Key Points: – Quantum computing is advancing rapidly, with Nvidia launching a dedicated research center to collaborate with leading institutions and quantum firms. – Quantum processors will complement, not replace, classical computing, accelerating advancements in AI, cryptography, pharmaceuticals, and financial services. – Investment in quantum technology is growing, positioning it as a long-term market opportunity with transformative industry-wide effects.
Quantum computing, once considered a futuristic concept, is rapidly evolving into a tangible force in the tech industry. Nvidia’s recent announcement of its quantum computing research lab, the Nvidia Accelerated Quantum Research Center (NVAQC), marks a major milestone in the sector. Partnering with Harvard, MIT, and key quantum firms like Quantinuum and QuEra Computing, Nvidia aims to advance quantum computing capabilities and bridge the gap between classical and quantum systems. The implications of these advancements could be transformative across multiple industries, particularly in artificial intelligence, cybersecurity, pharmaceuticals, and finance.
The State of Quantum Computing Today
While Nvidia CEO Jensen Huang previously downplayed the near-term viability of quantum computing, he has since adjusted his stance, acknowledging the growing role of quantum technologies. The industry has already begun finding real-world applications, with firms like IonQ and Infleqtion developing quantum-enhanced solutions for optimization, materials science, and complex simulations. Despite the challenges of scaling quantum hardware, these companies are proving that quantum technologies can generate commercial value even before reaching full-scale quantum supremacy.
One major takeaway from Nvidia’s recent event was the consensus that quantum computers will not replace classical systems but rather complement them. Quantum processors will serve as accelerators for specialized tasks, working alongside traditional computing infrastructure to unlock new levels of efficiency and performance.
Investment and Market Potential
The quantum computing industry is attracting significant investment, with major tech giants such as Google, Microsoft, and IBM pouring billions into research and development. Nvidia’s strategic involvement signals that quantum computing is becoming too important for leading semiconductor and AI companies to ignore. While practical, large-scale quantum computers remain years away, investors are increasingly viewing the sector as a long-term growth opportunity.
Publicly traded quantum firms, such as IonQ and D-Wave, are beginning to establish themselves in the market despite initial skepticism. Nvidia’s acknowledgment of their potential has helped restore confidence after previous comments led to stock declines. As breakthroughs continue, institutional investors and venture capital firms will likely increase their exposure to the sector, driving further innovation.
Implications for Key Industries
The impact of quantum computing will be profound across various industries, reshaping technological capabilities and business strategies. In artificial intelligence and machine learning, quantum computing can significantly enhance model training and optimization, leading to advancements in natural language processing, robotics, and deep learning applications. By processing vast amounts of data more efficiently, quantum technology could unlock new possibilities in AI-driven automation and predictive analytics.
In cybersecurity and cryptography, quantum computing presents both opportunities and risks. Quantum cryptography promises to revolutionize data security with encryption methods that are virtually unbreakable by classical computers. However, it also poses a challenge to current encryption standards, requiring organizations to develop quantum-resistant security measures to protect sensitive information in the digital age.
The pharmaceutical and healthcare sectors stand to benefit immensely from quantum computing’s ability to model molecular interactions with unprecedented precision. This capability could lead to faster drug discoveries, improved treatment options, and personalized medicine breakthroughs. Quantum simulations could help researchers identify new compounds and predict their effects, accelerating the development of life-saving drugs.
Financial services and investment firms will also experience a paradigm shift with quantum computing. The ability to optimize complex financial models, perform rapid risk assessments, and enhance portfolio management strategies will give hedge funds and banks a competitive edge. Quantum algorithms could help institutions navigate market volatility and identify profitable investment opportunities with greater accuracy than traditional computing methods.
Looking Ahead
Despite ongoing challenges in hardware development, the quantum computing industry is making steady progress toward commercialization. Nvidia’s growing commitment to quantum research suggests that leading tech firms recognize the importance of positioning themselves early in this emerging field. As quantum technologies continue to mature, their impact on market sectors will become increasingly profound, reshaping how businesses and economies operate.
The coming years will determine whether quantum computing achieves its full disruptive potential, but one thing is certain: the industry is no longer a speculative science fiction concept—it’s an innovation frontier with real-world implications. Investors, enterprises, and policymakers should pay close attention to its development, as quantum computing is poised to be one of the most transformative technologies of the 21st century.
Key Points: – Nvidia-backed AI cloud firm aims for a $32B valuation with shares priced at $47-$55. – Once a crypto-mining firm, CoreWeave now dominates AI cloud services, with Microsoft driving most of its revenue. – Despite backing from Cisco and JPMorgan, CoreWeave faces high losses and financial control concerns.
CoreWeave Inc., a cloud-computing firm specializing in AI infrastructure, has announced plans for an initial public offering (IPO) aimed at raising as much as $2.7 billion. The Nvidia-backed company, along with some of its investors, is marketing shares at a price range of $47 to $55, which would give CoreWeave a market value of approximately $26 billion based on outstanding shares. If fully diluted, the valuation could reach as high as $32 billion.
Founded in 2017 as a crypto-mining firm, CoreWeave has rapidly transitioned into a leading provider of cloud-based AI solutions. The company has established itself as a crucial player in AI computing by leveraging Nvidia’s high-performance GPUs to power data centers. This strategic positioning has allowed it to secure major customers, including Microsoft, which accounted for nearly two-thirds of its 2024 revenue.
CoreWeave reported revenue of $1.9 billion in 2024, a massive jump from $229 million in the prior year. However, the company is still operating at a loss, with a net deficit of $863 million last year compared to $594 million in 2023. The high concentration of revenue from a small number of clients—77% of 2024 revenue coming from just two customers—remains a potential risk factor for investors.
Ahead of its public listing, CoreWeave has sealed significant partnerships, including a deal to provide AI infrastructure to OpenAI worth up to $11.9 billion. Additionally, the company is set to acquire AI developer platform Weights & Biases for approximately 1 million Class A shares, a move expected to enhance its cloud capabilities.
Despite its rapid expansion, CoreWeave faces challenges related to internal financial controls. In its IPO filings, the company disclosed “material weaknesses” in IT controls and a shortage of qualified personnel in financial reporting. Addressing these issues will be crucial as it transitions into a publicly traded company.
The IPO comes amid heightened investor interest in AI-driven cloud infrastructure. CoreWeave has attracted backing from prominent firms including Magnetar Capital, Coatue Management, Jane Street, Fidelity, and Lykos Global Management. Notably, Cisco Systems recently invested in CoreWeave as part of a transaction valuing the company at $23 billion.
Following the IPO, CEO Michael Intrator is expected to hold 37% of shareholder voting power through his control of Class B shares. Nvidia, a key investor, will retain 1.2% of voting power, while Magnetar will hold 7%.
The offering is being led by Morgan Stanley, JPMorgan, and Goldman Sachs, with CoreWeave shares set to trade under the ticker symbol CRWV on the Nasdaq. The outcome of this IPO will serve as a critical indicator of investor appetite for AI-focused cloud firms and could set the stage for further public offerings in the sector.
NEW YORK, March 20, 2025 /PRNewswire/ — Bit Digital, Inc. (Nasdaq: BTBT) (“Bit Digital” or the “Company”), a global platform for high-performance computing (“HPC”) infrastructure and digital asset production headquartered in New York, announced today that subsidiary WhiteFiber, a leading provider of high-performance GPU cloud infrastructure, and Shadeform, the premier multi-cloud GPU marketplace have entered a strategic partnership to bring on-demand NVIDIA B200 GPUs to customers beginning in April.
This partnership combines WhiteFiber’s next-generation AI/ML optimized GPU cloud with Shadeform’s expansive, multi-cloud management capabilities, and GPU marketplace. Organizations and developers in more than 100 regions worldwide will experience immediate access to cutting-edge high-performance AI infrastructure that was previously out of reach due to up-front costs and long-term commitments.
“The WhiteFiber GPU Cloud is at the forefront of next-generation infrastructure for AI and machine learning,” said Ed Goode, CEO at Shadeform. “Their platform architecture not only delivers the most powerful GPUs available, but optimizes for performance across the entire infrastructure stack to maximize utilization and efficiency. We’re thrilled to offer WhiteFiber’s upcoming NVIDIA B200 GPUs to our customers, unlocking new possibilities for startups and developers who otherwise wouldn’t have access.”
Benjamin Lamson, Head of Revenue at WhiteFiber, added, “We’re excited to partner with Shadeform to deliver cutting-edge GPU technology directly to enterprises and startups. Starting in April, Shadeform customers will have immediate on-demand access to our NVIDIA B200 GPUs, without requiring long-term commitment. This partnership represents a significant step forward in democratizing high-performance AI capabilities, empowering global innovation and accelerating growth for AI developers and organizations alike.”
Organizations interested in exploring how WhiteFiber’s GPU Cloud solutions can accelerate their AI initiatives are encouraged to visit WhiteFiber.com for more information and to receive updates on the upcoming launch of NVIDIA B200 GPUs.
About Bit Digital
Bit Digital (@BitDigital_BTBT), Inc. is a global platform for high-performance computing (“HPC”) infrastructure and digital asset production headquartered in New York City. The Company’s HPC business operates under the WhiteFiber Inc. (“WhiteFiber”) brand (@WhiteFiber_). Our operations are located in the US, Canada, and Iceland. For additional information, please contact ir@bit-digital.com or visit our website at www.bit-digital.com.
Investor Notice
Investing in our securities involves a high degree of risk. Before making an investment decision, you should carefully consider the risks, uncertainties and forward-looking statements described under “Risk Factors” Item 1A of our Annual Report on Form 10-K for the year ended December 31, 2024 (Annual Report). Notwithstanding the fact that Bit Digital Inc. has not conducted operations in the PRC since September 30, 2021 we have previously disclosed under Risk Factors in our Annual Report: “We may be subject to fines and penalties for any noncompliance with or any liabilities in our former business in China in a certain period from now on.” Although the statute of limitations for non-compliance by our former business in the PRC is generally two years and the Company has been out of the PRC, for more than two years, the Authority may still find its prior bitcoin mining operations involved a threat to financial security. In such event, the two-year period would be extended to five years. If any material risk was to occur, our business, financial condition or results of operations would likely suffer. In that event, the value of our securities could decline and you could lose part or all of your investment. The risks and uncertainties we describe are not the only ones facing us. Additional risks not presently known to us or that we currently deem immaterial may also impair our business operations. In addition, our past financial performance may not be a reliable indicator of future performance, and historical trends should not be used to anticipate results in the future.. See “Safe Harbor Statement” below.
Safe Harbor Statement
This press release may contain certain “forward-looking statements” relating to the business of Bit Digital, Inc., and its subsidiary companies. All statements, other than statements of historical fact included herein are “forward-looking statements.” These forward-looking statements are often identified by the use of forward-looking terminology such as “believes,” “expects,” or similar expressions, involving known and unknown risks and uncertainties. Although the Company believes that the expectations reflected in these forward-looking statements are reasonable, they do involve assumptions, risks and uncertainties, and these expectations may prove to be incorrect. Investors should not place undue reliance on these forward-looking statements, which speak only as of the date of this press release. The Company’s actual results could differ materially from those anticipated in these forward-looking statements as a result of a variety of factors, including those discussed in the Company’s periodic reports that are filed with the Securities and Exchange Commission and available on its website at http://www.sec.gov. All forward-looking statements attributable to the Company or persons acting on its behalf are expressly qualified in their entirety by these factors. Other than as required under the securities laws, the Company does not assume a duty to update these forward-looking statements.
Company to Provide Corporate Updates Including New Developments, Fourth Quarter 2024 and 2024 Full Year Overview and Financial Results; Conference Call to be Held on Monday, March 24, 2025, at 4:30 PM Eastern Time
March 20, 2025 09:34 ET
MIAMI, March 20, 2025 (GLOBE NEWSWIRE) — SKYX (NASDAQ: SKYX) (d/b/a “SKYX Technologies”), a highly disruptive advanced and smart home platform technology company for homes and buildings, with more than 97 issued and pending patents globally and a portfolio of over 60 lighting and home décor websites, announces today that it will host a Corporate Update call and present fourth quarter 2024 and 2024 full year overview and financial results. The conference call will be held on Monday, March 24, 2025, at 4:30 p.m. Eastern Time.
SKYX Participating Members will Include:
Rani Kohen, Founder and Executive Chairman
Steve Schmidt, SKYX President, (Former President of Nielsen Data Corporation and former CEO of Office Depot International)
Lenny Sokolow, Co-CEO
Marc Boisseau, CFO
SKYX Platforms – Q4 2024 and 2024 Full Year Corporate Update Call
Date: Monday, March 24, 2025 Time: 4:30 p.m. Eastern Time U.S./Canada Dial-in: 1-412-317-5180 International Dial-in: 1-844-825-9789
Please dial in at least 10 minutes before the start of the call to ensure timely participation.
A playback of the call will be available until April 24, 2025. To listen, call within the United States and Canada or when calling internationally. Please use the replay pin number 10197998. A webcast is also available at the following link: https://viavid.webcasts.com/starthere.jsp?ei=1713008&tp_key=5deb952af5
About SKYX Platforms Corp.
As electricity is a standard in every home and building, our mission is to make homes and buildings become safe-advanced and smart as the new standard. SKYX has a series of highly disruptive advanced-safe-smart platform technologies, with over 97 U.S. and global patents and patent pending applications. Additionally, the Company owns over 60 lighting and home decor websites for both retail and commercial segments. Our technologies place an emphasis on high quality and ease of use, while significantly enhancing both safety and lifestyle in homes and buildings. We believe that our products are a necessity in every room in both homes and other buildings in the U.S. and globally. For more information, please visit our website at https://skyplug.com/ or follow us on LinkedIn.
Forward-Looking Statements
Certain statements made in this press release are not based on historical facts, but are forward-looking statements. These statements can be identified by the use of forward-looking terminology such as “aim,” “anticipate,” “believe,” “can,” “could,” “continue,” “estimate,” “expect,” “evaluate,” “forecast,” “guidance,” “intend,” “likely,” “may,” “might,” “objective,” “ongoing,” “outlook,” “plan,” “potential,” “predict,” “probable,” “project,” “seek,” “should,” “target” “view,” “will,” or “would,” or the negative thereof or other variations thereon or comparable terminology, although not all forward-looking statements contain these words. These statements reflect the Company’s reasonable judgment with respect to future events and are subject to risks, uncertainties and other factors, many of which have outcomes difficult to predict and may be outside our control, that could cause actual results or outcomes to differ materially from those in the forward-looking statements. Such risks and uncertainties include statements relating to the Company’s ability to successfully launch, commercialize, develop additional features and achieve market acceptance of its products and technologies and integrate its products and technologies with third-party platforms or technologies; the Company’s efforts and ability to drive the adoption of its products and technologies as a standard feature, including their use in homes, hotels, offices and cruise ships; the Company’s ability to capture market share; the Company’s estimates of its potential addressable market and demand for its products and technologies; the Company’s ability to raise additional capital to support its operations as needed, which may not be available on acceptable terms or at all; the Company’s ability to continue as a going concern; the Company’s ability to execute on any sales and licensing or other strategic opportunities; the possibility that any of the Company’s products will become National Electrical Code (NEC)-code or otherwise code mandatory in any jurisdiction, or that any of the Company’s current or future products or technologies will be adopted by any state, country, or municipality, within any specific timeframe or at all; risks arising from mergers, acquisitions, joint ventures and other collaborations; the Company’s ability to attract and retain key executives and qualified personnel; guidance provided by management, which may differ from the Company’s actual operating results; the potential impact of unstable market and economic conditions on the Company’s business, financial condition, and stock price; and other risks and uncertainties described in the Company’s filings with the Securities and Exchange Commission, including its periodic reports on Form 10-K and Form 10-Q. There can be no assurance as to any of the foregoing matters. Any forward-looking statement speaks only as of the date of this press release, and the Company undertakes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by U.S. federal securities laws.
Novel THIO dimer shows promise as a new compound with a dual mechanism of action for enhancing standard cancer treatments and overcoming resistance
CHICAGO–(BUSINESS WIRE)– MAIA Biotechnology, Inc., (NYSE American: MAIA) (“MAIA”, the “Company”), a clinical-stage biopharmaceutical company developing targeted immunotherapies for cancer, today announces the publication of preclinical data for its lead proprietary telomere-targeting THIO dimer in the peer-reviewed scientific journal Naunyn-Schmiedeberg’s Archives of Pharmacology.
In a preclinical study, THIO and its new described dimer form were found to be potent inhibitors of Glutathione S-transferase Pi (GSTP1), a key enzyme implicated in cancer progression and chemoresistance and a highly important factor for the detoxification of cancer cells. The findings suggest that the dimerized form of THIO could enhance chemotherapeutic efficacy by effectively targeting GSTP1 and reducing drug resistance. The article, titled “Investigation of the inhibitory effects of the telomere-targeted compounds on glutathione S-transferase P1,” was published on February 15, 2025.
“The esteemed Archives of Pharmacology has published our first peer-reviewed paper about the unique potential of the lead molecule in our second-generation THIO program,” said Vlad Vitoc, M.D., CEO of MAIA. “Preclinical findings illuminate the superior GSTP1 binding affinity and inhibitory potency of this novel prodrug and support continued development of this new strategy for cancer therapy.”
MAIA’s second generation research and discovery platform seeks to identify new telomere-targeting THIO-like compounds with potentially improved specificity towards cancer cells relative to normal cells and with potentially increased anticancer activity. More than 80 THIO-like compounds have been developed as part of the second-generation telomere targeting program.
“Our manuscript highlights the potential of THIO’s dimer as a potent GSTP1 inhibitor and a promising new strategy for enhancing cancer treatment and overcoming drug resistance,” said Chief Scientific Officer Sergei Gryaznov, Ph.D. “Further exploration of the combinatorial effects of THIO with standard chemotherapeutic agents could provide valuable insights for optimizing standard cancer treatment protocols. These efforts could pave the way for novel, targeted strategies in cancer therapy, offering new hope in the fight against drug-resistant cancers.”
About Naunyn–Schmiedeberg’s Archives of Pharmacology
Naunyn–Schmiedeberg’s Archives of Pharmacology, founded in 1873, is the oldest existing pharmacological journal and a dedicated platform for new and significant information on drug action and toxicity of chemical compounds. The peer-reviewed scientific journal covers all fields of experimental and clinical pharmacology as well as toxicology and includes studies in neuropharmacology and cardiovascular pharmacology and those describing drug actions at the cellular, biochemical and molecular levels.
About Ateganosine
Ateganosine (THIO, 6-thio-dG or 6-thio-2’-deoxyguanosine) is a first-in-class investigational telomere-targeting agent currently in clinical development to evaluate its activity in Non-Small Cell Lung Cancer (NSCLC). Telomeres, along with the enzyme telomerase, play a fundamental role in the survival of cancer cells and their resistance to current therapies. The modified nucleotide 6-thio-2’-deoxyguanosine induces telomerase-dependent telomeric DNA modification, DNA damage responses, and selective cancer cell death. Ateganosine-damaged telomeric fragments accumulate in cytosolic micronuclei and activates both innate (cGAS/STING) and adaptive (T-cell) immune responses. The sequential treatment with ateganosine followed by PD-(L)1 inhibitors resulted in profound and persistent tumor regression in advanced, in vivo cancer models by induction of cancer type–specific immune memory. Ateganosine is presently developed as a second or later line of treatment for NSCLC for patients that have progressed beyond the standard-of-care regimen of existing checkpoint inhibitors.
About MAIA Biotechnology, Inc.
MAIA is a targeted therapy, immuno-oncology company focused on the development and commercialization of potential first-in-class drugs with novel mechanisms of action that are intended to meaningfully improve and extend the lives of people with cancer. Our lead program is ateganosine, a potential first-in-class cancer telomere targeting agent in clinical development for the treatment of NSCLC patients with telomerase-positive cancer cells. For more information, please visit www.maiabiotech.com.
Forward Looking Statements
MAIA cautions that all statements, other than statements of historical facts contained in this press release, are forward-looking statements. Forward-looking statements are subject to known and unknown risks, uncertainties, and other factors that may cause our or our industry’s actual results, levels or activity, performance or achievements to be materially different from those anticipated by such statements. The use of words such as “may,” “might,” “will,” “should,” “could,” “expect,” “plan,” “anticipate,” “believe,” “estimate,” “project,” “intend,” “future,” “potential,” or “continue,” and other similar expressions are intended to identify forward looking statements. However, the absence of these words does not mean that statements are not forward-looking. For example, all statements we make regarding (i) the initiation, timing, cost, progress and results of our preclinical and clinical studies and our research and development programs, (ii) our ability to advance product candidates into, and successfully complete, clinical studies, (iii) the timing or likelihood of regulatory filings and approvals, (iv) our ability to develop, manufacture and commercialize our product candidates and to improve the manufacturing process, (v) the rate and degree of market acceptance of our product candidates, (vi) the size and growth potential of the markets for our product candidates and our ability to serve those markets, and (vii) our expectations regarding our ability to obtain and maintain intellectual property protection for our product candidates, are forward looking. All forward-looking statements are based on current estimates, assumptions and expectations by our management that, although we believe to be reasonable, are inherently uncertain. Any forward-looking statement expressing an expectation or belief as to future events is expressed in good faith and believed to be reasonable at the time such forward-looking statement is made. However, these statements are not guarantees of future events and are subject to risks and uncertainties and other factors beyond our control that may cause actual results to differ materially from those expressed in any forward-looking statement. Any forward-looking statement speaks only as of the date on which it was made. We undertake no obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future events or otherwise, except as required by law. In this release, unless the context requires otherwise, “MAIA,” “Company,” “we,” “our,” and “us” refers to MAIA Biotechnology, Inc. and its subsidiaries.
Conduent’s Maven ® Disease Surveillance & Outbreak Management System empowers Ireland’s Health Service Executive to effectively track and manage public health threats
Republic of Ireland becomes the first European Union country to use Maven, following its successful implementations in the United States, United Kingdom and Australia
FLORHAM PARK, N.J. — Conduent Incorporated (Nasdaq: CNDT), a global technology-driven business solutions and services company, today announced that the Republic of Ireland’s Health Service Executive (HSE) selected the company’s Maven ® Disease Surveillance & Outbreak Management System to monitor, manage and report infectious diseases. Maven will replace HSE’s legacy surveillance system to more effectively track disease outbreaks and take prompt actions to protect public health.
Under the five-year contract, Conduent will implement its Maven cloud-hosted software platform as well as provide maintenance and support. The system’s flexibility will enable HSE staff to configure it for seamless data sharing, integration and coordination among medical professionals and epidemiologists. Upon receiving a case or laboratory report, Maven automatically generates a disease event, significantly reducing manual data entry and duplication of efforts.
“Like many public health organizations globally, HSE faces increasing complexity as infectious diseases continue to escalate and impact our ability to protect public health,” said Dr. John Cuddihy, National Director of Public Health at HSE. “By implementing the Maven system and collaborating with Conduent, we’ll gain a modern, national platform that not only enables early detection of health events but also transforms raw data into actionable intelligence. This platform will empower faster, more coordinated responses to better serve the people of Ireland.”
This contract marks Maven’s expansion into the European Union, where it joins its existing public health deployments in the United States, the United Kingdom and Australia. This system will enhance HSE’s ability to rapidly detect and respond to public health events across Ireland, providing critical insights into both emerging and established infectious disease threats.
With over two decades of proven outcomes, Maven is currently utilized by 28 other government agencies around the world to manage emerging threats to their residents. Conduent also offers online and in-person training of the system, and through its long-standing Maven Users Group, manages a global community of public health officials who collaborate and exchange best practices.
“We’re honored to have the Republic of Ireland join the growing Maven user community,” said Anna Sever, President, Government Solutions at Conduent. “By implementing Maven, we’re equipping HSE with the tools necessary to protect citizens against infectious diseases while delivering long-term value.”
Organizations use Maven to detect, monitor, track and report on deadly outbreaks like COVID-19, C. auris and Mpox and more than 100 other communicable and non-communicable diseases including Ebola, Zika, measles, tuberculosis, HIV/STDs and influenza. Find out how Maven can safeguard public health at Conduent Government Solutions.
About Conduent Conduent delivers digital business solutions and services spanning the commercial, government and transportation spectrum – creating valuable outcomes for its clients and the millions of people who count on them. The Company leverages cloud computing, artificial intelligence, machine learning, automation and advanced analytics to deliver mission-critical solutions. Through a dedicated global team of approximately 55,000 associates, process expertise and advanced technologies, Conduent’s solutions and services digitally transform its clients’ operations to enhance customer experiences, improve performance, increase efficiencies and reduce costs. Conduent adds momentum to its clients’ missions in many ways including disbursing approximately $100 billion in government payments annually, enabling 2.3 billion customer service interactions annually, empowering millions of employees through HR services every year and processing nearly 13 million tolling transactions every day. Learn more at www.conduent.com.
Trademarks Conduent is a trademark of Conduent Incorporated in the United States and/or other countries. Other names may be trademarks of their respective owners.
BOCA RATON, Fla.–(BUSINESS WIRE)–Mar. 20, 2025– The GEO Group, Inc. (NYSE: GEO) (“GEO” or the “Company”) announced today that the Company has entered into a contract with U.S. Immigration and Customs Enforcement (“ICE”) for the immediate activation of a federal immigration processing center at the GEO-owned, 1,800-bed North Lake Facility (the “Facility”) in Baldwin, Michigan.
Within a few months, GEO and ICE expect to finalize a long-term contract. GEO expects to provide support services for ICE at the Facility under a multi-year contract that would be expected to generate in excess of $70 million in annualized revenues in the first full year of operations, with margins consistent with GEO’s company-owned Secure Services facilities. GEO’s support services are expected to include the exclusive use of the Facility by ICE, along with security, maintenance, and food services, as well as access to recreational amenities, medical care, and legal counsel.
George C. Zoley, Executive Chairman of GEO, said, “We expect that our company-owned North Lake Facility in Michigan will play an important role in helping meet the need for increased federal immigration processing center bedspace. We are proud of our 40-year public-private partnership with ICE, and we stand ready to continue to help the federal government meet its expanded immigration enforcement priorities.”
About The GEO Group
The GEO Group, Inc. (NYSE: GEO) is a leading diversified government service provider, specializing in design, financing, development, and support services for secure facilities, processing centers, and community reentry centers in the United States, Australia, South Africa, and the United Kingdom. GEO’s diversified services include enhanced in-custody rehabilitation and post-release support through the award-winning GEO Continuum of Care®, secure transportation, electronic monitoring, community-based programs, and correctional health and mental health care. GEO’s worldwide operations include the ownership and/or delivery of support services for 99 facilities totaling approximately 79,000 beds, including idle facilities and projects under development, with a workforce of up to approximately 18,000 employees.
Use of forward-looking statements
This news release may contain “forward-looking statements” within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended, and the U.S. Private Securities Litigation Reform Act of 1995. Readers are cautioned not to place undue reliance on these forward-looking statements and any such forward-looking statements are qualified in their entirety by reference to the cautionary statements and risk factors contained in GEO’s filings with the U.S. Securities and Exchange Commission including its Form 10-K, 10-Q and 8-K reports. All forward-looking statements speak only as of the date of this news release and are based on current expectations and involve a number of assumptions, risks and uncertainties that could cause the actual results to differ materially from such forward-looking statements. Readers are strongly encouraged to read the full cautionary statements and risk factors contained in GEO’s filings with the U.S. Securities and Exchange Commission, including those referenced above. GEO disclaims any obligation to update or revise any forward-looking statements, except as required by law.
Tonix is a clinical-stage biopharmaceutical company focused on discovering, licensing, acquiring and developing therapeutics and diagnostics to treat and prevent human disease and alleviate suffering. Tonix’s portfolio is composed of immunology, rare disease, infectious disease, and central nervous system (CNS) product candidates. Tonix’s immunology portfolio includes biologics to address organ transplant rejection, autoimmunity and cancer, including TNX-15001 which is a humanized monoclonal antibody targeting CD40-ligand being developed for the prevention of allograft and xenograft rejection and for the treatment of autoimmune diseases. A Phase 1 study of TNX-1500 is expected to be initiated in the second half of 2022. Tonix’s rare disease portfolio includes TNX-29002 for the treatment of Prader-Willi syndrome. TNX-2900 has been granted Orphan-Drug Designation by the FDA. Tonix’s infectious disease pipeline includes a vaccine in development to prevent smallpox and monkeypox called TNX-8013, next-generation vaccines to prevent COVID-19, and an antiviral to treat COVID-19. Tonix’s lead vaccine candidates for COVID-19 are TNX-1840 and TNX-18504, which are live virus vaccines based on Tonix’s recombinant pox vaccine (RPV) platform. TNX-35005 (sangivamycin, i.v. solution) is a small molecule antiviral drug to treat acute COVID-19 and is in the pre-IND stage of development. TNX-102 SL6, (cyclobenzaprine HCl sublingual tablets), is a small molecule drug being developed to treat Long COVID, a chronic post-acute COVID-19 condition. Tonix expects to initiate a Phase 2 study in Long COVID in the second quarter of 2022. The Company’s CNS portfolio includes both small molecules and biologics to treat pain, neurologic, psychiatric and addiction conditions. Tonix’s lead CNS candidate, TNX-102 SL, is in mid-Phase 3 development for the management of fibromyalgia with a new Phase 3 study launched in the second quarter of 2022. Finally, TNX-13007 is a biologic designed to treat cocaine intoxication that is expected to start a Phase 2 trial in the second quarter of 2022. TNX-1300 has been granted Breakthrough Therapy Designation by the FDA.
Robert LeBoyer, Senior Vice President, Equity Research Analyst, Biotechnology, Noble Capital Markets, Inc.
Refer to the full report for the price target, fundamental analysis, and rating.
Fourth Quarter Reported With Product Development Updates. Tonix reported 4Q Net Loss to Common Shareholders of $22.1 million or $(9.77) per share and $130.0 million or $(176.60) per share for FY2024. Total Product sales were $10.1 million with Gross Margin averaging 23% for the full year. The company ended FY2024 with $98.8 million in cash then raised $46.3 million in 1Q25. Including our expected loss for 1Q25, we estimate cash on March 31 to be around $125 million and believe the company has sufficient operating funds into FY2026.
Preparations For Tonmya Are In Progress. Tonix has been assigned a PDUFA date of August 15, 2025, the statutory date for the FDA to answer its NDA for Tonmya (TNX-102 SL). We believe the Phase 3 trials justify approval for fibromyalgia and anticipate broad use for relief of its multiple symptoms. Based on its patient population of over 10 million patients, we believe Tonmya could be a significant revenue generator for Tonix.
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This Company Sponsored Research is provided by Noble Capital Markets, Inc., a FINRA and S.E.C. registered broker-dealer (B/D).
*Analyst certification and important disclosures included in the full report. NOTE: investment decisions should not be based upon the content of this research summary. Proper due diligence is required before making any investment decision.
Mark Reichman, Managing Director, Equity Research Analyst, Natural Resources, Noble Capital Markets, Inc.
Hans Baldau, Research Associate, Noble Capital Markets, Inc.
Refer to the full report for the price target, fundamental analysis, and rating.
Reserve report. Hemisphere released results from its independent reserve evaluation as of December 31, 2024. Compared to the year-end 2023 reserve report, proved developed producing (PDP) reserves increased 13.1% to 9,302.2 thousand barrels of oil equivalents. The growth in PDP reserves replaced 186% of 2024 production. Hemisphere’s estimated 2024 capital expenditures of ~C$22 million funded PDP reserve growth, annual production growth of ~10%, additional infrastructure, and the testing of a new resource play in Saskatchewan with an enhanced oil recovery (EOR) polymer pilot project.
Outlook for 2025.Hemisphere expects 2025 capital expenditures of ~C$17 million which are expected to support ~15% growth in annual average production to 3,900 barrels of oil equivalent per day (boe/d) compared to 2024. Most of the capital will be allocated to drilling, optimization, and facility work, with ~10% allotted to exploration and land acquisition. The majority of the planned expenditures are scheduled for the third quarter of 2025, providing the company with the flexibility to adjust plans based on changes in commodity prices.
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*Analyst certification and important disclosures included in the full report. NOTE: investment decisions should not be based upon the content of this research summary. Proper due diligence is required before making any investment decision.
Key Points: – FOXO Technologies has signed a non-binding agreement to acquire Vector Biosource, a biospecimen sourcing provider. – Vector is expected to generate $800,000 in revenue in 2025 without additional capital. – The acquisition involves Series D Preferred Stock and milestone-based earnout payments.
FOXO Technologies Inc. (NYSE American: FOXO) has announced the execution of a non-binding agreement to acquire Vector Biosource Inc., a provider of information and biospecimen sourcing services for the biotechnology, clinical research, and pharmaceutical industries. The acquisition aligns with FOXO’s strategy of expanding its footprint in healthcare and biotechnology sectors.
The proposed transaction includes an initial payment of $750,000 in Series D Cumulative Redeemable Preferred Stock, with an additional $750,000 in Series D Preferred Stock contingent on Vector meeting specific revenue and cash collection milestones in 2025. Further earnout payments in Series D Preferred Stock are structured based on Vector’s performance in 2026 and 2027. The deal remains subject to definitive agreements, due diligence, and the provision of $1 million in working capital.
Seamus Lagan, CEO of FOXO Technologies, emphasized the strategic benefits of the deal, stating, “We are excited to have reached agreement with Vector to move forward with this strategic acquisition. We were attracted to Vector’s unique position in this healthcare sector and its growth profile, and we are focused on working closely with Vector senior leadership to aggressively expand the Vector platform.”
Vector’s CEO, Frank Dias, Jr., highlighted the advantages of the partnership, noting, “We believe the partnership with FOXO will allow Vector to achieve its near and long-term growth plans by providing growth capital, corporate infrastructure, and potential synergies with other FOXO subsidiaries. We anticipate a significant increase in expected revenues with the provision of growth capital and corporate infrastructure by FOXO.”
FOXO Technologies operates through three subsidiaries:
Rennova Community Health, Inc.: Owner and operator of Scott County Community Hospital (Big South Fork Medical), a critical access hospital in East Tennessee.
Myrtle Recovery Centers, Inc.: A 30-bed behavioral health facility offering inpatient detox, residential treatment, and outpatient services.
Foxo Labs, Inc.: A biotechnology company dedicated to advancing health and lifespan through innovative technology and product solutions.
The acquisition of Vector Biosource marks another step in FOXO’s broader growth strategy as it continues to integrate specialized healthcare and biotechnology services under its corporate umbrella. The deal is expected to close within the next 45 days, subject to regulatory approvals and standard closing conditions.
Key Points: – The Fed maintained its benchmark interest rate at 4.25%-4.5% for the second consecutive meeting. – Core PCE inflation is now expected to be 2.8% at year-end, up from 2.5%. – GDP growth projections for 2025 were lowered from 2.1% to 1.7%.
The Federal Reserve opted to hold interest rates steady at its March meeting, maintaining the federal funds rate within a range of 4.25% to 4.5%. This decision marks the second consecutive meeting in which borrowing costs remain unchanged, following a series of three rate cuts in late 2024. However, alongside the decision, policymakers signaled a revised economic outlook, reflecting slower growth and more persistent inflation.
Fed officials now forecast that the U.S. economy will grow at an annualized pace of 1.7% in 2025, a downward revision from the previous estimate of 2.1%. At the same time, inflation projections have been raised, with the core Personal Consumption Expenditures (PCE) index now expected to reach 2.8% by year-end, up from 2.5% previously. These adjustments reflect increasing uncertainty surrounding the economic impact of new trade policies and tariffs imposed by the Trump administration.
“Uncertainty around the economic outlook has increased,” the Fed noted in its official statement, referring to the administration’s aggressive tariff measures targeting China, Canada, and Mexico. Additional duties on steel, aluminum, and other imports are expected to be announced next month, potentially disrupting supply chains and fueling inflationary pressures.
While the Fed’s statement maintained language indicating that “economic activity has continued to expand at a solid pace,” policymakers acknowledged growing concerns about the possibility of stagflation—a scenario where growth stagnates, inflation remains high, and unemployment rises. The unemployment rate projection was slightly raised to 4.4% from 4.3%, reflecting potential labor market softening.
In an additional policy shift, the central bank announced a slower pace of balance sheet reduction. Beginning in April, the Fed will reduce the amount of Treasuries rolling off its balance sheet from $25 billion to $5 billion per month, while keeping mortgage-backed security reductions steady at $35 billion per month. The decision was not unanimous, with Fed Governor Chris Waller dissenting due to concerns about slowing the pace of quantitative tightening.
Despite these shifts, the Fed’s “dot plot”—a key indicator of policymakers’ rate projections—still points to two rate cuts in 2025. However, there is growing division among officials, with nine members supporting two cuts, four favoring just one, and another four seeing no cuts at all.
The Fed’s decision and economic projections have triggered mixed reactions in the financial markets. Stocks initially fluctuated as investors assessed the impact of slower economic growth and the persistence of inflation. The S&P 500 and Nasdaq saw volatile trading, while the Dow remained under pressure amid concerns that the Fed may not cut rates as aggressively as previously expected. Bond markets also responded, with yields on the 10-year Treasury note rising slightly as inflation concerns remained elevated.
Investors are increasingly wary of a scenario where economic growth weakens while inflation remains sticky, a condition that could lead to stagflation. Sectors such as financials and consumer discretionary stocks saw selling pressure, while defensive assets, including gold and utilities, gained traction as traders sought safe-haven investments.
Looking ahead, the Fed’s challenge will be navigating the dual risks of inflationary pressures and economic slowdown. The upcoming release of February’s core PCE inflation data next week will provide further insights, with economists anticipating a slight uptick to 2.7% from January’s 2.6%—a figure still far from the Fed’s 2% target.
As the economic landscape continues to evolve, markets will be closely watching the Fed’s next moves and whether the central bank can balance its mandate for maximum employment with maintaining price stability.
Nonproprietary drug name approval marks essential step in FDA approval process
CHICAGO–(BUSINESS WIRE)– MAIA Biotechnology, Inc., (NYSE American: MAIA) (“MAIA”, the “Company”), a clinical-stage biopharmaceutical company developing targeted immunotherapies for cancer, today announced that the United States Adopted Names (USAN) Council has approved “ateganosine” as the nonproprietary (generic) name for its lead molecule THIO, a telomere-targeting anticancer agent in clinical development as a first-in-class treatment for advanced non-small cell lung cancer (NSCLC).
The USAN Council is responsible for selecting standardized, informative and unique nonproprietary (generic) drug names. It is made up of experts from the American Medical Association (AMA), the U.S. Pharmacopeial Convention (USP) and the U.S Food and Drug Administration (FDA).
“The designation of a new nonproprietary name for THIO is a key step along our development and regulatory pathway as we move forward with Phase 2 and 3 clinical trials,” said Vlad Vitoc, M.D., CEO of MAIA. “We chose a name inspired by the mechanism of action of our molecule: altering telomeric guanosine of the cancer cells. The generic name ateganosine is a unique and consistent identity that will support clear communication between healthcare providers, patients and researchers.”
Generic drug names are used in product information, drug regulation, labelling and prescribing as for promotional materials and scientific literature.
MAIA will retain the name THIO in its clinical trial designations (THIO-101, THIO-102, THIO-103, THIO-104).
About Ateganosine
Ateganosine (THIO, 6-thio-dG or 6-thio-2’-deoxyguanosine) is a first-in-class investigational telomere-targeting agent currently in clinical development to evaluate its activity in Non-Small Cell Lung Cancer (NSCLC). Telomeres, along with the enzyme telomerase, play a fundamental role in the survival of cancer cells and their resistance to current therapies. The modified nucleotide 6-thio-2’-deoxyguanosine induces telomerase-dependent telomeric DNA modification, DNA damage responses, and selective cancer cell death. Ateganosine-damaged telomeric fragments accumulate in cytosolic micronuclei and activates both innate (cGAS/STING) and adaptive (T-cell) immune responses. The sequential treatment with ateganosine followed by PD-(L)1 inhibitors resulted in profound and persistent tumor regression in advanced, in vivo cancer models by induction of cancer type–specific immune memory. Ateganosine is presently developed as a second or later line of treatment for NSCLC for patients that have progressed beyond the standard-of-care regimen of existing checkpoint inhibitors.
About MAIA Biotechnology, Inc.
MAIA is a targeted therapy, immuno-oncology company focused on the development and commercialization of potential first-in-class drugs with novel mechanisms of action that are intended to meaningfully improve and extend the lives of people with cancer. Our lead program is ateganosine, a potential first-in-class cancer telomere targeting agent in clinical development for the treatment of NSCLC patients with telomerase-positive cancer cells. For more information, please visit www.maiabiotech.com.
Forward Looking Statements
MAIA cautions that all statements, other than statements of historical facts contained in this press release, are forward-looking statements. Forward-looking statements are subject to known and unknown risks, uncertainties, and other factors that may cause our or our industry’s actual results, levels or activity, performance or achievements to be materially different from those anticipated by such statements. The use of words such as “may,” “might,” “will,” “should,” “could,” “expect,” “plan,” “anticipate,” “believe,” “estimate,” “project,” “intend,” “future,” “potential,” or “continue,” and other similar expressions are intended to identify forward looking statements. However, the absence of these words does not mean that statements are not forward-looking. For example, all statements we make regarding (i) the initiation, timing, cost, progress and results of our preclinical and clinical studies and our research and development programs, (ii) our ability to advance product candidates into, and successfully complete, clinical studies, (iii) the timing or likelihood of regulatory filings and approvals, (iv) our ability to develop, manufacture and commercialize our product candidates and to improve the manufacturing process, (v) the rate and degree of market acceptance of our product candidates, (vi) the size and growth potential of the markets for our product candidates and our ability to serve those markets, and (vii) our expectations regarding our ability to obtain and maintain intellectual property protection for our product candidates, are forward looking. All forward-looking statements are based on current estimates, assumptions and expectations by our management that, although we believe to be reasonable, are inherently uncertain. Any forward-looking statement expressing an expectation or belief as to future events is expressed in good faith and believed to be reasonable at the time such forward-looking statement is made. However, these statements are not guarantees of future events and are subject to risks and uncertainties and other factors beyond our control that may cause actual results to differ materially from those expressed in any forward-looking statement. Any forward-looking statement speaks only as of the date on which it was made. We undertake no obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future events or otherwise, except as required by law. In this release, unless the context requires otherwise, “MAIA,” “Company,” “we,” “our,” and “us” refers to MAIA Biotechnology, Inc. and its subsidiaries.
Vancouver, British Columbia–(Newsfile Corp. – March 19, 2025) – Hemisphere Energy Corporation (TSXV: HME) (OTCQX: HMENF) (“Hemisphere” or the “Company”) is pleased to announce highlights from its independent reserves evaluation (the “Reserve Report”), prepared by McDaniel & Associates Consultants Ltd. (“McDaniel”) and effective as at December 31, 2024.
Hemisphere’s estimated 2024 capital expenditures1 of approximately $22 million grew year-end Proved Developed Producing (“PDP”) reserves by 13%, increased annual production by 10%, added required infrastructure, and commenced testing a new resource play in Saskatchewan with an enhanced oil recovery (“EOR”) polymer pilot project. These investments were funded entirely by cash flow from the Company’s long-life reserve base and ultra-low production decline rates in the Atlee Buffalo oil assets. Hemisphere’s current quarterly production is trending at 3,800 boe/d (99% heavy oil and based on field estimates between January 1 – March 15, 2025).
During the year, Hemisphere also distributed over $21 million in shareholder returns, made up of $15.7 million in base and special dividends and $5.5 million of share purchases under its normal course issuer bid (“NCIB”). The Company exited the year in a cash position with estimated working capital1 of over $5 million.
The Company’s continued success in the development of its EOR projects was recognized again by McDaniel in the Reserve Report. In the PDP category, Hemisphere replaced 186% of 2024 production and increased reserve value by 10% to $273 million NPV10 BT. In addition, Hemisphere’s Proved (“1P”) reserve value at year-end was $317 million NPV10 BT and Proved plus Probable (“2P”) reserve value was $393 million NPV10 BT.
The Company’s new Saskatchewan lands currently account for only 3% of 1P and 6% of 2P reserves, while making up only 3% of 1P and 5% of 2P NPV10 BT valuations of Hemisphere’s reserves. Significant potential reserve upside remains on Hemisphere lands if the play proves successful over the course of 2025 and beyond.
Consistent with McDaniel’s 2023 year-end evaluation, the Reserve Report incorporates full corporate abandonment, decommissioning, and reclamation costs (“ADR”) in the PDP category. Hemisphere has always been cautious of acquiring additional wellbore and facility liabilities. A direct result of this strategy is that Hemisphere’s reserves retain more comparative value per barrel than companies with additional ADR liabilities that must be deducted from their base valuations. Management estimates that total undiscounted and uninflated existing ADR is $8.1 million ($2.1 million NPV10 BT, with costs inflated at 2%/yr), which includes all ADR associated with both active and inactive wells, pipelines, and facilities regardless of whether such wells, pipelines, and facilities had any attributed reserves.
Hemisphere’s low decline, long life, and high value reserves are indicative of the unique resource the Company has been developing over the past number of years. These valuable assets are the backbone of Hemisphere and are expected to generate significant free cash flow as they continue to grow with planned additional development and optimization of EOR techniques.
2024 Reserve Highlights
Proved Developed Producing (“PDP”) Reserves
NPV10 BT of $273 million, an increase of approximately 10% over year-end 2023 and equivalent to $2.80 per basic share.
Replaced 186% of 2024 production through organic development.
Recognized reserve volumes of 9.3 MMboe (99.7% heavy crude oil), an increase of 13% year-over-year.
RLI of 7.4 years based on 2024 production.
NAV of $2.79 per fully diluted share based on reserve report pricing assumptions.
Proved (“1P”) Reserves
NPV10 BT of $317 million, equivalent to $3.26 per basic share.
Recognized reserve volumes of 11.4 MMboe (99.7% heavy crude oil).
RLI of 9.1 years based on 2024 production.
NAV of $3.21 per fully diluted share based on reserve report pricing assumptions.
Proved plus Probable (“2P”) Reserves
NPV10 BT of $393 million, equivalent to $4.03 per basic share.
Recognized reserve volumes of 14.5 MMboe (99.7% heavy crude oil).
RLI of 11.6 years based on 2024 production.
NAV of $3.95 per fully diluted share based on reserve report pricing assumptions.
2024 Independent Qualified Reserve Evaluation
The reserves data set forth below is based upon an independent reserves evaluation prepared by McDaniel dated March 18, 2025 with an effective date of December 31, 2024, and is in accordance with definitions, standards, and procedures contained within COGEH and National Instrument 51-101 Standards of Disclosure for Oil and Gas Activities (“NI 51-101”). Additional reserve information as required under NI 51-101 will be included in Hemisphere’s Annual Information Form which will be filed on SEDAR+ on or before April 30, 2025. Due to rounding, certain totals in the columns may not add in the following tables. All dollar values are in Canadian dollars, unless otherwise noted.
Pricing Assumptions
McDaniel’s independent evaluation was based on the average of the published price forecasts for McDaniel, GLJ Petroleum Consultants Ltd., and Sproule Associates Ltd. (the “3-Consultant Average Price Forecast”) at January 1, 2025, with the following table detailing pricing and foreign exchange rate assumptions. Hemisphere’s corporate production historically averages a discount of approximately $4.10 to WCS pricing. When compared to last year’s 3-Consultant Average Price Forecast dated January 1, 2024, the current WCS pricing outlook is up approximately 4% in 2025, and up 1% thereafter over the next 15-year period. The 2025 3-Consultant Average Price Forecast uses a 5-year 2025-2029 WTI price of US$75.75/bbl and WCS price of Cdn$84.78/bbl.
About Hemisphere Energy Corporation
Hemisphere is a dividend-paying Canadian oil company focused on maximizing value-per-share growth with the sustainable development of its high netback, ultra-low decline conventional heavy oil assets through polymer flood enhanced recovery methods. Hemisphere trades on the TSX Venture Exchange as a Tier 1 issuer under the symbol “HME” and on the OTCQX Venture Marketplace under the symbol “HMENF”.
For further information, please visit the Company’s website at www.hemisphereenergy.ca to view its corporate presentation or contact:
Don Simmons, President & Chief Executive Officer Telephone: (604) 685-9255 Email: info@hemisphereenergy.ca
Forward-looking Statements
This news release contains certain forward-looking information and statements within the meaning of applicable securities laws. The use of any of the words “expect”, “anticipate”, “continue”, “estimate”, “may”, “will”, “project”, “should”, “believe”, “plans”, “intends” and similar expressions are intended to identify forward-looking information or statements. In particular, but without limiting the foregoing, this news release contains forward-looking information and statements pertaining to the following: Significant potential reserve upside remains on Hemisphere lands if the play proves successful over the course of 2025 and beyond, the Company’s expectations that its assets are expected to generate significant free funds flow as they continue to grow with planned additional development and optimization of enhanced oil recovery techniques; the volumes of Hemisphere’s oil and gas reserves and the estimated net present values of the future net revenues of such reserves; the Company’s estimates of ADR; the Company’s anticipated filing date for its annual information form for the year ending December 31, 2024; and any upside potential on Hemisphere’s Saskatchewan properties in 2024 and beyond. In addition, statements relating to “reserves” are deemed to be forward-looking statements, as they involve the implied assessment, based on certain estimates and assumptions, that the reserves described can be profitably produced in the future.
The estimates of Hemisphere’s reserves provided herein are estimates only and there is no guarantee that the estimated reserves will be recovered. In addition, forward-looking statements or information are based on a number of material factors, expectations or assumptions of Hemisphere which have been used to develop such statements and information, but which may prove to be incorrect. Although Hemisphere believes that the expectations reflected in such forward-looking statements or information are reasonable, undue reliance should not be placed on forward-looking statements because Hemisphere can give no assurance that such expectations will prove to be correct. In addition to other factors and assumptions which may be identified herein, assumptions have been made regarding, among other things: that Hemisphere will continue to conduct its operations in a manner consistent with past operations; the effects of tariffs (or similar trade measures) on Hemisphere’s future results, operations, and cash flows; results from drilling and development activities are consistent with past operations; the quality of the reservoirs in which Hemisphere operates and continued performance from existing wells; inflation rates and cost escalations; the continued and timely development of infrastructure in areas of new production; the accuracy of the estimates of Hemisphere’s reserve volumes; certain commodity price and other cost assumptions; continued availability of debt and equity financing and cash flow to fund Hemisphere’s current and future plans and expenditures; the impact of increasing competition; the general stability of the economic and political environment in which Hemisphere operates; the general continuance of current industry conditions; the timely receipt of any required regulatory approvals; the ability of Hemisphere to obtain qualified staff, equipment and services in a timely and cost efficient manner; drilling results; the ability of the operator of the projects in which Hemisphere has an interest in to operate the field in a safe, efficient and effective manner; the ability of Hemisphere to obtain financing on acceptable terms; field production rates and decline rates; the ability to replace and expand oil and natural gas reserves through acquisition, development and exploration; the timing and cost of pipeline, storage and facility construction and expansion and the ability of Hemisphere to secure adequate product transportation; future commodity prices; currency, exchange and interest rates; regulatory framework regarding royalties, taxes and environmental matters in the jurisdictions in which Hemisphere operates; and the ability of Hemisphere to successfully market its oil and natural gas products.
The forward-looking information and statements included in this news release are not guarantees of future performance and should not be unduly relied upon. Such information and statements, including the assumptions made in respect thereof, involve known and unknown risks, uncertainties and other factors that may cause actual results or events to defer materially from those anticipated in such forward-looking information or statements including, without limitation: changes in commodity prices; changes in applicable tariff rates and trade agreements; regulatory risks, including penalties or other remedial action; the ability of the Company to maintain legal title to its properties; changes to, or restrictions of, labour, supplies, and infrastructure; changes in the demand for or supply of Hemisphere’s products, the early stage of development of some of the evaluated areas and zones; unanticipated operating results or production declines; changes in tax or environmental laws, royalty rates or other regulatory matters; changes in development plans of Hemisphere or by third party operators of Hemisphere’s properties; changes in budgets; increased debt levels or debt service requirements; inaccurate estimation of Hemisphere’s oil and gas reserve volumes; limited, unfavourable or a lack of access to capital markets; increased costs; a lack of adequate insurance coverage; the impact of competitors; and certain other risks detailed from time-to-time in Hemisphere’s public disclosure documents, (including, without limitation, those risks identified in this news release and in Hemisphere’s annual information form).
The forward-looking information and statements contained in this news release speak only as of the date of this news release, and Hemisphere does not assume any obligation to publicly update or revise any of the included forward-looking statements or information, whether as a result of new information, future events or otherwise, except as may be required by applicable securities laws.
Oil and Gas Advisories
All reserve references in this news release are “gross” or “Company interest reserves”. Such reserves are the Company’s total working interest reserves before the deduction of any royalties and without including any royalty interests of the Company.
It should not be assumed that the net present value of the estimated net revenues presented in this news release represent the fair market value of the reserves. There is no assurance that the forecast prices and costs assumptions will be attained, and variances could be material. The recovery and reserve estimates of Hemisphere’s crude oil, natural gas liquids and natural gas reserves provided herein are estimates only and there is no guarantee that the estimated reserves will be recovered. Actual crude oil, natural gas and natural gas liquids reserves may be greater than or less than the estimates provided herein. Estimates of net present value and future net revenue contained herein do not necessarily represent fair market value. Estimates of reserves and future net revenue for individual properties may not reflect the same level of confidence as estimates of reserves and future net revenue for all properties, due to the effect of aggregation. There is no assurance that the forecast price and cost assumptions in evaluating Hemisphere’s reserves will be attained and variances could be material.
All future net revenues are estimated using forecast prices, arising from the anticipated development and production of our reserves, net of the associated royalties, operating costs, development costs and abandonment and reclamation costs and are stated prior to provision for interest and general and administrative expenses. Future net revenues have been presented in this news release on a before tax basis.
“Boe” means barrel of oil equivalent on the basis of 6 mcf of natural gas to 1 bbl of oil. Boe’s may be misleading, particularly if used in isolation. A boe conversion ratio of 6 mcf: 1 bbl is based on an energy equivalency conversion method primarily applicable at the burner tip and does not represent a value equivalency at the wellhead. In addition, given that the value ratio based on the current price of crude oil as compared to natural gas is significantly different from the energy equivalency of 6:1, utilizing a conversion on a 6:1 basis may be misleading as an indication of value.
Oil and Gas Metrics
This news release contains metrics commonly used in the oil and natural gas industry, such as “reserve life index (“RLI”)” and “NAV”. These terms do not have a standardized meaning and the Company’s calculation of such metrics may not be comparable to the calculation method used or presented by other companies for the same or similar metrics, and therefore should not be used to make such comparisons.
“Reserve life index” is calculated as total company interest reserves divided by annual production, for the year indicated.
“NAV per fully diluted share” is calculated using the respective net present values of 1P and 2P reserves, before tax and discounted at 10%, plus internally valued undeveloped land & seismic and proceeds from warrants and stock options, plus working capital, and divided by fully diluted outstanding shares. Net present values are shown at the 3-Consultant Average Price Forecast used in the McDaniel Reserve Report. Management uses NAV per share as a measure of the relative change of Hemisphere’s net asset value over its fully diluted shares over a period of time.
Management uses these oil and gas metrics for its own performance measurements and to provide shareholders with measures to compare the Company’s operations over time. Readers are cautioned that the information provided by these metrics, or that can be derived from the metrics presented in this news release, should not be relied upon for investment or other purposes.
Financial Information
Certain financial information included in this news release is per Hemisphere’s preliminary unaudited financial statements for the year ended December 31, 2024, which have not yet been approved by the Company’s Audit Committee or Board of Directors and therefore represents management’s estimates. Readers are advised that these financial estimates may be subject to change as a result of the completion of the independent audit on Hemisphere’s financial statements for the year ended December 31, 2024, and the review and approval of same with the Company’s Audit Committee and Board of Directors. All amounts are expressed in Canadian dollars unless otherwise noted.
Non-IFRS and Other Specified Financial Measures
Certain measures commonly used in the oil and natural gas industry referred to herein, including “Capital expenditures” and “Working capital”, do not have standardized meanings prescribed by IFRS and therefore may not be comparable with the calculation of similar measures by other companies. These non-IFRS measures are further described and defined below. Investors are cautioned that these measures should not be construed as alternatives to or more meaningful than the most directly comparable IFRS measures as indicators of Hemisphere’s performance. Set forth below are descriptions of the non-IFRS financial measures used in this news release.
“Capital expenditures” is used by management as a measure of capital investment in exploration and production assets, and such spending is compared to the Company’s annual budgeted capital expenditures. The most directly comparable IFRS measure for capital expenditures is cash flow used in investing activities.
“Working capital” is closely monitored by the Company to ensure that its capital structure is maintained by a strong balance sheet to fund the future growth of the Company. Working Capital is used in this document in the context of liquidity and is calculated as the total of the Company’s bank debt plus current assets, less current liabilities, excluding the fair value of financial instruments, lease and decommissioning liabilities. There is no IFRS measure that is reasonably comparable to working capital.
The Company has provided additional information on how these measures are calculated in the Management’s Discussion and analysis for the year ended December 31, 2023 and for the three and nine month periods ended September 30, 2024, which are available under the Company’s SEDAR+ profile at www.sedarplus.ca.
Neither the 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 news release.
1Capital expenditures and Working capital are non-IFRS measures that do not have any standardized meaning under IFRS and therefore may not be comparable to similar measures presented by other entities. Refer to the sections “Non-IFRS and Other Specified Financial Measures” and “Financial Information”.
