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  • MIL-OSI Security: California man gets maximum sentence for laundering proceeds from email fraud scheme

    Source: Office of United States Attorneys

    HOUSTON – A San Fernando, California, man has been ordered to federal prison for operating an illegal money transmitting business, announced U.S. Attorney Nicholas J. Ganjei.

    Victor Rubio Jr. 28, pleaded guilty Feb. 6.

    U.S. District Judge George Hanks has now ordered Rubio to serve the maximum 60 months in federal prison to be immediately followed by three years of supervised release. At the hearing, the court considered additional evidence about other frauds Rubio committed while on bond in imposing the sentencing, assessing extra points for obstruction of justice. In handing down the sentence, Judge Hanks noted Rubio had committed obstruction after writing his letter to the judge asking for leniency and apologizing for his first crime. 

    Rubio admitted that from 2021 to 2022, he operated an unlicensed money transmitting business that received and transmitted funds from a business email compromise (BEC) scheme. Rubio ran the unlicensed money transmitting business by using shell companies that existed only on paper.

    As part of the plea, Rubio acknowledged opening and maintaining bank accounts to collect money from at least two victims in a BEC scheme, including a healthcare liability insurance company headquartered in Georgia and a township in New Jersey. Then, for a fee, he transmitted the fraud proceeds to co-conspirators.

    In response to fraudulent wire instructions from spoofed email accounts, victims sent interstate wire transfers for payment to Rubio instead of to the true creditors to whom the victims owed money.

    More than 45 people in multiple states, including Rubio and seven others in the Southern District of Texas, have been charged in separate business email compromise schemes that affected numerous victims.

    Previously released on bond, Rubio was taken into custody where he will remain pending transfer to a Federal Bureau of Prisons facility to be determined in the near future.

    The FBI – Bryan Resident Agency and IRS Criminal Investigation conducted the investigation. Assistant U.S. Attorney Belinda Beek is prosecuting the case.

    MIL Security OSI –

  • MIL-OSI Security: Laredo man with prior murder conviction sentenced to 30 years for smuggling methamphetamine

    Source: Office of United States Attorneys

    LAREDO, Texas – A 31-year-old resident of Laredo has been sentenced for illegally importing over 836 kilograms of methamphetamine into the country, announced U.S. Attorney Nicholas J. Ganjei.

    Cornelio Aguilar pleaded guilty July 9, 2024.

    U.S. District Judge Keith Ellison ordered him to serve the 30-year sentence to be immediately followed by five years of supervised release. At the hearing, the court heard about Aguilar’s violent criminal history, including prior convictions for murder and aggravated assault with a deadly weapon. In imposing the sentence, Judge Ellison noted that this was a serious offense.

    The investigation revealed Aguilar imported two loads of methamphetamine into the United States using tractor trailers between January and June 2022. Hidden inside the bags of charcoal he was hauling were bundles of methamphetamine. 

    Aguilar has been and will remain in custody pending transfer to a Federal Bureau of Prisons facility in the near future.

    Immigration and Customs Enforcement – Homeland Security Investigations conducted the Organized Crime Drug Enforcement Task Forces (OCDETF) operation with the assistance of Customs and Border Protection.

    Assistant U.S. Attorney Steven Chamberlin prosecuted the case.

    OCDETF identifies, disrupts and dismantles the highest-level criminal organizations that threaten the United States using a prosecutor-led, intelligence-driven, multi-agency approach. Additional information about the OCDETF Program can be found on the Department of Justice’s OCDETF webpage.

    MIL Security OSI –

  • MIL-OSI Security: Illegal alien pleads guilty to leading smuggling organization involving transportation of over 100 persons

    Source: Office of United States Attorneys

    CORPUS CHRISTI, Texas – A 40-year-old Mexican national who illegally resided in Houston has admitted to an alien smuggling conspiracy and illegal reentry into the country, announced U.S. Attorney Nicholas J. Ganjei.

    The investigation revealed Edgar Ruiz-Briones arranged transportation and coordinating trips for illegal aliens coming over the southern border with Mexico. Ruiz-Briones was the leader of the smuggling organization, recruiting drivers from as far away as Kansas to come to the Rio Grande Valley.

    Drivers would communicate directly with Ruiz-Briones to set up the trips, give updates on progress and set meeting spots for drop-offs in Houston after successful smuggling operations. They would pick up illegal aliens from different stash houses and transport them to Houston, where they met with Ruiz-Briones before going further into the United States. 

    Ruiz-Briones handled payments from the aliens to come into the United States and payments to the drivers he recruited. 

    Over the course of the 18-month conspiracy, Ruiz-Briones arranged for over 100 aliens to enter, remain and be transported further into the United States.

    An illegal alien himself, having been removed from the United States on multiple occasions, he also pleaded guilty to illegally reentering the United States from Mexico and remaining here in violation of the law.

    U.S. District Judge Nelva Gonzales Ramos will impose sentencing Oct. 30. At that time. Ruiz-Briones faces up to 10 years in federal prison for the alien smuggling conspiracy and 20 years for illegally re-entering the United States.

    Ruiz-Briones has been and will remain in custody pending sentencing.

    Immigration and Customs Enforcement – Homeland Security Investigations conducted the investigation with the assistance of Border Patrol.

    Assistant U.S. Attorney Joseph Griffith is prosecuting the case.

    This case is part of Operation Take Back America, a nationwide initiative that marshals the full resources of the Department of Justice to repel the invasion of illegal immigration, achieve the total elimination of cartels and transnational criminal organizations and protect our communities from the perpetrators of violent crime. Operation Take Back America streamlines efforts and resources from the Department’s Organized Crime Drug Enforcement Task Forces and Project Safe Neighborhood.

    MIL Security OSI –

  • MIL-OSI Security: New York Man Charged For Making And Attempting To Use Improvised Explosive Devices In Manhattan

    Source: Office of United States Attorneys

    United States Attorney for the Southern District of New York, Jay Clayton; Assistant Director in Charge of the New York Field Office of the Federal Bureau of Investigation (“FBI”), Christopher G. Raia; and Commissioner of the New York City Police Department (“NYPD”), Jessica S. Tisch, announced today charges against MICHAEL GANN alleging that he manufactured at least seven improvised explosive devices (“IEDs”) using precursor chemicals—chemicals that can be combined to create an explosive mixture—that he had ordered on the internet, stored at least five IEDs and shotgun shells on adjoining rooftops of residential apartment buildings in the SoHo neighborhood of Manhattan, threw at least one IED onto the subway tracks of the Williamsburg Bridge, and subsequently lied to law enforcement about having disposed of his explosives and supplies in a dumpster.  This case has been assigned to U.S. District Judge Dale E. Ho.

    “The safety of New Yorkers is paramount,” said U.S. Attorney Jay Clayton.  “As alleged, Michael Gann built explosive devices, stored them on a rooftop in SoHo, and threw one onto the subway tracks—putting countless lives at risk.  Thanks to swift work by our law enforcement partners, no one was harmed.  That vigilance assuredly prevented a tragedy in New York.”

    “Michael Gann allegedly produced multiple improvised explosive devices intended for use in Manhattan,” said FBI Assistant Director in Charge Christopher G. Raia.  “Due to the successful partnership of law enforcement agencies in New York, Gann was swiftly brought to justice before he could harm innocent civilians shortly after his dangerous actions became known.  The FBI’s Joint Terrorism Task Force is enduring in its commitment and determination to protect the homeland.”

    “This defendant allegedly stockpiled homemade explosives and traveled to New York City with these deadly devices,” said NYPD Commissioner Jessica S. Tisch.  “He threw one of these devices onto an active subway track and stored others on the rooftop of a residential building, but because of the skilled investigative work and swift response from the NYPD and our partners, we were able to intervene before he caused any harm.  I am grateful to the members of the NYPD, FBI, and the U.S. Attorney’s Office for all the work they do every day to keep New Yorkers safe.”

    As alleged in the Complaint, Indictment, and public court filings:[1]

    In or about May 2025, GANN ordered approximately two pounds of potassium perchlorate and approximately one pound of aluminum powder—precursor chemicals—online, along with over 200 cardboard tubes and over 50-feet worth of fuses.  In or about early June 2025, GANN received his packages containing the precursor chemicals and other supplies, mixed the precursor chemicals together, applied a flame to the mixture, and caused an explosion.  GANN subsequently assembled at least seven IEDs using the precursor chemicals, cardboard tubes, and fuses.

    GANN stored the precursor chemicals and at least five IEDs, pictured below, on the rooftops of residential apartment buildings in SoHo.  The pictured black device contained approximately 30 grams of explosive powder—approximately 600 times the legal limit for consumer fireworks.

    GANN also stored at least four shotgun shells on the same rooftops, which he intended to combine with one or more of the IEDs.

    GANN threw a sixth IED onto the subway tracks on the Williamsburg Bridge, as pictured below.

    On or about June 5, 2025, law enforcement agents arrested GANN in SoHo, incident to which they recovered a seventh IED from GANN’s person.  Following GANN’s arrest, GANN falsely told law enforcement, in substance and in part, that he had disposed of the precursor chemicals and the shotgun shells in a dumpster in Manhattan.

    In or about May and June 2025, GANN conducted internet searches related to explosives and firearms, including: “will i pass a background check,” “gun background check test,” “can i buy a gun in any state without ffl [federal firearms license],” “3D gun printing,” “gun stores,” “clorine bomb,” “how to make flash powder from household items,” “what to mix with potassium perchlorate to make flash powder,” “alluminum powder,” “black powder nearby,” “quarter stick m1000 firecracker,” “1/2 stick dynamite,” and “rechargeable nail gun to shoot into steal.”

    On or about June 5, 2025, just hours before GANN was arrested with an IED on his person, GANN posted to Instagram, “Who wants me to go out to play like no tomorrow?”

    *               *                *

    GANN, 55, of Inwood, New York, is charged with one count of attempted destruction of property by means of explosives, which carries a mandatory minimum of five years in prison and a maximum sentence of 20 years in prison; one count of transportation of explosive materials, which carries a maximum sentence of 10 years in prison; and one count of unlawful possession of destructive devices, which also carries a maximum sentence of 10 years in prison.

    The minimum and maximum potential sentences are prescribed by Congress and provided here for informational purposes only, as any sentencing of the defendant will be determined by a judge.

    Mr. Clayton praised the outstanding efforts of the New York Joint Terrorism Task Force of the FBI, which consists of investigators and analysts from the FBI, NYPD, and over 50 other federal, state, and local agencies; the Bureau of Alcohol, Tobacco, Firearms and Explosives; the Nassau County Police Department; and the New York Metropolitan Transportation Authority.

    This case is being handled by the Office’s National Security and International Narcotics Unit.  Assistant U.S. Attorneys Jonathan L. Bodansky, Michael D. Lockard, and Chelsea L. Scism, and Special Assistant U.S. Attorney Julie Isaacson, are in charge of the prosecution.

    [1] As the introductory phrase signifies, the entirety of the charging instruments and other public filings to date constitute only allegations, and every fact described herein should be treated as an allegation.

    MIL Security OSI –

  • MIL-OSI Security: Three Syracuse Men Plead Guilty to Possessing and Selling Firearms

    Source: Office of United States Attorneys

    UTICA, NEW YORK –Erik Burch, age 30, Khalid Richardson, age 30, and Lamar Stanford, age 33, each of Syracuse, have each pled guilty for their respective roles in a firearms trafficking operation. Burch pled guilty last week to the unlawful sale of a firearm to a prohibited person; Richardson pled guilty to possession of a firearm by a prohibited person on June 4, 2025; and Stanford pled guilty to possession of a firearm by a prohibited person on April 30, 2025. Acting United States Attorney John A. Sarcone III and Bryan Miller, Special Agent in Charge of the New York Field Division of the United States Bureau of Alcohol, Tobacco, Firearms, and Explosives (ATF), made the announcement.

    Richardson admitted that he sold firearms to an individual whom he knew to be a felon on four separate occasions in 2022. He further admitted that he obtained firearms on two of those occasions from his co-defendants, Stanford and Burch. Stanford and Burch each admitted to possessing firearms on the dates of the firearm sales that they engaged in with Richardson. Stanford and Burch were each prohibited from possessing firearms based on prior felony convictions.

    Acting United States Attorney John Sarcone stated, “If you sell firearms to felons, be ready to spend a long time in federal prison. We will not tolerate felons buying, selling, or possessing firearms in the Northern District of New York. We will use all of the tools at our disposal to make sure these people are prosecuted to the fullest extent of the law.”

    ATF Special Agent in Charge Bryan Miller stated: “This case underscores the serious threat that illegal firearms trafficking pose to our communities. These defendants — including two convicted felons — were involved in trafficking firearms, a crime that puts lives at risk and undermines the safety of our communities. Thanks to the diligent work of ATF NY Syracuse, in coordination with the Syracuse Police Department and the U.S. Attorney’s Office for the Northern District of New York, we were able to disrupt this operation and hold these individuals accountable. We remain committed to working alongside our law enforcement partners to stem schemes that fuel violent crime.”

    The charges filed against Burch, Richardson, and Stanford carry a maximum term of 15 years in prison, a maximum fine of $250,000, and a term of supervised release of up to 3 years. A defendant’s sentence is imposed by a judge based on the particular statutes the defendant is convicted of violating, the U.S. Sentencing Guidelines, and other factors. Burch is scheduled to be sentenced on November 12, 2025; Richardson is scheduled to be sentenced on October 15, 2025; and Stanford is scheduled to be sentenced on August 27, 2025.  The defendants will appear for sentencing before Senior United States District Judge David N. Hurd.

    ATF investigated the case with assistance from the Syracuse Police Department’s Intelligence Unit. Assistant U.S. Attorney Jessica N. Carbone is prosecuting the case as part of Project Safe Neighborhoods.

    Project Safe Neighborhoods (PSN) is the centerpiece of the Department of Justice’s violent crime reduction efforts.  PSN is an evidence-based program proven to be effective at reducing violent crime.  Through PSN, a broad spectrum of stakeholders work together to identify the most pressing violent crime problems in the community and develop comprehensive solutions to address them.  As part of this strategy, PSN focuses enforcement efforts on the most violent offenders and partners with locally based prevention and reentry programs for lasting reductions in crime. For more information about Project Safe Neighborhoods, please visit https://www.justice.gov/psn.

    MIL Security OSI –

  • MIL-OSI Security: DRUG TRAFFICKER SENTENCED TO 120 MONTHS’ IMPRISONMENT FOR ROLE IN DRUG TRAFFICKING GANG

    Source: Office of United States Attorneys

    St. Thomas, VI – Acting United States Attorney Adam F. Sleeper announced today that on
    Tuesday, July 22, 2025, Kai James, 37, of St. Croix, was sentenced to 10 years in prison and six years
    of supervised release by District Judge Mark A. Kearney. He pleaded guilty on January 23, 2025, to
    conspiracy to possess with intent to distribute cocaine and marijuana for his role in a drug trafficking
    conspiracy led by James and his brother, Ivan James. Other members in the James gang, Ivan James,
    Joh Williams, Malachi Benjamin, Ariel Petersen, Jahkiebo Joseph, Tillisa Ceaser, and Luis Ortiz, Jr.,
    all of St. Croix, were previously sentenced by Judge Kearney for their roles in the drug trafficking
    conspiracy.
    According to court documents and evidence introduced at the trial of Ivan James and Joh
    Williams and other hearings, the investigation into the James drug trafficking organization began in
    January 2013 after Bureau of Corrections officers at the Golden Grove Correctional Facility seized
    an iPhone from then-inmate Joh Williams. A search of the cell phone seized from Williams revealed
    text messages related to smuggling and distribution of controlled substances in the prison. Thereafter,
    Drug Enforcement Administration obtained authorization to intercept calls from a second cell phone
    used by Williams while incarcerated. The wire investigation revealed evidence of distribution of
    controlled substances within the facility by Williams, supplied by Ivan James. The investigation
    further revealed that Vivian Ford, a former corrections officer, was a member of James’ organization
    who smuggled narcotics into Golden Grove in food containers for distribution by Williams.
    Members of the gang who worked at the Henry Rohlsen Airport in St. Croix used their
    secured access to smuggle multiple kilograms of cocaine per week onboard commercial aircrafts
    destined for the continental United States. Testimony revealed that Ivan and Kai James recruited
    couriers to deliver bricks of cocaine as passengers on board commercial flights. As a
    manager/supervisor in the drug trafficking gang, Kai James used as many as 10 couriers to travel to
    New York, North Carolina, and Florida with 2 to 3 kilograms of cocaine per trip in this broad and
    brazen drug trafficking operation.
    In addition, a search warrant was executed on the family home of Ivan and Kai James. Law
    enforcement recovered marijuana, cocaine, and marijuana cultivation equipment. In a field adjacent
    to the property, agents seized over 1,000 marijuana plants.
    A federal jury found Ivan James guilty on drug conspiracy, possession of 1,000 marijuana
    plants, possession of firearms in furtherance of a drug conspiracy and possession of firearms resulting
    in the death of Levar Pogson. On his conviction, Judge Kearney sentenced James to 420 months of
    imprisonment, followed by five years of supervised release. Joh Williams was also found guilty on
    the drug conspiracy charge and was sentenced to 90 months of imprisonment, followed by seven
    years of supervised release. Ariel Petersen and Jahkiebo Joseph pleaded guilty to possession of
    firearms in furtherance of a drug conspiracy and importation of firearms. Petersen was sentenced to
    93 months of imprisonment, followed by three years of supervised release, and Joseph was sentenced
    to 68 months of imprisonment, followed by three years of supervised release. Malachi Benjamin
    pleaded guilty to possession of a firearm in furtherance of a drug conspiracy and was sentenced to 72
    months of imprisonment, followed by three years of supervised release. Tillisa Ceaser and Luis Ortiz,
    Jr. both pleaded guilty to drug conspiracy. Ceaser was sentenced to 62 months of imprisonment, and
    Ortiz was sentenced to 60 months of imprisonment.
    “Due to the tremendous work of the Drug Enforcement Administration, Homeland Security
    Investigations, Customs and Border Patrol, the Virgin Islands Police Department and the Bureau of
    Corrections, the members of this drug trafficking organization have received just and lengthy
    sentences for their involvement in these crimes,” said Acting United States Attorney Adam Sleeper.
    “This sentence sends a clear message, and it is credited to the extensive collaboration between
    federal and local law enforcement partners. Our joint efforts are essential in the U.S. Virgin Islands
    towards combatting drug trafficking, weapons trafficking, and the myriads of other illicit activities of
    transnational criminal organizations in our area of responsibility,” said Homeland Security
    Investigations Special Agent in Charge Rebecca Gonzalez-Ramos.
    “The guilty plea of Kai James represents a decisive blow against the violent narcotics
    conspiracy that plagued the people of St. Croix for far too long,” stated DEA Caribbean Division
    Special Agent in Charge Michael A. Miranda. “This case underscores the unwavering commitment
    of the DEA and our law enforcement partners to dismantle criminal organizations that threaten the
    safety and well-being of our communities. We are proud to have worked alongside the USAO, HSI,
    FBI, CBP, and ATF to bring justice to those impacted by these crimes. Let this serve as a clear
    message: we will not relent in our fight to protect the Caribbean from the scourge of drug trafficking
    and violence.”
    This prosecution is part of an Organized Crime Drug Enforcement Task Forces (OCDETF)
    investigation. OCDETF identifies, disrupts, and dismantles the highest-level drug traffickers, money
    launderers, gangs, and transnational criminal organizations that threaten the United States by using a
    prosecutor-led, intelligence-driven, multi-agency approach that leverages the strengths of federal,
    state, and local law enforcement agencies against criminal networks.
    This case was investigated by the Drug Enforcement Administration, Homeland Security
    Investigations, Customs and Border Patrol, Virgin Islands Police Department and the Bureau of
    Corrections. It was prosecuted by former United States Attorney Delia Smith, Acting Assistant United
    States Attorney Adam Sleeper, and lead OCDETF attorney Kyle Payne.

    MIL Security OSI –

  • MIL-OSI Security: Keokuk Men Sentenced to 240 Months in Federal Prison for Conspiracy to Distribute 50 Grams or More of Methamphetamine

    Source: Office of United States Attorneys

    DAVENPORT, Iowa – Two Keokuk men were sentenced to federal prison for Conspiracy to Distribute 50 Grams or More of Methamphetamine.

    According to public court documents and evidence presented at trial, between at least April and July 2024, Ronald Dickey Mason, 75, and Ronald Kieth Mason, 43, father and son, conspired to sell large amounts of methamphetamine in Keokuk, Burlington, Riverside, Des Moines, and Cedar Rapids. In July 2024, law enforcement located 28 pounds of methamphetamine in the trunk and a pistol in the center console of Ronald Dickey Mason’s car.

    In February of 2025 Ronald Kieth Mason plead guilty as charged and Ronald Dickey Mason plead guilty to conspiracy and possession with intent to distribute methamphetamine. In March 2025, a jury convicted Ronald Dickey Mason of carrying a firearm during and in relation to a drug trafficking crime. On July 22, 2025, the Court sentenced him to 22 years in federal prison, followed by a five-year term of supervised release.

    Ronald Keith Mason was sentenced on June 25, 2025, to 20 years in federal prison, followed by a five-year term of supervised release. There is no parole in the federal system.

    United States Attorney Richard D. Westphal of the Southern District of Iowa made the announcement. This case was investigated by Lee County Narcotics Task Force, the Iowa Department of Public Safety’s Division of Narcotics Enforcement, Lee County Sheriff’s Office, and the Keokuk Police Department.

    MIL Security OSI –

  • MIL-OSI Security: Puerto Rican Man Sentenced to 137 Months in Prison for Cocaine Smuggling

    Source: Office of United States Attorneys

    ST. THOMAS – Acting U.S. Attorney Adan F. Sleeper announced today that Brian Santiago
    Gonzalez, 25, of Puerto Rico, was sentenced on July 1, 2025, by Chief District Judge Robert A.
    Molloy to 137 months’ imprisonment and 4 years of supervised release after pleading guilty to
    one count of possession with intent to distribute cocaine on December 9, 2024.
     

    According to court documents, on March 29, 2022, Brian Santiago Gonzalez and co-defendant
    Wesly Albert Amaro were stopped in the waters near Savanah Island, just west of St. Thomas,
    USVI. At approximately 4:00 a.m., the United States Coast Guard (USCG) detected a vessel
    operating without navigation lights traveling at a high rate of speed from Culebra, PR towards
    Hendrick Bay, St. Thomas. Customs and Boarder Protection Air and Marine (AMO) vessels
    responded as the USCG provided updates on the vessel’s location. AMO agents located the lightsout
    vessel using radar and attempted a stop. The vessel fled while the two men onboard jettisoned
    bags overboard. The vessel would not heave to, so AMO agents disabled the vessel’s engine.
    During the chase, AMO agents marked the locations where duffle bags were discarded from the
    vessel. Upon returning to the marked areas, AMO agents recovered three duffel bags containing
    79 kilograms of cocaine.
     

    Wesly Albert Amaro was sentenced to 108 months’ imprisonment and 3 years of supervised
    release on August 18, 202, following his guilty plea.
    CBP-AMO, the Drug Enforcement Administration, and Homeland Security Investigations
    investigated the case. Assistant United States Attorney Kyle Payne prosecuted the case.
     

    This effort is part of an Organized Crime Drug Enforcement Task Forces (OCDETF) operation.
    OCDETF identifies, disrupts, and dismantles the highest-level criminal organizations that threaten
    the United States using a prosecutor-led, intelligence-driven, multi-agency approach. Additional
    information about the OCDETF Program can be found at https://www.justice.gov/OCDETF.

    MIL Security OSI –

  • MIL-OSI: Ethereum-Based Meme Coin Little Pepe Stage 7 Sold Out and $11,225,000 Raised

    Source: GlobeNewswire (MIL-OSI)

    DUBAI, United Arab Emirates, July 23, 2025 (GLOBE NEWSWIRE) — Little Pepe ($LILPEPE), the Ethereum-based meme coin that’s taken the crypto market by storm, has sold out Stage 7 of its presale—marking a great milestone in its journey so far. With 8.25 billion tokens sold and a total of $11,225,000 raised, Little Pepe is proving that meme coins with real application cannot only seize interest but also preserve explosive momentum.

    The huge milestone indicates the growing pleasure around the project, which is built on an Ethereum-based Layer 2 network that offers quicker, less expensive transactions and scalable infrastructure. As Stage 7 closes and Stage 8 looms, investors and analysts alike are searching closely to see simply how far this viral sensation can move.

    $LILPEPE Stage 7 Presale Sold Out

    Stage 7 of the Little Pepe presale was met with huge demand, in the long run selling out in less than 48 hours. The $0.0016 token price didn’t deter buyers—in fact, it encouraged a surge of last-minute activity as investors rushed to secure their allocations before the next price increase.

    The rapid sellout highlights not only the growing reputation of $LILPEPE but also the strategic pricing model that rewards early backers at the same time as retaining sustained buying for strain throughout each stage. The total tokens sold now stand at over 8.25 billion, an impressive feat that places Little Pepe among the most successful meme coin launches of the year.

    Built on Ethereum, Powered by Layer 2

    At the heart of Little Pepe’s achievement is its meme technology. Unlike many meme coins that launch without long-term utility, Little Pepe operates on a custom-built Layer 2 blockchain that is fully like-minded with Ethereum’s Virtual Machine (EVM). This allows users to interact with Ethereum gear while enjoying quicker and notably cheaper transactions.

    The Ethereum-compatible Layer 2 design means builders can, without difficulty, build decentralized applications (dApps) on the network, while users can stake, trade, and mint NFTs without the high gas expenses normally associated with Ethereum. This mixture of utility and accessibility is a key element in why investors are flocking to the project.

    Little Pepe Ecosystem on the Rise

    Little Pepe is not stopping at presale success. The team has laid out a detailed roadmap. Already, upcoming dApps and Layer 2 incentives for developers are generating buzz.

    Future stages of the presale are expected to introduce even more features, with Stage 8 priced higher and likely to sell out quickly given the trend. Exchange listings are also on the horizon, which could introduce a new wave of liquidity and visibility for the token. Moreover, the project is planning token burns and community reward programs to help maintain long-term value for holders and increase scarcity over time.

    What’s Next for $LILPEPE?

    With Stage 7 now behind it, Little Pepe is entering Stage 8 with strong tailwinds. The token price will increase, making early investors even more satisfied with their entry points. At the same time, the project continues to focus on product development and exchange partnerships that will bring even more attention to the token once presale phases are completed.

    As centralized exchange listings near, many in the crypto space are eyeing Little Pepe as a potential breakout star—one that combines the fun of meme culture with the fundamentals of utility and scalability.

    Little Pepe’s success in Stage 7 is more than just another crypto milestone. By selling out 8.25 billion tokens and raising $11,225,000 in record time, $LILPEPE has firmly positioned itself as a frontrunner in the next generation of meme coins. With its Ethereum-compatible Layer 2 network, strong community support, and a roadmap packed with features, Little Pepe is proving that meme coins can be more than hype—they can be powerful platforms.

    As Stage 8 begins and the crypto world watches closely, one thing is clear: Little Pepe is no longer just riding the meme coin wave—it’s leading it.

    About Little Pepe

    Little Pepe is a next-gen Layer 2 blockchain designed to merge meme culture with high-speed, low-cost decentralized infrastructure. Built for scalability, security, and accessibility, Little Pepe supports EVM-compatible applications and is powered by means of the $LILPEPE token. The project’s mission is to create a meme coin environment wherein utility meets virality, empowering users through cutting-edge technology and lightning-fast transactions.

    For more information:
    Website: https://littlepepe.com/
    Telegram: https://t.me/littlepepetoken
    Twitter: https://x.com/littlepepetoken

    Contact Details: COO- James Stephen Email: media@littlepepe.com

    Disclaimer: This content is provided by Little Pepe. The statements, views, and opinions expressed in this content are solely those of the content provider and do not necessarily reflect the views of this media platform or its publisher. We do not endorse, verify, or guarantee the accuracy, completeness, or reliability of any information presented. We do not guarantee any claims, statements, or promises made in this article. This content is for informational purposes only and should not be considered financial, investment, or trading advice. Investing in crypto and mining-related opportunities involves significant risks, including the potential loss of capital. It is possible to lose all your capital. These products may not be suitable for everyone, and you should ensure that you understand the risks involved. Seek independent advice if necessary. Speculate only with funds that you can afford to lose. Readers are strongly encouraged to conduct their own research and consult with a qualified financial advisor before making any investment decisions. However, due to the inherently speculative nature of the blockchain sector—including cryptocurrency, NFTs, and mining—complete accuracy cannot always be guaranteed. Neither the media platform nor the publisher shall be held responsible for any fraudulent activities, misrepresentations, or financial losses arising from the content of this press release. In the event of any legal claims or charges against this article, we accept no liability or responsibility. Globenewswire does not endorse any content on this page.

    Legal Disclaimer: This media platform provides the content of this article on an “as-is” basis, without any warranties or representations of any kind, express or implied. We assume no responsibility for any inaccuracies, errors, or omissions. We do not assume any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information presented herein. Any concerns, complaints, or copyright issues related to this article should be directed to the content provider mentioned above.

    A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/5851699f-8cd3-47e3-882a-cffda1ec6ef2

    The MIL Network –

  • MIL-OSI: Graphjet visited by Japanese trading company

    Source: GlobeNewswire (MIL-OSI)

    New York, United States, July 23, 2025 (GLOBE NEWSWIRE) — Graphjet Technology (“Graphjet” or “the Company”) was honoured to welcome a delegation from a Japanese trading company with international presence for an official visit on JULY 23, 2025 to discuss on the provision of sustainable graphite materials to their customers.

    This visit highlights the Japanese trading company’s strong interest in Graphjet’s proprietary technology, which utilize palm kernel shells as a renewable feedstock to produce high purity synthetic graphite. This patented process significantly reduce carbon emissions compared to traditional graphite production methods, aligning with global efforts toward decarbonization and green manufacturing.

    With over 75 years of history, this renowned Japanese enterprise is one of the major integrated trading houses in Asia, actively engaged in diverse sectors including aerospace components, advanced machinery and automation systems, and chemical products, it serves industry leaders across multiple sector for customers like Toshiba and Hitachi. With annual revenue of around ¥‎30 billion, the firm maintains operations in North America, Europe, and Southeast Asia.

    During the visit, the delegation toured Graphjet’s R&D production facilities, gaining valuable insights into the company’s manufacturing process and quality assurance system.

    “This engagement marks a meaningful step forward in strengthening mutual understanding and laying the groundwork for future collaboration in the field of sustainable graphite and next generation technology.” said Chris Lai the CEO of Graphjet.

    Graphjet Technology remains committed to advancing green innovation and building strong partnership with global industry leaders to drive sustainable progress in the graphite and graphene sector.

    About Graphjet Technology Sdn. Bhd.

    Graphjet Technology Sdn. Bhd. (Nasdaq: GTI) was founded in 2019 in Malaysia as an innovative graphene and graphite producer. Graphjet Technology has the world’s first patented technology to recycle palm kernel shells generated in the production of palm seed oil to produce single layer graphene and artificial graphite. Graphjet’s sustainable production methods utilizing palm kernel shells, a waste agricultural product that is common in Malaysia, will set a new shift in graphite and graphene supply chain of the world. For more information, please visit https://www.graphjettech.com/.

    Cautionary Statement Regarding Forward-Looking Statements

    The information in this press release contains certain “forward-looking statements” within the meaning of the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995. These forward-looking statements generally are identified by the words “believe,” “project,” “expect,” “anticipate,” “estimate,” “intend,” “strategy,” “aim,” “future,” “opportunity,” “plan,” “may,” “should,” “will,” “would,” “will be,” “will continue,” “will likely result” and similar expressions, but the absence of these words does not mean that a statement is not forward-looking. Forward-looking statements are predictions, projections and other statements about future events that are based on current expectations and assumptions and, as a result, are subject to risks and uncertainties. Actual results may differ from their expectations, estimates and projections and consequently, you should not rely on these forward-looking statements as predictions of future events. Many factors could cause actual future events to differ materially from the forward-looking statements in this press release, including but not limited to: (i) changes in the markets in which Graphjet competes, including with respect to its competitive landscape, technology evolution or regulatory changes; (ii) the risk that Graphjet will need to raise additional capital to execute its business plans, which may not be available on acceptable terms or at all; (iii) Graphjet is beginning the commercialization of its technology and it may not have an accurate estimate of future capital expenditures and future revenue; (iv) statements regarding Graphjet’s industry and market size; (v) financial condition and performance of Graphjet, including the anticipated benefits, the implied enterprise value, the financial condition, liquidity, results of operations, the products, the expected future performance and market opportunities of Graphjet; (vi) Graphjet’s ability to develop and manufacture its graphene and graphite products; and (vii) those factors discussed in our filings with the SEC. You should carefully consider the foregoing factors and the other risks and uncertainties that will be described in the “Risk Factors” section of the documents to be filed by Graphjet from time to time with the SEC. These filings identify and address other important risks and uncertainties that could cause actual events and results to differ materially from those contained in the forward-looking statements. Forward-looking statements speak only as of the date they are made. Readers are cautioned not to put undue reliance on forward- looking statements, and while Graphjet may elect to update these forward-looking statements at some point in the future, they assume no obligation to update or revise these forward-looking statements, whether as a result of new information, future events or otherwise, unless required by applicable law. Graphjet does not give any assurance that Graphjet will achieve its expectations.

    Graphjet Technology Contacts

    Investors
    ceo.office@graphjettech.com

    Media
    ceo.office@graphjettech.com

    ###

    The MIL Network –

  • MIL-OSI: Varonis Secures HDS Certification, Strengthening Commitment to Health Data Protection in France

    Source: GlobeNewswire (MIL-OSI)

    Certification affirms that Varonis’ cloud-native Data Security Platform meets stringent legal requirements for safeguarding personal medical information

    MIAMI, July 23, 2025 (GLOBE NEWSWIRE) — Varonis Systems, Inc. (Nasdaq: VRNS), the leader in data security, announced it achieved Hébergeur de Données de Santé (Health Data Hosting) certification. This certification is a prerequisite for any organization wishing to host health data in France and provides a framework for the security and protection of personal health data.

    The certification demonstrates Varonis’ ability to meet the requirements as defined in the HDS Referential version 2.0.

    “Varonis is dedicated to upholding the highest international standards for data security,” said Gilad Raz, CIO and VP of Technical Services at Varonis. “Achieving the HDS certification reinforces our commitment to protecting our customers’ health data and complying with local regulations.”

    The HDS accreditation enables Varonis to serve French healthcare customers who are legally required to use HDS-certified providers, meet stringent regulatory requirements, expand its footprint in EU healthcare markets, and reinforce trust by ensuring data handling adheres to the highest standards of confidentiality, integrity, and availability.

    To explore the full list of Varonis certifications, visit www.varonis.com/trust.

    Additional Resources

    About Varonis
    Varonis (Nasdaq: VRNS) is the leader in data security, fighting a different battle than conventional cybersecurity companies. Our cloud-native Data Security Platform continuously discovers and classifies critical data, removes exposures, and detects advanced threats with AI-powered automation.

    Thousands of organizations worldwide trust Varonis to defend their data wherever it lives — across SaaS, IaaS, and hybrid cloud environments. Customers use Varonis to automate a wide range of security outcomes, including data security posture management (DSPM), data classification, data access governance (DAG), data detection and response (DDR), data loss prevention (DLP), AI security, identity protection, and insider risk management.

    Varonis protects data first, not last. Learn more at www.varonis.com.

    Investor Relations Contact:
    Tim Perz
    Varonis Systems, Inc.
    646-640-2112
    investors@varonis.com

    News Media Contact:
    Rachel Hunt
    Varonis Systems, Inc.
    877-292-8767 (ext. 1598)
    pr@varonis.com

    The MIL Network –

  • MIL-OSI: Varonis Secures HDS Certification, Strengthening Commitment to Health Data Protection in France

    Source: GlobeNewswire (MIL-OSI)

    Certification affirms that Varonis’ cloud-native Data Security Platform meets stringent legal requirements for safeguarding personal medical information

    MIAMI, July 23, 2025 (GLOBE NEWSWIRE) — Varonis Systems, Inc. (Nasdaq: VRNS), the leader in data security, announced it achieved Hébergeur de Données de Santé (Health Data Hosting) certification. This certification is a prerequisite for any organization wishing to host health data in France and provides a framework for the security and protection of personal health data.

    The certification demonstrates Varonis’ ability to meet the requirements as defined in the HDS Referential version 2.0.

    “Varonis is dedicated to upholding the highest international standards for data security,” said Gilad Raz, CIO and VP of Technical Services at Varonis. “Achieving the HDS certification reinforces our commitment to protecting our customers’ health data and complying with local regulations.”

    The HDS accreditation enables Varonis to serve French healthcare customers who are legally required to use HDS-certified providers, meet stringent regulatory requirements, expand its footprint in EU healthcare markets, and reinforce trust by ensuring data handling adheres to the highest standards of confidentiality, integrity, and availability.

    To explore the full list of Varonis certifications, visit www.varonis.com/trust.

    Additional Resources

    About Varonis
    Varonis (Nasdaq: VRNS) is the leader in data security, fighting a different battle than conventional cybersecurity companies. Our cloud-native Data Security Platform continuously discovers and classifies critical data, removes exposures, and detects advanced threats with AI-powered automation.

    Thousands of organizations worldwide trust Varonis to defend their data wherever it lives — across SaaS, IaaS, and hybrid cloud environments. Customers use Varonis to automate a wide range of security outcomes, including data security posture management (DSPM), data classification, data access governance (DAG), data detection and response (DDR), data loss prevention (DLP), AI security, identity protection, and insider risk management.

    Varonis protects data first, not last. Learn more at www.varonis.com.

    Investor Relations Contact:
    Tim Perz
    Varonis Systems, Inc.
    646-640-2112
    investors@varonis.com

    News Media Contact:
    Rachel Hunt
    Varonis Systems, Inc.
    877-292-8767 (ext. 1598)
    pr@varonis.com

    The MIL Network –

  • MIL-OSI: Grayscale Investments® Low-Cost Bitcoin ETP (Ticker: BTC) Surpasses $5,000,000,000 in AUM Within First Year and Expands Access Through Major Wealth Management Platform

    Source: GlobeNewswire (MIL-OSI)

    STAMFORD, Conn., July 23, 2025 (GLOBE NEWSWIRE) — Grayscale Investments®, the world’s largest digital asset-focused investment platform, today announced that Grayscale® Bitcoin Mini Trust ETF (NYSE Arca: BTC), has garnered over $5,000,000,000 in assets under management (AUM) since launching on July 31, 2024.1

    Grayscale Bitcoin Mini Trust ETF (“BTC”), an exchange traded product, is not registered under the Investment Company Act of 1940 (the “1940 Act”) and therefore is not subject to the same regulations and protections as 1940 Act-registered ETFs and mutual funds. 

    “The momentum behind BTC underscores the growing role of crypto in diversified portfolios,” said John Hoffman, Grayscale’s Head of Distribution and Partnerships. “BTC continues to establish itself as a leading ETP for Bitcoin exposure among asset allocators, and its recent milestones reflect strong investor demand and increasing institutional utilization.”

    Since launch, Grayscale® Bitcoin Mini Trust ETF (NYSE Arca: BTC) has steadily attracted a growing share of spot Bitcoin ETP inflows in the U.S., supported by its low annual fee of 0.15% (15 basis points2) and performance benefits. As of July 14, 2025, BTC surpassed $5B in AUM within its first year – a milestone achieved by only nine ETF products.3

    In addition, BTC is now available for advisor solicitation on a major national broker-dealer platform, allowing financial advisors and wealth managers to incorporate BTC more easily into client portfolios. This expanded access reflects a broader trend of growing institutional interest in digital asset products and a shift toward Bitcoin exposure as part of diversified investment strategies.

    “Over the past decade, we’ve seen digital assets evolve from the fringes of portfolio construction into a credible option in mainstream asset allocation conversations,” Hoffman added. “At Grayscale, we remain focused on delivering investment vehicles through familiar, established structures, enabling allocators to access this asset class with confidence as it becomes an integral component of modern portfolios.”

    The Grayscale team is pleased to provide industry-leading research, content, and no-cost resources for investors and financial professionals. If you’d like to learn more about our product suite, please email info@grayscale.com or call 866-775-0313 to speak directly to a member of the Grayscale team.  

    For additional information about BTC, please visit: https://etfs.grayscale.com/btc  

    1 Source: Bloomberg L.P.
    2 Basis Points (BPs) are a unit of measure used to indicate percentage changes in financial instruments
    3 Excluding mutual fund conversions, based in the U.S.

    Please read the prospectuses carefully before investing in BTC. Foreside Fund Services, LLC is the Marketing Agent for BTC. 

    An investment in BTC is subject to a high degree of risk and heightened volatility. BTC is not suitable for an investor that cannot afford the loss of the entire investment. An investment in BTC is not an investment in Bitcoin. Investing involves significant risk, including possible loss of principal.   

    There is no guarantee that a market for the shares will be available which will adversely impact the liquidity of BTC. The value of BTC relates directly to the value of the underlying digital asset, the value of which may be highly volatile and subject to fluctuations due to a number of factors.

    About Grayscale Investments® 
    Grayscale enables investors to access the digital economy through a family of future-forward investment products. Founded in 2013, Grayscale has a decade-long track record and deep expertise as a digital asset-focused investment platform. Investors, advisors, and allocators turn to Grayscale for single asset, diversified, and thematic exposure. Grayscale products are distributed by Grayscale Securities, LLC (Member FINRA/SIPC).

    Media Contact
    press@grayscale.com

    Client Contact
    866-775-0313
    info@grayscale.com

    The MIL Network –

  • MIL-OSI: Grayscale Investments® Low-Cost Bitcoin ETP (Ticker: BTC) Surpasses $5,000,000,000 in AUM Within First Year and Expands Access Through Major Wealth Management Platform

    Source: GlobeNewswire (MIL-OSI)

    STAMFORD, Conn., July 23, 2025 (GLOBE NEWSWIRE) — Grayscale Investments®, the world’s largest digital asset-focused investment platform, today announced that Grayscale® Bitcoin Mini Trust ETF (NYSE Arca: BTC), has garnered over $5,000,000,000 in assets under management (AUM) since launching on July 31, 2024.1

    Grayscale Bitcoin Mini Trust ETF (“BTC”), an exchange traded product, is not registered under the Investment Company Act of 1940 (the “1940 Act”) and therefore is not subject to the same regulations and protections as 1940 Act-registered ETFs and mutual funds. 

    “The momentum behind BTC underscores the growing role of crypto in diversified portfolios,” said John Hoffman, Grayscale’s Head of Distribution and Partnerships. “BTC continues to establish itself as a leading ETP for Bitcoin exposure among asset allocators, and its recent milestones reflect strong investor demand and increasing institutional utilization.”

    Since launch, Grayscale® Bitcoin Mini Trust ETF (NYSE Arca: BTC) has steadily attracted a growing share of spot Bitcoin ETP inflows in the U.S., supported by its low annual fee of 0.15% (15 basis points2) and performance benefits. As of July 14, 2025, BTC surpassed $5B in AUM within its first year – a milestone achieved by only nine ETF products.3

    In addition, BTC is now available for advisor solicitation on a major national broker-dealer platform, allowing financial advisors and wealth managers to incorporate BTC more easily into client portfolios. This expanded access reflects a broader trend of growing institutional interest in digital asset products and a shift toward Bitcoin exposure as part of diversified investment strategies.

    “Over the past decade, we’ve seen digital assets evolve from the fringes of portfolio construction into a credible option in mainstream asset allocation conversations,” Hoffman added. “At Grayscale, we remain focused on delivering investment vehicles through familiar, established structures, enabling allocators to access this asset class with confidence as it becomes an integral component of modern portfolios.”

    The Grayscale team is pleased to provide industry-leading research, content, and no-cost resources for investors and financial professionals. If you’d like to learn more about our product suite, please email info@grayscale.com or call 866-775-0313 to speak directly to a member of the Grayscale team.  

    For additional information about BTC, please visit: https://etfs.grayscale.com/btc  

    1 Source: Bloomberg L.P.
    2 Basis Points (BPs) are a unit of measure used to indicate percentage changes in financial instruments
    3 Excluding mutual fund conversions, based in the U.S.

    Please read the prospectuses carefully before investing in BTC. Foreside Fund Services, LLC is the Marketing Agent for BTC. 

    An investment in BTC is subject to a high degree of risk and heightened volatility. BTC is not suitable for an investor that cannot afford the loss of the entire investment. An investment in BTC is not an investment in Bitcoin. Investing involves significant risk, including possible loss of principal.   

    There is no guarantee that a market for the shares will be available which will adversely impact the liquidity of BTC. The value of BTC relates directly to the value of the underlying digital asset, the value of which may be highly volatile and subject to fluctuations due to a number of factors.

    About Grayscale Investments® 
    Grayscale enables investors to access the digital economy through a family of future-forward investment products. Founded in 2013, Grayscale has a decade-long track record and deep expertise as a digital asset-focused investment platform. Investors, advisors, and allocators turn to Grayscale for single asset, diversified, and thematic exposure. Grayscale products are distributed by Grayscale Securities, LLC (Member FINRA/SIPC).

    Media Contact
    press@grayscale.com

    Client Contact
    866-775-0313
    info@grayscale.com

    The MIL Network –

  • MIL-OSI: Unframe Appoints Nikki Ewing as Head of Strategic Partnerships to Scale Global Ecosystem and Partner-Led Growth

    Source: GlobeNewswire (MIL-OSI)

    CUPERTINO, Calif., July 23, 2025 (GLOBE NEWSWIRE) — Unframe today announced the appointment of Nikki Ewing as Head of Strategic Partnerships. A recognized channel leader and ecosystem strategist, Ewing brings more than a decade of experience building high-impact partner programs across the cloud and enterprise software landscape. At Unframe, she will lead Unframe’s global partner strategy, driving scale across value added resellers (VARs), distributors and technology alliances to meet accelerating enterprise demand for production-grade AI.

    “Nikki brings a strategic and execution-driven approach to ecosystem development,” said Larissa Schneider, COO and Co-Founder of Unframe. “She has repeatedly demonstrated how to turn partnerships into high-value revenue engines. As we expand to meet the global demand for enterprise-ready AI, Nikki’s leadership will be instrumental in building the partner infrastructure that drives long-term growth.”

    Recognized as a CRN Channel Chief and Women of the Channel honoree, Ewing is widely respected for building innovative partner programs that deliver measurable results.

    “Unframe has built something truly unique — a platform that removes the friction from enterprise AI adoption while putting partners at the center of value delivery,” said Nikki Ewing. “I’m excited to help scale a global ecosystem that accelerates outcomes for customers and unlocks new growth for our partners.”

    This announcement follows the recent appointment of Jacquelyn Goldberg as Vice President of Sales, reinforcing Unframe’s commitment to strengthening its leadership team as it scales go-to-market functions to meet growing enterprise demand.

    Unframe emerged from stealth in April 2025 with $50 million in funding from top-tier investors including Bessemer Venture Partners, TLV Partners, Craft Ventures, and Third Point Ventures. The company is rapidly expanding its go-to-market and ecosystem teams to meet strong global demand for its modular, production-ready AI delivery platform.

    About Unframe

    Unframe helps enterprises get tailored, production-ready AI solutions in days. Built on a modular architecture of powerful building blocks, Unframe delivers accurate, integrated solutions for real-world enterprise challenges. Unframe solutions can run securely on-prem, in private cloud, or SaaS—no model training or fine-tuning required. With no upfront cost and an outcome-based pricing model, Unframe makes it easy to try solutions risk-free and scale what works. The company is headquartered in Cupertino, California, with a global presence in Tel Aviv and Berlin.

    Contact:

    Cassandra Leonard

    press@unframe.ai

    The MIL Network –

  • MIL-OSI: Pacvue Partners with Unlimitail, a Leading European Grocery Media Network, to Expand Retail Media Access Across Europe, Starting with Carrefour

    Source: GlobeNewswire (MIL-OSI)

    LOS ANGELES, July 23, 2025 (GLOBE NEWSWIRE) — Pacvue today announced a strategic partnership with Unlimitail, the retail media network serving over 35 leading retailers across Europe and Latin America.

    This collaboration will expand Pacvue clients’ self-service capabilities by enabling brands and agencies to activate campaigns across Unlimitail’s network via Pacvue’s commerce operating system. It also unlocks incremental demand by opening access to global and regional budgets through Pacvue’s platform. The partnership will begin with Carrefour, the number one grocery player in Europe, with campaigns launchable starting this summer in France.

    This integration reflects the increasing maturity of Europe’s retail media landscape and aligns with the best practices established in the most advanced markets. It also showcases Unlimitail’s and Pacvue’s continued investments in creating a more unified, standardized, and accessible ecosystem through streamlined platforms and partner integrations.

    Through this integration, Pacvue now offers streamlined access to Carrefour France’s onsite media inventory, allowing brands and agencies to seamlessly plan, launch, and optimize retail media campaigns with greater precision, efficiency, and control. The partnership will progressively expand to other countries and other retailers in Europe.

    Strategic Impact for brands and agencies

    This partnership, enabled by Unlimitail’s exclusive retail media offering and ad tech infrastructure, positions Pacvue clients to capitalize on the growth of the European retail media market with more personalized campaigns, real-time optimization, and access to one of the region’s most influential grocery retail media channels.

    This partnership will bring key benefits to brands:

    • Access to exclusive retail media inventory: Activate campaigns across Unlimitail onsite media inventories, starting with Carrefour in France. Reach shoppers in high-impact placements throughout the whole purchase journey.
    • Performance measurement powered by transactional data: Use Pacvue’s platform to monitor and optimize campaigns in real time, with performance insights enriched by retailer’s transactional data.
    • Streamlined access to a top-tier retail media networks: Leverage Pacvue’s platform to easily activate and manage campaigns across one of Europe’s most influential retail media networks and advanced retailers, with centralized visibility and control. This global connectivity for brands and agencies will bring Europe closer to the most mature markets in retail media.

    “At Unlimitail, our mission is to make omnichannel retail media simpler, smarter, and more impactful for brands. Partnering with Pacvue, the worldwide leading Commerce platform, does exactly that, by allowing us to expand the accessibility of our retailer’s inventories to more global agencies and advertisers. This global connectivity, powered by Pacvue tools, is a significant step in steering the European markets towards the most mature countries in retail media. More than ever, we are committed to lead the way in helping brands put retail media at the core of their Marketing & Commerce strategies,” declares Thibault Hennion, COO of Unlimitail.

    Victor De La Fuente, the Head of Global eCommerce at Nestle, shared, “We’re thrilled about the opportunities this partnership between Unlimitail and Pacvue brings. Accessing and managing Carrefour’s data through the Pacvue solution marks a significant advancement in our retail digital media initiatives across Europe, enhancing operational efficiency and driving performance.”

    Unlocking Carrefour’s Retail Media Ecosystem

    This partnership will start by providing access to Carrefour inventories in France. Carrefour.fr welcomes close to 17 million unique monthly visitors, with nearly 2 million new visitors added in the past year (source: Médiamétrie net ratings, February 2025). In France, 1 in 4 people now visit the retailer regularly, with 97% of shoppers still shopping through the website at least 2 years after their first purchase (source: Kantar).

    With such a loyal and high-traffic environment, Unlimitail and Carrefour offer a strong foundation for performance. According to Unlimitail’s latest benchmark study, Retail Media Decoded, Sponsored Product campaigns in Europe on grocery reach an average click-through rate around 1,0%, with 1-1 ROAS above 3x and Halo ROAS around 6x, demonstrating the power of well-executed activations and their impact not only on products, but brands as a whole.

    Pacvue’s Investment in European Expansion

    This announcement comes as Pacvue deepens its investment in Europe with the appointment of Mark James as VP, Head of EMEA. With over 15 years of experience in retail media and digital advertising, James will support the company’s continued growth and localized value for brands across the region.

    The partnership with Unlimitail underscores Pacvue’s commitment to expanding its European footprint. Backed by Mark James’ 15+ years of experience in retail media and digital advertising, the company is well-positioned to capitalize on growth opportunities and foster them for clients in the EMEA region.

    Pacvue CRO Ross McNab commented: “Mark is the ideal leader to drive Pacvue’s growth across the EMEA region. He has deep expertise in retail media and a proven track record. Coupled with our partnership with Unlimitail, this is a big leap forward in our mission to give brands a competitive advantage through cutting-edge retail media capabilities.”

    Romain Schneider, eRetail Media Director at WPP, underscored what this move signals for the brands and advertisers: “We’re always looking for innovative, scalable ways to drive meaningful outcomes for our clients at WPP. The partnership between Pacvue and Carrefour represents a significant advancement for retail media in Europe. Access to Carrefour’s high-traffic, data-rich ecosystem via Pacvue’s platform gives our brands unprecedented precision, speed, and control in campaign execution.”

    About Unlimitail, The Retail Media Powerhouse

    Unlimitail is a global retail media platform enabling brands and retailers to deploy simplified, unified, and optimized retail media strategies. Through deep consumer insights, omnichannel campaign activation, and end-to-end measurement, Unlimitail helps drive visibility and generate sales.

    The company stands out for its advanced advertising technologies through Epsilon Retail Media, offering unified onsite and offsite solutions, as well as its global reach and premium data assets. Unlimitail aggregates over 2 billion monthly page views and connects more than 220 million addressable customers worldwide through 35 retail partners.

    For more information, visit www.unlimitail.com

    Unlimitail Communications Department: communication@unlimitail.com

    About Pacvue

    Pacvue is the leading commerce acceleration platform that integrates retail media, commerce management and measurement. The company’s first-to-market platform drives incrementality, profitability and market share for brands, while turning insights into actionable recommendations. Backed by a global team of experts, Pacvue works with over 70,000 brands and agencies across 95+ retailers worldwide including Amazon, Walmart, Target and Instacart. With the incorporation of Pacvue’s enterprise solution with Helium 10 for SMBs, Pacvue is now the most comprehensive commerce and retail media platform available in the market. Founded in 2018, their global presence includes locations in Chicago, Seattle, New York, Los Angeles, Washington DC, London, Shanghai and Tokyo.

    The MIL Network –

  • MIL-OSI: Endeavor Bancorp Reports Net Income of $1.1 Million for the Second Quarter of 2025; Highlighted by Continued Loan and Deposit Growth, and NIM Expansion

    Source: GlobeNewswire (MIL-OSI)

    SAN DIEGO, July 23, 2025 (GLOBE NEWSWIRE) — Endeavor Bancorp (OTCQX: EDVR) (the “Company” or “Bancorp”), the holding company for Endeavor Bank (the “Bank”), today reported net income of $1.07 million, or $0.25 per diluted share, for the second quarter of 2025, compared to $1.36 million, or $0.32 per diluted share, for the first quarter of 2025, and $760,000, or $0.18 per diluted share, for the second quarter of 2024. All financial results are unaudited.

    “Our second quarter results reflect the strength of our core banking franchise and the disciplined execution of our strategic growth plan,” said Julie Glance, CFO. “We continued to grow loans and deposits during the quarter while maintaining a strong net interest margin, demonstrating the resilience of our business model in an uncertain interest rate environment. Our strategic investments in talent and infrastructure are starting to deliver measurable returns, enhancing both operational efficiency and client service. As we look ahead, we remain focused on driving sustainable, profitable growth and creating long-term value for our shareholders.”

    Results for the second quarter of 2025 included a $746,000 provision for credit losses, reflecting continued prudent credit risk management amid a growing loan portfolio. This compared to a $385,000 provision for credit losses in the first quarter of 2025, and a $451,000 provision for credit losses in the second quarter of 2024. Excluding taxes and loan loss provisions, pretax, pre-provision net income was $2.28 million, consistent with the prior quarter’s $2.33 million, and up from $1.55 million in the second quarter of 2024.

    Income Statement 

    Strong first quarter earnings were driven by loan growth and earning asset rates. Total interest income on loans and bank deposits and investments was $11.6 million, an increase of $504,000 compared to the preceding quarter, while total interest expenses increased $128,000 during the same timeframe. Net interest income was $7.4 million in the second quarter of 2025, which was an increase of $376,000, or 5.4% compared to the preceding quarter and a 37.8% increase compared to the second quarter of 2024.

    “Our net interest margin expanded by nine basis points in the second quarter of 2025 compared to the prior quarter, driven primarily by strong loan growth and continued improvement in our funding costs,” said Dan Yates, CEO. “This positive trend reflects not only solid execution on the asset side of the balance sheet but also disciplined management of our deposit base in a competitive rate environment. We remain proactive in optimizing our asset-liability mix to safeguard and enhance margin performance, while maintaining prudent risk management and offering attractive pricing to our clients. As interest rate dynamics evolve, we are confident in our ability to navigate the environment effectively, positioning us to sustain earnings momentum.”

    The Company’s net interest margin increased nine basis points to 4.21% in the second quarter of 2025 compared to 4.12% in the first quarter of 2025 and increased 51 basis points compared to 3.70% in the second quarter of 2024. The yield on total earning assets remained strong, increasing 10 basis points during the second quarter of 2025 to 6.62%, compared to 6.52% in the preceding quarter, and up from 6.33% in the second quarter of 2024. The cost of deposits decreased to 2.57% in the second quarter, compared to 2.58% in the first quarter of 2025, and down from 2.84% in the second quarter of 2024.

    Non-Interest income was $276,000 in the second quarter of 2025, an increase of $93,000 or 50.5% compared to the first quarter of 2025, and a decrease compared to $390,000 in the second quarter of 2024.

    Non-Interest expense was $5.4 million in the second quarter of 2025, an increase of $521,000 compared to the first quarter of 2025, and an increase of $1.2 million compared to the second quarter of 2024. Included in non-interest expense during the second quarter of 2025 was $263,000 in annual board compensation. In the prior year annual board compensation of $312,000 was paid during the first quarter of 2024. The higher expenses year-over-year were also due to strategic investment in staff. “In 2024, we made strategic investments in talent, increasing our headcount by over 30%. These additions are now delivering strong returns, with revenue growth fueled by our enhanced capabilities more than offsetting the associated rise in expenses year-over-year. Our improved efficiency ratio, which declined to 70.3% during the second quarter of 2025 from 75.8% during the second quarter of 2024, further demonstrates that the team we built last year is now fully ramped and highly productive. With fewer new hires planned for the remainder of the year, we remain focused on maximizing the impact of our expanded workforce and are well positioned to drive continued earnings growth,” said Yates.

    The Company’s annualized return on average equity for the second quarter of 2025 was 8.75%, compared to 11.68% in the first quarter of 2025 and 6.96% in the second quarter of 2024. The annualized return on average assets for the second quarter of 2025 was 0.60% compared to 0.79% in the first quarter of 2025 and 0.52% in the second quarter of 2024. The decrease compared to the prior quarter was primarily due to the previously mentioned board expense along with one-time consulting expense associated with contract renegotiation during the second quarter of 2025.

    Balance Sheet 

    Total assets increased by $42.3 million, or 6.0%, during the second quarter of 2025 to $746.9 million at June 30, 2025, compared to $704.6 million at March 31, 2025, and increased $153.1 million, or 25.8%, compared to June 30, 2024. Balance sheet liquidity remains strong with cash balances of $87.4 million, which represents 11.7% of total assets as of June 30, 2025. The Company’s investment securities increased $1.7 million during the second quarter of 2025 to $28.1 million as of June 30, 2025, representing 3.8% of total assets. Total available borrowing capacity through the Federal Home Loan Bank and the Federal Reserve discount window totaled $245.3 million as of quarter end.

    “We are pleased with the continued progress in our deposit-gathering and lending efforts, which reflects the strength of our client relationships and the effectiveness of our strategy,” said Steve Sefton, President. “Our team remains focused on delivering tailored financial solutions to our business clients, while maintaining disciplined underwriting and sound risk management. As we continue to deepen these relationships, we are well positioned to drive sustainable growth and long-term value.”

    Total loans outstanding increased $28.1 million, or 4.7%, during the second quarter of 2025 to $625.9 million at June 30, 2025, compared to $597.8 million three months earlier, and increased $142.5 million, or 29.5%, when compared to $483.4 million a year earlier. Total non-performing loans decreased to 0.32% of the total loan portfolio as of June 30, 2025, compared to 0.40% as of March 31, 2025. The Company had $421,000 in net charge-offs during the second quarter of 2025, which included one loan that had previously been reserved for. This compared to zero in net charge-offs during the preceding quarter and the year ago quarter.

    Total deposits increased $41.2 million, or 6.6%, during the quarter to $667.4 million at June 30, 2025, compared to $626.2 million three months earlier, and increased $149.2 million, up 28.8% when compared to $518.2 million a year earlier. The loan to deposit ratio was 93.8% at June 30, 2025, compared to 95.5% at March 31, 2025, and 92.9% as of June 30, 2024. “We are strategically managing our balance sheet with a target loan to deposit ratio of 95% as we aim for the right balance between strong lending activity and liquidity,” added Sefton.

    As a result of its participation in reciprocal deposit placement networks, the Bank accepted “reciprocal” deposits from other institutions, enabling the Bank to offer customers FDIC insurance on accounts in excess of the typical $250,000 FDIC insurance limit. Although the reciprocal deposits maintained through the network are core deposits seeking FDIC insurance, the FDIC rules indicate that reciprocal deposits aggregating over 20% of total liabilities are classified as deposits obtained by or through a deposit broker. The total reciprocal deposits reported as brokered deposits were $133.3 million at June 30, 2025, and $102.5 million as of March 31, 2025. To support strong loan growth, the Company is utilizing a conservative amount of wholesale deposits. As of June 30, 2025, total wholesale deposits, excluding the reciprocal deposits, was $56.8 million, representing 8.5% of total deposits compared to $55.7 million, or 8.9% of total deposits as of March 31, 2025.

    Shareholders’ equity was $48.9 million at June 30, 2025, compared to $47.7 million at March 31, 2025, and $44.1 million at June 30, 2024. Tangible book value per share increased to $13.64 at June 30, 2025, compared to $13.49 three months earlier and $12.55 a year earlier.

    Capital 
    The Bank’s Tier 1 leverage ratio was 10.60% as of June 30, 2025, compared to 10.57% at March 31, 2025. The Tier 1 risk-based capital ratio was 10.20% as of June 30, 2025, compared to 10.47% on March 31, 2025, and the Total risk-based capital ratio was 11.37% compared to 11.65% three months earlier, all of which were well above regulatory minimums.

    About Endeavor Bancorp 

    Endeavor Bancorp, the holding company for Endeavor Bank, is primarily owned and operated by Southern Californians for Southern California businesses and their owners. The bank’s focus is local: local decision-making, local board, local founders, local owners, and relationships with local clients in Southern California.

    Headquartered in downtown San Diego in the Symphony Towers building, the Bank also operates a loan production and executive administration office in Carlsbad, as well as a branch office in La Mesa. In addition, the Bank maintains production teams throughout Southern California. Endeavor Bank provides traditional business banking services across a broad spectrum of industries and specialties. Unique to the bank is its consultative banking approach that partners our business clients with Endeavor Bank’s senior management. Together, we build strategies and provide resources that solve problems, plan for the future, and help clients’ efforts to grow revenues and profits. Endeavor Bancorp trades on the OTCQX® Best Market under the symbol “EDVR.” Visit www.endeavor.bank for more information.

    Endeavor Bank is rated by Bauer Financial as Five-Star “Superior” for strong financial performance, the top rating given by the independent bank rating firm. DepositAccounts.com awarded Endeavor Bank an A rating.

    EDVR Shareholders 

    With many of our shareholders transferring their EDVR shares to their brokerage companies, along with ongoing trading taking place, Bancorp may not have the most current shareholder contact information. If you are an EDVR shareholder and would like to receive information via a more timely method, please complete the Shareholder Communication Preference Form on our website: https://www.bankendeavor.com/investor-relations so we can keep you updated on EDVR news, and invite you to various shareholder networking events throughout the year. 

    Forward-Looking Statements 

    This press release includes “forward-looking statements,” as such term is defined in the Private Securities Litigation Reform Act of 1995. Forward-looking statements are based on the current beliefs of the Company’s directors and executive officers (collectively, “Management”), as well as assumptions made by and information currently available to the Company’s Management. All statements regarding the Company’s business strategy and plans and objectives of Management of the Company for future operations, are forward-looking statements. When used in this press release, the words “anticipate,” “believe,” “estimate,” “expect” and “intend” and words or phrases of similar meaning, as they relate to the Company or the Company’s Management, are intended to identify forward-looking statements. Although the Company believes that the expectations reflected in such forward-looking statements are reasonable, it can give no assurance that such expectations will prove to be correct. Important factors that could cause actual results to differ materially from the Company’s expectations (“cautionary statements”) are loan losses, rapid and unanticipated deposit withdrawals, unavailability of sources of liquidity, additional regulatory requirements that may be imposed on community banks or banks generally, changes in interest rates, loss of key personnel, lower lending limits and capital than competitors, regulatory restrictions and oversight of the Company, the secure and effective implementation of technology, risks related to the local and national economy, the effect on customers, collateral value and property insurance markets of the recent wildfires in the Los Angeles metropolitan area and similar events in the future, changes in real estate values, the Company’s implementation of its business plans and management of growth, loan performance, interest rates, and regulatory matters, the effects of trade, monetary and fiscal policies, inflation, and changes in accounting policies and practices. Based upon changing conditions, if any one or more of these risks or uncertainties materialize, or if any underlying assumptions prove incorrect, actual results may vary materially from those described as anticipated, believed, estimated, expected, or intended. The Company does not intend to update these forward-looking statements.

    SELECTED FINANCIAL DATA        
    (In thousands of dollars, except for ratios and per share amounts)    
    Unaudited        
             
        June 30, 2025 March 31, 2025 June 30, 2024
        (Consolidated) (Consolidated) (Consolidated)
    SUMMARY OF OPERATIONS        
    Interest income   $ 11,623   $ 11,119   $ 9,203  
    Interest expense     4,234     4,106     3,840  
    Net interest income     7,389     7,013     5,363  
    Provision for credit losses     746     385     451  
    Net interest income after loss provision     6,643     6,628     4,912  
    Non-interest income     276     183     390  
    Non-interest expense     5,385     4,864     4,205  
    Income before tax     1,533     1,947     1,097  
    Federal income tax expense     294     372     215  
    State income tax expense     172     214     121  
    Net income   $ 1,067   $ 1,361   $ 760  
             
    Core pretax earnings*   $ 2,279   $ 2,332   $ 1,548  
    *excludes taxes and provision for loan losses        
             
    PER COMMON SHARE DATA        
    Number of shares outstanding (000s)*     3,586     3,503     3,493  
    *Adjusted for May 2024 Stock Dividend        
    Earnings per share, basic   $ 0.30   $ 0.39   $ 0.22  
    Earnings per share, diluted   $ 0.25   $ 0.32   $ 0.18  
    Book Value per share   $ 13.64   $ 13.61   $ 12.61  
             
    BALANCE SHEET DATA        
    Assets   $ 746,907   $ 704,564   $ 593,803  
    Investments securities     28,117     26,385     18,204  
    Total loans, net of unearned income     625,912     597,846     483,411  
    Total deposits     667,408     626,165     518,230  
    Borrowings     26,746     26,721     26,648  
    Shareholders’ equity     48,905     47,667     44,051  
    Loan to Deposit ratio     93.78 %   95.48 %   93.28 %
    Wholesale Deposits to Total Deposits     8.50 %   8.90 %   0.00 %
             
    AVERAGE BALANCE SHEET DATA        
    Average assets   $ 712,281   $ 697,617   $ 590,625  
    Average total loans, net of unearned income     611,480     589,037     461,476  
    Average total deposits     632,477     618,844     515,457  
    Average shareholders’ equity     48,909     47,256     43,825  
             
    ASSET QUALITY RATIOS        
    Net (charge-offs) recoveries   $ 421   $ –   $ –  
    Net (charge-offs) recoveries to average loans     0.28 %   0.00 %   0.00 %
    Non-performing loans as a % of loans     0.32 %   0.40 %   0.06 %
    Non-performing assets as a % of assets     0.27 %   0.34 %   0.05 %
    Allowance for loan losses as a % of total loans     1.36 %   1.36 %   1.42 %
    Non-performing assets as a % of allowance for loan losses   23.37 %   29.60 %   22.94 %
             
    FINANCIAL RATIOSSTATISTICS        
    Annualized return on average equity     8.75 %   11.68 %   6.96 %
    Annualized return on average assets     0.60 %   0.79 %   0.52 %
    Net interest margin     4.21 %   4.12 %   3.70 %
    Efficiency ratio     70.27 %   67.59 %   75.75 %
             
    CAPITAL RATIOS        
    Tier 1 leverage ratio — Bank   10.60 %   10.57 %   11.70 %
    Common equity tier 1 ratio — Bank     10.20 %   10.47 %   11.84 %
    Tier 1 risk-based capital ratio — Bank   10.20 %   10.47 %   11.84 %
    Total risk-based capital ratio –Bank   11.37 %   11.65 %   13.04 %
             
    TCE/TA *     6.55 %   6.77 %   7.42 %
    Tangible Book Value per Share   $ 13.64   $ 13.49   $ 12.55  
             
    *Non-GAAP financial measure.        
    Unaudited financials 2025        

    Endeavor Bancorp Contact Information:  
    (858) 230.5185  
    Dan Yates, CEO  
    dyates@bankendeavor.com

    (858) 230.4243  
    Steve Sefton, President  
    ssefton@bankendeavor.com  

    The MIL Network –

  • MIL-OSI: FFB Bancorp Announces Second Quarter 2025 Results

    Source: GlobeNewswire (MIL-OSI)

    FRESNO, Calif., July 23, 2025 (GLOBE NEWSWIRE) — FFB Bancorp (the “Company”) (OTCQX: FFBB), the parent company of FFB Bank (the “Bank”), today reported net income of $6.04 million, or $1.94 per diluted share, for the second quarter of 2025, compared to $8.08 million, or $2.54 per diluted share, for the second quarter of 2024, and $8.10 million, or $2.55 per diluted share, for the first quarter of 2025.

    For the six months ended June 30, 2025, net income was $14.13 million, or $4.50 per diluted share, compared to $15.87 million, or $4.99 per diluted share, for the same period in 2024. All results are unaudited.

    Second Quarter 2025 Summary: As of, or for the quarter ended June 30, 2025, compared to the quarter ended June 30, 2024:

    • Operating revenue (net interest income, before the provision for credit losses, plus non-interest income) increased 11% to $27.35 million.
    • Pre-tax, pre-provision income increased 1% to $11.58 million.
    • Net income decreased 25% to $6.04 million.
    • Return on average equity (“ROAE”) was 13.75%.
    • Return on average assets (“ROAA”) was 1.59%.
    • Net interest margin contracted 22 basis points to 5.09% from 5.31%.
    • Total assets increased 2% to $1.47 billion.
    • Total portfolio of loans increased 13% to $1.09 billion.
    • Total deposits increased 6% to $1.23 billion.
    • Shareholder equity increased 17% to $173.91 million.
    • Book value per common share increased 22% to $56.87.
    • The Company’s tangible common equity ratio was 11.80%, while the Bank’s regulatory leverage capital ratio was 14.41%, and the total risk-based capital ratio was 20.61% at June 30, 2025.

    “During the quarter FFB Bank was recognized as #1 in American Banker’s top-performing public banks with under $2B in assets and #34 in S&P Global’s 100 best-performing US community banks of 2024, for bank’s under $3B in assets,” said Steve Miller, President & CEO. “This recognition is a testament to the consistent success we’ve enjoyed, and a reminder of the results we expect and continue to strive toward. As we navigate the challenges this year has brought, we’re proud to build upon our history of success.”

    “During the quarter we have made continued and timely progress on the matters outlined in our consent order, although ultimate compliance will be determined by our regulators. We are confident we can continue to address these items going forward. Although the added resource allocation to properly address the order will have near-term impacts to our performance, we feel that building a best in-class compliance and risk frame-work will enable the bank to drive results over the long-term.”

    Update on Stock Repurchase Program:

    On January 22, 2025, the Company announced that it had authorized a plan to utilize up to $15.0 million of capital to repurchase shares of the Company’s common stock. As of June 30, 2025, the Company has repurchased 133,021 shares, at an average price of $76.79, totaling $10.22 million. This represents approximately 5.33% of total shareholders’ equity at June 30, 2025. During the second quarter of 2025 the Company repurchased 91,106 shares, at an average price of $74.58, totaling $6.79 million. These purchases represent approximately 3.54% of total shareholders’ equity at June 30, 2025.

    Under the terms of the repurchase plan, the Company may repurchase shares of the Company’s common stock from time to time, through December 31, 2025, in open market purchases or privately negotiated transactions. Repurchases under the plan may also be made pursuant to a trading plan under Securities and Exchange Commission Rule 10b5-1 under the Securities Exchange Act of 1934, which would permit shares to be repurchased by the Company when the Company might otherwise be precluded from doing so because of self-imposed trading blackout periods or other regulatory restrictions. The timing, manner, price and exact amount of any repurchases by the Company will be determined at the Company’s discretion and depend on various factors including the performance of the Company’s stock price, general market and economic conditions, applicable legal and regulatory requirements, availability of funds, and other relevant factors. Through December 31, 2025, the repurchase plan may be discontinued, suspended or restarted at any time.

    Results of Operations

    Quarter ended June 30, 2025:

    Operating revenue, consisting of net interest income before the provision for credit losses and non-interest income, increased 11% to $27.35 million for the second quarter of 2025, compared to $24.73 million for the second quarter a year ago, and decreased 4% from $28.48 million for the first quarter of 2025.

    Net interest income, before the provision for credit losses, increased 5% to $18.11 million for the second quarter of 2025, compared to $17.31 million for the same quarter a year ago, and decreased 4% to $18.90 million from last quarter. “Net interest income has benefited from strong loan portfolio growth, partially offset by higher funding costs,” said Bhavneet Gill, Chief Financial Officer. “We have been able to capitalize on a higher yielding loan portfolio, but that yield was impacted by a $261,000 interest reversal as loans, totaling $11.86 million, were placed on non-accrual during the quarter.”

    The Company’s net interest margin (“NIM”) decreased by 22 basis points to 5.09% for the second quarter of 2025, compared to 5.31% for the second quarter of 2024, and decreased 26 basis points from 5.35% for the preceding quarter. “The decrease in NIM is primarily the result of an increase in deposit and borrowing interest expense, and the decrease in investment interest income. During the quarter, average non-interest bearing deposits decreased $37.67 million. The resulting shift in the deposit portfolio saw the cost of deposits increase 13 basis points,” noted Gill. “During the second quarter of 2025 we sold $48.05 million in investment securities to generate liquidity ahead of anticipated deposit outflows due to ISO partner exits. That transaction was the driver of the decrease in investment interest income in the current quarter and will result in lower investment income in future quarters.”

    The yield on earning assets was 6.18% for the second quarter of 2025, compared to 6.40% for the second quarter a year ago, and 6.31% for the previous quarter. The cost to fund earning assets increased to 1.09% for the second quarter of 2025 compared to 0.96% for the previous quarter, and 1.10% for the same quarter a year earlier. This increase is the result of an increase in brokered deposits and overnight borrowings during the quarter due to ISO deposit outflow that occurred in early June.

    Total non-interest income was $9.24 million for the second quarter of 2025, compared to $7.42 million for the second quarter of 2024, and $9.58 million for the previous quarter. The increase in non-interest income, from the second quarter of 2024, was driven by more gain on the sale of loans, higher merchant services revenue, and a reduction in loss on sale of investments. The quarter-over-quarter decrease in non-interest income was attributed to a decrease in merchant services revenue, partially offset by more gain on the sale of loans.

    Merchant services revenue increased 9% to $6.61 million for the second quarter of 2025, compared to $6.07 million from the second quarter of 2024. The increase over prior year was primarily related to higher volume across ISO partner sponsorship lines and higher gross revenue related to FFB Payments. Merchant services revenue decreased from $7.86 million when compared to the first quarter of 2025 as a result of seasonality and the loss of a significant FFB Payments direct merchant.

    During the first and second quarters of 2025, ISO Partner Sponsorship volumes included $2.78 billion and $2.56 billion in volume, respectively, for the ISO partners that were exited in the second quarter of 2025. Additionally, the first and second quarters of 2025 included ISO Partner Sponsorship revenues of $990,000 and $1.09 million, respectively, from the ISO partners that were exited in the second quarter of 2025. “These ISO exits were driven by our efforts to comply with the Consent Order and designed to ensure best in class oversight. We anticipate replacing this volume and revenue through growth in FFB Payments and with our remaining ISO partners as we move forward,” said Miller.

    Merchant ISO Processing Volumes(in thousands)
    Source   Q2 2025 Q1 2025 Q4 2024 Q3 2024 Q2 2024
    ISO Partner Sponsorship   $ 5,347,695   $ 5,007,998   $ 4,891,643   $ 4,556,868   $ 4,391,365  
    FFB Payments – Sub-ISO Merchants     20,766     21,551     22,950     24,661     24,414  
    FFB Payments – Direct Merchants     71,746     97,095     91,133     64,512     76,059  
    Total volume   $ 5,440,207   $ 5,126,644   $ 5,005,726   $ 4,646,041   $ 4,491,838  
    Merchant ISO Processing Revenues(in thousands)
    Source of Revenue   Q2 2025 Q1 2025 Q4 2024 Q3 2024 Q2 2024
    Net Revenue*:            
    ISO Partner Sponsorship   $ 2,654   $ 2,410   $ 2,535   $ 2,284   $ 2,156  
                 
    Gross Revenue:            
    FFB Payments – Sub-ISO Merchants     727     745     764     810     795  
    FFB Payments – Direct Merchants     3,228     4,709     4,262     2,476     3,117  
          3,955     5,454     5,026     3,286     3,912  
    Gross Expense:            
    FFB Payments – Sub-ISO Merchants     708     616     638     723     675  
    FFB Payments – Direct Merchants     2,179     2,558     2,511     1,766     1,989  
          2,887     3,174     3,149     2,489     2,664  
    Net Revenue:            
    FFB Payments – Sub-ISO Merchants     19     129     126     87     120  
    FFB Payments – Direct Merchants     1,049     2,151     1,751     710     1,128  
    FFB Payments Net Revenue     1,068     2,280     1,877     797     1,248  
    Net Merchant Services Income:   $ 3,722   $ 4,690   $ 4,412   $ 3,081   $ 3,404  
    *ISO Partnership Sponsorship is recognized net of expense in Merchant Services Income. FFB Payments revenues are recognized gross in Merchant Services Income and Merchant Services expenses are recognized in Non-Interest Expense.

    Total deposit fee income increased 1% to $854,000 for the second quarter of 2025, compared to $847,000 for the second quarter of 2024, and increased 1% from $849,000 for the previous quarter.

    There was a $1.45 million gain on the sale of loans during the second quarter of 2025, compared to a gain on the sale of loans of $509,000 during the second quarter 2024, and a gain on the sale of loans of $261,000 in the previous quarter. There was a $243,000 loss on the sale of investments during the second quarter of 2025, compared to a $459,000 loss recorded during the second quarter of 2024, and no loss recorded in the previous quarter. The gain on the sale of loans was the result of $16.95 million in SBA loans sold and a $31.77 million RE-multifamily loan sale package that was completed during the quarter. These sales contributed $968,000 and $482,000 in gain respectively.

    Non-interest expense increased 19% to $15.77 million for the second quarter of 2025, compared to $13.29 million for the second quarter 2024, and decreased 4% from $16.47 million from the previous quarter. The increase on a year-over-year comparison was driven by increases in salaries and employee benefits expense, and increases in other operating expense, primarily data and software related expenses and professional fees. Compared to the first quarter of 2025 the decrease in non-interest expense was attributed to a decrease in merchant services operating expenses, marketing expense, director fess, and operational losses.

    Salaries and employee benefits increased 19% to $8.00 million for the second quarter of 2025, compared to $6.72 million for the second quarter 2024. The increase year-over-year was primarily the result of expense associated with the increase in full-time employees. Full-time employees increased to 181 at June 30, 2025, compared to 147 full-time employees a year earlier, and 175 full-time employees from the previous quarter. Total salaries and employee benefits decreased 1% from $8.06 million in the previous quarter. The decrease when compared to the first quarter of 2025 is the result of a decrease in payroll tax expense and increased loan originations, partially offset by higher salary expense from additional full-time employees. Compensation related direct costs associated with loan originations offset salary and employee benefits expense upon loan origination.

    Occupancy and equipment expenses decreased 19% from a year ago, representing 2% of non-interest expense, and remained consistent with the preceding quarter. Merchant operating expense totaled $2.89 million for the second quarter of 2025, compared to $2.66 million for the second quarter of 2024 and $3.17 million for the previous quarter. The change in merchant operating expense is attributed to fluctuations in volume and revenue for the FFB Payments lines of business. Merchant operating expenses include interchange fees, chargebacks, partnership fees, and other card brand fees.

    Other operating expense increased 31% or $1.07 million to $4.53 million from a year earlier and decreased 7% or $357,000 from the previous quarter. The year-over-year increase was driven by increases of $458,000 in data and software related expense, $327,000 in professional fees, $136,000 in regulatory assessment expense, and $127,000 in marketing expense. The increase in data and software expense and professional fees, which include legal, audit, and consulting fees, are primarily due to actions taken to enhance the Company’s AML/CFT, compliance, and merchant services programs.

    The efficiency ratio was 57.15% for the second quarter of 2025, compared to 52.74% for the same quarter a year ago, and 57.83% for the preceding quarter. The efficiency ratio can fluctuate period-over-period based on changes in merchant services’ gross revenues and associated expenses. The Company also calculates an adjusted efficiency ratio where the merchant services’ gross expense, which is included in non-interest expense, is netted against merchant services’ revenue in non-interest income. The adjusted efficiency ratio was 52.14% for the second quarter of 2025, compared to 47.15% for the same quarter a year ago, and 52.54% for the previous quarter.

    “Over the last few quarters, we’ve made intentional investments in people and technology to ensure that the bank can efficiently scale moving forward, and specifically to support our payment ecosystem, product development, regional expansion, and compliance/risk management initiatives. We saw elevated legal, audit, and technology related expenses in the first half of the year mostly related to addressing the Consent Order,” said Miller.

    Six months ended June 30, 2025:

    For the six months ended June 30, 2025, operating revenue increased 15% to $55.83 million, compared to $48.34 million for the same period in 2024. For the six months ended June 30, 2025, net interest income before the provision for credit losses increased 11% to $37.01 million, compared to $33.44 million for the same period in 2024. The increase in revenue is attributed to growth in the loan portfolio, partially offset by a decrease in investment interest income, an increase in interest bearing liabilities, and the cost of funds. For the six months ended June 30, 2025, the yield on earning assets was 6.24% compared to 6.27% for the same period in 2024, while the cost to fund earning assets was 1.02% for the six months ended June 30, 2025, compared to 1.05% for the same period in 2024.

    For the six months ended June 30, 2025, non-interest income increased 26% to $18.82 million compared to $14.90 million for the same period in 2024. Deposit fee income increased 4% to $1.70 million resulting from growth in business demand deposit accounts. The year-over-year growth in non-interest income was also largely attributable to the decrease in loss on sale of investments, an increase in the gain on sale of loans, and an increase in merchant services revenue.

    For the six months ended June 30, 2025, operating expenses increased by 24% to $32.24 million from $25.99 million for the same period in 2024. Salaries and employee benefits expense increased 21% to $16.06 million as a result of the increase in FTE. There was a 21% increase in merchant services operating expenses, to $6.06 million, which represents 19% of total operating expenses for six months ended June 30, 2025. Other operating expenses increased 38% to $9.41 million due to a $711,000 increase in technology related expenses, increases of $683,000 in professional fees, and increase of $389,000 in marketing expense, and a $293,000 increase in operational losses.

    For the six months ended June 30, 2025, the efficiency ratio was 57.49%, compared to 52.85% for the same period ended June 30, 2024. The adjusted efficiency ratio was 52.34%, compared to 47.48% for the same period ended June 30, 2024.

    Balance Sheet Review

    Total assets increased 2% to $1.47 billion at June 30, 2025, compared to $1.44 billion at June 30, 2024, and decreased 6% compared to March 31, 2025.

    The total portfolio of loans increased 13%, or $122.20 million, to $1.09 billion, compared to $969.76 million at June 30, 2024, and remained consistent with the $1.09 billion reported at March 31, 2025.

    Commercial real estate loans increased 22% year-over-year to $683.74 million, representing 63% of total loans at June 30, 2025. The CRE portfolio includes approximately $254.16 million in multi-family loans originated by the Southern California team that the Company may consider selling at some point in the future for liquidity and concentration management. The multi-family portfolio includes $74.32 million in short-term bridge loans for transitional projects of multi-family properties. The short-term bridge loans are conservatively underwritten with minimum DSCR and liquidity requirements. The bank continues to market our bridge loan product in a more measured approach, keeping to our conservative underwriting standards. The real estate construction and land development loan portfolio decreased 84% from a year ago to $12.78 million, representing 1% of total loans, while residential RE 1-4 family loans totaled $17.07 million, or 2% of loans, at June 30, 2025, compared to $17.44 million one year ago.

    The commercial and industrial (C&I) portfolio increased 15% to $266.81 million, at June 30, 2025, compared to $232.79 million a year earlier, and increased 3% from $260.06 million at March 31, 2025. C&I loans represented 24% of total loans at June 30, 2025. Agriculture loans represented 10% of the loan portfolio at June 30, 2025. At June 30, 2025, the SBA, USDA, and other government agencies guaranteed loans totaled $53.36 million, or 4.9% of the loan portfolio.

    Investment securities totaled $254.18 million at June 30, 2025, compared to $345.49 million a year earlier, and decreased $59.65 million from $313.83 million at March 31, 2025. Investment securities were sold during the quarter to generate liquidity ahead of anticipated deposit outflows due to ISO partner exits. The investment portfolio consists of mortgage-backed and municipal securities, both tax exempt and taxable, treasury securities as well as other domestic debt. At June 30, 2025, the Company had a net unrealized loss position on its investment securities portfolio of $25.41 million, compared to a net unrealized loss of $24.50 million at March 31, 2025. The Company’s investment securities portfolio had an effective duration of 6.26 years at June 30, 2025, compared to 5.61 years at March 31, 2025.

    Total deposits increased 6%, or $65.69 million, to $1.23 billion at June 30, 2025, compared to $1.17 billion from a year earlier, and decreased $85.73 million from $1.32 billion at March 31, 2025. Non-interest bearing demand deposits increased 4% to $759.30 million at June 30, 2025, compared to $731.03 million at June 30, 2024, and decreased $66.10 million from $825.40 million at March 31, 2025. Non-interest bearing demand deposits represented 61% of total deposits at June 30, 2025. During the second quarter of 2025 non-interest bearing demand deposits were reduced by $111.20 million due to ISO partner exits completed in early June 2025. Certificates of deposits increased 49%, or $55.01 million, during the quarter primarily due to the addition of $51.00 million in brokered deposits that mature over the next 12 months.

    Included in non-interest bearing deposits at June 30, 2025 are $75.83 million from ISO partners for merchant reserves, $45.24 million from ISO partners for settlement, and $11.61 million in ISO partner operating accounts, totaling $132.68 million. These deposits represent 17.5% of non-interest bearing deposits and 10.7% of total deposits.

    Within the $132.68 million in ISO partner deposits retained as of June 30, 2025 are $29.56 million in deposits for ISO partners being exited in the second half of 2025. The Bank plans to replace these non-interest bearing deposits with growth from new Bank customers in its markets and from the existing ISO partners it will continue to support. In the short-term, the new deposit growth will likely be made up of a higher percentage of interest bearing deposits.

    There was $16.00 million in short-term borrowings at June 30, 2025, compared to $68.00 million at June 30, 2024, and $10.00 million at March 31, 2025. The Company primarily utilizes FHLB advances and the Federal Reserve discount window for short-term borrowings. The following table summarizes the Company’s primary and secondary sources of liquidity which were available at June 30, 2025:

    Liquidity Source
    (in thousands)    		   June 30, 2025 March 31, 2025
           
    Cash and cash equivalents   $ 77,244   $ 103,071  
    Unpledged investment securities, fair value     67,952     104,732  
    FHLB advance capacity     293,198     338,036  
    Federal Reserve discount window capacity     162,755     130,590  
    Correspondent bank unsecured lines of credit     71,500     71,500  
        $ 672,649   $ 747,929  

    The total primary and secondary liquidity of $672.65 million at June 30, 2025 represents a decrease of $75.28 million in primary and secondary liquidity quarter-over-quarter. The decreases in unpledged investment securities and the FHLB advance capacity are the result of investment and loan sales that occurred during the quarter.

    Shareholders’ equity increased 17% to $173.91 million at June 30, 2025, compared to $148.64 million from a year ago, and decreased slightly from the $174.71 million reported at March 31, 2025. Book value per common share increased 22% to $56.87, at June 30, 2025, compared to $46.79 at June 30, 2024, and increased 2% from $55.52 at March 31, 2025. The tangible common equity ratio was 11.80% at June 30, 2025, compared to 10.30% a year earlier, and 11.20% at March 31, 2025. Book value improved as a result of quarterly net income and a reduction in shares outstanding through the bank’s strategic share repurchase program.

    At the Bank level, unrealized losses and gains reflected in AOCI are not included in regulatory capital. As a result, Tier-1 capital at the Bank for regulatory purposes was $222.14 million at quarter end excluding the unrealized loss. The regulatory leverage capital ratio was 14.41% for the current quarter, while the total risk-based capital ratio was 20.61%, exceeding regulatory minimums to be considered well-capitalized.

    Asset Quality

    Nonperforming assets, which consists of nonperforming loans and other real estate owned, increased to $27.23 million, or 1.85% of total assets, at June 30, 2025, compared to $15.37 million, or 0.98% of total assets, from the previous quarter. Of the $26.29 million in nonperforming loans, $10.98 million are covered by SBA guarantees. Total delinquent loans decreased to $2.86 million at June 30, 2025, compared to $19.12 million at March 31, 2025. The increase in nonperforming loans is primarily the result of two multi-family loans, which are real estate secured, totaling $10.00 million to a related group of borrowers. These loans were included in the delinquent balances for the quarter ended March 31, 2025. As a result of their non-accrual status, the balance of the loans exceeding the real estate collateral value is reserved for in the allowance for credit loss, resulting in $1.62 million of additional reserve. The Bank is working closely with the borrowers as they work through stabilization and sale of the properties.

    Past due loans 30-60 days were $1.80 million at June 30, 2025, compared to $17.53 million at March 31, 2025, and $1.05 million at June 30, 2024. There were $1.02 million past due loans from 60-90 days at June 30, 2025, compared to $1.54 million at March 31, 2025 and $175,000 in past due loans from 60-90 days a year earlier. Past due loans 90+ days at quarter end totaled $46,000 at June 30, 2025, compared to $1.05 million, at June 30, 2024. Of the $2.86 million in past due loans at June 30, 2025, $965,000 were purchased government guaranteed loans, which are guaranteed by the SBA for the full payment of the principal plus interest.

    Delinquent Loan Summary   Organic Purchased Govt. Guaranteed Total
    (in thousands)  
             
    Delinquent accruing loans 30-59 days   $ 877   $ 919   $ 1,796  
    Delinquent accruing loans 60-89 days     1,020     —     1,020  
    Delinquent accruing loans 90+ days     —     46     46  
    Total delinquent accruing loans   $ 1,897   $ 965   $ 2,862  
             
    Non-Accrual Loan Summary   Organic Purchased Govt. Guaranteed Total
    (in thousands)  
             
    Loans on non-accrual   $ 26,285   $ —   $ 26,285  
    Non-accrual loans with SBA guarantees     10,979     —     10,979  
    Net Bank exposure to non-accrual loans   $ 15,306   $ —   $ 15,306  

    There was a $3.16 million provision for credit losses in the second quarter of 2025, compared to $291,000 provision for credit losses in the second quarter a year ago, and a $1.16 million provision for credit losses booked in the first quarter of 2025. The provision recorded during the second quarter of 2025 is the result of changes in loan portfolio concentrations, net charge-offs recognized, and a $10.92 million increase in total non-accrual loans which were individually evaluated in the allowance for credit losses.

    The ratio of allowance for credit losses to total loans was 1.40% at June 30, 2025, compared to 1.11% a year earlier and 1.18% at March 31, 2025. The Company individually evaluates non-accrual loans in the allowance for credit losses which has resulted in carrying a higher level of reserve.

    During the second quarter of 2025 the Bank recorded $949,000 in other real estate owned (“OREO”). This OREO was the result of a loan foreclosure completed during the quarter where the bank acquired a single-family-residence property as payment through collateral. The property is in good condition and is anticipated to sell during the second half of 2025.

    “As SBA loans have historically been the primary driver of nonperforming loans, the portfolio is watched very closely. Rates have increased so rapidly over the last two years putting pressure on borrowers. A majority of the loans within the portfolio are floating rate loans tied to WSJ Prime and reset quarterly. Borrowers saw a 50bps reduction in their rates on January 1, 2025 and additional rate relief may occur during the second half of 2025,” added Miller. “The ratio of allowance for credit losses to the total, non-guaranteed, loan portfolio was 1.48%, as of June 30, 2025, and our total non-guaranteed exposure on these SBA loans is $44.61 million spread over 222 loans.”

    “We incurred net charge offs of $605,000 during the current quarter, compared to $27,000 in net recoveries in the second quarter a year ago, and $167,000 in net charge offs in the previous quarter,” said Miller. “Our loan portfolio increased 13% from a year ago with commercial real estate (“CRE”) loans representing 63% of the total loan portfolio. Within the CRE portfolio, there are $49.90 million in loans for CRE office as shown in the table below. Since the majority of our CRE office exposure is concentrated in the Central Valley, we are experiencing less volatility than city center CRE markets. Our credit metrics remain strong as we continue to maintain conservative underwriting standards.”

    (in thousands)   CRE Office Exposure of June 30, 2025
    Region   Owner-Occupied Non-Owner Occupied Total
    Central Valley   $ 24,611   $ 17,268   $ 41,879  
    Southern California     2,262     350     2,612  
    Other California     4,463     417     4,880  
    Total California     31,336     18,035     49,371  
    Out of California     —     524     524  
    Total CRE Office   $ 31,336   $ 18,559   $ 49,895  


    About FFB Bancorp

    FFB Bancorp, formerly Communities First Financial Corporation, a bank holding company established in 2014, is the parent company of FFB Bank, founded in 2005 in Fresno, California. As a leading SBA Lender in California’s Central Valley and one of the few direct acquiring banks in the United States, FFB Bank offers clients a range of personal and business checking accounts, payment processes, and loan programs. Among the Bank’s awards and accomplishments, it was ranked #1 on American Banker’s list of the Top 20 Publicly Traded Banks under $2 Billion in Assets for 2024. The Bank was also ranked by S&P Global as the #34 best performing US community bank under $3 billion in assets. The Company has also received recognition as part of the OTCQX Best 50 Companies for 2019, 2023, and 2024. For additional information, you can visit the Company’s website at www.ffb.bank or by contacting a representative at 559-439-0200.

    Forward Looking Statements

    This earnings release may contain forward-looking statements. Forward-looking statements provide current expectations or forecasts of future events and are not guarantees of future performance, nor should they be relied upon as representing management’s views as of any subsequent date. The forward-looking statements are based on managements’ expectations and are subject to a number of risks and uncertainties. Although management believes that the expectations reflected in such forward-looking statements are reasonable, actual results may differ materially from those expressed or implied in such statements. Risks and uncertainties that could cause actual results to differ materially include, without limitation, the Company’s ability to effectively execute its business plans; the impact of the Consent Order on our financial condition and results of operations; changes in general economic and financial market conditions; changes in interest rates, and in particular, actions taken by the Federal Reserve to try and control inflation; changes in the competitive environment; continuing consolidation in the financial services industry; new litigation or changes in existing litigation; losses, customer bankruptcy, claims and assessments; changes in banking regulations or other regulatory or legislative requirements affecting the Company’s business; international developments; the tariff strategy of the Trump administration, and its related effects on the agriculture industry and connected businesses in the Central Valley; and changes in accounting policies or procedures as may be required by the Financial Accounting Standards Board or other regulatory agencies. The Company undertakes no obligation to release publicly the results of any revisions to the forward-looking statements included herein to reflect events or circumstances after today, or to reflect the occurrence of unanticipated events. The Company claims the protection of the safe harbor for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995.

    Member FDIC

    Select Financial Information and Ratios   For the Quarter Ended:   Year to Date as of:
      June 30, 2025   March 31, 2025   June 30, 2024   June 30, 2025   June 30, 2024
    BALANCE SHEET – ENDING BALANCES:                    
    Total assets   $ 1,473,927     $ 1,560,376     $ 1,443,723          
    Total portfolio loans     1,091,964       1,092,441       969,764          
    Investment securities     254,177       313,826       345,491          
    Total deposits     1,234,648       1,320,381       1,168,957          
    Shareholders equity, net     173,908       174,711       148,640          
                         
    INCOME STATEMENT DATA                    
    Operating revenue     27,349       28,476       24,729       55,825       48,340  
    Operating expense     15,768       16,467       13,285       32,235       25,986  
    Pre-tax, pre-provision income     11,581       12,009       11,444       23,590       22,354  
    Net income after tax     6,036       8,098       8,076       14,134       15,866  
                         
    SHARE DATA                    
    Basic earnings per share   $ 1.95     $ 2.56     $ 2.54     $ 4.51     $ 5.00  
    Fully diluted EPS   $ 1.94     $ 2.55     $ 2.54     $ 4.50     $ 4.99  
    Book value per common share   $ 56.87     $ 55.52     $ 46.79          
    Common shares outstanding     3,057,874       3,146,727       3,176,611          
    Fully diluted shares     3,104,067       3,175,178       3,183,844       3,139,346       3,178,974  
    FFBB – Stock price   $ 78.00     $ 76.50     $ 89.00          
                         
    RATIOS                    
    Return on average assets     1.59 %     2.14 %     2.31 %     1.86 %     2.32 %
    Return on average equity     13.75 %     18.83 %     22.89 %     16.26 %     23.08 %
    Efficiency ratio     57.15 %     57.83 %     52.74 %     57.49 %     52.85 %
    Adjusted efficiency ratio     52.14 %     52.54 %     47.15 %     52.34 %     47.48 %
    Yield on earning assets     6.18 %     6.31 %     6.40 %     6.24 %     6.27 %
    Yield on investment securities     4.13 %     4.36 %     4.60 %     4.25 %     4.54 %
    Yield on portfolio loans     6.70 %     6.81 %     6.89 %     6.75 %     6.79 %
    Cost to fund earning assets     1.09 %     0.96 %     1.10 %     1.02 %     1.05 %
    Cost of interest-bearing deposits     2.81 %     2.60 %     2.75 %     2.71 %     2.73 %
    Net Interest Margin     5.09 %     5.35 %     5.31 %     5.22 %     5.22 %
    Equity to assets     11.80 %     11.20 %     10.30 %        
    Net loan to deposit ratio     88.44 %     82.74 %     82.96 %        
    Full time equivalent employees     181       175       147          
                         
    BALANCE SHEET – AVERAGES                    
    Total assets     1,525,601       1,531,573       1,407,255       1,528,570       1,377,447  
    Total portfolio loans     1,112,380       1,076,848       954,871       1,094,712       940,216  
    Investment securities     289,127       325,699       334,416       307,312       325,117  
    Total deposits     1,281,357       1,300,550       1,199,124       1,290,901       1,164,121  
    Shareholders equity, net     176,074       174,410       141,881       175,247       138,251  
    Consolidated Balance Sheet (unaudited)   June 30, 2025   March 31, 2025   June 30, 2024
    (in thousands)      
    ASSETS            
    Cash and due from banks   $ 55,897     $ 83,033     $ 46,477  
    Interest bearing deposits in banks     21,347       20,038       26,842  
    CDs in other banks     1,722       1,724       1,683  
    Investment securities     254,177       313,826       345,491  
    Loans held for sale     —       —       —  
                 
    Construction & land development     12,784       12,649       79,132  
    Residential RE 1-4 family     17,066       17,146       17,439  
    Commercial real estate     683,743       696,625       562,548  
    Agriculture     109,926       104,616       77,518  
    Commercial and industrial     266,810       260,063       232,786  
    Consumer and other     1,635       1,342       341  
    Portfolio loans     1,091,964       1,092,441       969,764  
    Deferred fees & discounts     (3,541 )     (3,946 )     (4,106 )
    Allowance for credit losses     (15,330 )     (12,913 )     (10,749 )
    Loans, net     1,073,093       1,075,582       954,909  
                 
    Non-marketable equity investments     9,809       8,890       8,440  
    Cash value of life insurance     12,594       12,496       12,211  
    Other real estate owned     949       —       —  
    Accrued interest and other assets     44,339       44,787       47,670  
    Total assets   $ 1,473,927     $ 1,560,376     $ 1,443,723  
                 
    LIABILITIES AND EQUITY            
    Non-interest bearing deposits   $ 759,300     $ 825,404     $ 731,030  
    Interest checking     75,815       109,555       75,907  
    Savings     49,657       54,686       51,052  
    Money market     183,071       218,940       184,495  
    Certificates of deposits     166,805       111,796       126,473  
    Total deposits     1,234,648       1,320,381       1,168,957  
    Short-term borrowings     16,000       10,000       68,000  
    Long-term debt     38,086       38,046       39,678  
    Other liabilities     11,285       17,238       18,448  
    Total liabilities     1,300,019       1,385,665       1,295,083  
                 
    Common stock     29,501       35,693       37,430  
    Retained earnings     162,272       156,235       129,856  
    Accumulated other comprehensive loss     (17,865 )     (17,217 )     (18,646 )
    Shareholders’ equity     173,908       174,711       148,640  
    Total liabilities and shareholders’ equity   $ 1,473,927     $ 1,560,376     $ 1,443,723  
    Consolidated Income Statement (unaudited)   Quarter ended:   Year ended:
    (in thousands)   June 30, 2025   March 31, 2025   June 30, 2024   June 30, 2025   June 30, 2024
                         
    INTEREST INCOME:                    
    Loan interest income   $ 18,582     $ 18,069     $ 16,354     $ 36,651     $ 31,726  
    Investment income     2,978       3,499       3,823       6,477       7,335  
    Int. on fed funds & CDs in other banks     270       574       316       844       572  
    Dividends from non-marketable equity     141       132       394       272       523  
    Total interest income     21,971       22,274       20,887       44,244       40,156  
                         
    INTEREST EXPENSE:                    
    Int. on deposits     3,288       2,891       3,008       6,178       5,526  
    Int. on short-term borrowings     126       31       109       158       258  
    Int. on long-term debt     451       451       464       902       929  
    Total interest expense     3,865       3,373       3,581       7,238       6,713  
    Net interest income     18,106       18,901       17,306       37,006       33,443  
    PROVISION FOR CREDIT LOSSES     3,157       1,164       291       4,321       670  
    Net interest income after provision     14,949       17,737       17,015       32,685       32,773  
                         
    NON-INTEREST INCOME:                    
    Total deposit fee income     854       849       847       1,703       1,643  
    Debit / credit card interchange income     215       191       186       407       353  
    Merchant services income     6,609       7,864       6,068       14,473       12,137  
    Gain on sale of loans     1,446       261       509       1,707       961  
    Loss on sale of investments     (243 )     —       (459 )     (243 )     (833 )
    Other operating income     362       410       272       772       636  
    Total non-interest income     9,243       9,575       7,423       18,819       14,897  
                         
    NON-INTEREST EXPENSE:                    
    Salaries & employee benefits     8,002       8,056       6,724       16,058       13,306  
    Occupancy expense     352       353       437       705       820  
    Merchant services operating expense     2,887       3,174       2,664       6,060       5,023  
    Other operating expense     4,527       4,884       3,460       9,412       6,837  
    Total non-interest expense     15,768       16,467       13,285       32,235       25,986  
                         
    Income before provision for income tax     8,424       10,845       11,153       19,269       21,684  
    PROVISION FOR INCOME TAXES     2,388       2,747       3,077       5,135       5,818  
    Net income   $ 6,036     $ 8,098     $ 8,076     $ 14,134     $ 15,866  
    ASSET QUALITY   June 30, 2025   March 31, 2025   June 30, 2024
    (in thousands)      
    Delinquent accruing loans 30-60 days   $ 1,796     $ 17,533     $ 1,046  
    Delinquent accruing loans 60-90 days     1,020       1,537       175  
    Delinquent accruing loans 90+ days     46       46       1,052  
    Total delinquent accruing loans   $ 2,862     $ 19,116     $ 2,273  
                 
    Loans on non-accrual   $ 26,285     $ 15,366     $ 11,250  
    Other real estate owned     949       —       —  
    Nonperforming assets   $ 27,234     $ 15,366     $ 11,250  
                 
    Delinquent 30-60 / Total Loans     0.16 %     1.60 %     0.11 %
    Delinquent 60-90 / Total Loans     0.09 %     0.14 %     0.02 %
    Delinquent 90+ / Total Loans     — %     — %     0.11 %
    Delinquent Loans / Total Loans     0.26 %     1.75 %     0.23 %
    Non-accrual / Total Loans     2.41 %     1.41 %     1.16 %
    Nonperforming assets to total assets     1.85 %     0.98 %     0.78 %
                 
    Year-to-date charge-off activity            
    Charge-offs   $ 772     $ 167     $ —  
    Recoveries     —       —       31  
    Net charge-offs (recoveries)   $ 772     $ 167     $ (31 )
    Annualized net loan losses to average loans     0.14 %     0.06 %     (0.01 )%
                 
    CREDIT LOSS RESERVE RATIOS:            
    Allowance for credit losses   $ 15,330     $ 12,913     $ 10,749  
                 
    Total loans   $ 1,091,964     $ 1,092,441     $ 969,764  
    Purchased govt. guaranteed loans   $ 15,138     $ 16,081     $ 18,141  
    Originated govt. guaranteed loans   $ 38,224     $ 45,285     $ 41,201  
                 
    ACL / Total loans     1.40 %     1.18 %     1.11 %
    ACL / Loans less 100% govt. gte. loans (purchased)     1.42 %     1.20 %     1.13 %
    ACL / Loans less all govt. guaranteed loans     1.48 %     1.25 %     1.18 %
    ACL / Total assets     1.04 %     0.83 %     0.74 %
    SELECT FINANCIAL TREND INFORMATION   For the Quarter Ended:
      June 30, 2025 March 31, 2025 December 31, 2024 September 30, 2024 June 30, 2024
    BALANCE SHEET – PERIOD END            
    Total assets   $ 1,473,927   $ 1,560,376   $ 1,504,128   $ 1,512,241   $ 1,443,723  
    Loans held for sale     —     —     —     —     —  
    Loans held for investment     1,091,964     1,092,441     1,071,079     998,222     969,764  
    Investment securities     254,177     313,826     322,186     345,428     345,491  
                 
    Non-interest bearing deposits     759,300     825,404     828,508     826,708     731,030  
    Interest bearing deposits     475,348     494,977     455,869     460,241     437,927  
    Total deposits     1,234,648     1,320,381     1,284,377     1,286,949     1,168,957  
    Short-term borrowings     16,000     10,000     —     —     68,000  
    Long-term debt     38,086     38,046     38,007     37,967     39,678  
                 
    Total equity     191,773     191,928     186,574     176,350     167,286  
    Accumulated other comprehensive loss     (17,865 )   (17,217 )   (18,182 )   (12,715 )   (18,646 )
    Shareholders’ equity     173,908     174,711     168,392     163,635     148,640  
                 
    QUARTERLY INCOME STATEMENT            
    Interest income   $ 21,971   $ 22,274   $ 22,403   $ 21,404   $ 20,887  
    Interest expense     3,865     3,373     3,591     3,617     3,581  
    Net interest income     18,106     18,901     18,812     17,787     17,306  
    Non-interest income     9,243     9,575     9,435     7,616     7,423  
    Gross revenue     27,349     28,476     28,247     25,403     24,729  
                 
    Provision for credit losses     3,157     1,164     1,671     762     291  
                 
    Non-interest expense     15,768     16,467     13,270     12,735     13,285  
    Net income before tax     8,424     10,845     13,306     11,906     11,153  
    Tax provision     2,388     2,747     3,588     3,343     3,077  
    Net income after tax     6,036     8,098     9,718     8,563     8,076  
                 
    BALANCE SHEET – AVERAGE BALANCE            
    Total assets   $ 1,525,601   $ 1,531,573   $ 1,529,439   $ 1,477,259   $ 1,704,255  
    Loans held for sale     —     —     —     —     —  
    Loans held for investment     1,112,380     1,076,848     1,038,215     982,152     954,871  
    Investment securities     289,127     325,699     333,135     343,096     334,416  
                 
    Non-interest bearing deposits     812,753     850,426     838,748     822,200     758,977  
    Interest bearing deposits     468,604     450,124     460,321     432,143     440,147  
    Total deposits     1,281,357     1,300,550     1,299,069     1,254,343     1,199,124  
    Short-term borrowings     11,110     2,856     951     —     10,053  
    Long-term debt     38,068     38,028     37,989     39,479     39,660  
                 
    Shareholders’ equity     176,074     174,410     167,268     161,363     141,881  
    Contact: Steve Miller – President & CEO
      Bhavneet Gill – EVP & CFO
      (559) 439-0200

    The MIL Network –

  • MIL-OSI: Rapid7 Labs Security Researchers to Speak at Black Hat USA 2025 and DEF CON 33

    Source: GlobeNewswire (MIL-OSI)

    BOSTON, July 23, 2025 (GLOBE NEWSWIRE) — Today, Rapid7, Inc. (NASDAQ: RPD), a leader in threat detection and exposure management, announced its dynamic speaker lineup from Rapid7 Labs for Black Hat USA 2025 and DEF CON 33, taking place in Las Vegas this August. Conference organizers selected these speakers’ abstracts from among hundreds of submissions to showcase their groundbreaking research on emerging threats and vulnerabilities, complete with live demos of attack techniques and tools.

    Rapid7 Labs stands at the forefront of cybersecurity innovation, providing teams with a community-driven approach to security with open-source tools and research-informed, curated intelligence so they can more effectively identify, assess, and mitigate threats. Earlier this year, Rapid introduced Intelligence Hub, which unifies global threat intelligence expertly curated by Rapid7 Labs researchers.

    Rapid7 Labs Session Lineup

    The knowledge Rapid7 Labs speakers will share at this year’s Black Hat and DEF CON represents the company’s 25 years of security program expertise, enabling session attendees to proactively address today’s most pressing cybersecurity challenges.

    Metasploit’s Latest Attack Capability and Workflow Improvements
    Date & Time: Wednesday, August 6 | 11:00 AM – 11:55 AM PDT
    Location: Business Hall, Arsenal Station 6
    Conference: Black Hat 2025
    Track: Exploitation and Ethical Hacking
    Presented by Rapid7’s Spencer McIntyre, Senior Security Research Manager, and Jack Heysel, Senior Security Researcher, this Arsenal session showcases Metasploit’s latest capabilities, including SMB-to-LDAP and SMB-to-HTTP relaying, expanded support for Active Directory Certificate Services (AD CS) attacks, and new process injection techniques like “PoolParty.” Attendees will see demonstrations of how to detect and exploit ESC vulnerabilities, retrieve privileged credentials, and execute lateral movements in complex domain environments.

    Akheron Proxy — Interchip Communication Serial Proxy
    Date & Time: Wednesday, August 6 | 11:00 AM – 11:55 AM PDT
    Location: Business Hall, Arsenal Station 9
    Conference: Black Hat 2025
    Track: Hardware/Embedded
    In this Black Hat Arsenal Session, Deral Heiland, Principal Security Researcher (IoT) at Rapid7, and Matthew Kienow, Vulnerability Researcher at runZero, will discuss security testing methods via Akheron proxy, a serial communication proxy application tool designed to connect and proxy serial communication between microprocessors on a hardware circuit board. In this live demonstration, Heiland and Kienow will walk through how Akheron proxy allows embedded device testers to capture, decode, replay, and fuzz serial communications flowing between microprocessors on an embedded device circuit board in real time.

    Weaponization of Cellular-Based IoT Technology — Leveraging Smart Devices to Gain a Foothold
    Date & Time: Thursday, August 7 | 3:20 PM – 4:00 PM PDT
    Location: Oceanside C, Level 2
    Conference: Black Hat 2025
    Tracks: Hardware/Embedded, Network Security
    In this 40-minute briefing, Rapid7’s Deral Heiland, Principal Security Researcher (IoT), and Carlota Bindner, Lead Product Security Researcher at Thermo Fisher Scientific, will provide an analysis of how adversaries exploit IoT devices with built-in cellular technology. The session will include live demonstrations as well as discussions on mitigation techniques for manufacturers to address the risks and impacts associated with the demonstrated attacks.

    DisguiseDelimit: Exploiting Synology NAS with Delimiters and Novel Tricks
    Date & Time: Friday, August 8 | 2:00 PM PDT
    Location: Las Vegas Convention Center, Level 1
    Conference: DEF CON 33
    Ryan Emmons, Security Researcher at Rapid7, will present his findings on a critical vulnerability in Synology NAS devices, revealing how unauthenticated attackers could achieve root-level remote code execution on millions of devices. The presentation will also feature a novel Linux exploitation technique that earned recognition and awards in Pwn2Own 2024.

    “Between Black Hat and DEF CON, we are thrilled to have four extremely talented security researchers presenting this year,” said Raj Samani, chief scientist at Rapid7. “But even beyond that, these two annual conferences are an important time for the Rapid7 Labs team to connect with the community, exchange actionable insights, and address shared challenges together. These face-to-face interactions are critical for fostering the collaboration we all need to enable more secure customers and a safer society.”

    Rapid7 at Black Hat USA and DEF CON

    Black Hat USA 2025 will take place from August 2 to August 7, featuring cutting-edge research and expert-led discussions. DEF CON 33, running from August 7 to August 10, continues its legacy of fostering hands-on technical exploration and community collaboration in information security.

    Attendees at Black Hat and DEF CON are invited to join sessions featuring Rapid7 speakers to gain exclusive insights into the latest threats. For other ways to interact with Rapid7 August 6-7 in Las Vegas, visit the Rapid7 Black Hat 2025 information page.

    About Rapid7
    Rapid7, Inc. (NASDAQ: RPD) is on a mission to create a safer digital world by making cybersecurity simpler and more accessible. We empower security professionals to manage a modern attack surface through our best-in-class technology, leading-edge research, and broad, strategic expertise. Rapid7’s comprehensive security solutions help more than 11,000 global customers unite cloud risk management with threat detection and response to reduce attack surfaces and eliminate threats with speed and precision. For more information, visit our website, check out our blog, or follow us on LinkedIn or X.

    Rapid7 Media Relations
    Stacey Holleran
    Sr. Manager, Global Communications
    press@rapid7.com
    (857) 216-7804

    Rapid7 Investor Contact
    Elizabeth Chwalk
    Vice President, Investor Relations
    investors@rapid7.com
    (617) 865-4277

    The MIL Network –

  • MIL-OSI: New heat illness course from Traliant helps employers protect employees and stay compliant as temperatures – and regulations – rise

    Source: GlobeNewswire (MIL-OSI)

    NEW YORK, July 23, 2025 (GLOBE NEWSWIRE) — Traliant, a leader in online compliance training, today announced the launch of its new Heat Illness Prevention training, a targeted, regulation-compliant course designed to protect employees working in high-heat conditions both indoors and outdoors.

    Heat illness is a serious safety concern for employers, with the US Bureau of Labor Statistics reporting 55 work-related fatalities and 5,770 DART (Days Away, Restricted, or Transferred) cases due to heat exposure in 2023. To better protect employees working in hot environments, heat illness prevention mandates are becoming increasingly common at the federal and state levels. In addition to the Occupational Safety and Health Administration (OSHA) actively developing a federal heat illness prevention standard, state-level regulations already in effect in California, Nevada and Oregon require annual training for employees exposed to high-heat conditions.

    “As temperatures rise, so does the risk to workers — and employers have both a legal and ethical obligation to act,” said Bailey Whitsitt, Compliance Counsel at Traliant. “Training equips employees and supervisors to recognize early symptoms of heat-related illness and respond quickly — saving lives, reducing risk and creating a safer work environment.”

    Created with oversight from legal and compliance experts, Traliant’s Heat Illness Prevention course provides employers with training that meets California, Nevada and Oregon state requirements, will also serving as a strong foundation for organizations across the US. The course covers what heat illness is, prevention strategies, emergency response, reporting protocols and supervisor responsibilities.

    Vital for workers across manufacturing, construction, food services, utilities, landscaping and more, the training:

    • Addresses indoor and outdoor heat risks with realistic scenarios — including factors like physical exertion, clothing and environmental conditions.
    • Educates workers and managers on how to spot early symptoms of heat stress and respond effectively — including first aid and emergency procedures.
    • Helps reduce avoidable disruptions such as heat-related absences, injuries and claims — enabling organizations to maintain productivity and control costs.
    • Demonstrates to regulators, insurers and employees that your organization is taking proactive and reasonable steps to prevent heat-related harm.

    To learn more about Traliant, visit: https://www.traliant.com/.

    About Traliant
    Traliant, a leader in compliance training, is on a mission to help make workplaces better, for everyone. Committed to a customer promise of “compliance you can trust, training you will love,” Traliant delivers continuously compliant online courses, backed by an unparalleled in-house legal team, with engaging, story-based training designed to create truly enjoyable learning experiences.
      
    Traliant supports over 14,000 organizations worldwide with a library of curated essential courses to broaden employee perspectives, achieve compliance and elevate workplace culture, including sexual harassment training, inclusion training, code of conduct training, and many more.
      
    Backed by PSG, a leading growth equity firm, Traliant holds a coveted position on Inc.’s 5000 fastest-growing private companies in America for four consecutive years, along with numerous awards for its products and workplace culture. For more information, visit http://www.traliant.com and follow us on LinkedIn.

    Contact
    Reagan Bennet
    traliant@v2comms.com

    The MIL Network –

  • MIL-OSI: Usio to Host Second Quarter 2025 Conference Call to Discuss Results and Provide Company Update on August 6, 2025

    Source: GlobeNewswire (MIL-OSI)

    SAN ANTONIO, July 23, 2025 (GLOBE NEWSWIRE) — Usio, Inc. (Nasdaq:USIO), a leading provider of integrated, cloud-based electronic payment and embedded financial solutions, today announced it will release second quarter 2025 financial results for the period ended June 30, 2025, after the market closes on Wednesday, August 6, 2025.

    Usio’s management will host a conference call the same day, August 6, 2025, beginning at 4:30 p.m. Eastern time to review financial results and provide a business update. Following management’s formal remarks, there will be a question-and-answer session.

    To listen to the conference call, interested parties within the U.S. should call 1-888-999-6281. International callers should call 1-848-280-6550. All callers should ask for the Usio conference call. The conference call will also be available through a live webcast, which can be accessed via the company’s website at usio.com/events/.

    A replay of the call will be available approximately one hour after the end of the call through August 20, 2025. The replay can be accessed via the Company’s website or by dialing 1-877-344-7529 (U.S.), 1-855-669-9658 (Canada) or 1-412-317-0088 (all other international). The replay conference playback code is: 9584705.

    About Usio, Inc.
    Usio, Inc. (Nasdaq: USIO), a leading, cloud-based, integrated FinTech electronic payment solutions provider, offers a wide range of payment solutions to merchants, billers, banks, service bureaus, integrated software vendors and card issuers. The Company operates credit, debit/prepaid, and ACH payment processing platforms to deliver convenient, world-class payment solutions and services clients through its unique payment facilitation platform as a service. The company, through its Usio Output Solutions division, offers services relating to electronic bill presentment, document composition, document decomposition and printing and mailing services. The strength of the Company lies in its ability to provide tailored solutions for card issuance, payment acceptance, and bill payments as well as its unique technology in the card issuing sector. Usio is headquartered in San Antonio, Texas, and has offices in Austin, Texas.

    Websites: www.usio.com and www.akimbocard.com. 
    Find us on LinkedIn, Facebook® and Twitter.

    FORWARD-LOOKING STATEMENTS DISCLAIMER

    Except for the historical information contained herein, the matters discussed in this release include forward-looking statements which are covered by safe harbors. Those statements include, but may not be limited to, all statements regarding management’s intent, belief, and expectations, such as statements concerning our future and our operating and growth strategy. These forward-looking statements are identified by the use of words such as “believe,” “intend,” “look forward,” “anticipate,” “schedule,” and “expect” among others. Forward-looking statements in this press release are subject to certain risks and uncertainties inherent in the Company’s business that could cause actual results to vary, including such risks related to an economic downturn as a result of the COVID-19 pandemic, the realization of opportunities from the IMS acquisition, the management of the Company’s growth, the loss of key resellers, the relationships with the Automated Clearinghouse network, bank sponsors, third-party card processing providers and merchants, the security of our software, hardware and information, the volatility of the stock price, the need to obtain additional financing, risks associated with new tax legislation, and compliance with complex federal, state and local laws and regulations, and other risks detailed from time to time in the Company’s filings with the Securities and Exchange Commission including its annual report on Form 10-K for the fiscal year ended December 31, 2024. One or more of these factors have affected, and in the future, could affect the Company’s businesses and financial results in the future and could cause actual results to differ materially from plans and projections. The Company believes that the assumptions underlying the forward-looking statements included in this release will prove to be accurate. In light of the significant uncertainties inherent in the forward-looking statements included herein, the inclusion of such information should not be regarded as a representation by us or any other person that the objectives and plans will be achieved. All forward-looking statements made in this release are based on information presently available to management. The Company assumes no obligation to update any forward-looking statements, except as required by law.

    Contact
    Paul Manley
    Senior Vice President, Investor Relations
    paul.manley@usio.com
    612-834-1804

    The MIL Network –

  • MIL-OSI Submissions: Binary star systems are complex astronomical objects − a new AI approach could pin down their properties quickly

    Source: The Conversation – USA – By Andrej Prša, Professor of Astrophysics and Planetary Science, Villanova University

    In a binary star system, two stars orbit around each other. ESO/L. Calçada, CC BY

    Stars are the fundamental building blocks of our universe. Most stars host planets, like our Sun hosts our solar system, and if you look more broadly, groups of stars make up huge structures such as clusters and galaxies. So before astrophysicists can attempt to understand these large-scale structures, we first need to understand basic properties of stars, such as their mass, radius and temperature.

    But measuring these basic properties has proved exceedingly difficult. This is because stars are quite literally at astronomical distances. If our Sun were a basketball on the East Coast of the U.S., then the closest star, Proxima, would be an orange in Hawaii. Even the world’s largest telescopes cannot resolve an orange in Hawaii. Measuring radii and masses of stars appears to be out of scientists’ reach.

    Enter binary stars. Binaries are systems of two stars revolving around a mutual center of mass. Their motion is governed by Kepler’s harmonic law, which connects three important quantities: the sizes of each orbit, the time it takes for them to orbit, called the orbital period, and the total mass of the system.

    I’m an astronomer, and my research team has been working on advancing our theoretical understanding and modeling approaches to binary stars and multiple stellar systems. For the past two decades we’ve also been pioneering the use of artificial intelligence in interpreting observations of these cornerstone celestial objects.

    Measuring stellar masses

    Astronomers can measure orbital size and period of a binary system easily enough from observations, so with those two pieces they can calculate the total mass of the system. Kepler’s harmonic law acts as a scale to weigh celestial bodies.

    Binary stars orbit around each other, and in eclipsing binary stars, one passes in front of the other, relative to the telescope lens.
    Merikanto/Wikimedia Commons, CC BY-SA

    Think of a playground seesaw. If the two kids weigh about the same, they’ll have to sit at about the same distance from the midpoint. If, however, one child is bigger, he or she will have to sit closer, and the smaller kid farther from the midpoint.

    It’s the same with stars: The more massive the star in a binary pair, the closer to the center it is and the slower it revolves about the center. When astronomers measure the speeds at which the stars move, they can also tell how large the stars’ orbits are, and as a result, what they must weigh.

    Measuring stellar radii

    Kepler’s harmonic law, unfortunately, tells astronomers nothing about the radii of stars. For those, astronomers rely on another serendipitous feature of Mother Nature.

    Binary star orbits are oriented randomly. Sometimes, it happens that a telescope’s line of sight aligns with the plane a binary star system orbits on. This fortuitous alignment means the stars eclipse one another as they revolve about the center. The shapes of these eclipses allow astronomers to find out the stars’ radii using straightforward geometry. These systems are called eclipsing binary stars.

    By taking measurements from an eclipsing binary star system, astronomers can measure the radii of the stars.

    More than half of all Sun-like stars are found in binaries, and eclipsing binaries account for about 1% to 2% of all stars. That may sound low, but the universe is vast, so there are lots and lots of eclipsing systems out there – hundreds of millions in our galaxy alone.

    By observing eclipsing binaries, astronomers can measure not only the masses and radii of stars but also how hot and how bright they are.

    Complex problems require complex computing

    Even with eclipsing binaries, measuring the properties of stars is no easy task. Stars are deformed as they rotate and pull on each other in a binary system. They interact, they irradiate one another, they can have spots and magnetic fields, and they can be tilted this way or that.

    To study them, astronomers use complex models that have many knobs and switches. As an input, the models take parameters – for example, a star’s shape and size, its orbital properties, or how much light it emits – to predict how an observer would see such an eclipsing binary system.

    Computer models take time. Computing model predictions typically takes a few minutes. To be sure that we can trust them, we need to try lots of parameter combinations – typically tens of millions.

    This many combinations requires hundreds of millions of minutes of compute time, just to determine basic properties of stars. That amounts to over 200 years of computer time.

    Computers linked in a cluster can compute faster, but even using a computer cluster, it takes three or more weeks to “solve,” or determine all the parameters for, a single binary. This challenge explains why there are only about 300 stars for which astronomers have accurate measurements of their fundamental parameters.

    The models used to solve these systems have already been heavily optimized and can’t go much faster than they already do. So, researchers need an entirely new approach to reducing computing time.

    Using deep learning

    One solution my research team has explored involves deep-learning neural networks. The basic idea is simple: We wanted to replace a computationally expensive physical model with a much faster AI-based model.

    First, we computed a huge database of predictions about a hypothetical binary star – using the features that astronomers can readily observe – where we varied the hypothetical binary star’s properties. We are talking hundreds of millions of parameter combinations. Then, we compared these results to the actual observations to see which ones best match up. AI and neural networks are ideally suited for this task.

    In a nutshell, neural networks are mappings. They map a certain known input to a given output. In our case, they map the properties of eclipsing binaries to the expected predictions. Neural networks emulate the model of a binary but without having to account for all the complexity of the physical model.

    Neural networks detect patterns and use their training to predict an output, based on an input.

    We train the neural network by showing it each prediction from our database, along with the set of properties used to generate it. Once fully trained, the neural network will be able to accurately predict what astronomers should observe from the given properties of a binary system.

    Compared to a few minutes of runtime for the physical model, a neural network uses artificial intelligence to get the same result within a tiny fraction of a second.

    Reaping the benefits

    A tiny fraction of a second works out to about a millionfold runtime reduction. This brings the time down from weeks on a supercomputer to mere minutes on a single laptop. It also means that we can analyze hundreds of thousands of binary systems in a couple of weeks on a computer cluster.

    This reduction means we can obtain fundamental properties – stellar masses, radii, temperatures and luminosities – for every eclipsing binary star ever observed within a month or two. The big challenge remaining is to show that AI results really give the same results as the physical model.

    This task is the crux of my team’s new paper. In it we’ve shown that, indeed, the AI-driven model yields the same results as the physical model across over 99% of parameter combinations. This result means the AI’s performance is robust. Our next step? Deploy the AI on all observed eclipsing binaries.

    Best of all? While we applied this methodology to binaries, the basic principle applies to any complex physical model out there. Similar AI models are already speeding up many real-world applications, from weather forecasting to stock market analysis.

    Andrej Prša receives funding from the National Aeronautics and Space Administration.

    – ref. Binary star systems are complex astronomical objects − a new AI approach could pin down their properties quickly – https://theconversation.com/binary-star-systems-are-complex-astronomical-objects-a-new-ai-approach-could-pin-down-their-properties-quickly-253387

    MIL OSI –

  • MIL-OSI USA: Pfluger, Colleagues Reintroduce Legislation to Protect American Assets From Unlawful Seizure by Foreign Governments

    Source: United States House of Representatives – Congressman August Pfluger (TX-11)

    WASHINGTON, DC — As first reported in The Blaze, Congressman August Pfluger (TX-11) and Congresswoman Terri Sewell (AL-07) reintroduced critical bipartisan, bicameral legislation to protect American companies operating abroad. The Defending American Property Abroad Act would impose retaliatory prohibitions to deter and punish any nation in the Western Hemisphere that unlawfully seizes American assets.

    The need for this legislation has been exemplified by the Mexican government’s ongoing efforts to seize a deep-water port owned by U.S.-based Vulcan Materials Company, which is in direct violation of the United States-Mexico-Canada Agreement (USMCA) governing trade between our two nations. This violation poses a direct threat to American economic interests.

    Senator Bill Hagerty (R-TN) and Senator Tim Kaine (D-VA) introduced companion legislation in the Senate.

    “American companies operating abroad should not have to fear arbitrary government actions that undermine their property rights,” said Rep. Pfluger. “The Defending American Property Abroad Act will ensure that such actions do not go unchecked and that American businesses are protected from unjust expropriation. The protection of American property rights abroad is essential for fostering economic growth and maintaining our national security. I urge my colleagues in Congress to support this critical legislation and send a clear message that the United States will not tolerate unjust actions against American companies.”

    “U.S.-based companies with operations overseas should be able to conduct business without the fear of any government asserting any wrongful actions against employees or property,” said Congresswoman Sewell. “The Defending Americans Abroad Act will ensure that the United States has the ability to thwart any threats to both national security and economic endeavors.”

    “I strongly condemn the Mexican government’s threats against Vulcan Materials Company, and I am pleased to see this bipartisan and bicameral rebuke from the United States Senate,” said Senator Hagerty. “Under the leadership of Mexico’s previous president, Andrés Manuel López Obrador, and now the current president, Claudia Sheinbaum, the Mexican government is committing a blatant theft against a major American company and, by extension, the United States itself. No nation should be allowed to bully an American firm without consequences. Our legislation will counter any attempt by the Mexican government to profit from illegal moves to expropriate, nationalize, or otherwise seize U.S. assets.”

    “The Mexican government’s unfair targeting of Vulcan Materials Company, a U.S.-based company that employs over 1,000 people in Virginia, is harmful to the relationship between our two countries and severely undermines investor confidence,” said Senator Kaine. “That’s why I’m joining my colleagues in introducing this bipartisan legislation to deter the illegal seizure of U.S. assets.”

    Key provisions of the bill include:

    ·     Prohibiting trade partners in the Western Hemisphere from engaging in certain activities, such as docking vessels and importing goods, if they have expropriated or otherwise seized property owned by American entities.

    ·     Expanding Section 301 of the Trade Act of 1974 to treat property expropriation as an unreasonable trade practice

    ·     Empowering the President to implement and enforce prohibitions against offending countries

    ·     Mandating publication of prohibited property designations in the Federal Register

    The bill is co-sponsored in the House by Representatives David Rouzer (NC-07), Aaron Bean (FL-04), Dale Strong (AL-05), Julia Brownley (CA-26), Mike Collins (GA-10), Vicente Gonzalez (TX-34), John Carter (TX-31), Addison McDowell (NC-06), Salud Carbajal (CA-24), Buddy Carter (GA-01), Barry Moore (AL-01), Gary Palmer (AL-06), Robert Aderholt (AL-04), Chuck Edwards (NC-11), Craig Goldman (TX-12), Jimmy Panetta (CA-19), John McGuire (VA-05), Tim Moore (NC-14), Tim Burchett (TN-02), Morgan Luttrell (TX-08), Maria Salazar (FL-27), Thomas Kean (NJ-07), John Rutherford (FL-05), Ben Cline (VA-06), Beth Van Duyne (TX-24), Shomari Figures (AL-02), and Greg Steube (FL-17).

    The bill is co-sponsored in the Senate by Senators Katie Britt (R-AL), Tommy Tuberville (R-AL), Roger Wicker (R-MS), Ted Budd (R-NC), Marsha Blackburn (R-TN), and Angela Alsobrooks (D-MD).

    Read the full text of the legislation here.

    Background:

    In May 2022, then-Mexican President Andrés Manuel López Obrador (AMLO) abruptly shut down Vulcan Materials Company’s operations with false claims that the firm was violating its contract, and his government subsequently waged an unceasing pressure campaign against Vulcan, including multiple lawsuits and sending military and law enforcement to its facilities.

    In December 2023, Rep. Pfluger led a bipartisan letter to the Mexican Ambassador demanding answers about Mexico’s actions against the American company.

    Earlier this year, Rep. Pfluger also led a letter commending President Trump’s commitment to this issue by protecting American industries and jobs, which was first reported in The Blaze.

    MIL OSI USA News –

  • MIL-OSI USA: Pfluger Participates in Energy Subcommittee Hearing on Pipeline Safety

    Source: United States House of Representatives – Congressman August Pfluger (TX-11)

    Pfluger Participates in Energy Subcommittee Hearing on Pipeline Safety

    Washington, July 22, 2025

    WASHINGTON, DC — Congressman August Pfluger (TX-11), a member of the U.S. House Energy and Commerce Committee, participated in an Energy Subcommittee Hearing titled “Strengthening American Energy: A Review of Pipeline Safety Policy.”

    During the hearing, Rep. Pfluger emphasized the critical need for natural gas pipelines and their purpose for powering homes across the country. Rep. Pfluger pointed out that as energy demand rises, natural gas will continue to be the backbone of a reliable energy grid.

    Rep. Pfluger then questioned witnesses on how Congress can address burdensome federal oversight of natural gas pipelines while not compromising safety.

    Watch his full line of questioning HERE or by clicking the image below.

    Read highlights from the interaction below:

    Rep. Pfluger: “Mrs. Miller, I’ll stick with you. And I’ll start with the gas gathering rule. As you’re aware, this significantly expanded PHMSA’s jurisdiction, bringing more than 400,000 additional miles of gathering lines under federal oversight, and they’re located in districts like mine in the Permian Basin, where there’s a heavy presence of production that is very important. And the scope and implementation of this rule could have major implications for how the gathering systems are built and operated going forward. So, we want to get this right. We want to be reasonable, and safety is important. It is a major concern, and there are other concerns as well. But from your perspective, what implementation challenges are operators currently facing on the ground, and how can PHMSA better distinguish between high-risk and then lower-risk areas?”

    Mrs. Miller: “I appreciate that question very much. Yes, we do very much value the opportunity to have a risk-based assessment of safety concerns there. For example, a pipeline may have two different pipelines may have similar diameters or similar pressure, and there are other circumstances to consider in order to make sure that we’re assessing what the risk is. Appropriately, including, for example, proximity to populations, length of pipeline. One of the things I also wanted to make sure that this subcommittee is familiar with is the differences that exist between gathering pipelines and transmission pipelines, not only physically, but commercially. So, it’s important to remember that the interstate pipelines are subject to regulated rates with uniform tariffs. Versus gathering pipelines are subject to market-based negotiated compensation and negotiated commercial terms. So very different application.”

    Rep. Pfluger: “In your view, is there any realistic path to a reliable grid without natural gas playing a role as the backbone?”

    Mr. Moriarty: “Yes, I would agree with that natural gas pipelines are the safest way to move the energy that this nation needs, and there’s ever more demand for energy across our service territories, which is in United States, and to meet those demands, we need to construct and safely operate pipelines as well as LNG storage facilities.”

    MIL OSI USA News –

  • Mobile phone exports rise 127 times in a decade, says govt

    Source: Government of India

    Source: Government of India (4)

    India’s mobile manufacturing sector has witnessed an extraordinary transformation over the past decade, driven by the government’s Production Linked Incentive (PLI) Scheme and other policy reforms. Mobile phone exports from India surged from ₹1,500 crore in 2014-15 to ₹2 lakh crore in 2024-25, marking a 127-fold increase. Similarly, mobile phone production grew from ₹18,000 crore to ₹5.45 lakh crore in the same period- an unprecedented 28-fold rise.

    These figures were presented in the Lok Sabha by Union Minister of State for Electronics and Information Technology, Jitin Prasada. He highlighted the cumulative impact of targeted policy interventions such as the National Policy on Electronics (NPE) 2019 and various PLI schemes which have established a robust electronics manufacturing ecosystem in the country.

    India is now the second-largest mobile phone manufacturer in the world, a shift made possible by the PLI Scheme for Large Scale Electronics Manufacturing (LSEM), which has successfully transformed India from a net importer to a net exporter of mobile phones. The production of electronics goods in India increased from ₹1.9 lakh crore in 2014-15 to ₹11.3 lakh crore in 2024-25. Electronics exports also rose eightfold, from ₹38,000 crore to ₹3.27 lakh crore.

    The number of mobile manufacturing units in the country expanded from just 2 in 2014-15 to over 300 by 2024-25. Imports of mobile phones, which previously made up 75% of domestic demand, now constitute just 0.02%.

    The PLI Scheme for LSEM has attracted a cumulative investment of ₹12,390 crore, leading to total production worth ₹8,44,752 crore and exports valued at ₹4,65,809 crore as of June 2025. This has generated over 1.3 lakh direct jobs in the sector.

    Similarly, the PLI Scheme 2.0 for IT Hardware has brought in ₹717.13 crore in investments, resulting in production worth ₹12,195.84 crore and the creation of over 5,000 direct jobs.

    In addition to PLI, other initiatives such as the Scheme for Promotion of Manufacturing of Electronic Components and Semiconductors (SPECS), Electronics Manufacturing Clusters (EMC and EMC 2.0), and Public Procurement (Preference to Make in India) Order 2017 have further supported the sector’s growth. Tax reforms, including tariff rationalization and exemptions on basic customs duty for capital goods, along with allowing 100% FDI in electronics manufacturing, have also played a key role.

    According to industry estimates, value addition in electronics manufacturing in India now ranges between 18% and 20% across various products. In the last five years alone, the electronics manufacturing sector has received USD 4,071 million in foreign direct investment, with USD 2,802 million coming from MeitY PLI beneficiaries.

  • MIL-OSI Analysis: Understanding how Taylor Swift constructs her songs helps explain her phenomenal popularity

    Source: The Conversation – Canada – By Alexander Carpenter, Professor, Musicology, University of Alberta

    In 2023, Forbes published an article about Taylor Swift that included the following mind-boggling statistic: 55 per cent of adults in the United States identify themselves as Swift fans.

    In the wake of her recent epic world tour — which drew 10 million attendees and earned billions of dollars — Swift has clearly emerged as a modern singer-songwriter whose success and renown has no equal.

    The same article reports that 73 per cent of those surveyed insisted that “Swift’s music is a driving force of their support of her.” But the abundant discourse surrounding Taylor Swift in the popular press, academia and online seems to be about everything but her songs.

    In place of critical engagement with her musical work, Swift is credited for creating her own economic ecosystem wherever she goes, lauded for being a shrewd and powerful businessperson, described as an empowered and empowering feminist icon or branded a quintessential entertainer.

    At this moment, Swift resides at the very apex of modern celebrity culture. Ironically, this makes it especially tricky to engage with Swift as a musician, which is the very basis of her fame.

    As a musicologist, music critic and musician who studies and teaches popular music, there are ways to examine the musical meaning of pop songs. These approaches provide useful insights; after all, wasn’t it the music that drew audiences to Swift in the first place?

    Studying Swift

    Swift is increasingly taken seriously in the halls of academia. A number of universities offer courses dedicated to Swift, but typically not to her music as such: rather, many of these courses take a literary approach to her songs or a broadly sociological approach to her as a pop culture phenomenon, or they foreground her business model.

    In his book There’s Nothing Like This, Kevin Evers, senior editor of the Harvard Business Review, regards Swift as a “strategic genius.” He examines how she identifies and exploits untapped markets, making creative and marketing pivots at key moments while protecting her image as a self-made, authentic singer-songwriter.

    Evers focuses on non-musical elements when discussing Swift’s songs. He claims that Swift’s fans interpret her lyrics in a manner akin to the literary analysis of complex poems. Swift’s songs intrigue fans, Evers insists, primarily because they offer insight into her personal life, romantic travails and struggles with fame.

    Of course, words are an important element of pop songs, and for many fans, the words of a song constitute its “about-ness.” But a pop song is a sonic object, not simply a delivery system for words.

    Lyrical discourse analysis

    Song lyrics are not poems, although they may be “like poetry,” as musicologist Dai Griffiths has argued. He points out that when we insist on thinking of lyrics as poetry, we lose a systematic understanding of how words function in songs. The placement and sound of words, and how they relate to the music, are key elements of a song’s musical structure and sense.

    It is this discussion of the musical sense and meaning of Swift’s songs that is largely neglected.

    The academic study of classical music offers a wealth of analytic methodologies; there are ways to examine the musical meaning of pop songs that do not over-analyze the song. These include looking at elements like form, orchestration, melody, harmony and rhythm.

    A song creates space: its formal layout and the rhythm of musical phrases provide the space for words — what Griffiths calls the “verbal space” — which have their own rhythms and structures and work within but also push against the boundaries of this space.

    Form and space

    Consider Swift’s chart-topping 2014 single, “Shake it Off,” re-released as “Shake it Off (Taylor’s Version)” in 2023. This song, while popular, was criticized for its repetitiveness and lack of emotional depth.

    “Shake it Off” doesn’t seem to have much lyrical content: the verses are short, rounded off with simple slant rhymes, and much of the created space seems to be filled with repetition: “I’m just gonna shake, shake, shake, shake, shake/Shake it off, shake it off.”

    Likewise, the song is built musically on some very basic and limited material, namely three chords, a short, unvaried drum loop and a spare bass line provided by a baritone saxophone.

    The lyric video to “Shake it Off (Taylor’s version).”

    The lyrics touch lightly on Swift’s response to fame and her critics, but it is their syllabic density that contributes to the song’s development and momentum. This gradually and sytematically increases over the first two verses and pre-chorus, until arriving at the chorus, where the space is filled almost completely.

    The density of the music also increases in the choruses, with a thicker bass part, added vocals and a brass fanfare.

    While “Shake it Off” is repetitive with little harmonic and melodic variety, it is also quite subtly counterbalanced with a variety of sounds, textures and densities. These move the song forward and importantly, help mark off the song’s formal sections.

    These compositional and production details contribute to the song’s overall meaning. But how the words participate in the unfolding of the song-as-music, or the creation and shaping of the musical space, is also meaningful. The thrust of the lyrics emphasize Swift’s detachment from gossip and criticism: “I never miss a beat/I’m lightnin’ on my feet” and “But I keep cruisin’/Can’t stop, won’t stop groovin’”.

    These lyrics are reinforced by the propulsive musical momentum of the song created by the gradual thickening of the text and music. Even with this thickening, the song still remains quite light, emphasizing the lyrical claims of detachment and distance from negativity.

    The chorus, by contrast, with its deeply resonant bass, layers of background vocals and added brass, is musically the heaviest part of the song, underwriting Swift’s assertive claim that she will “shake off” the lies and gossip that plague her as a celebrity pop star.

    Understanding Swift’s success

    Collecting some musical information about Swift’s songs is not an abstract or intellectual activity; rather, it is essential information if we want to better understand Swift and her success in terms of her song writing.

    I’m not making an argument here for or against Swift’s music; I’m neither a “Swiftie” nor a detractor. Nor have I offered anything like a comprehensive or definitive analysis of a song in this short article.

    But I do think we should be curious and better understand Swift’s success, especially the popularity of her music across generations and demographics. How her songs are actually put together — how they work as music, in tandem with words, to tell stories — is an essential part of that understanding.

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

    – ref. Understanding how Taylor Swift constructs her songs helps explain her phenomenal popularity – https://theconversation.com/understanding-how-taylor-swift-constructs-her-songs-helps-explain-her-phenomenal-popularity-247855

    MIL OSI Analysis –

  • MIL-OSI Analysis: What Canada can learn from Australia on adequately protecting citizens at live events

    Source: The Conversation – Canada – By Sean Spence, Security Risk Management Pracitioner & Researcher, Royal Military College of Canada

    In April 2025, a man drove an SUV through a crowd of people attending a Filipino cultural festival in Vancouver, killing 11 people and injuring dozens more. In response, the British Columbia government immediately commissioned an inquiry to examine the systemic causes of the incident and whether any lessons could be learned from the tragedy.



    Read more:
    Vancouver SUV attack exposes crowd management falldowns and casts a pall on Canada’s election

    The commission came up with six recommendations based on gaps in the current municipal application and approval system for public events across the province.

    One key recommendation was that all public events should be required to complete a risk assessment. This isn’t currently happening across the province. The absence of such analysis poses a risk for public safety.

    Another recommendation was the creation of local knowledge capacity to support event organizers, particularly for small and rural events, where the expertise to conduct a basic security risk assessment is lacking.

    Forseeable tragedy?

    As I argued in August 2022, the live events industry lacks the same level of professionalism as other occupations. Many of these small event organizers are amateurs who lack the resources to properly deal with the security risks involved in holding their events.



    Read more:
    Canada could have its own Fyre Festival fiasco if it doesn’t amp up event regulations

    These factors, combined with emerging security risks, meant that the tragedy at the Lapu Lapu festival could be considered a foreseeable event given the risk realities associated with modern mass gatherings.

    The inquiry report highlighted how B.C. is lagging behind other international jurisdictions in terms of legislative pro-activeness in securing public events. This policy deficiency is actually a Canada-wide problem; the country is woefully behind other western nations when it comes to securing public events.

    My doctoral thesis examined this very issue when I compared the regulation and application process to host public events in Canada and Australia’s largest cities.

    Australia vs. Canada

    Firstly, it’s important to note that Canada is a less safe country in terms of security than Australia, all things considered equal. Canada’s porous border with the United States means more illegal firearms are entering the country, resulting in more gun violence than in Australia, where there are more restrictive gun ownership laws.

    The Lapu Lapu attack was not investigated as an act of terrorism, but in a related concern, Canada’s intelligence-gathering and national security laws place it at a counter-terrorism disadvantage compared to Australia.

    Relatively speaking, research suggests Canada’s Charter of Rights and Freedoms hinders its security services from being able to detect and investigate terrorism-related offences given the greater importance placed on individual rights compared to Australia, where there is no such Charter equivalent.

    Australia also has pro-active foreign intelligence collection capabilities to aid in its counter-terrorism efforts, while Canada’s CSIS agency only has domestic capabilities. That essentially requires it to import intelligence from its allies.

    Given these facts, it would seem plausible that Canada would be at greater risk for security threats at public events — including terrorist attacks, active shooters, etc. — than Australia.

    When I compared the data between both countries in my research, it suggested Australia has more public event regulation than Canada.

    It was quantitatively shown that Australian officials require risk assessments and other proactive measures from event organizers, including for risk mitigation, while Canadian officials are mostly concerned with reactive security response plans — in other words, determining how organizers would respond to attacks after they occurred.

    An analysis of event application documents in both countries reveal that Australian municipalities disproportionately emphasize “risk management” in approving events compared to Canadian municipalities.

    Three ways the B.C. report falls short

    The B.C. report missed out on examining several important elements.

    Firstly, it did not take a holistic, deep dive into just how vulnerable public events are to myriad security threats — like active shooters, crowd crushing and terrorist attacks — but instead focused solely on the hostile vehicle threat.

    It also failed to consider the urgency of governments to adopt policy changes in the face of emerging threats on public spaces, like drone attacks.

    Secondly, the report made no mention of the need for law enforcement to develop stronger ties to share intelligence with event organizers as a proactive measure to protect mass gathering events from violence. The Hamas attacks at a music festival in Israel in October 2023 highlight the worst outcome of such failures.



    Read more:
    How Israel underestimated Hamas’s intelligence capabilities – an expert reviews the evidence

    Lastly, there was no call for action or recommendation for the federal government to play a greater role in providing guidance to the industry and lower levels of government.

    National security is a federal issue as well as the regulation of airspace for drones. In countries such as the United Kingdom, Australia and the United States, the national government provides guidance on protecting public spaces. There is no such policy leadership in Canada.

    The B.C. findings show Canadian authorities have a lot of work to do to make public events safer for Canadians. With the FIFA World Cup coming to Canada next year, Canadian governments still have time to implement corrective actions to ensure soccer fans stay safe.

    Sean Spence provides security consulting services within the hospitality industry.

    – ref. What Canada can learn from Australia on adequately protecting citizens at live events – https://theconversation.com/what-canada-can-learn-from-australia-on-adequately-protecting-citizens-at-live-events-261161

    MIL OSI Analysis –

  • MIL-OSI United Kingdom: Government unveils updates to Private Fund Regime and Sound Business Practice Policy23 July 2025 The first two initiatives which will help to protect and grow Jersey’s financial services sector have been announced. The Jersey Private Fund, JPF, regime has been modernised to be better aligned with… Read more

    Source: Channel Islands – Jersey

    23 July 2025

    The first two initiatives which will help to protect and grow Jersey’s financial services sector have been announced. 

    The Jersey Private Fund, JPF, regime has been modernised to be better aligned with the needs of international professional investors. 

    Proposals to simplify the Sound Business Practice Policy, SBPP, have been published which, once approved, will streamline its application whilst a more comprehensive review of this framework is undertaken. 

    Both initiatives are part of the Competitiveness Programme and were unveiled at its launch event. 

    Jersey Private Fund 

    The Minister with responsibility for Financial Services, Deputy Ian Gorst, has signed a Ministerial Order to update the JPF. 

    Effective from 6 August 2025, the revised JPF Guide and a new statutory instrument, the Collective Investment Funds (Jersey Private Funds) Order, will come into force. 

    These changes will: 

    • remove the 50-offer / investor cap; 
    • expand the definition of professional investor; 
    • permit the listing of interests in JPFs with the Jersey Financial Services Commission’s consent; and 
    • introduce a 24-hour authorisation process for JPF applications submitted by registered Designated Service Providers.

    Jill Britton, Director General of the JFSC, said: “The updated JPF regime is a significant step, keeping Jersey’s fund offering evolving with the needs of industry. JPFs continue to be a regulated product that investors can have confidence in – these changes streamline the regime and, together with our commitment to faster authorisation, we are underscoring our commitment to excellent service.” 

    Joe Moynihan, CEO, Jersey Finance, said: “Since its launch in 2017, the JPF has become Jersey’s fastest-growing fund category, particularly well-suited to private equity, venture capital and real asset strategies. As private capital continues to evolve globally, these updates will further increase Jersey’s appeal to managers and professional investors seeking flexible and well-regulated fund solutions.” 

    Deputy Gorst said: “These revisions follow industry engagement and reflect a broader global movement toward bespoke, efficient private fund vehicles for professional investors. They provide certainty for fund promoters and reinforce Jersey’s appeal as a jurisdiction of choice for private capital.” 

    Sound Business Practice Policy 

    The SBPP, jointly developed by Government of Jersey and the JFSC, identifies ‘sensitive activities’ which require additional information or scrutiny before the JFSC consents to them. The Codes of Practice for investment business, funds service business, certified funds and trust and company businesses all require registered persons to have due regard to the SBPP. 

    The SBPP has served Jersey well in understanding and managing risk, but updates are required to ensure it remains fit for modern-day business. 

    The proposed amendments simplify its scope of application, reducing potential business frictions and delays. The “Repeal of the Control of Borrowing Framework”, recently published by the Government of Jersey, includes a review of the SBBP framework with a view to establish a more flexible risk-based approach in the medium-term. 

    Jill Britton said: “This is about modernising regulation while taking a progressive stance against financial crime. Refining the SBPP removes unnecessary complexity and enables firms to focus on what matters, identifying and managing real risk. It’s a shift toward more intelligent regulation, where the emphasis is on outcomes and accountability, not just process”. 

    Joe Moynihan added: “We welcome the simplification of the SBPP, which should have a material impact on Jersey’s competitiveness as an IFC that is very much open for high quality business. These changes, which are in response to industry feedback, are another good example of our agility as an IFC and the positive collaborative relationship there is between industry, the Government of Jersey and the JFSC.” 

    Deputy Gorst said: “This change will enable businesses to do what they already do well: determine the risk of their activity and to act accordingly. Jersey has a mature and sophisticated financial services sector, and this change acknowledges that. The simplification of the SBPP does not reduce Jersey’s commitment to combatting financial crime but rather acknowledges that the industry understand risk and allows them to take greater responsibility for managing it.” 

    Competitiveness Programme 

    The Competitiveness Progamme has brought together government, the regulator and industry with the goal of protecting Jersey’s current economic strength, while unlocking new pathways for growth over the next ten years. 

    The programme is organised around four strategic workstreams, with each designed to address a key dimension of Jersey’s competitiveness: 

    • International Tax Strategy – focusing on creating a tax framework that keeps Jersey competitive and compliant in a fast-changing global landscape. 
    • Business and Regulatory Environment – delivering practical, quick-impact improvements to ease of doing business and regulatory efficiency, while also shaping longer-term reforms. 
    • External Growth Strategy – comparing Jersey’s strengths and weaknesses, opportunities and threats, against global trends and competing jurisdictions, this stream will offer data-driven insights and targeted investment opportunities to fuel long-term, realisable international growth. 
    • Future Competitiveness and Regulation – bringing together a high-level panel of global experts to synthesise and prioritise the findings from across the workstreams, producing an independent report for Ministers. 

    At the end of this process of research and reflection, the Government will publish a final report and action plan in 2026 that will shape Jersey’s strategy into the next decade.

    These efforts align closely with other major initiatives such as Jersey Finance’s Vision2050 and the JFSC’s registry and strategic reviews, which ensures that workstreams are not happening in silos, but as part of a broader, coordinated vision. 

    For more on the Financial Services Competitiveness Programme, please see: Financial services competitiveness programme​​.

    MIL OSI United Kingdom –

  • MIL-OSI United Kingdom: New fence installed at Silksworth wheeled sports park to boost safety and community use

    Source: City of Sunderland

    A brand-new fence has been installed around the wheeled sports park at Silksworth Sports Complex and Ski Slope, providing a significant boost to safety and enjoyment for local families and young people.

    The improvements come as part of a project costing £15,690 funded by Sunderland City Council’s West Area Committee. The fencing works were completed over a four-week period, and a new gate has also been installed to fully complete the improvements.

    The wheeled sports park has long been a popular hub of activity and enjoyment for the Silksworth community, attracting hundreds of users each week. However, the removal of the original fence around five years ago, due to damage and safety concerns, left the area exposed. In the years since, rising levels of motorcycle disorder and general antisocial behaviour had made the park feel unsafe, particularly for younger users and their families.

    The installation of the new fence marks a major step forward in reclaiming the space for safer community use. These improvements should provide peace of mind for parents and encouraging more children and young people to enjoy the wheeled sports park as a safe, inclusive place to play, exercise, and socialise.

    Councillor Joanne Laverick, chair of the West Area Committee at Sunderland City Council said: “We listened to the concerns of residents, and this fence is a direct response to those calls for action. By improving safety and deterring antisocial behaviour, we’re making sure the park remains a safe and welcoming space for everyone.

    “Hopefully the installation of the new fence will not only attract former users of the wheeled sports park to come back and enjoy it again but attract new users too.”

    The West Area Committee is one of the five area committees across Sunderland. Made up of local councillors, these provide residents with a greater say by working closely with their communities and drawing on local knowledge to identify priorities for their area. They also create Area Plans to support the City Plan, focusing on local needs. These plans help fund and deliver projects in partnership with local voluntary and community sector organisations.

    The new gate will further support the long-term management of the site, helping to ensure the park continues to serve as a vibrant and valued community facility.

    Councillor Beth Jones, Cabinet Member of Communities, Culture and Tourism at Sunderland City Council said: “The wheeled sports park is a valuable community asset that brings together young people and encourages healthy, active lifestyles.

    “By making this a safer place for everyone to enjoy once again, I’d like to welcome residents to get the most out of this wheeled sports park.”

    The installation of the new fence has been welcomed by riders who regularly use the sports park. Jonathan Dobson, a Sunderland resident and BMX rider for 16 years said: “The new fence has made a huge difference to the sports park. Before it was installed, you’d often find rubbish and smashed glass around the park making it unusable. But now its cleaner and I know my bag will be safe while I’m riding as there’s only one entrance.”

    Silksworth Sports Complex and Ski Slope is one of Sunderland’s most distinctive recreational destinations, offering a unique blend of natural beauty and leisure facilities managed by Everyone Active. Home to one of the UK’s few dry ski slopes, the park also features a large lake, walking trails, sports pitches, a children’s play area, and wide green spaces.

    Silksworth Sports Complex and Ski Slope is popular with families and fitness enthusiasts alike and is a key community asset in the west of the city. The park plays an important role in promoting outdoor activity, wellbeing, and social connection throughout the year.

    MIL OSI United Kingdom –

  • MIL-OSI United Kingdom: Reading and much more at Leicester Libraries this summer!

    Source: City of Leicester

    FREE games, crafts, workshops and performances are on offer at all of Leicester’s libraries over the summer holidays.

    It’s all part of Story Garden, the summer reading challenge which rewards children for regular reading. Across the city, every Leicester library will host a free family fun session, which will include a range of accessible games and crafts, predominantly aimed at primary age children, but where all are welcome.

    A full rundown of where and when the fun days take place can be found at www.leicester.gov.uk/summerreadingchallenge – or you can ask at your local library.

    As well as the fun days, children can book a place on a free workshop at some libraries, with themes including Lego coding, space (in conjunction with the National Space Centre) and the environment.

    And there are free and low-cost shows at local libraries too, including:

    Check out the What’s On listings for a full rundown of what’s on where, or ask at your local library.

    Cllr Vi Dempster, assistant city mayor for libraries and community centres, said: “We’re really pleased to be able to offer lots of free or very low cost activities across the city and throughout the summer, suitable for children and young people of all ages.

    “Our summer reading challenge is always very popular, with thousands of local children getting involved – more than 6,000 children took part in the challenge last year.

    “Ebooks and audio books are included in the challenge too, so however you like to borrow books, you can take part.”

    Find out more at leicester.gov.uk/libraries.

    ENDS

    MIL OSI United Kingdom –