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Onex Reports Fourth Quarter and Full Year 2024 Results - ForexTV
All amounts in U.S. dollars unless otherwise stated TORONTO, Feb. 21, 2025 (GLOBE NEWSWIRE) -- Onex Corporation (TSX: ONEX) today announced its financial results for the fourth quarter and year ended December 31, 2024. “Our focus, every day, is growing long-term shareholder value,” said Bobby Le Blanc, CEO and President. “In private equity, we are investing in strategies and verticals that have the strongest potential for future risk-adjusted returns. Overall, the PE teams raised over $1.5 billion in 2024. Our Structured Credit platform had another active quarter and an outstanding year, having raised or extended more than $13 billion of fee-generating assets during 2024 while growing fee related earnings. Shareholders continue to benefit from our strong balance sheet and liquidity position, and most recently through our substantial issuer bid.” Financial Results($ millions except per share amounts)Quarter Ended Dec. 31 Year Ended Dec. 31 2024 2023 2024 2023 Net earnings (loss)$(2)$373 $303 $529 Net earnings (loss) per diluted share$(0.02)$4.81 $4.00 $6.65 Investing segment net earnings$29 $326 $344 $815 Asset management segment net earnings 18 46 21 2 Total segment net earnings (1)$47 $372 $365 $817 Total segment net earnings per fully diluted share(2)$0.62 $4.80 $4.74 $10.23 Asset management fee-related earnings(3)$6 $3 $6 $12 Total fee-related earnings (loss)(4)$(1)$(2)$(21)$(14)Distributable earnings(5)$231 $139 $617 $797 Highlights Onex had approximately $8.3 billion of investing capital, or $113.70 (C$163.54) per fully diluted share(6) at December 31, 2024. Onex’ investing capital per fully diluted share returned 6% for the year ended December 31, 2024 or 15% in Canadian dollars. Over the last five years, investing capital per fully diluted share has had a compound annual return of 13%.Onex’ private equity investments had net gains of $11 million in the fourth quarter of 2024 (Q4 2023: net gains of $250 million). Investments in Credit strategies generated net gains of $16 million in the fourth quarter of 2024 (Q4 2023: net gains of $66 million).Onex raised approximately $2.8 billion in fee-generating capital across its Private Equity and Credit platforms in the fourth quarter and $8.8 billion in fiscal 2024.The Onex Partners Opportunities Fund has raised aggregate commitments of approximately $1.2 billion, including affiliated vehicles and Onex’ commitment of $400 million. The Fund completed its second acquisition in December.ONCAP V has reached aggregate commitments of approximately $1.1 billion, including Onex’ commitment of $250 million, with a final close expected at the end of Q1 2025. In December, ONCAP II and ONCAP III completed the sale of PURE Canadian Gaming. Collectively, our private equity teams returned approximately $3.0 billion of capital to Limited Partners in 2024, including approximately $1.0 billion to Onex.Onex Credit raised or extended a total of $13.0 billion of fee-generating assets across its CLO platform in 2024. Fee-generating assets under management (FGAUM) within the Structured Credit platform increased 34% in 2024. Activity in Q4 includes closing of five new CLOs for approximately $2.6 billion in new fee-generating assets. The Credit platform contributed $27 million of fee-related earnings (FRE) in 2024, with year-end run-rate FRE of $40 million.Onex repurchased 2,277,722 Subordinate Voting Shares (SVS) in the fourth quarter for a total cost of $185 million (C$266 million) or an average cost per share of $81.18 (C$116.82). Onex repurchased 5,693,741 SVS in 2024, capturing approximately $215 million of value for remaining shareholders.Onex had $35.2 billion of FGAUM at December 31, 2024, a 17%(7) increase over the last 12 months. Run-rate management fees(8) increased to $195 million at December 31, 2024.Unrealized carried interest from funds managed by Onex was $286 million at December 31, 2024.Onex’ cash and near-cash(9) balance was $1.6 billion or 19% of Onex’ investing capital as of December 31, 2024 (December 31, 2023 – $1.5 billion or 17%). Dividend Declaration The Board of Directors has declared a first quarter dividend of C$0.10 per Subordinate Voting Share payable on April 30, 2025, to shareholders of record on April 10, 2025. Webcast Onex management will host a webcast to review Onex’ fourth quarter 2024 results on Friday, February 21, 2025 at 11:00 a.m. ET. The webcast will be available in listen-only mode from the Presentations and Events section of Onex’ website, https://www.onex.com/events-and-presentations. A 90-day on-line replay will be available shortly following the completion of the event. Additional Information Enclosed are supplementary financial schedules related to Onex’ consolidated net earnings, investing capital, fee-related earnings (loss), distributable earnings, and cash and near-cash changes for the three and 12 months ended December 31, 2024. The financial statements prepared in accordance with IFRS Accounting Standards, including Management’s Discussion and Analysis of the results, are posted on Onex’ website, www.onex.com, and are also available on SEDAR+ at www.sedarplus.ca. A supplemental information package with additional information is available on Onex’ website, www.onex.com. About Onex Onex invests and manages capital on behalf of its shareholders and clients across the globe. Formed in 1984, we have a long track record of creating value for our clients and shareholders. Our investors include a broad range of global clients, including public and private pension plans, sovereign wealth funds, banks, insurance companies, family offices and high-net-worth individuals. In total, Onex has approximately $51.1 billion in assets under management, of which $8.3 billion is Onex’ own investing capital. With offices in Toronto, New York, New Jersey and London, Onex and its experienced management teams are collectively the largest investors across Onex’ platforms. Onex is listed on the Toronto Stock Exchange under the symbol ONEX. For more information on Onex, visit its website at www.onex.com. Onex’ security filings can also be accessed at www.sedarplus.ca. Forward-Looking Statements This press release may contain, without limitation, statements concerning possible or assumed future operations, performance or results preceded by, followed by or that include words such as “believes”, “expects”, “potential”, “anticipates”, “estimates”, “intends”, “plans” and words of similar connotation, which would constitute forward-looking statements. Forward-looking statements are not guarantees. The reader should not place undue reliance on forward-looking statements and information because they involve significant and diverse risks and uncertainties that may cause actual operations, performance or results to be materially different from those indicated in these forward-looking statements. Except as may be required by Canadian securities law, Onex is under no obligation to update any forward-looking statements contained herein should material facts change due to new information, future events or other factors. These cautionary statements expressly qualify all forward-looking statements in this press release. Non-GAAP Financial Measures This press release contains non-GAAP financial measures which have been calculated using methodologies that are not in accordance with IFRS Accounting Standards. The presentation of financial measures in this manner does not have a standardized meaning prescribed under IFRS Accounting Standards and is therefore unlikely to be comparable to similar financial measures presented by other companies. Onex management believes these financial measures provide useful information to investors. Reconciliations of the non-GAAP financial measures to information contained in the consolidated financial statements have been presented where practical. For Further Information: Jill Homenuk Managing Director – Shareholder Relations and CommunicationsTel: +1 416.362.7711Zev KormanVice President, Shareholder Relations and CommunicationsTel: +1 416.362.7711 Supplementary Financial Schedules Quarter ended December 31 2024(i)2023(i) ($ millions except per share amounts) Investing Asset Management Total Total Segment income$29 $70 $99 $435 Segment expenses – (52) (52) (63)Segment net earnings$29 $18 $47 $372 Stock-based compensation expense (33) (33)Amortization of property, equipment and intangible assets, excluding right-of-use assets(3) (4)Restructuring expenses, net (10) (6)Unrealized carried interest included in segment net earnings – Credit (5) (6)Realized performance fees previously recognized in segment net earnings 2 5 Contingent consideration recovery – 42 Impairment reversal of property and equipment – 2 Integration expenses – (1)Other 1 2 Earnings (loss) before income taxes (1) 373 Provision for income taxes (1) – Net earnings (loss) $(2)$373 Segment net earnings per fully diluted share$0.38 $0.24 $0.62 $4.80 Net earnings (loss) per share Basic $(0.02)$4.82 Diluted $(0.02)$4.81 (i) Refer to pages 27 and 28 of Onex’ 2024 Annual MD&A for further details concerning the composition of segmented results. Year ended December 31 2024(i)2023(i) ($ millions except per share amounts) Investing Asset Management Total Total Segment income$344 $252 $596 $1,098 Segment expenses – (231) (231) (281)Segment net earnings$344 $21 $365 $817 Stock-based compensation expense (36) (75)Amortization of property, equipment and intangible assets, excluding right-of-use assets(15) (24)Restructuring expenses, net (21) (46)Carried interest from Falcon Funds previously recognized in segment net earnings 25 – Unrealized carried interest included in segment net earnings – Credit (10) (17)Unrealized performance fees included in segment net earnings (3) – Impairment of goodwill, intangible assets and property and equipment – (162)Contingent consideration recovery – 42 Integration expenses – (4)Other – 1 Earnings before income taxes 305 532 Provision for income taxes (2) (3)Net earnings $303 $529 Segment net earnings per fully diluted share$4.45 $0.29 $4.74 $10.23 Net earnings per share Basic $4.01 $6.66 Diluted $4.00 $6.65 (i) Refer to pages 27 and 29 of Onex’ 2024 Annual MD&A for further details concerning the composition of segmented results. Investing Capital(i) ($ millions except per share amounts)December 31, 2024 December 31, 2023 Private Equity Onex Partners Funds$4,072 $4,445 ONCAP Funds 795 929 Other Private Equity 587 407 Carried Interest 264 252 5,718 6,033 Private Credit Investments 924 904 Carried Interest 22 29 946 933 Real Estate – 18 Cash and Near-Cash 1,578 1,466 Other Net Assets (Liabilities) 31 (17)Investing Capital$8,273 $8,433 Investing Capital per fully diluted share (U.S. dollars)(ii)$113.70 $107.82 Investing Capital per fully diluted share (Canadian dollars)(ii)$163.54 $142.61 (i) Refer to the glossary in Onex’ Q4 2024 Annual MD&A for further details concerning the composition of investing capital. (ii) Fully diluted shares for investing capital per share were 72.8 million at December 31, 2024. Fee-Related Earnings (Loss) and Distributable Earnings ($ millions)Quarter EndedDecember 31, 2024 Quarter EndedDecember 31, 2023 Private EquityManagement and advisory fees$25 $26 Total fee-related revenues from Private Equity$25 $26 Compensation expense (17) (24)Support and other net expenses (8) (10)Net contribution $– $(8) Structured Credit Management and advisory fees$21 $16 Total fee-related revenues from Structured Credit$21 $16 Compensation expense (6) (5)Support and other net expenses (3) (1)Net contribution$12 $10 Other CreditManagement and advisory feesPerformance fees$41 $154 Total fee-related revenues from Other Credit$5 $19 Compensation expense (6) (9)Support and other net expenses (5) (9)Net contribution$(6)$1 Asset management fee-related earnings$6 $3 Public Company and Onex Capital Investing Compensation expense$(3)$(1)Other net expenses (4) (4)Total expenses$(7)$(5) Total fee-related earnings (loss)$(1)$(2) Realized carried interest(i)$2 $7 Net realized gain on corporate investments 230 134 Distributable earnings $231 $139 (i) Includes realized carried interest from the Falcon Funds, when applicable. ($ millions)Year EndedDecember 31, 2024 Year EndedDecember 31, 2023 Private EquityManagement and advisory fees$93 $112 Total fee-related revenues from Private Equity$93 $112 Compensation expense (76) (85)Support and other net expenses (38) (39)Net contribution $(21)$(12) Structured CreditManagement and advisory feesPerformance fees$764 $61– Total fee-related revenues from Structured Credit$80 $61 Compensation expense (24) (22)Support and other net expenses (12) (9)Net contribution$44 $30 Other CreditManagement and advisory feesPerformance fees$314 $7913 Other income 2 2 Total fee-related revenues from Other Credit$37 $94 Compensation expense (23) (48)Support and other net expenses (31) (52)Net contribution$(17)$(6) Asset management fee-related earnings$6 $12 Public Company and Onex Capital Investing Compensation expense$(13)$(11)Other net expenses (14) (15)Total expenses$(27)$(26) Total fee-related earnings (loss)$(21)$(14) Realized carried interest(i)$19 $16 Net realized gain on corporate investments 619 795 Distributable earnings $617 $797 (i) Includes realized carried interest from the Falcon Funds, when applicable. Fee-related earnings (loss) and distributable earnings are non-GAAP financial measures. The tables below provide reconciliations of Onex’ net earnings (loss) to fee-related earnings (loss) and distributable earnings during the quarters and years ended December 31, 2024 and 2023. ($ millions)Quarter EndedDecember 31, 2024 Quarter EndedDecember 31, 2023 Net earnings (loss)$(2)$373 Provision for income taxes 1 – Earnings (loss) before income taxes (1) 373 Stock-based compensation expense 33 33 Amortization of property, equipment and intangible assets, excluding right-of-use assets3 4 Restructuring expenses, net 10 6 Unrealized carried interest included in segment net earnings – Credit5 6 Realized performance fees previously recognized in segment net earnings(2) (5)Contingent consideration recovery– (42)Impairment reversal of property and equipment– (2)Integration expenses– 1 Other (1) (2)Total segment net earnings 47 372 Investing segment net earnings (29) (326)Net gain from carried interest(i) (19) (48)Total fee-related earnings (loss) (1) (2)Realized carried interest(i) 2 7 Realized gain on corporate investments 230 134 Total distributable earnings$231 $139 (i) Includes carried interest Onex is entitled to from the Falcon Funds. ($ millions)Year EndedDecember 31, 2024 Year EndedDecember 31, 2023 Net earnings$303 $529 Provision for income taxes 2 3 Earnings before income taxes 305 532 Stock-based compensation expense 36 75 Amortization of property, equipment and intangible assets, excluding right-of-use assets15 24 Restructuring expenses, net 21 46 Carried interest from Falcon funds previously recognized in segment net earnings(25) – Unrealized carried interest included in segment net earnings – Credit10 17 Unrealized performance fees included in segment net earnings3 – Impairment of goodwill, intangible assets and property and equipment– 162 Contingent consideration recovery– (42)Integration expenses– 4 Other – (1)Total segment net earnings 365 817 Investing segment net earnings (344) (815)Net gain from carried interest(i) (42) (16)Total fee-related earnings (loss) (21) (14)Realized carried interest(i) 19 16 Realized gain on corporate investments 619 795 Total distributable earnings$617 $797 (i) Includes carried interest Onex is entitled to from the Falcon Funds. Cash and Near-Cash The table below provides a breakdown of cash and near-cash at Onex as at December 31, 2024 and December 31, 2023. ($ millions)December 31, 2024 December 31, 2023 Cash and cash equivalents – Investing segment(i)$840 $142 Management fees and recoverable fund expenses receivable(ii) 464 615 Cash and cash equivalents within Investment Holding Companies(iii) 156 398 Treasury investments 83 – Subscription financing and short-term loan receivable(iv) 35 114 Treasury investments within Investment Holding Companies – 197 Cash and near-cash$1,578 $1,466 (i) Excludes cash and cash equivalents allocated to the asset management segment related to accrued incentive compensation ($89 million (December 31, 2023 – $108 million)). The December 31, 2023 balance also excludes $15 million of cash and cash equivalents allocated to the asset management segment concerning the contingent consideration related to the 2020 acquisition of Onex Falcon. (ii) Includes management fees and recoverable fund expenses receivable from certain funds which Onex has elected to defer cash receipt from. (iii) Cash and cash equivalents is reduced by Onex’ share of uncalled expenses payable by the Investment Holding Companies of $36 million (December 31, 2023 - $35 million) and $2 million payable by the Investment Holding Companies for Onex’ management incentive programs related to a private equity realization (December 31, 2023 – less than $1 million). The December 31, 2023 balance also includes $22 million of restricted cash and cash equivalents for which the Company can readily remove the external restriction or for which the restriction will be removed in the near term. (iv) Includes $35 million of subscription financing receivable, including interest receivable, attributable to third-party investors in Onex Partners V and ONCAP V Funds (December 31, 2023 - $77 million attributable to third-party investors in certain Credit Funds, Onex Partners V and ONCAP V Funds). The December 31, 2023 balance also includes $37 million related to a short-term loan receivable from an Onex Partners operating company, which was repaid during 2024. The table below provides a reconciliation of the change in cash and near-cash from December 31, 2023 to December 31, 2024. ($ millions) Cash and near-cash at December 31, 2023$1,466 Private equity realizations and distributions 1,009 Private equity investments (409)Net private credit strategies investment activity 56 Repurchase of share capital of Onex Corporation(417)Net stock-based compensation paid(60)Cash dividends paid(23)Reversal of Onex Falcon contingent consideration15 Net other, including cash flows from asset management activities, operating costs and changes in working capital (59)Cash and near-cash at December 31, 2024$1,578 (1) Refer to pages 27, 28 and 29 of Onex’ 2024 Annual MD&A for further details concerning the composition of segment net earnings. A reconciliation of total segment net earnings to net earnings (loss) is provided in the supplementary financial schedules in this press release.(2) Refer to the glossary in Onex’ 2024 Annual MD&A for details concerning the composition of fully diluted shares. (3) Asset management fee-related earnings excludes Onex’ public company expenses and other expenses associated with managing Onex’ investing capital and is a component of total fee-related earnings (loss).(4) Total fee-related earnings (loss) is a non-GAAP financial measure that does not have a standardized meaning prescribed under International Financial Reporting Standards as issued by the International Accounting Standards Board (“IFRS Accounting Standards”). Therefore, it may not be comparable to similar financial measures disclosed by other companies. The most directly comparable financial measure under IFRS Accounting Standards to fee-related earnings (loss) is Onex’ net earnings (loss). Refer to the 2024 Results & Activity section of Onex’ 2024 Annual MD&A and the supplementary financial schedules in this press release for further details concerning fee-related earnings (loss). (5) Distributable earnings is a non-GAAP financial measure that does not have a standardized meaning prescribed under IFRS Accounting Standards. Therefore, it may not be comparable to similar financial measures disclosed by other companies. The most directly comparable financial measure under IFRS Accounting Standards to distributable earnings is Onex’ net earnings (loss). Refer to the 2024 Results & Activity section of Onex’ 2024 Annual MD&A and the supplementary financial schedules in this press release for further details concerning distributable earnings.(6) Refer to the glossary in Onex’ 2024 Annual MD&A for details concerning the composition of investing capital per fully diluted share. The percentage changes in investing capital per share exclude the impact of capital deployed in Onex’ asset management segment, where applicable, and dividends paid by Onex.(7) Adjusted to exclude the impact from the transfer of Onex Falcon.(8) Refer to the glossary in Onex’ 2024 Annual MD&A for details concerning the composition of run-rate management fees.(9) Cash and near-cash is a non-GAAP financial measure calculated using methodologies that are not in accordance with IFRS Accounting Standards. The presentation of this measure does not have a standardized meaning prescribed under IFRS Accounting Standards and therefore might not be comparable to similar financial measures presented by other companies. The most directly comparable financial measure under IFRS Accounting Standards to cash and near-cash is Onex’ consolidated cash and cash equivalents balance, which was $929 million at December 31, 2024 (December 31, 2023 - $265 million). Refer to the Cash and Near-Cash section of Onex’ 2024 Annual MD&A and the supplementary financial schedules in this press release for further details concerning Onex’ cash and near-cash.
Intra-Cellular Therapies Reports Fourth Quarter and Full-Year 2024 Financial Results - ForexTV
Fourth quarter 2024 CAPLYTA net product sales grew to $199.2 million, representing a 51% increase over the same period in 2023 Full year 2024 CAPLYTA net product sales were $680.5 million, representing year-over-year growth of 47% The U.S. Food and Drug Administration (FDA) accepted for review the lumateperone supplemental New Drug Application (sNDA) submission for adjunctive treatment of major depressive disorder (MDD) BEDMINSTER, N.J., Feb. 21, 2025 (GLOBE NEWSWIRE) -- Intra-Cellular Therapies, Inc. (Nasdaq: ITCI), a biopharmaceutical company focused on the development and commercialization of therapeutics for central nervous system (CNS) disorders, today announced its financial results for the fourth quarter ended December 31, 2024 and provided a corporate update. Financial Highlights Net product sales of CAPLYTA were $680.5 million for the full year 2024. This represents an increase of 47% compared to 2023. Net product sales of CAPLYTA were $199.2 million for the fourth quarter of 2024, compared to $131.5 million for the same period in 2023, representing 51% growth. Selling, general and administrative (SG&A) expenses were $504.5 million for the year ended December 31, 2024, compared to $409.9 million for the same period in 2023. This increase is primarily due to an increase in commercialization, marketing and infrastructure costs. Research and development (R&D) expenses were $236.1 million for the year ended December 31, 2024, compared to $180.1 million for the same period in 2023. This increase is primarily due to higher lumateperone and non-lumateperone project costs, including the ITI-1284, ITI-214, and ITI-1500 programs. Cash, cash equivalents, investment securities, and restricted cash totaled $1.0 billion on December 31, 2024, compared to $499.7 million at December 31, 2023. Commercial and Clinical Highlights In the first quarter of 2025, we commenced a field sales force expansion in anticipation of the potential approval of CAPLYTA for the adjunctive treatment of MDD. The FDA has accepted for review the sNDA for lumateperone, an investigational agent for the treatment of MDD as adjunctive therapy. Two positive Phase 3 global placebo-controlled studies, Study 501 and Study 502, as well as the long term open-label safety Study 503, form the basis of the sNDA. Advancing our pipeline: In 2024, we initiated 10 late-stage clinical trials including six Phase 3 lumateperone clinical trials and four ITI-1284 clinical trials.Lumateperone: In our pediatric program, in the fourth quarter of 2024, we commenced patient enrollment in two Phase 3 studies in pediatric patients for the treatment of irritability associated with autism spectrum disorder. Patient enrollment is ongoing in our double-blind, placebo-controlled study in bipolar depression and in our open-label safety study in schizophrenia and bipolar disorder in pediatric patients.Patient enrollment is ongoing in our two Phase 3 studies evaluating lumateperone in adults in the acute treatment of manic or mixed episodes associated with bipolar I disorder (bipolar mania). ITI-1284-ODT-SL program: Patient enrollment is ongoing in two Phase 2 clinical studies evaluating ITI-1284 in patients with generalized anxiety disorder (GAD). Our first study evaluates ITI-1284 as an adjunctive therapy to approved GAD medications while a second study evaluates ITI-1284 as monotherapy.Patient enrollment continues in a Phase 2 clinical study evaluating ITI-1284 in patients with psychosis associated with Alzheimer’s disease (AD) and in our Phase 2 program in agitation associated with AD. Other pipeline programs:Phosphodiesterase type I inhibitor (PDE1) program: Patient enrollment in our lenrispodun (ITI-214) Phase 2 Study in Parkinson’s disease (PD) is ongoing. Our second PDE1 inhibitor, ITI-1020 being developed in oncology indications, continues its Phase 1 single ascending dose study in healthy volunteers.ITI-1500 non-hallucinogenic neuroplastogen program: ITI-1549 is advancing IND enabling studies. Important Safety Information Boxed Warnings: Elderly patients with dementia-related psychosis treated with antipsychotic drugs are at an increased risk of death. CAPLYTA is not approved for the treatment of patients with dementia-related psychosis.Antidepressants increased the risk of suicidal thoughts and behaviors in pediatric and young adults in short-term studies. All antidepressant-treated patients should be closely monitored for clinical worsening, and for emergence of suicidal thoughts and behaviors. The safety and effectiveness of CAPLYTA have not been established in pediatric patients. Contraindications: CAPLYTA is contraindicated in patients with known hypersensitivity to lumateperone or any components of CAPLYTA. Reactions have included pruritus, rash (e.g., allergic dermatitis, papular rash, and generalized rash), and urticaria. Warnings & Precautions: Antipsychotic drugs have been reported to cause: Cerebrovascular Adverse Reactions in Elderly Patients with Dementia-Related Psychosis, including stroke and transient ischemic attack. See Boxed Warning above.Neuroleptic Malignant Syndrome (NMS), which is a potentially fatal reaction. Signs and symptoms include: high fever, stiff muscles, confusion, changes in breathing, heart rate, and blood pressure, elevated creatinine phosphokinase, myoglobinuria (and/or rhabdomyolysis), and acute renal failure. Patients who experience signs and symptoms of NMS should immediately contact their doctor or go to the emergency room.Tardive Dyskinesia, a syndrome of uncontrolled body movements in the face, tongue, or other body parts, which may increase with duration of treatment and total cumulative dose. TD may not go away, even if CAPLYTA is discontinued. It can also occur after CAPLYTA is discontinued.Metabolic Changes, including hyperglycemia, diabetes mellitus, dyslipidemia, and weight gain. Hyperglycemia, in some cases extreme and associated with ketoacidosis, hyperosmolar coma or death, has been reported in patients treated with antipsychotics. Measure weight and assess fasting plasma glucose and lipids when initiating CAPLYTA and monitor periodically during long-term treatment.Leukopenia, Neutropenia, and Agranulocytosis (including fatal cases). Complete blood counts should be performed in patients with pre-existing low white blood cell count (WBC) or history of leukopenia or neutropenia. CAPLYTA should be discontinued if clinically significant decline in WBC occurs in absence of other causative factors.Decreased Blood Pressure & Dizziness. Patients may feel lightheaded, dizzy or faint when they rise too quickly from a sitting or lying position (orthostatic hypotension). Heart rate and blood pressure should be monitored and patients should be warned with known cardiovascular or cerebrovascular disease. Orthostatic vital signs should be monitored in patients who are vulnerable to hypotension.Falls. CAPLYTA may cause sleepiness or dizziness and can slow thinking and motor skills, which may lead to falls and, consequently, fractures and other injuries. Patients should be assessed for risk when using CAPLYTA.Seizures. CAPLYTA should be used cautiously in patients with a history of seizures or with conditions that lower seizure threshold.Potential for Cognitive and Motor Impairment. Patients should use caution when operating machinery or motor vehicles until they know how CAPLYTA affects them.Body Temperature Dysregulation. CAPLYTA should be used with caution in patients who may experience conditions that may increase core body temperature such as strenuous exercise, extreme heat, dehydration, or concomitant anticholinergics.Dysphagia. CAPLYTA should be used with caution in patients at risk for aspiration. Drug Interactions: CAPLYTA should not be used with CYP3A4 inducers. Dose reduction is recommended for concomitant use with strong CYP3A4 inhibitors or moderate CYP3A4 inhibitors. Special Populations: Newborn infants exposed to antipsychotic drugs during the third trimester of pregnancy are at risk for extrapyramidal and/or withdrawal symptoms following delivery. Dose reduction is recommended for patients with moderate or severe hepatic impairment. Adverse Reactions: The most common adverse reactions in clinical trials with CAPLYTA vs. placebo were somnolence/sedation, dizziness, nausea, and dry mouth. CAPLYTA is available in 10.5 mg, 21 mg, and 42 mg capsules. Please click here to see full Prescribing Information including Boxed Warning. About CAPLYTA (lumateperone) CAPLYTA 42 mg is an oral, once daily atypical antipsychotic approved in adults for the treatment of schizophrenia and the treatment of depressive episodes associated with bipolar I or II disorder (bipolar depression) as monotherapy and as adjunctive therapy with lithium or valproate. While the mechanism of action of CAPLYTA is unknown, the efficacy of CAPLYTA could be mediated through a combination of antagonist activity at central serotonin 5-HT2A receptors and postsynaptic antagonist activity at central dopamine D2 receptors. Lumateperone is being studied for the treatment of major depressive disorder, and other psychiatric and neurological disorders. Lumateperone is not FDA-approved for these disorders. About Intra-Cellular Therapies Intra-Cellular Therapies is a biopharmaceutical company founded on Nobel prize-winning research that allows us to understand how therapies affect the inner-workings of cells in the body. The company leverages this intracellular approach to develop innovative treatments for people living with complex psychiatric and neurologic diseases. For more information, please visit www.intracellulartherapies.com. Forward-Looking Statements This news release contains "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995 that involve risks and uncertainties that could cause actual results to be materially different from historical results or from any future results expressed or implied by such forward-looking statements. Such forward-looking statements include statements regarding, among other things, the potential approval of CAPLYTA (lumateperone) for the treatment of major depressive disorder as adjunctive therapy; our financial and operating performance, including our future revenues and expenses; our expectations regarding the commercialization of CAPLYTA; our plans to expand our sales force; our plans to conduct clinical or non-clinical trials and the timing of developments with respect to those trials, including enrollment, initiation or completion of clinical conduct, or the availability or reporting of results; whether clinical trial results will be predictive of future real-world results; whether CAPLYTA will serve an unmet need; the goals of our development programs; our beliefs about the potential utility of our product candidates; and development efforts and plans under the caption “About Intra-Cellular Therapies.” All such forward-looking statements are based on management's present expectations and are subject to certain factors, risks and uncertainties that may cause actual results, outcome of events, timing and performance to differ materially from those expressed or implied by such statements. These risks and uncertainties include, but are not limited to, the following: there is no guarantee we will complete the pending transaction with Johnson & Johnson within the timeframe we anticipate or at all; there are no guarantees that CAPLYTA will be commercially successful; we may encounter issues, delays or other challenges in commercializing CAPLYTA; whether CAPLYTA receives adequate reimbursement from third-party payors; the degree to which CAPLYTA receives acceptance from patients and physicians for its approved indications; challenges associated with execution of our sales activities, which in each case could limit the potential of our product; results achieved in CAPLYTA in the treatment of schizophrenia and bipolar depression following commercial launch of the product may be different than observed in clinical trials, and may vary among patients; challenges associated with supply and manufacturing activities, which in each case could limit our sales and the availability of our product; risks associated with our current and planned clinical trials; we may encounter unexpected safety or tolerability issues with CAPLYTA following commercial launch for the treatment of schizophrenia or bipolar depression or in ongoing or future trials and other development activities; there is no guarantee that a generic equivalent of CAPLYTA will not be approved and enter the market before the expiration of our patents; there is no guarantee that our sNDA for the adjunctive treatment of MDD will be approved, if at all, on the timeline that we expect; our other product candidates may not be successful or may take longer and be more costly than anticipated; product candidates that appeared promising in earlier research and clinical trials may not demonstrate safety and/or efficacy in larger-scale or later clinical trials or in clinical trials for other indications; our proposals with respect to the regulatory path for our product candidates may not be acceptable to the FDA; our reliance on collaborative partners and other third parties for development of our product candidates; impacts on our business, including on the commercialization of CAPLYTA and our clinical trials, as a result of the COVID-19 pandemic, the conflicts in Ukraine, Russia and the Middle East, global economic uncertainty, inflation, higher interest rates or market disruptions; and the other risk factors detailed in our public filings with the Securities and Exchange Commission. All statements contained in this press release are made only as of the date of this press release, and we do not intend to update this information unless required by law. Contact: Intra-Cellular Therapies, Inc.Juan Sanchez, M.D. Vice President, Corporate Communications and Investor Relations646-440-9333 Burns McClellan, Inc.Cameron Radinoviccradinovic@burnsmc.com212-213-0006 INTRA-CELLULAR THERAPIES, INC.CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (in thousands except share and per share amounts) (Unaudited) (1)(2) Three Months Ended December 31, Twelve Months Ended December 31, 2024 2023 2024 2023 Revenues Product sales, net$199,223 $131,507 $680,501 $462,175 Grant revenue — 593 351 2,195 Total revenues, net 199,223 132,100 680,852 464,370 Operating expenses: Cost of product sales 20,405 10,703 56,963 33,745 Selling, general and administrative 137,729 104,720 504,489 409,864 Research and development 70,286 50,773 236,121 180,142 Total operating expenses 228,420 166,196 797,573 623,751 Loss from operations (29,197) (34,096) (116,721) (159,381)Interest income 11,995 6,242 42,518 20,343 Loss before provision for income taxes (17,202) (27,854) (74,203) (139,038)Income tax expense 317 (450) (473) (636)Net loss$(16,885) $(28,304) $(74,676) $(139,674)Net loss per common share: Basic & Diluted$(0.16) $(0.29) $(0.72) $(1.46)Weighted average number of common shares: Basic & Diluted 106,095,836 96,285,558 103,131,017 95,881,729 (1) The condensed consolidated statements of operations for the three and twelve months ended December 31, 2024 and 2023 have been derived from the financial statements but do not include all of the information and footnotes required by accounting principles generally accepted in the United States for complete financial statements. (2) Some amounts in this statement may not add due to rounding. All percentages have been calculated using unrounded amounts. INTRA-CELLULAR THERAPIES, INC.CONDENSED CONSOLIDATED BALANCE SHEETS(in thousands except share and per share amounts) (Unaudited) December 31,2024 December 31,2023Assets Current assets: Cash and cash equivalents$306,948 $147,767 Investment securities, available-for-sale 694,118 350,174 Restricted cash 1,750 1,750 Accounts receivable, net 166,500 114,018 Inventory 26,283 11,647 Prepaid expenses and other current assets 111,765 42,443 Total current assets 1,307,364 667,799 Property and equipment, net 1,468 1,654 Right of use assets, net 13,428 12,928 Inventory, non-current 38,890 38,621 Other assets 5,762 7,293 Total assets$1,366,912 $728,295 Liabilities and stockholders’ equity Current liabilities: Accounts payable$26,074 $11,452 Accrued and other current liabilities 65,215 27,944 Accrued customer programs 75,408 53,173 Accrued employee benefits 34,774 27,364 Operating lease liabilities 4,233 3,612 Total current liabilities 205,704 123,545 Operating lease liabilities, non-current 12,748 13,326 Total liabilities 218,452 136,871 Stockholders’ equity: Common stock, $0.0001 par value: 175,000,000 shares authorized at December 31, 2024 and December 31, 2023, respectively; 106,240,009 and 96,379,811 shares issued and outstanding at December 31, 2024 and December 31, 2023, respectively 11 10 Additional paid-in capital 2,840,094 2,208,470 Accumulated deficit (1,691,836) (1,617,160)Accumulated comprehensive income 191 104 Total stockholders’ equity 1,148,460 591,424 Total liabilities and stockholders’ equity$1,366,912 $728,295 The condensed consolidated balance sheets at December 31, 2024 and December 31, 2023 have been derived from the financial statements but do not include all of the information and footnotes required by accounting principles generally accepted in the United States for complete financial statements.
STEALTHGAS INC. Reports Fourth Quarter and Twelve Months 2024 Financial and Operating Results - ForexTV
ATHENS, Greece, Feb. 21, 2025 (GLOBE NEWSWIRE) -- STEALTHGAS INC. (NASDAQ: GASS), a ship-owning company serving the liquefied petroleum gas (LPG) sector of the international shipping industry, announced today its unaudited financial and operating results for the fourth quarter and twelve months ended December 31, 2024. OPERATIONAL AND FINANCIAL HIGHLIGHTS All-time record Net Income of $69.9 million for the twelve month period of 2024, a 34.7% increase compared to the same period last year. Strong profitability continued for the fourth quarter, with Net income of $14.2 million corresponding to a basic EPS of $0.38.Revenues increased by 27.3% compared to the same period of last year to $43.5 million for the fourth quarter of 2024.Further increased period coverage. About 70% of fleet days for 2025 are secured on period charters, with total fleet employment days for all subsequent periods generating over $200 million (excl. JV vessels) in contracted revenues.Continued reducing leverage, making $108.2 million in debt repayments during the twelve month period of 2024 and $34.4 million in the current quarter of 2025. Currently, 26 out of 28 vessels in the fully owned fleet are unencumbered.Maintaining ample cash and cash equivalents (incl. restricted cash) of $84.5 million as of December 31, 2024 enabling the Company to further reduce debt. Fourth Quarter 2024 Results1: Revenues for the three months ended December 31, 2024 amounted to $43.5 million compared to revenues of $34.1 million for the three months ended December 31, 2023, based on an average of 27.6 vessels and 27.0 vessels owned by the Company, respectively, as the vessels remaining in the fleet earned higher revenues due to better market conditions.Voyage expenses and vessels’ operating expenses for the three months ended December 31, 2024 were $3.2 million and $13.6 million, respectively, compared to $3.3 million and $12.9 million, respectively, for the three months ended December 31, 2023. The $0.7 million increase in vessels’ operating expenses was mainly due to increase in crew costs and maintenance expenses, while the voyage expenses remained stable between 2024 and 2023.Drydocking costs for the three months ended December 31, 2024 and 2023 were $1.9 million and $0.03 million, respectively. Drydocking expenses during the fourth quarter of 2024 mainly relate to the completed drydocking of three vessels, compared to no drydocking of vessels in the same period of last year.General and administrative expenses for the three months ended December 31, 2024 and 2023 were $3.0 million and $1.7 million, respectively. The change is mainly attributed to the increase in stock-based compensation expense.Depreciation for the three months ended December 31, 2024 and 2023 was $6.6 million and $5.6 million, respectively, a $1.0 million increase is mainly related to the increase in average number of vessels owned by the Company and to the partial replacement of some of the older vessels with newer and larger ones which have a higher cost.Interest and finance costs for the three months ended December 31, 2024 and 2023, were $1.4 million and $2.3 million, respectively. The $0.9 million decrease from the same period of last year is primarily due to continued debt prepayments.Interest income for the three months ended December 31, 2024 and 2023, were $1.1 million and $1.0 million, respectively.Equity earnings in joint ventures for the three months ended December 31, 2024 and 2023 was a gain of $0.5 million and $0.9 million, respectively. The $0.4 million decrease was primarily due to decrease in number of vessels in joint ventures.As a result of the above, for the three months ended December 31, 2024, the Company reported net income of $14.2 million, compared to net income of $8.9 million for the three months ended December 31, 2023. The weighted average number of shares outstanding, basic, for the three months ended December 31, 2024 and 2023 was 35.3 million and 35.3 million, respectively.Earnings per share, basic, for the three months ended December 31, 2024 amounted to $0.38 compared to earnings per share, basic, of $0.25 for the same period of last year.Adjusted net income was $16.4 million corresponding to an Adjusted EPS, basic, of $0.44 for the three months ended December 31, 2024 compared to Adjusted net income of $10.3 million corresponding to an Adjusted EPS, basic, of $0.29 for the same period of last year.EBITDA for the three months ended December 31, 2024 amounted to $21.2 million. Reconciliations of Adjusted Net Income, EBITDA and Adjusted EBITDA to Net Income are set forth below.An average of 27.6 vessels were owned by the Company during the three months ended December 31, 2024 compared to 27.0 vessels for the same period of 2023. Twelve months 2024 Results: Revenues for the twelve months ended December 31, 2024, amounted to $167.3 million, an increase of $23.8 million, or 16.6%, compared to revenues of $143.5 million for the twelve months ended December 31, 2023, as the vessels remaining in the fleet earned higher revenues due to better market conditions.Voyage expenses and vessels’ operating expenses for the twelve months ended December 31, 2024 were $11.7 million and $49.8 million, respectively, compared to $13.2 million and $53.1 million for the twelve months ended December 31, 2023. The $1.5 million decrease in voyage expenses was mainly due to the decrease in spot days, while the $3.3 million decrease in vessels’ operating expenses was mainly due to the decrease in the average number of owned vessels in our fleet.Drydocking costs for the twelve months ended December 31, 2024 and 2023 were $5.3 million and $2.6 million, respectively. The costs for the twelve months ended December 31, 2024 mainly related to the completed drydocking of seven vessels, while the costs for the same period of last year mainly related to the completed drydocking of three of the larger handysize vessels.General and administrative expenses for the twelve months ended December 31, 2024 and 2023 were $10.3 million and $5.3 million, respectively. The change is mainly attributed to the increase in stock-based compensation expense.Depreciation for the twelve months ended December 31, 2024, was $26.1 million, a $2.4 million increase from $23.7 million for the same period of last year, as the Company partly replaced some of the older vessels with newer and larger vessels which have a higher cost.Impairment loss for the twelve months ended December 31, 2024 and 2023 was nil and $2.8 million, respectively. The impairment loss for the year ended December 31, 2023, related to two vessels for which the Company had entered into separate agreements to sell to third parties.Gain on sale of vessels for the twelve months ended December 31, 2024 was $0.05 million compared to $7.6 million for the same period last year. The decrease is attributed to the sale of four of the Company’s vessels during the twelve months ended December 31, 2023 compared to the sale of two vessels during the twelve months ended December 31, 2024, which had been classified as held for sale as of December 31, 2023.Interest and finance costs for the twelve months ended December 31, 2024 and 2023 were $9.1 million and $10.0 million, respectively. The $0.9 million decrease from last year is primarily due to continued debt prepayments.Interest income for the twelve months ended December 31, 2024 and 2023 was $3.4 million and $3.7 million, respectively. The $0.3 million decrease is mainly attributed to decrease in interest rates and over the corresponding period.Equity earnings in joint ventures for the twelve months ended December 31, 2024 and 2023 was a gain of $15.6 million and a gain of $12.3 million, respectively. The $3.3 million increase from the same period of last year is mainly due to a profitable sale of one of the Medium Gas carriers owned by one of our joint ventures.As a result of the above, the Company reported a net income for the twelve months ended December 31, 2024 of $69.9 million, compared to a net income of $51.9 million for the twelve months ended December 31, 2023. The weighted average number of shares outstanding, basic, for the twelve months ended December 31, 2024 and 2023 was 35.2 million and 37.2 million, respectively.Earnings per share, basic, for the twelve months ended December 31, 2024 amounted to $1.91 compared to earnings per share, basic, of $1.38 for the same period of last year.Adjusted net income was $77.3 million, corresponding to an Adjusted EPS, basic, of $2.11 per share, for the twelve months ended December 31, 2024 compared to adjusted net income of $50.5 million, or $1.34 per share, for the same period of last year.EBITDA for the twelve months ended December 31, 2024 amounted to $101.6 million. Reconciliations of Adjusted Net Income, EBITDA and Adjusted EBITDA to Net Income are set forth below.An average of 27.2 vessels were owned by the Company during the twelve months ended December 31, 2024, compared to 29.3 vessels for the same period of 2023.As of December 31, 2024, cash and cash equivalents (including restricted cash) amounted to $84.5 million and total debt amounted to $84.9 million.1 EBITDA, Adjusted EBITDA, Adjusted Net Income and Adjusted EPS are non-GAAP measures. Refer to the reconciliation of these measures to the most directly comparable financial measure in accordance with GAAP set forth later in this release. Fleet Update Since Previous Announcement The Company announced the conclusion of the following chartering arrangements (of three or more months duration): A twelve months time charter for its 2024 built LPG carrier Eco Wizard, until Dec 2025.A twelve months time charter for its 2020 built LPG carrier Eco Alice, until Feb 2026.A twelve months time charter for the JV-owned 2007 built LPG carrier Gas Haralambos, until Dec 2025.A three months time charter for the 2012 built LPG carrier Gas Husky, until April 2025. As of February 2025, the Company has total contracted revenues of approximately $200 million. As of February 2025, the Company has circa 70% of fleet days secured under period contracts and contracted revenues of approximately $107 million for the remainder of the year. On January 21, 2025, the previously announced sale of the Gas Shuriken was concluded and the vessel was delivered to its new owners. Share Repurchase Program Increase Today the Board of Directors authorized a $5 million increase to the existing $25 million common stock repurchase program for a total aggregate amount of $30 million. Shares of common stock may be purchased, from time to time, in open market or privately negotiated transactions, at times and prices that are considered to be appropriate by the Company, and the program may be suspended or discontinued at any time. As of the date hereof, the Company has repurchased an aggregate of approximately $19.4 million. CEO Harry Vafias Commented It is with great pride that we announce today for the third consecutive year record annual profits. After a successful fourth quarter we concluded 2024 reporting net income of $70 million for the year, a 35% increase, far outpacing the underlying market improvement for our vessels. We are delivering on our strategic priorities, modernizing the fleet, securing revenues and de-risking the business, aiming to bring strong value to StealthGas shareholders. We can now say we are net debt free, after having further reduced our debt in the current quarter. We are close to completing our deleverage that will bring a long term advantage to the fleet and the Company is in a solid footing. As successful as we have been we are established in the shipping markets long enough not to forget that we operate in a volatile sector where fortunes can be made and lost quite rapidly. We are optimistic for the future albeit evermore cautiously not least because the current global geopolitics that can have a strong influence on shipping markets are for the time being quite opaque with too many developing situations. Finally, in order to give further value back to our shareholders, we are renewing our share repurchases and increasing up to $10.5 million the amount available to us for this task. Conference Call details: On February 21, 2025 at 10:00 am ET, the company’s management will host a conference call to discuss the results and the company’s operations and outlook. Conference call participants should pre-register using the below link to receive the dial-in numbers and a personal PIN, which are required to access the conference call. https://register.vevent.com/register/BIa607c71e1abf4ac08816dfc43bd8d733 Slides and audio webcast: There will also be a live and then archived webcast of the conference call, through the STEALTHGAS INC. website (www.stealthgas.com). Participants to the live webcast should register on the website approximately 10 minutes prior to the start of the webcast. About STEALTHGAS INC. StealthGas Inc. is a ship-owning company serving the liquefied petroleum gas (LPG) sector of the international shipping industry. StealthGas Inc. has a fleet of 31 LPG carriers, including three Joint Venture vessels in the water. These LPG vessels have a total capacity of 349,170 cubic meters (cbm). StealthGas Inc.’s shares are listed on the Nasdaq Global Select Market and trade under the symbol “GASS.” Visit our website at www.stealthgas.com Forward-Looking Statements Matters discussed in this release may constitute forward-looking statements. Forward-looking statements reflect our current views with respect to future events and financial performance and may include statements concerning plans, objectives, goals, strategies, future events or performance and underlying assumptions and other statements, which are other than statements of historical facts. The forward-looking statements in this release are based upon various assumptions, many of which are based, in turn, upon further assumptions, including without limitation, management’s examination of historical operating trends, data contained in our records and other data available from third parties. Although STEALTHGAS INC. believes that these assumptions were reasonable when made, because these assumptions are inherently subject to significant uncertainties and contingencies which are difficult or impossible to predict and are beyond our control, STEALTHGAS INC. cannot assure you that it will achieve or accomplish these expectations, beliefs or projections. Important factors that, in our view, could cause actual results to differ materially from those discussed in the forward-looking statements include the strength of world economies and currencies, general market conditions, including changes in charter hire rates and vessel values, charter counterparty performance, changes in demand that may affect attitudes of time charterers to scheduled and unscheduled drydockings, shipyard performance, changes in STEALTHGAS INC’s operating expenses, including bunker prices, drydocking and insurance costs, ability to obtain financing and comply with covenants in our financing arrangements, actions taken by regulatory authorities, potential liability from pending or future litigation, domestic and international political conditions, the conflict in Ukraine and related sanctions, the conflict in Israel and Gaza, potential disruption of shipping routes due to ongoing attacks by Houthis in the Red Sea and Gulf of Aden or accidents and political events or acts by terrorists. Risks and uncertainties are further described in reports filed by STEALTHGAS INC. with the U.S. Securities and Exchange Commission. Fleet List For information on our fleet and further information: Visit our website at www.stealthgas.com Fleet Data: The following key indicators highlight the Company’s operating performance during the periods ended December 31, 2023 and 2024. FLEET DATAQ4 2023 Q4 2024 12M 2023 12M 2024 Average number of vessels (1)27.0 27.6 29.3 27.2 Period end number of owned vessels in fleet27 28 27 28 Total calendar days for fleet (2)2,484 2,542 10,698 9,944 Total voyage days for fleet (3)2,441 2,446 10,566 9,677 Fleet utilization (4)98.3%96.2%98.8%97.3%Total charter days for fleet (5)2,207 2,265 9,544 8,930 Total spot market days for fleet (6)234 181 1,022 747 Fleet operational utilization (7)96.8%95.0%96.6%95.4% 1) Average number of vessels is the number of owned vessels that constituted our fleet for the relevant period, as measured by the sum of the number of days each vessel was a part of our fleet during the period divided by the number of calendar days in that period. 2) Total calendar days for fleet are the total days the vessels we operated were in our possession for the relevant period including off-hire days associated with major repairs, drydockings or special or intermediate surveys. 3) Total voyage days for fleet reflect the total days the vessels we operated were in our possession for the relevant period net of off-hire days associated with major repairs, drydockings or special or intermediate surveys. 4) Fleet utilization is the percentage of time that our vessels were available for revenue generating voyage days, and is determined by dividing voyage days by fleet calendar days for the relevant period. 5) Total charter days for fleet are the number of voyage days the vessels operated on time or bareboat charters for the relevant period. 6) Total spot market charter days for fleet are the number of voyage days the vessels operated on spot market charters for the relevant period. 7) Fleet operational utilization is the percentage of time that our vessels generated revenue, and is determined by dividing voyage days excluding commercially idle days by fleet calendar days for the relevant period. Reconciliation of Adjusted Net Income, EBITDA, adjusted EBITDA and adjusted EPS: Adjusted net income represents net income before loss/gain on derivatives excluding swap interest paid/received, impairment loss, net gain/loss on sale of vessels and share based compensation. EBITDA represents net income before interest and finance costs, interest income and depreciation. Adjusted EBITDA represents net income before interest and finance costs, interest income, depreciation, impairment loss, net gain/loss on sale of vessels, share based compensation and loss/gain on derivatives. Adjusted EPS represents Adjusted net income divided by the weighted average number of shares. EBITDA, adjusted EBITDA, adjusted net income and adjusted EPS are included herein because they are a basis, upon which we and our investors assess our financial performance. They allow us to present our performance from period to period on a comparable basis and provide investors with a means of better evaluating and understanding our operating performance. EBITDA, adjusted EBITDA, adjusted net income and adjusted EPS are not recognized measurements under U.S. GAAP. Our calculation of EBITDA, adjusted EBITDA, adjusted net income and adjusted EPS may not be comparable to that reported by other companies in the shipping or other industries. In evaluating Adjusted EBITDA, Adjusted net income and Adjusted EPS, you should be aware that in the future we may incur expenses that are the same as or similar to some of the adjustments in this presentation. (Expressed in United States Dollars, except number of shares)Fourth Quarter Ended December 31st,Twelve months Periods Ended December 31st, 2023202420232024Net Income - Adjusted Net Income Net income8,889,046 14,198,527 51,936,829 69,862,177 Plus/(Less) loss/(gain) on derivatives255,736 -- (237,618)(99,286)(Less)/Plus swap interest (paid)/received216,432 -- 1,027,127 208,127 (Less)/Plus (gain)/loss on sale of vessels, net-- -- (7,645,781)(46,384)Plus impairment loss-- -- 2,816,873 -- Plus share based compensation940,216 2,206,295 2,589,405 7,326,807 Adjusted Net Income10,301,430 16,404,822 50,486,835 77,251,441 Net income – EBITDA Net income8,889,046 14,198,527 51,936,829 69,862,177 Plus interest and finance costs2,344,430 1,425,886 9,956,712 9,062,562 Less interest income(952,287)(1,052,786)(3,712,239)(3,416,221)Plus depreciation5,565,955 6,598,549 23,707,797 26,076,687 EBITDA15,847,144 21,170,176 81,889,099 101,585,205 Net income - Adjusted EBITDA Net income8,889,046 14,198,527 51,936,829 69,862,177 Plus/(Less) loss/(gain) on derivatives255,736 -- (237,618)(99,286)(Less)/Plus (gain)/loss on sale of vessels, net-- -- (7,645,781)(46,384)Plus impairment loss-- -- 2,816,873 -- Plus share based compensation940,216 2,206,295 2,589,405 7,326,807 Plus interest and finance costs2,344,430 1,425,886 9,956,712 9,062,562 Less interest income(952,287)(1,052,786)(3,712,239)(3,416,221)Plus depreciation5,565,955 6,598,549 23,707,797 26,076,687 Adjusted EBITDA17,043,096 23,376,471 79,411,978 108,766,342 EPS - Adjusted EPS Net income8,889,046 14,198,527 51,936,829 69,862,177 Adjusted net income10,301,430 16,404,822 50,486,835 77,251,441 Weighted average number of shares, basic35,300,965 35,345,251 37,166,449 35,237,059 EPS - Basic 0.25 0.38 1.38 1.91 Adjusted EPS – Basic0.29 0.44 1.34 2.11 StealthGas Inc. Unaudited Condensed Consolidated Statements of Income (Expressed in United States Dollars, except for number of shares) Quarters Ended December 31, Twelve month Periods Ended December 31, 2023 2024 2023 2024 Revenues Revenues34,139,248 43,467,117 143,527,769 167,262,185 Expenses Voyage expenses2,878,732 2,679,927 11,429,716 9,594,880 Voyage expenses - related party426,108 535,991 1,779,488 2,063,228 Vessels' operating expenses12,690,873 13,404,725 52,206,248 48,961,137 Vessels' operating expenses - related party207,500 212,500 911,250 875,002 Drydocking costs27,696 1,855,672 2,641,706 5,312,614 Management fees - related party1,048,800 1,089,040 4,531,920 4,258,240 General and administrative expenses1,657,671 3,010,733 5,331,029 10,309,693 Depreciation5,565,955 6,598,549 23,707,797 26,076,687 Impairment loss-- -- 2,816,873 -- Net gain on sale of vessels-- -- (7,645,781) (46,384)Total expenses24,503,335 29,387,137 97,710,246 107,405,097 Income from operations9,635,913 14,079,980 45,817,523 59,857,088 Other (expenses)/income Interest and finance costs(2,344,430) (1,425,886) (9,956,712) (9,062,562)(Loss)/gain on derivatives(255,736) -- 237,618 99,286 Interest income952,287 1,052,786 3,712,239 3,416,221 Foreign exchange (loss)/gain(27,829) 25,598 (190,722) (70,692)Other expenses, net(1,675,708) (347,502) (6,197,577) (5,617,747) Income before equity in earnings of investees7,960,205 13,732,478 39,619,946 54,239,341 Equity earnings in joint ventures928,841 466,049 12,316,883 15,622,836 Net Income8,889,046 14,198,527 51,936,829 69,862,177 Earnings per share - Basic0.25 0.38 1.38 1.91 - Diluted0.25 0.38 1.37 1.90 Weighted average number of shares - Basic35,300,965 35,345,251 37,166,449 35,237,059 - Diluted35,430,883 35,409,350 37,236,951 35,333,160 StealthGas Inc. Unaudited Condensed Consolidated Balance Sheets (Expressed in United States Dollars) December 31, December 31, 2023 2024 Assets Current assets Cash and cash equivalents77,202,843 80,653,398 Trade and other receivables4,506,741 6,156,300 Other current assets130,589 193,265 Claims receivable55,475 55,475 Inventories1,979,683 3,891,147 Advances and prepayments1,409,418 733,190 Restricted cash659,137 -- Assets held for sale34,879,925 -- Fair value of derivatives-- 387,630 Total current assets120,823,811 92,070,405 Non current assets Advances for vessel acquisitions23,414,570 -- Operating lease right-of-use assets99,379 -- Vessels, net504,295,083 608,214,416 Other receivables48,040 370,053 Restricted cash5,893,721 3,867,752 Investments in joint ventures39,671,603 27,717,238 Deferred finance charges1,105,790 -- Fair value of derivatives1,858,677 -- Total non current assets576,386,863 640,169,459 Total assets697,210,674 732,239,864 Liabilities and Stockholders' Equity Current liabilities Payable to related parties955,567 388,130 Trade accounts payable9,953,137 10,994,434 Accrued liabilities5,681,144 4,922,587 Operating lease liabilities71,173 -- Deferred income5,386,126 4,304,667 Current portion of long-term debt16,624,473 23,333,814 Total current liabilities38,671,620 43,943,632 Non current liabilities Operating lease liabilities28,206 -- Deferred income1,928,712 213,563 Long-term debt106,918,176 61,555,855 Total non current liabilities108,875,094 61,769,418 Total liabilities147,546,713 105,713,050 Commitments and contingencies Stockholders' equity Capital stock453,434 370,414 Treasury stock(44,453,836) -- Additional paid-in capital446,938,868 409,912,934 Retained earnings145,993,681 215,855,858 Accumulated other comprehensive income731,814 387,608 Total stockholders' equity549,663,961 626,526,814 Total liabilities and stockholders' equity697,210,674 732,239,864 StealthGas Inc. Unaudited Condensed Consolidated Statements of Cash Flows (Expressed in United States Dollars) Twelve month Periods EndedDecember 31, 2023 2024 Cash flows from operating activities Net income for the year51,936,829 69,862,177 Adjustments to reconcile net income to net cash provided by operating activities: Depreciation23,707,797 26,076,687 Amortization of deferred finance charges1,345,941 711,378 Amortization of operating lease right-of-use assets99,379 99,379 Share based compensation2,589,405 7,326,807 Change in fair value of derivatives789,509 108,841 Proceeds from disposal of interest rate swaps-- 1,018,000 Equity earnings in joint ventures(12,316,883) (15,622,836)Dividends received from joint ventures14,589,215 20,570,036 Impairment loss2,816,873 -- Gain on sale of vessels(7,645,781) (46,384)Changes in operating assets and liabilities: (Increase)/decrease in Trade and other receivables238,627 (1,971,610)Other current assets139,925 (62,676)Inventories1,365,189 (1,664,736)Changes in operating lease liabilities(99,379) (99,379)Advances and prepayments(728,005) 676,228 Increase/(decrease) in Balances with related parties(1,532,943) (555,589)Trade accounts payable(1,813,377) 628,898 Accrued liabilities(100,515) (758,558)Deferred income2,058,409 (2,796,608)Net cash provided by operating activities77,440,215 103,500,055 Cash flows from investing activities Insurance proceeds126,666 -- Proceeds from sale of vessels, net80,109,781 34,679,584 Acquisition and improvements of vessels(85,201) (106,169,013)Maturity of short term investments26,500,000 -- Return of investments from joint ventures4,688,785 7,007,164 Net cash provided by/(used in) investing activities111,340,031 (64,482,265) Cash flows from financing activities Proceeds from exercise of stock options747,500 356,250 Stock repurchase(19,080,455) (338,176)Deferred finance charges paid(988,166) (22,167)Advances from joint ventures11,847 -- Advances to joint ventures-- (11,847)Loan repayments(154,870,215) (108,236,401)Proceeds from long-term debt-- 70,000,000 Net cash used in financing activities(174,179,489) (38,252,341) Net increase in cash, cash equivalents and restricted cash14,600,757 765,449 Cash, cash equivalents and restricted cash at beginning of period69,154,944 83,755,701 Cash, cash equivalents and restricted cash at end of year83,755,701 84,521,150 Cash breakdown Cash and cash equivalents77,202,843 80,653,398 Restricted cash, current659,137 -- Restricted cash, non current5,893,721 3,867,752 Total cash, cash equivalents and restricted cash shown in the statements of cash flows83,755,701 84,521,150 CONTACT: Company Contact: Konstantinos Sistovaris STEALTHGAS INC. 00-30-210-6250-001 E-mail: info@stealthgas.com
Middlefield Canadian Income PCC - Withdrawal of General Meeting Requisition - ForexTV
21 February 2025 Middlefield Canadian Income PCC (the “Company”)including Middlefield Canadian Income – GBP PC (the “Fund”), a cell of the CompanyRegistered No: 93546Legal Entity Identifier: 2138007ENW3JEJXC8658 Withdrawal of General Meeting Requisition As announced on 13 February 2025, Middlefield Canadian Income PCC (the “Company”) and Middlefield Canadian Income – GBP PC (the “Fund”) received a letter from a nominee account acting on behalf of the custodian and prime broker for Saba Capital Management, L.P. (“Saba”) requisitioning the Board of the Company and Fund (the “Board”) to convene a general meeting of shareholders (the “Requisition”). Since the receipt of the Requisition, the Board has consulted with a number of the Company’s largest shareholders, including Saba. Following constructive discussions, Saba has agreed to withdraw the Requisition for a period of 60 days to enable the Company and its advisers to formulate proposals that are in the best interests of all shareholders. The Board will provide a further update in due course. For further information, please contact: Middlefield Canadian Income – GBP PC via Investec Bank plcMichael Phair (Chairman) Investec Bank plc 020 7597 4000Corporate BrokerHelen Goldsmith/David Yovichic JTC Fund Solutions (Jersey) Limited 01534 700 000SecretaryMatt Tostevin/Hilary Jones/Jade Livesey Burson Buchanan 020 7466 5000PR AdvisersCharles Ryland/Henry Wilson
WestKam Gold Terminates Purchase Agreement to Acquire the Powerline One Uranium Project in Utah - ForexTV
Vancouver, Canada, Feb. 21, 2025 (GLOBE NEWSWIRE) -- WestKam Gold Corp. (TSX-V:WKG) (the “Company” or “WestKam”) is announces that it has terminated negotiations for the purchase of a 100% legal and beneficial interest in 131 lode claims in Grand County, Utah, covering 2,649 acres (1,072 ha), called the Powerline One Project (the “Powerline”). Mr. Peter Laipnieks, President and CEO of WestKam states “The Company was unable to finalize the final acquisition on favourable terms, and will continue to seek out potential projects that better align with the Company’s strategic plan.” About WestKam WestKam Gold Corp. is a Canadian-listed junior gold exploration company focused on exploring and developing projects in Western North America. ON BEHALF OF THE BOARD OF DIRECTORS “Peter Laipnieks”Peter Laipnieks, President & CEO Contacts: WestKam Gold Corp.Suite 900, 570 Granville StreetVancouver, BC V6C 3P1 Contact: Investor Relations250.216.5674westkam007@gmail.comwestkamgoldcorp.com Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release. Forward-looking information All statements included in this press release that address activities, events or developments that the Company expects, believes or anticipates will or may occur in the future are forward-looking statements. These forward-looking statements involve numerous assumptions made by the Company based on its experience, perception of historical trends, current conditions, expected future developments and other factors it believes are appropriate in the circumstances. In addition, these statements involve substantial known and unknown risks and uncertainties that contribute to the possibility that the predictions, forecasts, projections and other forward-looking statements will prove inaccurate, certain of which are beyond the Company’s control. Readers should not place undue reliance on forward-looking statements. Except as required by law, the Company does not intend to revise or update these forward-looking statements after the date hereof or revise them to reflect the occurrence of future unanticipated events.
2025 Taiwan Miaoli Dragon Bombing Concludes Successfully—Passing the Torch to Keep Dragon Culture Alive - ForexTV
One of Taiwan’s four major Lantern Festival celebrations, the Miaoli Dragon Bombing concluded amidst the exhilarating roar of firecrackers. Taipei City, Taiwan, Feb. 21, 2025 (GLOBE NEWSWIRE) -- One of Taiwan’s four major Lantern Festival celebrations, the Miaoli Dragon Bombing concluded amidst the exhilarating roar of firecrackers. This year’s event, themed "Powerful Strikes", brought together 30 auspicious dragons and attracted international dragon teams from Malaysia, Wuhan, and Guangdong, showcasing the rich cultural heritage of dragon dance artistry and the Dragon Bombing ritual. Through this grand celebration, the world witnessed the unique charm of Hakka dragon culture. Merchants and residents throw firecrackers at the auspicious dragon, symbolizing the belief that “the more it is bombed, the more prosperous it becomes, and the more prosperous it is, the more it is bombed. The Miaoli Dragon Bombing inherits the traditional beliefs and seasonal rituals of the Hakka people. Since its promotion by the Miaoli City Office in 1998, it has become the foremost festival among the Twelve Major Hakka Celebrations and is recognized as one of Taiwan’s Four Grand Lantern Festival Events, alongside Sky Lanterns in the North, Dragon Bombing in the Center, Beehive Fireworks in the South, and the Han Dan in the East. The Dragon Bombing event follows a seven-step ritual: Dragon Making, Walking with the Dragon, Dragon Eye Dotting, Welcoming the Dragon, Following the Dragon, Dragon Bombing, Burning the Dragon to Return to the Heaven. Each step carries profound meanings of blessing, warding off evil, and fostering community unity. Seven Stages of Dragon Bombing [Dragon Eye Dotting] through the consecration ceremony, Eye Dotting Officials— Miaoli County Magistrate Chung Tung-Chin and Miaoli City Mayor Yu Wen-Chung respectfully welcome the Dragon God’s descent, bestowing divine spirit upon the Dragon Bombing ritual. This year's Dragon Bombing Carnival and Night of the Dragon Bombing featured performances by local dragon teams, as well as international teams, including the Wuhan Gaolong Team, the Guangdong Kite Association's luminous dragon kite performance, and Malaysia Yahya Awal Dragon Dance Troupe Dragon Dance Team from Malaysia. The luminous dragon kite soars through the sky, complementing the auspicious dragon leaping amid the baptism of firecrackers on the ground, creating a stunning visual spectacle of "Dragons in the sky, Bombing Dragons on the ground." Meanwhile, the competitive dragon dance event allows young performers to blend innovative techniques with traditional dragon dance artistry, showcasing the passion and energy of the new generation. [Night of the Dragon Bombing] Amid the continuous roar of firecrackers, the auspicious dragon weaves through the thick smoke, resembling a celestial dragon soaring through the clouds. Magistrate of Miaoli County Chung Tung-Chin stated, "Dragon Bombing is not just a cultural celebration but also a legacy of spirit. Through this event, we embed Hakka traditions deeply into the younger generation while showcasing Miaoli's unique charm to the world." Miaoli City Mayor Yu Wen-Chung emphasized, "This year, for the first time, the event welcomes exchange student dragon teams and new immigrant dragon teams while enhancing parent-child interactions. This symbolizes the continued growth and global expansion of the Dragon Bombing culture, attracting people from diverse backgrounds to participate together." The final "Ascension of the Dragon" ritual symbolizes the auspicious dragon completing its mission of blessing the community and returning to the celestial realm, bringing peace and prosperity for the coming year. Many dragon team members find it hard to part, vowing to reunite next year and continue this unique Hakka tradition, passing it down from generation to generation. Seven Stages of Dragon Bombing Final Chapter [Ascension of the Dragon]: After receiving its final baptism of firecrackers, the auspicious dragon is ignited by the dragon hosts with the sacred flame, which is first lit by the chief officiant using the ceremonial document. As smoke rises into the sky, the Dragon God ascends back to the heavenly realm. "Miaoli Dragon Bombing" is not only a significant symbol of Hakka village culture but also a highlight of Taiwan’s folk traditions on the international stage. By combining dragon dance artistry, competitive spirit, and folk beliefs, Miaoli Dragon Bombing showcases traditional culture in the most exhilarating way, allowing it to continuously thrive and evolve with each powerful explosion. For more information, please check the video: https://www.youtube.com/watch?v=kA4OpRYMRXc https://www.youtube.com/watch?v=jEyM-SMHfSU Media Contact ： Cheng Kai Yuanmlcgha005@ems.miaoli.gov.tw
Perspective Therapeutics to Provide Business Highlights and Report Full Year 2024 Financial Results - ForexTV
SEATTLE, Feb. 21, 2025 (GLOBE NEWSWIRE) -- Perspective Therapeutics, Inc. (“Perspective” or the “Company”) (NYSE AMERICAN: CATX), a radiopharmaceutical development company that is pioneering advanced treatment applications for cancers throughout the body, today announced that it will report its full year 2024 financial results and provide a business update on Wednesday, March 26, 2025 after the market closes. The press release will be available in the newsroom section of the Company's website at https://perspectivetherapeutics.com/newsroom/press-releases. About Perspective Therapeutics, Inc.Perspective Therapeutics, Inc. is a radiopharmaceutical development company that is pioneering advanced treatment applications for cancers throughout the body. The Company has proprietary technology that utilizes the alpha-emitting isotope 212Pb to deliver powerful radiation specifically to cancer cells via specialized targeting moieties. The Company is also developing complementary imaging diagnostics that incorporate the same targeting moieties, which provides the opportunity to personalize treatment and optimize patient outcomes. This "theranostic" approach enables the ability to see the specific tumor and then treat it to potentially improve efficacy and minimize toxicity. The Company's melanoma (VMT01) and neuroendocrine tumor (VMT-α-NET) programs are in Phase 1/2a imaging and therapy trials in the U.S. for the treatment of metastatic melanoma and neuroendocrine tumors, respectively. The Company is growing its regional network of drug product finishing facilities, enabled by its proprietary 212Pb generator, to deliver patient-ready products for clinical trials and commercial operations. For more information, please visit the Company's website at www.perspectivetherapeutics.com. Media and Investor Relations Contacts: Perspective Therapeutics IR:Annie J. Cheng, CFAir@perspectivetherapeutics.com Russo Partners, LLCNic JohnsonPerspectiveIR@russopr.com
Invitation to Tallinna Sadam Investor Conference Webinar for the unaudited results of Q4 2024 - ForexTV
AS Tallinna Sadam invites all the stakeholders to join its investor conference webinar, introducing the unaudited results for Q4 2024. The webinar is scheduled for 28 February 2025. The webinars will be held on Microsoft Teams platform in two languages: Webinar in Estonian starting 10.00 (EET), please use this link to join Webinar in English starting 11.00 (EET), please use this link to join The Chairman of the Management Board Valdo Kalm and Member of the Management Board/CFO Andrus Ait will be presenting the results and answering the questions. The questions will be answered after the presentation. Due to limited webinar time, we encourage participants to send their questions beforehand to e-mail: investor@ts.ee. The recording of the webinar will be available at the company’s web page: https://www.ts.ee/en/. Tallinna Sadam is one of the largest cargo- and passenger port complexes in the Baltic Sea region. In addition to passenger and freight services, Tallinna Sadam group also operates in shipping business via its subsidiaries – OÜ TS Laevad provides ferry services between the Estonian mainland and the largest islands, and OÜ TS Shipping charters its multifunctional vessel Botnica for icebreaking and offshore services in Estonia and projects abroad. Tallinna Sadam group is also a shareholder of an associate AS Green Marine, which provides waste management services. Additional information: Angelika AnnusHead of Investor RelationsTel +372 5649 6230angelika.annus@ts.ee
Breaking News: Mike Lindell Will Take the Stage at CPAC at 10:15 A.M. E.T. at CPAC - FRANKSPEECH NETWORK, INC further known as Mike Lindell Media Corp. (OTC Pink “FSBN”) and Many Other Headlines. - ForexTV
In an Age of Slanted News, Mike Lindell, Cara Castronuova, Alison Steinberg, Vanessa Broussard and Nikki Stanzione Bring a Team that Covers News Unlike Any Other With Truth, Integrity, and Faith as they Help Bring America Back on Track. After years of being an initiative to get the President elected and save our country, this year is turning out to be a celebration and victory lap!Washington, D.C., Feb. 21, 2025 (GLOBE NEWSWIRE) -- FrankSpeech Network, Inc (“FSBN”), which is currently being rebranded as Mike Lindell Media Corp., enters today's CPAC event with various interviews slated. Mike Lindell will be speaking at CPAC today at 10:15 E.T. -- You do not want to miss what Mike Lindell has to say. TV Personalities Alison Steinberg, Cara Castronuova, Nikki Stanzione, and Vanessa Broussard will join Mike Lindell and the team at CPAC as they enter the last 2 days of the event with great guests as they help bring America back on track. Today's line-up is sure to please and the Company will provide wall to wall media coverage. Be sure to tune into LindellTV.com for all the news and events. Here are a few of today's top headlines. The Network congratulates Kash Patel on his recent appointment as FBI Director. President Trump is expected to be at CPAC. Will the President speak? Sources indicated yes. The President has indicated that he will find the gold at Ft. Knox. (Assuming it's there.) There have been a lot of foreign shipments of gold enetering the U.S. DOGE made an appearance at CPAC yesterday in the form of Elon Musk armed with a chainsaw as he is saving money almost as fast as politicians can spend it. It's rumored that Mike Lindell and Vanessa Broussard will start their TV show on Monday, February 24, 2025 on LindellTV.com Guest Editorial: After years of being an initiative to get the President elected and save our country, this year is turning out to be a celebration and victory lap! There is still much work to be done. Today we ask the question what has happened to the Democrat party? It's in meltdown mode. Even Democratic Senators are melting like snowflakes on a hot day in front of crowds smaller than a Biden/Harris rally. Sometimes drawing only themselves and a few news media to such an event. Have Senators lost touch with their voters or just lost their minds? While we would never purposely do anything to help the Democrat party be more competitive, we should help them end the pity party many of them have been recently attending for the last month. Nevertheless, many realize they are the party which is barely on life support. They are the party who supports death...please tell us how that's working out. America needs a two-party system. We wish them no ill will. We just want to see them come back to "common sense." After all, it's one of the many things that got President Trump elected. President Trump chose to make America Great Again. What's so bad about that? Peace, Safety, Properity? Is that such a bad thing? Common sense. We are all humans whether we call ourselves Democrat, Independent or Republican. What happened back in the days where people got together and just took one another for face value and we cared and listened to what that person had to say? When we stop to help someone do we say, are you a Republican or a Democrat? Do we choose our friends by their political stripe? We encourage everyone to help their Democrat friends and neighbors to stop it with the political suicide and embrace "common sense." Stop smoking the legacy media weed! Many Democrats voted for President Trump because they didn't really have a viable choice on the other side. Let's face it, would you rather be led by a successful bsinessman or a politician. A net worth of Billions or a 37 Trillion Dollar deficit? Common sense. We urge everyone to consider these facts. Too many on that side allowed the rabid legacy media a/k/a/ mainstream media to jam a false narrative of their already fleeting viewers and listeners down their throats. People of all political persuasions have something in common and that is we are all human beings (some people might debate that) and most people have common sense (most but not all) ” Who purposely steps off the curb to be hit by a bus because they don't like who got elected. If you want to sterilize yourself because you don't like who was elected that's your business but somewhere down the way, that move will be regretable. Greg Martin - President and COO said, "Don't blame this article on Mike Lindell. He's way too busy at CPAC. The world is a better place when we treat people they way we want to be treated. Unity versus division, love versus hate, cling to what is good, abhor that which is evil. England Dan and John Ford Coley wrote a song called "Love is the Answer." Jesus too said that Love is the Answer, so why not try that the next time you want to light someone up on social media who doesn't think like you. Then do what one of Mike Lindell's favorite musical artists Bob Segar did when he performed that song, "Turn the Page." Common Sense, right?" So turn the page and have a great weekend and visit CPAC. Love one another, let's all try it! FSBN LindellTV Chairman and Chief Executive Officer Mike Lindell stated, "Let's treat everyone with love and respect. God calls us to do so and the world becomes a better place when we do. The Bible tells us to, "Love one another." "Love your neighbor as you love yourself." "Love does no harm." I'll see you at CPAC where I will be speaking at 10:15 A.M. Eastern." ABOUT FRANKSPEECH NETWORK, INC. further known as MIKE LINDELL MEDIA CORP. (“FSBN”) and LindellTV provides accurate, unbiased and timely reporting without interference of slanted legacy media, biased corporate decision makers and other politically motivated newsmakers and influencers who do not accurately report the news. FSBN and LindellTV with its expanded news coverage and breaking news reporting will continue to be a major contributor in media the next four years and beyond at the White House, especially under the Trump Administration. The Company will be reporting from Washington, D.C., inside and outside the White House and covering the USA. FSBN is a public company quoted on the OTC Markets (OTC: Pink Market) FrankSpeech (now LindellTV), is a major broadcast platform founded by Mike Lindell in April 2021. FSBN provides a superior First-Amendment-friendly alternative to highly censored Big Tech options. In just a few short years, FrankSpeech has grown to serve over 7 million monthly viewers on its various channels. GET VOCL! VOCL isn’t just a new name; it represents a significant leap forward in our commitment to fostering free speech and vibrant community engagement. It’s time to Get VOCL! On VOCL, your voice makes the difference! With the launch of VOCLSocial, users can anticipate the same trusted platform they have come to value, enhanced with a suite of exciting new features designed to elevate your social media experience: Visit www.LindellTV.com to learn more. Media Contact: MIKE LINDELL www.LindellTV.com investor@fsbn.com Forward Looking Statements: This press release contains forward looking statements, including statements related to the business, operations and future plans of FSBN and Mike Lindell Media Corp within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Act of 1934, that involve substantial risks and uncertainties. All statements, other than statements of historical facts, including statements regarding our strategy, future operations, future financial position, future revenue, projected costs, prospects, plans and objectives of management and expected market growth are forward-looking statements. The words “anticipate,” “believe,” “continue,” “could,” “estimate,” “expect,” “intend,” “may,” “plan,” “potential,” “predict,” “project,” “should,” “target,” “would” and similar expressions are intended to identify forward-looking statements, although not all forward-looking statements contain these identifying words. We may not actually achieve the plans, intentions or expectations disclosed in our forward-looking statements, and you should not place undue reliance on our forward-looking statements. Actual results or events could differ materially from the plans, intentions and expectations disclosed in the forward-looking statements we make. FSBN believes that its primary risk factors include, but are not limited to its limited capital resources and its need for substantial financing; the need to develop effective internal process and system; changes in the overall economy; changes in technology, the number and size of competitors and the mix of products and services offered in its markets; and changes in the law and regulatory policy. Additionally, certain information included in this communication contains statements that are forward- looking, such as statements relating to the future anticipated direction of the media industry, plans for future expansion, various business development activities, planned capital expenditures, future funding sources, anticipated sales growth and potential contracts. These forward statements are subject to a number of known and unknown risks and uncertainties that could cause actual operations or results to differ materially from those anticipated. These risks include, among others, risks associated with unproven sales derived from the Company’s programming, risks associated with the media and communications industry, global or domestic terrorism, energy or power failure, and the risks related to the transition to a new management team.
SEALSQ Deploys its PQC Technology Across Sovereign Data Centers in Switzerland and France - ForexTV
Geneva, Switzerland, Feb. 21, 2025 (GLOBE NEWSWIRE) -- Video Data Center Bunker in Switzerland https://www.youtube.com/watch?v=SQtZZPFAV2A SEALSQ Corp (NASDAQ: LAES) ("SEALSQ" or "Company"), a company that focuses on developing and selling Semiconductors, PKI, and Post-Quantum technology hardware and software products, today announced the deployment of its PQC technology across its sovereign data centers in Switzerland and France. In collaboration with its parent company, WISeKey International Holding Ltd (“WISeKey”) (SIX: WIHN, NASDAQ: WKEY), which focused on global cybersecurity, blockchain, and IoT, SEALSQ is pioneering the secure and scalable adoption of quantum technology by integrating expertise in hardware, software, and operational security. As quantum threats evolve, organizations must act now to safeguard their digital assets. SEALSQ’s PQC solutions offer a proactive defense, leveraging Post-Quantum Cryptography (PQC) and Quantum Key Distribution (QKD) while fostering innovation in randomness and infrastructure compatibility. These advancements ensure organizations are prepared for the post-quantum era, mitigating future cyber risks and maintaining data integrity. SEALSQ provides a fully EU sovereign solution with its PQC Hardware Security Modules (HSMs) hosted in highly resilient, sovereign data centers located in Switzerland and France. These facilities are managed by Swiss and French teams, guaranteeing full control over sensitive data, minimizing dependence on public cloud providers, and reinforcing both data sovereignty and regulatory compliance. SEALSQ PQC solutions also enable businesses to meet the stringent requirements of the NIS2 Directive, ensuring confidentiality, integrity, and availability of sensitive data through robust encryption practices. Since its founding in 1999, WISeKey has been at the forefront of cybersecurity and trusted digital hosting. WISeKey was among the first companies to provide ultra-secure hosting in Swiss Alps bunkers, originally constructed as military-grade, nuclear-proof facilities. These bunkers, now transformed into cutting-edge data centers, offer an ultra-secure environment for mission-critical infrastructures, including Bitcoin mining. With IT security certifications ranging from ISO 27001 to the prestigious EM-SHIELD seal, these facilities ensure protection against electromagnetic pulses (EMP) and other advanced threats. As digital threats continue to evolve, SEALSQ and WISeKey remain committed to driving innovation in cybersecurity, providing quantum-resistant solutions that fortify data security for businesses, governments, and institutions worldwide. About SEALSQ:SEALSQ is a leading innovator in Post-Quantum Technology hardware and software solutions. Our technology seamlessly integrates Semiconductors, PKI (Public Key Infrastructure), and Provisioning Services, with a strategic emphasis on developing state-of-the-art Quantum Resistant Cryptography and Semiconductors designed to address the urgent security challenges posed by quantum computing. As quantum computers advance, traditional cryptographic methods like RSA and Elliptic Curve Cryptography (ECC) are increasingly vulnerable. SEALSQ is pioneering the development of Post-Quantum Semiconductors that provide robust, future-proof protection for sensitive data across a wide range of applications, including Multi-Factor Authentication tokens, Smart Energy, Medical and Healthcare Systems, Defense, IT Network Infrastructure, Automotive, and Industrial Automation and Control Systems. By embedding Post-Quantum Cryptography into our semiconductor solutions, SEALSQ ensures that organizations stay protected against quantum threats. Our products are engineered to safeguard critical systems, enhancing resilience and security across diverse industries. For more information on our Post-Quantum Semiconductors and security solutions, please visit www.sealsq.com. Forward-Looking StatementsThis communication expressly or implicitly contains certain forward-looking statements concerning SEALSQ Corp and its businesses. Forward-looking statements include statements regarding our business strategy, financial performance, results of operations, market data, events or developments that we expect or anticipates will occur in the future, as well as any other statements which are not historical facts. Although we believe that the expectations reflected in such forward-looking statements are reasonable, no assurance can be given that such expectations will prove to have been correct. These statements involve known and unknown risks and are based upon a number of assumptions and estimates which are inherently subject to significant uncertainties and contingencies, many of which are beyond our control. Actual results may differ materially from those expressed or implied by such forward-looking statements. Important factors that, in our view, could cause actual results to differ materially from those discussed in the forward-looking statements include SEALSQ's ability to continue beneficial transactions with material parties, including a limited number of significant customers; market demand and semiconductor industry conditions; and the risks discussed in SEALSQ's filings with the SEC. Risks and uncertainties are further described in reports filed by SEALSQ with the SEC. SEALSQ Corp is providing this communication as of this date and does not undertake to update any forward-looking statements contained herein as a result of new information, future events or otherwise. SEALSQ Corp.Carlos MoreiraChairman & CEOTel: +41 22 594 3000info@sealsq.comSEALSQ Investor Relations (US)The Equity Group Inc.Lena CatiTel: +1 212 836-9611 lcati@equityny.com
PennantPark Floating Rate Capital Ltd. Closes New Securitization, Substantially Lowering Borrowing Costs - ForexTV
MIAMI, Feb. 21, 2025 (GLOBE NEWSWIRE) -- PennantPark Floating Rate Capital Ltd. (the “Company”) (NYSE: PFLT) today announced that it completed a $474.6 million term debt securitization transaction with a four-year reinvestment period, twelve-year final maturity in the form of a collateralized loan obligation (“CLO”). The debt issued in this securitization transaction (the “ Debt”) is structured in the following manner: ClassPar Amount($ in millions)% of Capital StructureCouponExpected Rating(S&P)Issuance PriceA-1L-A Loans$10,000,0002.1%3 Mo SOFR + 1.49%AAA100.0%A-1L-B Loans 45,000,0009.5%3 Mo SOFR + 1.49%AAA100.0%A-1 Notes 220,500,00046.5%3 Mo SOFR + 1.49%AAA100.0%A-2 Notes 19,000,0004.0%3 Mo SOFR + 1.60%AAA100.0%B Notes 28,500,0006.0%3 Mo SOFR + 1.75%AA100.0%C Notes 38,000,0008.0%3 Mo SOFR + 2.20%A100.0%D Notes 28,500,0006.0% RetainedBBB-100.0%Subordinated Notes 85,100,00017.9% NRNATotal$474,600,000 “We are delighted to close on the lowest spread debt financing in PFLT’s 14-year history, which will support the Company’s growth and net investment income. The weighted average spread of 159 basis points on $361 million of financing is a 66-basis point reduction from the bank facility this capital is replacing. We are also thrilled about the continued momentum and positive market recognition that our senior lending strategy has received, which is demonstrative of our industry-leading team as well as the merits of our disciplined and differentiated approach to core middle market credit investing,” said Arthur Penn, Chief Executive Officer. “We are proud to have onboarded several new investors into our securitization liabilities as part of this transaction and now have over 75 unique investors across our securitization platform. With their support, we were able to issue our largest securitization to date while also achieving our lowest cost of capital to date. Together, these attributes will continue to enable and further enhance PFLT’s ability to offer attractive risk-adjusted returns to its investors. With the closing of its eleventh securitization, PennantPark Investment Advisers, LLC currently manages approximately $3.7 billion in CLO assets, and we look forward to continued growth with the support of our current and new investors.” PFLT will continue to retain the Class D Notes and the Subordinated Notes. The reinvestment period for the term debt securitization ends no later than April 2029 and the Debt is scheduled to mature in April 2037. The term debt securitization is expected to be approximately 100% funded at close. In addition, the Company acts as retention holder in the transaction to retain exposure to the performance of the securitized assets. GreensLedge Capital Markets LLC acted as lead placement agent on the CLO transaction. The notes offered as part of the term debt securitization have not been and will not be registered under the Securities Act of 1933, as amended (the “Securities Act”), or any state “blue sky” laws, and may not be offered or sold in the United States absent registration under Section 5 of the Securities Act or an applicable exemption from such registration requirements. The CLO is a form of secured financing incurred and consolidated by the Company. This press release shall not constitute an offer to sell or a solicitation of an offer to buy nor shall there be any sale of the notes in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction. ABOUT PENNANTPARK FLOATING RATE CAPITAL LTD. PennantPark Floating Rate Capital Ltd. is a business development company which primarily invests in U.S. middle-market private companies in the form of floating rate senior secured loans, including first lien secured debt, second lien secured debt and subordinated debt. From time to time, the Company may also invest in equity investments. PennantPark Floating Rate Capital Ltd. is managed by PennantPark Investment Advisers, LLC. ABOUT PENNANTPARK INVESTMENT ADVISERS, LLC PennantPark Investment Advisers, LLC is a leading middle-market credit platform, managing approximately $9.5 billion of investable capital, including available leverage. Since its inception in 2007, PennantPark Investment Advisers, LLC has provided investors access to middle-market credit by offering private equity firms and their portfolio companies as well as other middle-market borrowers a comprehensive range of creative and flexible financing solutions. PennantPark Investment Advisers, LLC is headquartered in Miami and has offices in New York, Chicago, Houston, Los Angeles, and Amsterdam. FORWARD-LOOKING STATEMENTS This press release may contain “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. You should understand that under Section 27A(b)(2)(B) of the Securities Act and Section 21E(b)(2)(B) of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995 do not apply to forward-looking statements made in periodic reports PennantPark Floating Rate Capital Ltd. files under the Exchange Act. All statements other than statements of historical facts included in this press release are forward-looking statements and are not guarantees of future performance or results and involve a number of risks and uncertainties. Actual results may differ materially from those in the forward-looking statements as a result of a number of factors, including those described from time to time in filings with the Securities and Exchange Commission. PennantPark Floating Rate Capital Ltd. undertakes no duty to update any forward-looking statement made herein. You should not place undue influence on such forward-looking statements as such statements speak only as of the date on which they are made. CONTACT:Richard T. Allorto, Jr.PennantPark Floating Rate Capital Ltd. (212) 905-1000www.pennantpark.com Source: PennantPark Floating Rate Capital Ltd.
Disposal of shares in Trigon Property Development AS - ForexTV
Nordic Fibreboard AS subsidiary Nordic Fibreboard Ltd OÜ owned 17.88% (804,552 shares) of the listed company AS Trigon Property Development. On February 21 2025, Nordic Fibreboard Ltd OÜ entered into a sales agreement, by which Nordic Fibreboard Ltd OÜ will sell its shares in AS Trigon Property Development to Trigon Carbon Negative Agriculture OÜ. Nordic Fibreboard Ltd OÜ will sell the shares at the closing price on 19.02.2025, i.e 0.67 euros per share (total amount 539,049.84 euros). The participation in TPD was not significant for the main activities of Nordic Fibreboard Ltd OÜ and the transaction does not have a significant impact on the profit, assets and liabilities of Nordic Fibreboard Ltd OÜ. According to the rules established for the issuer by the NASDAQ Tallinn Stock Exchange, the aforementioned sale transaction must be treated as a transaction with a related party. Joakim Johan Helenius owns directly and indirectly 68.86% of Nordic Fibreboard AS shares and indirectly 100% of Trigon Carbon Negative Agriculture OÜ shares. The transaction has been completed on market terms. The members of the supervisory board and management board of Nordic Fibreboard AS have no other personal interest in the transaction. AS Trigon Property Development and Nordic Fibreboard AS have no valid agreements between them. Enel Äkke Member of the Management BoardNordic Fibreboard ASgroup@nordicfibreboard.com
Singular Genomics Announces Closing of Acquisition by Deerfield Management - ForexTV
SAN DIEGO, Feb. 21, 2025 (GLOBE NEWSWIRE) -- Singular Genomics Systems, Inc. (Nasdaq: OMIC), a company leveraging novel next-generation sequencing (NGS) and spatial multiomics technologies to empower researchers and clinicians, announced today the closing of its acquisition by an affiliate of Deerfield Management Company, L.P. On December 23, 2024, Singular Genomics announced that Deerfield had signed a definitive agreement to acquire all of the outstanding shares of Singular Genomics common stock not currently owned by Deerfield for $20.00 per share in cash. Following the satisfaction of customary conditions, including a vote of the holders of Singular Genomics’ common stock to approve the transaction, which occurred on February 19, 2025, the transaction has now closed. Effective as of closing, Singular Genomics now operates as a private company, which the Singular Board of Directors believes will provide the Company with greater flexibility to continue advancing its business strategy. Trading of Singular Genomics’ common stock has been suspended on Nasdaq and Singular Genomics has requested that its common stock be delisted from Nasdaq. Pursuant to the transaction, Josh Stahl has been appointed to lead Singular Genomics as Chief Executive Officer and will join the company’s Board of Directors. Jason Myers will also join the Board. Drew Spaventa, co-founder of Singular Genomics and the company’s previous Chief Executive Officer and Chairman, will continue to serve on the Board and assume an additional role as special advisor to the CEO. “We are pleased to support Singular Genomics during this important transition,” said Andrew ElBardissi, M.D., Partner at Deerfield. “We look forward to this new direction for the company and its technology as Singular continues its work to provide physicians and scientists with crucial sequencing and multiomics information.” AdvisorsTD Securities and Houlihan Lokey served as financial advisors to the Special Committee of the Singular Genomics Board of Directors, Gunderson Dettmer, LLP served as legal advisor to Singular Genomics, and Richards, Layton & Finger, P.A. served as counsel to the Special Committee of the Singular Genomics Board of Directors. Katten Muchin Rosenman LLP served as legal advisor to Deerfield. About Singular Singular Genomics is a life science technology company that develops next-generation sequencing and multiomics technologies. The commercially available G4® Sequencing Platform is a powerful, highly versatile benchtop genomic sequencer designed to produce fast and accurate results. In addition, the Company is currently developing the G4X™ Spatial Sequencer, which will leverage its proprietary sequencing technology, applying it as an in situ readout for transcriptomics, proteomics and fluorescent H&E in tissue, with spatial context and on the same platform as the G4. Singular Genomics’ mission is to empower researchers and clinicians to advance science and medicine. Visit www.singulargenomics.com for more information. About DeerfieldDeerfield is an investment management firm committed to advancing healthcare through investment, information and philanthropy. The firm works across the healthcare ecosystem to connect people, capital, ideas and technology in bold, collaborative and inclusive ways. For more information, visit www.deerfield.com. Forward-looking StatementsCertain statements contained in this press release, other than historical information, constitute forward-looking statements within the meaning of the federal securities laws. In some cases, forward-looking statements can be identified by terms such as “anticipates,” “believes,” “could,” “estimates,” “expects,” “foresees,” “forecasts,” “guidance,” “intends” “goals,” “may,” “might,” “outlook,” “plans,” “potential,” “predicts,” “projects,” “seeks,” “should,” “targets,” “will,” “would” or similar expressions and the negatives of those terms. These forward-looking statements are subject to risks, uncertainties, and assumptions. If the risks materialize or assumptions prove incorrect, actual results could differ materially from the results implied by these forward-looking statements. New risks emerge from time to time. It is not possible for our management to predict all risks, nor can we assess the impact of all factors on our business or the extent to which any factor, or combination of factors, may cause actual results to differ materially from those contained in any forward-looking statements we may make. Further information on these and additional risks that could affect Singular Genomics’ results is included in its filings with the SEC, including its most recent Annual Report on Form 10-K and Quarterly Report on Form 10-Q, and future reports that Singular Genomics may file with the SEC from time to time, which could cause actual results to vary from expectations. Any forward-looking statement made by Singular Genomics in this press release speaks only as of the day on which Singular Genomics makes it. Singular Genomics assumes no obligation to, and does not currently intend to, update any such forward-looking statements after the date of this release. Investor ContactPhilip Trip TaylorGilmartin Groupir@singulargenomics.com Media ContactMatt Browningpr@singulargenomics.com
Watermart Celebrates Serving Toronto with the Highest Quality Water Filter Systems for Over 25 Years - ForexTV
Toronto, Canada, Feb. 21, 2025 (GLOBE NEWSWIRE) -- Twenty-five years ago, Watermart, an award-winning water filtration solution company, started with a simple mission: to help families enjoy cleaner, safer water. What began as a passion for better filtration grew into a trusted name across Toronto, serving over 10,000 households with water solutions built on quality and integrity. With an industry-leading 5-year warranty and a near-perfect 4.9-star rating from more than 1,000 voices of gratitude, Watermart has never focused solely on filters. It has always prioritized families and the everyday moments that improve with something as simple yet essential as clean water. As the company celebrates this milestone, its commitment remains unchanged: delivering the highest standard of water filtration so that every Toronto family can drink, cook, and live with peace of mind. One might assume that clean water wouldn’t be a concern in a developed country like Canada. But the reality is far more alarming. Research shows that contaminated water has contributed to 90 deaths and 90,000 diseases in Canada. That’s why Watermart upholds a simple but powerful belief: clean water should never be a privilege. We bring this vision to life with our extensive range of filtration solutions. Whether it’s a simple under-sink filtration unit, a tankless reverse osmosis system, a water softener, a bottleless cooler, or a whole-home solution, our systems ensure every drop of water is as pure as nature intended. “Watermart provides better water for homes and businesses. We’ll distill your options and customize the ideal water system to reflect your taste – and your space,” said a spokesperson for Watermart. “Since 1991, our family has been helping Ontario home and business owners improve their water quality. Whether you buy your system from us – or not – our multi-award-winning service team keeps your system optimized and free from potentially harmful residues.” Homeowners face unique water challenges, from seasonal changes in source water to aging infrastructure. Watermart believes that no one should have to guess when it comes to something as essential as water. That’s why Watermart experts take the time to listen. We carefully evaluate each customer’s concerns, daily habits, and budgets to find the perfect solution. Some of Watermart’s core services include: Reverse Osmosis (RO) Systems: The RO filtration system removes chlorine, lead, and other unseen contaminants, leaving only the purest water for drinking and cooking. Besides, Watermart doesn’t just install and walk away. With personalized recommendations and ongoing support, we ensure that your water is as clean as the day the system was installed. Whole-Home Filtration: Home water touches everything, including morning coffee, meals, and the lifespan of plumbing and appliances. Watermart’s carefully designed whole filtration systems treat every drop that enters properties, removing sediment, chlorine, VOCs, and hidden impurities before they ever reach the tap. The resulting water tastes fresher and protects the things that matter, from families’ health to the longevity of appliances. Water Softeners remain our top-selling solution for a reason! Whether one needs a salt-based or salt-free option, these systems protect homes and businesses from the inside out and keep working seamlessly for years. Washing machines last longer. Dishwashers work better. Showers feel fresher. And every glass of water tastes just the way it should. We’re proud to say our customers have never had a single complaint. It reflects the satisfaction we’ve earned with every home we serve. Bottleless Water Coolers: Watermart’s innovative, energy-efficient coolers connect directly to homes or businesses’ water lines. With built-in filtration, every sip is clean and free from contaminants. No more storage hassles or plastic waste. Whether for a busy office or a family kitchen, these systems make hydration effortless (and better for the planet). Eco-Friendly Water Filtration Solutions: Watermart recently launched the Tankless reverse osmosis system to meet the rising need for eco-friendly solutions. With an industry-leading 2:1 low drain ratio, it wastes far less water than traditional systems. But efficiency doesn’t mean compromise. This advanced RO system eliminates 99% of contaminants, providing the highest level of purification. So, when it comes to purity, nothing comes close. Maintenance and Service Plans: Clean water is an ongoing commitment. That’s why Watermart offers in-depth consultations, on-site water testing, and customized solutions to match water quality requirements. Our team provides regular servicing and filter replacements to keep filtration systems running at peak performance all year long. Whether seeking reliable Water Filter Installation Services, upgrading an existing one, or repairing a broken filter, Watermart has spent decades ensuring Toronto families and businesses never have to second-guess what’s in their glass. With a legacy built on a commitment to quality, Watermart has become Toronto’s go-to name for water filtration. But at its core, the aim is to create homes where health isn’t a question mark and businesses where care goes beyond the bottom line. Because when every drop is as pure, life simply flows better. Ready to experience the difference? Reach out today for a free estimate and take the first step toward cleaner water. About Watermart Watermart is a Toronto-based water filtration company providing technologically advanced solutions for homeowners and businesses. With over two decades in operation, we’ve given customers trust in every sip, confidence in every meal, and the reassurance that something so essential is never left to chance. After all, water is life, and nothing matters more than protecting it. More Information To learn more about Watermart and its celebration of providing Toronto with the highest-quality water systems for over 25 years, please visit the website at https://watermart.com/. Source: https://thenewsfront.com/https://thenewsfront.com/watermart-celebrates-serving-toronto-with-the-highest-quality-water-filter-systems-for-over-25-years/ CONTACT: Watermart 350 John Street, Unit #8 Thornhill Ontario L3T 5W6 Canada +1 416-466-6488 https://watermart.com/
Termination of the liquidity providing agreement with LAGO Kapital Ltd - ForexTV
Company announcement no. 01-2025 Copenhagen, February 21, 2025. Swiss Properties Invest A/S has terminated the liquidity providing agreement with LAGO Kapital Ltd. The effective date of the termination of the agreement will be March 31st 2025. ABOUT SWISS PROPERTIES INVEST Swiss Properties Invest A/S, which was founded on 8 October 2021, is the Danish holding company of the wholly owned subsidiary Swiss Properties Invest AG (CHE-422.631.240), which was founded on 30 November 2021. The purpose of Swiss Properties Invest AG is to own, operate, optimize, and develop a portfolio of attractive commercial properties for renting out commercial space in selected regions (cantons) in Switzerland with the aim of creating shareholder value to its investors. CONTACT INFORMATION Swiss Properties Invest A/S Kirsten Sillehoved, CEO Mobile (+45) 52 40 71 52 E-mail kirsten@swisspropertiesinvest.dk Schleppegrellsgade 82200 Copenhagen NDenmark CERTIFIED ADVISER Baker Tilly Corporate Finance P/S (CVR-nr. 40073310),Poul Bundgaards Vej 1, 1.,DK-2500 Valby,tlf. +45 3345 1000 COMPANY WEBSITE https://swisspropertiesinvest.dk
Arbor Realty Trust Reports Fourth Quarter and Full Year 2024 Results and Declares Dividend of $0.43 per Share - ForexTV
Fourth Quarter Highlights: GAAP net income of $0.32 and distributable earnings of $0.40, per diluted common share1Declares cash dividend on common stock of $0.43 per shareAgency loan originations of $1.38 billion and a servicing portfolio of ~$33.47 billionStructured loan originations of $684.3 million, runoff of $900.6 million, and a portfolio of ~$11.30 billionIssued $100.0 million of 9.00% senior notes due 2027 Full Year Highlights: GAAP net income of $1.18 and distributable earnings of $1.74 per diluted common share1Agency servicing portfolio growth of 8% from loan originations of $4.47 billionSuccessfully delevered the Company 30% from a peak debt to equity ratio of 4:1 in 2023, to 2.8:1 at December 31, 20242Structured portfolio reduction of 10% with $2.48 billion of multifamily loan runoff, $1.58 billion of which was recaptured into new agency loan originationsRedeemed $200.0 million of our senior notes UNIONDALE, N.Y., Feb. 21, 2025 (GLOBE NEWSWIRE) -- Arbor Realty Trust, Inc. (NYSE: ABR), today announced financial results for the fourth quarter ended December 31, 2024. Arbor reported net income for the quarter of $59.8 million, or $0.32 per diluted common share, compared to net income of $91.7 million, or $0.48 per diluted common share for the quarter ended December 31, 2023. Net income for the year was $223.3 million, or $1.18 per diluted common share, compared to $330.1 million, or $1.75 per diluted common share for the year ended December 31, 2023. Distributable earnings for the quarter was $81.6 million, or $0.40 per diluted common share, compared to $104.1 million, or $0.51 per diluted common share for the quarter ended December 31, 2023. Distributable earnings for the year was $358.0 million, or $1.74 per diluted common share, compared to $452.5 million, or $2.25 per diluted common share for the year ended December 31, 2023. 1 Agency Business Loan Origination Platform Agency Loan Volume (in thousands) Quarter Ended Year Ended December 31, 2024 September 30, 2024 December 31, 2024 December 31, 2023Fannie Mae$556,676 $616,211 $2,374,040 $3,773,532Freddie Mac 675,244 378,809 1,770,976 756,827Private Label 27,650 74,162 151,936 299,934FHA 119,050 27,457 146,507 257,199SFR - Fixed Rate — — 27,314 19,328Total Originations$1,378,620 $1,096,639 $4,470,773 $5,106,820 Total Loan Sales$1,270,048 $1,118,977 $4,609,686 $4,889,199 Total Loan Commitments$1,353,527 $1,056,490 $4,443,972 $5,207,148 For the quarter ended December 31, 2024, the Agency Business generated revenues of $78.7 million, compared to $77.4 million for the third quarter of 2024. Gain on sales, including fee-based services, net on the Agency business was $22.2 million for the quarter, reflecting a margin of 1.75%, compared to $18.6 million and 1.67% for the third quarter of 2024. Income from mortgage servicing rights was $13.3 million for the quarter, reflecting a rate of 0.99% as a percentage of loan commitments, compared to $13.2 million and 1.25% for the third quarter of 2024. At December 31, 2024, loans held-for-sale was $435.8 million, with financing associated with these loans totaling $422.7 million. Fee-Based Servicing Portfolio The Company’s fee-based servicing portfolio totaled $33.47 billion at December 31, 2024. Servicing revenue, net was $33.3 million for the quarter and consisted of servicing revenue of $50.9 million, net of amortization of mortgage servicing rights totaling $17.6 million. Fee-Based Servicing Portfolio ($ in thousands) December 31, 2024 September 30, 2024 December 31, 2023 UPB Wtd. Avg. Fee (bps) Wtd. Avg. Life (years) UPB Wtd. Avg. Fee (bps) Wtd. Avg. Life (years) UPB Wtd. Avg. Fee (bps) Wtd. Avg. Life (years)Fannie Mae$22,730,056 46.4 6.4 $22,526,022 46.6 6.6 $21,264,578 47.4 7.4Freddie Mac 6,077,020 21.5 6.8 5,820,026 21.9 7.1 5,181,933 24.0 8.5Private Label 2,605,980 18.7 5.5 2,619,485 18.7 5.8 2,510,449 19.5 6.7FHA 1,506,948 14.1 19.2 1,390,766 14.2 18.9 1,359,624 14.4 19.2Bridge 278,494 10.4 3.0 380,379 10.9 3.0 379,425 10.9 3.2SFR-Fixed Rate 271,859 20.1 4.4 275,081 20.1 4.6 287,446 20.1 5.1Total$33,470,357 37.8 6.9 $33,011,759 38.0 7.1 $30,983,455 39.1 8.0 Loans sold under the Fannie Mae program contain an obligation to partially guarantee the performance of the loan (“loss-sharing obligations”) and includes $34.8 million for the fair value of the guarantee obligation undertaken at December 31, 2024. The Company recorded a $4.0 million total provision for loss sharing associated with CECL for the fourth quarter of 2024. At December 31, 2024, the Company’s total CECL allowance for loss-sharing obligations was $48.3 million, representing 0.21% of the Fannie Mae servicing portfolio. Structured Business Portfolio and Investment Activity Structured Portfolio Activity ($ in thousands) Quarter Ended Year Ended December 31, 2024 September 30, 2024 December 31, 2024 December 31, 2023 UPB % UPB % UPB % UPB %Bridge: Multifamily$371,250 54% $14,500 6% $444,635 31% $415,330 42%SFR 273,087 40% 239,064 92% 869,141 61% 524,060 54%Land — — — — 10,350 1% — — 644,337 94% 253,564 98% 1,324,126 93% 939,390 96% Mezzanine / Preferred Equity 35,592 5% 4,900 2% 97,305 7% 43,953 4%Construction - Multifamily 4,368 1% — — 4,368 — — — Total Originations$684,297 100% $258,464 100% $1,425,799 100% $983,343 100% Number of Loans Originated 28 38 170 150 Commitments: SFR$375,894 $374,070 $1,438,841 $1,150,687 Construction - Multifamily 54,000 47,000 101,000 — Total Commitments$429,894 $421,070 $1,539,841 $1,150,687 Loan Runoff$900,583 $521,341 $2,691,583 $3,354,055 Structured Portfolio ($ in thousands) December 31, 2024 September 30, 2024 December 31, 2023 UPB % UPB % UPB %Bridge: Multifamily$8,725,429 76% $9,208,954 80% $10,789,936 86%SFR 1,993,890 18% 1,783,475 15% 1,316,803 10%Other 173,787 2% 176,855 2% 166,505 1% 10,893,106 96% 11,169,284 97% 12,273,244 97% Mezzanine/Preferred Equity 404,401 3% 393,168 3% 334,198 3%Construction - Multifamily 4,367 <1% — — — — SFR Permanent 3,082 <1% 3,086 <1% 7,564 <1%Total Portfolio$11,304,956 100% $11,565,538 100% $12,615,006 100% At December 31, 2024, the loan and investment portfolio’s unpaid principal balance ("UPB"), excluding loan loss reserves, was $11.30 billion, with a weighted average current interest pay rate of 6.90%, compared to $11.57 billion and 7.25% at September 30, 2024. Including certain fees earned and costs associated with the loan and investment portfolio, the weighted average current interest pay rate was 7.80% at December 31, 2024, compared to 8.16% at September 30, 2024. The decrease in pay rate was primarily due to an decrease in the SOFR rate in the fourth quarter of 2024. The average balance of the Company’s loan and investment portfolio during the fourth quarter of 2024, excluding loan loss reserves, was $11.46 billion with a weighted average yield of 8.52%, compared to $11.80 billion and 9.04% for the third quarter of 2024. The decrease in yield was primarily due to an decrease in the SOFR rate in the fourth quarter of 2024. During the fourth quarter of 2024, the Company recorded a $3.4 million provision for loan losses associated with CECL, which was net of $5.5 million of net recoveries related to real estate loan foreclosures. At December 31, 2024, the Company’s total allowance for loan losses was $239.0 million. The Company had twenty-six non-performing loans with a UPB of $651.8 million, before related loan loss reserves of $23.8 million, compared to twenty-six loans with a UPB of $625.4 million, before loan loss reserves of $37.3 million at September 30, 2024. In addition, at December 31, 2024, the Company had nine loans with a total UPB of $167.4 million (before related loan loss reserves of $5.0 million) that were less than 60 days past due, compared to ten loans with a total UPB of $319.2 million at September 30, 2024. Interest income on these loans is only being recorded to the extent cash is received. During the fourth quarter of 2024, the Company modified fifteen loans with a total UPB of $466.6 million, the vast majority of which had borrowers investing additional capital to recapitalize their deals. Seven of these loans with a total UPB of $206.3 million contained interest rates based on pricing over SOFR ranging from 3.25% to 4.75% and were modified to provide temporary rate relief through a pay and accrual feature. At December 31, 2024, these modified loans had a weighted average pay rate of 5.51% and a weighted average accrual rate of 2.32%. In addition, of the total modified loans for the fourth quarter, $123.5 million were less than 60 days past due and $15.0 million were non-performing at September 30, 2024, and are now current in accordance with their modified terms. Financing Activity The balance of debt that finances the Company’s loan and investment portfolio at December 31, 2024 was $9.54 billion with a weighted average interest rate including fees of 6.88% as compared to $9.97 billion and a rate of 7.18% at September 30, 2024. The average balance of debt that finances the Company’s loan and investment portfolio for the fourth quarter of 2024 was $9.67 billion, as compared to $10.09 billion for the third quarter of 2024. The average cost of borrowings for the fourth quarter of 2024 was 7.10%, compared to 7.58% for the third quarter of 2024. The decrease in average cost was primarily due to an decrease in the SOFR rate in the fourth quarter of 2024. The Company issued $100.0 million of its 9.00% senior unsecured notes due October 2027 through a private offering. The net proceeds of this offering were used to pay down debt and for general corporate purposes. Dividend The Company announced today that its Board of Directors has declared a quarterly cash dividend of $0.43 per share of common stock for the quarter ended December 31, 2024. The dividend is payable on March 21, 2025 to common stockholders of record on March 7, 2025. Earnings Conference Call The Company will host a conference call today at 10:00 a.m. Eastern Time. A live webcast and replay of the conference call will be available at www.arbor.com in the investor relations section of the Company’s website, or you can access the call telephonically at least ten minutes prior to the conference call. The dial-in numbers are (800) 579-2543 for domestic callers and (785) 424-1789 for international callers. Please use participant passcode ABRQ424 when prompted by the operator. A telephonic replay of the call will be available until February 28, 2025. The replay dial-in numbers are (800) 839-0866 for domestic callers and (402) 220-0662 for international callers. About Arbor Realty Trust, Inc. Arbor Realty Trust, Inc. (NYSE: ABR) is a nationwide real estate investment trust and direct lender, providing loan origination and servicing for multifamily, single-family rental (SFR) portfolios, and other diverse commercial real estate assets. Headquartered in New York, Arbor manages a multibillion-dollar servicing portfolio, specializing in government-sponsored enterprise products. Arbor is a leading Fannie Mae DUS® lender and Freddie Mac Optigo® Seller/Servicer, and an approved FHA Multifamily Accelerated Processing (MAP) lender. Arbor’s product platform also includes bridge, CMBS, mezzanine and preferred equity loans. Rated by Standard and Poor’s and Fitch Ratings, Arbor is committed to building on its reputation for service, quality, and customized solutions with an unparalleled dedication to providing our clients excellence over the entire life of a loan. Safe Harbor Statement Certain items in this press release may constitute forward-looking statements within the meaning of the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995. These statements are based on management’s current expectations and beliefs and are subject to a number of trends and uncertainties that could cause actual results to differ materially from those described in the forward-looking statements. Arbor can give no assurance that its expectations will be attained. Factors that could cause actual results to differ materially from Arbor’s expectations include, but are not limited to, changes in economic conditions generally, and the real estate markets specifically, continued ability to source new investments, changes in interest rates and/or credit spreads, and other risks detailed in Arbor’s Annual Report on Form 10-K for the year ended December 31, 2024 and its other reports filed with the SEC. Such forward-looking statements speak only as of the date of this press release. Arbor 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 Arbor’s expectations with regard thereto or change in events, conditions, or circumstances on which any such statement is based. Notes During the quarterly earnings conference call, the Company may discuss non-GAAP financial measures as defined by SEC Regulation G. In addition, the Company has used non-GAAP financial measures in this press release. A supplemental schedule of non-GAAP financial measures and the comparable GAAP financial measure can be found on the last page of this release.Debt to equity ratio reflects junior subordinated notes as equity. Contact:Arbor Realty Trust, Inc.Investor Relations516-506-4200InvestorRelations@arbor.com ARBOR REALTY TRUST, INC. AND SUBSIDIARIESConsolidated Statements of Income($ in thousands—except share and per share data) Quarter Ended December 31, Year Ended December 31, 2024 2023 2024 2023 (Unaudited) (Unaudited) Interest income$262,871 $331,060 $1,167,872 $1,331,219 Interest expense 180,002 227,479 804,615 903,228 Net interest income 82,869 103,581 363,257 427,991 Other revenue: Gain on sales, including fee-based services, net 22,180 16,727 74,932 72,522 Mortgage servicing rights 13,344 21,144 51,272 69,912 Servicing revenue, net 33,319 33,073 125,896 130,449 Property operating income 2,705 1,447 7,226 5,708 (Loss) gain on derivative instruments, net (3,833) 10,345 (8,543) 6,763 Other income, net 1,129 2,571 8,083 7,667 Total other revenue 68,844 85,307 258,866 293,021 Other expenses: Employee compensation and benefits 46,283 36,270 181,694 159,788 Selling and administrative 15,034 12,686 54,931 51,260 Property operating expenses 2,446 1,670 7,394 5,897 Depreciation and amortization 2,617 2,446 9,555 9,743 Provision for loss sharing (net of recoveries) 3,996 3,168 11,782 15,695 Provision for credit losses (net of recoveries) 3,641 18,399 68,543 73,446 Total other expenses 74,017 74,639 333,899 315,829 Income before extinguishment of debt, gain on real estate, (loss) income from equity affiliates, and income taxes 77,696 114,249 288,224 405,183 Loss on extinguishment of debt — — (412) (1,561)Gain on real estate — — 3,813 — (Loss) income from equity affiliates (1,616) 3,586 5,772 24,281 Provision for income taxes (752) (7,911) (13,478) (27,347) Net income 75,328 109,924 283,919 400,556 Preferred stock dividends 10,342 10,342 41,369 41,369 Net income attributable to noncontrolling interest 5,160 7,923 19,278 29,122 Net income attributable to common stockholders$59,826 $91,659 $223,272 $330,065 Basic earnings per common share$0.32 $0.49 $1.18 $1.79 Diluted earnings per common share$0.32 $0.48 $1.18 $1.75 Weighted average shares outstanding: Basic 188,924,182 188,503,682 188,701,149 184,641,642 Diluted 205,759,307 222,861,214 205,526,610 218,843,613 Dividends declared per common share$0.43 $0.43 $1.72 $1.68 ARBOR REALTY TRUST, INC. AND SUBSIDIARIESConsolidated Balance Sheets($ in thousands—except share and per share data) December 31, 2024 December 31, 2023Assets: Cash and cash equivalents$503,803 $928,974Restricted cash 156,376 608,233Loans and investments, net (allowance for credit losses of $238,967 and $195,664) 11,033,997 12,377,806Loans held-for-sale, net 435,759 551,707Capitalized mortgage servicing rights, net 368,678 391,254Securities held-to-maturity, net (allowance for credit losses of $10,846 and $6,256) 157,154 155,279Investments in equity affiliates 76,312 79,303Real estate owned, net 176,543 86,991Due from related party 12,792 64,421Goodwill and other intangible assets 88,119 91,378Other assets 481,448 403,290Total assets$13,490,981 $15,738,636 Liabilities and Equity: Credit and repurchase facilities$3,559,490 $3,237,827Securitized debt 4,622,489 6,935,010Senior unsecured notes 1,236,147 1,333,968Convertible senior unsecured notes 285,853 283,118Junior subordinated notes to subsidiary trust issuing preferred securities 144,686 143,896Mortgage notes payable - real estate owned 74,897 44,339Due to related party 4,474 13,799Due to borrowers 47,627 121,707Allowance for loss-sharing obligations 83,150 71,634Other liabilities 280,198 298,733Total liabilities 10,339,011 12,484,031 Equity: Arbor Realty Trust, Inc. stockholders' equity: Preferred stock, cumulative, redeemable, $0.01 par value: 100,000,000 shares authorized, shares issued and outstanding by period: 633,684 633,684Special voting preferred - 16,293,589 shares 6.375% Series D - 9,200,000 shares 6.25% Series E - 5,750,000 shares 6.25% Series F - 11,342,000 shares Common stock, $0.01 par value: 500,000,000 shares authorized - 189,259,435 and 188,505,264 shares issued and outstanding 1,893 1,885Additional paid-in capital 2,375,469 2,367,188Retained earnings 13,039 115,216Total Arbor Realty Trust, Inc. stockholders’ equity 3,024,085 3,117,973 Noncontrolling interest 127,885 136,632Total equity 3,151,970 3,254,605 Total liabilities and equity$13,490,981 $15,738,636 ARBOR REALTY TRUST, INC. AND SUBSIDIARIESStatement of Income Segment Information - (Unaudited)(in thousands) Quarter Ended December 31, 2024 StructuredBusiness AgencyBusiness Other(1) ConsolidatedInterest income$248,696 $14,175 $— $262,871 Interest expense 173,061 6,941 — 180,002 Net interest income 75,635 7,234 — 82,869 Other revenue: Gain on sales, including fee-based services, net — 22,180 — 22,180 Mortgage servicing rights — 13,344 — 13,344 Servicing revenue — 50,924 — 50,924 Amortization of MSRs — (17,605) — (17,605)Property operating income 2,705 — — 2,705 Loss on derivative instruments, net — (3,833) — (3,833)Other income (loss), net 1,617 (488) — 1,129 Total other revenue 4,322 64,522 — 68,844 Other expenses: Employee compensation and benefits 16,064 30,219 — 46,283 Selling and administrative 7,953 7,081 — 15,034 Property operating expenses 2,446 — — 2,446 Depreciation and amortization 2,226 391 — 2,617 Provision for loss sharing (net of recoveries) — 3,996 — 3,996 Provision for credit losses (net of recoveries) 3,359 282 — 3,641 Total other expenses 32,048 41,969 — 74,017 Income before loss from equity affiliates and income taxes 47,909 29,787 — 77,696 Loss from equity affiliates (1,616) — — (1,616)Benefit from (provision for) income taxes 726 (1,478) — (752) Net income 47,019 28,309 — 75,328 Preferred stock dividends 10,342 — — 10,342 Net income attributable to noncontrolling interest — — 5,160 5,160 Net income attributable to common stockholders$36,677 $28,309 $(5,160) $59,826 (1) Includes income allocated to the noncontrolling interest holders not allocated to the two reportable segments. ARBOR REALTY TRUST, INC. AND SUBSIDIARIESBalance Sheet Segment Information - (Unaudited)(in thousands) December 31, 2024 StructuredBusiness AgencyBusiness ConsolidatedAssets: Cash and cash equivalents$58,188 $445,615 $503,803Restricted cash 134,320 22,056 156,376Loans and investments, net 11,033,997 — 11,033,997Loans held-for-sale, net — 435,759 435,759Capitalized mortgage servicing rights, net — 368,678 368,678Securities held-to-maturity, net — 157,154 157,154Investments in equity affiliates 76,312 — 76,312Real estate owned, net 176,543 — 176,543Goodwill and other intangible assets 12,500 75,619 88,119Other assets and due from related party 415,310 78,930 494,240Total assets$11,907,170 $1,583,811 $13,490,981 Liabilities: Debt obligations$9,500,901 $422,661 $9,923,562Allowance for loss-sharing obligations — 83,150 83,150Other liabilities and due to related party 244,948 87,351 332,299Total liabilities$9,745,849 $593,162 $10,339,011 ARBOR REALTY TRUST, INC. AND SUBSIDIARIESReconciliation of Distributable Earnings to GAAP Net Income - (Unaudited)($ in thousands—except share and per share data) Quarter Ended December 31, Year Ended December 31, 2024 2023 2024 2023 Net income attributable to common stockholders$59,826 $91,659 $223,272 $330,065 Adjustments: Net income attributable to noncontrolling interest 5,160 7,923 19,278 29,122 Income from mortgage servicing rights (13,344) (21,144) (51,272) (69,912)Deferred tax benefit (2,691) (719) (11,613) (7,349)Amortization and write-offs of MSRs 20,194 19,145 76,922 77,829 Depreciation and amortization 3,238 4,115 12,040 16,425 Loss on extinguishment of debt — — 412 1,561 Provision for credit losses, net 2,199 11,206 65,537 68,642 Loss (gain) on derivative instruments, net 4,535 (10,880) 9,212 (8,844)Stock-based compensation 2,485 2,799 14,232 14,940 Distributable earnings (1)$81,602 $104,104 $358,020 $452,479 Diluted distributable earnings per share (1)$0.40 $0.51 $1.74 $2.25 Diluted weighted average shares outstanding (1) (2) 205,759,307 205,498,651 205,526,610 201,549,221 (1) Amounts are attributable to common stockholders and OP Unit holders. The OP Units are redeemable for cash, or at the Company's option for shares of the Company's common stock on a one-for-one basis. (2) The diluted weighted average shares outstanding exclude the potential shares issuable upon conversion and settlement of the Company's convertible senior notes principal balance. The Company is presenting distributable earnings because management believes it is an important supplemental measure of the Company's operating performance and is useful to investors, analysts and other parties in the evaluation of REITs and their ability to provide dividends to stockholders. Dividends are one of the principal reasons investors invest in REITs. To maintain REIT status, REITs are required to distribute at least 90% of their REIT-taxable income. The Company considers distributable earnings in determining its quarterly dividend and believes that, over time, distributable earnings is a useful indicator of the Company's dividends per share. The Company defines distributable earnings as net income (loss) attributable to common stockholders computed in accordance with GAAP, adjusted for accounting items such as depreciation and amortization (adjusted for unconsolidated joint ventures), non-cash stock-based compensation expense, income from MSRs, amortization and write-offs of MSRs, gains/losses on derivative instruments primarily associated with Private Label loans not yet sold and securitized, changes in fair value of GSE-related derivatives that temporarily flow through earnings, deferred tax provision (benefit), CECL provisions for credit losses (adjusted for realized losses as described below) and gains/losses on the receipt of real estate from the settlement of loans (prior to the sale of the real estate). The Company also adds back one-time charges such as acquisition costs and one-time gains/losses on the early extinguishment of debt and redemption of preferred stock. The Company reduces distributable earnings for realized losses in the period management determines that a loan is deemed nonrecoverable in whole or in part. Loans are deemed nonrecoverable upon the earlier of: (1) when the loan receivable is settled (i.e., when the loan is repaid, or in the case of foreclosure, when the underlying asset is sold); or (2) when management determines that it is nearly certain that all amounts due will not be collected. The realized loss amount is equal to the difference between the cash received, or expected to be received, and the book value of the asset. Distributable earnings is not intended to be an indication of the Company's cash flows from operating activities (determined in accordance with GAAP) or a measure of its liquidity, nor is it entirely indicative of funding the Company's cash needs, including its ability to make cash distributions. The Company's calculation of distributable earnings may be different from the calculations used by other companies and, therefore, comparability may be limited.
Trump Media Board Votes to Advance Expansion Plans - ForexTV
Board Approves Exploration of Funding Options for Mergers, Acquisitions, Partnerships SARASOTA, Fla., Feb. 21, 2025 (GLOBE NEWSWIRE) -- The Board of Directors of Trump Media and Technology Group Corp. (Nasdaq: DJT) ("TMTG" or the "Company"), operator of the social media platform Truth Social, the streaming platform Truth+, and the FinTech brand Truth.Fi, has voted to authorize the Company’s leaders to create a strategic acquisition fund with select investors. The fund’s purpose is to devise and implement financing strategies for possible mergers and acquisitions in accord with TMTG’s existing growth strategy. TMTG is exploring opportunities to partner, merge with and/or acquire other participants in the growing America First Economy that would benefit from the Corporation’s technology and branding—and that are able to function effectively if the Corporation evolves into a holding company with numerous, largely autonomous subsidiaries in a variety of industries. TMTG CEO and Chairman Devin Nunes said, "TMTG aims to grow robustly with great strategic partners who share our mission. We’re hoping to expand our tech footprint even as we branch out into finance and other industries. The America First economy is a fantastic sector with enormous potential, and we want all its participants to know that TMTG intends to make this market even greater." TMTG recently announced the launch of its FinTech and financial sectors brand, Truth.Fi, which will incorporate customized exchange-traded funds ("ETFs") and customized separately managed accounts ("SMAs"). These vehicles are components of a Board-approved financial services and FinTech strategy that includes the investment of up to $250 million to be custodied by Charles Schwab, which will partner with TMTG to develop the SMAs. About TMTG The mission of TMTG is to end Big Tech's s assault on free speech by opening up the Internet and giving people their voices back. TMTG operates Truth Social, a social media platform established as a safe harbor for free expression amid increasingly harsh censorship by Big Tech corporations, as well as Truth+, a TV streaming platform focusing on family-friendly live TV channels and on-demand content. TMTG is also launching Truth.Fi, a financial services and FinTech brand incorporating America First investment vehicles. Cautionary Statement About Forward-Looking Statements Certain statements in this press release constitute "forward-looking statements" within the meaning of the U.S. Private Securities Litigation Reform Act of 1995. Statements contained in this press release that are not historical facts are forward-looking statements and include, for example, statements regarding, among other things, the plans, strategies, and prospects, both business and financial, of TMTG. We have based these forward-looking statements on our current expectations about future events, including the rollout of products and features and the future plans, timing and potential success of our future collaborations. The forward-looking statements included in this press release are based on our current beliefs and expectations of our management as of the date of this press release. These statements are not guarantees or indicative of future performance. Although we believe that our plans, intentions, and expectations reflected in or suggested by these forward-looking statements are reasonable, we cannot assure you that we will achieve or realize these plans, intentions, or expectations. Forward-looking statements are inherently subject to risks, uncertainties, and assumptions. Generally, statements that are not historical facts, including statements concerning possible or assumed future actions, business strategies, events, or results of operations, are forward-looking statements. These statements may be preceded by, followed by, or include the words "believes," "estimates," "expects," "projects," "forecasts," "may," "will," "should," "seeks," "plans," "scheduled," "anticipates," "soon," "goal," "intends," or similar expressions. Forward-looking statements are not guarantees of future performance, and involve risks, uncertainties and assumptions that may cause our actual results to differ materially from the expectations that we describe in our forward-looking statements. There may be events in the future that we are not accurately able to predict, or over which we have no control. Important assumptions and other important factors that could cause actual results to differ materially from those forward-looking statements include, but are not limited to, our ability to recognize the anticipated benefits of Truth.Fi and our future collaborations; the possibility that we may be adversely impacted by economic, business, and/or competitive factors; our limited operating history making it difficult to evaluate our business and prospects; our inability to effectively manage future growth and achieve operational efficiencies; our inability to grow or maintain our active user base; our inability to achieve or maintain profitability; occurrence of a cyber incident resulting in information theft, data corruption, operational disruption and/or financial loss; potential diversion of management's attention and consumption of resources as a result of new products and strategies; and those additional risks, uncertainties and factors described in more detail under the caption "Risk Factors" in our Annual Report on Form 10-K for the fiscal year ended December 31, 2024, and in our other filings with the Securities and Exchange Commission. We do not intend, and, except as required by law, we undertake no obligation, to update any of our forward-looking statements after the issuance of this press release to reflect any future events or circumstances. Given these risks and uncertainties, readers are cautioned not to place undue reliance on such forward-looking statements. Investor Relations Contact Shannon Devine (MZ Group | Managing Director - MZ North America)Email: shannon.devine@mzgroup.us Media Contact press@tmtgcorp.com
Correction: Aino Health year-end report January-December 2024 - ForexTV
Correction: The reason for the correction is that the previous mailing did not contain the attached report. This document in English is a translation of the original in Swedish. In case of any discrepancy, the Swedish original will prevail. Aino reveals the root causes for absence at work October - December 2024 Net sales were KSEK 6 000 (6 313)Profit/loss after financial items was KSEK -3 451 (-3 851)Earnings per share were SEK -0,0 (-0,0) January – December 2024 Net sales were KSEK 23 941 (23 918)Profit/loss after financial items was KSEK -9 915 (-10 661)Earnings per share were SEK-0,1 (-0,2) SEK Stable demand and new customer partnershipsDuring the fourth quarter, we continued to grow through new business and deeper partnerships. We see a particularly positive development in the Finnish market, where our partnerships with both public and private organisations continue. During the quarter, three public sector organisations chose to implement our SaaS platform, which strengthens our position in the public sector. Greater focus on global customersWe see a clear trend where more and more international companies want to scale up their efforts for work ability, employee health and social sustainability. During the quarter, we continued our efforts to broaden the use of our SaaS solution by our global customers, from local initiatives to multi-country and multi-business solutions. The positive impact of our services is also highlighted in customer testimonials from, for example, ArcelorMittal and Adecco Group, which are available on our website. Further development of root cause analysisDuring the quarter, we continued to develop our root cause analysis of sickness absence and work environment problems. These insights enable us to fine-tune our solutions and provide clients with a better strategic basis for decision-making to actively work on strengthening employee health and reducing sickness absence. Financial situationThe number of users remained unchanged during the quarter, but we expect an increase in the first quarter of 2025. We expect the liquidity situation to improve, driven by the implementation of new contracts and continued demand. With more new customers, a more data-driven service and a clear expansion strategy, we see good opportunities to increase sales, strengthen cash flow and improve earnings during the year.We look forward to a continued productive year in which we broaden our customer relationships, further develop our SaaS and create clear business benefits for our customers. For more informationJyrki EklundCEO Aino HealthPhone: +358 40 042 4221jyrki.eklund@ainohealth.com Certified adviserCarnegie Investment Bank AB (publ)For more information see: https://investors.ainohealth.com/certified-adviser/ About Aino Health (publ)Aino Health is the leading provider of Software as a Service solutions in Corporate Health Management.The company’s complete system of SaaS platforms and services reduces sick leave, lowers related costs and improves business outcomes through increased productivity and employee engagement by making health, well-being and safety an integral part of daily work. For more information visit ainohealth.com. Link to the reporthttps://investors.ainohealth.com/rapporter-och-dokument/ Attachment Aino_Q4_2024_ENG_Final
SRS Real Estate Partners Expands Industrial Platform with Strategic Hires in Phoenix and Southern California - ForexTV
Jeffrey Garza Walker, SRS Industrial Jeffrey Garza Walkers joins SRS Real Estate Partners to lead Phoenix industrial team. Garza Walker is joined by Anna Sepic and Brenda Walker to round out the Phoenix industrial team. James deRegt, SRS Industrial James deRegt joins SRS Real Estate Partners along with Nick Krakower and RJ Dumke to lead industrial services for SRS in Southern California. Dallas, TX, Feb. 21, 2025 (GLOBE NEWSWIRE) -- SRS Real Estate Partners announces a major expansion of its industrial services platform with the addition of six industry professionals across its Phoenix and Southern California offices. “Our dedication to expanding our industrial platform has never been stronger, as we continue to recruit top talent nationwide,” said SRS President Garrett Colburn. “These significant additions will enhance the platform in two key markets while continuing to elevate our client-first approach.” Phoenix Expansion As Executive Vice President & Managing Principal, Jeffrey Garza Walker will lead the expansion of SRS’ industrial platform to Phoenix. Garza Walker brings 20 years of experience specializing in industrial advisory, investment sales, and cross-border transactions. His expertise includes tenant/landlord representation in Metro Phoenix and across the U.S., as well as investor and corporate occupier services in Mexico and Latin America. Prior to SRS, Garza Walker was an executive managing director at NAI Global and also served in a corporate management role with APL Logistics, Ltd. Joining Garza Walker from NAI Horizon are Anna Sepic as Senior Vice President and Brenda Walker as Senior Client Services Associate. Sepic brings over 10 years of commercial real estate experience and specializes in buyer representation with an emphasis on owner-user and industrial land development. Southern California Expansion James deRegt joins SRS as Senior Vice President in the Newport Beach office. Formerly with Lee & Associates, deRegt has over 30 years of industry experience and more than $1 billion in the acquisition, disposition and development of industrial real estate. He specializes in industrial brokerage and investments in Orange, San Bernardino, and Riverside Counties and has developed over a million square feet of industrial product over the last decade. Joining deRegt from Lee & Associates, Nick Krakower has been named Senior Vice President and RJ Dumke is an Associate. Krakower specializes in the acquisition, disposition, and leasing of industrial properties in the Orange County, Inland Empire and Mid Counties markets. "Our expansion in Phoenix and Southern California is strengthening our national platform and creating opportunities in other key industrial markets like Chicago and New Jersey," said Brant Landry, Managing Principal of SRS Industrial. "This talented group of industry veterans is a key part of that growth and will be a game-changer for our clients." About SRS Real Estate Partners Founded in 1986, SRS Real Estate Partners is building upon its retail foundation to provide extensive commercial real estate solutions to tenants, owners, and investors. Headquartered in Dallas, with 29 offices in the U.S., SRS has grown into one of the industry’s most influential and respected leaders. Our commitment to excellence is strengthened by our Guarantee of Value and our success is measured in the achievement of our clients’ objectives, satisfaction, and trust. For more information, please visit srsre.com. Attachments Jeffrey Garza Walker, SRS Industrial James deRegt, SRS Industrial CONTACT: Tracy Cobb SRS Real Estate Partners 2145618824 tracy.cobb@srsre.com
The Rise of Quantum Key Distribution Market: A $2.63 billion Industry Dominated by Tech Giants - Toshiba (Japan) and MagiQ Technologies (US)| MarketsandMarkets™ - ForexTV
Delray Beach, FL, Feb. 21, 2025 (GLOBE NEWSWIRE) -- The global Quantum Key Distribution Market size is projected to grow from USD 0.48 billion in 2024 to USD 2.63 billion by 2030 at a Compound Annual Growth Rate (CAGR) of 32.6% during the forecast period, according to a new report by MarketsandMarkets™. The demand for Quantum Key Distribution (QKD) is growing as organizations seek to strengthen data security. With cyberattacks becoming more advanced, companies and governments face significant challenges in protecting sensitive information. Additionally, there are increasing developments in the QKD space. For instance, TIM Group companies Sparkle and Telsy, along with QTI Quantum Telecommunications Italy, successfully performed a Proof of Concept (PoC) to secure a high-capacity link with QKD between two data centers in Athens, further driving the growth of the QKD market. Browse in-depth TOC on "Quantum Key Distribution Market" 515 - Tables 59 - Figures 342 - Pages Download Report Brochure @ https://www.marketsandmarkets.com/pdfdownloadNew.asp?id=80654677 Quantum Key Distribution Market Dynamics: Drivers: Rise in ‘harvest now, decrypt later’ (HNDL) attacksIncrease in investments in R&D by prominent playersAdvancements in quantum communication infrastructureAdvancements in quantum computing Restraints: High implementation costsLack of standardization Opportunities: Expansion into 5G, IoT networks, and satellite-based quantum communicationRise in demand for data security List of Key Companies in Quantum Key Distribution Market: Toshiba (Japan)ID Quantique (Switzerland)QuintessenceLabs (Australia)MagiQ Technologies (US)QuantumCTek (China)LuxQuanta (Spain)Kloch (US)HEQA Security (Israel)QNu Labs (India)PacketLight Networks (Israel) Request Sample Pages@ https://www.marketsandmarkets.com/requestsampleNew.asp?id=80654677 Trend: Advancements in Satellite-based QKD Satellite networks are saturating themselves with quantum technologies, aiming to carry out secure data transmission at long range. The drive behind this trend is a secure communication need across the globe's infrastructures, largely now spearheaded by projects like European Space Agency quantum initiatives. In India, for example, in January 2022, scientists from the Space Applications Centre (SAC) and the Physical Research Laboratory (PRL) demonstrated real-time Quantum Key Distribution (QKD) over a 300m terrestrial channel incorporating both quantum-secure text and image transmission and a quantum-assisted two-way video call between two buildings. By type, the long-distance QKD system segment accounts for the highest CAGR during the forecast period. The long-distance QKD system segment is projected to experience the highest Compound Annual Growth Rate (CAGR) during the forecast period. This growth is driven by the increasing need for secure communication across vast distances, particularly in sectors like defense, government, and telecommunications. As organizations seek to protect critical data transmissions over extended networks, advancements in satellite-based and fiber-optic QKD systems are gaining momentum, further propelling the demand for long-distance QKD solutions. Additionally, ongoing research and development efforts are enhancing the feasibility and scalability of these systems, contributing to their rapid adoption. Inquire Before Buying@ https://www.marketsandmarkets.com/Enquiry_Before_BuyingNew.asp?id=80654677 By vertical, the BFSI vertical accounts for a larger market share. The BFSI segment is expected to hold larger market share during the forecast period. This is led by the the sector’s critical need for enhanced data security. The BFSI industry is one of the most data-sensitive sectors, managing vast amounts of confidential information, including customer identities, financial transactions, and proprietary business data. With the rising frequency and sophistication of cyberattacks targeting financial institutions, there is an increasing demand for robust encryption methods to safeguard this valuable data. QKD's ability to provide theoretically unbreakable encryption by detecting eavesdropping in real time makes it an ideal solution for the BFSI sector. Financial institutions are adopting QKD to ensure secure communication and to prevent data breaches, fraud, and identity theft. Additionally, regulatory pressures related to data privacy, such as the General Data Protection Regulation (GDPR) in Europe and other global financial compliance standards, are encouraging the implementation of more advanced security measures like QKD. Opportunity: Securing 5G Networks with Quantum Key Distribution (QKD) One major opportunity in Quantum Key Distribution (QKD) lies in its application for securing 5G and beyond networks. As global 5G deployment accelerates, the need for stronger encryption mechanisms to protect massive volumes of data transmitted across these networks becomes critical. QKD offers an unbreakable key exchange, which can ensure secure communication in industries such as telecommunications, healthcare, and autonomous vehicles. The integration of QKD into 5G infrastructure could provide future-proof security against both current cyber threats and potential quantum computer attacks, opening new avenues for partnerships and technology investments. Get access to the latest updates on Quantum Key Distribution Companies and Quantum Key Distribution Industry CONTACT: About MarketsandMarkets™ MarketsandMarkets™ has been recognized as one of America’s best management consulting firms by Forbes, as per their recent report. MarketsandMarkets™ is a blue ocean alternative in growth consulting and program management, leveraging a man-machine offering to drive supernormal growth for progressive organizations in the B2B space. We have the widest lens on emerging technologies, making us proficient in co-creating supernormal growth for clients. Earlier this year, we made a formal transformation into one of America's best management consulting firms as per a survey conducted by Forbes. The B2B economy is witnessing the emergence of $25 trillion of new revenue streams that are substituting existing revenue streams in this decade alone. We work with clients on growth programs, helping them monetize this $25 trillion opportunity through our service lines - TAM Expansion, Go-to-Market (GTM) Strategy to Execution, Market Share Gain, Account Enablement, and Thought Leadership Marketing. Built on the 'GIVE Growth' principle, we work with several Forbes Global 2000 B2B companies - helping them stay relevant in a disruptive ecosystem. Our insights and strategies are molded by our industry experts, cutting-edge AI-powered Market Intelligence Cloud, and years of research. The KnowledgeStore™ (our Market Intelligence Cloud) integrates our research, facilitates an analysis of interconnections through a set of applications, helping clients look at the entire ecosystem and understand the revenue shifts happening in their industry. To find out more, visit www.MarketsandMarkets™.com or follow us on Twitter, LinkedIn and Facebook. Contact: Mr. Rohan Salgarkar MarketsandMarkets Inc. 1615 South Congress Ave. Suite 103, Delray Beach, FL 33445 USA : 1-888-600-6441 UK +44-800-368-9399 Email: sales@marketsandmarkets.com Visit Our Website: https://www.marketsandmarkets.com/
FIRST BANCSHARES, INC. ANNOUNCES ANNUAL CASH DIVIDEND OF $0.40 PER SHARE - ForexTV
MOUNTAIN GROVE, Mo., Feb. 21, 2025 (GLOBE NEWSWIRE) -- First Bancshares, Inc. (OTCQX: FBSI), the holding company for Stockmens Bank (“Bank”), Colorado Springs, Colorado, announced today that its Board of Directors declared an annual cash dividend of $0.40 per share on the Company’s outstanding common stock. The cash dividend will be payable on April 15, 2025 to shareholders of record as of the close of business on April 1, 2025. About the Company First Bancshares, Inc. is the holding company for Stockmens Bank, a FDIC-insured commercial bank chartered by the State of Colorado that conducts business from its home office in Colorado Springs, Colorado, and eight full-service offices in the Missouri cities of Mountain Grove, Marshfield, Ava, Kissee Mills, Gainesville, Hartville, Crane and Springfield, as well as full-service offices in Akron, Colorado and Bartley, Nebraska. Cautionary Note Regarding Forward-Looking Statements The Company and its wholly owned subsidiary, Stockmens Bank, may from time to time make written or oral “forward-looking statements” in its reports to shareholders and in other communications by the Company. These forward-looking statements are made in good faith by the Company pursuant to the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995. These forward-looking statements include statements with respect to the Company’s beliefs, expectations, estimates and intentions that are subject to significant risks and uncertainties, and are subject to change based on various factors, some of which are beyond the Company’s control. Such statements address the following subjects: future operating results; customer growth and retention; loan and other product demand; earnings growth and expectations; new products and services; credit quality and adequacy of reserves; results of examinations by our bank regulators; technology; and our employees. The following factors, among others, could cause the Company’s financial performance to differ materially from the expectations, estimates and intentions expressed in such forward-looking statements: the strength of the United States economy in general and the strength of the local economies in which the Company conducts operations; the effects of, and changes in, trade, monetary, and fiscal policies and laws, including interest rate policies of the Federal Reserve Board; inflation, interest rate, market, and monetary fluctuations; the timely development and acceptance of new products and services of the Company and the perceived overall value of these products and services by users; the impact of changes in laws and regulations applicable to financial services companies; technological changes; acquisitions; changes in consumer spending and savings habits; and the success of the Company at managing and collecting assets of borrowers in default and managing the risks of the foregoing. The foregoing list of factors is not exclusive. The Company does not undertake, and expressly disclaims any intent or obligation, to update any forward-looking statement, whether written or oral, that may be made from time to time by or on behalf of the Company. Contact: Robert M. Alexander, Chairman and CEO - (719) 955-2800
Balchem Corporation Reports Fourth Quarter and Full Year 2024 Financial Results - ForexTV
MONTVALE, N.J., Feb. 21, 2025 (GLOBE NEWSWIRE) -- Balchem Corporation (NASDAQ: BCPC) reported today financial results for its 2024 fiscal fourth quarter ended December 31, 2024. For the quarter, the Company reported net sales of $240.0 million, net earnings of $33.6 million, adjusted EBITDA(a) of $62.8 million, and free cash flow(a) of $39.8 million. Ted Harris, Chairman, President, and CEO of Balchem said, “The fourth quarter capped off another very strong year for Balchem. We delivered record fourth quarter net sales and adjusted EBITDA, with top and bottom line year over year growth in each of our three segments.” Fourth Quarter 2024 Financial Highlights: Record net sales of $240.0 million, an increase of $11.3 million, or 4.9%, compared to the prior year quarter.GAAP net earnings were $33.6 million, an increase of 26.0% from the prior year quarter.Record adjusted EBITDA was $62.8 million, an increase of 13.4% from the prior year quarter.GAAP earnings per share of $1.03 compared to $0.82 in the prior year quarter and adjusted earnings per share(a) of $1.13 compared to $0.95 in the prior year quarter.Cash flows from operations were $52.3 million, with free cash flow(a) of $39.8 million. Mr. Harris added, “For the full year 2024, we delivered record net sales and adjusted EBITDA while generating very strong free cash flow, allowing us to increase our dividend once again by double digits and significantly strengthen our balance sheet by paying down $119.6 million of debt.” Full Year 2024 Financial Highlights: Record full year net sales of $953.7 million, an increase of $31.2 million or 3.4%, compared to the prior year with record sales achieved in the Human Nutrition & Health and Specialty Products segments.GAAP net earnings were $128.5 million, an increase of 18.4% from the prior year. These net earnings resulted in GAAP earnings per share of $3.93 compared to $3.35 in the prior year.Record adjusted EBITDA was $250.3 million, an increase of 8.4%, from the prior year.Adjusted net earnings were $143.0 million, an increase of 10.2% from the prior year. These adjusted net earnings resulted in adjusted earnings per share of $4.37 compared to $4.00 in the prior year.Cash flows from operations were $182.0 million for 2024, with free cash flow of $147.2 million. Mr. Harris continued, “As we transition to focusing on 2025 and beyond, I remain excited about the growth opportunities that lie ahead for Balchem and I believe we are well positioned to deliver ongoing growth for our shareholders.” Results for Period Ended December 31, 2024 (unaudited)(Dollars in thousands, except per share data) Three Months EndedDecember 31, Year EndedDecember 31, 2024 2023 2024 2023Net sales$240,004 $228,699 $953,684 $922,439 Gross margin 86,337 74,993 336,206 302,056 Operating expenses 38,893 36,658 153,297 142,863 Earnings from operations 47,444 38,335 182,909 159,193 Interest and other expenses 2,960 5,068 16,456 21,932 Earnings before income tax expense 44,484 33,267 166,453 137,261 Income tax expense 10,901 6,619 37,978 28,718 Net earnings$33,583 $26,648 $128,475 $108,543 Diluted net earnings per common share$1.03 $0.82 $3.93 $3.35 Adjusted EBITDA(a)$62,833 $55,430 $250,348 $230,910 Adjusted net earnings(a)$36,876 $30,901 $142,965 $129,718 Adjusted diluted net earnings per common share(a)$1.13 $0.95 $4.37 $4.00 Shares used in the calculations of diluted and adjusted net earnings per common share 32,548 32,477 32,718 32,448 (a) See “Non-GAAP Financial Information” for a reconciliation of GAAP and non-GAAP financial measures. Financial Results for the Fourth Quarter of 2024: The Human Nutrition & Health segment generated fourth quarter sales of $147.3 million, an increase of $9.3 million, or 6.8%, compared to the prior year quarter. The increase was driven by higher sales within both the food ingredients and solutions businesses and the nutrients business. Fourth quarter earnings from operations for this segment were $33.8 million, an increase of $8.5 million, or 33.9%, compared to $25.2 million in the prior year quarter, primarily due to the aforementioned higher sales and a favorable mix. Excluding the effect of non-cash expense associated with amortization of acquired intangible assets and other adjustments, adjusted earnings from operations(a) for this segment were $36.5 million, compared to $29.9 million in the prior year quarter, an increase of 21.8%. The Animal Nutrition & Health segment generated quarterly sales of $58.3 million, an increase of $0.2 million, or 0.3%, compared to the prior year quarter. The increase was driven by higher sales in the ruminant species markets, partially offset by lower sales in the monogastric species markets. Fourth quarter earnings from operations for this segment were $5.7 million, an increase of $0.4 million, or 7.2%, compared to $5.3 million in the prior year quarter, primarily due to the aforementioned higher sales and favorable mix, partially offset by higher operating expenses. Excluding the effect of non-cash expense associated with amortization of acquired intangible assets and other adjustments, adjusted earnings from operations for this segment were $5.9 million, compared to $5.6 million in the prior year quarter, an increase of 6.5%. The Specialty Products segment generated fourth quarter sales of $32.9 million, an increase of $1.8 million, or 6.0%, compared to the prior year quarter, due to higher sales in the performance gases business. Fourth quarter earnings from operations for this segment were $10.0 million, an increase of $1.4 million, or 15.9%, compared to $8.6 million in the prior year quarter, primarily driven by the aforementioned higher sales and favorable mix, partially offset by higher operating expenses. Excluding the effect of non-cash expense associated with amortization of acquired intangible assets and other adjustments, adjusted earnings from operations for this segment were $10.9 million, compared to $9.8 million in the prior year quarter, an increase of 11.2%. Consolidated quarterly gross margin of $86.3 million increased by $11.3 million, or 15.1%, compared to $75.0 million for the prior year comparable period. Gross margin as a percentage of sales was 36.0% as compared to 32.8% in the prior year period, an increase of 320 basis points, primarily due to a favorable mix. Operating expenses of $38.9 million for the quarter increased $2.2 million from the prior year comparable quarter, primarily due to an increase in transaction costs, higher compensation-related expenses, and an increase in outside services, partially offset by lower amortization. Excluding non-cash operating expenses associated with amortization of intangible assets of $3.2 million, operating expenses were $35.7 million, or 14.9% of sales. Net interest expense was $2.8 million and $5.3 million in the fourth quarters of 2024 and 2023, respectively. The decrease in interest expense was primarily due to lower outstanding borrowings. Our effective tax rates for the three months ended December 31, 2024 and 2023 were 24.5% and 19.9%, respectively. The increase in the effective tax rate from the prior year was primarily due to an increase in certain foreign taxes. For the quarter ended December 31, 2024, cash flows provided by operating activities were $52.3 million and free cash flow was $39.8 million. The $156.1 million of net working capital on December 31, 2024 included a cash balance of $49.5 million. Significant cash payments during the quarter included repayments on the revolving loan of $37.0 million, cash paid for an acquisition net of cash acquired of $24.2 million, capital expenditures and intangible assets acquired of $12.7 million, and income taxes paid of $11.1 million. Ted Harris, Chairman, President, and CEO of Balchem said, “2024 was another very strong year for Balchem and I would like to thank all of our over 1,300 employees for their contributions to these results and the progress we have made on our strategic growth initiatives. I am excited about our future.” Quarterly Conference Call A quarterly conference call will be held on Friday, February 21, 2025, at 11:00 AM Eastern Time (ET) to review fourth quarter 2024 results. Ted Harris, Chairman, President, and CEO and Martin Bengtsson, CFO will host the call. We invite you to listen to the conference by calling toll-free 1-877-407-8289 (local dial-in 1-201-689-8341), five minutes prior to the scheduled start time of the conference call. The conference call will be available for replay three hours after the conclusion of the call through end of day Friday, March 7, 2025. To access the replay of the conference call, dial 1-877-660-6853 (local dial-in 1-201-612-7415), and use conference ID #13751680. Segment Information Balchem Corporation reports three business segments: Human Nutrition & Health, Animal Nutrition & Health, and Specialty Products. The Human Nutrition & Health segment delivers customized food and beverage ingredient systems, as well as key nutrients into a variety of applications across the food, supplement and pharmaceutical industries. The Animal Nutrition & Health segment manufactures and supplies products to numerous animal health markets. Through Specialty Products, Balchem provides specialty-packaged chemicals for use in healthcare and other industries, and also provides chelated minerals to the micronutrient agricultural market. Sales and production of products outside of our reportable segments and other minor business activities are included in "Other and Unallocated". Forward-Looking Statements This release contains forward-looking statements, within the meaning of the meaning of the Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934, as amended, which reflect our expectation or belief concerning future events that involve risks and uncertainties. These forward-looking statements generally are identified by the words "believe," "project," "expect," "anticipate," "estimate," "forecast," "outlook," "intend," "strategy," "future," "opportunity," "plan," "may," "should," "will," "would," "will be," "will continue," "will likely result," or the negative thereof or variations thereon or similar expressions generally intended to identify forward-looking statements. Forward-looking statements may relate to such matters as projections of revenue, margins, expenses, tax provisions, earnings, cash flows, benefit obligations, dividends, share purchases or other financial items; any statements of the plans, strategies and objectives of management for future operations, including those relating to any statements concerning expected development, performance or market share relating to our products and services; any statements regarding future economic conditions or our performance; any statements regarding pending investigations, claims or disputes; any statements of expectation or belief; and any statements of assumptions underlying any of the foregoing. These statements are based on the Company's currently available information and our current assumptions, expectations and projections about future events. They are subject to future events, risks and uncertainties - many of which are beyond the Company’s control - as well as potentially inaccurate assumptions, that could cause actual results to differ materially from those in the forward-looking statements. Important factors and other risks that may affect the Company's business or that could cause actual results to differ materially are included in filings the Company makes with the U.S. Securities and Exchange Commission from time to time, including its Annual Report on Form 10-K, its Quarterly Reports on Form 10-Q, its Current Reports on Form 8-K, and in its other SEC filings. Reference should be made to such factors and all forward-looking statements are qualified in their entirety by the above cautionary statements. The Company undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. Contact: Jacqueline Yarmolowicz, Balchem Corporation (Telephone: 845-326-5600) Selected Financial Data (unaudited) (Dollars in thousands) Business Segment Net Sales: Three Months EndedDecember 31, Year EndedDecember 31, 2024 2023 2024 2023Human Nutrition & Health$147,303 $137,974 $600,258 $550,751 Animal Nutrition & Health 58,326 58,164 214,710 238,326 Specialty Products 32,851 31,004 132,749 125,965 Other and Unallocated (b) 1,524 1,557 5,967 7,397 Total$240,004 $228,699 $953,684 $922,439 Business Segment Earnings Before Income Taxes: Three Months EndedDecember 31, Year EndedDecember 31, 2024 2023 2024 2023 Human Nutrition & Health$33,755 $25,210 $135,957 $102,419 Animal Nutrition & Health 5,731 5,346 14,013 27,576 Specialty Products 9,963 8,595 39,906 34,579 Other and Unallocated(b) (2,005) (816) (6,967) (5,381)Interest and other expenses (2,960) (5,068) (16,456) (21,932)Total$44,484 $33,267 $166,453 $137,261 (b) Other and Unallocated consists of a few minor businesses which individually do not meet the quantitative thresholds for separate presentation and corporate expenses that have not been allocated to a segment. Unallocated corporate expenses consist of: (i) Transaction and integration costs totaling $689 and $1,484 for the three and twelve months ended December 31, 2024, respectively, and $17 and $1,617 for the three and twelve months ended December 31, 2023, respectively (refer to Note 4 for descriptions of these charges), and (ii) Unallocated amortization expense of $0 and $0 for the three and twelve months ended December 31, 2024, respectively, and $0 and $312 for the three and twelve months ended December 31, 2023, respectively, related to an intangible asset in connection with a company-wide ERP system implementation. Selected Balance Sheet Items (Dollars in thousands)December 31, December 31, 2024 2023 Cash and Cash Equivalents$49,515 $64,447 Accounts Receivable, net 119,662 125,284 Inventories, net 130,802 109,521 Other Current Assets 13,791 14,990 Total Current Assets 313,770 314,242 Property, Plant & Equipment, net 282,154 276,039 Goodwill 780,030 778,907 Intangible Assets with Finite Lives, net 165,050 191,212 Right of Use Assets 17,050 19,864 Other Assets 17,317 16,947 Total Non-current Assets 1,261,601 1,282,969 Total Assets$1,575,371 $1,597,211 Current Liabilities$157,685 $148,491 Revolving Loan 190,000 309,569 Deferred Income Taxes 43,722 52,046 Long-Term Obligations 34,051 33,121 Total Liabilities 425,458 543,227 Stockholders' Equity 1,149,913 1,053,984 Total Liabilities and Stockholders' Equity$1,575,371 $1,597,211 Balchem CorporationCondensed Consolidated Statements of Cash Flows(Dollars in thousands)(unaudited) Year Ended December 31, 2024 2023Cash flows from operating activities: Net earnings$128,475 $108,543 Adjustments to reconcile net earnings to net cash provided by operating activities: Depreciation and amortization 47,973 54,935 Stock compensation expense 16,675 16,052 Other adjustments (5,007) (15,779)Changes in assets and liabilities, net of acquired balances (6,117) 20,010 Net cash provided by operating activities 181,999 183,761 Cash flows from investing activities: Capital expenditures and intangible assets acquired (35,661) (37,892)Cash paid for acquisitions, net of cash acquired (24,164) (1,252)Proceeds from sale of assets 359 1,881 Proceeds from settlement of net investment hedge — 2,740 Investment in affiliates (270) (290)Net cash used in investing activities (59,736) (34,813) Cash flows from financing activities: Proceeds from revolving loan 26,000 18,000 Principal payments on revolving debt (145,569) (149,000)Principal payments on finance lease (216) (222)Proceeds from stock options exercised 17,228 5,242 Dividends paid (25,576) (22,872)Repurchases of common stock (5,682) (4,469)Net cash used in financing activities (133,815) (153,321) Effect of exchange rate changes on cash (3,380) 2,260 Decrease in cash and cash equivalents (14,932) (2,113) Cash and cash equivalents, beginning of period 64,447 66,560 Cash and cash equivalents, end of period$49,515 $64,447 Non-GAAP Financial Information In addition to disclosing financial results in accordance with United States (U.S.) generally accepted accounting principles (GAAP), this earnings release contains non-GAAP financial measures that we believe are helpful in understanding and comparing our past financial performance and our future results. The non-GAAP financial measures in this press release include adjusted gross margin, adjusted earnings from operations, adjusted net earnings and the related adjusted per diluted share amounts, EBITDA, adjusted EBITDA, adjusted income tax expense, and free cash flow. The non-GAAP financial measures disclosed by the company exclude certain business combination accounting adjustments and certain other items related to acquisitions, certain equity compensation, nonqualified deferred compensation plan expense (income), and certain one-time or unusual transactions. Detailed non-GAAP adjustments are described in the reconciliation tables below and also explained in the related footnotes. These non-GAAP financial measures should not be considered a substitute for, or superior to, financial measures calculated in accordance with GAAP, and the financial results calculated in accordance with GAAP and reconciliations from these results should be carefully evaluated. Investors should not consider non-GAAP measures as alternatives to the related GAAP measures. Set forth below are reconciliations of the non-GAAP financial measures to the most directly comparable GAAP financial measures. Table 1 (unaudited) Reconciliation of Non-GAAP Measures to GAAP(Dollars in thousands, except per share data) Three Months EndedDecember 31, Year EndedDecember 31, 2024 2023 2024 2023 Reconciliation of adjusted gross margin GAAP gross margin$86,337 $74,993 $336,206 $302,056 Inventory valuation adjustment (1) — — — 1,419 Amortization of intangible assets and finance lease (2) 702 665 2,806 2,683 Restructuring costs (3) — 186 — 601 Adjusted gross margin$87,039 $75,844 $339,012 $306,759 Reconciliation of adjusted earnings from operations GAAP earnings from operations$47,444 $38,335 $182,909 $159,193 Inventory valuation adjustment (1) — — — 1,419 Amortization of intangible assets and finance lease (2) 3,917 6,964 19,476 28,274 Restructuring costs (3) — 186 521 8,365 Transaction and integration costs (4) 689 (1,383) 1,393 (9,683)Impairment charge (5) — — 255 — Nonqualified deferred compensation plan (income) expense (6) (14) 523 908 917 Adjusted earnings from operations$52,036 $44,625 $205,462 $188,485 Reconciliation of adjusted net earnings GAAP net earnings$33,583 $26,648 $128,475 $108,543 Inventory valuation adjustment (1) — — — 1,419 Amortization of intangible assets and finance lease (2) 3,988 7,035 19,763 28,561 Restructuring costs (3) — 186 521 8,365 Transaction and integration costs (4) 689 (1,383) 1,393 (9,683)Impairment charge (5) — — 255 — Income tax adjustment (7) (1,384) (1,585) (7,442) (7,487)Adjusted net earnings$36,876 $30,901 $142,965 $129,718 Adjusted net earnings per common share - diluted$1.13 $0.95 $4.37 $4.00 Table 2 (unaudited) Reconciliation of GAAP Net Earnings to EBITDA and to Adjusted EBITDA(Dollars in thousands) Three Months EndedDecember 31, Year EndedDecember 31, 2024 2023 2024 2023Net earnings - as reported$33,583 $26,648 $128,475 $108,543 Add back: Provision for income taxes 10,901 6,619 37,978 28,718 Interest and other expenses 2,960 5,068 16,456 21,932 Depreciation and amortization 10,825 13,984 47,686 54,647 EBITDA 58,269 52,319 230,595 213,840 Add back: Non-cash compensation expense related to equity awards 3,889 3,785 16,676 16,052 Inventory valuation adjustment (1) — — — 1,419 Restructuring costs (3) — 186 521 8,365 Transaction and integration costs (4) 689 (1,383) 1,393 (9,683)Impairment charge (5) — — 255 — Nonqualified deferred compensation plan (income) expense (6) (14)- 523 - 908 - 917 Adjusted EBITDA$62,833 $55,430 $250,348 $230,910 Table 3 (unaudited) Reconciliation of GAAP Effective Income Tax Rate to Non-GAAP Effective Income Tax Rate(Dollars in thousands) Three Months EndedDecember 31, Effective Tax Effective Tax 2024 Rate 2023 RateGAAP Income Tax Expense$10,901 24.5 % $6,619 19.9 %Impact of ASU 2016-09 (8) 202 369 Adjusted Income Tax Expense$11,103 25.0 % $6,988 21.0 % Year EndedDecember 31, Effective Tax Effective Tax 2024 Rate 2023 RateGAAP Income Tax Expense$37,978 22.8 % $28,718 20.9 %Impact of ASU 2016-09 (8) 2,154 1,232 Adjusted Income Tax Expense$40,132 24.1 % $29,950 21.8 % Table 4 (unaudited) Reconciliation of Net Cash Provided by Operating Activities to Free Cash Flow(Dollars in thousands) Three Months EndedDecember 31, Year EndedDecember 31, 2024 2023 2024 2023 Net cash provided by operating activities$52,317 $67,406 $181,999 $183,761 Capital expenditures, proceeds from the sale of assets, and settlement of net investment hedge (12,549) (11,441) (34,789) (32,653)Free cash flow$39,768 $55,965 $147,210 $151,108 (1) Inventory valuation adjustment: Business combination accounting principles require us to measure acquired inventory at fair value. The fair value of inventory reflects the acquired company's cost of manufacturing plus a portion of the expected profit margin. The non-GAAP adjustment to our cost of sales excludes the expected profit margin component that is recorded under business combination accounting principles. We believe the adjustment is useful to investors as an additional means to reflect cost of sales and gross margin trends of our business. (2) Amortization of intangible assets and finance lease: Amortization of intangible assets and finance lease consists of amortization of customer relationships, trademarks and trade names, developed technology, regulatory registration costs, patents and trade secrets, capitalized loan issuance costs, other intangibles acquired primarily in connection with business combinations, an intangible asset in connection with a company-wide ERP system implementation, and one finance lease. We record expense relating to the amortization of these intangibles and finance lease in our GAAP financial statements. Amortization expenses for our intangible assets and finance lease are inconsistent in amount and are significantly impacted by the timing and valuation of an acquisition. Consequently, our non-GAAP adjustments exclude these expenses to facilitate an evaluation of our current operating performance and comparisons to our past operating performance. (3) Restructuring costs: Expenses related to a reorganization of the business. The restructuring costs are included in our GAAP financial statements. Management excludes these items for the purposes of calculating Adjusted EBITDA and other non-GAAP financial measures. We believe that excluding these items from our non-GAAP financial measures is useful to investors because they are inconsistent in amounts and frequency causing comparison of current and historical financial results to be difficult. (4) Transaction and integration costs: Transaction and integration costs related to acquisitions and divestitures are expensed in our GAAP financial statements. Management excludes these items for the purposes of calculating Adjusted EBITDA and other non-GAAP financial measures. We believe that excluding these items from our non-GAAP financial measures is useful to investors because these are items associated with transactions that are inconsistent in amount and frequency causing comparison of current and historical financial results to be difficult. (5) Impairment charge: An asset impairment charge in 2024 was related to the write off of an equity method investment. The impairment charge is included in our GAAP financial statements. Management excludes this item for the purposes of calculating Adjusted EBITDA and other non-GAAP financial measures. We believe that excluding this item from our non-GAAP financial measures is useful to investors because it is inconsistent in amount and frequency causing comparison of current and historical financial results to be difficult. (6) Nonqualified deferred compensation plan (income) expense: Gains and losses on rabbi trust assets related to our nonqualified deferred compensation plan are recorded in other (income) expense while the offsetting increases or decreases to the deferred compensation liability are recorded within earnings from operations. The increases and decreases in the deferred compensation liability are driven by market volatility and are not a true reflection of company performance. We believe excluding these amounts from our non-GAAP financial measures is useful to investors because these items are inconsistent in amount based on market conditions causing comparison of current and historical financial results to be difficult. (7) Income tax adjustment: For purposes of calculating adjusted net earnings and adjusted diluted earnings per share, we adjust the provision for (benefit from) income taxes to tax effect the taxable and deductible non-GAAP adjustments described above as they have a significant impact on our income tax (benefit) provision. Additionally, the income tax adjustment is adjusted for the impact of adopting ASU 2016-09, “Improvements to Employee Share-Based Payment Accounting” and uses our non-GAAP effective rate applied to both our GAAP earnings before income tax expense and non-GAAP adjustments described above. See Table 3 for the calculation of our non-GAAP effective tax rate. (8) Impact of ASU 2016-09: The primary impact of ASU No. 2016-09, "Improvements to Employee Share-Based Payment Accounting" ("ASU 2016-09"), was the recognition during the three and twelve months ended December 31, 2024 and 2023, of excess tax benefits as a reduction to the provision for income taxes and the classification of these excess tax benefits in operating activities in the consolidated statement of cash flows instead of financing activities. Management excludes this item for the purpose of calculating Adjusted Income Tax Expense. We believe that excluding the item in our non-GAAP financial measures is useful to investors because it is inconsistent in amount and frequency causing comparison of current and historical financial results to be difficult.
Denmark's Economy Shows Steady Growth: GDP Rises to 4.1% in Q4 2024 - ForexTV
Continuing its stride towards economic fortitude, Denmark’s Gross Domestic Product (GDP) has posted a promising rise of 4.1% in the fourth quarter of 2024. This stride marks a positive shift from the previous quarter's 3.9%, reflecting steady economic advancements.Updated on February 20, 2025, the latest data reveal a consistent year-over-year strengthening of the Danish economy. Such an uptrend emphasizes the resilient nature of Denmark's market, driven perhaps by strategic policymaking and robust sectors underlining economic growth during 2024.Economists and policymakers are likely encouraged by this upward momentum, predicting further stability and growth in the quarters to come. As comparisons to the same period last year indicate, Denmark's economic framework continues to adapt and flourish amid global financial challenges, setting a hopeful precedent for 2025.The material has been provided by InstaForex Company - www.instaforex.com
Sweden Sees Positive Shift in Capacity Utilization for Q4 2024 - ForexTV
Sweden's capacity utilization has shown a notable turnaround in the fourth quarter of 2024, according to the latest data updated on February 20, 2025. The indicator for this key economic metric rose to 0.7%, marking a marked improvement over the previous quarter, which saw a downturn of -0.9% in the third quarter of 2024.The positive shift indicates a recovery in the country's industrial activities, reflecting an increase in the portion of production capacity that is being utilized by manufacturers. The increase from -0.9% to 0.7% suggests that industries are ramping up operations, potentially signaling a boost in economic confidence and activity as Sweden moves into 2025.The data compare the changes quarter-over-quarter and suggests that, after a challenging third quarter, the Swedish economy is tangibly rebounding. This improvement could have broader implications for economic stability and growth in the coming months as capacity utilization often correlates with overall economic performance. Stakeholders will be watching closely to see if this trend continues into the new year.The material has been provided by InstaForex Company - www.instaforex.com
cBrain reports EBT of 32% and raises payout ratio to 20% - ForexTV
Company Announcement no. 03/2025 cBrain reports EBT of 32% and raises payout ratio to 20% Copenhagen, February 20, 2025 cBrain (NASDAQ: CBRAIN) reports revenue grew by +12% to DKK 268m in 2024, up from DKK 239m in 2023, aligning with the expected revenue growth range of 12-13%. Software revenue is 78% of total revenue, while implementation and support services account for 22% of total revenue. Software subscriptions, the majority based on long-term contracts with Danish government customers, account for more than 50 % of the total revenue. Earnings before tax (EBT) grew to DKK 86m in 2024, up from DKK 81m in 2023, thereby reaching an EBT margin of 32%. EBT is therefore at the expected EBT margin of 30-32%. Due to faster-than-expected global industry changes as well as market uncertainties in the US and Germany, cBrain has held back some of the planned market investments in 2024. This has resulted in costs being lower than expected. The results show a strong positive cash flow from operating activities. This enables an increase in dividends and investments in the growth of the company and at the same time reduces long-term loans on cBrain-owned buildings. cBrain does not have a share buyback program. However, due to solid earnings, cBrain proposes to raise dividends to DKK 0,64 per share (2023: DKK 0,28 per share) corresponding to a payout ratio of approx. 20% of profit for the year. Executing the growth planIn 2022, cBrain announced its 2023-2025 growth plan with the goal of consolidating the business model and preparing for long-term growth by positioning itself as a supplier of climate software for government and developing a partner model. During the past two years, cBrain has executed this plan and during 2023 and 2024, cBrain has grown, initiated partnerships, and delivered solid results, growing revenue by +42% and growing EBT by +76%. The growth plan assumes that government organizations over time will switch from relying on custom-built solutions and best-of-breed architectures to using standard software. The government IT industry is massive and dominated by large suppliers who benefit from consultancy fees and billable hours. This creates significant entry barriers as the classic vendors defend their business, and the growth plan therefore anticipates a long and slow transition to standard software. The COTS for government seem to emerge faster than anticipatedContrary to these assumptions, cBrain now sees indications that industry shifts toward standard software and platforms are occurring faster than anticipated. Fueled by a lack of skilled IT resources and a growing demand for fast delivery, cBrain sees a rapidly emerging IT industry, referred to as Commercial Off-The-Shelf (COTS) for government. For cBrain, this presents new strategic opportunities. COTS for government, leveraging new technologies and platforms such as the F2 Digital Platform, enables digital transformation at higher speed and lower costs that outperform traditional IT modernization. For example, cBrain delivered a complete end-to-end digital platform for two new Danish ministries within just three weeks during the autumn of 2024, and in 2025 cBrain has just announced a third new Danish ministry, following a similar fast-track implementation schedule. Traditionally, projects of this nature take years and often fail. The Danish ministerial cases thereby exemplify the power of the COTS for government approach. cBrain has a first-mover advantageThe long-term cBrain growth strategy is founded on a vision and a business case to provide standard software for government. Over the past 15 years, cBrain has invested more than 450,000 hours in developing the F2 platform. Danish ministries and a total of more than 75 Danish authorities use F2 as their digital platform. Internationally cBrain has delivered F2 for government organizations across five continents. With a solid first-mover advantage and a strong customer base, cBrain is well-positioned to become a leading international software provider of COTS for government solutions. During the year 2024, the accelerated market shift and the power of the COTS for government approaches have opened new opportunities for cBrain. This is exemplified by the recent collaboration between cBrain and UNDP in Africa to support the UNDP Digital Offer for Africa strategy, and larger orders in Romania helping to modernize traditional mainframe-type solutions. Reiterating the international growth strategyThe faster-than-expected market shift, with government looking toward IT modernization and digitization based on the alternative COTS for government approach, clearly represents an incredibly positive development for cBrain. cBrain wants to fully take advantage of this, and a solid business with strong cash flow and earnings offer strategic flexibility. Consequently, cBrain is now reiterating and potentially adjusting its international growth strategy. This includes evaluating organizational readiness, as well as market and product development strategies, to leverage and maximize the benefits of accelerated industry changes. With the goal of being an internationally leading vendor in the emerging COTS for government industry, cBrain will execute several changes to the growth plan during the spring of 2025. Driving international expansionWith the current Danish customer base, cBrain has a strong home market position. Internationally this is an important reference position, and cBrain intends to maintain and develop a strong position on the Danish market. However, to be a leader in the COTS for government industry and fully deploy the potential of the new emerging industry, cBrain will direct more resources into its international business. cBrain has built its international business based on organic growth, building the business by addressing international customers directly or in collaboration with local partners. This strategy is maintained, but with an increased focus on working with international partners. As of today, over one-third of the total revenue is export. cBrain is currently reiterating and potentially adjusting its international growth strategy with a goal, that within a few years, the international revenue will be significantly larger than the Danish revenue. Lifting the businessDuring the past two years, cBrain has built a pipeline of potential customers, which are significantly larger than the average Danish customer. This includes projects in Germany and the US, as well as projects in the Emirates, India, Kenya, and Romania. For cBrain to be a leader in the COTS for government industry, it is key to building an international business. Backed by a solid financial position, cBrain is therefore shifting a focus to international opportunities. This shift involves changes across the cBrain internal organization, from marketing and sales to delivery and R&D. cBrain announced the growth plan in 2022 with an ambition to reach a revenue of 350 million in the year 2025. cBrain continues to execute its growth plan. However, reaching the revenue ambition requires winning and delivering some of the large international contracts cBrain is currently working on. cBrain guides continued growth in revenue and solid earnings for 2025 With limited visibility, cBrain forecasts expected revenue growth in 2025 of 10-15% and earnings before tax (EBT) of 18-23%. The earnings forecast is based on solid market development investments into international growth, across the African region, USA, Germany, and India, as well as investments into developing the F2-for-Partners concept. Best regards Per Tejs Knudsen, CEO Inquiries regarding this Company Announcement may be directed to Ejvind Jørgensen, CFO & Head of Investor Relations, cBrain A/S, ir@cbrain.com, +45 2594 4973 Attachments Company Announcement no. 2025-03 (årsregnskab alene) cBrain - Annual report 2024 cBrain-2024-12-31-en
Treatment.com AI and Rocket Doctor CEO’s meet for a fireside chat to discuss the recently announced acquisition and the future of AI in healthcare - ForexTV
THIS NEWS RELEASE IS NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES FOR DISSEMINATION IN THE UNITED STATES VANCOUVER, British Columbia, Feb. 20, 2025 (GLOBE NEWSWIRE) -- Treatment.com AI Inc. (CSE: TRUE, OTC: TREIF, Frankfurt: 939) (“Treatment”) is pleased to advise that further to its announcement that it has entered into a Definitive Share Purchase Agreement dated February 12, 2025 (the “Definitive Agreement”) to acquire Rocket Doctor Inc. (“Rocket Doctor”), details of which are in Treatment’s Press Release dated 12th February 2025 https://www.treatment.com/press/, the CEO’s of Treatment.com AI and Rocket Doctor Inc have combined for a fireside chat to discuss in more detail the acquisition and its opportunities. They also cover the most recent Press Release dated February 19, 2025 https://www.treatment.com/rocket-doctor-signs-agreement-with-california-managed-care-plan/ Dr. Essam Hamza, CEO of Treatment.com AI and Dr. Bill Cherniak, CEO and Founder of Rocket Doctor meet with Penny Queen. They discuss their views on how Treatment and Rocket Doctor technologies can play a role in positively improving the healthcare sector and impact current inefficiencies and challenges. https://www.treatment.com/wp-content/uploads/2025/02/Treatment_Fireside_Chat_Rocket_Doctor_Safe.mp4 About Treatment.com AI Inc. Treatment.com AI is a company utilizing AI (artificial intelligence) and best clinical practices to positively improve the healthcare sector and impact current inefficiencies and challenges. With the input of hundreds of healthcare professionals globally, Treatment.com AI has built a comprehensive, personalized healthcare AI engine — the Global Library of Medicine (GLM). With more than 10,000 expert medical reviews, the GLM delivers tested clinical information and support to all healthcare professionals as well as providing recommended tests (physical and lab), imaging and billing codes. The GLM helps healthcare professionals (doctors, nurses or pharmacists) reduce their administrative burden; creates more time for needed face-to-face patient appointments; and enables greater consistency in quality of patient support. Treatment.com AI’s GLM platform, through supporting healthcare professionals, allows for the inclusion of disenfranchised communities. To learn more about Treatment’s products and services: www.treatment.com or email: info@treatment.com About Rocket Doctor Inc. Rocket Doctor is a technology-driven digital health platform and marketplace that is breaking down obstacles that limit access to quality, comprehensive and cost-effective healthcare. Our proprietary software equips doctors with the tools to run successful practices in virtual and hybridized in-person/virtual models of care, enabling them to provide tailored care to patients in remote communities, particularly those in rural and Northern communities across Canada and on Medicaid in the United States. Leveraging large language models, AI/ML and wireless medical devices, Rocket Doctor is bridging the healthcare divide, connecting patients to equitable and accessible virtual healthcare services regardless of age, location, or financial status. This includes patients with potentially stigmatizing conditions such as substance use, mental health and otherwise. To learn more about Rocket Doctor's platform and services, visit www.rocketdoctor.io (U.S.) www.rocketdoctor.ca (Canada) or email media@rocketdoctor.io. FOR ADDITIONAL INFORMATION, CONTACT: Dr. Essam Hamza, CEO ehamza@treatment.com For media inquiries, contact: media@treatment.com Call: +1 (612) 788-8900 / Toll-Free USA/Canada: +1 (888) 788-8955Cautionary Statements This news release contains forward-looking statements that are based on Treatment.com AI’s expectations, estimates and projections regarding its business and the economic environment in which it operates, including with respect to the implementation of its shareholder communications initiative and the timing thereof. These forward-looking statements or information may relate to the consummation of Rocket Doctor’s California Medicaid transaction and the expected benefits to Rocket Doctor of such transaction and other factors or information. Although Treatment.com believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and involve risks and uncertainties that are difficult to control or predict. Therefore, actual outcomes and results may differ materially from those expressed in these forward-looking statements, and readers should not place undue reliance on such statements. These forward-looking statements speak only as of the date on which they are made, and Treatment.com undertakes no obligation to update them publicly to reflect new information or the occurrence of future events or circumstances unless otherwise required to do so by law. Future Oriented Financial Information This news release also contains future-oriented financial information and financial outlook (collectively, “FOFI”) about Rocket Doctor’s forecasted revenues and gross margins from thepartnership with a California managed care plan which is subject to the same assumptions, risk factors, limitations, and qualifications as set forth in the above paragraphs. FOFI contained in this news release was made by management as of the date of this news release and was provided for the purpose of providing readers with an understanding of the importance of such transactions to Rocket Doctor’s business, and are not an estimate of profitability or any other measure of financial performance. Readers are cautioned that the FOFI contained in this news release should not be used for purposes other than for which it is disclosed herein. The Company disclaims any intention or obligation to update or revise any FOFI contained in this News Release, whether as a result of new information, future events or otherwise, unless required pursuant to applicable law. FOFI contained in this news release should not be used for purposes other than for which it is disclosed herein. The Canadian Securities Exchange does not accept responsibility for the adequacy or accuracy of this release.
OVHcloud Partners with HYCU® to Bring Simple, Powerful, Cost-Effective Backup and Disaster Recovery Services to Channel Partners - ForexTV
Customers Now Have Maximum Flexibility to Ensure Data is on the Right Hybrid or Public Cloud at the Right Price Point OVHcloud and HYCU Partner to Bring Simple, Powerful, Cost-Effective Backup and Disaster Recovery Services to Channel Partners OVHcloud is a global cloud player and European cloud leader Boston, Massachusetts and London, Feb. 20, 2025 (GLOBE NEWSWIRE) -- OVHcloud, a global cloud player and the European Cloud leader, and HYCU, Inc., a leader for modern data protection for on-prem, cloud services, and SaaS, and one of the fastest growing companies in the industry, announced a partnership today where the two companies will offer channel partners the ability to resell HYCU R-Cloud™ Hybrid Cloud Edition licenses hosted on OVHcloud cloud infrastructure. “HYCU enables customers to better protect their Nutanix workloads, and Nutanix on OVHcloud has always worked well with HYCU, so we wanted to take our partnership a step further by giving our channel partners the ability to get everything they need in one go,” commented David Devine, Global Strategy Leader, Partner Program, OVHcloud. “Backup and disaster recovery can be complex at the best of times, so we have simplified the process for reseller partners to provide a secure, pre-configured solution at a compelling price point that’s 100% compatible and integrated with our Nutanix cloud services.” The OVHcloud service is available for 25 to 500 virtual machines and starts at just under £140 per month for 25 VMs. HYCU R-Cloud is designed to simplify backup, storage, and disaster recovery for businesses across on-premises, cloud and SaaS, and to deliver protected data mobility for databases, workload, and applications running both in on-premises infrastructure and in public clouds. “HYCU is 100% committed to our strategic partners. Partnering with OVHcloud allows us to provide organisations with access to a European infrastructure vendor with global reach,” said Wendy Inwood, Senior Manager, EMEA Channel, HYCU. “Businesses today need a fundamentally different approach to protecting their data to ensure data is available and recoverable in the event of simple human error or malicious attack. Together, our collaboration with OVHcloud offers a compelling and competitive way to keep data safe and make sure businesses are up and running, and can get back to full operation in the event of an outage.” “HYCU on Nutanix with OVHcloud allows organisations to gain high levels of resiliency for their business,” added Devine. “In today’s volatile technology and cybersecurity climate, customers are looking for partners who can make their lives as simple and secure as possible, and this service helps our partner community to provide this.” In addition to the HYCU partnership, OVHcloud has extended its range of Nutanix-qualified dedicated servers for the partner community, adding its Scale servers to the range of existing High-Grade servers. This offers even greater flexibility and choice, enabling channel partners to extend the services to smaller customers thanks to the competitive price/performance ratio of the range, and given their suitability for resource-intensive production environments that need high service availability. OVHcloud also offers both Bring Your Own License (BYOL) and license-included options for Nutanix environments, as well as compatibility with its S3 Object Storage, NAS-HA and NetApp ONTAP managed file storage. OVHcloud’s extensive range now offers 192 configurations and is available across seven datacenters including the UK, Europe and the Americas. The OVHcloud Partner Program offers a range of benefits, from access to training and financial incentives to sales support and co-marketing activities, including joint content initiatives and alliance partner events including Nutanix .NEXT. For more information on the HYCU and OVHcloud partnership, see https://www.ovhcloud.com/en-gb/storage-solutions/hycu/. For more information on HYCU, visit:www.hycu.com, follow us on X (formerly Twitter), connect with us on LinkedIn, Facebook, Instagram, and YouTube. ### About OVHcloud OVHcloud is a global player and the leading European cloud provider operating over 450,000 servers within 43 data centers across 4 continents to reach 1,6 million customers in over 140 countries. Spearheading a trusted cloud and pioneering a sustainable cloud with the best performance-price ratio, the Group has been leveraging for over 20 years an integrated model that guarantees total control of its value chain: from the design of its servers to the construction and management of its data centers, including the orchestration of its fiber-optic network. This unique approach enables OVHcloud to independently cover all the uses of its customers so they can seize the benefits of an environmentally conscious model with a frugal use of resources and a carbon footprint reaching the best ratios in the industry. OVHcloud now offers customers the latest-generation solutions combining performance, predictable pricing, and complete data sovereignty to support their unfettered growth. About HYCU HYCU is the fastest-growing leader in the multi-cloud and SaaS data protection as a service industry. By bringing true SaaS-based data backup and recovery to on-premises, cloud-native, and SaaS IT environments, the company provides unrivaled data protection, migration, disaster recovery, and ransomware protection to thousands of companies worldwide. The company's award-winning R-Cloud platform eliminates complexity, risk, and the high cost of legacy-based solutions, providing data protection simplicity to make it the#1 SaaS Data Protection platform. With an industry leading NPS score of 91, HYCU has raised $140M in VC funding to date and is based in Boston, Mass. Learn more at www.hycu.com. Attachment OVHcloud and HYCU Partner to Bring Simple, Powerful, Cost-Effective Backup and Disaster Recovery Services to Channel Partners CONTACT: Don Jennings HYCU, Inc. 617-791-1710 don.jennings@hycu.com Christian Sharp OVHcloud media.uk@ovhcloud.com
Rising Tide: Denmark’s GDP Sees Promising Growth in Q4 2024 - ForexTV
In a welcome revelation for Denmark’s economy, the country's gross domestic product (GDP) experienced a significant uptick in the fourth quarter of 2024. The latest figures released on February 20, 2025, show that Denmark’s GDP reached a 1.6% growth, a substantial increase from the 0.9% recorded in the third quarter of the same year. This quarter-over-quarter comparison highlights a robust economic improvement as the nation capitalizes on sustained economic initiatives.The performance in the fourth quarter not only marks a positive turn for Denmark but also promises a stable economic outlook for 2025. Analysts suggest that this growth trend underscores effective fiscal policies and a resilient domestic market. The preliminary data indicates that sectors like technology, exports, and manufacturing may have been the potential drivers behind this impressive economic turnaround.As Denmark steps into the new year, the focus will likely remain on consolidating these gains and exploring opportunities for further economic solidification. With the latest data underlining an optimistic trajectory, Denmark’s policymakers and stakeholders might set their sights on reinforcing growth-inducing sectors to maintain this momentum.The material has been provided by InstaForex Company - www.instaforex.com
cBrain intends to take lead in COTS for government industry - ForexTV
Company Announcement no. 02/2025 cBrain intends to take lead in COTS for government industry Copenhagen, February 20, 2025 cBrain (NASDAQ: CBRAIN) revenue grew by +12% to DKK 268m in 2024, up from DKK 239m in 2023. Earnings before tax (EBT) grew to DKK 86m in 2024, up from DKK 81m in 2023, thereby reaching an EBT margin of 32%. Results are in line with expectations, forecasting a revenue growth range of 12-13% and EBT margin of 30-32%. Strong positive cash flow from operating activities enables an increase in dividends, investments in the growth of the company, and it reduces long-term loans on cBrain-owned buildings. cBrain does not have a share buyback program. However, due to solid earnings, cBrain proposes to raise dividends to DKK 0,64 per share (2023: DKK 0,28 per share) corresponding to a payout ratio of approx. 20% of profit for the year. Fueled by a lack of skilled IT resources and a growing demand for fast delivery, cBrain sees a rapidly emerging IT industry, referred to as Commercial Off-The-Shelf (COTS) for government. COTS for government, leveraging new technologies and platforms such as the F2 Digital Platform, enables digital transformation at higher speed and lower costs that outperform traditional IT modernization. For cBrain the accelerated market shift represents new strategic opportunities. cBrain wants to fully take advantage of this, and cBrain is therefore currently in the process of evaluating and potentially adjusting its international growth strategy. With the goal of being an internationally leading vendor in the emerging COTS for government industry, the strategy process includes evaluating organizational readiness, market and product development strategies. As a result of the strategy process, cBrain expects to implement a number of changes to the growth plan during the spring of 2025. Consequently, cBrain forecasts expected revenue growth in 2025 of 10-15% and earnings before tax (EBT) of 18-23%. The revenue forecast takes into account that e.g. developing new channel strategies may shortly delay revenue. The earnings forecast is based on significantly increased investments into international growth, across the African region, USA, Germany, and India, as well as increased investments into developing the F2-for-Partners concept. Best regards Per Tejs Knudsen, CEO Inquiries regarding this Company Announcement may be directed to Ejvind Jørgensen, CFO & Head of Investor Relations, cBrain A/S, ir@cbrain.com, +45 2594 4973 Attachment Company Announcement no. 2025-02 (Årsregnskab - Guidance, dividende, justering af plan)
Germany's PPI Grinds Lower as Inflationary Pressure Eases in January - ForexTV
Germany's Producer Price Index (PPI) saw a noteworthy decline in January 2025, providing a sign of easing inflationary pressures in the manufacturing sector. According to the latest data updated on February 20, 2025, the PPI reached 0.5%, a drop from December's figure of 0.8%.This represents a Year-over-Year analysis, comparing January's performance to the same month last year. The trend indicates a slower growth pace, suggesting that cost pressures on producers might be slightly abating. The cooling of the PPI could potentially translate into a stabilizing influence on consumer prices, offering some breathing space for both producers and consumers.These metrics are pivotal for economic forecasts as they hint at future consumer inflation trends. Going forward, policymakers and market participants will be keenly observing these indices to gauge their impact on monetary policy decisions, especially in an era where inflation targets are closely monitored. The decline marks a shift that could shore up confidence in Germany's economic resilience amid global uncertainties.The material has been provided by InstaForex Company - www.instaforex.com
Turkey's Consumer Confidence Sees Slight Uptick in February - ForexTV
In a positive turn of events, Turkey's consumer confidence indicator has seen a modest increase in February 2025, reaching a level of 82.1. This marks a notable improvement from January's benchmark of 81.0, as reported in the latest data update on February 20, 2025.The rise signals a growing optimism among Turkish consumers despite ongoing economic challenges in the region. The uptick could be attributed to a range of factors, including stabilizing inflation rates, government economic policies proving effective, or potential improvements in employment rates, although further analysis would be needed to pinpoint exact causes.As Turkey's economy continues to navigate global and local economic pressures, this increase in consumer confidence could bode well for future consumer spending and overall economic momentum in the coming months.The material has been provided by InstaForex Company - www.instaforex.com
EUR/USD Forecast: Peace Deal Uncertainty Weighs on Eur - ForexTV
The EUR/USD forecast indicates declining hopes for a near-term end to the Ukraine war. Ukraine’s president postponed his journey to Saudi Arabia. Market participants are looking forward to the FOMC meeting minutes. The EUR/USD forecast indicates declining hopes for a near-term peace deal to end the Russia-Ukraine war. While this hurts the euro, the dollar… […]
Sydbank’s Board Chairman not up for re-election - ForexTV
Company Announcement No 05/2025Peberlyk 46200 Aabenraa, DenmarkTel +45 74 37 37 37Sydbank A/SCVR No DK 12626509, AabenraaDenmarksydbank.dk19 February 2025 Dear Sirs Sydbank’s Board Chairman not up for re-election After a decade on Sydbank’s Board of Directors, Chairman Lars Mikkelgaard-Jensen has decided to resign from the Board of Directors. Lars Mikkelgaard-Jensen is not up for re-election for the Board of Directors. Following the successful CEO succession in 2024 as well as the determination of the Bank’s new strategy, Lars Mikkelgaard-Jensen has decided that now is a good time to stop and he will resign in connection with the Annual General Meeting on 20 March 2025. The Board of Directors will elect its new Chairman at the subsequent Shareholders’ Committee meeting which will be held on the same day. Lars Mikkelgaard-Jensen has been a member of Sydbank’s Board of Directors since April 2015 and he was elected Chairman in September 2019. Yours sincerely Mark Luscombe Jørn Adam MøllerCEO Deputy Group Chief Executive Additional informationLars Grubak Lohff, Press Manager Tel +45 20 31 54 65 Attachment SM 05 UK
Over 30,000 patients treated with Versius - ForexTV
Over 30,000 patients treated with Versius Versius—the second most utilised soft tissue surgical robot in the worldi—has now been used in over 30,000 surgical cases globally across a broad range of specialties including urology, general surgery, gynaecology and thoracic surgeryOver 70% of hospitals that have introduced Versius are using it across two or more specialtiesii due to the versatility and adaptability of the systemLaunch of significant enhancements to Versius Plus including vLimeLite†, Versius Clinical Insights and the Ultrasonic Dissector* paves the way for further expansion of the adoption of Versius Cambridge, UK 19 February 2025 07:00 (GMT). CMR Surgical (CMR) – the global surgical robotics company – has today announced that more than 30,000 surgical cases have now been completed globally using Versius, solidifying its position as the second most utilised soft-tissue surgical robot on the market.Over 70% of hospitals that have introduced Versius are using it across two or more specialties. Versius is a versatile and adaptable surgical robot that can seamlessly integrate into virtually any operating room. It can be easily moved between departments, making it suitable for any care setting. Today Versius is being used across a broad range of specialties including urology, general surgery, gynaecology, and thoracic surgery in leading hospitals around the world.The uniquely small and modular design of Versius allows the system to be set up in a way that gives the surgeon optimal access in small, hard to reach spaces within an operating zone, paving the way for expanded indications. Versius clinical trials are taking place in paediatric surgery across Southampton Children’s Hospital, Guy’s and St Thomas’ NHS Foundation Trust, and Manchester University NHS Foundation Trust; and in transoral robotic surgery (TORS) at Liverpool University Hospitals NHS Foundation Trust’s Aintree University Hospital.CMR has launched significant further enhancements to Versius Plus including integrated fluorescence imaging system, vLimeLite†, Versius Clinical Insights and the Ultrasonic Dissector*—the first advanced energy instrument to be introduced to Versius—enabling surgeons to perform more complex surgical procedures with the system. The Ultrasonic Dissector promotes haemostatic coagulation and simultaneous cutting, supporting surgeons during more complex surgical scenarios. With vLimeLite, surgeons can perform visual assessment of the vessels, blood flow and related tissue perfusion, as well as biliary anatomy during a range of surgical procedures.Massimiliano Colella, Chief Executive Officer at CMR Surgical, commented: “We are proud that over 30,000 patients around the world have now benefited from Versius, as we continue to grow and deliver against our mission of transforming surgery; for good. This milestone is thanks to the surgeons and hospitals who have adopted Versius with the aim of improving patient care, and our dedicated employees who are committed to giving our customers the best experience. With the Versius Plus offering including significant enhancements such as vLimeLite and the Ultrasonic Dissector, as well as landmark clinical trials, we are in a strong position to provide more patients with the benefits of robotic-assisted surgery and continue to build on our position as the second largest soft-tissue surgical robotics company.”Dr Eric Potiron, Urologist from Clinique Urologique Nantes-Atlantis commented: “My clinical practice consists of both complex cancer and high-volume urological procedures such as prostatectomies with and without lymphadenectomies, nephrectomies and cystectomies, so I need a versatile, adaptable tool that will support me across the breadth of my clinical practice. Thanks to the versatility of the system, we have been able to establish an outpatient program for patients receiving radical prostatectomy using Versius.”Clinical evidence on the use of Versius has been published in leading international journals including International Journal of Surgery, the Annals of Surgery and BJU International. Following significant product enhancements, and regulatory approvals including FDA marketing authorization for cholecystectomy, CMR continues to focus on bringing the benefits of Versius to more hospitals, as it enters new markets to bring minimal access surgery to more patients around the world. — ENDS — Media Contacts: If you wish to see more, please contact CMR Surgical at: Press Office, CMR SurgicalT +44(0) 1223 755801E pressoffice@cmrsurgical.com Notes to editors: The Versius Surgical System is a robotically assisted surgical device that is intended to assist in the precise and accurate control of Versius Surgical endoscopic instruments including rigid endoscopes, blunt and sharp endoscopic dissectors, scissors, forceps/pick-ups, needle holders, electrosurgery, and accessories for endoscopic manipulation of tissue, including grasping, cutting, blunt and sharp dissection, approximation, ligation, electrosurgery and suturing. In the United States, the Versius Surgical System is indicated for adult patients 22 years of age and older, eligible for soft tissue minimal access surgery, for cholecystectomy. *The Ultrasonic Dissector is CE and UKCA marked. Please check availability of the product in your country with your local sales representative or your local customer service. The Versius System Ultrasonic Dissector Instructions for Use, including the approved indications, contraindications and warnings can be found in the product labelling supplied with each Versius System. The Ultrasonic Dissector is not available for sale in the United States. †vLimeLite is CE and UKCA marked. Please check availability of the product in your country with your local sales representative or your local customer service. The Versius System vLimeLite Instructions for Use, including the approved indications, contraindications and warnings can be found in the product labelling supplied with each Versius System. vLimeLite is not available for sale in the United States. The Versius Surgical Robotic System Versius resets expectations of robotic surgery. Versius fits into virtually any operating room set-up and integrates seamlessly into existing workflows, increasing the likelihood of robotic minimal access surgery (MAS). The small, portable and modular design of Versius allows the surgeon to only use the number of arms needed for a given procedure. Biomimicking the human arm, Versius gives surgeons the choice of optimised port placement alongside the dexterity and accuracy of small fully-wristed instruments. With 3D HD vision, easy-to adopt instrument control and a choice of ergonomic working positions, the open surgeon console has the potential to reduce stress and fatigue and allows for clear communication with the surgical team. By thinking laparoscopically and operating robotically with Versius, patients, surgeons and healthcare professionals can all benefit from the value that robotic MAS brings. But it’s more than just a robot. Versius captures meaningful data with its wider digital ecosystem to support a surgeon’s continuous learning. Through the Versius Connect app, Versius Trainer and CMR clinical registry, Versius unleashes a wealth of insights to ultimately improve surgical care. About CMR Surgical Limited CMR Surgical (CMR) is a global medical devices company dedicated to transforming surgery with Versius, a next-generation surgical robot. Headquartered in Cambridge, United Kingdom, CMR is committed to working with surgeons, surgical teams and hospital partners, to provide an optimal tool to make robotic minimal access surgery universally accessible and affordable. With Versius, we are on a mission to redefine the surgical robotics market with practical, innovative technology and data that can improve surgical care. Founded in 2014, CMR Surgical is a private limited company backed by an international shareholder base. i CMR Surgical Data on file, 2025ii CMR Surgical Data on file, 2025
Hi-View Resources Plans Data Compilation and Work Program for Mineral Claim Applications Package in Ville Marie, Quebec, In Proximity to Recent Hydrogen Discovery - ForexTV
VANCOUVER, British Columbia, Feb. 19, 2025 (GLOBE NEWSWIRE) -- HI-VIEW RESOURCES INC. (‘HI-VIEW' OR THE ‘COMPANY’) (CSE: HVW; OTCQB: HVWRF; FSE: B63) is pleased to announce it is planning a Phase 1 work program and data compilation for its recently acquired, 100% owned portfolio of highly prospective mineral claim applications consisting of 2 separate claim packages in close proximity to Quebec Innovative Materials Corp. (CSE: QIMC) recent Hydrogen sample discovery of over 1,000 ppm, announced on September 4th, 2024. These mineral claim blocks are located within the Timiscaming Graben formation approximately 15 km north of the town of Ville Marie, Quebec, located between two major mining cities and is accessible by road (Route 101). Hi-View Resources CEO R. Nick Horsley, “We are excited to begin exploration for clean energy Hydrogen in this newly discovered and highly prospective camp. Hi-View will be planning an initial work program to compile regional data and test for Hydrogen near QIMC's recent hydrogen discovery. The proximity demonstrates potential for new discoveries of Hydrogen with its ideal location and infrastructure. This new property represents an exciting opportunity to expand into a clean energy portfolio of projects while focusing on exploring our BC Gold and Copper properties contiguous to Amarc Resources Ltd. (TSX.V “AHR”) and Freeport-McMoRan Inc. (NYSE “FCX”) that recently announced significant drilling discoveries at the Gold-Silver-Copper rich porphyry AuRORA discovery.” Initial Hydrogen exploration program, once the applications are approved, could include but not limited to: Artificial Intelligence and target mapping algorithms which utilize the known hydrogen occurrences to outline target areas having a similar spectral response to QIMC's hydrogen occurrences. Gas sampling from the soil. These surveys can be used to locate degassing zones associated with faults in the Témiscamingue rift. Gravimetry and audiomagnetotellurism (AMT) geophysics to assess variations in the thickness of local sedimentary rock deposits (gravity troughs) over the Archean basement. AMT data will assist in locating graben-related faults in the St-Bruno-de-Guigue area that are covered by quaternary sediments. Regional remote sensing gas surveys to identify specific Hydrogen targets using drones can also be realized to provide useful remote sensing data for hydrogen and helium exploration. Fieldwork can be carried out mainly in the Municipality of St-Bruno-de-Guigues sector. The Company is currently reviewing regional geologic data to assist in the evaluation of potential additional acquisitions in the immediate area as well as the formulation of an initial exploration plan with further details to be provided in due course. Figure 1. Claim Location Map Figure 2. Southeast Block of Mineral Claim Applications (shown in red) Figure 3. North Block of Mineral Claim Applications (shown in red) These claim blocks consist of 2 separate packages, covering applications for 45 cells and totaling over 3,000 hectares to the North, Northeast and the Southwest of QIMC’s Hydrogen sample discoveries. These claim blocks are in close proximity to that of Quebec Innovative Materials Corp.'s recent hydrogen-in-soil discovery. Qualified Person The technical content of this news release has been reviewed and approved by Mitchell Lavery, P.Geo.(QC), who is a Qualified Person (“QP”) as defined in National Instrument 43-101, Standards of Disclosure for Mineral Projects. This news release may contain information about adjacent properties on which the company has no right to explore or mine. Investors are cautioned that mineral deposits on adjacent properties are not indicative of mineral deposits on the company's properties. About Hi-View Resources Inc. Hi-View is a mineral exploration company focused on the acquisition, exploration and development of mineral properties in Canada and the USA. The Company, through its subsidiary holds a 100% interest in interests in the Golden Stranger Property and the Lawyers West, East, South projects, together with claims acquired directly through staking, located in the Toodoggone region of northern BC, prospective for gold, silver, and copper and spanning over 9,649 hectares, as well as the 100% owned Babine Copper-Gold property and the 100% owned portfolio of highly prospective mineral claim applications consisting of 2 separate claim packages in close proximity to Quebec Innovative Materials Corp. (CSE: QIMC) recent Hydrogen sample discovery of over 1,000 ppm. On Behalf of the Board of Directors, “R. Nick Horsley”R. Nick Horsley, CEO For further information, please contact: Hi-View Resources Inc.Howard Milne, PresidentEmail: hdmcap@shaw.ca Telephone: (604) 377 - 8994Website: www.hiviewresources.com FORWARD LOOKING STATEMENTS: This news release includes certain statements that may be deemed “forward-looking statements”. All statements in this new release, other than statements of historical facts that address events or developments that the Company expects to occur, are forward-looking statements. Forward-looking statements are statements that are not historical facts and are generally, but not always, identified by the words “expects”, “plans”, “anticipates”, “believes”, “intends”, “estimates”, “projects”, “potential” and similar expressions, or that events or conditions “will”, “would”, “may”, “could” or “should” occur. Forward-looking statements in this news release includes statements related to the proposed Transaction and related matters. Although the Company believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results may differ materially from those in the forward-looking statements. Factors that could cause the actual results to differ materially from those in forward-looking statements include market prices, continued availability of capital and financing, and general economic, market or business conditions. Investors are cautioned that any such statements are not guarantees of future performance and actual results or developments may differ materially from those projected in the forward-looking statements. Forward-looking statements are based on the beliefs, estimates and opinions of the Company’s management on the date the statements are made. Except as required by applicable securities laws, the Company undertakes no obligation to update these forward-looking statements in the event that management's beliefs, estimates or opinions, or other factors, should change. Neither the Canadian Securities Exchange nor its Regulation Services Provider accepts responsibility for the adequacy or accuracy of this release. Photos accompanying this announcement are available at https://www.globenewswire.com/NewsRoom/AttachmentNg/a9be031f-3169-4ef7-9fa3-14899d9db455 https://www.globenewswire.com/NewsRoom/AttachmentNg/ed978680-ec70-4609-b83c-8f66099b3eb5 https://www.globenewswire.com/NewsRoom/AttachmentNg/87cb50a7-6ab3-412c-8aec-ef9f3038e233
Bank Indonesia Maintains Steady Deposit Facility Rate at 5.00% - ForexTV
Indonesia's central bank, Bank Indonesia, has kept the Deposit Facility Rate steady at 5.00% for February 2025, according to the latest data updated on February 19, 2025. This decision comes after the rate was similarly held at the same level in January 2025, maintaining a period of monetary stability.The consistent rate suggests that the Bank Indonesia is opting for a cautious approach amid evolving economic conditions. By maintaining the current rate, the central bank aims to manage liquidity in the banking system effectively and ensure that financial markets remain stable.The steady rate suggests confidence in Indonesia's current economic landscape while also reflecting cautious optimism about potential future developments. As the global economic climate continues to fluctuate, Bank Indonesia's decision to hold rates steady underscores its focus on fostering a stable economic environment. Economists and investors alike will be watching upcoming economic indicators closely for any further hints at the country's monetary policy directions in the months ahead.The material has been provided by InstaForex Company - www.instaforex.com
CallTower and Corsica Technologies Announce Strategic Partnership to Enhance Unified Communication Capabilities - ForexTV
Seamless Technology Integration Provides Customers with a Frictionless, Unmetered Service ModelSalt Lake City, UT, Rochester, NY, Feb. 19, 2025 (GLOBE NEWSWIRE) -- CallTower, a global leader in delivering unified communications, contact center, and collaboration solutions, including Microsoft Teams, Webex by Cisco, and Zoom, is excited to announce its strategic partnership with Corsica Technologies, a top-tier managed services and cybersecurity provider. This partnership enhances Corsica Technologies’ unified communication capabilities, reinforcing its commitment to delivering frictionless, managed technology services that drive business success. Corsica Technologies continuously seeks innovative ways to add value for its customers, making enabling and consuming technology that fuels business growth easier. Through this partnership, Corsica Technologies integrates CallTower’s cutting-edge communication solutions into its managed service portfolio, ensuring seamless connectivity, security, and operational efficiency. “With CallTower as our unified communications partner, we are furthering our vision of providing unmetered service consumption,” said Peter Rodenhauser, Chief Operating Officer of Corsica Technologies. “By leveraging CallTower’s robust solutions and fully integrated billing system, we empower our customers with a single-provider experience that simplifies technology management and delivers predictable costs.” CallTower’s award-winning UCaaS and CCaaS solutions align with Corsica Technologies’ mission to protect, educate, and advance businesses. By incorporating CallTower’s expertise in voice, video, and contact center solutions, Corsica Technologies strengthens its ability to offer reliable technology services tailored to modern enterprise needs. “We’re excited to partner with Corsica Technologies in delivering comprehensive communication solutions that support business continuity and growth,” said Bryan Green, Senior Director of Global Alliances at CallTower. “This collaboration underscores our shared commitment to providing seamless, secure, and cost-effective technology services. Together, we are simplifying the way organizations consume and manage their technology.” This strategic partnership brings together two industry leaders dedicated to empowering businesses with secure, innovative, and scalable technology solutions. By uniting CallTower’s advanced communication capabilities with Corsica Technologies’ expertise in managed IT and cybersecurity services, customers can confidently navigate today’s digital landscape with an all-encompassing technology partner. About CallTower Transforming how we connect across the globe! Dive into the future of global communication with CallTower, where the forefront of innovation meets the vast expanse of connectivity. CallTower is revolutionizing communications through cutting-edge technology. CallTower delivers seamless MS Teams, Zoom, and Webex voice solutions elevated by the integration of AI technology, comprehensive contact center solutions and one-click failover, marking a significant milestone in the communication landscape. Since its establishment in 2002, CallTower has evolved into a global cloud-based, enterprise-class cloud communications (unified communications, contact center and collaboration) solutions provider, catering to the needs of expanding businesses globally. CallTower offers and supports cutting-edge solutions such as Operator Connect for Microsoft® Teams, MS Teams Direct Routing, GCC High Teams Direct Routing, Microsoft® 365, Cisco® Webex Calling / UCM, Cisco® CCP, Zoom Phone, Zoom (BYOB), and a range of contact center options, including Five9 for business customers. For more information about CallTower and its award-winning services, please contact marketing@calltower.com About Corsica Technologies Corsica Technologies is an MSP specializing in cybersecurity solutions, managed IT services, digital transformation, and data integrations.Corsica provides solutions for midmarket businesses including network monitoring, data protection, incident response, and IT support. Corsica offers unmetered technology services for fully managed or co-managed teams to address all technology needs under a one-flat monthly fee. CONTACT: Kade Herbert CallTower, Inc. 8003475444 marketing@calltower.com
Indonesia Holds Steady on Interest Rates Amid Global Economic Uncertainty - ForexTV
In a move reflecting caution amid a fluctuating global economic environment, Bank Indonesia has announced that it will keep its benchmark interest rate unchanged at 5.75%. This decision, revealed on February 19, 2025, maintains the rate for the current period, aligning with the previous indicators.The central bank's choice to hold the line at 5.75% signifies a strategic approach to balance domestic economic stability against international market volatility. Given the ongoing shifts in the global landscape, including unpredictable trade dynamics and inflationary pressures, Bank Indonesia's decision aims to preserve economic steadiness while providing flexibility for future policy adaptations.By maintaining the interest rate, Indonesia seeks to support sustained economic growth without exacerbating inflation. This neutral policy stance comes at a time when other nations grapple with the implications of adjusting their monetary policies to navigate complex challenges. As of now, Bank Indonesia appears committed to fostering an environment conducive to steady economic progress while remaining vigilant of potential global economic shifts.The material has been provided by InstaForex Company - www.instaforex.com
Rocket Doctor Signs Agreement with California Managed Care Plan - ForexTV
THIS NEWS RELEASE IS NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES FOR DISSEMINATION IN THE UNITED STATESRocket Doctor partners with new Managed Care Plan serving ~450,000 California Medicaid membersFuture anticipated additional ARR of ~US$1.2 millionMission to break down barriers to healthcare accessReducing unnecessary ER visits, reducing wait times, timely specialist referrals VANCOUVER, British Columbia, Feb. 19, 2025 (GLOBE NEWSWIRE) -- Treatment.com AI Inc. (CSE: TRUE, OTC: TREIF, Frankfurt: 939) (“Treatment”) is pleased to advise that further to its announcement that it has entered into a Definitive Share Purchase Agreement dated February 12, 2025 (the “Definitive Agreement”) to acquire Rocket Doctor Inc. (“Rocket Doctor”), details of which are in Treatment’s Press Release dated 12th February 2025 https://www.treatment.com/press/, Rocket Doctor has partnered with a California managed care plan (the “Plan”) serving approximately 450,000 Medicaid members, to provide tele-urgent care, specialty services, and primary care. Through this collaboration, Rocket Doctor’s innovative virtual care platform will support the plan’s extensive provider network of 14,000 clinicians and multiple hospitals, ensuring that patients can access high-quality medical care from the comfort of their homes. Under this fee-for-service agreement, Rocket Doctor’s physicians are now becoming fully credentialed, allowing them to accept patients from the plan and bill directly for reimbursement at negotiated rates. Services have already launched, with the first patients starting to receive care. As the partnership matures, and assuming only 10% utilization per year, Rocket Doctor expects upwards of 45,000 visits per year generating approximately US$1.2M per year of added annual recurring revenue (ARR). The associated estimated total billable value of services is US$4.41m (based on US$98 per visit). The anticipated gross margin in Year 1 is US$18/visit. The term of the Agreement is on a recurring 12 months basis commencing January 1st 2025, with a 120 day mutual termination clause. “This partnership represents a significant step forward in our mission to break down barriers to healthcare access for patients at greatest need across California,” said Dr. Bill Cherniak, CEO and Founder of Rocket Doctor. “By bringing high-quality care to Medicaid beneficiaries through managed care plan partnerships in California, we’re ensuring that patients can connect with physicians when and where they need them most, embedded deeply within the framework of the healthcare system.” The Plan sees the collaboration as a critical expansion of care options for its members. Rocket Doctor’s virtual care model reduces unnecessary emergency department (ED) visits, reduces wait times, and ensures timely specialist referrals. With services now live, eligible plan members can schedule virtual visits with board certified physicians across a range of medical specialties. Dr. Essam Hamza, CEO of Treatment.com AI, adds: “We would like to congratulate Bill and his team for all the hard work they have put into getting this significant deal across the finish line. I know that this was years in the making and it’s great to see that they can now start recognizing the revenue from this expansion into California. We will be watching closely as they continue to deliver on further expansion plans within the state as well as other states and provinces.” Rocket Doctor is a technology-driven digital health platform and marketplace that is breaking down obstacles limiting access to high quality, comprehensive and cost-effective healthcare. Its proprietary software equips doctors with ‘plug and play’ tools to run successful independent practices in virtual and hybridized in-person/virtual models of care, enabling them to provide tailored care to patients in remote communities, particularly those in rural and Northern communities across Canada and on Medicaid in the United States. About Treatment.com AI Inc. Treatment.com AI is a company utilizing AI (artificial intelligence) and best clinical practices to positively improve the healthcare sector and impact current inefficiencies and challenges. With the input of hundreds of healthcare professionals globally, Treatment.com AI has built a comprehensive, personalized healthcare AI engine — the Global Library of Medicine (GLM). With more than 10,000 expert medical reviews, the GLM delivers tested clinical information and support to all healthcare professionals as well as providing recommended tests (physical and lab), imaging and billing codes. The GLM helps healthcare professionals (doctors, nurses or pharmacists) reduce their administrative burden; creates more time for needed face-to-face patient appointments; and enables greater consistency in quality of patient support. Treatment.com AI’s GLM platform, through supporting healthcare professionals, allows for the inclusion of disenfranchised communities. To learn more about Treatment’s products and services: www.treatment.com or email: info@treatment.com About Rocket Doctor Inc. Rocket Doctor is a technology-driven digital health platform and marketplace that is breaking down obstacles that limit access to quality, comprehensive and cost-effective healthcare. Our proprietary software equips doctors with the tools to run successful practices in virtual and hybridized in-person/virtual models of care, enabling them to provide tailored care to patients in remote communities, particularly those in rural and Northern communities across Canada and on Medicaid in the United States. Leveraging large language models, AI/ML and wireless medical devices, Rocket Doctor is bridging the healthcare divide, connecting patients to equitable and accessible virtual healthcare services regardless of age, location, or financial status. This includes patients with potentially stigmatizing conditions such as substance use, mental health and otherwise. To learn more about Rocket Doctor's platform and services, visit www.rocketdoctor.io (U.S.) www.rocketdoctor.ca (Canada) or email media@rocketdoctor.io. FOR ADDITIONAL INFORMATION, CONTACT: Dr. Essam Hamza, CEO ehamza@treatment.com For media inquiries, contact: media@treatment.com Call: +1 (612) 788-8900 / Toll-Free USA/Canada: +1 (888) 788-8955 Cautionary Statements This news release contains forward-looking statements that are based on Treatment.com AI’s expectations, estimates and projections regarding its business and the economic environment in which it operates, including with respect to the implementation of its shareholder communications initiative and the timing thereof. These forward-looking statements or information may relate to the consummation of Rocket Doctor’s California Medicaid transaction and the expected benefits to Rocket Doctor of such transaction and other factors or information. Although Treatment.com believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and involve risks and uncertainties that are difficult to control or predict. Therefore, actual outcomes and results may differ materially from those expressed in these forward-looking statements, and readers should not place undue reliance on such statements. These forward-looking statements speak only as of the date on which they are made, and Treatment.com undertakes no obligation to update them publicly to reflect new information or the occurrence of future events or circumstances unless otherwise required to do so by law. Future Oriented Financial Information This news release also contains future-oriented financial information and financial outlook (collectively, “FOFI”) about Rocket Doctor’s forecasted revenues and gross margins from the partnership with a California managed care plan which is subject to the same assumptions, risk factors, limitations, and qualifications as set forth in the above paragraphs. FOFI contained in this news release was made by management as of the date of this news release and was provided for the purpose of providing readers with an understanding of the importance of such transactions to Rocket Doctor’s business, and are not an estimate of profitability or any other measure of financial performance. Readers are cautioned that the FOFI contained in this news release should not be used for purposes other than for which it is disclosed herein. The Company disclaims any intention or obligation to update or revise any FOFI contained in this News Release, whether as a result of new information, future events or otherwise, unless required pursuant to applicable law. FOFI contained in this news release should not be used for purposes other than for which it is disclosed herein. The Canadian Securities Exchange does not accept responsibility for the adequacy or accuracy of this release.
Indonesia Sees Loan Growth Ease Slightly in January 2025 - ForexTV
In a recent update from Indonesia's financial sector, loan growth in January 2025 has shown a mild slowdown, settling at 10.27%. This is a small shift from the year-end figure recorded at 10.39% in December 2024. The updated data, available as of February 19, 2025, exhibits a slight cooling in lending activities as observed over the same month compared to the previous year.This year-over-year comparison highlights a subtle deceleration in Indonesia's lending growth, reflecting changing dynamics in the national economy as the country continues to adjust to post-pandemic fluctuations. Analysts are likely to monitor this trend to assess its impact on economic activity and long-term lending patterns.Overall, while the reduction is modest, it raises questions about potential shifts in borrowing behavior and the broader economic climate in Indonesia. As this data continues to unfold, stakeholders will be watching closely to identify and respond to potential trends in the lending market.The material has been provided by InstaForex Company - www.instaforex.com