Category: Vehicles

MIL-OSI USA: Padilla Announces Over a Billion Dollars to Decarbonize California Ports and Improve Air Quality

US Senate News:

Source: United States Senator Alex Padilla (D-Calif.)

Padilla Announces Over a Billion Dollars to Decarbonize California Ports and Improve Air Quality

WASHINGTON, D.C. — Today, U.S. Senator Alex Padilla (D-Calif.), Chair of the Environment and Public Works Subcommittee on Fisheries, Water, and Wildlife, announced that the Environmental Protection Agency (EPA) will award over $1 billion across seven California ports to build zero-emission (ZE) port infrastructure and implement climate and air quality management plans. This substantial investment comes from the EPA’s Clean Ports Program, which is funded by the Inflation Reduction Act and aims to reduce harmful greenhouse gas emissions and improve air quality at ports across the nation.
California ports will receive three of the largest seven grants nationwide, including over $411 million for the Port of Los Angeles, the biggest award in the country.
California’s ports play an important role in the nation’s economy, moving hundreds of billions of dollars’ worth of goods annually. These ports process about 40 percent of all containerized imports and 30 percent of all exports in the United States.
“California’s ports move the goods that power our economy. This historic investment in our ports is a major step forward in accelerating the zero-emission infrastructure transition,” said Senator Padilla. “With more than a billion dollars in Inflation Reduction Act funding headed to California, we’re decarbonizing our supply chain to produce cleaner air in neighboring communities and meet our climate goals while creating green jobs.”
“This transformative investment will be a tremendous boost to our efforts to meet our ambitious zero emission goals, improve regional air quality, and combat climate change, while accelerating the port-industry’s transition to zero emissions across the country,” said Port of Los Angeles Executive Director Gene Seroka. “This grant will fund over 400 pieces of ZE cargo handling equipment, replacing nearly one-third of the diesel equipment currently on our docks, and eliminating over 40,000 tons of greenhouse gas emissions annually. This successful application is the culmination of a deep partnership with environmental justice groups, labor, the private sector, and stakeholders at all levels of government, and we’ll continue to work with our local communities to ensure this investment delivers benefits in their neighborhoods. We thank Senator Padilla, the EPA and the Biden-Harris Administration for their unprecedented support of our ambition and look forward to delivering on our commitment to cleaner air for future generations.”
“Special thanks to U.S. Senator Alex Padilla for his continued advocacy on supply chain decarbonization,” said Port of Oakland Executive Director Danny Wan. “These Clean Ports grant funds will allow us to bring hundreds of additional zero emissions equipment and vehicles to our seaport resulting in more environmental and economic benefits for the region.”
“The funding Senator Padilla has helped to secure from the EPA will be transformational for the Port of Stockton. These funds will significantly decrease freight-related emissions in the Central Valley by transitioning more than 90 percent of our cargo-handling equipment to Zero Emissions. We have been working hard over the years to reduce emissions and replace diesel powered cargo handling equipment with Zero Emission technology and this grant will springboard our efforts. We look forward to leveraging this support to further our advancements in zero-emission equipment and foster a more sustainable future for all,” said Port of Stockton Director Kirk DeJesus.
“The Port of San Diego is grateful to Senator Padilla for his continued advocacy of the work we are doing to get closer to our goal of becoming a zero emissions operation,” said Chairman Frank Urtasun, Port of San Diego Board of Port Commissioners. “Modernizing our cargo terminals is a win for our maritime tenants, cargo trade business, and most importantly for our public health goals. Together we are delivering on our promise to those who live, work, and play on and around San Diego Bay.”
“We are grateful for the U.S. EPA’s award to the Port of San Francisco,” said Elaine Forbes, Executive Director of the Port of San Francisco. “This major investment will allow us to complete the Mission Bay Ferry Landing and to achieve an electric fleet, with zero emissions. We look forward to working with our partners at San Francisco Bay Ferry and the SFPUC to provide Bay Area residents with the nation’s first zero-emission ferry network, and to bring ferry service to Mission Bay. These EPA funds will also support access to critical, well-paying jobs in the maritime trades.”
“This grant represents an enormous push forward for the nation’s first high-speed zero-emission ferry network,” said Jim Wunderman, Chair of the SF Bay Ferry Board of Directors. “SF Bay Ferry will provide a critical transportation link to Mission Bay, an incredibly successful development hub in San Francisco. And because of the EPA’s decision, we’ll be able to do so with clean, reliable and efficient electric ferries. Thank you to Senator Padilla and the Bay Area Congressional Delegation for their support in winning this transformational grant.”
“The EPA Clean Ports announcement is exciting news for the Port of Hueneme,” said Celina Zacarias, President of the Oxnard Harbor District/Port of Hueneme. “We have the funding to accelerate the Board’s policy to decarbonize the port.”
“The $43 million EPA Clean Ports Grant is transformative for the Port of Hueneme,” said Kristin Decas, President & CEO of the Port of Hueneme. “We are grateful for the support and leadership of Senator Padilla to help secure these critical dollars for the betterment of communities adjacent to Ports throughout California.”
“The Port of Redwood City applauds the EPA for this investment to facilitate the long-range planning and create a roadmap towards decarbonization by diversifying fueling options of Port operations,” said Kristine A. Zortman, Executive Director. “This investment represents an opportunity to create new jobs in a transformative sector of energy production furthering our environmental stewardship, workforce development, and emissions reductions.”
California ports receiving funding from the Clean Ports Program include:
Port of Los Angeles — $411.69 million: This project aims to accelerate the port’s transition toward ZE on-terminal operations by significantly reducing air pollution in and around the port, deploying ZE cargo handling equipment (CHE), and enhancing electric vehicle charging infrastructure. The funding will help acquire over 400 pieces of ZE CHE and 250 ZE drayage trucks and associated charging infrastructure, replace nearly 30 percent of the Port’s diesel-burning CHE fleet, and eliminate 41,500 tons of carbon dioxide and 55 tons of NOx emissions annually. The port will also install cutting-edge power management systems, innovative heavy-duty drayage truck and charging deployments, and one of the world’s first shore-power support systems for auto carrier vessels.
Port of Oakland — $322.17 million: This project will support the vision of reducing emissions and fully decarbonizing port activities by transitioning to ZE alternatives for drayage trucks and cargo handling equipment. This includes the purchase of 762 pieces of ZE equipment (battery electric or hydrogen fuel cell) to complete a nearly 100 percent conversion of all cargo handling equipment to zero emissions technologies.
Port of Stockton — $110.47 million: This project will transform the port into the first small port with ZE terminal operations and increase the ZE workforce in Northern California. The port will reduce greenhouse gas emissions, particulate matter, and nitrogen oxide by acquiring electric forklifts, cranes, terminal tractors, and a mobile railcar indexer; obtaining a direct current fast charger; implementing a shore power system; and deploying rooftop solar power and battery energy storage to power new equipment.
Port of San Diego — $58.6 million: This project will support the port’s longstanding commitment to the electrification of San Diego’s maritime cargo handling facilities and freight transportation by implementing the final electrification elements to transform San Diego’s maritime cargo terminals and the goods movement network on San Diego Bay. These funds will help construct all remaining improvements to the Port’s Tenth Avenue Marine Terminal’s (TAMT) legacy 12kv loop to support all future investments in electrical infrastructure and install a grid-based shore power systems to connect ocean-going vessels and support electric commercial harbor craft homeported at TAMT and deployed throughout San Diego Bay, among other improvements.
Port of San Francisco — $55.39 million: This investment will transition ferry operations along the San Francisco waterfront to zero-emissions, removing 455,000 metric tons of carbon dioxide greenhouse gases and enhancing air quality at the Port of San Francisco and throughout the Bay Area airshed. The project will also connect disadvantaged communities with high-paying employment centers. The funding will deliver a series of projects that will complete the establishment of the first ZE fast ferry network in the country, connecting the two visitor and employment centers of Downtown San Francisco and Mission Bay with the emerging waterfront neighborhood on Treasure Island.
Port of Hueneme — $42.29 million: The Port of Hueneme Reducing Emissions, Supporting Health (PHRESH) project consists of two components: PHRESH START (Sustainable, Thoughtful And Resilient Transformation), which includes planning activities, and PHRESH AIR (Accelerating Implementation and Results), which involves the deployment of roughly 35 pieces of ZE terminal equipment and a drayage truck incentive program.
Port of Redwood City — $1.97 million: This project, in partnership with a private entity, includes climate and air quality planning for hydrogen-based fueling and infrastructure.
Grants from the Zero-Emission Technology Deployment Competition will slash mobile source emissions (criteria pollutants, air toxics, and greenhouse gases) at California ports, while grants from the Climate and Air Quality Planning Competition will fund emissions inventories, strategy analysis, community engagement, and resiliency measure identification to strengthen zero-emissions port operations and reduce air pollution.
Senator Padilla believes decarbonizing our ports is vital for powering economic growth and protecting public health. Last year, he announced $74.5 million from the Department of Transportation Maritime Administration to decarbonize, upgrade, and rehabilitate key ports along California’s coast. He has consistently pushed for funding through the Bipartisan Infrastructure Law for California’s ports, including over $283 million for the Port of Long Beach last year, $94 million in port infrastructure grant funding in 2022, and over $57 million in 2021. Earlier this year, Padilla announced that the Ports of Los Angeles and Long Beach (San Pedro Ports) will receive more than $112 million through the FY 2024 U.S. Army Corps of Engineers Work Plan for critical construction upgrades and operations and maintenance activities.
Last year, Senator Padilla and Representative Nanette Barragán (D-Calif.-44) led 16 California lawmakers in urging EPA Administrator Michael Regan to grant authorization for the California Air Resources Board’s (CARB) request for its Ocean-going Vessels At-Berth Regulation, which would reduce air pollution in California and protect the health of millions of people who are impacted by emissions from diesel-powered ships. Additionally, Padilla and Senator Sheldon Whitehouse (D-R.I.) introduced the Clean Shipping Act of 2023 to reduce air pollution within the shipping industry and protect the health of port communities.

MIL OSI USA News –

January 25, 2025
MIL-OSI USA: Congressman Zinke Announces over $31 Million dollars in Transportation Grants for Bridge and Airport Projects Across Western Montana

Source: United States House of Representatives – Western Montana Congressman Ryan Zinke

Funds will go to replacing the Sportsman Bridge in Bigfork as well as expansion and modernization projects for airports in Missoula and Kalispell

(WASHINGTON, D.C.) – Today, Western Montana Congressman Ryan Zinke announced the allocation of over $28.4 million in funding for bridge replacement in Bigfork, Montana. The new bridge will have an expanded deck width, be built on a redundant girder system, and use geogrid reinforcement to improve seismic resiliency. Sportsman Bridge was constructed in 1955 and currently does not meet standards for traffic volume in the area.

The Congressman also announced two grants for airports in Kalispell and Missoula. The Missoula Montana Airport will be using the $875,000 for a revenue guarantee and associated marketing plan to recruit, initiate, and support year-round service to Chicago, expanding service to the airport. Glacier Park International Airport in Kalispell will be using the $2.5 million in funds to expand terminals and modernize gates and ticket areas, hold rooms, checkpoint lanes, utilities upgrades, and building envelope upgrades to improve efficiency, capacity, and accessibility.

“Montana has been ignored for decades on our infrastructure. When counties don’t have working bridges, roads, airports, or sewer systems, they can’t promote growth in their economies,” said Congressman Zinke. “I am happy to be able to announce that with these grants we were able to get the Federal Government to pay attention to the needs of Montana.”



Grant details are below:

Recipient: Montana Department of Transportation

Amount: $28,462,652

Purpose: The project will replace the existing two-lane bridge with a more resilient two-lane bridge to maintain and improve access over the Flathead River in northwest Montana on Montana Highway 82 in Flathead County. Constructed in 1955, the existing bridge exhibits poor deck condition and its deck width does not meet current standards for accommodating future traffic volume growth. The structure also ranks high as a candidate for seismic retrofit as it is a two-girder non-redundant bridge that lies between two faults of the Mission Fault System. The new bridge will have an expanded deck width, be built on a redundant girder system, and use geogrid reinforcement to improve seismic resiliency. An additional 1.7 feet of freeboard and embankment protectors to route deck drainage will improve climate resiliency. Wider shoulders will allow drivers to pull out of travel lanes in emergency situations, allowing emergency responders to avoid vehicles parked on the shoulder.



Recipient: Glacier Park International Airport

Amount: $2,500,000

Purpose: This award funds a portion of the terminal expansion and modernization project including gates and ticket areas, hold rooms, checkpoint lanes, utilities upgrades, and building envelope upgrades to improve efficiency, capacity, and accessibility.



Recipient: Missoula Montana Airport

Amount: $875,000

Purpose: Revenue guarantee and associated marketing plan to recruit, initiate, and support year-round service to Chicago (ORD).

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MIL OSI USA News –

January 25, 2025

MIL-OSI: Medallion Bank Reports 2024 Third Quarter Results and Declares Series F Preferred Stock Dividend

Source: GlobeNewswire (MIL-OSI)

SALT LAKE CITY, Oct. 29, 2024 (GLOBE NEWSWIRE) — Medallion Bank (Nasdaq: MBNKP, the “Bank”), an FDIC-insured bank specializing in consumer loans for the purchase of recreational vehicles, boats, and home improvements, as well as loan products and services offered through fintech strategic partners, today announced its results for the quarter ended September 30, 2024. The Bank is a wholly owned subsidiary of Medallion Financial Corp. (Nasdaq: MFIN).

2024 Third Quarter Highlights

Net income of $15.5 million, compared to $17.2 million in the prior year quarter.
Net interest income of $53.2 million, compared to $48.7 million in the prior year quarter.
Net interest margin of 8.44%, compared to 8.70% in the prior year quarter.
Total provision for credit losses was $20.2 million, compared to $14.0 million in the prior year quarter. Total provision for credit losses included $2.2 million of net taxi medallion recoveries, compared to $1.7 million of net taxi medallion recoveries in the prior year quarter.
Annualized net charge-offs were 2.31% of average loans outstanding, compared to 1.97% in the prior year quarter.
Annualized return on assets and return on equity were 2.47% and 16.72%, respectively, compared to 3.06% and 20.46% for the prior year period.
The total loan portfolio grew 13% from September 30, 2023 to $2.4 billion as of September 30, 2024.
Total assets were $2.6 billion and the Tier 1 leverage ratio was 15.66% at September 30, 2024.

Donald Poulton, President and Chief Executive Officer of Medallion Bank, stated, “Earnings grew over the sequential quarter as combined recreation and home improvement loan origination volumes reached their anticipated peak for 2024. Net interest income rose to $53 million on more than $72 million of total interest income. As is typical for the time of year, delinquency rose compared to the second quarter while the net charge-off rate was essentially flat. Aided by the new fintech relationship announced in September, we originated $40 million in loans through our fintech strategic partners during the quarter. The strategic partnership program, which we have approached with caution and patience, is expected to grow steadily in the coming periods as our partners grow. Though overall demand for our products remains strong, we continue to prioritize credit quality and managed growth that maintains our market position.”

Recreation Lending Segment

The Bank’s recreation loan portfolio grew 15% to $1.555 billion as of September 30, 2024, compared to $1.346 billion at September 30, 2023. Loan originations were $139.1 million, compared to $92.6 million in the prior year quarter.
Net interest income was $40.2 million, compared to $36.5 million in the prior year quarter.
Recreation loans were 65% of loans receivable as of September 30, 2024, compared to 64% at September 30, 2023.
Delinquencies 30 days or more past due were $64.6 million, or 4.15%, of recreation loans as of September 30, 2024, compared to $51.4 million, or 3.82%, at September 30, 2023.
Annualized net charge-offs were 3.18% of average recreation loans outstanding, compared to 2.67% in the prior year quarter.
The provision for recreation credit losses was $17.5 million and the allowance for credit losses was 4.53% of the outstanding balance, compared to $11.9 million and 4.24% of the outstanding balance in the prior year quarter.

Home Improvement Lending Segment

The Bank’s home improvement loan portfolio grew 8% to $814.1 million as of September 30, 2024, compared to $750.5 million at September 30, 2023. Loan originations were $96.5 million, compared to $79.3 million in the prior year quarter.
Net interest income was $12.6 million, compared to $11.9 million in the prior year quarter.
Home improvement loans were 34% of loans receivable as of September 30, 2024, compared to 36% at September 30, 2023.
Delinquencies 30 days or more past due were $8.3 million, or 1.02%, of home improvement loans as of September 30, 2024, compared to $6.8 million, or 0.90%, at September 30, 2023.
Annualized net charge-offs were 1.76% of average home improvement loans outstanding, compared to 1.61% in the prior year quarter.
The provision for home improvement credit losses was $4.9 million and the allowance for credit losses was 2.42% of the outstanding balance, compared to $3.9 million and 2.31% of the outstanding balance in the prior year quarter.

Series F Preferred Stock Dividend

On October 24, 2024, the Bank’s Board of Directors declared a quarterly cash dividend of $0.50 per share on the Bank’s Fixed-to-Floating Rate Non-Cumulative Perpetual Preferred Stock, Series F, which trades on the Nasdaq Capital Market under the ticker symbol “MBNKP.” The dividend is payable on January 2, 2025, to holders of record at the close of business on December 16, 2024.

About Medallion Bank

Medallion Bank specializes in providing consumer loans for the purchase of recreational vehicles, boats, and home improvements, along with loan origination services to fintech strategic partners. The Bank works directly with thousands of dealers, contractors and financial service providers serving their customers throughout the United States. Medallion Bank is a Utah-chartered, FDIC-insured industrial bank headquartered in Salt Lake City and is a wholly owned subsidiary of Medallion Financial Corp. (Nasdaq: MFIN).

For more information, visit www.medallionbank.com

Please note that this press release contains forward-looking statements that involve risks and uncertainties relating to business performance, cash flow, costs, sales, net investment income, earnings, returns and growth. These statements are often, but not always, made through the use of words or phrases such as “remains,” “anticipated,” “expected,” “continue,” “maintain” or the negative versions of these words or other comparable words or phrases of a future or forward-looking nature. These statements may relate to our future earnings, returns, capital levels, sources of funding, growth prospects, asset quality and pursuit and execution of our strategy. Medallion Bank’s actual results may differ significantly from the results discussed in such forward-looking statements. For a description of certain risks to which Medallion Bank is or may be subject, please refer to the factors discussed under the captions “Cautionary Note Regarding Forward-Looking Statements” and “Risk Factors” included in Medallion Bank’s Form 10-K for the year ended December 31, 2023, and in its Quarterly Reports on Form 10-Q, filed with the FDIC. Medallion Bank’s Form 10-K, Form 10-Qs and other FDIC filings are available in the Investor Relations section of Medallion Bank’s website. Medallion Bank’s financial results for any period are not necessarily indicative of Medallion Financial Corp.’s results for the same period.

Company Contact:
Investor Relations
212-328-2176
InvestorRelations@medallion.com

MEDALLION BANK STATEMENTS OF OPERATIONS (UNAUDITED)

	Three Months Ended September 30,				Nine Months Ended September 30,
(In thousands)	2024		2023		2024		2023
Total interest income	$	72,352	$	62,193	$	202,079	$	173,414
Total interest expense		19,193		13,446		50,470		33,384
Net interest income		53,159		48,747		151,609		140,030
Provision for credit losses		20,153		14,024		55,345		26,740
Net interest income after provision for credit losses		33,006		34,723		96,264		113,290
Other non-interest income		645		968		2,116		1,263
Non-interest expense
Salaries and benefits		5,035		5,024		14,971		14,004
Loan servicing		3,158		3,007		9,074		8,723
Collection costs		1,604		1,509		4,578		4,473
Regulatory fees		961		1,021		2,826		2,484
Professional fees		368		450		1,185		1,612
Information technology		317		252		858		750
Occupancy and equipment		193		211		626		625
Other		875		839		2,685		2,705
Total non-interest expense		12,511		12,313		36,803		35,376
Income before income taxes		21,140		23,378		61,577		79,177
Provision for income taxes		5,661		6,222		16,583		21,268
Net income	$	15,479	$	17,156	$	44,994	$	57,909
Less: Preferred stock dividends		1,512		1,512		4,535	$	4,535
Net income attributable to common shareholder	$	13,967	$	15,644	$	40,459	$	53,374

MEDALLION BANK BALANCE SHEETS (UNAUDITED)

(In thousands)	September 30, 2024			December 31, 2023			September 30, 2023
Assets
Cash and federal funds sold	$	148,446		$	110,043		$	100,192
Investment securities, available-for-sale		56,754			54,282			53,175
Loans, inclusive of net deferred loan acquisition cost and fees		2,374,673			2,100,338			2,101,786
Allowance for credit losses		(90,784	)		(79,283	)		(75,094	)
Loans, net		2,283,889			2,021,055			2,026,692
Loan collateral in process of foreclosure		3,424			4,165			7,658
Fixed assets and right-of-use lease assets, net		9,275			8,140			7,705
Deferred tax assets		13,338			12,761			11,634
Accrued interest receivable		14,013			13,439			13,405
Other assets		38,472			38,171			37,595
Total assets	$	2,567,611		$	2,262,056		$	2,258,056
Liabilities and Shareholders’ Equity
Liabilities
Deposits and other funds borrowed	$	2,143,132		$	1,866,657		$	1,865,096
Accrued interest payable		4,880			4,029			3,052
Income tax payable		25,559			21,219			30,472
Other liabilities		17,301			17,509			18,397
Due to affiliates		1,038			849			942
Total liabilities		2,191,910			1,910,263			1,917,959
Shareholder’s Equity
Series E Preferred stock		26,303			26,303			26,303
Series F Preferred stock		42,485			42,485			42,485
Common stock		1,000			1,000			1,000
Additional paid in capital		77,500			77,500			77,500
Accumulated other comprehensive loss, net of tax		(3,080	)		(4,529	)		(5,794	)
Retained earnings		231,493			209,034			198,603
Total shareholders’ equity		375,701			351,793			340,097
Total liabilities and shareholders’ equity	$	2,567,611		$	2,262,056		$	2,258,056

The MIL Network –

January 25, 2025

MIL-OSI: Expand Energy Corporation Reports Third Quarter 2024 Results, Provides Preliminary 2025 Capital and Operating Plan and Announces Enhanced Capital Return Framework

Source: GlobeNewswire (MIL-OSI)

OKLAHOMA CITY, Oct. 29, 2024 (GLOBE NEWSWIRE) — Expand Energy Corporation (NASDAQ: EXE) (“Expand Energy” or the “company”) today reported third quarter 2024 financial and operating results. In addition, the company provided its preliminary 2025 capital and operating plan and announced details regarding its enhanced capital return framework. On October 1, 2024, Expand Energy announced the completion of the previously disclosed merger between Chesapeake Energy Corporation (“Chesapeake”) and Southwestern Energy Company (“Southwestern”).

Legacy Chesapeake Third Quarter Highlights

Net cash provided by operating activities of $422 million
Net loss of $114 million, or $0.85 per fully diluted share; adjusted net income⁽¹⁾of $22 million, or $0.16 per share
Adjusted EBITDAX⁽¹⁾of $365 million
Produced approximately 2.65 bcf/d net (100% natural gas)

Expand Energy Highlights

Raised annual synergy target by $100 million; expected to achieve approximately $225 million in 2025 and approximately $500 million in annual synergies by year end 2027
Upgraded at the start of fourth quarter to Investment Grade credit rating from S&P (BBB-) and Fitch (BBB-)
Quarterly base dividend of $0.575 per common share to be paid in December 2024, 15th straight quarter paying a dividend
2025 capital expenditures expected to be approximately $2.7 billion, yielding net production of approximately 7 bcf/day (~91% natural gas)
Enhanced capital return framework to more effectively return cash to shareholders and reduce net debt; announced new $1 billion share repurchase authorization

^{(1) Definitions of non-GAAP financial measures and reconciliations of each non-GAAP financial measure to the most directly comparable GAAP financial measure are included at the end of this news release.}

“Our strong third quarter results, recent Investment Grade rating and preliminary 2025 outlook demonstrate the power of our advantaged portfolio and resilient financial foundation,” said Nick Dell’Osso, Expand Energy’s President and Chief Executive Officer. “Our integration efforts are already delivering, allowing us to raise our annual synergy expectations by 25% to $500 million, as we drive to lower our breakeven costs and more efficiently reach markets in need. As the largest domestic producer of natural gas, and a top producer globally, we are built to answer the call for affordable, reliable, lower carbon energy and expand opportunity for all stakeholders.”
Operations Update

In the third quarter, legacy Chesapeake operated an average of seven rigs to drill 30 wells and turned seven wells in line, resulting in net production of approximately 2.65 bcfe per day (100% natural gas). Additionally, the company built an inventory of 18 drilled but uncompleted (“DUCs”) wells and 12 deferred turn in lines (“TILs”). A detailed breakdown of third quarter production, capital expenditures and activity can be found in supplemental slides which have been posted at https://investors.expandenergy.com/events-presentations.

Expand Energy continues to execute its previously disclosed plan to defer completions and new TILs. As of October 1, 2024, the combined company had 58 DUCs, excluding working inventory, and 58 deferred TILs. The company intends to prudently activate production as market conditions warrant.

Expand Energy is currently running 12 rigs (8 in Haynesville, 2 in Northeast Appalachia, and 2 in Southwest Appalachia) and 6 completion crews (3 in Haynesville, 2 in Northeast Appalachia, and 1 in Southwest Appalachia). At current market conditions, the company expects to drop two rigs in the first quarter of 2025.

Annual Synergy Outlook and Preliminary 2025 Capital & Operating Program

Expand Energy increased its expected annual synergy outlook by $100 million to $500 million. The company expects to achieve approximately $225 million in synergies in 2025 and to achieve the full $500 million in annual synergies by year end 2027.

In 2025, at current market conditions, the company expects to run 10 to 12 rigs and invest approximately $2.7 billion yielding an estimated daily production of approximately 7 bcfe per day. Expand Energy will provide complete guidance in early 2025.

Shareholder Returns Update

Expand Energy plans to pay its quarterly base dividend of $0.575 per share on December 4, 2024 to shareholders of record at the close of business on November 14, 2024.

The company announced today its enhanced capital return framework which is designed to more effectively return cash to shareholders and reduce net debt. The plan is expected to go into effect January 1, 2025, and prioritizes the base dividend of $2.30 per share and $500 million of annual net debt reduction. Once both have been funded, it is anticipated that 75% of remaining free cash flow be distributed as market conditions warrant, between share repurchases and additional dividend payments. The remaining free cash flow would be maintained on the balance sheet.

In conjunction with the enhanced framework, Expand Energy’s Board of Directors approved a $1 billion repurchase authorization.

Conference Call Information

A conference call to discuss the results and preliminary 2025 plan has been scheduled for 9 a.m. EDT on October 30, 2024. Participants can view the live webcast here. Participants who would like to ask a question, can register here, and will receive the dial-in info and a unique PIN to join the call. Links to the conference call will be provided on Expand Energy’s website. A replay will be available on the website following the call.

Financial Statements, Non-GAAP Financial Measures and 2024 Guidance and Outlook Projections

Reconciliations of each non-GAAP financial measure used in this news release to the most directly comparable GAAP financial measure are provided below. Additional detail on the company’s 2024 third quarter financial and operational results, along with non-GAAP measures that adjust for items typically excluded by certain securities analysts, are available on the company’s website. Non-GAAP measures should not be considered as an alternative to GAAP measures. Management’s updated guidance for 2024 and preliminary plan for 2025 can be found on the company’s website at www.expandenergy.com.

Expand Energy Corporation (NASDAQ: EXE) is the largest independent natural gas producer in the United States, powered by dedicated and innovative employees focused on disrupting the industry’s traditional cost and market delivery model to responsibly develop assets in the nation’s most prolific natural gas basins. Expand Energy’s returns-driven strategy strives to create sustainable value for its stakeholders by leveraging its scale, financial strength and operational execution. Expand Energy is committed to expanding America’s energy reach to fuel a more affordable, reliable, lower carbon future.

Forward-Looking Statements

This release includes “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended (the “Securities Act”), and Section 21E of the Securities Exchange Act of 1934, as amended. Forward-looking statements include our current expectations or forecasts of future events, including matters relating to the combined company after the merger with Southwestern Energy Company (“Southwestern”), armed conflict and instability in Europe and the Middle East, along with the effects of the current global economic environment, and the impact of each on our business, financial condition, results of operations and cash flows, actions by, or disputes among or between, members of OPEC+ and other foreign oil-exporting countries, market factors, market prices, our ability to meet debt service requirements, our ability to continue to pay cash dividends, the amount and timing of any cash dividends and our ESG initiatives. Forward-looking and other statements in this release regarding our environmental, social and other sustainability plans and goals are not an indication that these statements are necessarily material to investors or required to be disclosed in our filings with the SEC. In addition, historical, current, and forward-looking environmental, social and sustainability-related statements may be based on standards for measuring progress that are still developing, internal controls and processes that continue to evolve, and assumptions that are subject to change in the future. Forward-looking statements often address our expected future business, financial performance and financial condition, and often contain words such as “expect,” “could,” “may,” “anticipate,” “intend,” “plan,” “ability,” “believe,” “seek,” “see,” “will,” “would,” “estimate,” “forecast,” “target,” “guidance,” “outlook,” “opportunity” or “strategy.” The absence of such words or expressions does not necessarily mean the statements are not forward-looking.

Although we believe the expectations and forecasts reflected in our forward-looking statements are reasonable, they are inherently subject to numerous risks and uncertainties, most of which are difficult to predict and many of which are beyond our control. No assurance can be given that such forward-looking statements will be correct or achieved or that the assumptions are accurate or will not change over time. Particular uncertainties that could cause our actual results to be materially different than those expressed in our forward-looking statements include:

conservation measures and technological advances could reduce demand for natural gas and oil;
negative public perceptions of our industry;
competition in the natural gas and oil exploration and production industry;
the volatility of natural gas, oil and NGL prices, which are affected by general economic and business conditions, as well as increased demand for (and availability of) alternative fuels and electric vehicles;
risks from regional epidemics or pandemics and related economic turmoil, including supply chain constraints;
write-downs of our natural gas and oil asset carrying values due to low commodity prices;
significant capital expenditures are required to replace our reserves and conduct our business;
our ability to replace reserves and sustain production;
uncertainties inherent in estimating quantities of natural gas, oil and NGL reserves and projecting future rates of production and the amount and timing of development expenditures;
drilling and operating risks and resulting liabilities;
our ability to generate profits or achieve targeted results in drilling and well operations;
leasehold terms expiring before production can be established;
risks from our commodity price risk management activities;
uncertainties, risks and costs associated with natural gas and oil operations;
our need to secure adequate supplies of water for our drilling operations and to dispose of or recycle the water used;
pipeline and gathering system capacity constraints and transportation interruptions;
our plans to participate in the LNG export industry;
terrorist activities and/or cyber-attacks adversely impacting our operations;
risks from failure to protect personal information and data and compliance with data privacy and security laws and regulations;
disruption of our business by natural or human causes beyond our control;
a deterioration in general economic, business or industry conditions;
the impact of inflation and commodity price volatility, including as a result of armed conflict and instability in Europe and the Middle East, along with the effects of the current global economic environment, on our business, financial condition, employees, contractors, vendors and the global demand for natural gas and oil and on U.S. and global financial markets;
our inability to access the capital markets on favorable terms;
the limitations on our financial flexibility due to our level of indebtedness and restrictive covenants from our indebtedness;
our actual financial results after emergence from bankruptcy may not be comparable to our historical financial information;
risks related to acquisitions or dispositions, or potential acquisitions or dispositions, including risks related to the merger with Southwestern, such as risks related to loss of management personnel, other key employees, customers, suppliers, vendors, landlords, joint venture partners and other business partners following the merger; risks related to disruption of management time from ongoing business operations due to integration; the risk of any litigation relating to the transaction; the risk that problems may arise in successfully integrating the businesses of the companies, which may result in the combined company not operating as effectively and efficiently as expected; and the risk that the combined company may be unable to achieve synergies or other anticipated benefits of the transaction or it may take longer than expected to achieve those synergies or benefits;
our ability to achieve and maintain ESG certifications, goals and commitments;
legislative, regulatory and ESG initiatives, addressing environmental concerns, including initiatives addressing the impact of global climate change or further regulating hydraulic fracturing, methane emissions, flaring or water disposal;
federal and state tax proposals affecting our industry;
risks related to an annual limitation on the utilization of our tax attributes, as well as trading in our common stock, additional issuance of common stock, and certain other stock transactions, which could lead to an additional, potentially more restrictive, annual limitation; and
other factors that are described under Risk Factors in Item 1A of Part I of our Annual Report on Form 10-K.

We caution you not to place undue reliance on the forward-looking statements contained in this release, which speak only as of the filing date, and we undertake no obligation to update this information. We urge you to carefully review and consider the disclosures in this release and our filings with the SEC that attempt to advise interested parties of the risks and factors that may affect our business.

CONDENSED CONSOLIDATED BALANCE SHEETS (unaudited)

($ in millions, except per share data)	September 30, 2024			December 31, 2023
Assets
Current assets:
Cash and cash equivalents	$	1,044		$	1,079
Restricted cash		76			74
Accounts receivable, net		261			593
Derivative assets		199			637
Other current assets		217			226
Total current assets		1,797			2,609
Property and equipment:
Natural gas and oil properties, successful efforts method
Proved natural gas and oil properties		12,373			11,468
Unproved properties		1,806			1,806
Other property and equipment		518			497
Total property and equipment		14,697			13,771
Less: accumulated depreciation, depletion and amortization		(4,743	)		(3,674	)
Total property and equipment, net		9,954			10,097
Long-term derivative assets		15			74
Deferred income tax assets		1,038			933
Other long-term assets		588			663
Total assets	$	13,392		$	14,376

Liabilities and stockholders’ equity
Current liabilities:
Accounts payable	$	264		$	425
Accrued interest		41			39
Derivative liabilities		5			3
Other current liabilities		589			847
Total current liabilities		899			1,314
Long-term debt, net		2,017			2,028
Long-term derivative liabilities		—			9
Asset retirement obligations, net of current portion		271			265
Other long-term liabilities		17			31
Total liabilities		3,204			3,647
Contingencies and commitments
Stockholders’ equity:
Common stock, $0.01 par value, 450,000,000 shares authorized: 135,107,576 and 130,789,936 shares issued		1			1
Additional paid-in capital		5,778			5,754
Retained earnings		4,409			4,974
Total stockholders’ equity		10,188			10,729
Total liabilities and stockholders’ equity	$	13,392		$	14,376

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (unaudited)

	Three Months Ended September 30,						Nine Months Ended September 30,
		2024			2023			2024			2023
($ in millions, except per share data)
Revenues and other:
Natural gas, oil and NGL	$	407		$	682		$	1,374		$	2,784
Marketing		193			724			641			1,987
Natural gas and oil derivatives		46			106			207			1,195
Gains on sales of assets		2			—			12			807
Total revenues and other		648			1,512			2,234			6,773
Operating expenses:
Production		50			73			158			293
Gathering, processing and transportation		152			192			479			663
Severance and ad valorem taxes		11			27			58			136
Exploration		2			4			7			19
Marketing		192			723			656			1,985
General and administrative		39			29			133			95
Separation and other termination costs		—			—			23			3
Depreciation, depletion and amortization		335			382			1,082			1,148
Other operating expense, net		22			3			55			15
Total operating expenses		803			1,433			2,651			4,357
Income (loss) from operations		(155	)		79			(417	)		2,416
Other income (expense):
Interest expense		(20	)		(23	)		(59	)		(82	)
Losses on purchases, exchanges or extinguishments of debt		—			—			(2	)		—
Other income		17			15			58			48
Total other income (expense)		(3	)		(8	)		(3	)		(34	)
Income (loss) before income taxes		(158	)		71			(420	)		2,382
Income tax expense (benefit)		(44	)		1			(105	)		532
Net income (loss)	$	(114	)	$	70		$	(315	)	$	1,850
Earnings (loss) per common share:
Basic	$	(0.85	)	$	0.53		$	(2.39	)	$	13.86
Diluted	$	(0.85	)	$	0.49		$	(2.39	)	$	12.90
Weighted average common shares outstanding (in thousands):
Basic		133,794			132,153			131,958			133,460
Diluted		133,794			142,348			131,958			143,463

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (unaudited)

	Three Months Ended September 30,						Nine Months Ended September 30,
($ in millions)		2024			2023			2024			2023
Cash flows from operating activities:
Net income (loss)	$	(114	)	$	70		$	(315	)	$	1,850
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Depreciation, depletion and amortization		335			382			1,082			1,148
Deferred income tax expense (benefit)		(44	)		(80	)		(105	)		319
Derivative gains, net		(46	)		(106	)		(207	)		(1,195	)
Cash receipts on derivative settlements, net		207			216			695			167
Share-based compensation		10			9			29			25
Gains on sales of assets		(2	)		—			(12	)		(807	)
Losses on purchases, exchanges or extinguishments of debt		—			—			2			—
Other		(9	)		6			(16	)		35
Changes in assets and liabilities		85			9			30			368
Net cash provided by operating activities		422			506			1,183			1,910
Cash flows from investing activities:
Capital expenditures		(298	)		(423	)		(1,021	)		(1,450	)
Receipts of deferred consideration		—			—			116			—
Contributions to investments		(26	)		(61	)		(71	)		(149	)
Proceeds from divestitures of property and equipment		5			4			17			1,967
Net cash provided by (used in) investing activities		(319	)		(480	)		(959	)		368
Cash flows from financing activities:
Proceeds from Credit Facility		—			—			—			1,125
Payments on Credit Facility		—			—			—			(2,175	)
Funds held for transition services		—			(6	)		—			91
Proceeds from warrant exercise		—			—			1			—
Debt issuance and other financing costs		—			—			(4	)		—
Cash paid to repurchase and retire common stock		—			(132	)		—			(313	)
Cash paid for common stock dividends		(78	)		(77	)		(254	)		(412	)
Net cash used in financing activities		(78	)		(215	)		(257	)		(1,684	)
Net increase (decrease) in cash, cash equivalents and restricted cash		25			(189	)		(33	)		594
Cash, cash equivalents and restricted cash, beginning of period		1,095			975			1,153			192
Cash, cash equivalents and restricted cash, end of period	$	1,120		$	786		$	1,120		$	786

Cash and cash equivalents	$	1,044		$	713		$	1,044		$	713
Restricted cash		76			73			76			73
Total cash, cash equivalents and restricted cash	$	1,120		$	786		$	1,120		$	786

NATURAL GAS, OIL AND NGL PRODUCTION AND AVERAGE SALES PRICES (unaudited)

	Three Months Ended September 30, 2024
	Natural Gas		Oil		NGL		Total
	MMcf per day	$/Mcf	MBbl per day	$/Bbl	MBbl per day	$/Bbl	MMcfe per day	$/Mcfe
Marcellus	1,531	1.51	—	—	—	—	1,531	1.51
Haynesville	1,116	1.88	—	—	—	—	1,116	1.88
Total	2,647	1.67	—	—	—	—	2,647	1.67

Average NYMEX Price		2.16		—
Average Realized Price (including realized derivatives)		2.51		—		—		2.51

	Three Months Ended September 30, 2023
	Natural Gas		Oil		NGL		Total
	MMcf per day	$/Mcf	MBbl per day	$/Bbl	MBbl per day	$/Bbl	MMcfe per day	$/Mcfe
Marcellus	1,734	1.63	—	—	—	—	1,734	1.63
Haynesville	1,568	2.15	—	—	—	—	1,568	2.15
Eagle Ford	76	2.52	9	82.33	10	25.76	193	6.36
Total	3,378	1.89	9	82.33	10	25.76	3,495	2.12

Average NYMEX Price		2.55		82.26
Average Realized Price (including realized derivatives)		2.58		82.33		25.76		2.79

	Nine Months Ended September 30, 2024
	Natural Gas		Oil		NGL		Total
	MMcf per day	$/Mcf	MBbl per day	$/Bbl	MBbl per day	$/Bbl	MMcfe per day	$/Mcfe
Marcellus	1,601	1.65	—	—	—	—	1,601	1.65
Haynesville	1,261	1.88	—	—	—	—	1,261	1.88
Total	2,862	1.75	—	—	—	—	2,862	1.75

Average NYMEX Price		2.10		—
Average Realized Price (including realized derivatives)		2.64		—		—		2.64

	Nine Months Ended September 30, 2023
	Natural Gas		Oil		NGL		Total
	MMcf per day	$/Mcf	MBbl per day	$/Bbl	MBbl per day	$/Bbl	MMcfe per day	$/Mcfe
Marcellus	1,845	2.24	—	—	—	—	1,845	2.24
Haynesville	1,569	2.26	—	—	—	—	1,569	2.26
Eagle Ford	96	2.22	26	77.41	12	25.61	323	7.82
Total	3,510	2.25	26	77.41	12	25.61	3,737	2.73

Average NYMEX Price		2.69		77.39
Average Realized Price (including realized derivatives)		2.56		72.10		25.61		2.99

CAPITAL EXPENDITURES ACCRUED (unaudited)

	Three Months Ended September 30,				Nine Months Ended September 30,
		2024		2023		2024		2023
($ in millions)
Drilling and completion capital expenditures:
Marcellus	$	82	$	91	$	280	$	324
Haynesville		151		191		477		704
Eagle Ford		—		9		—		222
Total drilling and completion capital expenditures		233		291		757		1,250
Non-drilling and completion – field		32		48		106		100
Non-drilling and completion – corporate		24		18		73		56
Total capital expenditures	$	289	$	357	$	936	$	1,406

NON-GAAP FINANCIAL MEASURES

As a supplement to the financial results prepared in accordance with U.S. GAAP, Expand Energy’s quarterly earnings releases contain certain financial measures that are not prepared or presented in accordance with U.S. GAAP. These non-GAAP financial measures include Adjusted Net Income, Adjusted Diluted Earnings Per Common Share, Adjusted EBITDAX, Free Cash Flow, Adjusted Free Cash Flow and Net Debt. A reconciliation of each financial measure to its most directly comparable GAAP financial measure is included in the tables below. Management believes these adjusted financial measures are a meaningful adjunct to earnings and cash flows calculated in accordance with GAAP because (a) management uses these financial measures to evaluate the company’s trends and performance, (b) these financial measures are comparable to estimates provided by certain securities analysts, and (c) items excluded generally are one-time items or items whose timing or amount cannot be reasonably estimated. Accordingly, any guidance provided by the company generally excludes information regarding these types of items.

Expand Energy’s definitions of each non-GAAP measure presented herein are provided below. Because not all companies or securities analysts use identical calculations, Expand Energy’s non-GAAP measures may not be comparable to similarly titled measures of other companies or securities analysts.

Adjusted Net Income: Adjusted Net Income is defined as net income (loss) adjusted to exclude unrealized (gains) losses on natural gas and oil derivatives, (gains) losses on sales of assets, and certain items management believes affect the comparability of operating results, less a tax effect using applicable rates. Expand Energy believes that Adjusted Net Income facilitates comparisons of the company’s period-over-period performance, which many investors use in making investment decisions and evaluating operational trends and performance. Adjusted Net Income should not be considered an alternative to, or more meaningful than, net income (loss) as presented in accordance with GAAP.

Adjusted Diluted Earnings Per Common Share: Adjusted Diluted Earnings Per Common Share is defined as diluted earnings (loss) per common share adjusted to exclude the per diluted share amounts attributed to unrealized (gains) losses on natural gas and oil derivatives, (gains) losses on sales of assets, and certain items management believes affect the comparability of operating results, less a tax effect using applicable rates. Expand Energy believes that Adjusted Diluted Earnings Per Common Share facilitates comparisons of the company’s period-over-period performance, which many investors use in making investment decisions and evaluating operational trends and performance. Adjusted Diluted Earnings Per Common Share should not be considered an alternative to, or more meaningful than, earnings (loss) per common share as presented in accordance with GAAP.

Adjusted EBITDAX: Adjusted EBITDAX is defined as net income (loss) before interest expense, income tax expense (benefit), depreciation, depletion and amortization expense, exploration expense, unrealized (gains) losses on natural gas and oil derivatives, separation and other termination costs, (gains) losses on sales of assets, and certain items management believes affect the comparability of operating results. Adjusted EBITDAX is presented as it provides investors an indication of the company’s ability to internally fund exploration and development activities and service or incur debt. Adjusted EBITDAX should not be considered an alternative to, or more meaningful than, net income (loss) as presented in accordance with GAAP.

Free Cash Flow: Free Cash Flow is defined as net cash provided by (used in) operating activities less cash capital expenditures. Free Cash Flow is a liquidity measure that provides investors additional information regarding the company’s ability to service or incur debt and return cash to shareholders. Free Cash Flow should not be considered an alternative to, or more meaningful than, net cash provided by (used in) operating activities, or any other measure of liquidity presented in accordance with GAAP.

Adjusted Free Cash Flow: Adjusted Free Cash Flow is defined as net cash provided by (used in) operating activities less cash capital expenditures and cash contributions to investments, adjusted to exclude certain items management believes affect the comparability of operating results. Adjusted Free Cash Flow is a liquidity measure that provides investors additional information regarding the company’s ability to service or incur debt and return cash to shareholders and is used to determine Expand Energy’s returns framework payout. Adjusted Free Cash Flow should not be considered an alternative to, or more meaningful than, net cash provided by (used in) operating activities, or any other measure of liquidity presented in accordance with GAAP.

Net Debt: Net Debt is defined as GAAP total debt excluding premiums, discounts, and deferred issuance costs less cash and cash equivalents. Net Debt is useful to investors as a widely understood measure of liquidity and leverage, but this measure should not be considered as an alternative to, or more meaningful than, total debt presented in accordance with GAAP.

RECONCILIATION OF NET INCOME (LOSS) TO ADJUSTED NET INCOME (unaudited)

	Three Months Ended September 30,						Nine Months Ended September 30,
($ in millions)		2024			2023			2024			2023
Net income (loss) (GAAP)	$	(114	)	$	70		$	(315	)	$	1,850

Adjustments:
Unrealized (gains) losses on natural gas and oil derivatives		160			110			489			(931	)
Separation and other termination costs		—			—			23			3
Gains on sales of assets		(2	)		—			(12	)		(807	)
Other operating expense, net		23			3			58			18
Losses on purchases, exchanges or extinguishments of debt		—			—			2			—
Other		(4	)		(4	)		(17	)		(19	)
Tax effect of adjustments^(a)		(41	)		(24	)		(125	)		403
Adjusted net income (Non-GAAP)	$	22		$	155		$	103		$	517

(a)	The three- and nine-month periods ended September 30, 2024 and September 30, 2023 include a tax effect attributed to the reconciling adjustments using a statutory rate of 23%.

RECONCILIATION OF EARNINGS (LOSS) PER COMMON SHARE TO ADJUSTED DILUTED EARNINGS PER COMMON SHARE (unaudited)

	Three Months Ended September 30,						Nine Months Ended September 30,
($/share)		2024			2023			2024			2023
Earnings (loss) per common share (GAAP)	$	(0.85	)	$	0.53		$	(2.39	)	$	13.86
Effect of dilutive securities		—			(0.04	)		—			(0.96	)
Diluted earnings (loss) per common share (GAAP)	$	(0.85	)	$	0.49		$	(2.39	)	$	12.90

Adjustments:
Unrealized (gains) losses on natural gas and oil derivatives		1.20			0.78			3.70			(6.49	)
Separation and other termination costs		—			—			0.17			0.02
Gains on sales of assets		(0.02	)		—			(0.09	)		(5.63	)
Other operating expense, net		0.17			0.02			0.44			0.13
Losses on purchases, exchanges or extinguishments of debt		—			—			0.01			—
Other		(0.03	)		(0.03	)		(0.13	)		(0.13	)
Tax effect of adjustments^(a)		(0.31	)		(0.17	)		(0.95	)		2.81
Effect of dilutive securities		—			—			(0.03	)		—
Adjusted diluted earnings per common share (Non-GAAP)	$	0.16		$	1.09		$	0.73		$	3.61

(a)	The three- and nine-month periods ended September 30, 2024 and September 30, 2023 include a tax effect attributed to the reconciling adjustments using a statutory rate of 23%.

RECONCILIATION OF NET INCOME (LOSS) TO ADJUSTED EBITDAX (unaudited)

	Three Months Ended September 30,						Nine Months Ended September 30,
		2024			2023			2024			2023
($ in millions)
Net income (loss) (GAAP)	$	(114	)	$	70		$	(315	)	$	1,850

Adjustments:
Interest expense		20			23			59			82
Income tax expense (benefit)		(44	)		1			(105	)		532
Depreciation, depletion and amortization		335			382			1,082			1,148
Exploration		2			4			7			19
Unrealized (gains) losses on natural gas and oil derivatives		160			110			489			(931	)
Separation and other termination costs		—			—			23			3
Gains on sales of assets		(2	)		—			(12	)		(807	)
Other operating expense, net		23			3			58			18
Losses on purchases, exchanges or extinguishments of debt		—			—			2			—
Other		(15	)		(13	)		(57	)		(36	)
Adjusted EBITDAX (Non-GAAP)	$	365		$	580		$	1,231		$	1,878

RECONCILIATION OF NET CASH PROVIDED BY OPERATING ACTIVITIES TO ADJUSTED FREE CASH FLOW (unaudited)

	Three Months Ended September 30,						Nine Months Ended September 30,
		2024			2023			2024			2023
($ in millions)
Net cash provided by operating activities (GAAP)	$	422		$	506		$	1,183		$	1,910
Cash capital expenditures		(298	)		(423	)		(1,021	)		(1,450	)
Free cash flow (Non-GAAP)		124			83			162			460
Cash contributions to investments		(26	)		(61	)		(71	)		(149	)
Free cash flow associated with divested assets^(a)		—			(57	)		—			(195	)
Adjusted free cash flow (Non-GAAP)	$	98		$	(35	)	$	91		$	116

(a)

In March and April of 2023, we closed two divestitures of certain Eagle Ford assets. Due to the structure of these transactions, both of which had an effective date of October 1, 2022, the cash generated by these assets was delivered to the respective buyers through a reduction in the proceeds we received at the closing of each transaction. Additionally, in August 2023, we entered into an agreement to sell the final portion of our Eagle Ford assets, with an economic effective date of February 1, 2023. Included within the adjustment above reflects the cash flows from the three months ended September 30, 2023, associated with the final portion of our Eagle Ford assets as the cash generated by those assets were delivered to the buyer through a reduction in the proceeds we received once the transaction closed during the fourth quarter of 2023.

RECONCILIATION OF TOTAL DEBT TO NET DEBT (unaudited)

($ in millions)	September 30, 2024
Total debt (GAAP)	$	2,017
Premiums and issuance costs on debt		(67	)
Principal amount of debt		1,950
Cash and cash equivalents		(1,044	)
Net debt (Non-GAAP)	$	906

INVESTOR CONTACT:	MEDIA CONTACT:	EXPAND ENERGY CORPORATION
Chris Ayres	Brooke Coe	6100 North Western Avenue
(405) 935-8870	(405) 935-8878	P.O. Box 18496
ir@expandenergy.com	media@expandenergy.com	Oklahoma City, OK 73154

The MIL Network –

January 25, 2025

MIL-OSI: Enovix and Leading Smartphone OEM Execute Development Agreement for Mass Production in 2025

Source: GlobeNewswire (MIL-OSI)

FREMONT, Calif., Oct. 29, 2024 (GLOBE NEWSWIRE) — Enovix Corporation (“Enovix”) (Nasdaq: ENVX), a global high-performance battery company, announced today that it executed a development agreement with one of the leading global smartphone OEMs with top 5 market share in China. Under the terms of the agreement and subject to applicable milestones, the companies will develop a 100% active silicon anode battery customized for specific smartphone models targeted for launch in Q4 2025. The company now has agreements with 2 of the leading smartphone OEMs and has further sales momentum building in IoT and EV markets.

Enovix’s CEO Raj Talluri commented, “We are thrilled to formalize this relationship, and we see it as a proof point of smartphones needing batteries with much higher energy density and capacity to satisfy the needs of AI enabled apps. Upon meeting specified milestones in this new agreement, we will enter the smartphone market in 2025 with high-volume production out of Fab2 in Malaysia.”

About Enovix

Enovix is on a mission to deliver high-performance batteries that unlock the full potential of technology products. Everything from IoT, mobile, and computing devices, to the vehicle you drive, needs a better battery. Enovix partners with OEMs worldwide to usher in a new era of user experiences. Our innovative, materials-agnostic approach to building a higher performing battery without compromising safety keeps us flexible and on the cutting-edge of battery technology innovation.

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

Forward Looking Statements

This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, about us and our industry that involve substantial risks and uncertainties. Forward-looking statements generally relate to future events or our future financial or operating performance. In some cases, you can identify forward-looking statements because they contain words such as “believe”, “will”, “may”, “estimate”, “continue”, “anticipate”, “intend”, “should”, “plan”, “expect”, “predict”, “could”, “potentially”, “target”, “project”, “believe”, “continue” or the negative of these terms or similar expressions. Forward-looking statements in this press release include, but are not limited to, statements regarding the applicable OEM agreement, including, without limitation, with respect to our ability to successfully develop a 100% active silicon anode battery customized for a specific smartphone model, our ability to satisfy applicable contract milestones and other terms, and our ability to achieve high-volume production out of Fab2 in Malaysia in 2025. Actual results could differ materially from these forward-looking statements as a result of certain risks and uncertainties. For additional information on these risks and uncertainties and other potential factors that could affect our business and financial results or cause actual results to differ from the results predicted, please refer to our filings with the Securities and Exchange Commission (the “SEC”), including in the “Risk Factors” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations” sections of our most recently filed annual periodic reports on Form 10-K and quarterly reports on Form 10-Q and other documents that we have filed, or that we will file, with the SEC. Any forward-looking statements made by us in this press release speak only as of the date on which they are made and subsequent events may cause these expectations to change. We disclaim any obligations to update or alter these forward-looking statements in the future, whether as a result of new information, future events or otherwise, except as required by law.

For media and investor inquiries, please contact:
Enovix Corporation
Robert Lahey
Email: ir@enovix.com

The MIL Network –

January 25, 2025
MIL-OSI USA: Schumer, Gillibrand Secure Nearly $12 Million To Replace Bridge Street Bridge Over Schoharie Creek

US Senate News:

Source: United States Senator for New York Kirsten Gillibrand

Senators Say Fed $$ Will Support Critical Replacement Of 100-Year-Old Bridge Via Bipartisan Infrastructure Law’s Competitive “Bridge Investment Program”

Schumer, Gillibrand: The Bipartisan Infrastructure & Jobs Law Is Helping Bridge The Gap To Build Long Overdue Projects The Capital Region!

U.S. Senate Majority Leader Charles E. Schumer and U.S. Senator Kirsten Gillibrand announced $11,600,000 for Schoharie County to replace the Bridge Street bridge over Schoharie Creek as a recipient of the U.S. Department of Transportation’s (DOT) highly competitive Bridge Investment Program. The federal funding, created in the Bipartisan Infrastructure Investment & Jobs Law championed by the senators, will help replace the aging bridge, which is a vital connector in Schoharie County.

“The Bridge Street bridge is a vital connector in Schoharie County, but after 100 years of use, it is nearing the end of its useful life. This $11.6 million will boost efforts to replace the bridge and restore this vital connector for Schoharie County,” said Senator Schumer. “The next closest bridge over Schoharie Creek is more than 20 minutes away. When considering emergency vehicles, that 20 minutes is vital. New York State has already put a weight restriction on the bridge due to its condition, and it’s vital that we build a replacement bridge as soon as possible to keep people safe and to maximize ease of transport and economic efficiency. I fought to create the Bridge Investment Program in our Bipartisan Infrastructure & Jobs Law because I know how important boosting federal investment in bridges is to protecting travelers’ safety while creating good-paying jobs. I’m proud that the law is continuing to deliver for the Capital Region.”

“Infrastructure like the Bridge Street bridge helps local economies thrive, plays a vital role in protecting public safety, and connects communities,” said Senator Gillibrand. “Bridge Street serves as a crucial overpass for emergency vehicles, farm vehicles, and citizens of Schoharie County, and its replacement is long overdue. I’m proud to have fought for the passage of the Bipartisan Infrastructure Law and helped secure this funding for the Capital Region. I will continue working to deliver federal dollars to New York for the improvement of our infrastructure.”

“We are deeply grateful to Senator Schumer, Senator Gillibrand, Lieutenant Governor Delgado, Congresswoman Stefanik and all the bipartisan supporters for securing the $11.6 million needed for Schoharie’s new Bridge Street Bridge. This bridge is essential for our town—it boosts the safety and efficiency of our roads, ensures emergency responders can act quickly, supports our farmers who rely on it, and links our community hubs. This investment is a big win for everyone in Schoharie County, showing a strong commitment to enhancing our critical infrastructure,” said Benjamin Oevering, Supervisor, Town of Schoharie.

The Bridge Street bridge is a vital connector in Schoharie County, but after 100 years of use, it is nearing the end of its useful life. The federal funding secured by the senators will help the county build a new bridge, increasing safety and creating jobs. New York State has put a weight restriction on the bridge due to its condition, and the County is concerned that further disrepair could eventually limit its use by emergency vehicles. The nearest bridge is approximately 10 miles away, adding 20-25 minutes in commute time. The senators also said that farm vehicles use the bridge regularly, and the bridge is vital to the County’s thriving rural agriculture economy.

The senators explained that the Bipartisan Infrastructure Investment and Jobs Act included $12.5 billion appropriated annually over five years (FY 22-26) to help plan, replace, rehabilitate, protect, and preserve some of the nation’s largest bridges, ensuring that they remain operational, support local economies, strengthen supply chains, and improve safety. The Capital Region was one of the first in the nation to tap into this federal funding when Schumer and Gillibrand secured $21 million to repair and modernize the Castleton-on-Hudson Bridge in April 2023.

MIL OSI USA News –

January 25, 2025
MIL-OSI USA: Hotels and Motels Impacted by Hurricane Helene Can Apply to Operate Under Emergency Operations Plans
Source: US State of North Carolina

Headline: Hotels and Motels Impacted by Hurricane Helene Can Apply to Operate Under Emergency Operations Plans

Hotels and Motels Impacted by Hurricane Helene Can Apply to Operate Under Emergency Operations Plans
hejones1
Tue, 10/29/2024 – 14:03
The North Carolina Department of Health and Human Services and local health departments are working with lodging establishments impacted by Hurricane Helene to help them reopen safely. Hotels and motels are encouraged to submit Emergency Operations Plans to their local health department so they can reopen as quickly as possible while water systems and infrastructure continues to be repaired in western North Carolina.

“We are working quickly to help businesses get back on their feet following catastrophic damage left behind by Hurricane Helene,” said NC Health and Human Services Secretary Kody H. Kinsley. “For either displaced families or tourism, helping hotels reopen is key to supporting recovery in the region.”

Lodging establishments must have an approved power and electricity source available and also need an approved water source for bathing, hand washing and laundry service.

Other important elements include:
- The facility is free from sewage or wastewater backing up or accumulating on the property
- The facility must be able to flush toilets or have a contingency plan for flushing toilets
- Any food or ice prepared using non-potable water will be discarded
- Water fixtures with a non-potable water source, like ice machines and water fountains, must be turned off with signs posted that water fixtures cannot be used
“Hotels and motels not only serve as lodging for people who are visiting, they also help volunteers and people who need temporary housing while their homes are being repaired from storm damage. We are working with our local partners to get places back open safely and as soon as possible,” said NCDHHS State Environmental Health Director Larry Michael.

“We appreciate the support of NCDHHS with the issuance of this emergency operations guidance,” said Lynn Minges President and CEO of the North Carolina Restaurant and Lodging Association. “This re-opening guidance will help expedite the reopening of impacted businesses and help facilitate the process of business and economic recovery for the region during this important tourist season.”

While western North Carolina continues to rebuild following Hurricane Helene, work is underway to get businesses up and running and many have reopened for visitors. Most highways in western North Carolina have reopened but some closures are still in place. If you have travel plans, make sure you check with your lodging establishment and on the status of the roads on your planned route before you travel.

The NCDHHS Division of Public Health recently launched a resource for hospitality operators to assist with environmental health and safety requirements. Operators can reach out directly at EHprepardnessquestions@dhhs.nc.gov or call 919-707-5999. For more information about Hurricane Helene and resources available for people who are impacted, please go to ncdhhs.gov/helene and ncdps.gov/helene.

El Departamento de Salud y Servicios Humanos de Carolina del Norte y los departamentos de salud locales están trabajando con los establecimientos de alojamiento afectados por el huracán Helene para ayudarlos a reabrir de manera segura. Se anima a los hoteles y moteles a presentar los planes operativos de emergencia a su departamento de salud local para que puedan reabrir lo más rápido posible mientras se siguen reparando los sistemas de agua y la infraestructura en el oeste de Carolina del Norte.

“Estamos trabajando rápidamente para ayudar a las empresas a recuperarse tras los daños catastróficos causados por el huracán Helene”, dijo el secretario de Salud y Servicios Humanos de Carolina del Norte, Kody H. Kinsley. “Para las familias desplazadas o el turismo, ayudar a los hoteles a reabrir es clave para apoyar la recuperación en la región”.

Los establecimientos de alojamiento deben tener una fuente de energía y electricidad aprobada disponible y también necesitan una fuente de agua aprobada para bañarse, lavarse las manos y para el servicio de lavandería.

Otros elementos importantes incluyen:
- La instalación está libre de aguas negras o aguas residuales que se atascan o acumulan en la propiedad
- La instalación debe poder descargar los inodoros o tener un plan de contingencia para descargar los inodoros
- Cualquier alimento o hielo preparado con agua no potable será desechado
- Los accesorios de agua con una fuente de agua no potable, como máquinas de hielo y fuentes de agua, deben apagarse con carteles que indiquen que no se pueden usar accesorios de agua
“Los hoteles y moteles no solo sirven de alojamiento para las personas que los visitan, sino que también ayudan a los voluntarios y a las personas que necesitan alojamiento temporal mientras se reparan sus viviendas por los daños causados por las tormentas. Estamos trabajando con nuestros socios locales para que los lugares vuelvan a abrirse de manera segura y lo antes posible”, dijo Larry Michael, director estatal de Salud Ambiental del Departamento de Salud y Servicios Humanos de Carolina del Norte (NCDHHS, por sus siglas en inglés).

“Agradecemos el apoyo del NCDHHS con la emisión de esta guía de operaciones de emergencia”, dijo Lynn Minges, presidenta y directora ejecutiva de la Asociación de Restaurantes y Alojamiento de Carolina del Norte. “Esta guía de reapertura ayudará a acelerar la reapertura de las empresas afectadas y ayudará a facilitar el proceso de recuperación comercial y económica de la región durante esta importante temporada turística”.

Mientras que el oeste de Carolina del Norte continúa reconstruyendo después del huracán Helene, se está trabajando para poner en marcha los negocios y muchos han reabierto para los visitantes. La mayoría de las carreteras en el oeste de Carolina del Norte han reabierto, pero algunos cierres siguen vigentes. Si tiene planes de viaje, asegúrese de consultar con su establecimiento de alojamiento y el estado de las carreteras en su ruta planificada antes de viajar.

La División de Salud Pública del NCDHHS lanzó recientemente un recurso para proveedores de servicios de hotelería para ayudar con los requisitos de salud y seguridad ambiental. Los operadores de estos servicios pueden comunicarse directamente con EHprepardnessquestions@dhhs.nc.gov o llamar al 919-707-5999. Para obtener más información sobre el huracán Helene y los recursos disponibles para las personas afectadas, visite ncdhhs.gov/helene y ncdps.gov/helene.
Oct 29, 2024

MIL OSI USA News –
January 25, 2025
MIL-OSI Canada: Remarks by the Deputy Prime Minister announcing actions to protect and create good-paying jobs for Canadian workers

Source: Government of Canada News

We’re launching a $200 million regional AI initiative. The regional development agencies will help support AI start-ups to bring new technology to market. And they will help drive AI adoption by Canadian businesses across the economy. I do want to say to Canadian businesses who are excited about the benefits of AI in their businesses, please think about using a Canadian AI company when you are using AI in your business. This is a great strength we have; take advantage of the great AI companies we have here at home.

October 22, 2024 – Ottawa, Ontario

Check against delivery

Thanks everyone for being here. I want to start by recognizing the work that all the people at Parliamentary Protective Services do to make it possible for all of us to do our jobs. On this anniversary of the death of Corporal Nathan Cirillo, who was shot to death while he was guarding the Tomb of the Unknown Soldier, it’s worth reflecting on how essential they are. They take risks every day. Thank you very much to them.

I will begin by talking about the Canadian economy, and then I’ll talk about actions we are taking to protect and support Canadian workers, and tariffs, and then new measures on artificial intelligence.

After that, my colleague, the Honourable Randy Boissonnault (Minister of Employment, Workforce Development and Official Languages), will talk about reforms to the Temporary Foreign Worker Program. After that, my colleague, the Honourable Jean-Yves Duclos (Minister of Public Services and Procurement), will talk more about what we are doing regarding artificial intelligence and promoting its adoption in the whole Canadian economy.

Let me start by making a couple of comments about the Canadian economy.

We have been getting some good news in recent weeks. Last week, we got the September inflation number, which was 1.6 per cent. For nine months now, inflation in Canada has been within the Bank of Canada’s target range. And the September number was a three and a half year low.

With inflation coming down, we have now seen three interest rate cuts. The Bank of Canada was the first central bank in a G7 country to cut interest rates for the first time. It was the first central bank in a G7 country to cut interest rates for the second time. And it was the first central bank in a G7 country to cut interest rates for the third time.

Wages have now outpaced inflation for 20 months in a row and in September, we had a good jobs number, with 47,000 jobs created. And the unemployment number actually went down a little bit.

The International Monetary Fund (IMF) published its World Economic Outlook today. And in that Outlook, the IMF forecasted that Canada will have the strongest economic growth in the G7 in 2025. There is a lot more we need to do, but on the macroeconomic front, we’re seeing some solid progress.

Now, I want to talk about the tariff measures. The government has imposed a 100 per cent tariff on all electric vehicles manufactured in China and it became effective on October 1st.

We also announced that we would put in place a 25 per cent tariff on imports of steel and aluminum products from China. Today is a significant day. Today is the day that our tariffs on Chinese steel and aluminum of 25 per cent enter into force. This is a really important measure. It is to protect these essential Canadian industries, and the Canadians who work there, from unfair Chinese trade practices, and from an intentional policy of Chinese overcapacity in an environment where neither labour nor environmental standards are honoured.

It’s also really important because it is absolutely essential for the Canadian economy that we can say to our partners in North America that Canada will not be a backdoor for diverted Chinese goods, whether it’s electric vehicles or steel and aluminum.

We are also announcing today a remissions framework. We know that there are some businesses that are anxious about adjusting to this shift in supply chains. It’s really important for us that these essential measures do not harm Canadian businesses or Canadian workers. So, we are prepared to offer tariff relief in exceptional circumstances and we’re publishing today an email address that Canadian businesses can use to apply for tariff relief and a framework that will guide decisions on remissions.

A second announcement for today is that we are moving forward on the support for AI and AI adoption, which we announced in the budget in the spring.

Canada is a global AI superpower. There is no better evidence of this than the fact that Canada’s own, and the University of Toronto’s own, Geoffrey Hinton, was recently awarded a Nobel Prize for his groundbreaking research. That research, that Canadian strength in AI, and the underlying thinking behind it, is a huge advantage for Canada in the economy today.

Our government knows that helping Canadian businesses adopt AI is a really important part of leveraging the Canadian AI advantage.

Today we are announcing that we’re going to be investing $300 million of the $2.4 billion for AI that we put forward in the budget in the spring.

We’re launching a $200 million regional AI initiative. The regional development agencies will help support AI start-ups to bring new technology to market. And they will help drive AI adoption by Canadian businesses across the economy. I do want to say to Canadian businesses who are excited about the benefits of AI in their businesses, please think about using a Canadian AI company when you are using AI in your business. This is a great strength we have; take advantage of the great AI companies we have here at home.

We have an economic plan, a plan for affordability, to build more housing faster and for economic growth. Our priority is to give a fair chance to every generation. Thank you.

MIL OSI Canada News –

January 25, 2025
MIL-OSI USA: Ken Iliff: Engineering 40 Years of Success

Source: NASA

Editor’s note: This article was published May 23, 2003, in NASA Armstrong’s X-Press newsletter. NASA’s Dryden Flight Research Center in Edwards, California, was redesignated Armstrong Flight Research Center on March 1, 2014. Ken Iliff was inducted into the National Hall of Fame for Persons with Disabilities in 1987. He died Jan. 4, 2016.

As an Iowa State University engineering student in the early 1960s, Ken Iliff was hard at work on a glider flight simulation.
Upon examining the final results – which, in those early days of the computer revolution, were viewed on a long paper printout – he noticed one glaring imperfection: the way he had programmed it, his doomed glider would determinedly accelerate as it headed for the ground.
The culprit was a single keystroke. At the time, programming was based on data that had been painstakingly entered into the computer by hand, on punch cards and piece by piece. Somewhere, Iliff had entered a plus sign instead of a minus sign.
The seemingly minor incident was to foreshadow great things to come in Iliff’s career.
Not long after graduation, the West Union, Iowa, native found himself at what was then called simply the NASA Flight Research Center located on Edwards Air Force Base.
“I just knew I didn’t want to be sitting somewhere in a big room full of engineers who were all doing the same thing,” Iliff said of choosing Dryden over other jobs and other NASA centers. “It was a small center doing important things, and it was in California. I knew I wanted to be there.”
Once at Dryden, the issue of data tidbits was central to the new hire’s workday. Iliff’s post called for him and many of his colleagues to spend much of their time “reading up” data – a laborious process of measuring data from film using a single reference line and a ruler. Measurements were made every tenth of a second; for a ten-second maneuver, a total of one hundred “traces” were taken for every quantity being recorded.
“I watched talented people spending entire days analyzing data,” he recalled. “And then, maybe two people would arrive at two entirely different conclusions” from the same data sets.
As has happened so often at the birth of revolutionary ideas, then, one day Iliff had a single, simple thought about the time-intensive and maddeningly inexact data analysis process:
“There just has to be a better way to do this.”
The remedy he devised was to result in a sea change at Dryden, and would reverberate throughout the world of computer-based scientific research.
Iliff’s work spanned the decades that encompassed some of Dryden’s greatest achievements, from the X-15 through the XB-70 and the tentative beginnings of the shuttle program. The solution he created to the problem of inaccuracy in data analysis focused on aerodynamic performance – how to formulate questions about an aircraft’s performance once answers about it are already known, how to determine the “why?” when the “what happens?” has already happened.
The work is known as “parameter estimation,” and is used in aerospace applications to extract precise definitions of aerodynamic, structural and performance parameters from flight data.
His methodology – cemented in computer coding Iliff developed using Fortran’s lumbering binary forerunner, machine code – allowed researchers to determine precisely the type of information previously derived only as best-estimate guesses through analysis of data collected in wind tunnels and other flight-condition simulators. In addition to aerospace science, parameter estimation is also used today in a wide array of research applications, including those involving submarines, economic models, and biomedicine.
With characteristic deference, Iliff now brushes off any suggestion of his discovery’s significance. Instead, he credits other factors for his successes, such as a Midwestern work ethic and Iowa State University’s early commitment to giving its engineering students good access to the new and emerging computer technology.
To hear him tell it, “all good engineers are a little bit lazy. We know how to innovate – how to find an easier way.
“I’d been trained well, and given the right tools – I was just in the right place at the right time.”
But however modestly he might choose to see it characterized, it’s fair to number Iliff’s among the longest and most distinguished careers to take root in the ranks of Dryden research engineers. Though his groundbreaking work will live forever in research science, when Iliff retired in December he brought to a close his official role in some of the most important chapters in Dryden history.

His pioneering work with parameter estimation carried through years of aerodynamic assessment and data analysis involving lifting-body and wing-body aircraft, from the X-15 through the M2-F1, M2-F2 and M2-F3 projects, the HL-10, the X-24B and NASA’s entire fleet of space shuttles. His contributions aided in flight research on the forward-swept-wing X-29 and the F/A-18 High Angle of Attack program, on F-15 spin research vehicles, on thrust vectoring and supermaneuverability.
Iliff began work on the space shuttle program when it was little more than a speculative “what’s next?” chapter in manned spaceflight, long before it reached officially sanctioned program status. Together with a group spearheaded by the late NASA research pilot and long-time Dryden Chief Engineer Milt Thompson – who Iliff describes unflinchingly as “my hero” – Iliff helped explore the vast range of possibilities for a new orbiting craft that would push NASA to its next frontier after landing on the moon.
In an environment much more informal than today’s, when there were few designations of “program manager” or “task monitor” or “deputy director” among NASA engineers like Iliff and Thompson, a handful of creative, disciplined minds were at work dreaming up a reusable aircraft that would launch, orbit the Earth and return. Iliff’s role was to offer up the rigor of comparison in size, speed and performance among potential aircraft designs; Thompson and Iliff’s group was responsible, for example, for the decision to abandon the notion of jet engines on the orbiter, decreeing them too heavy, too risky and too inefficient.
Month in and month out, Iliff and his colleagues painstakingly researched and developed the myriad design details that eventually materialized into the shuttle fleet. There was, in Iliff’s words, “a love affair between the shuttle and the engineers.”
And in a display typifying the charged environment of creative collaboration that governed the effort – an effort many observe wryly that it would be difficult to replicate at NASA, today or anytime – the body of research was compiled into the now-legendary aero-data book, a living document that records in minute detail every scrap of design and performance data recorded about the shuttles’ flight activity.
Usually with more than a touch of irony, the compiling of the aero-data book has been described with phrases like “a remarkably democratic process,” involving as it did the need for a hundred independent minds and strong personalities to agree on indisputable facts about heat, air flow, turbulence, drag, stability and a dozen other aerodynamic principles. But Iliff says the success of the mammoth project, last updated in 1996, was ultimately enabled by a shared commitment to a culture that was unique to Dryden, one that made the Center great.
“Well, big, complicated things don’t always come out like you think they will,” Iliff said.
“But we understood completely the idea of ‘informed risk.’ We had a thorough understanding of risks before taking them – nobody ever did anything on the shuttle that they thought was dangerous, or likely to fail.
“The truly great thing (about that era at Dryden) was that they mentored us, and let us take those risks, and helped us get good right away. That was how we were able to do what we did.”
It was an era that Iliff says he was thrilled to be a part of, and which he admits was difficult to leave. It was also, he adds with a note of uncharacteristic nostalgia, a time that would be hard to reinvent today after the intrusion of so many bureaucratic tentacles into the hot zone that spawned Dryden’s greatest achievements.
A man not much given to dwelling on the past, however, Iliff has moved on to a retirement he is making the most of. Together with his wife, Mary Shafer, also retired from her career as a Dryden engineer, he plans to dedicate time to cataloging the couple’s extensive travel experiences with new video and graphics software, and adding to the travel library with footage from new trips. Iraq ranks high on the short list.
During his 40-year tenure, Iliff held the post of senior staff scientist of Dryden’s research division from 1988 to 1994, when he became the Center’s chief scientist. Among numerous awards he received were the prestigious Kelly Johnson Award from the Society of Flight Test Engineers (1989), an award permanently housed in the Smithsonian National Air and Space Museum, and NASA’s highest scientific honor, the NASA Exceptional Scientific Achievement Award (1976).
He was inducted into the National Hall of Fame for Persons with Disabilities in 1987, and served on many national aeronautic and aerospace committees throughout his career. He is a Fellow in the American Institute of Aeronautics and Astronautics (AIAA) and is the author of more than 100 technical papers and reports. He has given eleven invited lectures for NATO and AGARD (Advisory Group for Aerospace Research and Development), and served on four international panels as an expert in aircraft and spacecraft dynamics. Recently, he retired from his position as an adjunct professor of electrical engineering at the University of California, Los Angeles.
Iliff holds dual bachelor of science degrees in mathematics and aerospace engineering from Iowa State University; a master of science in mechanical engineering from the University of Southern California; a master of engineering degree in engineering management and a Ph.D. in electrical engineering, both from UCLA.
Iliff’s is the kind of legacy shared by a select group of American engineers, and to read the papers these days, there’s the suggestion that his is a vanishing breed. NASA and other science-based organizations are often depicted as scrambling for new engineering talent – particularly of the sort personified by Iliff and his pioneering achievements.
But, typical of the visionary approach he applies to life in general as well as to science, Iliff takes a wider view.
“I remember, after the X-1 – people figured all the good things had been done,” he said, with a smile in his voice. “And of course, they had not.
“If I was starting out now, I’d be starting in work with DNA, or biomedicine – improving lives with drug research. There are so many exciting things to be discovered there. They might not be as showy as lighting off a rocket, but they’re there.
“I’ve seen cycles. We’re at a low spot right now – but military, or space, will eventually be at the center again.”
And when that day comes, Iliff says he hopes officials in the flight research world will heed the example of Dryden’s early years, and give its engineers every opportunity to succeed unfettered – as he had been.
“Beware the ‘Chicken Littles’ out there,” he said. “I hope the government will be strong enough to resist them.”

Sarah MerlinFormer X-Press newsletter assistant editor
Former Dryden historian Curtis Peebles contributed to this article.

MIL OSI USA News –

January 25, 2025
MIL-OSI USA: Seven California ports get more than $1 billion to shift to zero-emission operations, cut pollution
Source: US State of California 2
Oct 29, 2024
What you need to know: The Biden-Harris Administration is granting more than $1 billion to California’s ports to accelerate their transition to zero-emission operations and create good paying jobs.

SACRAMENTO – California ports are about to become cleaner and more climate friendly thanks to new funding from the Biden-Harris Administration.

Today, the U.S. Environmental Protection Agency announced seven California ports are receiving more than $1 billion to build zero-emission infrastructure and implement plans to clean up air quality. California ports received a third of the total funding announced today nationwide. The Port of Los Angeles is receiving the nation’s largest clean ports grant of $411 million, which will help the port shift to zero-emission operations.

Thanks to historic support from the Biden-Harris Administration and our state’s Congressional leaders, California’s ports are undergoing a rapid transition to become zero-emission. Cleaner ports means cleaner air for communities up and down our state – this is a huge win for our ports that are the backbone of the fifth largest economy in the world.

Governor Gavin Newsom

California’s ports handle about 40% of the nation’s containerized imports and 30% of America’s exports. This funding is key to Governor Newsom’s build more, faster infrastructure agenda. See projects in your community at build.ca.gov.

California ports receiving funding from the federal Clean Ports Program include:

Port of Los Angeles — $411.69 million: This project aims to accelerate the port’s transition toward ZE on-terminal operations by significantly reducing air pollution in and around the port, deploying ZE cargo handling equipment (CHE), and enhancing electric vehicle charging infrastructure.

Port of Oakland — $322.17 million: This project will support the vision of reducing emissions and fully decarbonizing port activities by transitioning to ZE alternatives for drayage trucks and cargo handling equipment.

Port of Stockton — $110.47 million: This project will transform the port into the first small port with ZE terminal operations and increase the ZE workforce in Northern California.

Port of San Diego — $58.6 million: This project will support the port’s longstanding commitment to the electrification of San Diego’s maritime cargo handling facilities and freight transportation by implementing the final electrification elements to transform San Diego’s maritime cargo terminals and the goods movement network on San Diego Bay.

Port of San Francisco — $55.39 million: This investment will transition ferry operations along the San Francisco waterfront to zero-emissions, removing 455,000 metric tons of carbon dioxide greenhouse gases and enhancing air quality at the Port of San Francisco and throughout the Bay Area airshed.

Port of Hueneme — $42.29 million: The Port of Hueneme Reducing Emissions, Supporting Health (PHRESH) project consists of two components: PHRESH START (Sustainable, Thoughtful And Resilient Transformation), which includes planning activities, and PHRESH AIR (Accelerating Implementation and Results), which involves the deployment of roughly 35 pieces of ZE terminal equipment and a drayage truck incentive program.

Port of Redwood City — $1.97 million: This project, in partnership with a private entity, includes climate and air quality planning for hydrogen-based fueling and infrastructure.
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January 25, 2025
MIL-OSI Security: Pine Ridge Man Sentenced to Federal Prison for Over Three Years for Involuntary Manslaughter

Source: Office of United States Attorneys

RAPID CITY – United States Attorney Alison J. Ramsdell announced that Chief Judge Roberto A. Lange, U.S. District Court, has sentenced a Pine Ridge, South Dakota, man convicted of Involuntary Manslaughter.

Devin White Calf, age 23, was sentenced to 37 months in federal prison, followed by three years of supervised release, and ordered to pay a $100 special assessment to the Federal Crime Victims Fund.

White Calf was indicted for the charge by a federal grand jury in December of 2023. He pleaded guilty on April 5, 2024.

In September of 2023, White Calf consumed alcohol with a group of friends and relatives. At some point, White Calf drove his group to a place called “Top of the World.” This location is just west of Pine Ridge. At this location, the group continued to drink alcohol. While leaving “Top of the World,” White Calf lost control of the vehicle. One of the passengers, a 16-year-old female, was ejected from the vehicle and sustained fatal injuries. Multiple other passengers were also ejected from the car and sustained bodily injuries. Law enforcement was dispatched to the scene because individuals nearby could hear screaming and crying. When law enforcement arrived on scene, White Calf told them that he was not driving and that someone with the last name “Titus” was driving. Several months later, White Calf eventually admitted to law enforcement that he was the driver.

This matter was prosecuted by the U.S. Attorney’s Office because the Major Crimes Act, a federal statute, mandates that certain violent crimes alleged to have occurred in Indian country be prosecuted in Federal court as opposed to State court.

This case was investigated by the Oglala Sioux Tribe – Department of Public Safety and the FBI. Assistant U.S. Attorney Megan Poppen prosecuted the case.

White Calf was immediately remanded to the custody of the U.S. Marshals Service.

MIL Security OSI –

January 25, 2025
MIL-OSI Security: Drug Dealer Sentenced To 15 Years In Federal Prison

Source: Office of United States Attorneys

MOBILE, AL – An Elberta man was sentenced on October 28, 2024, to 15 years in federal prison for his possession with intent to distribute of methamphetamine and fentanyl in Baldwin County, Alabama. Marcus Allen Heaton, 38, was identified during several encounters with Baldwin County sheriff’s investigators from 2019 through 2021.

Court documents show that in May of 2021, Heaton was driving a vehicle displaying improper rear lights. Baldwin County sheriff’s deputies stopped the vehicle and initiated an investigation. A drug detecting dog was used to walk around the outside of the vehicle, and the dog gave a positive alert for the odor of drugs emanating from the vehicle. The deputies searched the vehicle and found 132.6 grams of methamphetamine divided among five plastic bags, packaged in that manner for resale. The deputies also found 6.58 grams of fentanyl divided among three other plastic bags, also packaged for resale. Heaton’s phone was seized during the stop and deputies obtained a search warrant to examine the contents. In the phone, deputies found numerous texts and electronic messages relating to Heaton’s distribution of methamphetamine and fentanyl. Heaton pled guilty to two counts of possession with intent to distribute controlled substances, one for methamphetamine and one for fentanyl, in June of 2024.

United States District Court Judge Jeffery Beaverstock imposed a sentence of 15 years imprisonment for Heaton’s illegal possession with intent to distribute methamphetamine. The sentence was the minimum mandatory sentence under federal law based on the amount of methamphetamine involved in the offense and Heaton’s prior convictions for serious drug felonies. On the charge for Heaton’s illegal possession with intent to distribute fentanyl, the judge imposed a sentence of 130 months imprisonment, which will run concurrently with the sentence on the methamphetamine charge. When Heaton is released from custody, he will serve 5 years of supervised release. Heaton’s supervision includes a set of standard conditions as well as a special condition requiring drug testing and treatment and permitting the probation officer to search his person or property upon a showing of reasonable suspicion that he is in violation of any of the conditions of his supervision. No fine was imposed but Heaton was ordered to pay $200 in special mandatory assessments.

The case was investigated by the Baldwin County Sheriff’s Office and the FBI’s Safe Streets Task Force. Assistant U.S. Attorney Gloria Bedwell prosecuted the case on behalf of the United States.

MIL Security OSI –

January 25, 2025
MIL-OSI Security: Eight-Time Mail Robbers Sentenced to Combined 21 Years in Prison

Source: Office of United States Attorneys

The men responsible for eight mail carrier robberies were sentenced today to a combined 21 years in federal prison, announced U.S. Attorney for the Northern District of Texas Leigha Simonton.

Jerrad Coleman, 18, and Louis Dixon, 18, were charged via criminal complaint in April. Mr. Dixon pleaded guilty in June to robbery of property of the United States and conspiracy to rob and unlawfully possess property of the United States, while Mr. Coleman pleaded guilty to the same charges the following month.

The pair were sentenced Tuesday by U.S. District Judge Mark Pittman, who noted that the U.S. Postal Service is critical to the functioning of our country and called their crime a “heinous offense.” Mr. Dixon was sentenced to 60 months on count one and 91 months on count two to run consecutively, for a combined 151 months (12 ½ years) in federal prison; Mr. Dixon was sentenced to 60 months on count one and 108 months on count two to run concurrently for a total of 108 months (9 years) in federal prison.

“Today’s sentencing serves as a notice to those who wish to commit violent acts against U.S. Postal Service employees that the U.S. Postal Inspection Service, along with our law enforcement partners, are committed to finding those responsible and bringing justice to the victims. U.S. Postal Service employees are delivering across America and deserve to work in their communities free from danger,” said Kai Pickens, Inspector in Charge of the U.S. Postal Inspection Service, Fort Worth Division.

“Violence against letter carriers not only puts federal workers in fear for their lives, but also undermines the functioning of the U.S. postal system,” said U.S. Attorney Leigha Simonton. “The U.S. Attorney’s Office will continue to aggressively pursue and prosecute individuals that endanger our Postal colleagues and the system as a whole.”

According to court documents, the men trawled the streets of DFW looking for U.S. Postal Service letter carriers to rob in hopes of obtaining an Arrow Key, a master key used by letter carriers to gather mail deposited in blue collection boxes. Unauthorized possession of these keys, prized by mail thieves, allows individuals to illicitly access mailboxes to steal victim mail, checks, credit cards, bank account information, and other sensitive information.

Over the course of about four months, the men conspired to commit robberies against U.S. Postal Service Letter Carriers, including those on Jan. 17 in Fort Worth, Jan. 18 in Fort Worth, Jan. 25 in Dallas, Jan. 29 in Dallas, March 15 in Fort Worth, March 28 in Arlington, April 4 in Frisco, and April 17 in Fort Worth.

After robbing the mail carriers, often at gunpoint, the men fled in getaway vehicles. They then unlawfully used, sold, or disposed of the Arrow Keys.

The U.S. Postal Inspection Service conducted the investigation with the help of the Arlington, Dallas, Fort Worth, and Frisco Police Departments. Assistant U.S. Attorney Levi Thomas prosecuted the case.

MIL Security OSI –

January 25, 2025
MIL-OSI Security: Defense News: Chief of Naval Operations, Master Chief Petty Officer of Navy Visit Gulf Coast to Engage with Warfighters

Source: United States Navy

Chief of Naval Operations (CNO) Adm. Lisa Franchetti and Master Chief Petty Officer of the Navy (MCPON) James Honea traveled to the Gulf Coast, Oct. 24-25, to engage with active and reserve Sailors and Navy civilians serving in America’s Warfighting Navy.

This visit underscores the CNO and MCPON’s commitment to warfighting, warfighters and the foundation that supports them.

“Our greatest strength in our Navy is our people,” said Franchetti. “We can have great technology, great platforms, and all the best equipment around the world, but without our amazing people to operate it, we can’t go anywhere or do anything.”

At Naval Support Activity (NSA) Panama City, Franchetti and Honea had the opportunity to visit Naval Surface Warfare Center (NSWC) Panama City Division to observe the latest advancements in integrating robotic and autonomous systems in littoral operations and hold discussions with experts in the field about how their work advances one of the Project 33 targets outlined in CNO’s Navigation Plan for America’s Warfighting Navy: “Operationalize robotic and autonomous systems: Move proven systems into the hands of the warfighters.”

“Our Sailors assigned in the area possess the education and skills that undoubtedly improve our readiness and enhance our warfighting advantage,” said Honea.

The CNO expressed her appreciation for the innovative work being done.

“I am inspired by the remarkable technological advancements and the dedication of our Sailors and civilians. The Gulf Coast is home to some of the Navy’s most innovative and talented individuals, and it was an honor to witness their achievements firsthand,” said Franchetti. “Our investments in unmanned warfare technologies are critical to maintaining our maritime superiority and ensuring the safety and security of our Nation.”

The leaders also visited the Naval Diving and Salvage Training Center, which trains military divers from all branches. The center includes diving simulation facilities that can reach depths of 300 feet, along with an aquatics training facility that features the second-largest pool in the U.S.

CNO and MCPON continued their visit at Naval Air Station (NAS) Pensacola engaging with students and staff at Information Warfare Training Command Corry Station. This interaction provided an invaluable opportunity for them to gain insights into the training and education of the Navy’s information warfare professionals.

MCPON commended the students for their dedication and highlighted the vital role the Navy’s information warriors play in providing warfighting capabilities from the seabed to space.

“Our Sailors assigned in the area possess the education and skills that undoubtedly improve our readiness and enhance our warfighting advantage,” said Honea.

Next, the CNO presided over a winging ceremony at NAS Pensacola, where she had the honor of presenting 36 “wings of gold” to new pilots, naval flight officers, and an air vehicle pilot. The ceremony is a tradition that marks the completion of a student’s training and their official designation as a naval aviator. The CNO expressed her pride in the newly winged aviators and their commitment to upholding the highest standards of excellence in naval aviation.

“I’d like to leave you with one final thought. The skill sets, tactics, and training you’ve learned during flight school will stay with you for the rest of your lives, forming the foundation of your careers,” said Franchetti. “Remember the importance of Crew Resource Management and Operational Risk Management, and never forget to aviate, navigate, and communicate.”

Following the winging ceremony CNO and MCPON hosted a roundtable discussion with Pensacola area Major Commanders and their senior enlisted leaders to discuss the NAVPLAN and gain their perspective on the experiences of our Sailors, civilians, and families in the “cradle of naval aviation.” They also conducted all hands calls at Panama City, Corry Station, and NAS Pensacola.

They closed out their trip with a visit to the Transaction Service Center (TSC) Pensacola, where CNO and MCPON met with the Sailors and Navy civilians responsible for overseeing all East Coast gains, losses, and military pay, expressing gratitude for their essential work.

Last year, TSC Pensacola utilized the Get Real Get Better toolset, achieving 99.9 percent accuracy in Sailor pay. This milestone was reached by expanding Human Resources (HR) Service Center workflows, enhancing command triad visibility of Sailor pay and HR professional performance, and collaborating closely with Fleet Commanders.

NAS Pensacola, the proud home of the Blue Angels, will host the NAS Pensacola Blue Angels Homecoming Air Show, featuring a combined performance with the U.S. Air Force Thunderbirds, on Nov. 1-2, 2024. This event is one of Pensacola’s largest, attracting between 150,000 and 180,000 spectators over the two days. Admission is free and open to the public, with gates opening at 8 a.m. Attendees are encouraged to bring their own seating, or they can opt for paid seating available for purchase.

MIL Security OSI –

January 25, 2025
MIL-OSI Australia: All Tasmanian public schools to be fully funded by the beginning of 2026
Source: Australian Ministers for Education

All Tasmanian public schools will be fully and fairly funded in 2026 following a historic bilateral agreement signed today by the Albanese and Rockliff Governments.

The bilateral agreement formalises the Statement of Intent signed by both Governments in September and confirms all Tasmanian public schools will get to 100 per cent of the Schooling Resource Standard (SRS) from January 2026.

Tasmania becomes the third state or territory to sign on to the Better and Fairer Schools Agreement, delivering record funding to its schools and introducing targeted reforms which will help Tasmanian students to catch up, keep up and finish school.

Under the agreement, the Albanese Government will invest an estimated additional $153.5 million from 2025 to 2029 in Tasmanian public schools.

The Rockliff Government will increase its investment in schools by $195.9 million over the same period. Extra funding will be tied to literacy and numeracy, student wellbeing and workforce initiatives.

To meet this commitment additional new funding will be provided by the Tasmanian Government on top of commitments already announced in this year’s budget and the recent teachers wage agreement.

This means the Commonwealth will increase its share of funding from 20 per cent to 21.25 per cent in January next year and to 22.5 per cent of the SRS from January 2026, and the Tasmanian Government will increase its funding share to at least 77.5 per cent of the SRS from 2026.

Funding will be tied to reforms in the Better and Fairer Schools Agreement, including:
- Year 1 phonics and early years numeracy checks to identify students in the early years of school who need additional help.
- Evidence-based teaching and targeted and intensive supports such as small-group or catch-up tutoring to help students who fall behind.
- Accelerating the implementation of the school-based recommendations of Tasmania’s Lifting Literacy implementation plan, including a minimum schooling guarantee for reading across all schools in Tasmania.
- Support for students to come to school ready to learn, including greater access to mental health supports.
- Reducing absence at school by prioritising evidence-based approaches to improving attendance and strengthening re-engagement support programs.
- Establishing and strengthening relationships and collaboration with Tasmanian Aboriginal Community Controlled Organisations and First Nations peoples and communities within Tasmania to support increased cultural safety and responsiveness in the Tasmanian education system.
- Support for VET specialist teachers and piloting incentive packages for attracting staff into remote and regional areas.
The Tasmanian bilateral agreement can be accessed here. The BFSA Heads of Agreement can be accessed here.

This Agreement is reliant on the Better and Fairer Schools (Funding and Reform) Bill 2024 being passed by the Parliament.

The Albanese Government has put a record $16 billion of additional investment for public schools on the table which, if accepted by all jurisdictions, would represent the biggest extra investment in public education by any Commonwealth government.

Quotes attributable to Minister for Education Jason Clare:

“Five weeks ago, we signed a Statement of Intent to fully fund Tassie public schools no later than 2029.

“Today’s agreement confirms that all Tassie public schools will start to receive full funding in just over 12 months – in January 2026.

“This is fantastic news for Tassie students and for public education it shows what can be done when governments work together.

“It shows that we can fully fund public schools and invest in the reforms that will make a real difference to the students who really need it.

“This agreement means that all schools in Tasmania will be fully funded and that funding will be invested in reforms to help students catch up, keep up and finish school.

“The agreements we have struck with Tasmania, WA and the Northern Territory are not blank cheques. Funding will be tied to real and practical reforms to deliver a better and fairer education system, which is what the signing of today’s Bilateral Agreement is all about.”

Quotes attributable to Tasmanian Minister for Education Jo Palmer:

“This is an historic milestone for Tasmanian Government schools, and we are really excited about what it means for our students and workforce.

“All Tasmanian schools will be fully funded from January 2026, which is nine years earlier than was initially proposed by the Federal Government.

“This will support our students to achieve the educational outcomes they need and deserve so they can lead their best lives.

“We are committed to maximising the new investment delivered through this agreement and making sure it flows to our students and our schools and is used to lift educational outcomes.

“Our Government is already rolling out significant educational reform, for example through our Lifting Literacy initiative.

“We are committed to further improving our education system and look forward to receiving the report of the Independent Review into Education in Tasmania, which is currently underway.”

MIL OSI News –
January 25, 2025
MIL-OSI USA: Pelosi Family Statement on Sentencing in the Violent Assault on Paul Pelosi

Source: United States House of Representatives – Congresswoman Nancy Pelosi Representing the 12th District of California

San Francisco – The Pelosi family issued this statement and released the following letter from Mr. Paul Pelosi:

“Two grueling years after the defendant violently broke into our family home with zip ties and a hammer yelling ‘where’s Nancy?,’ then kidnapped Mr. Pelosi and nearly killed him, legal justice has been served. Our entire family is grateful to the paramedics and lifesaving General Hospital trauma team, to the prosecution staff and to all who have sent love and prayers. Mostly, we are in awe of Pop’s courage on that horrible night two years ago — as well as on the witness stand at two criminal trials and every day of his recovery from the vicious assault on his life.

“Since the violent break-in and shouts of ‘where’s Nancy?’ two years ago, not a day goes by that we do not think of this devastating assault, its trauma — or the possibility of future attacks. Today’s sentence of life without parole gives our Pop some measure of legal justice and, we hope, a message to others that political violence against elected officials or their family members will not be tolerated, minimized or condoned. We must each do our part to build a peaceful democracy.”

***

Dear Judge Dorfman,

The last peaceful sleep I had ended abruptly at 2:00 am on October 28, 2022 when the defendant violently broke into my home, burst into my bedroom and stood over my bed with a hammer and zip ties demanding to see my wife, yelling “Where’s Nancy?”

Awakened by a large violent man wielding a weapon and threatening to tie up my wife and “take her out,” I did all I could to calm him and save my own life. I tried escaping from my bedroom to the elevator to call the police but he crowded into the elevator with me and prevented my escape or rescue. The defendant knew I was alone and could have left then and there once he learned that my wife Nancy Pelosi, then Speaker of the United States House of Representatives, was in Washington, DC for work — but he kept me hostage in my own home saying he would wait for her. He insisted that he was on a political mission to avenge what he considered to be my wife’s mistreatment of former President Donald Trump — and said he was going to wait for my wife, tie her up and interrogate her about that.

I managed to make my way into my bathroom to call the police — and again the defendant could have left me there — but he continued to stay even after I dialed 911. I told the 911 operator who I was and tried to get her to understand that I needed help — all the while, the defendant lumbered over me, interrupted my conversation, falsely claimed to be a friend of Nancy’s and mine, and urged me to hang up, so I did. I thought I had a chance of saving my life if I went downstairs. Lord knows what would have happened if I was two floors up and the police arrived. So I convinced the defendant to go downstairs — which we did, slowly because I was still recovering from knee surgery — and just when the police arrived and I thought I would be free, he did not run away out the back patio door that he’d broken into — or even run past the police officers who stood at the door with no guns or tasers in hand. Instead, as he later testified, the defendant made me “take the punishment” with a vicious assault. After the defendant struck me in the head with blows from his hammer, I fell unconscious.

When I awoke in a pool of my own blood, I had severe head, arm and hand injuries. The paramedics who cut off my pajamas and put tourniquets on my head and arms kept me awake and helped save my life. But even after emergency trauma surgery and six days at San Francisco General Hospital, my injuries were severe and persistent.

My head injuries continue to affect my life. My hair grew back — but I have bumps on my head from the hammer blows that crushed my skull — and a metal plate that will forever remain in my head. The dizziness has not gone away. In late November of 2023 — 13 months after the assault — I felt vertigo and fell twice at home, leading to extensive medical evaluations including MRIs and nerve block injections in my neck. Treatments continue. To this day, I walk slowly and have difficulty with my balance. Nearly every day I get headaches that become migraines unless quickly addressed. I need to sleep during the day and cannot tolerate bright lights or loud noises for extended periods of time.

The defendant’s violent attack severely damaged the nerves in my left hand. My forehand was “de-gloved” exposing raw nerves and blood vessels. Surgeries and treatments mostly healed the skin, but underneath I still felt pinched nerves in my left hand for months, making basic tasks like using buttons, cutlery and simple tools more difficult. My right arm had stitches for 8 weeks. Sleeping alone in my home still evokes memories of the defendant breaking into my house.

It took many months to reclaim my home and well-being. I still keep away from media and video of the attack for my own peace of mind. Even after testifying in federal and state criminal trials, I do not read the coverage or willingly revisit the events. My family and friends were traumatized by the attack — and many political spouses with whom I have grown close during my wife’s service in Congress have been both sympathetic to me and scared for their own safety. To protect my healing, I still do not address the assault with my wife or anyone else. Nor do I discuss the trauma experienced by my wife who remains under 24-hour security two years later even though she is no longer serving as Speaker of the House. Even now, we do not answer our landline phone or our front door due to ongoing threats. We cannot fully remove the stain on the floor in the front entryway where I bled. As recently as this summer, we had to improve security measures at our home due to ongoing threats.

I ask that you consider the premeditated, violent break-in of my home, kidnapping and vicious assault on my life, and the ongoing physical and mental injuries caused by the defendant.

Since the violent break-in and shouts of “where’s Nancy?” echoing in my bedroom two years ago, not a day goes by that we do not think of this devastating assault, its trauma — or the possibility of future attacks. For these reasons, my entire family joins me in requesting that you sentence the defendant to the fullest extent the law provides.

Thank you for your consideration.

Sincerely,

Paul Pelosi

MIL OSI USA News –

January 25, 2025
MIL-OSI New Zealand: Think of others and use fireworks safely this Guy Fawkes season
Source: Auckland Council

Guy Fawkes is just around the corner and with fireworks going on sale in Tamāki Makaurau, here’s a reminder on the rules and tips, so you, your friends and whānau can enjoy fireworks safely.

Aotearoa New Zealand has strict rules around the purchase and sale of fireworks. They’re sold for four days leading up to and including Guy Fawkes (2 to 5 November 2024). Not just anyone can buy fireworks – you must be 18 years old and have a valid ID.

Councillor Josephine Bartley, chair of Auckland Council’s Regulatory and Community Safety Committee urges people letting off fireworks to be mindful of others.

“Some Aucklanders enjoy the Guy Fawkes season, but for others it can be an unsettling and worrying time.

“Fireworks can be enjoyed on private property in Tamāki Makaurau, but please be aware that others, including your neighbours may not enjoy the sound and sight of them and pets can also be distressed by them.”

“By all means enjoy fireworks in a safe and responsible manner, but please be respectful to others who may not share your enthusiasm for fireworks.”

“Auckland Council has long held the view that central Government should ban the private sale of fireworks, and has taken

opportunities in the past to present this view.”

Taryn Crewe, Auckland Council’s General Manager Parks and Community Facilities says Aucklanders should give some thought to where they let off fireworks.

“I hope people have a safe and enjoyable time letting off fireworks on their own property.”

“Please be aware that using fireworks in parks and on beaches across Auckland is not allowed.”

Muriwai beach access

Te Oneone Rangatira / Muriwai Beach will be closed to vehicles during the Guy Fawkes period this year, from 2 to 11 November, to mitigate fire risk in the area.

Enjoying fireworks safely and responsibly
- Fireworks can only be let off on private property.
- It is not legal to light fireworks on council-controlled land, such as parks and beaches, across the whole of Tāmaki Makaurau.
- Lighting fireworks is also prohibited in forests, conservation areas and on road surfaces, berms or footpaths on your street.
- The Tūpuna Maunga Authority will close public access to 14 maunga across Tāmaki Makaurau from Saturday 2 November 2024 to Tuesday 5 November 2024 to protect them from fires. This is the sixth year in a row the Authority has closed our maunga.
- Make sure yourself and others stand well back from fireworks once they are lit.
- Inform your neighbours if possible and avoid using fireworks after 10pm.
- Have water or a fire extinguisher handy.
- Read and follow fireworks handling instructions carefully.
- Do not light fireworks in windy or dry conditions.
- Do not point fireworks at any person, animal, property or vegetation.
- Always have a responsible adult present.
- Keep pets inside or move animals to avoid stress.
- On rural private land during Guy Fawkes (2-5 November) bonfires are allowed but must be lit during daylight hours and extinguished before nightfall. During a Restricted Fire Season a permit is need from Fire and Emergency New Zealand.
- Sky lanterns, also known as Chinese lanterns, are a fire risk when left to fly away. They must be secured.
- Don’t store fireworks after Guy Fawkes as it’s hard to know if they’ll be safe to use at a later date.
Fire and Emergency New Zealand advises visiting its website for restrictions and fire safety advice.

Looking out for pets during Guy Fawkes

Elly Waitoa, Auckland Council Animal Management Manager says people should be extra mindful of their pets during the days leading up to Guy Fawkes and the day itself.

“Pets can be extremely sensitive to the sounds and light produced by fireworks. They can react negatively and become distressed.”

“Organise a safe place inside for your pets and pay extra care to them during this time.

“Please ensure your pets are safe and well confined if you aren’t at home with them during the Guy Fawkes period.”

Ms Waitoa also says the time around Guy Fawkes usually sees an increase in the number of dogs entering council animal shelters.

“Make sure your dog is registered and microchipped. This will make it easier for you to be reunited with your dog if it gets lost.”

MIL OSI New Zealand News –
January 25, 2025
MIL-OSI Security: Six Charged in Scheme to Defraud the Federal Government

Source: United States Attorneys General 8

Six defendants have been charged for their roles in schemes to rig bids, defraud the government and pay bribes and kickbacks in connection with the sale of IT products and services to federal government purchasers, which resulted in overcharges of millions of dollars to the U.S. government, including the Department of Defense (DoD).

On Oct. 9 and Oct. 16, a federal grand jury in Baltimore returned indictments against two additional defendants. Four other defendants were also charged. These are the first charges in the Justice Department’s ongoing investigation into IT manufacturers, distributors and resellers who sell products and services to government purchasers, including to the intelligence community.

“Antitrust crimes can undermine competition for products and services that are vital to our national security,” said Assistant Attorney General Jonathan Kanter of the Justice Department’s Antitrust Division. “When fraudsters siphon taxpayer funds, the Antitrust Division and its Procurement Collusion Strike Force (PCSF) partners across the government will hold accountable those who collude to subvert competition, line their pockets with federal procurement dollars and compromise the integrity of our intelligence community programs.”

“This office and our partners will use all available resources to hold accountable those who would undermine and distort the government’s procurement of goods and services, especially those related to our cybersecurity infrastructure,” said U.S. Attorney Erek L. Barron for the District of Maryland.

“This investigation demonstrates the vital need to protect the DoD procurement process, particularly within the Intelligence Community,” said Special Agent in Charge Christopher Dillard of the DoD Office of Inspector General, Defense Criminal Investigative Service (DCIS), Mid-Atlantic Field Office. “The Defense Criminal Investigative Service is committed to identifying fraudsters who abuse public trust and enrich themselves through criminal schemes.”

“There is no place for fraudsters and crooks scheming to manipulate the government bidding process for personal gain,” said Special Agent in Charge William J. DelBagno of the FBI Baltimore Field Office. “The FBI remains steadfastly committed to identifying, investigating and bringing to justice those conspiring to enrich themselves by cheating taxpayers.”

“Investigating complex fraud schemes is a top priority of ours,” said National Security Agency Acting Inspector General Kevin Gerrity. “I commend our team, our law enforcement partners and the Justice Department for their work protecting the integrity of federal contracting.”

“Each part of the government must do its part to detect and prosecute instances of waste, fraud and abuse, and CIA’s Office of Inspector General was pleased to join its law enforcement partners in investigating this egregious case,” said CIA Inspector General Robin C. Ashton.

United States v. Victor Marquez

Victor M. Marquez, a Maryland resident and owner of two IT companies with significant government contracts, was charged in a four-count indictment with wire fraud conspiracy, wire fraud and major fraud against the United States for rigging bids and inflating the amount of money obtained from valuable IT contracts.

Antwann C.K. Rawls, an employee of one of Marquez’s companies, and Scott A. Reefe, an IT sales executive, have been charged for their respective roles in the conspiracy.

As alleged in the indictment, Marquez, Rawls, Reefe and their co-conspirators used their positions of trust to learn sensitive, confidential procurement information, including procurement budgets for large U.S. government IT contracts. The co-conspirators used that inside information to craft bids at artificially determined, non-competitive and non-independent prices, ensuring Marquez’s company would win the procurement.

According to court documents, the co-conspirators shared their bids in advance of submitting them to the government, with one co-conspirator emailing that he would submit a “high price third bid.” Marquez and his co-conspirators submitted their collusive bids despite knowing the government sought independent, competitive bids for the valuable contracts, and despite Marquez’s certification of independent bidding.

If convicted, Marquez faces maximum penalties of 20 years in prison for each conspiracy and wire fraud count and 10 years in prison for the major fraud charge. A federal district court judge will determine any sentence after considering the U.S. Sentencing Guidelines and other statutory factors.

United States v. Breal L. Madison Jr.

Breal L. Madison Jr., a Maryland resident, was charged in a 13-count indictment with conspiracy, bribery of a public official, mail fraud and money laundering for orchestrating a years-long scheme to defraud his employer and the United States out of over $7 million in connection with the sale of IT products to various government agencies.

Brandon Scott Glisson, an IT contractor providing IT services to the U.S. government, and Glisson’s supervisor, Lawrence A. Eady, a former senior government employee, have also been charged for their respective roles in the scheme.

According to court documents, through multiple misrepresentations, Madison and his co-conspirators conspired to steal money from Madison’s employer and government agencies, illegally siphoning over $9 million in stolen proceeds to Madison’s shell company, Trident Technology Solutions, and another shell company. They used the money to purchase luxury items and to pay approximately $630,000 in bribes to Eady in exchange for Eady’s ensuring the purchase of additional products sold by Madison.

Madison used his ill-gotten gains to buy a Vanquish VQ58 yacht, 2020 Lamborghini Huracan and multiple other vehicles, all of which the United States seeks to forfeit in the indictment.

If convicted, Madison faces maximum penalties of five years in prison for the conspiracy count, 15 years in prison for each bribery count, 20 years in prison for each mail fraud count and 10 years for each money laundering count. A federal district court judge will determine any sentence after considering the U.S. Sentencing Guidelines and other statutory factors.

The DCIS, the FBI Baltimore Field Office, CIA Office of Inspector General and NSA Office of Inspector General investigated the case.

Acting Assistant Chief Michael Sawers and Trial Attorneys Zachary Trotter and Elizabeth French of the Antitrust Division’s Washington Criminal Section and Assistant U.S. Attorneys Aaron S.J. Zelinsky, Sean M. Delaney and Darren Gardner for the District of Maryland are prosecuting the case.

Anyone with information about this investigation or other procurement fraud schemes should notify the PCSF at www.justice.gov/atr/webform/pcsf-citizen-complaint. The Justice Department created the PCSF in November 2019. It is a joint law enforcement effort to combat antitrust crimes and related fraudulent schemes that impact government procurement, grant and program funding at all levels of government — federal, state and local. For more information, visit www.justice.gov/procurement-collusion-strike-force.

An indictment is merely an allegation. All defendants are presumed innocent until proven guilty beyond a reasonable doubt in a court of law.

View the Rawls information.

View the Eady information.

View Reefe information.

View the Glisson information.

View the Madison indictment.

View the Marquez indictment.

MIL Security OSI –

January 25, 2025

MIL-OSI: Enovix Announces Third Quarter 2024 Financial Results

Source: GlobeNewswire (MIL-OSI)

FREMONT, Calif., Oct. 29, 2024 (GLOBE NEWSWIRE) — Enovix Corporation (“Enovix”) (Nasdaq: ENVX), a global high-performance battery company, announced today financial results for third quarter 2024, which included the summary below from its President and CEO, Dr. Raj Talluri.

Fellow Shareholders,

In the third quarter of 2024, we made significant progress on our journey to scale. The unveiling of Fab2 was a major boost in confidence with multiple customers now indicating a desire to launch products with us starting from late 2025.

Other recent highlights include:

Revenue growth: Revenues were $4.3 million in the third quarter, above our guidance midpoint and up from $3.8 million in the second quarter.
Manufacturing: The Company formally opened Fab2 in Malaysia and within weeks commenced shipping battery cells to customers.
Commercialization: A leading smartphone OEM signed a development agreement for qualification of our battery product and mass production launch in late 2025.
Cost reduction: We are on track to further reduce cash consumption by leveraging our new Malaysia operations which will provide runway into 2026.

We are laser-focused on execution as we see increasing demand across our target markets. The strategy we established early last year prioritized large, high-value segments, such as smartphones and AR/VR headsets, where the need for higher energy density commands a premium. This approach has proven to be visionary, with the recent surge in AI-enabled smartphones further validating our strategy and driving significant pull for our products. We are confident that our go-to-market strategy positions Enovix on an expedient path to profitability while maintaining a competitive edge in innovation.

Our analysis of recent smartphone launches highlights a critical shortfall in conventional batteries. Energy density improvements in flagship devices released in 2024 have stagnated, with a mere 1% year-over-year increase. We believe this trajectory is insufficient to meet escalating demands of modern devices, especially those powered by AI.

In contrast, our battery technology roadmap offers a generational leap in energy density. With our Malaysia Fab now gearing up for production, we are in a full sprint to commercialize this transformative technology and meet the pressing needs of the industry. Our focus on rapid execution will enable us to offer substantial benefits to our customers and consumers alike, positioning us as a leader in next-generation battery solutions.

Business Update

Manufacturing. We formally opened Fab2 in Malaysia with various stakeholders including several leading smartphone OEMs that provided decidedly positive feedback on ramp quality and speed, as well as the level of automation. A total of 11 customers have now inspected our new facility. The Agility Line is fully operational with initial yields comparable to final levels we achieved with our first manufacturing line in California, with expected improvements on the horizon. Consistent with our plans, we commenced shipping EX-1M cells to customers in the third quarter, supporting their qualification and mass production timelines. We are on track to complete Site Acceptance Testing (SAT) of the High-Volume Line in Q4 2024.

Commercialization. Our business team has made significant progress toward profitability by securing demand across multiple high-growth markets. We are excited to announce that we have formalized a strategic partnership with a second leading smartphone OEM. This agreement outlines key milestones, and upon meeting them, we are poised to enter the smartphone market in late 2025 with high-volume production from our Fab2 facility. This marks a major step forward in our journey to scale.

In parallel, we have aligned on a production schedule with a leading IoT customer, which includes a mass production purchase order also slated for 2025. This partnership underscores our ability to diversify into high-value sectors beyond smartphones. Further, we are aggressively expanding our pipeline by engaging with strategic IoT customers to unlock high-growth opportunities and accelerate top-of-the-funnel momentum.

In the EV space, we are advancing our targeted strategy of developing customized products with two of the world’s largest automotive OEMs. In Q4, we expect to complete our first milestone pursuant to the agreement with one of the major automakers in the EV market, which is a major milestone in our efforts to enter and grow within the EV market. Looking ahead, we are focused on expanding these relationships in 2025, leveraging a capital-efficient, licensing-based business model in the EV space that aligns with the long-term scalability of our technology.

Products: Our product development team is advancing toward the 2025 mass production of EX-1M, which will highlight the capabilities of our breakthrough active silicon technology. In Q3, we successfully achieved UN38.3 certification, marking a critical milestone for market entry and a strong validation of our products’ safety.

In addition, we are on track to sample EX-2M to select customers in Q4. We’re now making samples and have identified the product’s advanced electrochemistry. These early samples will be instrumental in accelerating the timeline to full-scale production. Finally, we have made progress on the comprehensive product definition of EX-3M, reaffirming our commitment to pushing the boundaries of innovation and delivering industry-leading solutions to customers across a range of industries.

Financials: Revenue was $4.3 million in the third quarter of 2024, near the high end of our guidance range and up from $3.8 million in the second quarter of 2024.

Our GAAP cost of revenue was $5.0 million in the third quarter of 2024 representing a slight reduction sequentially as a percentage of sales and leading to a similar gross income level.

Our GAAP operating expenses of $48.6 million in the third quarter of 2024 were down from $88.1 million in the second quarter, due largely to lower restructuring costs which were concentrated in the previous quarter as the Company shifted our manufacturing operations from the U.S. to Malaysia. Our non-GAAP operating expenses were $27.2 million in the third quarter of 2024, down 12% from $30.9 million in the second quarter of 2024.

Our GAAP net loss attributable to Enovix of $22.5 million in the third quarter of 2024 was down from $115.9 million in the second quarter of 2024 due to lower restructuring costs. Our GAAP net loss attributable to Enovix for the third quarter of 2024 also included $29.9 million of income due to a decrease in the fair value of our common stock warrants during the quarter.

Adjusted EBITDA in the third quarter of 2024 was a loss of $21.6 million compared to an adjusted EBITDA loss of $23.1 million in the second quarter of 2024.

Earnings per share loss in the third quarter of 2024 was $0.30 on a GAAP basis and $0.17 on a non-GAAP basis compared to second quarter earnings per share loss of $0.67 on a GAAP basis and $0.14 on a non-GAAP basis.

We exited the third quarter of 2024 with $200.9 million of cash, cash equivalents, and short-term investments due to cash used in operating activities of $30.7 million and capital expenditures of $19.5 million during the quarter.

A full reconciliation of our GAAP to non-GAAP results is available later in this report.

Outlook

For the fourth quarter of 2024, we expect revenue between $8.0 million and $10.0 million, a GAAP EPS loss of $0.23 to $0.29, an adjusted EBITDA loss of $19.0 million to $25.0 million, and a non-GAAP EPS loss of $0.15 to $0.21.

Summary

We are very pleased with our accomplishments in the third quarter. Fab2 is now operational and shipping samples to customers. We secured a 2025 launch commitment from a major smartphone OEM. And we made progress on our product roadmap for EX-2M and beyond. For the remaining months of 2024, the key objectives are completing SAT for the High-Volume Line and shipping EX-2M samples.

Conference Call Information

Enovix will hold a video conference call at 2:00 PM PT / 5:00 PM ET today, October 29, 2024, to discuss the company’s business updates and financial results. To join the call, participants must use the following link to register: https://enovix-q3-2024.open-exchange.net/registration. This link will also be available via the Investor Relations section of the Enovix’s website at https://ir.enovix.com. An archived version of the call will be available on the Enovix website for one year at https://ir.enovix.com.

About Enovix

Enovix is on a mission to deliver high-performance batteries that unlock the full potential of technology products. Everything from IoT, mobile, and computing devices, to the vehicle you drive, needs a better battery. Enovix partners with OEMs worldwide to usher in a new era of user experiences. Our innovative, materials-agnostic approach to building a higher performing battery without compromising safety keeps us flexible and on the cutting-edge of battery technology innovation.

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

Non-GAAP Financial Measures

EBITDA, Adjusted EBITDA, and other non-GAAP measures are intended as supplemental financial measures of our performance that provide an additional tool for investors to use in evaluating ongoing operating results, trends, and in comparing our financial measures with those of comparable companies.

However, you should be aware that other companies may calculate similar non-GAAP measures differently. Non-GAAP financial measures have limitations, including that they exclude certain expenses that are required under GAAP, which adjustments reflect the exercise of judgment by management. Reconciliations of each non-GAAP financial measure to the most directly comparable GAAP financial measure can be found in the tables at the end of this shareholder letter.

While Enovix provides fourth quarter 2024 guidance for adjusted EBITDA loss and non-GAAP EPS loss, we are unable to provide without unreasonable effort a GAAP to non-GAAP reconciliation of these projected non-GAAP measures. Such qualitative reconciliation to the corresponding GAAP financial measure cannot be provided without unreasonable effort because of the inherent difficulty in accurately forecasting the occurrence and financial impact of the various adjustments that have not yet occurred, are out of our control, or cannot be reasonably predicted, including but not limited to warrant liabilities and stock-based compensation. For the same reasons, we are unable to assess the probable significance of the unavailable information, which could have a material impact on our future GAAP financial results.

Forward-Looking Statements

This letter to shareholders contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Forward-looking statements generally relate to future events or our future financial or operating performance and can be identified by words such as anticipate, believe, continue, could, estimate, expect, intend, may, might, plan, possible, potential, predict, project, should, would and similar expressions that convey uncertainty about future events or outcomes. Forward-looking statements in this letter to shareholders include, without limitation, our expectations regarding, and our ability to respond to, market and customer demand; our expectations regarding the level of customers’ interest in our batteries, the demand for more energy dense batteries and the suitability of our products to address this demand, and the impact of artificial intelligence (“AI”) features on the foregoing; our financial and business performance; projected improvements in our manufacturing and commercialization and R&D activities at Fab2, including the ability of the sales team to support the path to profitability by attracting demand across high-growth markets ; our achievement of the milestones under our strategic partnership with a second leading smartphone OEM and our ability to enter into the smartphone market in 2025 with high-volume production from our Fab2 facility; our expectations regarding EX-1M production and mass production purchase order with a leading IoT customer in 2025, completion of site acceptance testing for our High-Volume Line, and the shipment of EX-2M samples in Q4; our ability to meet goals for yield and throughput; our expectations regarding Fab2 in and its capacity to support multiple customer qualifications; the anticipated contributions of our R&D teams to support product innovation; our revenue funnel; our efforts in the portable electronics and EV markets, including the IoT, smartphone and virtual reality categories; our ability to meet milestones and deliver on our objectives and expectations, including achieving certain safety certifications for our products and our ability sample batteries from our Agility Line to customers; the implementation and expected success of our business model and growth strategy, including our focus on the addressable market categories in which we believe an improved battery drives a high value to the product and premium pricing for our solutions; our ability to manage our expenses and realize our annual cost savings goals; our ability to manage and achieve the benefits of our restructuring efforts; and forecasts of our financial and performance metrics.

Actual results could differ materially from these forward-looking statements as a result of certain risks and uncertainties, including, without limitation, our ability to improve energy density among our products, establish sufficient manufacturing operations and optimize manufacturing processes to meet demand, source materials and establish supply relationships, and secure adequate funds to execute on our operational and strategic goals; the safety hazards associated with our batteries and the manufacturing process; a concentration of customers in the military market; certain unfavorable terms in our commercial agreements that may limit our ability to market our products; market acceptance of our products; changes in consumer preferences or demands; changes in industry standards; the impact of technological development and competition; and global economic conditions, including inflationary and supply chain pressures, and political, social, and economic instability, including as a result of armed conflict, war or threat of war, or trade and other international disputes that could disrupt supply or delivery of, or demand for, our products.

For additional information on these risks and uncertainties and other potential factors that could cause actual results to differ from the results predicted, please refer to our filings with the Securities and Exchange Commission (“SEC”), including in the “Risk Factors” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations” sections of our annual report on Form 10-K and quarterly reports on Form 10-Q and other documents that we have filed, or will file, with the SEC. Any forward-looking statements in this letter to shareholders speak only as of the date on which they are made. We undertake no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.

For media and investor inquiries, please contact:

Enovix Corporation
Robert Lahey
Email: ir@enovix.com

Enovix Corporation Condensed Consolidated Balance Sheets (Unaudited) (In Thousands, Except Share and per Share Amounts)

	September 29, 2024			December 31, 2023
Assets
Current assets:
Cash and cash equivalents	$	200,912		$	233,121
Short-term investments		—			73,694
Accounts receivable, net		1,911			909
Notes receivable, net		—			1,514
Inventory		9,564			8,737
Prepaid expenses and other current assets		11,598			5,202
Total current assets		223,985			323,177
Property and equipment, net		157,680			166,471
Customer relationship intangibles and other intangibles, net		37,583			42,168
Operating lease, right-of-use assets		13,810			15,290
Goodwill		12,217			12,098
Other assets, non-current		2,746			5,100
Total assets	$	448,021		$	564,304
Liabilities and Stockholders’ Equity
Current liabilities:
Accounts payable	$	15,046		$	21,251
Accrued expenses		13,855			13,976
Accrued compensation		8,038			10,731
Short-term debt		11,555			5,917
Deferred revenue		6,206			6,708
Other liabilities		4,760			2,435
Total current liabilities		59,460			61,018
Long-term debt, net		168,744			169,099
Warrant liability		23,265			42,900
Operating lease liabilities, non-current		14,346			15,594
Deferred revenue, non-current		3,774			3,774
Deferred tax liability		8,178			10,803
Other liabilities, non-current		12			13
Total liabilities		277,779			303,201
Commitments and Contingencies
Stockholders’ equity:
Common stock, $0.0001 par value; authorized shares of 1,000,000,000; issued and outstanding shares of $177,591,877 and $167,392,315 as of September 29, 2024 and December 31, 2023, respectively		18			17
Additional paid-in-capital		951,237			857,037
Accumulated other comprehensive loss		(42	)		(62	)
Accumulated deficit		(783,621	)		(598,845	)
Total Enovix’s stockholders’ equity		167,592			258,147
Non-controlling interest		2,650			2,956
Total equity		170,242			261,103
Total liabilities and equity	$	448,021		$	564,304

Enovix Corporation Condensed Consolidated Statements of Operations (Unaudited) (In Thousands, Except Share and per Share Amounts)

	Quarters Ended						Fiscal Years-to-Date Ended
	September 29, 2024			October 1, 2023			September 29, 2024			October 1, 2023
Revenue	$	4,317		$	200		$	13,357		$	263
Cost of revenue		4,959			16,809			16,454			43,292
Gross margin		(642	)		(16,609	)		(3,097	)		(43,029	)
Operating expenses:
Research and development		24,220			13,508			102,073			53,810
Selling, general and administrative		20,744			17,245			61,176			61,207
Impairment of equipment		—			—			—			4,411
Restructuring cost		3,661			3,021			41,807			3,021
Total operating expenses		48,625			33,774			205,056			122,449
Loss from operations		(49,267	)		(50,383	)		(208,153	)		(165,478	)
Other income (expense):
Change in fair value of common stock warrants		29,899			31,320			17,359			4,140
Interest income		2,859			4,326			9,745			9,942
Interest expense		(1,718	)		(1,557	)		(5,068	)		(2,827	)
Other income (loss), net		(2,217	)		109			(1,509	)		129
Total other income, net		28,823			34,198			20,527			11,384
Loss before income tax benefit		(20,444	)		(16,185	)		(187,626	)		(154,094	)
Income tax expense (benefit)		2,194			—			(2,544	)		—
Net loss		(22,638	)		(16,185	)		(185,082	)		(154,094	)
Net loss attributable to non-controlling interests		(102	)		—			(306	)		—
Net loss attributable to Enovix	$	(22,536	)	$	(16,185	)	$	(184,776	)	$	(154,094	)

Net loss per share attributable to Enovix shareholders, basic	$	(0.13	)	$	(0.10	)	$	(1.07	)	$	(0.98	)
Weighted average number of common shares outstanding, basic		176,680,578			159,829,716			172,393,869			157,559,138
Net loss per share attributable to Enovix shareholders, diluted	$	(0.30	)	$	(0.29	)	$	(1.07	)	$	(1.00	)
Weighted average number of common shares outstanding, diluted		176,872,382			161,371,417			172,393,869			158,260,393

Enovix Corporation Condensed Consolidated Statements of Cash Flows (Unaudited) (In Thousands)

	Fiscal Years-to-Date Ended
	September 29, 2024			October 1, 2023
Cash flows used in operating activities:
Net loss	$	(185,082	)	$	(154,094	)
Adjustments to reconcile net loss to net cash used in operating activities
Depreciation, accretion and amortization		37,417			10,000
Stock-based compensation		48,630			57,832
Changes in fair value of common stock warrants		(17,359	)		(4,140	)
Impairment and loss on disposals of long-lived assets		38,249			4,411
Others		174			—
Changes in operating assets and liabilities:
Accounts and notes receivables		494			169
Inventory		(827	)		418
Prepaid expenses and other assets		(3,913	)		546
Accounts payable		(10,018	)		4,338
Accrued expenses and compensation		3,175			3,113
Deferred revenue		(502	)		—
Deferred tax liability		(3,303	)		—
Other liabilities		190			(1	)
Net cash used in operating activities		(92,675	)		(77,408	)
Cash flows from investing activities:
Purchase of property and equipment		(59,830	)		(32,979	)
Purchases of investments		(31,812	)		(115,736	)
Maturities of investments		106,621			16,700
Net cash provided by (used in) investing activities		14,979			(132,015	)
Cash flows from financing activities:
Proceeds from issuance of Convertible Senior Notes and loans		4,572			172,500
Repayment of debt		(180	)		—
Payments of debt issuance costs		—			(5,251	)
Purchase of Capped Calls		—			(17,250	)
Payroll tax payments for shares withheld upon vesting of RSUs		(5,601	)		(2,988	)
Proceeds from the exercise of stock options and issuance of common stock, net of issuance costs		44,285			9,232
Proceeds from issuance of common stock under employee stock purchase plan		1,145			1,169
Repurchase of unvested restricted common stock		(4	)		(23	)
Net cash provided by financing activities		44,217			157,389
Effect of exchange rate changes on cash, cash equivalents and restricted cash		1,303			—
Change in cash, cash equivalents, and restricted cash		(32,176	)		(52,034	)
Cash and cash equivalents and restricted cash, beginning of period		235,123			322,976
Cash and cash equivalents, and restricted cash, end of period	$	202,947		$	270,942

Net Loss Attributable to Enovix to Adjusted EBITDA Reconciliation

While we prepare our consolidated financial statements in accordance with GAAP, we also utilize and present certain financial measures that are not based on GAAP. We refer to these financial measures as “non-GAAP” financial measures. In addition to our financial results determined in accordance with GAAP, we believe that EBITDA and Adjusted EBITDA are useful measures in evaluating its financial and operational performance distinct and apart from financing costs, certain non-cash expenses and non-operational expenses.

These non-GAAP financial measures should be considered in addition to results prepared in accordance with GAAP but should not be considered a substitute for or superior to GAAP. We endeavor to compensate for the limitation of the non-GAAP financial measures presented by also providing the most directly comparable GAAP measures.

We use non-GAAP financial information to evaluate our ongoing operations and for internal planning, budgeting and forecasting purposes. We believe that non-GAAP financial information, when taken collectively, may be helpful to investors in assessing its operating performance and comparing its performance with competitors and other comparable companies. You should review the reconciliations below but not rely on any single financial measure to evaluate our business.

“EBITDA” is defined as earnings (net loss) attributable to Enovix adjusted for interest expense, income tax benefit, depreciation and amortization expense. “Adjusted EBITDA” includes additional adjustments to EBITDA such as stock-based compensation expense, change in fair value of common stock warrants, inventory step-up, impairment of equipment and other special items as determined by management which it does not believe to be indicative of its underlying business trends.

Below is a reconciliation of net loss attributable to Enovix on a GAAP basis to the non-GAAP EBITDA and Adjusted EBITDA financial measures for the periods presented below (in thousands):

	Quarters Ended						Fiscal Years-to-Date Ended
	September 29, 2024			October 1, 2023			September 29, 2024			October 1, 2023
Net loss attributable to Enovix	$	(22,536	)	$	(16,185	)	$	(184,776	)	$	(154,094	)
Interest expense		1,718			1,557			5,068			2,827
Income tax expense (benefit)		2,194			—			(2,544	)		—
Depreciation and amortization		6,500			2,900			37,417			10,000
EBITDA		(12,124	)		(11,728	)		(144,835	)		(141,267	)
Stock-based compensation expense ⁽¹⁾		16,722			13,274			47,414			57,473
Change in fair value of common stock warrants		(29,899	)		(31,320	)		(17,359	)		(4,140	)
Inventory step-up		—			—			1,907			—
Impairment of equipment		—			—			—			4,411
Restructuring cost ⁽¹⁾		3,661			3,021			41,807			3,021
Acquisition cost		—			1,115			—			1,115
Adjusted EBITDA	$	(21,640	)	$	(25,638	)	$	(71,066	)	$	(79,387	)



⁽¹⁾ $0.1 million and $1.2 million of stock-based compensation expense are included in the restructuring cost line of the table above for the quarter and fiscal year-to-date ended September 29, 2024, respectively. $0.4 million of stock-based compensation expense is included in the restructuring cost line of the table above for the quarter and fiscal year-to-date ended October 1, 2023.

Free Cash Flow Reconciliation

We define “Free Cash Flow” as (i) net cash from operating activities less (ii) capital expenditures, net of proceeds from disposals of property and equipment, all of which are derived from our Consolidated Statements of Cash Flow. The presentation of non-GAAP Free Cash Flow is not intended as an alternative measure of cash flows from operations, as determined in accordance with GAAP. We believe that this financial measure is useful to investors because it provides investors to view our performance using the same tool that we use to gauge our progress in achieving our goals and it is an indication of cash flow that may be available to fund investments in future growth initiatives. Below is a reconciliation of net cash used in operating activities to the Free Cash Flow financial measures for the periods presented below (in thousands):

	Fiscal Years-to-Date Ended
	September 29, 2024			October 1, 2023
Net cash used in operating activities	$	(92,675	)	$	(77,408	)
Capital expenditures		(59,830	)		(32,979	)
Free Cash Flow	$	(152,505	)	$	(110,387	)

Other Non-GAAP Financial Measures Reconciliation
(In Thousands, Except Share and per Share Amounts)

	Quarters Ended						Fiscal Years-to-Date Ended
	September 29, 2024			October 1, 2023			September 29, 2024			October 1, 2023
Revenue	$	4,317		$	200		$	13,357		$	263

GAAP cost of revenue	$	4,959		$	16,809		$	16,454		$	43,292
Stock-based compensation expense		(101	)		(2,396	)		(196	)		(5,001	)
Inventory step-up		—			—			(1,907	)		—
Non-GAAP cost of revenue	$	4,858		$	14,413		$	14,351		$	38,291

GAAP gross margin	$	(642	)	$	(16,609	)	$	(3,097	)	$	(43,029	)
Stock-based compensation expense		101			2,396			196			5,001
Inventory step-up		—			—			1,907			—
Non-GAAP gross margin	$	(541	)	$	(14,213	)	$	(994	)	$	(38,028	)

GAAP research and development (R&D) expense	$	24,220		$	13,508		$	102,073		$	53,810
Stock-based compensation expense		(5,914	)		(4,949	)		(19,771	)		(22,072	)
Amortization of intangible assets		(417	)		—			(1,248	)		—
Non-GAAP R&D expense	$	17,889		$	8,559		$	81,054		$	31,738

GAAP selling, general and administrative (SG&A) expense	$	20,744		$	17,245		$	61,176		$	61,207
Stock-based compensation expense		(10,707	)		(5,929	)		(27,447	)		(30,400	)
Amortization of intangible assets		(774	)		—			(2,304	)		—
Acquisition cost		—			(1,115	)		—			(1,115	)
Non-GAAP SG&A expense	$	9,263		$	10,201		$	31,425		$	29,692

GAAP operating expenses	$	48,625		$	33,774		$	205,056		$	122,449
Stock-based compensation expense included in R&D expense		(5,914	)		(4,949	)		(19,771	)		(22,072	)
Stock-based compensation expense included in SG&A expense		(10,707	)		(5,929	)		(27,447	)		(30,400	)
Amortization of intangible assets		(1,191	)		—			(3,552	)		—
Impairment of equipment		—			—			—			(4,411	)
Restructuring cost ⁽¹⁾		(3,661	)		(3,021	)		(41,807	)		(3,021	)
Acquisition cost		—			(1,115	)		—			(1,115	)
Non-GAAP operating expenses	$	27,152		$	18,760		$	112,479		$	61,430



⁽¹⁾ $0.1 million and $1.2 million of stock-based compensation expense is included in the restructuring cost line of the table above for the quarter and fiscal year-to-date ended September 29, 2024, respectively. $0.4 million of stock-based compensation expense is included in the restructuring cost line of the table above for the quarter and fiscal year-to-date ended October 1, 2023.

	Quarters Ended						Fiscal Years-to-Date Ended
	September 29, 2024			October 1, 2023			September 29, 2024			October 1, 2023
GAAP loss from operations	$	(49,267	)	$	(50,383	)	$	(208,153	)	$	(165,478	)
Stock-based compensation expense ⁽¹⁾		16,722			13,274			47,414			57,473
Amortization of intangible assets		1,191			—			3,552			—
Inventory step-up		—			—			1,907			—
Impairment of equipment		—			—			—			4,411
Restructuring cost ⁽¹⁾		3,661			3,021			41,807			3,021
Acquisition cost		—			1,115			—			1,115
Non-GAAP loss from operations	$	(27,693	)	$	(32,973	)	$	(113,473	)	$	(99,458	)

GAAP net loss attributable to Enovix	$	(22,536	)	$	(16,185	)	$	(184,776	)	$	(154,094	)
Stock-based compensation expense ⁽¹⁾		16,722			13,274			47,414			57,473
Change in fair value of common stock warrants		(29,899	)		(31,320	)		(17,359	)		(4,140	)
Inventory step-up		—			—			1,907			—
Amortization of intangible assets		1,191			—			3,552			—
Impairment of equipment		—			—			—			4,411
Restructuring cost ⁽¹⁾		3,661			3,021			41,807			3,021
Acquisition cost		—			1,115			—			1,115
Non-GAAP net loss attributable to Enovix shareholders	$	(30,861	)	$	(30,095	)	$	(107,455	)	$	(92,214	)

GAAP net loss per share attributable to Enovix, basic	$	(0.13	)	$	(0.10	)	$	(1.07	)	$	(0.98	)
GAAP weighted average number of common shares outstanding, basic		176,680,578			159,829,716			172,393,869			157,559,138

GAAP net loss per share attributable to Enovix, diluted	$	(0.30	)	$	(0.29	)	$	(1.07	)	$	(1.00	)
GAAP weighted average number of common shares outstanding, diluted		176,872,382			161,371,417			172,393,869			158,260,393

Non-GAAP net loss per share attributable to Enovix, basic	$	(0.17	)	$	(0.19	)	$	(0.62	)	$	(0.59	)
GAAP weighted average number of common shares outstanding, basic		176,680,578			159,829,716			172,393,869			157,559,138

Non-GAAP net loss per share attributable to Enovix, diluted	$	(0.17	)	$	(0.19	)	$	(0.62	)	$	(0.58	)
GAAP weighted average number of common shares outstanding, diluted		176,872,382			161,371,417			172,393,869			158,260,393



⁽¹⁾ $0.1 million and $1.2 million of stock-based compensation expense is included in the restructuring cost line of the table above for the quarter and fiscal year-to-date ended September 29, 2024, respectively. $0.4 million of stock-based compensation expense is included in the restructuring cost line of the table above for the quarter and fiscal year-to-date ended October 1, 2023.

The MIL Network –

January 25, 2025

MIL-OSI: Artisan Partners Asset Management Inc. Reports 3Q24 Results

Source: GlobeNewswire (MIL-OSI)

MILWAUKEE, Oct. 29, 2024 (GLOBE NEWSWIRE) — Artisan Partners Asset Management Inc. (NYSE: APAM) (the “Company” or “Artisan Partners”) today reported its results for the three and nine months ended September 30, 2024, and declared a quarterly dividend. The full September 2024 quarter earnings release and investor presentation can be viewed at www.apam.com.

Conference Call

The Company will host a conference call on October 30, 2024, at 1:00 p.m. (Eastern Time) to discuss its results for the three and nine months ended September 30, 2024. Hosting the call will be Eric Colson, Chief Executive Officer, Jason Gottlieb, President, and C.J. Daley, Chief Financial Officer. Supplemental materials that will be reviewed during the call are available on the Company’s website at www.apam.com. The call will be webcast and can be accessed via the Company’s website. Listeners may also access the call by dialing 877.328.5507 or 412.317.5423 for international callers; the conference ID is 10192111. A replay of the call will be available until November 6, 2024, at 9:00 a.m. (Eastern Time), by dialing 877.344.7529 or 412.317.0088 for international callers; the replay conference ID is 5832848. An audio recording will also be available on the Company’s website.

About Artisan Partners

Artisan Partners is a global investment management firm that provides a broad range of high value-added investment strategies to sophisticated clients around the world. Since 1994, the firm has been committed to attracting experienced, disciplined investment professionals to manage client assets. Artisan Partners’ autonomous investment teams oversee a diverse range of investment strategies across multiple asset classes. Strategies are offered through various investment vehicles to accommodate a broad range of client mandates.

Source: Artisan Partners Asset Management Inc.

Investor Relations Inquiries

866.632.1770
ir@artisanpartners.com

The MIL Network –

January 25, 2025
MIL-OSI: Defiance ETFs Announces Increase in Leverage for MSTX and SMST ETFs to 2x

Source: GlobeNewswire (MIL-OSI)

MIAMI, Oct. 29, 2024 (GLOBE NEWSWIRE) — Defiance ETFs, a pioneer in leveraged single-stock ETFs, is excited to announce an increase in leverage for two of its flagship products, MSTX and SMST, from 1.75x and 1.5x respectively to 2x daily target exposure. This change marks a strategic enhancement, positioning Defiance to stay at the forefront of the market amid increased investor interest.

MSTX, Defiance’s first-of-its-kind leveraged ETF providing long exposure to MicroStrategy (NASDAQ: MSTR), will now deliver 2x daily targeted exposure, enhancing potential returns for investors seeking amplified access to MicroStrategy’s price movements. MicroStrategy, a leader in data analytics and one of the largest corporate holders of Bitcoin, presents an innovative investment vehicle for investors looking to capitalize on the unique and volatile dynamics of the cryptocurrency market.

SMST, Defiance’s Short MicroStrategy ETF, has likewise increased to 2x inverse daily exposure, enabling sophisticated traders to capitalize on potential downturns in MicroStrategy’s stock with greater leverage. This ETF offers traders a powerful tool to hedge against Bitcoin volatility, considering MicroStrategy’s significant holdings in the cryptocurrency. With this enhanced inverse leverage, SMST allows investors to tactically manage risk or capitalize on anticipated market declines with a more potent instrument.

“Following the strong response to MSTX and SMST, we recognized the importance of delivering enhanced leverage in response to investor demand and competitive dynamics,” said Sylvia Jablonski, CEO of Defiance ETFs. “With the transition to 2x leverage, Defiance ETFs is committed to providing investors with leading-edge tools to engage with both bullish and bearish views on the Bitcoin market and MicroStrategy’s strategic role within it.”

The Fund pursues a daily leveraged investment objective, which means that the Fund is riskier than alternatives that do not use leverage because the Fund magnifies the performance of its Underlying Security. It is designed only for sophisticated investors, such as traders and active investors employing dynamic strategies. Investors who do not understand the Funds or do not intend to actively manage and monitor their investments should not buy shares of the Funds.

The Fund MSTX is not suitable for all investors. The Fund is designed to be utilized only by knowledgeable investors who understand the potential consequences of seeking 200% daily (2X) investment results, understand the risks associated with the use of leverage, and are willing to monitor their portfolios frequently. The Fund is not intended to be used by, and is not appropriate for, investors who do not intend to actively monitor and manage their portfolios. The Fund will lose money if the underlying security’s performance is flat, and that it is possible that the Fund will lose money even if the underlying security’s performance decreases over a period longer than a single day. An investor could lose the full principal value of his/her investment within a single day.

The Fund SMST is not suitable for all investors. The Fund is designed to be utilized only by knowledgeable investors who understand the potential consequences of seeking 200% daily inverse (-2X) investment results, understand the risks associated with the use of leverage, and are willing to monitor their portfolios frequently. The Fund is not intended to be used by, and is not appropriate for, investors who do not intend to actively monitor and manage their portfolios. The Fund will lose money if the underlying security’s performance is flat, and that it is possible that the Fund will lose money even if the underlying security’s performance decreases over a period longer than a single day.An investor could lose the full principal value of his/her investment within a single day.

About Defiance ETFs
Founded in 2018, Defiance is at the forefront of ETF innovation. Our first-mover leveraged single-stock ETFs empower investors to take amplified positions in high-growth companies, providing precise leverage exposure without the need to open a margin account.

Important Disclosures
Investing involves risk. Principal loss is possible. The Funds’ investment objectives, risks, charges, and expenses must be considered carefully before investing. The prospectus contains this and other important information. Please read it carefully before investing. A hard copy of the prospectuses can be requested by calling 833.333.9383 or visiting www.defianceetfs.com/prospectuses

Defiance ETFs LLC is the ETF sponsor. The Funds’ investment adviser is Tidal Investments, LLC (“Tidal” or the “Adviser”).

SMST Key Risks:

MSTR Price Appreciation Risk. As part of the Fund’s inverse investment strategy, the Fund purchases and sells swap contracts that are based on the share price of MSTR common stock (the “Underlying Security”). This strategy subjects the Fund to certain of the same risks as if it shorted shares of the Underlying Security, even though it does not. By virtue of the Fund’s indirect -1.5X exposure to changes in the share price of the Underlying Security, the Fund is subject to the risk that the Underlying Security’s share price increases. If the share price of the Underlying Security increases, the Fund will likely lose value and, as a result, the Fund may suffer significant losses.

MSTR Good Performance Risk. MSTR may meet or exceed its publicly announced expectations or guidelines regarding its business, which could potentially lead to a rise in the share price of the Underlying Security.

Bitcoin Positive Performance Risk. MSTR’s significant investment in Bitcoin has become a key driver of its stock price. Any positive movement in the price of Bitcoin, such as reaching new all-time highs, increased institutional adoption, or favorable regulatory developments, directly impacts MSTR’s balance sheet and investor perception. With MSTR holding a substantial amount of Bitcoin, its stock price tends to correlate with Bitcoin’s performance.

Leverage Risk: Leverage may increase the risk of loss and cause fluctuations in the Fund’s portfolio value to have disproportionately large effects or cause the NAV to decline faster than it would otherwise.

Compounding and Market Volatility Risk: Due to compounding, performance over periods greater than a trading day may differ from the underlying security’s performance.

Derivatives and Single Issuer Risk: Derivatives may be more sensitive to market conditions and may amplify risks. Additionally, the focus on a single issuer can lead to increased volatility.

MSTR key risks:

Single Issuer Risk. Issuer-specific attributes may cause an investment in the Fund to be more volatile than a traditional pooled investment which diversifies risk or the market generally. The value of the Fund, which focuses on an individual security, may be more volatile than a traditional pooled investment or the market as a whole and may perform differently from the value of a traditional pooled investment or the market as a whole.

Bitcoin Risk. While the Fund will not directly invest in digital assets, it will be subject to the risks associated with Bitcoin by virtue of its investments in options contracts that reference MSTR.

Leverage Risk: Leverage may increase the risk of loss and cause fluctuations in the Fund’s portfolio value to have disproportionately large effects or cause the NAV to decline faster than it would otherwise.

Compounding and Market Volatility Risk: Due to compounding, performance over periods greater than a trading day may differ from the underlying security’s performance.

Derivatives and Single Issuer Risk: Derivatives may be more sensitive to market conditions and may amplify risks. Additionally, the focus on a single issuer can lead to increased volatility.

Distributed by Foreside Fund Services, LLC.

A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/4e5c8ab2-865a-4635-a0c2-a6535224f385

The MIL Network –

January 25, 2025
MIL-OSI Submissions: ENERGY SECTOR – OPINION: There’s not a second to lose if the UK is to build a world-class battery industry

Source and Opinion by Richard Moore, Battery Expert at Greenpower Park

The Faraday Institution’s latest report on UK Gigafactories finds that they could support 35,000 jobs by 2040, along with a further 65,000 in the supply chain, but warns that the UK is not moving quickly enough. It’s time to put words into action and build the manufacturing capacity that we need to ensure that the UK not only catches up but becomes a world leader, says Richard Moore, Greenpower Park’s Battery Expert

A question that used to be asked in every job interview was ‘where do you see yourself in five years? The interviewee almost certainly had a detailed list of aspirations to reel off in response If the same question was asked of the UK PLC in relation to the number of gigafactories it will have after that same period of time, the answer would be much shorter and to the point: ‘not enough.’

That’s a massive problem, because as the Faraday Institution’s ‘UK electric vehicle and battery production potential to 2040’ report makes very clear, the UK is rapidly falling far behind in the global race to build these strategically important assets that are vital to making transport more sustainable, reducing emissions, improving air quality, and delivering net-zero commitments.

With each gigafactory taking some five years to build1, there’s no time to waste, and in determining the way forward we learn a hard lesson learnt from the past: the lithium-ion battery was invented in the UK but the strategic importance of manufacturing them in the UK was overlooked. This is why today we have just one operational gigafactory which has a capacity of less than 2GWh. And by 2030 – the date that the new Labour government has pledged to ban sales of combustion engine vehicles, the UK is expected to have only three1 up and running.

That’s around half of what’s needed because the UK’s demand is expected to reach almost 110GWh a year in 2030 – the equivalent of six large gigafactories running at 90% capacity1. That also compares very unfavourably to the 40 expected to be operational in Europe by that time1, and more than 400 worldwide2.

Even if we broke ground today, the additional sites we need in the UK would only just be ramping up production volumes by the time the last petrol and diesel vehicles will be driven out of the showrooms. Which means that many of the EVs manufactured in the UK will use imported cells, while at the same time the UK will not be in a position to export these highly valuable items to other countries. Compounding the problem are the requirements of Rules of Origin regulations that from 2027 will require EVs made here to use cells manufactured in the UK or Europe to avoid new tariffs when sold in Europe.

And of course, as well as road transport, there will be huge demand for the cells needed to electrify other industries such as the aviation and marine sectors. It is absolutely vital to our future that we have a world-class battery industry here in the UK, together with a robust, transparent and sustainable supply chain to serve it. And we must be cognizant of the fact that while the UK is forecast to make only 53 per cent of the capacity it will need in 20301, the gulf is expected to grow, with only 29% capacity by 2040, by which time we’ll need some 200GWh of supply1.

A true centre of excellence in electrification

The transition from internal combustion engines running on fossil fuels to e-mobility powered by renewables represents nothing less than a paradigm shift, and we simply cannot afford to squander the opportunity to place the UK as the driving force behind it. Greenpower Park, the UK’s Centre of Electrification and Clean Energy, is a trailblazing centre of excellence for electrification, battery technology and manufacturing. With the West Midlands Gigafactory as its anchor tenant, it has unrivalled access to the most highly skilled workforce in the country.

This ground-breaking location is the first of its kind, offering an all-in-one solution for battery research, industrialisation, manufacturing, testing, recycling and electrified logistics designed to foster the UK’s growing battery ecosystem. Based in the country’s automotive skills heartland, it is at the epicentre of the country’s shift to electrification and is synonymous with both electric vehicle and battery manufacturing.

The automotive and manufacturing industries run through the blood of generations of the workforce in the West Midlands and will continue to do so in the future with the creation of Greenpower Park. Located closer to almost every vehicle manufacturer’s plant than any other proposed gigafactory in the UK, it is also adjacent to the world-renowned UK Battery Industrialisation Centre as well as nine universities and their 220,000 students. Greenpower Park represents a unique collaboration between academia, industry, government and international partners to create a complete ecosystem purpose-designed to boost accelerated development, growth and innovation across the e-mobility sector.

Tempus fugit: action this day

We believe that we can play a pivotal role in helping overcome the battery cell demand issue that’s coming in the next decade and beyond. But to do that we need to act now, and that involves laying out incentive packages to accelerate conversations with potential investors, and to enable us to achieve our goals within the battery manufacturers’ demanding investment timescales – and the vehicle manufacturers’ product development cycles.

We’ve put all the pieces in place to enable that to happen, and we are the UK’s only proposed Gigafactory site with Investment Zone Status. This offers a compelling package of incentives for investors, including Stamp Duty Land Tax Relief, 100 per cent Business Rate Relief on newly occupied premises, 100 per cent first year Capital Allowances for expenditure on new plant and machinery, zero rate employer national insurance contributions for 36 months for each new job created, enhanced structures and buildings allowance, and additional support for supply chain and skills development, innovation, and R&D. We strongly believe that with inward investment of £2.5bn we can build our state-of-the-art Gigafactory and create 6,000 highly skilled jobs.

We’re also highly encouraged by the new UK government’s pledge to directly invest in industry via the National Wealth Fund, reward firms that build their manufacturing supply chains in the UK via the British Jobs Bonus, and, in short, ‘secure the future of Britain’s automotive industry.’3 We urge the Prime Minister to deliver on those promises and help us to play our part in full.

The UK has always been a leader in designing and developing cutting-edge technologies, but hasn’t always fulfilled its potential in successfully mass-producing them. With battery cells and Gigafactories we have an unprecedented opportunity to change this. But we must act now if we are to seize it. Five years from now, we want the UK to be a globally competitive supplier of battery cells and securing the clean energy supply chain for the future, not asking why we allowed ourselves to fall further behind.

1 https://www.faraday.ac.uk/wp-content/uploads/2024/09/Gigafactory-Report_2024_final_17Sept2024.pdf

2 https://source.benchmarkminerals.com/article/over-400-gigafactories-in-2030-pipeline-but-overcapacity-fears-loom

3 https://labour.org.uk/change/make-britain-a-clean-energy-superpower/

MIL OSI – Submitted News –

January 25, 2025
MIL-OSI: TMT Acquisition Corp Shareholders Approve Business Combination with eLong Power Holding Limited

Source: GlobeNewswire (MIL-OSI)

New York, NY, Oct. 29, 2024 (GLOBE NEWSWIRE) — TMT Acquisition Corp (Nasdaq: TMTCU, TMTC, and TMTCR) (“TMTC”), a publicly traded special purpose acquisition company, announced at its extraordinary general meeting earlier today, October 29, 2024, that its shareholders voted to approve the previously announced business combination with eLong Power Holding Limited (“eLong Power”), a provider of high power battery technologies for commercial and specialty vehicles and energy storage systems.

The transaction has been unanimously approved by the Board of Directors of TMT and eLong Power. Subject to certain contractual as well as customary closing conditions, the business combination is expected to close in the coming weeks. As part of the consummation of the business combination, the newly combined public company is expected to trade on the Nasdaq Stock Market under the symbol “ELPW”.

The business combination is expected to provide eLong Power with access to the U.S. public equity markets, thereby accelerating its business expansion and bolstering eLong Power’s position to explore additional growth and value- creating opportunities.

Advisors

The Crone Law Group P.C. is acting as U.S. legal advisor to TMTC. Ogier Global is acting as the Cayman Islands legal advisor to TMTC. Graubard Miller is acting as U.S. legal advisor to eLong Power, Harneys is acting as Cayman Islands legal advisor to eLong Power and Han Kun Law Offices is acting as China legal advisor to eLong Power.

About eLong Power

eLong Power Holding Limited, a Cayman Islands exempted company, is committed to the research and development, manufacturing, sales and service of high-power lithium-ion batteries for electric vehicles and construction machinery, as well as large-capacity, long-cycle lithium-ion batteries for energy storage systems. eLong Power is led by Ms. Xiaodan Liu, eLong Power’s Chairwoman and CEO.

eLong Power has a comprehensive product and technology system that includes battery cells, modules, system integration, and battery management system development, based on high-power lithium-ion batteries and battery system products for long-cycle energy storage devices. eLong Power offers advanced energy applications and full life cycle services. Its product portfolio includes products utilizing lithium manganese oxide and lithium iron phosphate, among others, to meet the needs of high-power applications and energy storage applications in various scenarios.

About TMT Acquisition Corp

TMT Acquisition Corp is a blank check company, also commonly referred to as a special purpose acquisition company (SPAC), formed for the purpose of effecting a merger, share exchange, asset acquisition, share purchase, reorganization, or similar business combination with one or more businesses or entities. TMTC is led by Dajiang (“DJ”) Guo, Chairman and Chief Executive Officer, and Jichuan Yang, Chief Financial Officer, who are growth-oriented executives with a long track record of value creation across industries.

Forward-looking Statements

This press release may contain “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934, including statements regarding the benefits of the transaction, the anticipated timing of the transaction, the products offered by eLong Power and the markets in which it operates, and eLong Power’s projected future results. These forward-looking statements generally are identified by the words “believe,” “project,” “expect,” “anticipate,” “estimate,” “intend,” “strategy,” “future,” “opportunity,” “plan,” “may,” “should,” “will,” “would,” “will be,” “will continue,” “will likely result,” and similar expressions. Forward-looking statements are predictions, projections and other statements about future events that are based on current expectations and assumptions and, as a result, are subject to risks and uncertainties. Many factors could cause actual future events to differ materially from the forward-looking statements in this document, including, but not limited to: the risk that the transaction may not be completed by TMTC’s business combination deadline; the failure to satisfy one or more of the conditions to the consummation of the transaction; the occurrence of any event, change or other circumstance that could give rise to the termination of the business combination agreement; the effect of the announcement or pendency of the transaction on eLong Power’s business relationships, performance, and business generally; risks that the proposed business combination disrupts current plans or operations of eLong Power; the outcome of any legal proceedings that may be instituted against eLong Power or TMTC related to the business combination agreement or the proposed business combination; the ability of eLong Power to have its securities listed on Nasdaq commencing on the closing of the transaction and maintain such listing thereafter; after the closing of the transaction, the price of eLong Power Inc.’s securities may be volatile due to a variety of factors, including changes in the competitive and highly regulated industries in which eLong Power Inc. will operate, variations in performance across competitors, changes in laws and regulations affecting eLong Power Inc.’s business and changes in its capital structure; the ability to implement business plans, forecasts, and other expectations after the completion of the proposed business combination, and identify and realize additional opportunities provided by the business combination; its need for substantial additional funds; the parties’ dependence on third-party suppliers; risks relating to the results of research and development activities, market and other conditions; its ability to attract, integrate, and retain key personnel; risks related to its growth strategy; patent and intellectual property matters; and the parties’ ability to obtain, perform under and maintain financing and strategic agreements and relationships. Accordingly, these forward-looking statements do not constitute guarantees of future performance, and you are cautioned not to place undue reliance on these forward-looking statements. Risks regarding TMTC’s and eLong Power’s business are described in detail in TMTC’s and eLong Power’s SEC filings which are available on the SEC’s website at www.sec.gov, including in eLong Power’s registration statement on Form F-4 (File No. 333-280512) and TMTC’s registration statement on Form S-1 (File No. 333-259879), filed with the SEC and updated by TMTC’s and eLong Power’s subsequent filings with the SEC. These forward-looking statements speak only as of the date hereof, and TMTC expressly disclaims any obligation or undertaking to release publicly any updates or revisions to any forward-looking statements contained herein to reflect any change in our expectations or any changes in events, conditions, or circumstances on which any such statement is based, except as required by law.

eLong Power Investor Contact:
Shilin Xun
Email: xunshilin@elongpower.com

TMTC Contact:
Dajiang Guo
Email: dguo@tmtacquisitioncorp.com
347-627-0058

The MIL Network –

January 25, 2025
MIL-OSI Global: New insights from Shakespeare’s England reveal striking parallels to contemporary climate change

Source: The Conversation – Canada – By Madeline Bassnett, Professor of Early Modern English Literature, Western University

Unprecedented storms and devastating drought. Flash floods and wildfires ignited by the air’s dry heat. This is the experience for many in our modern world. But it was also the experience for those living amid England’s Little Ice Age.

The Little Ice Age is a period from around 1300 to 1850, when global temperatures dropped significantly. While the exact cause of this phenonemon is unknown, theories range from volcanic eruptions to European colonization of the Americas.

Our research into England’s Little Ice Age during the 16th and 17th centuries has unearthed more than 1,800 unique pieces of weather observations, hidden in documents like diaries and letters. Local and national chronicles embedded reports of extreme weather among accounts of war and monarchs. Extreme weather pamphlets publicized tragic effects of earthquakes, floods and storms, much like our media today.

Our team has created an open access database called the Weather Extremes in England’s Little Ice Age 1500-1700. This database visually maps both extreme and temperate weather in the age of Shakespeare and can help to advance modern climate science.

More fundamentally, these experiential accounts provide a fascinating window into a world not too different from our own. While the causes of the climate change of today are well known, and likely different from that of the Little Ice Age, the experiences of living through both events are at times eerily similar. Understanding these past experiences can help us to better understand our present day and to develop more robust policies in the here and now.

Read more:
The Canadian Arctic shows how understanding the effects of climate change requires long-term vision

Frosts and freezes

Frost fairs on the River Thames have become a familiar cultural reference point for England’s Little Ice Age. Our data shows that the river froze over a mere four times in the 16th century — in 1516, 1537, 1564 and 1590 — and there were only intermittent observations of unusual cold or snow.

The 17th century was markedly different. Reports of cold came thick and fast, with the exception of a few years between 1620 and 1643.

Title page from The Great Frost: ‘Cold doings in London, except it be at the lotterie. With newes out of the country. A familiar talk betwene a country-man and a citizen touching this terrible frost and the great lotterie, and the effects of them.’ Printed at London: For Henry Gosson, 1608. Attributed to Thomas Dekker.
(Houghton Library, Harvard University)

This was the century of frost fairs on the Thames. With the first 17th century fair in 1608, these events were celebrated by English playwright Thomas Dekker in his pamphlet The Great Frost.

Drinking, barbering and games were on display as London’s citizens marvelled at the novelty of entertainment on the ice. The freezes were frequent enough to become an institution.

By the winter of 1683-1684, the frost fair had become a city within a city, expanding across the ice with avenues of booths, bear and bull-baiting rings and boats-turned-chariots pulled by enterprising watermen across the now solid river.

But these iconic events were just one aspect of Little Ice Age weather in England.

Storms and floods

In the 16th century, severe rain storms were far more common than cold snaps.

On Oct. 5, 1570, “a terrible tempest of wind and raine” caused flooding from Lincolnshire to London as rivers overflowed their banks, drowning towns, fields, crops and cattle. Storm surges inundated the coastline.

Four years later, towns from Newport to St. Ives suffered “raging floods,” and a “giant sea fish” (whale) washed up in the Thames from a massive surge up river. In May 1594, “soddane showres of haile [and] raine” destroyed houses, iron mills, crops and cattle in Sussex and Surrey. September of that year saw another deluge, with bridges taken down in Cambridge and Ware.

This all changed in the 17th century, following the Great Flood that struck Bristol and surrounding areas in 1607. Extreme cold spells then became more frequent, and major storm events were less common. The winter of 1612-1613 saw a number of violent storms recorded in the pamphlet Wonders of this Windie Winter, with livestock lost from Newcastle to Dover and bodies from shipwrecks washing aground in the Thames.

In the next 40 years, though, only the years of 1626 and 1637 contain reports of significant storm events causing loss of life or livestock. Instead of extreme storms, this century was marked more by regular but moderate rainfall, consistent with colder, wetter conditions normally associated with the Little Ice Age.

Fire and heat

If colder, wetter weather was a new normal for 17th century Britons, the hot, dry spring of 1666 caught Londoners unprepared. The Great Fire of London was one of the worst disasters of the age, and diarist John Evelyn recounts that “the heate … had even ignited the aire,” a comment reminiscent of descriptions of wildfire spread today.

Yet periods of extreme heat were surprisingly frequent during the previous century, especially in the England that Shakespeare knew. More than a dozen droughts were recorded across England in the 16th century, usually broken by extreme storms or floods. It never rained, it seems, but it poured. The Thames dried up completely in 1592.

As Thomas Short wrote in his Chronological History of English Weather, “an excessive drought, great death of cattle from want of water; springs and brooks were dried up; horsemen could ride the Thames.” Locals went into the mud to retrieve items long lost to the river.

Shakespeare’s hometown of Stratford-upon-Avon was nearly destroyed by fire twice, in 1594 and 1595, due to severe drought and heat. The warning signs were there for Londoners to beware of hot spells in the next century, but frost fairs and wet weather may have bred complacency.

Lessons for today

The Weather Extremes in England’s Little Ice Age 1500-1700 database is revealing a picture of the world of Shakespeare and early modern England that upends a simplified picture of the Little Ice Age. More than just a world of frosts and freezes, the English Little Ice Age could be known as well as an age of fire and rain.

Read more:
The B.C. election could decide the future of the province’s species at risk laws

The documents in our database are the reports of people who lived in a climatically changing world and saw its shifts firsthand. It shows how important weather crowd-sourcing can be, even centuries later. Contemporary projects like the Community Collaborative Rain, Hail and Snow Network, or the Northern Tornadoes Project, continue in the spirit of this work.

But our data could also provide insight into today’s extreme weather. Historical flooding patterns might provide reference points to better manage and understand the unstable weather experienced in the British Isles today.

Madeline Bassnett has received funding from SSHRC for the Weather Extremes in England’s Little Ice Age 1500-1700 project.

Laurie Johnson 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. New insights from Shakespeare’s England reveal striking parallels to contemporary climate change – https://theconversation.com/new-insights-from-shakespeares-england-reveal-striking-parallels-to-contemporary-climate-change-240755

MIL OSI – Global Reports –

January 25, 2025
MIL-OSI USA: Bennet, Hickenlooper, Neguse, Pettersen, Polis Welcome $129 Million for Rail Projects in Colorado
US Senate News:
Source: United States Senator for Colorado Michael Bennet

Photos from Press Conference HERE

Denver — Colorado U.S. Senators Michael Bennet and John Hickenlooper, U.S. Representatives Joe Neguse and Brittany Pettersen, and Governor Jared Polis welcomed over $129.5 million from the U.S. Department of Transportation (DOT) for four Colorado rail projects. The Colorado Department of Transportation (CDOT), Colorado State University (CSU) Pueblo, San Luis Central Railroad, and OmniTRAX will all receive funding as part of DOT’s Consolidated Rail Infrastructure & Safety Improvements Grant Program, funded in part through the Bipartisan Infrastructure Law. The leaders held a press conference on Tuesday in Westminster, Colorado, to celebrate this announcement.

“Colorado’s railways are vital to connect our communities and get resources to markets across the country. That’s why I ensured the U.S. Department of Transportation understood how critical this funding is for our state’s transportation infrastructure,” said Bennet. “I’m glad to have helped secure these investments in our railways’ safety, efficiency, and reliability across the state. ”

“From freight in the San Luis Valley to passengers on the Front Range and beyond with CSU Pueblo’s research, rail isn’t just a part of our past, it’s a big part of our future, too,” said Hickenlooper. “That’s the case we made to Secretary Buttigieg for this funding and this is just the start.”

“After years of working to secure federal support for the Front Range Passenger Rail Project, I am excited to see the Department of Transportation heed our calls and commit to modernizing Colorado’s passenger rail system—not just for communities along the Front Range but for residents throughout the entire state. This is a once-in-a-generation investment in our passenger rail infrastructure, creating countless new opportunities for communities to connect, grow, and thrive—and we will continue to work together to ensure this momentum leads to lasting benefits for all Coloradans,” said Neguse.

“Today, I am incredibly grateful to see this federal funding coming to Colorado to strengthen our railway systems, enhance safety, and modernize our infrastructure,” said Pettersen. “After a train derailment in Boulder injured workers and put our communities at risk, I supported funding to reinforce public safety and restore trust in Colorado’s rail infrastructure. I’m pleased to see these federal dollars coming to our state to help ensure we have safe, reliable infrastructure for generations to come.”

“Today’s grant will make freight rail traffic in some of our busiest growing communities safer quickly while providing critical building blocks for Passenger Rail. This major funding will help achieve important priorities like complying with longstanding federal standards and improving the safety of rail crossings, which can be the sites of dangerous incidents. With more than $66 million in federal support from the Biden-Harris administration, the future of Colorado’s rail network is a clear priority for the federal government, as it should be. We thank Senators Hickenlooper and Bennet, Congressman Neguse and Congresswoman Pettersen, and our communities for their support of this important project,” said Polis.

This funding includes:
- $66.4 million for CDOT to modernize Front Range rail. This investment will help CDOT design, install, and test train operation and safety improvements, including Positive Train Control (PTC) and railroad crossings;
- $50.5 million for OmniTRAX transportation safety and employment. This investment will help design and construct replacement railroad ties across Omnitrax short lines;
- $11.6 million for CSU Pueblo to research renewable energy for rail vehicles. This investment will aid research and development of alternative fuel rail transportation, including safety experiments on the use of CH2/CNG-powered rail cars at the facility; and
- $1 million for San Luis Central Railroad to replace wooden ties. This investment will help replace deteriorated cross and switch ties to ensure safety along the SLC corridor.
“Southern Colorado often represents a hard-working spirit leveraging the opportunity of innovation. This Department of Transportation CRISI grant emboldens that spirit, enabling CSU Pueblo, in partnership with the Southern Colorado Transportation Technology Center (SCITT), to contribute to the future of rail transportation through critical safety research in hydrogen and natural gas technologies. I am particularly proud of how this project will partner with our Engineering program at CSU Pueblo, utilizing the expertise here to create new pathways for our students and local workforce. This grant is more than research – it’s a valuable investment into Southern Colorado,” said Armando Valdez, President, CSU Pueblo.

“TIES2 will be transformative for the communities served by Great Western Railway of Colorado and the regions served by OmniTRAX railroads in Georgia, Alabama, and Washington state,” said David Arganbright, Senior Vice President, OmniTRAX. “OmniTRAX is proud to call Colorado home, and we are tremendously appreciative of all the work that Sen. Hickenlooper has done in Congress to champion Colorado’s railways and deliver the critical infrastructure investments that strengthen our nation’s supply chains.”

Earlier this year, Bennet, Hickenlooper, Neguse and Pettersen urged the DOT to fund CDOT’s project along the Front Range.
MIL OSI USA News –
January 25, 2025
MIL-OSI New Zealand: Information sought following crash north of Waipawa

Source: New Zealand Police (National News)

Police investigating a two-vehicle crash on State Highway 2, north of Waipawa on Tuesday 29 October are wanting to speak to anyone who witnessed the crash.

The crash was reported at about 7pm.

Police would also like to speak to anyone who may have dashcam footage of a black Toyota hatchback or a silver Nissan sedan, who were both travelling in the northbound lane of State Highway 2.

Initial enquiries suggest speed was not a factor in this crash. Thankfully nobody was injured.

If you have any information that could help our enquiries, please update us online now or call 105.

Please use the reference number 241029/0687.

Information can also be provided anonymously via Crime Stoppers on 0800 555 111.

ENDS

Issued by Police Media Centre

MIL OSI New Zealand News –

January 25, 2025
MIL-OSI Security: Tisdale — Update: RCMP investigating school bus collision 22 kilometers southwest of Tisdale

Source: Royal Canadian Mounted Police

October 29, 2024
Tisdale, Saskatchewan

News release

Tisdale RCMP continue to investigate the collision that occurred near the intersection of Township Road 424 and Range Road 2160 with the assistance of a Saskatchewan RCMP collision reconstructionist. As the investigation is ongoing, we are unable to provide additional information about any potential cause or details of the collision at this time.

At the time of the collision, 27 children approximately 14-17 years old and an adult bus driver were on the bus. All the bus occupants were from the Tisdale detachment area. 26 children and the bus driver were transported to hospital by EMS and parents. One child was taken to hospital in Saskatoon by STARS Air Ambulance. 21 children have injuries described as non-life threatening and 6 children have injuries described as serious in nature. The adult driver of the bus has injuries described as serious in nature. We are not able to share further details of their injuries or treatment/status at the hospital, as this is considered their personal health information.

Tisdale RCMP thanks the first responders who assisted in the response to the collision, including Melfort RCMP and Melfort, Tisdale and Naicam EMS. Thank you to the teachers, parents, and community members of Kinistin Saulteaux Nation who offered their support at the scene.

–30–

Backgrounder

RCMP investigating school bus collision 22 kilometers southwest of Tisdale

2024-10-29

Tisdale RCMP are currently on scene and investigating a single vehicle collision involving a school bus that occurred at approximately 3:55 p.m. on October 28, 2024. The collision occurred near the intersection of Township Road 424 and Range Road 2160, approximately 22 kilometers southwest of Tisdale, SK. Local fire and EMS also responded.

The investigation is in its preliminary stages and at this time we do not have details to provide about the collision. The bus is currently upright in the ditch.

The adult driver of the school bus has injuries described as non-life threatening in nature. The school bus was transporting children at the time of the collision– we cannot confirm the number or ages of the children at this time. Some children are being treated for various injuries – we do not have specific details about their injuries or how many children require hospital treatment at this time.

The children’s families have been notified and we are asking news partners and the public to please respect their privacy at this time.

Tisdale RCMP continue to investigate with the assistance of a Saskatchewan RCMP collision reconstructionist. We do not anticipate further updates this evening.

A road closure is in place between Range Road 2160 and Range Road 2155 for an undetermined amount of time. Detours are in place but motorists should expect delays in the area. Please slow down and follow the instructions of emergency personnel on scene. Please visit the Highway Hotline for road closure updates.

MIL Security OSI –

January 25, 2025
MIL-OSI Security: Whitewood — Broadview RCMP investigating robbery

Source: Royal Canadian Mounted Police

On October 28, 2024 at approximately 11:45 p.m., Broadview RCMP received a report of a robbery at a business in Whitewood, SK.

Investigation determined an individual was parked outside of the business. An adult male approached the victim, deployed bear spray at him, then physically forced him from the vehicle. The suspect then stole the vehicle, striking the victim with it as he fled. The victim, an adult male, was taken to hospital with injuries described as non-life-threatening in nature.

Officers immediately responded and located the vehicle on the Cowessess First Nation. They activated their emergency lights and sirens and attempted a traffic stop. The vehicle did not stop immediately, but later came to a stop and the four occupants fled on foot.

Saskatchewan RCMP’s Police Dog Services and Remotely Piloted Aircraft System arrived to assist.

Two of the four occupants have been located. No charges have been laid against them at this time.

Broadview RCMP continue to search for suspect in the robbery, as well as the fourth occupant in the vehicle.

The suspect is described as approximately 25 to 30 years old and six feet tall. He was last seen wearing a white/grey hoodie and sweat pants.

The investigation continues. Broadview RCMP ask members of the public to report all sightings of the suspect and information on his identity.

If seen, do not approach him. Report sightings and information to Broadview RCMP immediately by dialling 310-RCMP. Information can also be submitted anonymously by contacting Saskatchewan Crime Stoppers at 1-800-222-TIPS (8477) or www.saskcrimestoppers.com.

Updates will be provided as they become available.

MIL Security OSI –

January 25, 2025
MIL-OSI: Oxford Square Capital Corp. Schedules Third Quarter 2024 Earnings Release and Conference Call for November 5, 2024

Source: GlobeNewswire (MIL-OSI)

GREENWICH, Conn., Oct. 29, 2024 (GLOBE NEWSWIRE) — Oxford Square Capital Corp. (NasdaqGS: OXSQ) (NasdaqGS: OXSQZ) (NasdaqGS: OXSQG) announced today that it will hold a conference call to discuss third quarter 2024 earnings on Tuesday, November 5, 2024 at 9:00 AM Eastern time. The toll free dial-in number is 800-445-7795 and the conference identification is “Oxford”. There will be a recording available for 30 days after the call. If you are interested in hearing the recording, please dial 800-945-1517. The replay pass-code number is 25209.

About Oxford Square Capital Corp.
Oxford Square Capital Corp. is a publicly-traded business development company principally investing in syndicated bank loans and debt and equity tranches of collateralized loan obligation (“CLO”) vehicles. CLO investments may also include warehouse facilities, which are financing structures intended to aggregate loans that may be used to form the basis of a CLO vehicle.

Contact:
Bruce Rubin
203-983-5280

The MIL Network –

January 25, 2025
MIL-OSI Security: Balgonie — White Butte RCMP asks members of the public for assistance identifying semi

Source: Royal Canadian Mounted Police

On October 12, 2024, White Butte RCMP received a report of a chemical spill on Highway #46.

Investigation determined a semi hauling a belly dump style of trailer left a business on the Service Road in Balgonie. While driving south on Highway #46, then continuing on to Highway #1 toward Winnipeg, the semi spilled fertilizer it was hauling. The semi did not stop at the scene of the spill.

The Balgonie Fire Department, Ministry of Highways, Ministry of Environment and Regina Bypass responded to – and are managing – the spill and clean-up, and were responsible for the closure of the highway that resulted from the spill. Any questions on these matters can be directed to the appropriate agency.

White Butte RCMP is now investigating whether there is a criminal element to the spill, including gathering information about the vehicle driver’s failure to stop after the spill and determining whether the resulting cost of clean-up constitutes mischief.

The vehicle and driver have not been identified at this time.

White Butte RCMP is asking members of the public for assistance. If you saw the semi spilling fertilizer on Highway #46 between 5:15 and 5:45 a.m. on October 12, or if you potentially captured security or dashcam footage of it, contact White Butte RCMP by dialling 310-RCMP.

Information can also be submitted anonymously by contacting Saskatchewan Crime Stoppers at 1-800-222-TIPS (8477) or www.saskcrimestoppers.com.

MIL Security OSI –

January 25, 2025

Category: Vehicles

Funds will go to replacing the Sportsman Bridge in Bigfork as well as expansion and modernization projects for airports in Missoula and Kalispell

Recent news

Muriwai beach access

Enjoying fireworks safely and responsibly

Looking out for pets during Guy Fawkes

Frosts and freezes

Storms and floods

Fire and heat

Lessons for today

Photos from Press Conference HERE

Backgrounder

RCMP investigating school bus collision 22 kilometers southwest of Tisdale