a sharp deviation from them. On this view, wokism (which Mounk calls “the identity synthesis”) differs from liberal progressivism not merely in means but fundamentally in ends.

Mounk sees wokism as committed to three foundational claims: the world must be understood through the prism of identities like sex, race and gender; supposedly universal rules merely serve to obscure how privileged groups dominate marginalised groups; and a just society requires norms and laws that explicitly treat (and require citizens to treat) different identity groups differently.

None of these are claims about means; they concern fundamental values and goals. For Mounk, woke intolerance – in the form of cancellation and no-platforming – is a feature, not a bug. In contrast, Grayling sees online cancellations (when they go wrong) as a betrayal of the traditional leftist values he shares with the woke activists.

Cancelling

Grayling understands cancelling as efforts to “deprive opponents not only of a platform to state their views, but to deprive the persons and groups themselves of a presence.” This can include social ostracism and getting people fired.

Discriminations contains no detailed discussions of contemporary cases of cancellation and their impacts. This is deliberate. Grayling worries that discussing current cases might invite an automatic identification with the cancelled target. Alternatively, it might counter-productively draw attention to victims who have already been excessively targeted.

Granting these points, the absence of any case studies carries costs. For one thing, it’s never shown in the book that these objectionable practices are widespread enough to warrant a movement against them.

Equally, there is no appeal to the reader’s sympathies by examining cases of cancellation through social media pile-ons and the human costs involved. Unless the reader already believes these practices to be widespread and harmful, they are unlikely to see what all the fuss is about.

Without examination of actual cases, it also can be hard to know exactly what Grayling is recommending. Grayling believes cancelling is often justified. However, he wants to make clear the serious problems it creates in the cases where it is not justified.

The problem is that different readers, interpreting some of his terms differently, might be led to see an act of cancellation as justified accountability where another reader would see objectionable mob justice.

‘Othering’

Grayling defines “othering” as

the practice of treating individuals and groups, typically on the basis of stereotyping and prejudice, as a ground for discriminating against them; and discrimination involves exclusion.

Othering occurs any time one group of people decides they are different to another group (which they see as the “other”), thus treating that group in a morally different and worse way.

Racism and sexism are examples of othering and “exclusion”. Grayling argues the goal of social justice is necessarily opposed to all such othering, especially if the exclusion is done without proportionality and safeguards, like due process. (Grayling allows that criminal punishment can be a type of justified othering.)

Crucially, Grayling argues that acts of cancellation and no-platforming are instances of othering. These practices explicitly involve attempted punishment, shaming and ostracism and often occur without due process.

Suppose you are a progressive activist concerned about the injustices of systemic racism and sexism. You might have strategic reasons that constrain the methods you use in fighting those injustices. However, your concerns with racism and sexism will generally not themselves restrain the methods you use.

But suppose now you accept Grayling’s argument that the root social justice concern is not with racism or sexism specifically, but rather with the more fundamental injustices of othering and exclusion. Because cancelling and no-platforming are themselves instances of such things, you now have a deeply held reason not to cancel others (except perhaps in the most compelling cases). You do not want to become the very thing you are fighting against.

Should we accept Grayling’s argument? There are some worries his notions of othering and exclusion are over-broad, given they capture commonplace practices like national borders and criminal justice punishments.

Overall though, Grayling shows through his historical discussions that political othering for ideological or doctrinal reasons has caused enormous injustices and even horrifying slaughters.

It turns out that political and ideological intolerance – Grayling recounts religious massacres and China’s Cultural Revolution – has a history every bit as awful as racially motivated massacres like the Holocaust. As he sombrely concludes: “tragedy attends entrenched positions that make mutual comprehension impossible”.

Grayling stresses it is right to feel anger at the world’s injustices. But a wariness of being drawn into othering should incline us towards what he terms “Aristotle’s Principle”: to be “angry with the right person, in the right degree, at the right time, for the right purpose”.

Rights versus interests

Grayling adopts a human-rights-based approach as his moral compass, seeing it as a system that can transcend different cultures and parochial outlooks. He endorses the provisions of the Universal Declaration of Human Rights – importantly including the right to free speech.

Cancelling can impinge on people’s free speech rights. As well as being wrong in itself, Grayling emphasises it’s also a strategic mistake. Activism itself requires free speech and it is unwise to “gift the high moral ground on free speech” to one’s political opponents. (That said, the political right in the United States is currently showing itself to be no friend of free speech either.)

Grayling distinguishes rights and interests. He argues, “no exercise of any right can deny the fundamental rights of others.” Too often, he insists, figures on both sides of politics interpret their opponents as violating their rights when the opponents are just impacting on their interests.

Grayling is surely correct that all sides of politics could benefit from seriously thinking through the differences between rights and interests. Setting back someone’s interests is not the same as violating their rights. Interests are inevitably in conflict and always require negotiation and compromise.

Still, there remains something of an elephant in the room. What if an opponent’s words or actions don’t violate anyone’s rights, but nevertheless plausibly contribute to a world where such violations are more likely?

Arguably, the problem of political intolerance isn’t driven by a conflation of rights with interests, but instead the ease with which any attack on a group’s interests can be represented as an indirect attack on their rights.

Does Grayling get ‘woke’ right?

It is a hard task to define an amorphous, contested and evolving concept like “wokism”. Grayling’s definition seems to map reasonably onto the original idea of being “woke to” (that is, newly aware of) structural racism and other inequities.

John McWhorter.
Columbia University

But as Grayling himself observes, “woke” is now more commonly used as a pejorative term. The linguist John McWhorter argues the term has evolved from describing those with a leftist political awareness to referring to “those who believe anyone who lacks that enlightenment should be punished, shunned or ridiculed.”

This is very different from Grayling’s understanding of the term. Most of the attributes Grayling ascribes to “the woke” are standard leftist positions. Worryingly, this sometimes seems to prevent him from engaging seriously with what many of the “woke” actually say and believe.

For example, Grayling reflects on those who say that wokist social justice has been strongly influenced by postmodernism. Postmodernism includes the denial of things like “objective truth” and “factual knowledge” on the basis that these are constructs of power and discourse.

But Grayling finds this confusing. After all, postmodernism seems to undercut the objective values of equality and social justice. He concludes:

What this suggests is that those who begin with the postmodern analysis of objectivity and knowledge are not actually saying that there are no such things, but that how they have been constituted in the past should be replaced by new and better conceptions of them.

This is simply not what the postmodernists are saying. The worry here is that Grayling takes it upon himself to stipulate what another school of thought is “actually” saying, rather than listening carefully to their ideas and arguments, and being open to the possibility that these may differ profoundly from his own.

Given the book aims to persuade the woke activists he thinks are going too far in cancelling others, the possibility Grayling is misreading their actual position is a concerning one.

Throughout, he appeals to the importance of democracy, free speech, human rights, the rule of law and due process, and the Enlightenment. He argues from what he sees as empirical evidence and “common knowledge”. But all these notions are wide open for criticism (from the woke perspective) that they are inventions of racist, patriarchal, and colonialist systems of oppression.

As such, Grayling’s arguments may fall flat for the very group he is trying to persuade because he does not take their beliefs seriously enough to engage directly and critically with them.

So who is right? Is Grayling correct that woke activists are just like him, except they have been led by their shared passions for social justice to indulge in often counter-productive and mistaken strategies of cancellation? Or is Yascha Mounk correct? Is wokism a profound departure from traditional leftist social justice goals?

Perhaps time will tell.

Hugh Breakey 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. Can we confront cancel culture by finding common ground between moderate leftists and ‘wokists’? – https://theconversation.com/can-we-confront-cancel-culture-by-finding-common-ground-between-moderate-leftists-and-wokists-254571

MIL OSI Analysis – EveningReport.nz –

May 15, 2025
MIL-OSI Canada: Judicial appointments increase Albertans access to court
Albertans deserve to have access to a fair, accessible and transparent justice system. To increase capacity in the courts and improve access to justice for those involved in civil, criminal and family matters, Alberta’s government has made five new judicial appointments to the Alberta Court of Justice.

“Continuing to fill judicial appointments directly strengthens the capacity of our courts, helping ensure Albertans have timely access to justice. Those newly appointed will serve Albertans well in their respective divisions and I congratulate them on their new roles.”

Mickey Amery, Minister of Justice and Attorney General

Alberta’s government has appointed the following individuals to the Alberta Court of Justice:
- Tracey Bailey, KC, Edmonton Family and Youth Division, effective June 23.
- Sheri Epp, Calgary Criminal Division and Calgary Region, effective June 2.
- Karen McGowan, Edmonton Family and Youth Division, effective June 2.
- Alicia Wendel, Edmonton Region, effective June 2.
- Colin Wetter, part-time justice of the peace in Edmonton, effective May 14.
“The Alberta Court of Justice is pleased to welcome and congratulate these new appointments. Access to justice is a fundamental value of our society, ensuring that every individual has the opportunity to be heard, receive fair treatment, and obtain timely, meaningful resolution to their legal challenges. I am confident that their backgrounds and experience will serve Albertans well in achieving these goals.”

James Hunter, chief justice, Alberta Court of Justice

Since June 2023, Alberta’s government has made 30 judicial appointments.

Tracey M. Bailey, KC, received her bachelor of laws degree from the University of Alberta in 1991. She started her career as an articling student, continuing as a lawyer at Milner Fenerty. Following academia, she practiced law at Alberta’s Ministry of Justice and Solicitor General before returning to private practice in 2020 as associate counsel at Miller Thomson, LLP, where Ms. Bailey was made partner in 2025.

Sheri Epp received her bachelor of laws degree from the University of Alberta in 1997. She began her career as an articling student, and then as a litigation associate at Code Hunter Wittmann/Gowlings. She then gained litigation experience at Code Hunter LLP, Scott Hall LLP, McCarthy Tetrault LLP, and Talisman Energy Inc. Most recently, Ms. Epp was senior counsel, then became assistant vice-president and associate chief counsel of Individual Insurance and Affinity at Manulife.

Karen McGowan received her bachelor of laws degree from the University of Alberta in 1998. Her focus has always been criminal law, beginning as an articling student at Beresh, Depoe, Cunningham. Since being called to the bar in 1999, she has practiced law for Legal Aid Alberta in the Youth Criminal Defence Office, then as a senior advisory counsel, and finally, in the Criminal Trial Group.

Alicia Wendel received her bachelor of laws degree from Dalhousie University in 1999. She started her career as an articling student at McAllister and Sinclair, then as a barrister at Fix and Smith. From 2001 to present, she has been a Crown prosecutor in rural jurisdictions, practicing in regional courts with the Alberta Crown Prosecution Service. Currently, Ms. Wendel is a member of the Alberta Justice Restorative Justice Working Group, the Alberta Justice Sexual Violence Working Group, and the Gladue Systemic Change Project Committee.

Colin Wetter received his bachelor of laws degree from the University of Alberta in 1986. He began his career as an articling student at Howard Mackie in Calgary, then practiced law in the private sector until 1992. He then joined the federal Department of Justice as legal counsel, and –with ever-increasing roles of responsibility – in 2012 became regional director of the Aboriginal Law Services Section (Alberta). Mr. Wetter was regional director of the Tax Law Services Section (Prairie Region) from 2019 to 2022.

Quick facts
- Lawyers with at least 10 years at the bar can apply to become a justice with the Alberta Court of Justice.
- Lawyers with at least five years at the bar can apply to become a justice of the peace. Justice of the peace appointments are for 10 years.
- Applications are reviewed by the Alberta Judicial Council and Alberta Judicial Nominating Committee, and then recommended to the minister of justice and cabinet for appointment.
Related information
- Alberta’s government is actively recruiting justices and justices of the peace and encourages qualified lawyers to apply. Qualified lawyers who wish to be considered for appointment can access the application form online.
Related news
- Ensuring access to justice for Albertans (May 7, 2025)
- Judicial appointments increase Albertans access to justice (April 9, 2025)
- Increasing court capacity (Jan. 15, 2025)
- Strengthening Alberta’s courts (Dec. 4, 2024)
MIL OSI Canada News –
May 15, 2025

MIL-OSI Canada: Penning a new chapter on mutually beneficial trade

Source: Government of Canada regional news (2)

While in Texas, MLA Pitt will attend the National Conference of State Legislatures (NCSL) Spring Executive Committee and Energy Supply Task Force meetings. The meetings will reconvene legislators from across the U.S. in collaborative discussions and provide a forum for MLA Pitt to advance conversations on how Alberta and the U.S. can partner in shared prosperity and economic growth though enhanced energy trade.

MLA Pitt will also take her seat at the table when she represents Alberta alongside fellow members of the NCSL’s International Legislative Advisory Committee, building on progress made at previous meetings of the committee last summer, before Christmas and in January of this year.

“It’s time to turn the page and start working together with our U.S. allies on mutually beneficial solutions that will repair and strengthen our important trade relationship. Together, I know that we can begin an era of Alberta-Canada-U.S. partnership that is unrivaled. While in San Antionio, I will drive home Alberta’s role as a reliable, affordable and responsible energy supplier in my conversations with U.S. legislators – conversations that have the potential to contribute to foundational state-level energy policies that will shape the landscape of a secure North American energy future.”

Angela Pitt, MLA for Airdrie-East

The NCSL, established in 1975 by state legislators and legislative staff, brings together lawmakers and government leaders from all 50 U.S. states, commonwealths, territories and the District of Columbia. The conference promotes cooperation and information exchanges between state legislatures in the U.S. and in other countries. Alberta formalized its role in the NCSL by becoming an affiliate member of the organization and a member of its International Advisory Council last year.

Mission expenses will be posted on the travel and expense disclosure page.

Quick facts

The U.S. is Alberta’s largest trading partner and Alberta is the second-largest provincial exporter to the U.S. after Ontario.
- In 2024, Alberta’s exports to the U.S. totalled C$162.1 billion, accounting for 88.7 per cent of total provincial exports.
- Energy products, including crude oil, petroleum gasses and ethylene polymers, accounted for about C$133.4 billion, 82.3 per cent of Alberta’s exports to the U.S. in 2024.
In 2024, Alberta imported about C$25.3 billion in products from the U.S., including energy, machinery, vehicles and plastics. However, these figures are underreported, as they do not account for trans-shipments.
The U.S. is also an important source of industrial inputs and consumer goods for the province.

Itinerary for MLA Pitt*

May 15	Travel to San Antonio, TX. Join U.S. legislators and policymakers in bilateral meetings and NCSL Energy Supply Task Force roundtables.
May 16	Join U.S. legislators and policymakers in bilateral meetings, NCSL Energy Supply Task Force roundtables and at the NCSL Executive Committee Meeting.
May 17	Participate in a meeting of the NCSL’s International Advisory Council. Join U.S. legislators and policymakers in bilateral meetings and at the NCSL Executive Committee Meeting. Travel to Alberta.

*Subject to change.

Related information

National Conference of State Legislatures (NCSL)
NCSL Spring 2025 Energy Supply Task Force Meeting
NCSL 2025 Spring Executive Committee Meeting

Related news

Championing unity with our partners in the U.S. (Jan. 10, 2025)
Solidifying key U.S. partnerships for the year ahead (Dec. 6, 2024)
Collaborating with legislators south of the border (Aug. 2, 2024)

MIL OSI Canada News –

May 15, 2025

MIL-OSI USA: Ranking Member Lauren Underwood Remarks at Immigration and Customs Enforcement Oversight Hearing

Source: United States House of Representatives – Congresswoman Lauren Underwood (IL-14)

WASHINGTON, D.C. – This morning, Representative Lauren Underwood, Ranking Member of the Homeland Security Subcommittee on Appropriations delivered the following the remarks at the subcommittee’s oversight hearing on the U.S. Immigration and Customs Enforcement Agency (ICE):

“Thank you, Chairman Amodei, and I would like to welcome our witness Todd Lyons, the Acting Director for U.S. Immigration and Customs Enforcement (ICE).

As the Federal agency charged with the enforcement of violations of customs and immigration laws, the scope of ICE’s investigatory and operational work is broad. ICE has an incredibly important role in preserving public safety and national security by combatting cartels and other transnational criminal organizations, investigating illicit drug trafficking, including deadly fentanyl, human trafficking and smuggling networks, and going after violations of trade and intellectual property laws that seek to undermine our economic security.

However, since January 20 we have seen a shift in priorities by this Administration away from data-driven, security-focused approaches and toward impossible politically-driven goals, like a million removals in a year. Leadership at DHS, and ICE in particular, are operating with disrespect and disregard for the foundational constitutional principles that govern our country.

As we endeavor to secure the homeland, we must continue to protect and defend the Constitution of the United States. As I told the Secretary last week: that is not a secondary mission.

But under the Trump Administration, ICE’s work appears to be dominated by egregious mistakes, misuse of taxpayer funds, and flagrant violations of constitutional rights like due process.

Let’s take last month in Oklahoma, where ICE sent 20 armed agents, with their rifles drawn, to storm the home of a mom who was home alone with her young daughters in the middle of the night.

These American citizens who did nothing wrong were forced to wait outside their home in the rain during a midnight investigation that had nothing to do with them.

Agents reportedly confiscated not just their phones and laptops but also their cash savings – again, these are U.S. citizens who, based on publicly available information, were never implicated in any of the crimes being investigated. It’s not even clear whether the family’s devices and savings were ever returned to them.

Your department has issued no apology, taken no accountability, just doubled down.

How can Americans trust an organization that operates like this – that treats them like this – with their national security?

ICE is the second-largest law enforcement component within DHS, America’s largest federal law enforcement agency. You are charged with upholding our laws – which start with the Constitution and Bill of Rights, representing our values as Americans, and using taxpayer dollars responsibly.

And the standard we expect from our federal law enforcement is excellence. The American people deserve nothing less.

But instead of prioritizing the actual greatest threats facing America – because we all know the data shows encounters at the southern border started declining in March 2024 and keep hitting new lows – this Administration is cashing checks it does not have to reach questionable goals it cannot meet.

You’re removing people so hastily and with so little care that you’re defying court orders.

Your department is wasting millions flying the Secretary around the country for publicity stunts so she can post photos on social media from operations that are still ongoing, putting actual agents at risk.

Let me be clear – you are roughly two months away from running out of funding and a violation of the Antidefiency Act. As I said to Secretary Noem, the reliance on funding from a reconciliation bill that has not passed Congress is an incredibly risky strategy that sets you up for failure.

Lastly, let me remind you of Article I of the Constitution, which gives Congress, and only Congress, the power of the purse. Increases to ICE at the expense of other national security programs and initiatives that members on both sides of the aisle voted for undermine our core work and Congressional intent. And if this committee provides funding for your agency, we have every right to oversee how those taxpayer dollars are spent.

Last week, ICE blocked members of Congress from conducting an unannounced inspection at the Delaney Hall facility in New Jersey. That too appears to be in violation of federal law, which clearly states we have the right to enter ICE facilities even if we show up unannounced.

Mr. Lyons, you cannot accept federal funding and then shut the door on oversight from the people’s elected representatives.

ICE is already burning the money Congress appropriated – and frankly, right now ICE has much more work to do to justify being entrusted with even more taxpayer dollars.

I am deeply concerned about the administration of funds by this department, but ICE in particular, and I am glad we have the opportunity to discuss this further with you today.

Thank you, Mr. Chairman. I yield back.”

###

MIL OSI USA News –

May 15, 2025
MIL-OSI USA: The Make America Sick Agenda: Senator Markey Compiles Stories from Trump, RFK Jr.’s First Five Months

US Senate News:

Source: United States Senator for Massachusetts Ed Markey
Read stories from Massachusetts and across the country
Washington (May 14, 2025) – Senator Edward J. Markey (D-Mass.), top Democrat on the Senate Health, Education, Labor, and Pensions Subcommittee on Primary Health and Retirement Security, today unveiled a selection of dozens of stories received by his office on Department of Health and Human Services (HHS) Secretary Robert F. Kennedy (RFK) Jr.’s first five months. The stories, titled “The Make America Sick Agenda,” contains stories from people who have shared their experiences under the Trump administration’s Health and Human Services, including the impacts of cutting billions in life-saving research into diseases like Alzheimer’s and cancer, revoking grants to hospitals and community health centers, and firing staff dedicated to helping families pay their utility bills. All the while, RFK, Jr. spreads misinformation about vaccines amidst an uncontrolled measles outbreak.
“The stories included here are from the voices of people across the country who the Trump administration has betrayed. They are terrified of losing life-saving care. They are angry that their government would treat them this way. And they are frustrated that protecting billionaires is more important to the Administration than ensuring their ability to get the care they need, when they need it, without going into debt,” wrote Senator Markey. “These are the stories of the Trump administration’s Make America Sick Agenda. The American people deserve better.”
Selected excerpts from the compilation:
“My parents were the first generation in their families to go to college and I was a Pell Grant recipient. I am not from an ‘elite’ upbringing. I am a mother, a pediatrician and public health professor have dedicated my career to trying to address the health disadvantages accrued by people in lower income and otherwise socially disadvantaged and stigmatized populations with a specific focus on women and children. One of my NIH grants that sought to understand and improve the experiences in behavioral/mental health care of LGBTQIA+ youth ages 14-17 was terminated. The message sent is that these vulnerable youth do not matter, further making them feel unwelcome in this society. It also has had a chilling effect on my students and staff who are funded through this research, discouraging them from continuing to be part of the workforce trying to understand and make better the care and opportunities for those whom our societal decisions have disadvantaged for reasons that are beyond their control.” – Anonymous, Amherst, MA
“I have kidney cancer. As an active patient receiving extremely expensive immunotherapy treatment, if I lose my job, I’ll also lose health insurance. That is literally a death sentence.” – Joe, Bridgewater, MA
“I am a stage 4 cancer patient at Dana-Farber Cancer Institute and am currently enrolled in a clinical trial there. I have a rare cancer that has no cure and few drugs to treat it. In the past 20 years, clinical trials and research about my cancer have been instrumental in helping people live longer. Cuts to the NIH and cancer research are devastating to cancer patients. Cuts to vaccine research also indirectly affect cancer patients as we are typically immunocompromised and need vaccines and for the population around us to be vaccinated. Anti-vaccine sentiments from HHS and the CDC could be detrimental to cancer patients like myself.” – Jennifer, Shrewsbury, MA
“These drastic cuts aren’t just going to devastate local jobs and people’s livelihoods and a generation of scientists. They’re rapidly destroying the infrastructure for scientific research in this country, and that’s going to have very real effects on the public’s health. The treatment and prevention advances we need for ourselves and our loved ones just won’t be there. I cannot overstate how critical it is that we act NOW. The scientific research infrastructure is far easier to break than it will be to rebuild.” – Julia, Newton, MA
“It is a sad commentary, that in a high-income country such as the US, we lagged behind other similar high-income countries in all healthcare indicators and now we are jeopardizing the even further the health of all Americans and our scientific reputation in the world. There is always room for improved organization and being efficient with our taxpayer monies but the restructuring that is taking place is without any reasonable justification based on evidence and thus, lacks in transparency to the American people. The future of all Americans is at risk here and the damage being done to the health of our people and the education system as well as our scientific innovation is devastating. We must push back.” – Anonymous, East Longmeadow, MA

MIL OSI USA News –

May 15, 2025
MIL-OSI USA: RELEASE: Senator Mullin Secures Commitment on Critical Infrastructure Improvements to the Port of Catoosa

US Senate News:

Source: United States Senator MarkWayne Mullin (R-Oklahoma)

RELEASE: Senator Mullin Secures Commitment on Critical Infrastructure Improvements to the Port of Catoosa

Washington, D.C. – On Tuesday, U.S. Senator Markwayne Mullin (R-OK), a member of the Senate Armed Services Committee, participated in the hearing, “To consider the nominations of: Mr. Richard L. Anderson to be Assistant Secretary of the Air Force for Manpower and Reserve Affairs; Mr. Adam R. Telle to be Assistant Secretary of the Army for Civil Works; and Dr. Matthew C. Napoli to be Deputy Administrator for Defense Nuclear Nonproliferation National Nuclear Security Administration.”
In his remarks, Senator Mullin detailed the importance of the Port of Catoosa and the critical infrastructure updates that are desperately needed. Mr. Telle, Assistant Secretary of the Army for Civil Works nominee, committed to addressing the issue.

The full committee hearing can be found here.
The exchange between Senator Mullin and Mr. Adam Telle, nominee to be Assistant Secretary of the Army for Civil Works, is below.
Sen. Mullin: “Mr. Telle, I want to talk to you about the Port of Catoosa. It’s a 445-mile channel that runs from essentially the Mississippi all the way up to the Port of Catoosa, which is the largest inland water port west of the Mississippi and on the Gulf of America. It also provides roughly 50% of all agricultural products that flow in and out of the Midwest, and it goes up to the Port of Catoosa, which is just outside of Tulsa. And from there, it gets on rails and trucks and gets trucked the rest of the way up. It was opened in 1971 and since roughly the 90s, we have talked about increasing the depth, because the amount of traffic that’s on it. Right now, it’s dredged at nine feet in depth, and it also has a critical backlog, which means that any of the levees could shut down at any given time, of increasing almost a billion dollars critical backlog needs.”
“The Port of Catoosa, for some reason continues to be treated like, this is not politically correct but whatever the red headed stepchild is, and other projects in Ohio or the Mississippi or other areas of waterways seem to get the most attention. However, the Midwest feeds the United States and many parts around the world, yet we’re in a critical situation here where we need to increase the depth of the channel from 9 feet to 12 feet. The study has been going on literally since the 90s. An additional study started again in 2005 and expired in roughly 2014. We could see a 40% increase in cargo influx into the port and out of the port for every foot we increase it. 40% increase cargo. Which would be drastically an improvement to what we deal with today. Not to mention the timing, the cost to get Ag products in and out of the Midwest, because as we hit the Mississippi, we actually change out of one barge to another barge that actually is obviously deeper and bigger for us to be able to navigate through the channel with.”
“My concern is that since the Corp has continued to overlook this, I’m looking for a commitment for you that you will actually take a hard look at this and understand that literally, the heartbeat of America, which is our Ag products, is in dire straits of being able to get products in and out. And if this navigation channel goes down, the cost is going to bring to all Americans’ tables, because it will increase in cargo. So, would you commit to helping us with this channel?”
Mr. Telle: “Senator Mullin, absolutely, I will. This is emblematic, the situation you described, in providing access for Oklahoma’s farmers and ranchers to the rest of the world through our waterways is emblematic of the Corp’s mission, which was originally to use our waterways for the benefit of the American public.”
“Your state’s so critical in getting the products from your state the world. And the opposite of that, getting the world’s products to you is critically important. I understand that this issue has been going on for a long time, affects the state of Arkansas as well. And certainly, as vessel traffic changes, the types of traffic change based on commercial patterns across the globe, we need to make sure that our infrastructure is up to date to meet it. And I look forward to doing everything we can to take a very hard look at this critical asset and make sure that we modernize it to the degree that we can.”
“And I would also, as you describe when we were in your office, the critical role that it plays in flood protection in that area as well. And you know, dredge material often can have a beneficial use in terms of building flood control infrastructure, levees and otherwise. So, I look forward to working with you on that and I commit to do my very best.”
Sen. Mullin: “Thank you. And I look forward to hosting you when we can get you there.”

MIL OSI USA News –

May 15, 2025
MIL-OSI USA: During National Police Week, Rosen Announces Federal Funding Opportunities to Support Local Law Enforcement

US Senate News:

Source: United States Senator Jacky Rosen (D-NV)
WASHINGTON, DC – During National Police Week, U.S. Senator Jacky Rosen (D-NV) is announcing a federal grant funding opportunity for local law enforcement and encouraging Nevada departments to apply. The COPS Hiring Program federal grant is designed to provide law enforcement agencies with funding to hire more officers, implement innovative strategies to fight crime, incentivize community policing, and more. Senator Rosen has repeatedly urged Senate appropriators to support funding for the COPS Hiring Program.
This program is now accepting applications until July 1, 2025 by 4:59pm ET.
“It’s my priority to continue delivering federal funding and resources that Nevada’s law enforcement community needs to keep our communities safe and help them do their jobs effectively,” said Senator Rosen. “During National Police Week, I’m encouraging law enforcement agencies across our state to apply for this federal grant to support hiring more officers and implementing tested strategies to bolster policing efforts. I’ll keep advocating for our first responders who fight crime and protect our state.”
Senator Rosen has been working to support Nevada’s law enforcement community and ensure it has the resources needed to fight crime effectively and safely. Last year, bipartisan legislation she helped pass in the Senate to address the police officer shortage was signed into law. A bipartisan bill Rosen backed to fund family support and mental health services for law enforcement officers passed the Senate last year. Senator Rosen also introduced bipartisan legislation that would help determine best practices for identifying and treating post-traumatic stress and combating suicide among police and first responders.
Information about the available grant funding program is found below:
COPS Hiring Program – A competitive award program designed to provide funding directly to law enforcement agencies to hire and/or rehire additional career law enforcement officers in an effort to increase their community policing capacity and crime prevention efforts. Anticipated outcomes of the CHP program awards include engagement in planned community partnerships, implementation of projects to analyze and assess problems, implementation of changes to personnel and agency management in support of community policing, and increased capacity of agency to engage in community policing activities.

MIL OSI USA News –

May 15, 2025
MIL-OSI: Granite Credit Union Turns 90 and Celebrates with the Community by Giving Back

Source: GlobeNewswire (MIL-OSI)

SALT LAKE CITY, May 14, 2025 (GLOBE NEWSWIRE) — This Thursday marks a historic milestone for Granite Credit Union as it celebrates 90 years of unwavering service to the people of Utah. What began in 1935 with seven visionary educators pooling their resources to create a financial cooperative has grown into a nearly $900 million institution serving almost 40,000 members, and one that remains deeply committed to its founding mission: people helping people.

To honor this incredible anniversary, Granite Credit Union is inviting all members to participate in a Credit Union-wide Member Appreciation Day. Members who visit a branch will receive a commemorative 90th anniversary pin (while supplies last)—a small token to recognize the meaningful role they play in Granite’s story.

A Media Snippet accompanying this announcement is available in this link.

“For 90 years, Granite Credit Union has had the privilege of serving Utah’s hardworking individuals, families, educators, and small businesses,” said Mark Young, President and CEO of Granite Credit Union. “This milestone reflects the legacy of our founders, the dedication of past and current team members, and the promise of those who will carry this work forward. We are proud of our history, inspired by our members, and energized for the future.”

Granite’s deep connection to the community runs far beyond the walls of its branches. Since 2018, when Granite began documenting their service hours, team members have donated more than 3500 hours of volunteer service to nonprofits across the state, each team member, empowered to support causes they care about. In 2022, Granite formalized its philanthropic efforts with the launch of the Granite Credit Union Foundation. Since its inception, the Foundation has given more than $150,000 in donations, grants and scholarships to educators, students, and non-profits, investing in future generations and continuing the legacy of its educator founders. The credit union will award another 70 educator grants before the end of 2025.

That spirit of inclusion and service continues to define Granite’s path forward. In 2023, Granite became the first credit union in Utah to earn the Juntos Avanzamos designation, recognizing its commitment to serving and empowering Hispanic and immigrant communities with access to safe, affordable, and inclusive financial services. In addition, Granite Credit Union is listed as one of the top places to work in Salt Lake City.

As Granite celebrates this 90-year milestone, the credit union remains grounded in its core values and focused on the future. Whether through expanded access to financial products, deeper community engagement, or its pledge to serve the underserved, Granite Credit Union is—and always will be— “always there, so you can make life happen.”

To learn more, please visit Granite Credit Union.

About Granite Credit Union

Founded in 1935, Granite Credit Union serves over 37,000 members and has nearly $900 million in assets. Committed to helping members achieve their financial goals, Granite Credit Union offers a variety of financial products and services, including competitive rates, flexible lending options, and personalized financial guidance. With a vision of “always there… so you can make life happen,” the credit union strives to empower members with the tools and support they need to succeed financially. Members enjoy access to secure mobile banking services, online tools, and personalized in-branch assistance at locations across Utah. Granite Credit Union is dedicated to positively impacting its communities through financial education, trusted relationships, and exceptional service. Granite Credit Union is always there… so you can make life happen. Learn more at granite.org.

Media Contact:
marketing@granite.org

The MIL Network –

May 15, 2025
MIL-Evening Report: Justice on demand? The true crime podcasts serving up Erin Patterson’s mushroom murder trial

Source: The Conversation (Au and NZ) – By Kate Cantrell, Senior Lecturer – Writing, Editing, and Publishing, University of Southern Queensland

The trial of the so-called “mushroom cook” Erin Patterson, currently underway in the Victorian town of Morwell, continues to generate global attention.

The mother of two is charged with three counts of murder and one count of attempted murder, all of which she denies.

Due to the regional location of the hearing and Australia’s conservative attitude toward the use of cameras in the courtroom, many people are following the case via podcast. This is not surprising, given Australia has among the world’s highest percentage of podcast consumers.

Currently Apple Australia’s Top 10 True Crime podcast chart includes three network-backed podcasts dedicated to the mushroom case. They essentially present the same information, but through different formats and structures, and to varying degrees of success.

Unlike cold case investigations, which are retrospectives that focus on breakdowns in the legal system, real-time true crime podcasts unpack complex issues and provide information to listeners while a case is under judgement.

Death cap dinner claims recapped

Prosecutors allege in July 2023 Erin Patterson laced four beef wellingtons with death cap mushrooms and served the deadly lunch to her parents-in-law, Don and Gail Patterson; Gail’s sister, Heather Wilkinson; and her husband, Ian Wilkinson. But the defence has raised doubts about those claims.

The trial, now in its third week, has captured the nation. The jury has heard from Erin’s children, along with Facebook friends and the sole surviving guest Ian Wilkinson, a pastor who spent almost two months in hospital following the lunch.

Justice on demand

In Australia, the principle of open justice – that justice should not only be done, but be seen to be done – is a cornerstone of the legal system. This includes making fair and accurate reports of judicial proceedings, and ensuring court information is accessible to the media and public.

New media forms, such as podcasts, also depend on democracy and accessibility. Anyone can speak and anyone can listen, anywhere, at any time. So true crime podcasts have naturally (and sometimes problematically) converged with the process of open justice.

Take The Australian’s 2018 podcast The Teacher’s Pet, which followed the controversial investigation of the disappearance of Lynette Dawson from the northern beaches of Sydney in 1982. It marked the first time in Australian legal history that a serialised podcast was cited as the primary reason for an application for a permanent stay of proceedings.

While the permanent stay was denied, the court did grant a temporary stay for nine months. At the hearing, Justice Elizabeth Fullerton called the podcast “the most egregious example of media interference with a criminal trial process”. She described it as “overzealous”, “uncensored” and “imbued with hubris”.

But there are some key differences between The Teacher’s Pet and the new mushroom case podcasts.

The Teacher’s Pet resurrected a cold case, and uses investigative journalism to propel interest in the real-time solving of the case, with listeners’ help. This process, known as jurification, positions the podcast host as a journalist-turned-investigator, and the listeners as jurors weighing up the evidence.

In contrast, the podcasts on the Patterson case largely rely on objective reporting to build on listeners’ understanding of the context that led to the tragic deaths of three people. These podcasts include no explicit judgement of evidence. And this allows them to skirt the potential for “trial by media”.

The Mushroom Case Daily

One of the most popular podcasts tracking the Patterson case is the ABC’s Mushroom Case Daily.

As the top-ranked podcast in Australia’s Apple charts at the time of writing, the Daily provides digestible summaries of key moments in the trial, with court reporter Kristian Silva and producer Stephen Stockwell (Stocky) recording daily from a makeshift studio in Morwell.

As the first podcast of its kind in the market (starting in March 2024), the Daily is informative and engaging, but not sensationalist or self-serving. It reports on the facts, but does not shy away from empathetic identification with the victims – helping the audience feel involved in the story.

Interestingly, the Daily even builds empathy for Patterson herself. It humanises the accused by reporting on her emotional displays, and by seeking to understand her actions and reactions, rather than merely vilifying her.

The Daily also refuses to speculate about whether Patterson is guilty or not, as do its competitors. In doing so, it upholds the legal and ethical obligation of court reporters to maintain impartiality and not misinterpret or misrepresent information.

At the same time, it is one of the more intimate accounts of the trial, with a relaxed and conversational style. It’s also more interactive than its rivals, as listeners are encouraged to write in with questions.

The Mushroom Cook and Say Grace

The Mushroom Cook: The Trial and The Mushroom Trial: Say Grace are also popular with listeners.

Both are uploaded regularly, with a goal to summarise the events of the day’s trial and highlight the most significant revelations.

The Mushroom Cook is presented by Herald Sun journalists Brooke Grebert-Craig and Laura Placella. It began in April 2024 with a detailed explanation of the case, in anticipation of the criminal proceedings, and has continued to report on developments over the past year via short episodes of 15 minutes or less.

Say Grace, a 9Podcast presented by Penelope Liersch (Nine) and Erin Pearson (The Age), started on April 20 of this year, the day of jury selection. It provides more detailed episodes of about 30 minutes in length.

Unlike the Daily, both of these podcasts use reenactments with voice actors performing the witness testimony. This provides a sense of authenticity and immediacy; listeners feel like they themselves are in the courtroom, privy to the evidence. However, the ethics of reenactments in video and audio documentary are murky. While some people say they aid understanding, others may see them as introducing bias or distorting reality.

Like the Daily, both The Mushroom Cook and Say Grace are acutely aware of the potential ethical and legal risks of reporting on the case. They take care to avoid conjecture and misrepresentation, such as by using explicit disclaimers before reenactments.

Although both podcasts are presented in a casual and conversational style, Say Grace offers more in-depth commentary on the case, using descriptive language to paint a vivid picture of courtroom proceedings.

Ultimately, each of these three podcasts is serving more than listeners’ suspicions; they are providing an important public service by reporting the truth and preserving open justice.

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

– ref. Justice on demand? The true crime podcasts serving up Erin Patterson’s mushroom murder trial – https://theconversation.com/justice-on-demand-the-true-crime-podcasts-serving-up-erin-pattersons-mushroom-murder-trial-256209

MIL OSI Analysis – EveningReport.nz –

May 15, 2025
MIL-OSI USA: Griffith Statement on Completed Energy and Commerce Reconciliation Markup

Source: United States House of Representatives – Congressman Morgan Griffith (R-VA)

The House Committee on Energy and Commerce completed its reconciliation markup hearing on budget recommendations that fall in line with the budget resolution. The House Budget Committee will receive the Energy and Commerce recommendations as they prepare to draft a reconciliation package. U.S. Congressman Morgan Griffith (R-VA) issued the following statement:

“Congressional Democrats and progressive prognosticators shouted day and night that the Energy and Commerce Committee couldn’t make budget recommendations without massive, significant cuts to Medicaid. And yet, House Republicans proved them all wrong. I look forward to working with House Republicans during the next phase of the reconciliation process to produce a bill that carries out a pro-growth, commonsense agenda.”

BACKGROUND

On April 10, 2025, the U.S. House of Representatives passed U.S. Senate-amended H. Con. Res. 14, a budget resolution that sets fiscal objectives for House committees to identify potential savings.

The resolution instructs the House Committee on Energy and Commerce to identify a target of $880 billion in savings.

The House Committee on Energy and Commerce started its markup hearing on Tuesday, May 13.

The Committee’s proposed recommendations must still be considered by the Budget Committee. Changes to the underlying reconciliation bill are still possible and then must be voted on by both chambers of Congress.

###

MIL OSI USA News –

May 15, 2025
MIL-OSI USA: Tonko Delivers Final Plea to Republicans to Protect Medicaid for Americans

Source: United States House of Representatives – Representative Paul Tonko (Capital Region New York)

WASHINGTON, D.C. — In his closing remarks, during a 26-hour long markup in the Energy and Commerce Committee on the Republican budget, Congressman Paul D. Tonko (NY-20) shared the story of a local family who relies on Medicaid and who would be hurt by the massive healthcare cuts included in the GOP budget. Throughout the markup, Tonko shared firsthand accounts of constituents across the district who would have their Medicaid coverage ripped away as a result of Republicans’ budget cuts. In his closing remarks today, Tonko highlighted the story of Sara, the mother of a 16-month-old pediatric stroke survivor who relies on Medicaid to get the care he deserves.

Tonko spoke with Sara directly about the impact of Medicaid in providing support her son. Their conversation can be viewed HERE.

Tonko’s full remarks can be viewed HERE or read below as prepared for delivery:

As we wind down this debate, I have a confession to make.

I’m tired.

I know we’re all tired too.

We’ve been at this more than 25 hours now.

But while I am tired, I am also energized.

Because I know our cause is just.

And because I know that these past 25 hours have helped to illuminate the stakes of this debate for the American people.

And the stakes couldn’t be higher.

The choices that are made in this room today, and in our House of Representatives will impact the lives of millions of people we will never meet.

In this moment, I’m thinking of how this might impact one family I have met – Sara and her son Cameron from Niskayuna, New York.

Cameron is a 16-month-old pediatric stroke survivor. Cam was previously normally developing and healthy, but at 7 months old, he had a rare pediatric stroke that changed everything.

Sara shared how they quickly found themselves in a community of parents with disabled kids that rely on Medicaid. Her son receives 5 to 6 therapies a week and goes to 2 to 3 doctors’ appointments every month.

Medicaid is the safety net that supports them to provide things like copays and medical braces, which add up and make a huge difference.

Sara’s story could be any of our stories. She shared with me:

“It really hits home for me that Cameron became disabled after his stroke, pretty much overnight, our lives changed. So, I think what people may be missing here is, anyone can become disabled at any moment and therefore you may not have the coverage you once thought you had.”

Republicans falsely claim that children like Cameron won’t be impacted by their package, but I’ve read the text and that’s simply not true.

New York State stands to lose billions of dollars in cuts to Medicaid from the reduced federal match, the provider tax provisions and more senseless provisions in this cruel package.

Again, let me reiterate: when states have to make these massive cuts to their Medicaid programs, where do you think they’re going to look first?

To the most expensive patients: the elderly, the sick, and the disabled. To the very people that my Republican colleagues claim they are trying to protect.

Republicans have been offered so many opportunities today to put pen to paper on their claims that this bill won’t hurt people like Cameron.

They’ve refused to do so.

When someone shows you who they are, believe them.

Here’s your last chance.

Support this amendment and let’s make an ironclad guarantee to folks like Sara and Cameron that we’re going to take care of them.

Let’s make that ironclad guarantee that lets this family sleep a little easier tonight.

I’m ready to make that promise. And I urge my colleagues to do the same.

MIL OSI USA News –

May 15, 2025
MIL-OSI USA: Dingell, Merkley, Welch, Sanders Introduce Bill to Lower Prescription Drug Prices for All Americans
Source: United States House of Representatives – Congresswoman Debbie Dingell (12th District of Michigan)

Congresswoman Debbie Dingell (MI-06) along with Senators Jeff Merkley (D-OR), Peter Welch (D-VT), and Bernie Sanders (I-VT), today introduced the End Price Gouging for Medications Act.

The bicameral bill would lower prescription drug costs for all Americans and end pharmaceutical price gouging by requiring drug companies to offer medications in the United States at no more than the lowest price per drug in twelve other similarly developed countries—Australia, Austria, Belgium, Canada, France, Germany, Italy, Japan, the Netherlands, Sweden, Switzerland, and the United Kingdom.

“In the wealthiest nation on earth, no one should have to choose between buying groceries and affording the medications they need to survive.” said Dingell. “There’s no reason we should be spending more on prescriptions than any other country. This legislation will bring down the cost of prescription drugs, hold drug companies accountable for their unchecked greed, and provide much-needed relief to American families.”

“Americans pay the highest prices in the world for prescription drugs, even though we invest the most in cutting-edge research and development. That is unconscionable,” said Merkley. “In my town halls across every corner of Oregon, I’ve heard time and again from Oregonians about how sky-high prescription drug prices are pushing their budgets to the limit. The End Price Gouging for Medications Act will crack down on Big Pharma’s greed. If President Trump is serious about lowering prescription drug costs for families and seniors across America, he should work with Congress to ensure we get the best prices, not the worst.”

“No one should ever be forced to choose between paying for the prescriptions they need or putting food on the table. It’s unacceptable, and for too many Americans it’s a reality because of Big Pharma’s price gouging,” said Welch. “The End Price Gouging for Medications Act would put an end to this bad practice and help more Vermonters access the medications they need. I’m proud to join Sen. Merkley to introduce this bill and help Vermonters get the care they need.”

On average, Americans spend over $1,400 on prescription drugs every year—the highest per capita drug spending in the world—largely because the pharmaceutical industry is hiking up the cost of drugs to make billions in profits each year. The American people want action, and lowering prescription drug prices to levels obtained in nations similar to the United States has strong bipartisan support. This includes medication such as:
- Ozempic, which costs Americans nearly $13,000 annually to treat type 2 diabetes compared to roughly $820 in Japan; and
- Humira, which costs Americans with Crohn’s disease more than $100,000 per year compared to roughly $3,320 per year in Austria.
Unlike Trump’s recent executive order (EO) on international reference pricing, which only applies to Medicare and Medicaid, the End Price Gouging for Medications Act goes further by requiring drug companies to offer prescription drugs at the established reference price to all individuals in the U.S. market, regardless of insurance or health care status. That includes individuals utilizing all federal health programs, uninsured individuals, individuals covered under a group health plan, or individuals who have purchased their own health insurance coverage.

In addition to Dingell, Merkley, Welch, and Sanders, the End Price Gouging for Medications Act is co-sponsored by U.S. Senator Dick Durbin (D-IL). The bicameral bill is endorsed by Public Citizen, Center for Health and Democracy, Just Care USA, Center for Medicare Advocacy, and Social Security Works.

“American consumers pay far too much for drugs, not because it is costly to manufacture them, or even because of the expense of research and development. We pay too much because the U.S. government grants patents and other monopolies to brand-name drug corporations and then does far too little to rein in Big Pharma’s exploitation of those monopolies to price gouge consumers and the government itself. If President Trump were serious about bringing U.S. drug prices down to levels in other countries, he would embrace this legislation and use the bully pulpit to urge legislators to support it instead of retrograde proposals to take away health care from millions of people to give tax cuts to billionaires and corporations. We applaud Senators Merkley, Sanders and Welch for their leadership,” said Peter Maybarduk, Director of Public Citizen’s Access to Medicines Program.

“There’s no good reason Americans should be forced to pay as much as four times more for our drugs than people in France, Japan and Canada. Senator Merkley, Senator Welch, Ranking Member Sanders, and Representative Dingell’s ‘End Price Gouging for Medications Act’ legislation recognizes that monopoly pricing by drug corporations is killing tens of thousands of Americans each year and driving countless more into medical debt. It rightly calls for fair drug pricing, which is essential to our health and well-being,” said Diane Archer, President, Just Care USA.

Full text of the End Price Gouging for Medications Act can be found here.

MIL OSI USA News –
May 15, 2025
MIL-OSI USA: House Natural Resources Committee Advances Reconciliation Responsibility

Source: United States House of Representatives – Congressman Mark Amodei (NV-02)

Washington, D.C. – This week, the House Natural Resources Committee passed its directives for the Reconciliation process, which includes $18.5 billion in savings. In addition, Rep. Mark Amodei’s amendment pertaining to disposal of Federal lands in Nevada was included in the package.

“This week, the House Natural Resources Committee advanced our portion of the budget reconciliation bill, delivering on the Administration’s commitment to curb reckless spending, steward taxpayer dollars responsibly, and identify smart investments,” said Rep. Mark Amodei. “Our contributions will generate a total of $18.5 billion in savings, well beyond our $1 billion target.

“In addition to these historic savings, my Nevada-centric lands amendment was included in the package. The reality is, most of my colleagues don’t fully grasp the unique challenges Nevada faces as a state that is 80% federally owned. For years, folks from my district, and even across district lines, have voiced serious concerns about how these vast stretches of public land could threaten Nevada’s economic momentum and competitiveness if we run out of usable acreage.

“With Republicans holding only a slim majority, the reconciliation process presented a rare vehicle to advance these land disposal requests and ensure the priorities of our county commissions were heard. This is only the first step in our efforts to support responsible development in our state while also delivering a meaningful return for the American taxpayer.”

Background

The Reconciliation Process

Reconciliation is a rigorous process that allows the President’s agenda to move forward without being blocked by a Senate filibuster. It began with both the House and Senate passing an identical budget blueprint that provided clear directives for committees to identify areas for saving and investment. Congressional committees have been working to turn those directives into actionable legislation within their respective jurisdictions.

All proposed legislation must meet deficit-reducing or revenue-related targets. The end goal is to compile all legislation passed through committees and bring it onto the chamber floors for voting in one big bill.

Rep. Amodei’s Land Disposal Amendment

Nevada’s population centers are all encumbered by Federal lands and can’t meet their housing and development needs without disposal of Federal lands. Unlike most other states, Nevadans rely on Congress to make these lands available.

Each of the maps included in this amendment was generated by the respective counties referenced in the bill. National Parks and areas of significant environmental value are not included in the list of disposal lands within the amendment, and all disposal of Federal lands must still go through the NEPA process and comply with existing federal regulations. This amendment focuses on communities who have been starved of development and housing needs.

Breakdown of the Amendment

* 449,174 acres are encompassed in the amendment; however, 356,100 acres are part of the Pershing County checkerboard resolution that have no net change in federal ownership.

Washoe County

The amendment identifies 15,860 acres in Washoe County for disposal, also allowing for joint selection between the County and Federal government to prioritize lands for affordable housing development.

Clark County

The amendment identifies 65,129 acres in Clark County for disposal, also allowing for joint selection between the County and Federal government to prioritize lands for affordable housing development. The amendment includes a savings clause to ensure that no proceeds deposited into the SNPLMA special account under previous lands sales are to be rescinded or redirected.

Lyon County

The amendment identifies 12,085 acres in Lyon County, which will be sold for fair market value to the City of Fernley, Nevada and be developed as the Tahoe-Reno Industrial Center (TRIC) II.

Pershing County

The amendment authorizes the sale or exchange of lands previously identified for disposal by the BLM in a streamlined manner. This encompasses approximately 356,100 acres of land to be exchanged at a 1:1 ratio.

MIL OSI USA News –

May 15, 2025
MIL-OSI USA: Four Bilirakis Proposals Advance As Part of Reconciliation Package

Source: United States House of Representatives – Representative Gus Bilirakis (FL-12)

Washington, DC: Today, the House Energy & Commerce Committee advanced a broad reconciliation bill that implements fiscally-sound policies to end wasteful spending on Green New Deal-style projects, support the rapid innovation and modernization of American Commerce, and protect Medicaid for vulnerable Americans for generations to come by cutting waste, fraud, and abuse. One of the provisions included in the package, the LIVE Beneficiaries Act, authored by Representative Bilirakis, will help strengthen funding for the Medicaid program and its beneficiaries. This provision requires states to quarterly certify that those enrolled in Medicaid are still living. Bilirakis filed his bill in response to a recent independent audit of just 14 states in one year that documented $249 million in payments to providers on behalf of deceased individuals. The reconciliation package also prohibits beneficiaries from being enrolled in Medicaid in multiple states at the same time and prohibits those individuals who are here illegally from participating in Medicaid.

“I’m proud of the common-sense approach we’ve put forth to achieve significant savings while preserving benefits and access to care for our most vulnerable individuals,” said Congressman Bilirakis.  “We have a responsibility to ensure taxpayer dollars are used wisely and that includes protecting access to healthcare for low-income children, seniors, pregnant women, and those with disabilities. Despite the fear-mongering rhetoric from my colleagues on the other side of the aisle throughout the hearing – these critical populations will not see any change to their healthcare under our bill. Instead, we will disallow duplicative reimbursement, payments for deceased individuals, and coverage for illegal aliens. In doing so – we will strengthen and preserve Medicaid for generations to come while helping to restore fiscal responsibility.

Congressman Bilirakis, who is the Chairman of the Commerce, Manufacturing and Technology Subcommittee in the House, also spearheaded a measure included in the package that would implement a 10-year moratorium on state and local regulation of AI models. This moratorium will prevent the failures we have seen from the state-based regulatory morass on internet privacy from infecting the budding AI marketplace led by the United States.

“Harnessing the potential of AI is not just an opportunity for the United States, it’s an absolute necessity to secure economic leadership, strengthen national security, and ensure that American values shape the future of this transformative technology,” said Chairman Bilirakis. “We must prevent a fragmented patchwork of rules from each state that could stifle innovation, confuse compliance, and undermine the creation of effective, nationwide standards that protect both progress and the public. The moratorium included in this package enables us to achieve that goal.”

As Co-Chair of the Rare Disease Caucus, Congressman Bilirakis has worked tirelessly for many years to support rare disease patients and families by streamlining FDA processes and encouraging the development of treatments and cures for smaller patient populations. Two measures co-authored by Bilirakis to help rare disease patients were also included in the reconciliation package that passed out of Committee today. Children with complex medical needs may not have the specialized care they need within their home state. In these instances, parents must work with health care providers and state Medicaid officials to find out-of-state care. The process is difficult and complex, often delaying children and their families from receiving the care they desperately need – and in some cases blocking access to care all together. The Accelerating Kids’ Access to Care Act addresses this concern by allowing states to streamline the process for out-of-state pediatric care providers to enroll in another state’s Medicaid program, while also safeguarding important program integrity processes. The legislation enables smooth coordination across state lines by clarifying the process by which state Medicaid programs can cover this care regardless of where the child lives and where their care is received. The Orphan CURES Act is a bipartisan measure that would accelerate the development of new life-saving cures and provide hope to millions of Americans affected by rare diseases. Under current federal law, a drug or treatment that receives approval from the U.S. Food and Drug Administration (FDA) to exclusively treat one rare disease – commonly known as an “orphan drug” – is eligible for certain incentives, including an exemption from Medicare’s drug negotiation program. Unfortunately, those same incentives do not exist if an orphan drug receives FDA approval to treat two or more rare diseases. The result is a disincentive for American innovators to invest in the expensive and time-intensive research necessary to determine if an orphan drug could cure or treat additional rare diseases. The ORPHAN Cures Act would remedy these harmful, unintended consequences by honoring the intent of the Orphan Drug Act of 1983 and restoring proven, time-tested incentives to encourage the discovery of new cures for the narrow patient populations affected by rare diseases.

“Including these two critical provisions in the reconciliation package is a huge win for the rare disease community,”  said Congressman Gus Bilirakis who serves as Co-Chair of the Rare Disease Caucus. “My colleagues and I will continue to work toward advancing the development of treatments and cures for rare disease patients and removing regulatory barriers that prevent patients from accessing care.”

MIL OSI USA News –

May 15, 2025
MIL-OSI USA: In Response to Questioning from Klobuchar, FAA Provides Details of Near Miss Episode Involving Flight Headed to Minneapolis

US Senate News:

Source: United States Senator for Minnesota Amy Klobuchar
WASHINGTON— During a Commerce Committee hearing today focused on aviation safety, U.S. Senator Amy Klobuchar asked the FAA Air Traffic Organization’s Deputy Chief Operating Officer, Franklin McIntosh, for an explanation of the near-miss incident involving a March 28th Minneapolis bound flight that departed from Reagan National Airport.
That day, a passenger flight departing Reagan National Airport for Minneapolis nearly collided with military aircraft flying “about 500 feet below” the commercial passenger jet. Directly following the incident, Klobuchar spoke with a Department of Defense official and was informed there would be an immediate Federal Aviation Administration investigation.
In response to Klobuchar’s questions at today’s hearing, Mr. McIntosh explained that the incident resulted from a miscommunication of when the military flyover would occur, resulting in an additional aircraft being cleared for take-off instead of being held on the ground. McIntosh said that the FAA has since improved procedures to prevent future incidents.
A rough transcript of the exchange is available below and a video can be downloaded here.
Senator Klobuchar: So we have been rightfully focused on the tragedy, the loss of life with the American Airlines Flight, but has been pointed out by my colleagues so many problems at Newark. And as I go into the summer season, it’s hard to believe that they won’t get worse, and then just across the country. There was one incident, a near miss recently. It was on March 28 between a Delta flight and a military aircraft shortly after the tragedy, actually, where the military flight was just 500 feet below the Delta flight. And the Delta pilot said, is this, I’m paraphrasing, but it was picked up from air traffic control. “Is there actually a flight 500 feet below us?” That flight was headed to Minneapolis, contained a bunch of Minnesotans, families, one of my staff members went on that flight. And I had asked and was, I appreciated that the DOT got back to me, close after it, but I’m still waiting for a final answer about what happened. Do you know? Could any of you give me a timeline on that?
Mr. McIntosh: Yes, ma’am. I believe, I believe I can. What occurred was the military flight was doing a national flyover over Arlington, and it was opposite direction to departure traffic at DCA. Potomac TRACON, which is the radar approach control that feeds all the aircraft into DCA, was working the military flight, and there was a communication exchange between the supervisor at Potomac and the supervisor at DCA. And what I mean is, the Potomac supervisor coordinated with DCA to stop departures at a certain time, and that that stop time is, you stop departures and let the flyover proceed. You sterilize the airspace, essentially, to keep traffic safe. The controller or the CIC that was a DCA misunderstood the time, or misunderstood the verbiage on what that stop time was, so they let one more aircraft go, versus holding an aircraft on the ground. In reviewing that, we said we have to clean up the phraseology and how we give times to ensure that we know exactly which aircraft we’re going to stop and keep that kind of incident from occurring. So what we did, we put both of those facilities together, along with the management team to ensure that we had a better process in place to keep that from happening again. So that was, unfortunately, an event that happened, but we improved the procedures to keep something like that from happening again, Ma’am.

MIL OSI USA News –

May 15, 2025
MIL-OSI Security: U.S. Marshals Capital Area Regional Fugitive Task Force Continues to Protect Virginia Streets

Source: US Marshals Service

Newport News, VA – The U.S. Marshals Service Capital Area Regional Fugitive Task Force (CARFTF) April 30 arrested in Newport News a fugitive wanted on sexual assault charges.

Mateo Juan Nicolas, 24, is alleged to have used force in the rape a minor in a vehicle April 25 in Greene County.

Greene County Sheriff’s Office requested assistance from CARFTF April 28 in locating and arresting Nicolas, who is originally from Guatemala.

CARFTF arrested Nicolas without incident at the intersection of 36th Street and Jefferson Avenue.

He was transported to the city jail in Newport News and booked on the active warrants.

Since 2004, the Capital Area Regional Fugitive Task Force has focused resources and efforts on the enhancement of public safety and the reduction of violence within the National Capital Region, through the identification, investigation, and apprehension of fugitives wanted for egregious crimes against the community, while ensuring the equal application of Justice, Integrity, and Service for all.

MIL Security OSI –

May 15, 2025
MIL-OSI Security: Florida Man Sentenced to 11 Years in Federal Prison for Participating in Violent Danbury Kidnapping

Source: Office of United States Attorneys

David X. Sullivan, United States Attorney for the District of Connecticut, announced that ANTHONY PENA, also known as “Tony,” 24, of Miami Gardens, Florida, was sentenced today by U.S. District Judge Sarala V. Nagala in Hartford to 132 months of imprisonment, followed by two years of supervised release, for participating in a violent kidnapping in Danbury last summer.

According to court documents and statements made in court, in the late afternoon of August 25, 2024, Danbury Police received multiple 911 calls from witnesses who observed several males assaulting another male and forcing him into a white work van. Responding officers encountered the van on Clapboard Ridge Road, near the intersection of East Gate Road, and attempted to stop it. The van accelerated at a high-rate of speed and crashed approximately one mile away on Cowperthwaite Street. Pena, Angel Borrero, and two associates, all dressed in black, exited the van and fled on foot. Officers arrived at the location of the disabled van and located a male and female victim, both bound with duct tape, in the back of the van. The male victim had significant injuries to his face and arm. Both victims were transported to the hospital for further evaluation. The victims reported that the Lamborghini Urus they were operating was rear-ended by a Honda Civic on Damia Drive in Danbury, and a white work van cut in front of their vehicle. The victims were then forcibly removed from their vehicle, dragged into the van, and bound with duct tape. When the male victim resisted, he was punched in the face and hit repeatedly with a baseball bat, both outside and inside the van, by Pena and others. The victims were told several times that they would be killed.

Pena, Borrero, and the two associates were apprehended in various locations within a quarter-mile radius from where the van crashed. Two other associates, and the Honda Civic, were located at a short-term rental home in Roxbury. A baseball bat was found inside the car. The victims’ Lamborghini, with a blood-stained baseball bat inside the car, was found abandoned in the woods off the roadway on East King Street.

The kidnapping was intended to facilitate the extortion of the victims’ son, who is suspected of participating in the theft of hundreds of millions of dollars in cryptocurrency.

Pena has been detained since his arrest. On January 10, 2025, he pleaded guilty to conspiracy and kidnapping.

Borrero and three others involved in the offense also pleaded guilty and await sentencing.

This matter is being investigated by the FBI New Haven Violent Crimes Task Force and the Danbury Police Department. The Task Force includes members from the Connecticut State Police and several local police departments. The case is being prosecuted by Assistant U.S. Attorneys Karen L. Peck and John T. Pierpont, Jr.

U.S. Attorney Sullivan thanked the State’s Attorney’s Office for the Judicial District of Danbury for its close cooperation in investigating and prosecuting this matter.

MIL Security OSI –

May 15, 2025
MIL-OSI Security: Former CEO of Healthcare Services Company Admits Role in Elaborate Investment Fraud Scheme

Source: Office of United States Attorneys

NEWARK, N.J. – The former chief executive officer of a publicly traded healthcare services company admitted his role in a conspiracy to defraud investors in connection with the purchase or sale of the company’s securities, U.S. Attorney Alina Habba announced.

Parmjit Parmar, a/k/a “Paul Parmar,” 55, of Colts Neck, New Jersey, pleaded guilty before U.S. District Judge Madeline Cox Arleo in Newark federal court to conspiracy to commit securities fraud.

According to documents filed in this case and statements made in court:

From May 2015 through September 2017, Parmar and his conspirators, including Sotirios Zaharis, a/k/a “Sam Zaharis,” and Ravi Chivukula orchestrated an elaborate scheme to defraud a private investment firm and others out of hundreds of millions of dollars in connection with the funding of a transaction to take private a healthcare services company (Company A) traded publicly on the London Stock Exchange’s Alternative Investment Market. To fund the transaction, the private investment firm put up approximately $82.5 million and a consortium of financial institutions put up another $130 million, for a total of approximately $212.5 million. The scheme utilized fraudulent methods to grossly inflate the value of Company A and trick others into believing that Company A was worth substantially more than its actual value.

Parmar and the conspirators sought to raise tens of millions of dollars in the public markets, purportedly to fund Company A’s acquisitions of various operating subsidiaries. In actuality, a number of those entities either did not exist or had only a fraction of the operating income attributed to them. The conspirators funneled the proceeds of these secondary offerings through bank accounts they controlled and used the money for a variety of purposes that had nothing to do with acquiring the purported targets. The conspirators went to great lengths to make it appear that these funds were revenue, concocting phony customers and altering bank statements to make it appear as if the funds were coming from customers.

To perpetuate the scheme, Parmar and his conspirators also falsified and fabricated bank records of subsidiary entities in order to generate a phony picture of Company A’s revenue streams and made material misrepresentations and omissions to the private investment firm and others.

Parmar and his conspirators’ actions caused victims to value Company A at more than $300 million for purposes of financing the transaction to take Company A private. The scheme was uncovered in September 2017, when Parmar and his conspirators resigned from their positions with Company A or were terminated. On March 16, 2018, Company A and numerous of its affiliated entities filed for bankruptcy, attributing the company’s financial demise, in large part, to the fraud scheme.

The conspiracy to commit securities fraud charge to which Parmar has plead guilty, carries a maximum penalty of five years in prison and a $250,000 fine. Pursuant to the terms of his plea agreement, Parmar has also agreed to forfeiture of certain properties and the contents of several bank accounts, and the Court must order that Parmar pays restitution to any victims of his offense.

U.S. Attorney Habba credited special agents of the Federal Bureau of Investigations, under the direction of Special Agent in Charge Brian Driscoll, with assistance from FBI Headquarters Forensic Accountant Support Team.

The government is represented by Assistant U.S. Attorneys Vinay S. Limbachia, George M. Barchini, and Kelly M. Lyons of the U.S. Attorney’s Office Criminal Division in Newark.

The charges and allegations contained in the Indictment with respect to Parmar’s co-defendants, Zaharis and Chivukula, are merely accusations, and Zaharis and Chivukula are presumed innocent unless and until proven guilty.

###

Defense counsel for Parmar: John H. Hemann, Esq., San Francisco, CA; Andrew D. Goldstein, Victoria R. Pasculli, Alessandra V. Rafalson, Esqs., New York, NY; Anuva V. Ganapathi, Esq., Palo Alto, CA

MIL Security OSI –

May 15, 2025
MIL-OSI Security: Ecuadorian National Convicted of Illegal Reentry and Failure to Notify of a Change of Address

Source: Office of United States Attorneys

MINNEAPOLIS – Sebastian Saquinga-Topanta, an Ecuadorian national, pleaded guilty to Illegal Reentry into the United States, in violation of 8 U.S.C. § 1326, and Failure to Notify of a Change of Address, in violation of 8 U.S.C. § 1306(b), announced Acting U.S. Attorney Lisa D. Kirkpatrick.

According to court documents, Sebastian Saquinga-Topanta, 31, did not have a lawful immigration status to enter the United States. On September 1, 2022, Saquinga-Topanta was discovered by the U.S. Border Patrol and was removed from the United States as an undocumented alien. He was returned to Ecuador but, soon after, the defendant knowingly, voluntarily, and unlawfully returned to the United States in December 2022.

According to court documents, Saquinga-Topanta was previously apprehended for driving while intoxicated in June 2023. The defendant was arrested twice on warrants in December 2023 and January 2024 for the DUI case. Saquinga-Topanta was questioned about his residence following his arrest. Law enforcement went to the purported address but discovered that the defendant no longer lived there. During a period from January to May of 2024, the defendant failed to register his change of address with the Attorney General. In addition, he was not approved by the Attorney General or the Security of Homeland Security to re-apply and remain in the United States.

This case is part of Operation Take Back America, a nationwide initiative that marshals the full resources of the Department of Justice to repel the invasion of illegal immigration, achieve the total elimination of cartels and transnational criminal organizations (TCOs), and protect our communities from the perpetrators of violent crime.

Assistant U.S. Attorney Melinda A. Williams prosecuted the case.

MIL Security OSI –

May 15, 2025
MIL-OSI Security: Oakton doctor sentenced to 13 years in prison for running urgent care center as opioid pill mill

Source: Office of United States Attorneys

ALEXANDRIA, Va. – An Oakton doctor was sentenced today to 13 years in prison for conspiring to distribute oxycodone and amphetamines, maintaining drug premises, and false statements relating to health care matters.

According to court documents, David Allingham, 65, was the owner of and sole medically licensed practitioner at Oakton Primacy Care Center (OPCC), an urgent care center. His practice advertised on his website that Allingham specialized as an “Addiction Medicine Family Doctor” with “special training and skill in preventing, diagnosing, and treating patients with addiction.”

Between at least April 2019 and January 2024, Allingham wrote prescriptions for opioids and amphetamines for numerous patients without properly assessing the individual needs of those patients, which was outside the usual course of professional practice and regulations and without legitimate medical purpose. During that time, Virginia pharmacies filled approximately 7,330 prescriptions for oxycodone prescribed by Allingham, totaling approximately 405,164 pills.

All of Allingham’s patients were instructed to pay out of pocket for office visits at Allingham’s practice, which cost $300-$550 per patient, typically paid via cash, credit card, or Venmo. An extra $700 was required if the patient wanted a doctor’s letter. Allingham required his chronic pain patients to pay for an office visit at least every 21 days, though he allowed a significant number of these “office visits” to be conducted via a phone call to employees who were not medically trained. Allingham authorized renewals of opioid medication without physically examining patients or without medical indication other than the uncorroborated information the patients provided.

Multiple pharmacies investigated Allingham’s opioid prescribing practices and thereafter refused to fill prescriptions for controlled substances issued by Allingham. After a national pharmacy chain informed Allingham that its stores would no longer fill prescriptions written by him, Allingham instructed his employees to phase out all brand pharmacies in favor of “mom and pop” pharmacies to avoid further scrutiny of his patients and so he could continue to prescribe high-dose opioids for them.

Allingham typically required a urine drug screen (UDS) at each in office appointment but failed to act on them in a medically appropriate way. Allingham consistently excused or ignored failed UDSs, which were then withheld from patient files or falsely documented in his medical records. One patient failed 40 drug tests between 2019 and 2023. Allingham’s medical record falsely documented that the patient had tested positive for cocaine in his urine merely from handling currency contaminated with cocaine residue. Allingham nevertheless continued to prescribe oxycodone to the patient.

Allingham also prescribed amphetamines to multiple chronic pain patients to assist them in weight loss in contravention of regulations. Allingham prescribed amphetamines for weight loss purposes regardless of whether the patient was obese. During the conspiracy, Allingham distributed at least 527 prescriptions for amphetamines for this purpose, totaling over 13,500 pills.

Allingham also unlawfully used and directed his employees to use another doctor’s identity without authorization to prescribe medications for himself and his family. Allingham instructed his employees to provide the OPCC phone number for prescriptions purportedly written by that doctor and directed them how to respond if pharmacists called inquiring about the prescriptions, because at that time the doctor was not an employee of OPCC.

Multiple of Allingham’s patients died of drug overdoses within hours, days, or weeks of receiving an oxycodone prescription from Allingham.

In July 2023, law enforcement conducted a search of Allingham’s residence and medical practice. When interviewed by law enforcement, Allingham made false statements regarding his prescribing practices and directed at least one of his employees to delete records of her text message communications with him.

Erik S. Siebert, U.S. Attorney for the Eastern District of Virginia; Ibrar A. Mian, Special Agent in Charge for the Drug Enforcement Administration’s (DEA) Washington Division; Maureen R. Dixon, Special Agent in Charge of the Office of Inspector General for the U.S. Department of Health and Human Services; and Col. Matt Hanley, Superintendent of Virginia State Police, made the announcement after sentencing by U.S. District Judge Rossie D. Alston Jr.

The Fairfax County Police Department provided valuable assistance in the investigation.

Assistant U.S. Attorney Heather D. Call prosecuted the case.

A copy of this press release is located on the website of the U.S. Attorney’s Office for the Eastern District of Virginia. Related court documents and information are located on the website of the District Court for the Eastern District of Virginia or on PACER by searching for Case No. 1:25-cr-2.

MIL Security OSI –

May 15, 2025
MIL-OSI Security: Pediatric Physician Sentenced to 25 Years for Producing Child Pornography

Source: Office of United States Attorneys

KANSAS CITY, Mo. – An Overland Park, Ks., pediatric physician was sentenced in federal court today for producing child pornography and possession of child pornography.

Brian Aalbers, 51, was sentenced by U.S. District Court Judge Brian C. Wimes to 25 years in federal prison without parole. The court also ordered Aalbers to serve supervised release for Life following his incarceration.

Aalbers, a pediatric neurologist at Overland Park Regional Hospital in Overland Park, Ks., had pleaded guilty to using concealed video cameras to secretly record 13 child victims for the purpose of producing child pornography over a three-year period. Aalbers also had admitted that he was in possession of child pornography.

Concerns were received by both the FBI and the United States Attorney’s Office regarding the potential victimization of patients of Aalbers’s pediatric practice. During the investigation, it was determined there was no evidence to indicate any current or former patients were victimized by Aalbers. To protect and maintain the privacy of Aalbers’s victims, no additional information regarding the victims will be released.

According to the plea agreement, Kansas City, Mo., police officers investigated a report regarding concealed video cameras that had been found on Oct. 28, 2023. A witness later contacted officers to report that Aalbers was sending suicidal text messages. Lenexa, Ks., police officers located Aalbers and transported him to a local hospital to obtain voluntary mental health treatment. The hospital took possession of two laptop computers, two iPad tablets, and a cell phone that were inside a backpack Aalbers brought with him when he entered the facility.

Investigators obtained search warrants for those devices, as well as other cameras and electronic devices owned by Aalbers. Investigators found more than 50,000 video files associated with the hidden video cameras used by Aalbers, including more than 1,000 videos that contained pornographic depictions of the 13 child victims.

Investigators also obtained a search warrant for Aalbers’s iCloud account, which contained 1,000 additional images and 163 additional videos of child pornography, which included videos of the identified child victims that had been produced by Aalbers.

This case was prosecuted by Assistant U.S. Attorney Maureen A. Brackett. It was investigated by the Federal Bureau of Investigation, Kansas City, Missouri Police Department, and Lenexa, Kansas Police Department.

Project Safe Childhood

This case was brought as part of Project Safe Childhood, a nationwide initiative launched in May 2006 by the Department of Justice to combat the growing epidemic of child sexual exploitation and abuse. Led by the United States Attorneys’ Offices and the Criminal Division’s Child Exploitation and Obscenity Section, Project Safe Childhood marshals federal, state, and local resources to locate, apprehend, and prosecute individuals who sexually exploit children, and to identify and rescue victims. For more information about Project Safe Childhood, please visit www.usdoj.gov/psc . For more information about Internet safety education, please visit www.usdoj.gov/psc and click on the tab “resources.”

MIL Security OSI –

May 15, 2025
MIL-OSI: Define Solar Offers Homeowners Smarter, More Flexible Solar Investment Solutions

Source: GlobeNewswire (MIL-OSI)

MT. LAUREL, N.J., May 14, 2025 (GLOBE NEWSWIRE) — As the demand for clean, cost-effective energy grows, Define Solar continues to lead the solar movement with customizable investment options tailored to meet diverse financial needs. By combining innovative solar technology with personalized financial strategies, Define Solar is helping New Jersey and Pennsylvania homeowners switch to solar energy—without the stress.

Through various carefully structured investment options, Define Solar empowers clients to take control of their energy use and long-term finances. Homeowners can choose from flexible leasing, low-interest loans, or complete purchase plans—each designed to suit different budgets while maximizing savings and energy efficiency. These offerings allow families to go solar confidently, knowing they can access clear, cost-effective solutions tailored to their needs.

One of the defining features of the Define Solar experience is access to a dedicated team of solar financial experts. These professionals work closely with every client to navigate incentives, tax credits, and payment structures—ensuring they fully understand the long-term economic advantages of going solar. From identifying the best plan to optimizing energy savings over time, the finance team turns complex decisions into confident choices.

“We’re not just selling solar panels—we’re helping families make smart, future-focused investments,” said a spokesperson for Define Solar. “Our goal is to demystify solar financing and provide solutions that truly make sense for our customers.”

The financial benefits of solar are undeniable. With rising utility costs and increased federal and state incentives, homeowners see significant monthly savings and long-term property value rises. Combine that with Define Solar’s high-efficiency equipment, and you will have a winning formula for sustainability and financial growth.

As more families explore clean energy alternatives, Define Solar is a trusted partner for those ready to invest in a brighter, greener future. For more information, please visit https://definesolar.com/solar-plans.

About Define Solar

Define Solar, serving NJ and PA, specializes in professional solar installations with an unmatched commitment to communication, quality, and detail. With years of experience and a track record of helping numerous families, the company delivers reliable, world-class service. Every project is tailored to meet individual client needs, ensuring exceptional results.

Media Contact
Define Solar
+1 856-724-2611
solarcare@definesolar.com

The MIL Network –

May 15, 2025

MIL-OSI: Orca Energy Group Inc. Announces Completion of Q1 2025 Interim Filings

Source: GlobeNewswire (MIL-OSI)

TORTOLA, British Virgin Islands, May 14, 2025 (GLOBE NEWSWIRE) — Orca Energy Group Inc. (“Orca” or the “Company” and includes its subsidiaries and affiliates) (TSX-V: ORC.A, ORC.B) today announces that it has filed its condensed consolidated interim (unaudited) financial statements and management’s discussion and analysis for the three month period ended March 31, 2025 (“Q1 2025”) with the Canadian securities regulatory authorities. All amounts are in United States dollars (“$”) unless otherwise stated.

Jay Lyons, Chief Executive Officer, commented:

“Operationally, I am pleased with how Orca has performed in the first quarter of 2025. Despite the marginal reduction in gas deliveries, largely due to factors outside of the Company’s control, production from the Songo Songo gas field remains robust and in line with our expectations. In light of the challenging commercial environment and the lack of clarity regarding a license extension being secured, capital expenditure on the field has been significantly reduced year-on-year, and this will remain the case going forward.

Orca remains focused on safeguarding shareholder value with a view to maintaining the capital returns policy, subject to an ongoing review of the commercial environment. We will keep all our stakeholders appraised of developments over the coming months.”

Highlights

Revenue for Q1 2025 increased by 2% compared to the same prior year period, primarily as a result of a higher current income tax adjustment.

To date the Songas Power Plant remains shutdown.
Gas delivered and sold decreased by 3% for Q1 2025 compared to the same prior year period. In 2024, the Julius Nyerere Hydropower Project (“JNHPP”) commenced commercial operations, with progressive commissioning of each of its 9 turbines allowing a potential peak output of over 2,115 MW. Although the JNHPP’s power generation is currently constrained pending ongoing development of the electricity distribution network, the increased hydro power generation it has delivered, combined with the Songas Power Plant shutdown, have been the primary factors in reduced gas liftings for the power sector.
On April 14, 2023, PanAfrican Energy Tanzania Limited (“PAET”) formally requested Tanzanian Petroleum Development Corporation (“TPDC”) apply for an extension of the Songo Songo Development License (the “License”). TPDC is contractually required to make this application promptly upon a request by the Company. In November 2024, TPDC submitted the application for the extension of the License to the Ministry of Energy (“MoE”), however, being uneconomic, the Company informed TPDC that it did not agree with the terms as submitted. Having declined to address PAET’s concerns itself, TPDC refused to rescind and resubmit the application and has advised PAET to raise any issues directly to the MoE. The Company’s Counsel subsequently submitted a letter to the MoE, requesting an urgent meeting to address the issues, and to date a response has not been received to such letter. There are currently no certainties on the timing, nature and extent of any extension of the License. Until an extension has been finalized, a high degree of uncertainty exists with respect to the extent of the Company’s operating activities subsequent to October 2026, when the License is set to expire.
On April 15, 2024, contrary to the terms of the gas agreement (“Gas Agreement”) and Production Sharing Agreement (the “PSA”) between PAET, TPDC and the Government of Tanzania (“GoT”), and in violation of Pan African Energy Corporation (Mauritius) (“PAEM”) and PAET’s expectations, the Permanent Secretary of MoE wrote to TPDC, copying PAET and Songas Limited (“Songas”), directing TPDC to “ensure that Protected Gas continues to be produced to the end of the Development Licence on 10th October 2026”. Consistent with that instruction, TPDC took the position that Protected Gas should continue despite the parties’ contractual agreement that Protected Gas ceased after July 31, 2024.
In February 2025, PAET, TPDC and Tanzania Portland Cement PLC (“TPCPLC”) agreed to the terms of the Supplementary Gas Agreement (“SGA”) to sell volumes after July 31, 2024 as Additional Gas, which, prior to August 1, 2024, were supplied as Protected Gas. In Q1 2025, TPCPLC fully paid the Company $10.4 million of the receivable previously outstanding as at December 31, 2024.
On August 7, 2024, PAET and PAEM issued a notice of dispute (“Notice of Dispute”) in respect of an investment treaty claim against the GoT for breach of the Agreement on Promotion and Reciprocal Protection of Investment between the Government of the Republic of Mauritius and the GoT (“BIT”), and a contractual dispute against GoT and TPDC, for breaches of the: (i) PSA, and (ii) the Gas Agreement. Initial meetings with both the Advisory and Coordinating Committees were held during the week of October 14, 2024 without any resolution on the key issues in dispute. The matters have been further referred to the relevant entity’s chief executive officers and working groups in accordance with the dispute resolution process. Discussions continued with meetings held in January and March 2025 without resolution. The Company’s Counsel subsequently submitted a letter to the MoE, requesting an urgent meeting to address the issues, to date we haven’t had a response to the letter.
In February 2025, the Company received a judgment (the “Judgment”) from the Tanzanian High Court (Commercial Division) (the “Court”) for a claim brought by a contractor against PAET. The claim was brought by the contractor for losses arising from PAET’s termination of a contract relating to the Company’s 3D seismic acquisition program. The contract was signed in 2022 and work was due to be completed by the end of 2022; however, work only commenced in 2023 and was never completed. Pursuant to the Judgment, the Court ordered specific and general damages in the aggregate of $23.1 million, plus legal costs and interest at a rate of 7% per annum be paid by PAET to the contractor. PAET respectfully disagrees with the Judgment and has initiated the appeal process. PAET was required to post security for the full amount of the Judgment until the appeal is resolved. The Company has recognised the resulting liability in 2024 based on the Judgment applied. The Company has initiated the appeal process, and if successful in that process, a reversal would be recognized in earnings at that time.
Net income attributable to shareholders decreased by 89% for Q1 2025 compared to the same prior year period, primarily as a result of higher depletion and general and administrative expenses.
Net cash flows from operating activities1 increased to $20.3 million in Q1 2025 compared to net cash flows used in operating activities of $6.2 million for the same prior year period, primarily a result of the higher payment of the 2023 current liability associated with additional profits tax in Q1 2024 and the TPCPLC settlement of the 2024 year end receivable as well as other changes in non-cash working capital.
Capital expenditures decreased by 63% for Q1 2025 compared to the same prior year period. The capital expenditures in Q1 2025 primarily related to the costs of flowlines replacements on SS-5 and SS-9 wells, deferred from 2024 at the request of the GoT. The capital expenditures in Q1 2024 primarily related to the costs of the planned SS-7 well workover program.
The Company exited the period with $26.8 million in working capital1 (December 31, 2024: $21.9 million) and cash and cash equivalents of $70.2 million (December 31, 2024: $90.1 million). Cash held in hard currencies (USD, Euro, GBP, CDN) was $64.8 million, as at March 31, 2025 (December 31, 2024: $87.1 million).
In February 2025, the Company fully prepaid the $60 million investment (the “Loan”) made by International Finance Corporation (“IFC”) in PAET, pursuant to a loan agreement dated October 29, 2015 between the IFC, PAET and the Company (the “Loan Agreement”). To effect the foregoing prepayment, the Company paid to IFC $30.6 million, representing the aggregate outstanding principal of the Loan together with all accrued interest thereon and all other amounts owing in connection with the Loan as of February 21, 2025. As of the date hereof, the annual variable participating interest granted by PAET to IFC under the terms of the Loan Agreement remains outstanding.
As at March 31, 2025, the current receivable from the TANESCO was $12.5 million (December 31, 2024: $12.7 million). The TANESCO long- term receivable as at March 31, 2025 and as at December 31, 2024 was $22.0 million and has been fully provided for. Subsequent to March 31, 2025, the Company has invoiced TANESCO $5.4 million for April 2025 gas deliveries and TANESCO has paid the Company $5.7 million to date.
On April 15, 2025 PAET signed a settlement agreement with TPDC and TANESCO (“Settlement Agreement”), for TANESCO to pay PAET and TPDC $52.0 million for unpaid amounts owing by TANESCO for deliveries of natural gas from the Songo Songo gas field. The Settlement Agreement requires TANESCO to pay the Tanzanian Shilling equivalent of $52.0 million, comprised of the $33.7 million principal amount and $18.3 million representing a portion of the default interest owed by TANESCO. It was agreed that the remaining balance of the default interest owing by TANESCO would be waived if TANESCO pays the settlement amount when required and in full while remaining current on amounts owed. TANESCO must pay the settlement amount to PAET via weekly instalments and meet monthly total payment amounts, commencing in April 2025 and ending in October 2025. Payments on account of the settlement amount will be allocated between PAET and TPDC in accordance with the PSA. Pursuant to the PSA, and assuming payment in full of the settlement amount, the Company expects to retain approximately $29.4 million of the settlement amount with TPDC retaining the balance. To date, TANESCO has paid $10.0 million under the Settlement Agreement.

¹ See Non-GAAP Financial Measures and Ratios.

Financial and Operating Highlights for the Three Months Ended March 31, 2025
	Three Months ended March 31			% Change
(Expressed in $’000 unless indicated otherwise)	2025	2024		Q1/25 vs Q1/24
OPERATING Daily average gas delivered and sold (MMcfd)	72.0	74.3		(3	)%
Industrial	19.1	14.0		36	%
Power	52.9	60.3		(12	)%
Average price ($/mcf)
Industrial	7.98	8.94		(11	)%
Power	3.92	3.87		1	%
Weighted average	4.99	4.82		4	%
Operating netback ($/mcf)¹	2.87	2.79		3	%
FINANCIAL
Revenue	25,391	24,937		2	%
Net income attributable to shareholders	102	969		(89	)%
per share – basic and diluted ($)	0.01	0.05		(80	)%
Net cash flows from / (used in) operating activities	20,264	(6,170	)	n/m
per share – basic and diluted ($)¹	1.03	(0.31	)	n/m
Capital expenditures¹	548	1,470		(63	)%
Weighted average Class A and Class B shares (‘000)	19,766	19,799		0	%
	March 31,	As at December 31,
	2025	2024		% Change
Working capital (including cash) ¹	26,796	21,904		22	%
Cash and cash equivalents	70,183	90,076		(22	)%
Outstanding shares (‘000)
Class A	1,750	1,750		0	%
Class B	18,015	18,022		0	%
Total shares outstanding	19,765	19,772		0	%

¹ See Non-GAAP Financial Measures and Ratios.

The complete Condensed Consolidated Interim (Unaudited) Financial Statements and Notes and Management’s Discussion & Analysis for the three months ended March 31, 2025 may be found on the Company’s website at www.orcaenergygroup.com or on the Company’s profile on SEDAR+ at www.sedarplus.ca.

Orca Energy Group Inc.

Orca Energy Group Inc. is an international public company engaged in natural gas development and supply in Tanzania through its subsidiary, PAET. Orca trades on the TSX Venture Exchange under the trading symbols ORC.B and ORC.A.

The principal asset of Orca is its indirect interest in the PSA with TPDC and the GoT in the United Republic of Tanzania. This PSA covers the production and marketing of certain conventional natural gas from the License offshore Tanzania. The PSA defines the gas produced from the Songo Songo gas field as “Protected Gas” and “Additional Gas”. The Gas Agreement deals further with the parties’ entitlement to Protected Gas and Additional Gas. Under the Gas Agreement, until July 31, 2024, Protected Gas was owned by TPDC and was sold to Songas TPCPLC. After July 31, 2024, Protected Gas ceased and all production from the Songo Songo gas field constitutes Additional Gas which PAET and TPDC are entitled to sell on commercial terms until the PSA expires in October 2026. Songas is the owner of the infrastructure that enables the gas to be treated and delivered to Dar es Salaam, which includes a gas processing plant on Songo Songo Island.

Neither the TSX Venture Exchange nor its Regulation Service Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Abbreviations

mcf	thousand cubic feet
MMcf	million standard cubic feet
MMcfd	million standard cubic feet per day

Non-GAAP Financial Measures and Ratios

In this press release, the Company has disclosed the following non-GAAP financial measures, non-GAAP ratios and supplementary financial measures: capital expenditures, operating netback, operating netback per mcf, working capital, net cash flows from operating activities per share and weighted average Class A and Class B Shares.

These non-GAAP financial measures and ratios disclosed in this press release do not have any standardized meaning under International Financial Reporting Standards (“IFRS”), and may not be comparable to similar financial measures disclosed by other issuers. These non-GAAP financial measures and ratios should not, therefore, be considered in isolation or as a substitute for, or superior to, measures and ratios of Company’s financial performance defined or determined in accordance with IFRS. These non-GAAP financial measures and ratios are calculated on a consistent basis from period to period.

Non-GAAP Financial Measures

Capital expenditures

Capital expenditures is a useful measure as it provides an indication of our investment activities. The most directly comparable financial measure is net cash used in investing activities. A reconciliation to the most directly comparable financial measure is as follows:

	Three Months ended March 31
$’000	2025	2024
Pipelines, well workovers and infrastructure	548	1,169
Other capital expenditures	–	301
Capital expenditures	548	1,470
Change in non-cash working capital	7,102	(85	)
Net cash used by investing activities	7,650	1,385

Operating netback

Operating netback is calculated as revenue less processing and transportation tariffs, TPDC’s revenue share, and operating and distribution costs. The operating netback summarizes all costs that are associated with bringing the gas from the Songo Songo gas field to the market and is a measure of profitability. A reconciliation to the most directly comparable financial measure is as follows:

	Three Months ended March 31
$’000	2025		2024
Revenue	25,391		24,937
Production, distribution and transportation expenses	(4,203	)	(4,310	)
Net Production Revenue	21,188		20,627
Less current income tax adjustment (recorded in revenue)	(2,538	)	(1,726	)
Operating netback	18,650		18,901
Sales volumes MMcf	6,487		6,764
Netback $/mcf	2.87		2.79

Non-GAAP Ratios

Operating netback per mcf

Operating netback per mcf represents the profit margin associated with the production and sale of Additional Gas and is calculated by taking the operating netback and dividing it by the volume of Additional Gas delivered and sold. This is a key measure as it demonstrates the profit generated from each unit of production.

Supplementary Financial Measures

Working capital

Working capital is defined as current assets less current liabilities, as reported in the Company’s Condensed Consolidated Interim Statements of Financial Position (Unaudited). It is an important measure as it indicates the Company’s ability to meet its financial obligations as they fall due.

Net cash flows from operating activities per share

Net cash flows from operating activities per share is calculated as net cash flows from operating activities divided by the weighted average number of shares, similar to the calculation of earnings per share. Net cash flow from operations is an important measure as it indicates the cash generated from the operations that is available to fund ongoing capital commitments.

Weighted average Class A and Class B Shares

In calculating the weighted average number of shares outstanding during any period the Company takes the opening balance multiplied by the number of days until the balance changes. It then takes the new balance and multiplies that by the number of days until the next change, or until the period end. The resulting multiples of shares and days are then aggregated and the total is divided by the total number of days in the period.

Forward-Looking Statements

This press release contains forward-looking statements or information (collectively, “forward-looking statements”) within the meaning of applicable securities legislation. All statements, other than statements of historical fact included in this press release, which address activities, events or developments that Orca expects or anticipates to occur in the future, are forward-looking statements. Forward-looking statements often contain terms such as may, will, should, anticipate, expect, continue, estimate, believe, project, forecast, plan, intend, target, outlook, focus, could and similar words suggesting future outcomes or statements regarding an outlook. More particularly, this press release contains, without limitation, forward-looking statements pertaining to the following: the Company’s expectations regarding the demand for natural gas and power supply; assessment by the Company of the merits of the appeal made by the Company pursuant to the Judgment; costs, outcomes and timing in respect to the outcome of the appeal of the Judgement; merit, outcomes, position and timing in respect of the Notice of Dispute; expectations in relation to the Notice of Dispute; extension of the License and the Company’s expectation to continue to actively engage with the GoT to progress the License extension; the ability of the Company to continue its operating activities subsequent to October 2026, when the License is set to expire; continued accrual of participating interest in respect of the Loan until the specified date; the receipt of the payment of arrears from TANESCO; and the payment by TANESCO of amounts owing under the Settlement Agreement; and the amount that PAET is expected to retain in relation to the Settlement Agreement. Actual results may differ materially from those anticipated in the forward-looking statements. Although management believes that the expectations reflected in the forward-looking statements are reasonable, it cannot guarantee future results, levels of activity, access to resources and infrastructure, performance or achievement since such expectations are inherently subject to significant business, economic, operational, competitive, political and social uncertainties and contingencies.

These forward-looking statements involve substantial known and unknown risks and uncertainties, certain of which are beyond the Company’s control, and many factors could cause the Company’s actual results to differ materially from those expressed or implied in any forward-looking statements made by the Company, including, but not limited to: uncertainties involving the Notice of Dispute and the Judgment; various uncertainties involved in the extension of the License; risk that meetings related to the Notice of Dispute are not held on the anticipated timing; risk the PSA will not be replaced; risk of decreased demand for production volumes from the Songo Songo gas field; risk the Songas Power Plant will shut down indefinitely; negative effect on the Company’s rights under the PSA and other agreements relating to its business in Tanzania; fluctuations in demand for natural gas and power supply in Tanzania; the Company’s average gas sales including the sale of Additional Gas are different than anticipated; risk that the Company may incur losses and legal expenses as a result of the Notice of Dispute and/or appeal of the Judgment; uncertainties regarding quantum of damages payable to the Company in respect of the Notice of Dispute; uncertainties regarding quantum of damages payable by the Company in respect of the appeal of the Judgment; risk that the budgeted expenditures, timing of the completion and anticipated benefits from the Company’s various development programs and studies in 2025 are different than expected; risk of damage to the Company’s infrastructure assets; failure to extend the License on favorable terms or at all; inability to continue the Company’s operating activities beyond the expiry of the License; inability to maintain gas sale contract discipline; the accrual of participating interest is different than expected; failure to receive payment of arrears from TANESCO; if any payment is eventually required in respect of the Judgment, that it will not be cost recoverable under the PSA; risk that TANESCO will not pay such amounts owing under the Settlement Agreement; changes to forecasts regarding future development capital spending and source of capital spending; risk of future restrictions on the movement of cash from Jersey, Mauritius or Tanzania; occurrence of circumstance or events which significantly impact the Company’s cash flow and liquidity and the Company’s ability cover its long-term and short-term obligations or fund planned capital expenditures; incurrence of losses from debtors in 2025; prolonged foreign exchange reserves deficiency in Tanzania; inability to convert Tanzanian shillings into US dollars or other hard currencies as and when required; discontinuation of work by the Company with the GoT on an alternative development plan for longer term field development; failure to obtain necessary regulatory approvals; risks regarding the uncertainty around evolution of Tanzanian legislation; risk of unanticipated effects regarding changes to the Company’s tax liabilities and the implementation of further legislation and the Company’s interpretation of the same; risk of a lack of access to Songas processing and transportation facilities; risk that the Company may be unable to complete additional field development to support the Songo Songo production profile through the life of the License; risks associated with the Company’s ability to complete sales of Additional Gas; negative effect on the Company’s rights under the PSA and other agreements relating to its business in Tanzania as a result of recently enacted legislation, as well as the risk that such legislation will create additional costs and time connected with the Company’s business in Tanzania; risk relating to the Company’s relationship with the GoT; the impact of general economic conditions in the areas in which the Company operates; civil unrest; risk of pandemic; industry conditions; changes in laws and regulations including the adoption of new environmental laws and regulations; impact of local content regulations and variances in the interpretation and enforcement of such regulations; uncertainty regarding results through negotiations and/or exercise of legally available remedies; failure to successfully negotiate agreements; risks of non-payment by recipients of natural gas supplied by the Company; lack of certainty with respect to foreign legal systems, corruption, and other factors that are inconsistent with the rule of law; risk of loss due to acts of war, terrorism, sabotage and civil disturbances; timing of receipt of, or failure to comply with, necessary permits and approvals; and potential damage to the Company’s reputation due to the actual or perceived occurrence of any number of events, including negative publicity with respect to the Company’s dealings with the GoT, TPDC and TANESCO, whether true or not; increased competition; the lack of availability of qualified personnel or management; fluctuations in commodity prices, foreign exchange or interest rates; stock market volatility; competition for, among other things, capital, oil and gas field services and skilled personnel; failure to obtain required equipment or replacement parts for field development; effect of changes to the PSA on the Company as a result of the implementation of new government policies for the oil and gas industry; inaccuracy in reserve estimates; incorrect forecasts in production and growth potential of the Company’s assets; inability to obtain required approvals of regulatory authorities; risks associated with negotiating with foreign governments; failure to successfully negotiate agreements; risk that the Company will not be able to fulfil its contractual obligations; risk that trade and other receivables may not be paid by the Company’s customers when due; the risk that the Company’s Tanzanian operations will not provide near term revenue earnings; and such additional risks listed under “Business Risks” in our management discussion and analysis for the three months ended March 31, 2025, and our management discussion and analysis for the year ended December 31, 2024. As a result of the foregoing, the Company’s actual results, performance or achievement could differ materially from those expressed in, or implied by, these forward-looking statements and, accordingly, no assurances can be given that any of the events anticipated by these forward-looking statements will transpire or occur, or if any of them do so, what benefits the Company will derive therefrom. Readers are cautioned that the foregoing list of factors is not exhaustive.

Such forward-looking statements are based on certain assumptions made by the Company in light of its experience and perception of historical trends, current conditions and expected future developments, as well as other factors the Company believes are appropriate in the circumstances, including, but not limited to: increased demand for gas supply; successful negotiation and execution of new gas sales contracts under the Gas Agreement; successful negotiation of the License extension on terms favorable to the Company; successful implementation of various development and study programs at the budgeted expenditures; accurate assessment by the Company of the merits of its claim under the Notice of Dispute and the appeal of the Judgment; that all capital allocation decisions will be based upon prudent economic evaluations and returns; successful maintenance of gas sale contract discipline on a go-forward basis pursuant to the Company’s gas supply agreements; that the Company will receive payment of arrears from TANESCO; the Company’s relationship with TPDC and the GoT; the current status of actions involved in the Notice of Dispute; accurate assessment by the Company of the merits of its rights and obligations in relation to TPDC and the GoT and other stakeholders in the Songo Songo gas field; receipt of required regulatory approvals; the Company’s ability to maintain strong commercial relationships with the GoT and other state and parastatal organizations and other stakeholders in the Songo Songo gas field; the current and future administration in Tanzania continues to honor the terms of the PSA and the Company’s other principal agreements; that there will continue to be no restrictions on the movement of cash from Mauritius, Jersey or Tanzania; that the Company will have sufficient cash flow, debt or equity sources or other financial resources required to fund its capital and operating expenditures and participation interest obligations as needed; the Company does not incur any losses from debtors in 2025; absence of circumstances or events that significant impact the Company’s cash flow and liquidity; the Company will continue to be able to convert Tanzanian shillings into US dollars; long term field development will be carried out as planned; continued work by the Company with the GoT on alternative development plan for longer term field development as anticipated; timing and amount of capital expenditures and source of funding are in line with forecasts; the Company’s ability to obtain necessary regulatory approvals; the anticipated supply and demand of natural gas are in line with the Company’s expectations; accurate assessment by the Company of the merits of appeal brought forward by the Company pursuant to the Judgment; that the amount of damages recoverable by the Company under the Notice of Dispute will be in line with expectations; the Company’s interpretation and prediction of the effects regarding changes to the Company’s tax liabilities and the implementation of further legislation is accurate in all material respects; the Company’s ability to obtain revenue earnings from its operations; access to customers and suppliers; availability of employees to carry out day-to-day operations, and other resources; that the Company will successfully negotiate agreements; receipt of required regulatory approvals; the ability of the Company to increase production as required to meet demand; infrastructure capacity; commodity prices will not deteriorate significantly; availability of skilled labour; uninterrupted access to infrastructure; the impact of increasing competition; conditions in general economic and financial markets; effects of regulation by governmental agencies; that the Company’s appeal of various tax assessments will be successful; current or, where applicable, proposed industry conditions, laws and regulations will continue in effect or as anticipated as described herein; the effect of any new environmental and climate change related regulations will not negatively impact the Company; and other matters.

The forward-looking statements contained in this press release are made as of the date hereof and the Company undertakes no obligation to update publicly or revise any forward-looking statements or information, whether as a result of new information, future events or otherwise, unless so required by applicable securities laws.

The MIL Network –

May 15, 2025

MIL-OSI: Diversified Royalty Corp. Announces First Quarter 2025 Results and Leadership Update

Source: GlobeNewswire (MIL-OSI)

VANCOUVER, British Columbia, May 14, 2025 (GLOBE NEWSWIRE) — Diversified Royalty Corp. (TSX: DIV and DIV.DB.A) (the “Corporation” or “DIV”) is pleased to announce its financial results for the three months ended March 31, 2025 (“Q1 2025”) and an update to its leadership structure.

Highlights

The weighted average organic royalty growth¹ of DIV’s diversified royalty portfolio was 4.9% in Q1 2025, compared to 6.0% for the three months ended March 31, 2024 (“Q1 2024”). The weighted average organic royalty growth¹ on a consistent currency basis was 3.9% in Q1 2025, compared to 6.0% in Q1 2024.
Revenue was $15.6 million in Q1 2025, up 3.7%, compared to $15.1 million in Q1 2024.
Adjusted revenue¹ was $17.0 million in Q1 2025, up 3.6%, compared to $16.4 million in Q1 2024.
Distributable cash¹ was $11.1 million in Q1 2025, up 16.3%, compared to $9.6 million in Q1 2024.
Payout ratio¹ was 93.8% in Q1 2025 on dividends of $0.0625 per share ($0.2500 per share annualized), compared to 97.2% in Q1 2024 on dividends of $0.0611 per share ($0.2444 per share annualized), which is an annualized growth of 2.3% in dividends year-over-year.

First Quarter Commentary

Sean Morrison, President and Chief Executive Officer of DIV stated, “The first quarter of 2025 once again saw a strong performance from our top royalty partner, Mr. Lube + Tires, which continues to produce strong growth across the system, generating SSSG⁶ of 9.5%. DIV’s other variable royalty partners generated mixed results with both Oxford and Mr. Mikes generating positive SSSG in Q1. DIV’s fixed royalty partners, Nurse Next Door, Stratus and BarBurrito made their fixed royalty payments. As previously announced, the deferral of 20% of Sutton’s royalties that began in the fourth quarter of 2024 will continue to the end of 2025, to help Sutton invest in the business, and build on the positive momentum that began in the last quarter. DIV continues to see a decrease in royalty income from AIR MILES® because of the continued softness across the AIR MILES® Rewards Program.”

1. Adjusted revenue and distributable cash are non-IFRS financial measures, payout ratio is a non-IFRS ratio and weighted average organic royalty growth and Same-store-sales growth or SSSG is a supplementary financial measure – see “Non-IFRS Measures” below.

First Quarter Results

	Three months ended March 31,
(000’s)		2025		2024
Mr. Lube + Tires	$	7,180	$	6,644
Stratus^a		2,380		2,130
BarBurrito		2,129		2,100
Nurse Next Door^b		1,349		1,323
Oxford		1,249		1,182
Mr. Mikes		1,026		1,016
Sutton		899		1,096
AIR MILES®		756		892
Adjusted revenue^c	$	16,968	$	16,383

^{a)   Stratus royalty income for the three months ended March 31, 2025, was US$1.7 million, translated at an average foreign exchange rate of $1.4344 to US$1 (March 31, 2024 – US$1.6 million, translated at a foreign exchange rate of $1.3483 to US$1).}
^{b)   Represents the DIV Royalty Entitlement plus management fees received from Nurse Next Door.}
^{c)   DIV Royalty Entitlement and adjusted revenue are non-IFRS financial measures and as such, do not have standardized meanings under IFRS. For additional information, refer to “Non-IFRS Measures” in this news release.}

In Q1 2025, DIV generated $15.6 million of revenue compared to $15.1 million in Q1 2024. After taking into account the DIV Royalty Entitlement² (defined below) related to DIV’s royalty arrangements with Nurse Next Door, DIV’s adjusted revenue² was $17.0 million in Q1 2025, compared to $16.4 million in Q1 2024. Adjusted revenue increased primarily due to positive SSSG² (defined below) at Mr. Lube + Tires, Oxford and Mr. Mikes, the annual contractual increases at Stratus, Nurse Next Door and BarBurrito, partially offset by lower royalty income from AIR MILES® and Sutton’s 20% royalty deferral, all as discussed in further detail below.

2. Adjusted revenue and DIV Royalty Entitlement are non-IFRS financial measures and SSSG are supplementary financial measures – see “Non-IFRS Measures” below.

Royalty Partner Business Updates

Mr. Lube + Tires: Mr. Lube + Tires generated SSSG³ of 9.5% for the Mr. Lube + Tires stores in the royalty pool for Q1 2025, compared to SSSG of 14.6% in Q1 2024. SSSG in the current period is primarily due to the sustained growth across the Mr. Lube + Tires system.

3. Same-store-sales growth or SSSG is a supplementary financial measure – see “Non-IFRS Measures” below.

Stratus: Royalty income from SBS Franchising LLC (“Stratus”) was $2.4 million (US$1.7 million translated at an average foreign exchange rate of $1.4344 to US$1.00) for Q1 2025. The fixed royalty payable by Stratus increases each November at a rate of 5% until and including November 2026 and 4% each November thereafter during the term of the license, with the most recent increase effective November 15, 2024.

Nurse Next Door: The royalty entitlement to DIV (the “DIV Royalty Entitlement⁴”) from Nurse Next Door Professional Homecare Services Inc. (“Nurse Next Door”) was $1.3 million in Q1 2025. The DIV Royalty Entitlement from Nurse Next Door grows at a fixed rate of 2.0% per annum during the term of the license, with the most recent increase effective October 1, 2024.

4. DIV Royalty Entitlement is a non-IFRS measure – see “Non-IFRS Measures” below.

Mr. Mikes: SSSG⁵ for the Mr. Mikes Restaurants Corporation (“Mr. Mikes”) restaurants in the Mr. Mikes royalty pool was 1.5% in Q1 2025, compared to SSSG of -5.5% in Q1 2024. The higher SSSG percentage in the current period is due to an increase in restaurant guest traffic.

Royalty income and management fees of $1.0 million were generated from Mr. Mikes for Q1 2025 and 2024, respectively.

5. Same-store-sales growth or SSSG is a supplementary financial measure – see “Non-IFRS Measures” below.

Oxford: The Oxford Learning Centres, Inc. (“Oxford”) locations in the Oxford royalty pool generated SSSG⁶ (on a constant currency basis) of 5.5% in Q1 2025, compared to SSSG -2.1% in Q1 2024. Oxford’s positive SSSG for the quarter is due to the solid performance of the Oxford system during the quarter.

6. Same-store-sales growth or SSSG is a supplementary financial measure – see “Non-IFRS Measures” below.

AIR MILES®: In Q1 2025, royalty income of $0.8 million was generated from the AIR MILES® Licenses compared to $0.9 million generated in Q1 2024, a decrease of 15.2% from the comparable quarter. The decrease is largely due to continued softness in the AIR MILES® Rewards Program.

Sutton: In Q1 2025, royalty income of $0.9 million was generated from Sutton, which includes a 20% royalty deferral for Q1, 2025, compared to $1.1 million for Q1, 2024. The deferred royalties do not accrue interest and are due in full on December 31, 2027. The fixed royalty payable by Sutton increases at a rate of 2% per year, with the most recent increase effective July 1, 2024.

BarBurrito: Royalty income from BarBurrito Restaurants Inc. (“BarBurrito”) was $2.1 million for Q1 2025. The royalty payable by BarBurrito initially grows at a fixed rate of 4% per annum each March from and including March 2025 to and including March 2030 and, commencing on January 1, 2031, will fluctuate based on the gross sales of the BarBurrito locations in the royalty pool.

Distributable Cash and Dividends Declared

In Q1 2025, distributable cash⁷ increased to $11.1 million ($0.0666 per share), compared to $9.6 million ($0.0629 per share), in Q1 2024. The increase in distributable cash per share⁷ for the quarter was primarily due to an increase in distributable cash, partially offset by a higher weighted average number of common shares outstanding⁷.

In Q1 2025, the payout ratio⁷ was 93.8% on dividends of $0.0625 per share, compared to the payout ratio of 97.2% on dividends of $0.0611 per share for the same respective period in 2024. The decrease to the payout ratio was primarily due to higher distributable cash per share⁷, partially offset by higher dividends declared per share⁷.

7. Distributable cash is a non-IFRS financial measure and distributable cash per share and payout ratio are non-IFRS ratios – see “Non-IFRS Measures” below.

Net Income

Net income for Q1 2025 was $8.0 million compared to net income of $7.5 million for the three months ended March 31, 2024. The increase in net income in Q1 2025, was primarily due to the higher adjusted revenues⁸, lower interest expenses and share-based compensation expenses, partially offset by higher salaries and benefits, income tax expenses, and other finance costs.

8. Adjusted revenue is a non-IFRS financial measure – see “Non-IFRS Measures” below.

Availability of Annual General Meeting Materials and Leadership Update

The proxy-related materials for DIV’s upcoming Annual General meeting of shareholders (the “Meeting”) to be held on Thursday, June 19, 2025 are now available and have been posted under DIV’s profile on SEDAR+ at www.sedarplus.com and on DIV’s website at: https://www.diversifiedroyaltycorp.com/investors/financial-and-regulatory-reports/financial-reports-2025/.

At the Meeting, shareholders will be asked to: (i) receive the consolidated financial statements of DIV for the fiscal year ended December 31, 2024, together with the report of the auditors thereon, (ii) elect directors of the Corporation for the ensuing year, and (iii) appoint KPMG LLP as auditors of the Corporation for the ensuing year and to authorize the directors of the Corporation to fix their remuneration.

The Board is pleased to nominate Sean Morrison, our President and Chief Executive Officer, for election to the Board, alongside the current directors. The Board is also pleased to announce the promotion of Greg Gutmanis from Chief Financial Officer and Vice President, Acquisitions, to President and Chief Financial Officer, effective July 1, 2025.

In his expanded role, Greg will assume greater responsibility for DIV’s day-to-day operations, including oversight of our Royalty Partners’ businesses, identifying and executing new acquisition opportunities, and engaging with DIV’s shareholders and prospective investors. Greg has played a key role in DIV’s growth since its inception. He is widely recognized within Vancouver’s finance community, having received the 2020 BC CFO Award and being named one of Business in Vancouver’s “Top Forty Under 40” in 2017. During his tenure at DIV, Greg has managed approximately $400 million in equity and convertible debenture offerings and over $200 million in senior debt. Prior to joining DIV, he co-managed $165 million across two private equity funds and worked as an investment banker.

Sean Morrison, stated, “Greg’s promotion to President and Chief Financial Officer is well deserved. I’ve had the pleasure of working with Greg for nearly 20 years in investment banking, private equity, and for the past decade at DIV. Greg is a consummate professional who continues to broaden his expertise and expand his leadership role each year. As continuing CFO and incoming President, I’m confident Greg will continue to grow his responsibilities, and I look forward to working closely with him to deliver value to DIV shareholders.”

Sean will continue to lead DIV’s strategic direction and overall business as its Chief Executive Officer.

About Diversified Royalty Corp.

DIV is a multi-royalty corporation, engaged in the business of acquiring top-line royalties from well-managed multi-location businesses and franchisors in North America. DIV’s objective is to acquire predictable, growing royalty streams from a diverse group of multi-location businesses and franchisors.

DIV currently owns the Mr. Lube + Tires, AIR MILES®, Sutton, Mr. Mikes, Nurse Next Door, Oxford Learning Centres, Stratus Building Solutions and BarBurrito trademarks. Mr. Lube + Tires is the leading quick lube service business in Canada, with locations across Canada. AIR MILES® is Canada’s largest coalition loyalty program. Sutton is among the leading residential real estate brokerage franchisor businesses in Canada. Mr. Mikes operates casual steakhouse restaurants primarily in western Canadian communities. Nurse Next Door is a home care provider with locations across Canada and the United States as well as in Australia. Oxford Learning Centres is one of Canada’s leading franchisee supplemental education services. Stratus Building Solutions is a leading commercial cleaning service franchise company providing comprehensive building cleaning, and office cleaning services primarily in the United States. BarBurrito is the largest quick service Mexican restaurant food chain in Canada.

DIV’s objective is to increase cash flow per share by making accretive royalty purchases and through the growth of purchased royalties. DIV intends to continue to pay a predictable and stable monthly dividend to shareholders and increase the dividend over time, in each case as cash flow per share allows.

Forward-Looking Statements

Certain statements contained in this news release may constitute “forward-looking information” within the meaning of applicable securities laws that involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by such forward-looking information. The use of any of the words “anticipate”, “continue”, “estimate”, “expect”, “intend”, “may”, “will”, ”project”, “should”, “believe”, “confident”, “plan” and “intend” and similar expressions are intended to identify forward-looking information, although not all forward-looking information contains these identifying words. Specifically, forward-looking information in this news release includes, but is not limited to, statements made in relation to: the deferral of Sutton Royalties continuing for the remainder of 2025 to help Sutton invest in the business and build on the positive momentum that began in the last quarter; the terms on which the deferred royalties are required to be paid by Sutton; the promotion of Greg Gutmanis to President and Chief Financial Officer effective July 1, 2025, and that Sean Morrisson will continue to lead DIV’s strategic direction and overall business as Chief Executive Officer; details of DIV’s upcoming Annual General Meeting; DIV’s intention to pay monthly dividends to shareholders; and DIV’s corporate objectives. These statements involve known and unknown risks, uncertainties and other factors that may cause actual results or events, performance, or achievements of DIV to differ materially from those anticipated or implied by such forward-looking information. DIV believes that the expectations reflected in the forward-looking information included in this news release are reasonable but no assurance can be given that these expectations will prove to be correct. In particular, risks and uncertainties include: DIV’s royalty partners may not make their respective royalty payments to DIV, in whole or in part; the decline in royalties received under the AIR MILES® licenses could cause AM Royalties Limited Partnership (“AM LP”) to be required to make partial or full repayment of the outstanding principal amount under its credit agreement, or cause AM LP to be in default under its credit agreement; current positive trends being experienced by certain of DIV’s royalty partners (and their respective franchisees) may not continue and may regress, and negative trends experienced by certain of DIV’s Royalty Partners (including their respective franchisees) may continue and may regress; Sutton may not pay all deferred royalties in accordance with the timing required or at all; Sutton’s investment of the deferred royalties may not achieve their intended effects; Sutton may require further deferrals of royalties beyond those contemplated by the current deferral agreement; DIV and its royalty partners performance in the remainder of 2025 may not meet management’s expectations; DIV may not be able to make monthly dividend payments to the holders of its common shares; dividends are not guaranteed and may be reduced, suspended or terminated at any time; or DIV may not achieve any of its corporate objectives. Given these uncertainties, readers are cautioned that forward-looking information included in this news release is not a guarantee of future performance, and such forward-looking information should not be unduly relied upon. More information about the risks and uncertainties affecting DIV’s business and the businesses of its royalty partners can be found in the “Risk Factors” section of its Annual Information Form dated March 24, 2025 and in DIV’s management’s discussion and analysis for the three months ended March 31, 2025, copies of which are available under DIV’s profile on SEDAR+ at www.sedarplus.com.

In formulating the forward-looking information contained herein, management has assumed that DIV will generate sufficient cash flows from its royalties to service its debt and pay dividends to shareholders; lenders will provide any necessary waivers required in order to allow DIV to continue to pay dividends; lenders will provide any other necessary covenant waivers to DIV and its royalty partners; the performance of DIV’s royalty partners will be consistent with DIV’s and its royalty partners’ respective expectations; recent positive trends for certain of DIV’s royalty partners (including their respective franchisees) will continue and not regress; current negative trends experienced by certain of DIV’s royalty partners (including their respective franchisees) will not materially regress; Sutton will pay all deferred royalties in accordance with the required timing in full and will not require further deferrals; Sutton’s investment of the deferred royalties will achieve its intended effects; the businesses of DIV’s respective royalty partners will not suffer any material adverse effect; and the business and economic conditions affecting DIV and its royalty partners will continue substantially in the ordinary course, including without limitation with respect to general industry conditions, general levels of economic activity and regulations. These assumptions, although considered reasonable by management at the time of preparation, may prove to be incorrect.

All of the forward-looking information in this news release is qualified by these cautionary statements and other cautionary statements or factors contained herein, and there can be no assurance that the actual results or developments will be realized or, even if substantially realized, that it will have the expected consequences to, or effects on, DIV. The forward-looking information in this news release is made as of the date of this news release and DIV assumes no obligation to publicly update or revise such information to reflect new events or circumstances, except as may be required by applicable law.

Non-IFRS Measures

Management believes that disclosing certain non-IFRS financial measures, non-IFRS ratios and supplementary financial measures provides readers with important information regarding the Corporation’s financial performance and its ability to pay dividends and the performance of its royalty partners. By considering these measures in combination with the most closely comparable IFRS measure, management believes that investors are provided with additional and more useful information about the Corporation and its royalty partners than investors would have if they simply considered IFRS measures alone. The non-IFRS financial measures, non-IFRS ratios and supplementary financial measures do not have standardized meanings prescribed by IFRS and therefore are unlikely to be comparable to similar measures presented by other issuers. Investors are cautioned that non-IFRS measures should not be construed as a substitute or an alternative to net income or cash flows from operating activities as determined in accordance with IFRS.

“Adjusted revenue”, “adjusted royalty income”, “DIV Royalty Entitlement” and “distributable cash” are used as non-IFRS financial measures in this news release.

Adjusted revenue is calculated as royalty income plus DIV Royalty Entitlement and management fees. The following table reconciles adjusted revenue and adjusted royalty income to royalty income, the most directly comparable IFRS measure disclosed in the financial statements:

	Three months ended March 31,
(000’s)		2025		2024
Mr. Lube + Tires	$	7,120	$	6,585
Stratus		2,380		2,130
BarBurrito		2,108		2,080
Oxford		1,238		1,172
Mr. Mikes		1,015		1,006
Sutton		871		1,068
AIR MILES®		756		892
Royalty income	$	15,488	$	14,933
DIV Royalty Entitlement		1,329		1,303
Adjusted royalty income	$	16,817	$	16,236
Management fees		151		147
Adjusted revenue	$	16,968	$	16,383

For further details with respect to adjusted revenue and adjusted royalty income, refer to the subsection “Non-IFRS Financial Measures” under “Description of Non-IFRS Financial Measures, Non-IFRS Ratios and Supplementary Financial Measures” in the Corporation’s management’s discussion and analysis for the three months ended March 31, 2025, a copy of which is available on SEDAR+ at www.sedarplus.com.

The most closely comparable IFRS measure to DIV Royalty Entitlement is “distributions received from NND LP”. DIV Royalty Entitlement is calculated as distributions received from NND LP, before any deduction for expenses incurred by NND Holdings Limited Partnership (“NND LP”), which expenses include legal, audit, tax and advisory services. Note that distributions received from NND LP is derived from the royalty paid by Nurse Next Door to NND LP. The following table reconciles DIV Royalty Entitlement to distributions received from NND LP in the financial statements:

	Three months ended March 31,
(000’s)		2025			2024
Distributions received from NND LP	$	1,325		$	1,300
Add: NND Royalties LP expenses		4			3
DIV Royalty Entitlement		1,329			1,303

Less: NND Royalties LP expenses		(4	)		(3	)
DIV Royalty Entitlement, net of NND Royalties LP expenses	$	1,325		$	1,300

For further details with respect to DIV Royalty Entitlement, refer to the subsection “Non-IFRS Financial Measures” under “Description of Non-IFRS Financial Measures, Non-IFRS Ratios and Supplementary Financial Measures” in the Corporation’s management’s discussion and analysis for the three months ended March 31, 2025, a copy of which is available on SEDAR+ at www.sedarplus.com.

The following table reconciles distributable cash to cash flows generated from operating activities, the most directly comparable IFRS measure disclosed in the financial statements:

	Three months ended March 31,
(000’s)		2025			2024

Cash flows generated from operating activities	$	10,160		$	10,850

Current tax expense		(1,719	)		(1,291	)
Accrued interest on convertible debentures		(788	)		(788	)
Accrued interest on bank loans		(374	)		–
Distributions on MRM units earned in current periods		(48	)		(41	)
Mandatory principal payments on credit facilities		–			(628	)
Payment of lease obligations		(28	)		(27	)
NND LP expenses		(4	)		(3	)
Accrued DIV Royalty Entitlement, net of distributions		4			3
Foreign exchange and other		49			42
Changes in working capital		850			263
Taxes paid		3,036			1,498
Note receivable		–			(305	)
Distributable cash	$	11,138		$	9,573

For further details with respect to distributable cash, refer to the subsection “Non-IFRS Financial Measures” under “Description of Non-IFRS Financial Measures, Non-IFRS Ratios and Supplementary Financial Measures” in the Corporation’s management’s discussion and analysis for the three months ended March 31, 2025, a copy of which is available on SEDAR+ at www.sedarplus.com.

“Distributable cash per share” and “payout ratio” are non-IFRS ratios that do not have a standardized meaning prescribed by IFRS, and therefore may not be comparable to similar ratios presented by other issuers. Distributable cash per share is defined as distributable cash, a non-IFRS measure, divided by the weighted average number of common shares outstanding during the period. The payout ratio is calculated by dividing the dividends per share during the period by the distributable cash per share, a non-IFRS measure, generated in that period. For further details, refer to the subsection entitled “Non-IFRS Ratios” under “Description of Non-IFRS Financial Measures, Non-IFRS Ratios and Supplementary Financial Measures” in the Corporation’s management’s discussion and analysis for the three months ended March 31, 2025, a copy of which is available on SEDAR+ at www.sedarplus.com.

“Weighted average organic royalty growth” is the average same store sales growth percentage related to Mr. Lube + Tires, Oxford and Mr. Mikes plus the average increase in adjusted royalty income from AIR MILES®, Sutton (less 20% deferral in Q1, 2025), Nurse Next Door, BarBurrito and Stratus over the prior comparable period taking into account the percentage weighting of each royalty partner’s adjusted royalty income in proportion of the total adjusted royalty income for the period. Weighted average organic royalty growth is a supplementary financial measure and does not have a standardized meaning prescribed by IFRS. However, the Corporation believes that weighted average organic royalty growth is a useful measure as it provides investors with an indication of the change in year-over-year growth of each royalty partner, taking into account the percentage weighting of royalty partner’s growth in proportion of total growth, as applicable. The Corporation’s method of calculating weighted average organic royalty growth may differ from those of other issuers or companies and, accordingly, weighted average organic royalty growth may not be comparable to similar measures used by other issuers or companies.

“Same store sales growth” or “SSSG” and “system sales” are supplementary financial measures and do not have standardized meanings prescribed by IFRS and therefore may not be comparable to similar measures presented by other issuers. SSSG and system sales figures are reported to DIV by its Royalty Partners – see “Third Party Information”. For further details, refer to the subsection entitled “Supplementary Financial Measures” under “Description of Non-IFRS Financial Measures, Non-IFRS Ratios and Supplementary Financial Measures” in the Corporation’s management’s discussion and analysis for the three months ended March 31, 2025, a copy of which is available on SEDAR+ at www.sedarplus.com.

Third Party Information

This news release includes information obtained from third party company filings and reports and other publicly available sources as well as financial statements and other reports provided to DIV by its royalty partners. Although DIV believes these sources to be generally reliable, such information cannot be verified with complete certainty. Accordingly, the accuracy and completeness of this information is not guaranteed. DIV has not independently verified any of the information from third party sources referred to in this news release nor ascertained the underlying assumptions relied upon by such sources.

THE TORONTO STOCK EXCHANGE HAS NOT REVIEWED AND DOES NOT ACCEPT RESPONSIBILITY FOR THE ADEQUACY OR THE ACCURACY OF THIS RELEASE.

Additional Information

The information in this news release should be read in conjunction with DIV’s consolidated financial statements and management’s discussion and analysis (“MD&A”) for the three months ended March 31, 2025, which are available on SEDAR+ at www.sedarplus.com.

Additional information relating to the Corporation and other public filings, is available on SEDAR+ at www.sedarplus.com.

Contact:
Sean Morrison, President and Chief Executive Officer
Diversified Royalty Corp.
(236) 521-8470

Greg Gutmanis, Chief Financial Officer and VP Acquisitions
Diversified Royalty Corp.
(236) 521-8471

The MIL Network –

May 15, 2025

MIL-OSI: Quorum Announces Q1 2025 Results Release Date, Conference Call and Webcast Details
Source: GlobeNewswire (MIL-OSI)

CALGARY, Alberta, May 14, 2025 (GLOBE NEWSWIRE) — Quorum Information Technologies Inc. (TSX-V: QIS) (“Quorum”), a North American SaaS Software and Services company providing essential enterprise solutions that automotive dealerships and Original Equipment Manufacturers (“OEMs”) rely on for their operations, intends to release its Q1 2025 Results after markets close on Wednesday, May 28, 2025.

Maury Marks, President and Chief Executive Officer and Marilyn Bown, Chief Financial Officer will present the Q1 2025 Results at a conference call with concurrent audio webcast, scheduled for:

An updated Investor Presentation, replay of the results conference call, and transcripts of the conference call, will also be available at www.QuorumInformationSystems.com.

About Quorum Information Technologies Inc.

Quorum is a North American SaaS Software and Services company providing essential enterprise solutions that automotive dealerships and Original Equipment Manufacturers (“OEMs”) rely on for their operations, including:
- Quorum’s Dealership Management System (DMS), which automates, integrates, and streamlines key processes across departments in a dealership, and emphasizes revenue generation and customer satisfaction.
- DealerMine CRM, a sales and service Customer Relationship Management (“CRM”) system and set of Business Development Centre services that drives revenue into the critical sales and service departments in a dealership.
- Autovance, a modern retailing platform that helps dealerships attract more business through Digital Retailing, improve in-store profits and closing rates through its desking tool and maximize their efficiency and CSI through Autovance’s F&I menu solution.
- Accessible Accessories, a digital retailing platform that allows franchised dealerships to efficiently increase their vehicle accessories revenue.
- VINN Automotive, a premier automotive marketplace that streamlines the vehicle research and purchase process for vehicle shoppers while helping retailers sell more efficiently.
Contacts:

Maury Marks
President and Chief Executive Officer
403-777-0036
Maury.Marks@QuorumInfoTech.com

Marilyn Bown
Chief Financial Officer
403-777-0036
Marilyn.Bown@QuorumInfoTech.com

Forward-Looking Information

This press release may contain certain forward-looking statements and forward-looking information (“forward-looking information”) within the meaning of applicable Canadian securities laws. Forward-looking information is often, but not always, identified by the use of words such as “anticipate”, “believe”, “plan”, “intend”, “objective”, “continuous”, “ongoing”, “estimate”, “expect”, “may”, “will”, “project”, “should” or similar words suggesting future outcomes. Quorum believes the expectations reflected in such forward-looking information are reasonable but no assurance can be given that these expectations will prove to be correct and such forward-looking information should not be unduly relied upon.

Forward-looking information is not a guarantee of future performance and involves a number of risks and uncertainties some of which are described herein. Such forward-looking information necessarily involves known and unknown risks and uncertainties, which may cause Quorum’s actual performance and financial results in future periods to differ materially from any projections of future performance or results expressed or implied by such forward-looking information.

Neither the TSX Venture Exchange nor its regulation services provider (as that term is defined in the policies of the TSX Venture Exchange) has reviewed this release and neither accepts responsibility for the adequacy or accuracy of this release.

PDF available: http://ml.globenewswire.com/Resource/Download/b7f813fa-c74c-4591-b7a0-4c0d3d83a020

The MIL Network –
May 15, 2025

Category: Transport

Defining ‘woke’

A contrasting view?

Cancelling

‘Othering’

Rights versus interests

Does Grayling get ‘woke’ right?

Quick facts

Related information

Related news

Quick facts

Itinerary for MLA Pitt*

Related information

Related news

Death cap dinner claims recapped

Justice on demand

The Mushroom Case Daily

The Mushroom Cook and Say Grace