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  • MIL-OSI: Beneficient Receives Nasdaq Listing Determination

    Source: GlobeNewswire (MIL-OSI)

    DALLAS, July 18, 2025 (GLOBE NEWSWIRE) — Beneficient (NASDAQ: BENF) (the “Company”), a technology-enabled platform providing exit opportunities and primary capital solutions and related trust and custody services to holders of alternative assets through its proprietary online platform AltAccess, today announced that on July 16, 2025, the Company was notified by The Nasdaq Stock Market LLC (“Nasdaq”) that, due to its continued non-compliance with the minimum $1.00 bid price requirement set forth in Nasdaq Listing Rule 5550(a)(2) and the delay in the filing of the Company’s Annual Report on Form 10-K for the fiscal year ended March 31, 2025 with the Securities and Exchange Commission, in contravention of Nasdaq’s periodic reporting requirement set forth in Nasdaq Listing Rule 5250(c)(1), the Company’s securities were subject to delisting unless the Company timely requests a hearing before the Nasdaq Hearings Panel (the “Panel”).

    The Company plans to timely request a hearing and a stay of any suspension action by Nasdaq at least pending the ultimate outcome of the hearing process and the expiration of any extension period that may be granted to the Company following the hearing. At the hearing, the Company will present its plan to evidence compliance with all applicable criteria for continued listing on The Nasdaq Capital Market and request an extension of time to do so. While the Company is taking definitive steps to evidence compliance with the applicable listing criteria as soon as practicable, there can be no assurance that the Panel will grant the Company’s request for continued listing on Nasdaq.

    About Beneficient

    Beneficient (Nasdaq: BENF) – Ben, for short – is on a mission to democratize the global alternative asset investment market by providing traditionally underserved investors − mid-to-high net worth individuals, small-to-midsized institutions and General Partners seeking exit options, anchor commitments and valued-added services for their funds− with solutions that could help them unlock the value in their alternative assets. Ben’s AltQuote® tool provides customers with a range of potential exit options within minutes, while customers can log on to the AltAccess® portal to explore opportunities and receive proposals in a secure online environment.

    Its subsidiary, Beneficient Fiduciary Financial, L.L.C., received its charter under the State of Kansas’ Technology-Enabled Fiduciary Financial Institution (TEFFI) Act and is subject to regulatory oversight by the Office of the State Bank Commissioner. 

    For more information, visit www.trustben.com or follow us on LinkedIn.

    Contacts

    Matt Kreps: 214-597-8200, mkreps@darrowir.com
    Michael Wetherington: 214-284-1199, mwetherington@darrowir.com
    Investor Relations: investors@beneficient.com

    Forward Looking Statements

    This press release contains forward-looking statements within the meaning of the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements include, but are not limited to, statements regarding the listing and trading of the Company’s securities on Nasdaq, the Company’s intention to request a hearing from the Nasdaq hearing panel and the Company’s intention to regain compliance with the Nasdaq Listing Rules. The words “anticipate,” “believe,” “continue,” “could,” “estimate,” “expect,” “intends,” “may,” “might,” “plan,” “possible,” “potential,” “predict,” “project,” “should,” “would” and similar expressions may identify forward-looking statements, but the absence of these words does not mean that a statement is not forward-looking. Forward-looking statements are based on our management’s beliefs, as well as assumptions made by, and information currently available to, them. Because such statements are based on expectations as to future financial and operating results and are not statements of fact, actual results may differ materially from those projected.

    Important factors that could cause actual results to differ materially from those expressed in the forward-looking statements include, among others, our plans to appeal Nasdaq’s delisting determination; the outcome of any hearing we might request; our ability to cure any deficiencies in compliance with the Nasdaq Listing Rules; risks related to the substantial costs and diversion of management’s attention and resources due to these matters and the risks, uncertainties, and factors set forth under “Risk Factors” in the Company’s most recent Annual Report on Form 10-K and its subsequently filed Quarterly Reports on Form 10-Q and the risks and uncertainties contained in the Company’s Current Reports on Form 8-K. Forward-looking statements speak only as of the date they are made. The Company assumes no obligation to update forward-looking statements to reflect actual results, subsequent events, or circumstances or other changes affecting such statements except to the extent required by applicable law.

    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, except as required by law, the Company assumes no obligation and does not intend to update or revise these forward-looking statements, whether as a result of new information, future events, or otherwise.

    The MIL Network –

  • MIL-OSI USA:  Senator Scott: President Trump’s Signature on GENIUS Act Delivers for the American People

    US Senate News:

    Source: United States Senator for South Carolina Tim Scott

    “President Trump was crystal clear on the campaign trail: under his leadership, the United States will be the crypto capital of the world. With his signature on the GENIUS Act, we’ve made history and have delivered important regulatory clarity for the stablecoin industry…,” said Senator Scott.

    WASHINGTON — Today, President Donald J. Trump signed the Guiding and Establishing National Innovation for U.S. Stablecoins (GENIUS) Act – legislation Senator Tim Scott (R-S.C.) co-sponsored and championed as it advanced through the Senate. The GENIUS Act – which was led by Senator Bill Hagerty (R-Tenn.) and also cosponsored by Senator Kirsten Gillibrand (D-N.Y.), Senator Cynthia Lummis (R-Wyo.), and Senator Angela Alsobrooks (D-Md.) – establishes a first of its kind regulatory framework for payment stablecoins, protecting consumers and strengthening national security. Under Senator Scott’s leadership, the bill passed the Senate Banking Committee in March, with every Republican and five Democrats supporting it.

    “President Trump was crystal clear on the campaign trail: under his leadership, the United States will be the crypto capital of the world. With his signature on the GENIUS Act, we’ve made history and have delivered important regulatory clarity for the stablecoin industry. I’m grateful to the president and my colleagues for their tireless efforts and leadership on this legislation, which will not only support working families, small businesses, and communities across America with faster, cheaper, and more accessible payments but will also solidify the U.S. dollar’s dominance across the world. Let’s be clear – our work here is not finished – and I look forward to taking the same energy and approach to deliver digital asset market structure legislation to President Trump’s desk,”said Senator Scott.

    BACKGROUND:

    Upon becoming Chairman of the Senate Banking Committee, Scott pledged to advance a regulatory framework that will provide clarity for the digital assets industry and promote consumer choice, education, and protection. Building on that promise, Senator Scott created the first-ever Subcommittee on Digital Assets, led by Senator Cynthia Lummis (R-Wyo.).

    In its first legislative markup of the 119th Congress, and after considering nearly 40 amendments to the bill, the Senate Banking Committee voted to advance the GENIUS Act, with every Republican and five Democrats supporting it.

    Ahead of the Senate’s vote on the bill, key stakeholders voiced support for the legislation. After the Senate voted to begin consideration of the bill, Senator Scott issued astatement and spoke on the Senate floor highlighting the importance of passing the bill, noting that the GENIUS Act is the result of months of good-faith, bipartisan negotiations and has benefited from extensive consultation with industry participants, legal and academic experts, and government stakeholders. On June 17, the Senate passed the bill and President Trump endorsed the legislation. The House of Representatives advancedthe legislation on July 17, 2025. 

    To read Senator Scott’s op-ed in the Washington Examiner on the GENIUS Act, click here.

    MIL OSI USA News –

  • MIL-OSI USA: Scott, Colleagues Introduce Rural Healthcare Bill

    US Senate News:

    Source: United States Senator for South Carolina Tim Scott

    WASHINGTON — This week, U.S. Senator Tim Scott (R-S.C.) was joined by Senators Tina Smith (D-Minn.), Cynthis Lummis (R-Wyo.) and Tim Kaine (D-Va.) in introducing legislation to reauthorize rural health outreach services programs that were signed into law under President Trump in 2020. The Improving Care in Rural America Reauthorization Act would ensure that local rural needs are prioritized in grant awards by requiring community involvement in the planning and implementation of projects to ensure services are tailored to local needs.  

    “The 43 percent higher mortality rate in rural communities is not just a statistic, it represents our neighbors, our families, and fellow Americans who deserve equal access to quality healthcare,” said Senator Scott. “By reauthorizing these critical health service outreach programs, we are helping to close the gap and prevent these communities from being left behind.”

    “When I meet with families, farmers, businesses and community leaders in greater Minnesota, one of the first issues that comes up is health care,” said Senator Smith.“Rural communities often face increased barriers to medical services, including staff shortages and lack of federal funding. The Improving Care in Rural America Act continues the important progress we’ve made in providing these small towns and rural communities with the resources they need to support appropriate care for all.”

    “The people of Wyoming should not have to travel far for quality care,” said Senator Lummis. “The Improving Care in Rural America Reauthorization Act ensures rural clinics will continue to be funded and equipped to provide patient-centered services from corner to corner of the Cowboy State. Wyoming faces unique healthcare challenges, and I am proud to champion tailored solutions by reauthorizing this vital grant program to make medical services more accessible throughout my state.”

    “Across Virginia and throughout the U.S., rural communities often face unique challenges that lead to reduced or even nonexistent access to lifesaving medical care,” said Senator Kaine. “Especially at a time when our rural health providers are grappling with severe budget cuts that could force them to close their doors, I urge all of my colleagues to join us in passing this bipartisan legislation to reauthorize key federal grants that support rural health care.”

    This bill reauthorizes three key programs under the Public Health Service Act through FY2030:

    • Rural Healthcare Services Grants 
    • Rural Health Network Grants 
    • Small Healthcare Provider Quality Improvement Grants 

    A version of the bill was also introduced in the House by Congressmen, Earl Carter (R-GA), Shomari Figures (D-AL), Michael Rulli (R-OH), and Kim Schrier, M.D. (D-WA).

    Background:

    • Geographic isolation, workforce shortages, transportation barriers, facility closures, and inadequate insurance coverage create substantial obstacles to accessing essential medical services in rural communities. 
    • These systemic barriers have resulted in unmet healthcare needs that translate into a devastating 43% higher mortality rate for rural residents compared to their urban and suburban counterparts. 
    • The Improving Care in Rural America Reauthorization Act would address critical gaps by reauthorizing programs that would lead to:
      • Increased access to healthcare services and preventative screenings 
      • Improved chronic disease management and health outcomes 
      • Expanded telehealth services 
      • Reduced emergency room visits for nearly 500,000 individuals who receive direct services for these programs every year. 

    MIL OSI USA News –

  • MIL-OSI USA: Senators Coons, Blunt Rochester statement on Third Circuit judicial nominee

    US Senate News:

    Source: United States Senator for Delaware Christopher Coons

    WASHINGTON – U.S. Senators Chris Coons and Lisa Blunt Rochester (both D-Del.), released the following statement on President Trump’s nomination of Jennifer Mascott to fill the open Delaware seat on the U.S. Court of Appeals for the Third Circuit:

    “For months, we have worked with the White House in good faith to identify and interview qualified Delawareans for this lifetime position on the Third Circuit. We interviewed several promising candidates, including sitting members of the federal judiciary, with deep roots in the Delaware legal community and the qualifications to serve our state and the Third Circuit with distinction. We were encouraged when the White House Counsel’s Office – led by a Delawarean – interviewed those candidates as well. We had hope that the advice and consent process set out in the Constitution could work because it had in the past. During President Trump’s first term, Delaware’s senators identified, and a bipartisan Senate unanimously confirmed, two consensus judicial nominees to Delaware’s federal bench.

    “That was not the case this time around. The Trump administration has now nominated someone with whom we have never met and who has little– if any – connection to our state or to the Third Circuit. Ms. Mascott has never been a member of the Delaware bar and was only admitted to practice before the Third Circuit two months ago. Her key qualification appears to be that she works in President Trump’s White House Counsel’s Office. She has never been a judge of any kind, yet she is nominated to one of the highest judicial posts in the country. As far as we know, her relationship to Delaware is confined to a vacation beach house she sometimes visits in our state.”

    MIL OSI USA News –

  • MIL-OSI USA News: Fact Sheet: President Donald J. Trump Signs GENIUS Act into Law

    Source: US Whitehouse

    MAKING AMERICA THE LEADER IN DIGITAL ASSETS: Today, President Donald J. Trump signed the GENIUS Act into law, a historic piece of legislation that will pave the way for the United States to lead the global digital currency revolution.

    • The GENIUS Act prioritizes consumer protection, strengthens the U.S. dollar’s reserve currency status, and bolsters our national security.
    • The GENIUS Act will make America the undisputed leader in digital assets, bringing massive investment and innovation to our country.

    PROTECTING CONSUMERS IN THE DIGITAL MARKET: President Trump supports the GENIUS Act because it protects consumers from nefarious actors in financial markets.

    • This long-overdue legislation creates the first-ever Federal regulatory system for stablecoins, ensuring their stability and trust through strong reserve requirements.
    • The GENIUS Act requires 100% reserve backing with liquid assets like U.S. dollars or short-term Treasuries and requires issuers to make monthly, public disclosures of the composition of reserves.
    • Stablecoin issuers must comply with strict marketing rules to protect consumers from deceptive practices. Crucially, they are forbidden from making misleading claims that their stablecoins are backed by the U.S. government, federally insured, or legal tender.
    • The GENIUS Act aligns State and Federal stablecoin frameworks, ensuring fair and consistent regulation throughout the country.
    • In the event of insolvency of a stablecoin issuer, the GENIUS Act prioritizes stablecoin holders’ claims over all other creditors, ensuring a final backstop of consumer protection.

    ENSURING U.S. DOLLAR GLOBAL RESERVE CURRENCY STATUS: By driving demand for U.S. Treasuries, stablecoins will play a crucial role in ensuring the continued global dominance of the U.S. dollar as the world’s reserve currency.

    • The GENIUS Act will generate increased demand for U.S. debt and cement the dollar’s status as the global reserve currency by requiring stablecoin issuers to back their assets with Treasuries and U.S. dollars.
    • Additionally, the GENIUS Act will play a key role in attracting more digital asset activity to the country by providing clear rules and promoting responsible innovation in the stablecoin market.

    COMBATING ILLICIT ACTIVITY IN DIGITAL ASSETS: Through regulation and registration of stablecoin issuers, along with coordination with the Treasury Department on sanctions enforcement, the GENIUS Act reinforces our national security.

    • The GENIUS Act explicitly subjects stablecoin issuers to the Bank Secrecy Act, thereby clearly obligating them to establish effective anti-money laundering and sanctions compliance programs with risk assessments, sanctions list verification, and customer identification.
    • This legislation improves the Treasury Department’s ability to combat illicit stablecoin activities by enhancing its sanctions evasion and money laundering enforcement capabilities.
    • All stablecoin issuers must possess the technical capability to seize, freeze, or burn payment stablecoins when legally required and must comply with lawful orders to do so.

    DELIVERING ON PROMISE TO MAKE AMERICA THE CRYPTO CAPITAL OF THE WORLD: President Trump is fulfilling his campaign promise to position America as the global leader in cryptocurrency.

    • President Trump promised to make the United States the “crypto capital of the world,” emphasizing the need to embrace digital assets to drive economic growth and technological leadership.
    • In his first week in office, President Trump signed an Executive Order to promote United States leadership in digital assets.
    • In March, President Trump signed an Executive Order to establish a Strategic Bitcoin Reserve and a U.S. Digital Asset Stockpile, positioning the United States as a leader among nations in government digital asset strategy.
    • President Trump has long been a proponent of the GENIUS Act, saying it “is going to make America the UNDISPUTED Leader in Digital Assets — Nobody will do it better, it is pure GENIUS! Digital Assets are the future, and our Nation is going to own it. We are talking about MASSIVE Investment, and Big Innovation. The House will hopefully move LIGHTNING FAST, and pass a ‘clean’ GENIUS Act. Get it to my desk, ASAP — NO DELAYS, NO ADD ONS. This is American Brilliance at its best, and we are going to show the World how to WIN with Digital Assets like never before!”

    MIL OSI USA News –

  • MIL-OSI Canada: Enhancing trade corridors in the Pacific Northwest

    Minister of Transportation and Economic Corridors Devin Dreeshen will attend this year’s Pacific NorthWest Economic Region (PNWER) Annual Summit and take part in a panel discussion and fireside chat to highlight the importance of economic corridors to facilitating Alberta’s mutually beneficial trade with the region.  

    Associate Minister of Water Grant Hunter will participate in two panels: Aquatic Invasive Species: Lurking Threat to the Regional Economy and Environment, and Technology and the Future of Water.

    MLA for Lac Ste. Anne-Parkland Shane Getson, MLA for Vermilion-Lloydminster-Wainwright Garth Rowswell, MLA for Cypress-Medicine Hat Justin Wright, MLA for Chestermere-Strathmore Chantelle de Jonge and MLA for Leduc-Beaumont Brandon Lunty will also attend the summit, teaming up to advance Alberta’s priorities in meetings, working groups and sessions.

    Alberta’s delegates will bring the province’s perspective to future-focused discussions on a broad range of priorities when meeting and engaging with U.S. state legislators, officials and influential corporate leaders from across the Pacific Northwest region. These priorities include making the case for enhancing Alberta-U.S. energy collaboration and working together to support the key policies, infrastructure and pathways needed to move even more of Alberta’s traditional and emerging energy products to our growing list of customers in the U.S.

    Alberta’s government and industry partners have begun preparations to host the 2026 PNWER Annual Summit. MLA Shane Getson will also take the opportunity to formally invite PNWER delegates to make the trip to Edmonton next July to see firsthand why Alberta’s vast resources and homegrown solutions are the answer to the United States’ prosperous future.

    “Alberta is a leader in collaborating with other jurisdictions to advance strategic trade corridors to position Canada as a global gateway and unlock access to new markets, strengthen national security and drive economic growth. I look forward to meeting with our U.S. partners and sharing Alberta’s successes in establishing economic corridors as well as highlighting our vision related to new corridors and nation-building projects.”

    Devin Dreeshen, Minister of Transportation and Economic Corridors

    “Water is one of our most valuable resources, and this summit is a chance to have meaningful conversations that help to drive regional solutions for the issues that matter to Albertans. From drought and water infrastructure to the fight against aquatic invasive species, this is an opportunity to work with our neighbours, share what’s working and shape what comes next.”

    Grant Hunter, Associate Minister of Water

    “As the president of PNWER Canada, I am eager to strengthen our trade relationships with member states. I am confident that this year will grow the long list of influential U.S. decision makers who are committed to working with Alberta, aiding in decision-making that will benefit people on both sides of the border.”

    Shane Getson, MLA for Lac Ste. Anne-Parkland

    “We are a trading province, and our goal is to strengthen Alberta’s ties with the U.S. Pacific Northwest for the benefit of the people of Alberta, and every province and state represented at PNWER.

    I look forward to highlighting the countless opportunities to grow our economies, and our trading relationship as long-standing allies.”

    Garth Rowswell, MLA for Vermilion-Lloydminster-Wainwright

    “Along with our fellow Canadians in British Columbia, Saskatchewan, Manitoba, Yukon and the Northwest Territories, Alberta has been a member of PNWER since its founding more than three decades ago. Our time at this year’s summit is a great opportunity to continue building on that legacy as Alberta prepares to host the 2026 PNWER Annual Summit in our capital city next July.”

    Justin Wright, MLA for Cypress-Medicine Hat

    “Alberta’s strengths in agriculture, energy, ground-breaking technologies, emissions reduction solutions and more make our province the perfect fit for addressing the priorities of our PNWER partners. I look forward to showcasing the important role that Alberta can play in building a resilient future through regional collaboration, innovation and enhanced trade across the Pacific Northwest and beyond.”

    Chantelle de Jonge, MLA for Chestermere-Strathmore

    “Alberta is a powerhouse of economic opportunity. Working alongside U.S. legislators to maintain and enhance cost-effective and efficient corridors between Alberta and our long-standing customers in the Pacific Northwest is key to ensuring our two nations contribute to one another’s overall success, including job security and economic stability for all our citizens.”

    Brandon Lunty, MLA for Leduc-Beaumont

    PNWER is a non-partisan, public/private partnership that was established in 1991 to advance the economic well-being, quality of life and common interests of its 10 member jurisdictions, which include the states of Alaska, Idaho, Oregon, Montana and Washington, the provinces of British Columbia, Alberta and Saskatchewan, and the Yukon and Northwest Territories.

    Minister Dreeshen will travel with one staff member and Associate Minister Hunter will travel with two staff members. Mission expenses will be posted on the travel and expense disclosure page.

    Quick facts

    • The U.S. is Alberta’s largest trading partner, and Alberta is the second-largest provincial exporter to the U.S. after Ontario.
    • In 2024, Alberta’s exports to the U.S. totalled C$162.1 billion, accounting for 88.7 per cent of total provincial exports. The U.S. is also an important source of industrial inputs and consumer goods for the province.
    • The Pacific Northwest is an important trade region for Alberta. In 2024, bilateral trade between Alberta and the PNWER U.S. member states totalled C$21 billion.

    Itinerary for Minister Dreeshen*

    July 22
    • Travel to Bellevue, WA.
    • Meetings and sessions with legislators and decision makers at the 2025 PNWER Annual Summit.

    July 23
    • Participate as a panelist in the session on Economic Corridors: Ports, Routes & the Future of Trade.
    • Meetings and sessions with legislators and decision makers at the 2025 PNWER Annual Summit.

    July 24
    • Travel to Alberta.

    *Subject to change.

    Itinerary for Associate Minister Hunter*

    July 20
    • Travel to Bellevue, WA.
    • Meetings and sessions with legislators and decision makers at the 2025 PNWER Annual Summit.

    July 21
    • Participate in the session Aquatic Invasive Species: Lurking Threat to the Regional Economy and Environment.
    • Participate in the session Technology and the Future of Water.
    • Meetings and sessions with legislators and decision makers at the 2025 PNWER Annual Summit.

    July 22
    • Travel to Alberta.

    *Subject to change.

    Itinerary for MLAs Getson, Rowswell, de Jonge and Lunty*

    July 20
    • Travel to Bellevue, WA.
    • Meetings and sessions with legislators and decision makers at the 2025 PNWER Annual Summit.

    July 21-24
    • Meetings and sessions with legislators and decision makers at the 2025 PNWER Annual Summit.
    • Travel to Alberta.

    *Subject to change.

    Itinerary for MLA Wright*

    July 20
    • Travel to Bellevue, WA.
    • Meetings and sessions with legislators and decision makers at the 2025 PNWER Annual Summit.

    July 21-23
    • Meetings and sessions with legislators and decision makers at the 2025 PNWER Annual Summit.
    • Travel to Alberta.

    *Subject to change.

    Related information

    • Pacific NorthWest Economic Region (PNWER)

    MIL OSI Canada News –

  • MIL-OSI New Zealand: New weather radar for Nelson Tasman region

    Source: New Zealand Government

    The Government is funding MetService to procure a new Nelson Tasman weather radar to improve severe weather monitoring and response in the region, Associate Transport Minister James Meager has announced.  

    “Following the recent devastating weather events in Nelson Tasman, our focus has been on supporting the region’s recovery whilst looking for opportunities to better prepare the community for future disasters,” Mr Meager says.  

    “I’m pleased to confirm the Crown’s existing MetService contract will be varied to immediately begin the procurement of a new radar for the region. This is something the community has asked for, and it’s my hope the investment will give locals peace of mind over their individual and property safety in future events.

    “Weather radars play an incredibly important role in emergency management once an event starts. They allow forecasters to monitor the progression of a storm, refine short-term forecasts and warnings, and provide specific guidance to emergency managers about the distribution and intensity of rainfall.” 

    “Nelson Tasman has experienced several high-impact flooding events in recent years. Since 2011, there have been five states of emergency declared in the region,” Emergency Management and Recovery Minister Mark Mitchell says. 

    “Providing Nelson Tasman with a new weather radar will give emergency managers greater ability to monitor rainfall and flooding risk during a severe weather event, reducing the risk of loss of life and property.” 

    A new radar has a capital cost of up to $5 million and ongoing operating costs of approximately $800,000 per annum. Immediate work will begin using existing MetService funding.

    “In addition to the new weather radar, the Government has committed to strengthening the emergency management system to ensure it is fit for purpose to manage significant, widespread emergencies,” Mr Mitchell says.

    “Investments in modern technology and trained personnel, along with clear governance structures and assurance, will ensure faster, more effective emergency management.”

    MIL OSI New Zealand News –

  • MIL-OSI: Oak Valley Bancorp Reports 2nd Quarter Results and Announces Cash Dividend

    Source: GlobeNewswire (MIL-OSI)

    OAKDALE, Calif., July 18, 2025 (GLOBE NEWSWIRE) — Oak Valley Bancorp (NASDAQ: OVLY) (the “Company”), the bank holding company for Oak Valley Community Bank and their Eastern Sierra Community Bank division, recently reported unaudited consolidated financial results. For the three months ended June 30, 2025, consolidated net income was $5,588,000, or $0.67 per diluted share (EPS), as compared to $5,297,000, or $0.64 EPS, for the prior quarter and $5,889,000, or $0.71 EPS, for the same period a year ago. Consolidated net income for the six months ended June 30, 2025 was $10,885,000, or $1.31 EPS, compared to $11,616,000 or $1.41 EPS for the same period of 2024.

    The increase in second quarter net income compared to the prior quarter was the result of loan growth, a rise in the yield of the loan portfolio, and the corresponding increase in interest income. The QTD and YTD decreases compared to the same periods of 2024 were related to an increase in deposit interest expense and general operating expenses.

    Net interest income for the three-months ended June 30, 2025 was $18,154,000, compared to $17,807,000 in the prior quarter, and $17,292,000 in the same period a year ago. The increase in net interest income over the prior periods is attributed to an increase in average earning asset balances and loan yields. Gross loans grew by $18,903,000 and $39,820,000 during the second quarter and prior twelve months, respectively, while loans yields continue to trend upward. The cost of funds increased throughout 2024, but began to decline during the first six months of 2025, ending at 0.77% during the second quarter of 2025, as compared to 0.79% for the prior quarter, and 0.73% for the same period of 2024. Net interest margin for the three months ended June 30, 2025 was 4.11%, compared to 4.09% for the prior quarter and 4.11% for the same period last year.

    “Our solid earnings results reflect our steady and cautious approach to managing our business. The increase in net interest income due to loan growth and stable interest margins demonstrates our ability to navigate changing market conditions. Our commitment to relationship-based deposit growth remains strong, enabling us to maintain a competitive lending strategy and manage profitability,” stated Rick McCarty, President and Chief Operating Officer.

    Non-interest income was $1,703,000 for the three-months ended June 30, 2025, compared to $1,613,000 for the prior quarter and $1,760,000 for the same period last year. The increase over the prior period was mainly due to fair value adjustments on a limited partner equity investment and increased production from our investment advisory service and related fee income. The decrease compared to the same period a year ago was the result of the same investment advisory service fee income.

    Non-interest expense totaled $12,688,000 for the three-months ended June 30, 2025, compared to $12,624,000 in the prior quarter and $11,616,000 in the same quarter a year ago. The increases compared to prior periods are due to general operating costs related to servicing the growing loan and deposit portfolios.

    Total assets were $1.92 billion at June 30, 2025, a decrease of $3.5 million from March 31, 2025 and an increase of $80.4 million over June 30, 2024. Gross loans were $1.11 billion at June 30, 2025, an increase of $18.9 million over March 31, 2025 and $39.8 million over June 30, 2024. The Company’s total deposits were $1.71 billion as of June 30, 2025, a decrease of $2.4 million from March 31, 2025 and an increase of $66.5 million over June 30, 2024. Our liquidity position remains strong, as evidenced by $198.9 million in cash and cash equivalents balances at June 30, 2025.

    “We are pleased with the continued expansion of our loan portfolio and the overall strength of our balance sheet. While deposits declined marginally from the previous quarter, our year-over-year deposit trajectory remains on an upward trend,” stated Chris Courtney, CEO. “Our growth is a testament to the unwavering dedication and collaboration of our team members. Their commitment to providing outstanding service to our clients has been instrumental in driving our steady growth and ability to exceed client expectations.”        

    Non-performing assets (“NPA”) remained at zero as of June 30, 2025, as they were for all of 2025 and 2024. The allowance for credit losses (“ACL”) as a percentage of gross loans decreased slightly to 1.03% at June 30, 2025, compared to 1.05% at March 31, 2025 and 1.04% at June 30, 2024. The decrease in the ACL as a percentage of gross loans from the prior periods is mainly due to the growth in the loan portfolio. Management has performed a thorough analysis of credit risk as part of the CECL model’s ACL computation, concluding that the credit loss reserves relative to gross loans remains at acceptable levels, and credit quality remains stable. As a result, the Company did not record a provision for credit losses during the second quarter.

    The Board of Directors of Oak Valley Bancorp at their July 15, 2025, meeting declared the payment of a cash dividend of $0.30 per share of common stock to its shareholders of record at the close of business on July 28, 2025. The payment date will be August 8, 2025 and will amount to approximately $2,515,000. This is the second dividend payment made by the Company in 2025.

    Oak Valley Bancorp operates Oak Valley Community Bank & their Eastern Sierra Community Bank division, through which it offers a variety of loan and deposit products to individuals and small businesses. They currently operate through 18 conveniently located branches: Oakdale, Turlock, Stockton, Patterson, Ripon, Escalon, Manteca, Tracy, Sacramento, Roseville, two branches in Sonora, three branches in Modesto, and three branches in their Eastern Sierra division, which includes Bridgeport, Mammoth Lakes, and Bishop. The company will open its 19th branch location later this year in Lodi.

    For more information, call 1-866-844-7500 or visit www.ovcb.com.

    This press release includes forward-looking statements about the corporation for which the corporation claims the protection of safe harbor provisions contained in the Private Securities Litigation Reform Act of 1995.

    Forward-looking statements are based on management’s knowledge and belief as of today and include information concerning the corporation’s possible or assumed future financial condition, and its results of operations and business. Forward-looking statements are subject to risks and uncertainties. A number of important factors could cause actual results to differ materially from those in the forward-looking statements. Those factors include fluctuations in interest rates, government policies and regulations (including monetary and fiscal policies), legislation, economic conditions, including increased energy costs in California, credit quality of borrowers, operational factors and competition in the geographic and business areas in which the company conducts its operations. All forward-looking statements included in this press release are based on information available at the time of the release, and the Company assumes no obligation to update any forward-looking statement.

    Oak Valley Bancorp
    Financial Highlights (unaudited)
                 
    Selected Quarterly Operating Data: 2nd Quarter 1st Quarter 4th Quarter 3rd Quarter 2nd Quarter
    ($ in thousands, except per share) 2025 2025 2024 2024 2024
                 
      Net interest income $ 18,154   $ 17,807   $ 17,846   $ 17,655   $ 17,292  
      (Reversal of) provision for credit losses   –     –     –     (1,620 )   –  
      Non-interest income   1,703     1,613     1,430     1,846     1,760  
      Non-interest expense   12,688     12,624     11,548     11,324     11,616  
      Net income before income taxes   7,169     6,796     7,728     9,797     7,436  
      Provision for income taxes   1,581     1,499     1,720     2,473     1,547  
      Net income $ 5,588   $ 5,297   $ 6,008   $ 7,324   $ 5,889  
                 
      Earnings per common share – basic $ 0.68   $ 0.64   $ 0.73   $ 0.89   $ 0.72  
      Earnings per common share – diluted $ 0.67   $ 0.64   $ 0.73   $ 0.89   $ 0.71  
      Dividends paid per common share $ –   $ 0.300   $ –   $ 0.225   $ –  
      Return on average common equity   12.21 %   11.58 %   12.86 %   16.54 %   14.19 %
      Return on average assets   1.18 %   1.13 %   1.25 %   1.56 %   1.30 %
      Net interest margin (1)   4.11 %   4.09 %   4.00 %   4.04 %   4.11 %
      Efficiency ratio (2)   63.90 %   65.01 %   59.91 %   58.07 %   60.97 %
                 
    Capital – Period End          
      Book value per common share $ 22.17   $ 21.89   $ 21.95   $ 22.18   $ 20.55  
                 
    Credit Quality – Period End          
      Nonperforming assets / total assets   0.00 %   0.00 %   0.00 %   0.00 %   0.00 %
      Credit loss reserve / gross loans   1.03 %   1.05 %   1.04 %   1.07 %   1.04 %
                 
    Balance Sheet – Period End (in thousands)          
      Total assets $ 1,920,909   $ 1,924,365   $ 1,900,604   $ 1,900,455   $ 1,840,521  
      Gross loans   1,109,856     1,090,953     1,106,535     1,075,138     1,070,036  
      Nonperforming assets   –     –     –     –     –  
      Allowance for credit losses   11,430     11,448     11,460     11,479     11,121  
      Deposits   1,711,241     1,713,592     1,695,690     1,690,301     1,644,748  
      Common equity   185,805     183,520     183,436     185,393     171,799  
                 
    Balance Sheet – Average (in thousands)          
      Average assets $ 1,903,741   $ 1,903,585   $ 1,909,691   $ 1,863,983   $ 1,814,643  
      Average earning assets   1,818,430     1,814,338     1,819,649     1,780,056     1,737,270  
      Average equity   183,612     185,592     185,345     175,693     166,429  
                 
    Non-Financial Data          
      Full-time equivalent staff   231     225     223     222     223  
      Number of banking offices   18     18     18     18     18  
                 
    Common Shares outstanding          
      Period end   8,382,062     8,382,062     8,357,211     8,358,711     8,359,556  
      Period average – basic   8,245,147     8,231,844     8,224,504     8,221,475     8,219,699  
      Period average – diluted   8,285,299     8,278,301     8,278,427     8,263,790     8,248,295  
                 
    Market Ratios          
      Stock Price $ 27.24   $ 24.96   $ 29.25   $ 26.57   $ 24.97  
      Price/Earnings   10.02     9.56     10.09     7.52     8.69  
      Price/Book   1.23     1.14     1.33     1.20     1.22  
                 
    (1) This is a non-GAAP measure because its computed on a fully tax equivalent basis using a marginal federal tax rate of 21%.  
    (2) This ratio was changed to GAAP basis as of the quarter ended December 31, 2024, and all prior periods have been restated accordingly.
                 
                 
                 
    Profitability SIX MONTHS ENDED JUNE 30,      
    ($ in thousands, except per share) 2025 2024      
                 
      Net interest income $ 35,961   $ 34,533        
      (Reversal of) provision for credit losses   –     –        
      Non-interest income   3,316     3,279        
      Non-interest expense   25,312     23,145        
      Net income before income taxes   13,965     14,667        
      Provision for income taxes   3,080     3,051        
      Net income $ 10,885   $ 11,616        
                 
      Earnings per share – basic $ 1.32   $ 1.41        
      Earnings per share – diluted $ 1.31   $ 1.41        
      Dividends paid per share $ 0.30   $ 0.225        
      Return on average equity   11.89 %   14.03 %      
      Return on average assets   1.15 %   1.28 %      
      Net interest margin (1)   4.10 %   4.10 %      
      Efficiency ratio (2)   64.44 %   59.36 %      
                 
    Capital – Period End          
      Book value per share $ 22.17   $ 20.55        
                 
    Credit Quality – Period End          
      Nonperforming assets/ total assets   0.00 %   0.00 %      
      Credit loss reserve/ gross loans   1.03 %   1.04 %      
                 
    Balance Sheet – Period End (in thousands)          
      Total assets $ 1,920,909   $ 1,840,521        
      Gross loans   1,109,856     1,070,036        
      Nonperforming assets   –     –        
      Allowance for credit losses   11,430     11,121        
      Deposits   1,711,241     1,644,748        
      Stockholders’ equity   185,805     171,799        
                 
    Balance Sheet – Average (in thousands)          
      Average assets $ 1,903,663   $ 1,819,426        
      Average earning assets   1,816,395     1,740,898        
      Average equity   184,596     166,071        
                 
    Non-Financial Data          
      Full-time equivalent staff   231     223        
      Number of banking offices   18     18        
                 
    Common Shares outstanding          
      Period end   8,382,062     8,359,556        
      Period average – basic   8,238,532     8,214,658        
      Period average – diluted   8,281,819     8,246,472        
                 
    Market Ratios          
      Stock Price $ 27.24   $ 24.97        
      Price/Earnings   10.22     8.81        
      Price/Book   1.23     1.22        
                 
      (1) This is a non-GAAP measure because its computed on a fully tax equivalent basis using a marginal federal tax rate of 21%.
      (2) This ratio was changed to GAAP basis as of the year ended December 31, 2024, and the prior period has been restated accordingly.
    Contact: Chris Courtney/Rick McCarty
    Phone:  (209) 848-2265
      www.ovcb.com

    The MIL Network –

  • MIL-OSI: Oak Valley Bancorp Reports 2nd Quarter Results and Announces Cash Dividend

    Source: GlobeNewswire (MIL-OSI)

    OAKDALE, Calif., July 18, 2025 (GLOBE NEWSWIRE) — Oak Valley Bancorp (NASDAQ: OVLY) (the “Company”), the bank holding company for Oak Valley Community Bank and their Eastern Sierra Community Bank division, recently reported unaudited consolidated financial results. For the three months ended June 30, 2025, consolidated net income was $5,588,000, or $0.67 per diluted share (EPS), as compared to $5,297,000, or $0.64 EPS, for the prior quarter and $5,889,000, or $0.71 EPS, for the same period a year ago. Consolidated net income for the six months ended June 30, 2025 was $10,885,000, or $1.31 EPS, compared to $11,616,000 or $1.41 EPS for the same period of 2024.

    The increase in second quarter net income compared to the prior quarter was the result of loan growth, a rise in the yield of the loan portfolio, and the corresponding increase in interest income. The QTD and YTD decreases compared to the same periods of 2024 were related to an increase in deposit interest expense and general operating expenses.

    Net interest income for the three-months ended June 30, 2025 was $18,154,000, compared to $17,807,000 in the prior quarter, and $17,292,000 in the same period a year ago. The increase in net interest income over the prior periods is attributed to an increase in average earning asset balances and loan yields. Gross loans grew by $18,903,000 and $39,820,000 during the second quarter and prior twelve months, respectively, while loans yields continue to trend upward. The cost of funds increased throughout 2024, but began to decline during the first six months of 2025, ending at 0.77% during the second quarter of 2025, as compared to 0.79% for the prior quarter, and 0.73% for the same period of 2024. Net interest margin for the three months ended June 30, 2025 was 4.11%, compared to 4.09% for the prior quarter and 4.11% for the same period last year.

    “Our solid earnings results reflect our steady and cautious approach to managing our business. The increase in net interest income due to loan growth and stable interest margins demonstrates our ability to navigate changing market conditions. Our commitment to relationship-based deposit growth remains strong, enabling us to maintain a competitive lending strategy and manage profitability,” stated Rick McCarty, President and Chief Operating Officer.

    Non-interest income was $1,703,000 for the three-months ended June 30, 2025, compared to $1,613,000 for the prior quarter and $1,760,000 for the same period last year. The increase over the prior period was mainly due to fair value adjustments on a limited partner equity investment and increased production from our investment advisory service and related fee income. The decrease compared to the same period a year ago was the result of the same investment advisory service fee income.

    Non-interest expense totaled $12,688,000 for the three-months ended June 30, 2025, compared to $12,624,000 in the prior quarter and $11,616,000 in the same quarter a year ago. The increases compared to prior periods are due to general operating costs related to servicing the growing loan and deposit portfolios.

    Total assets were $1.92 billion at June 30, 2025, a decrease of $3.5 million from March 31, 2025 and an increase of $80.4 million over June 30, 2024. Gross loans were $1.11 billion at June 30, 2025, an increase of $18.9 million over March 31, 2025 and $39.8 million over June 30, 2024. The Company’s total deposits were $1.71 billion as of June 30, 2025, a decrease of $2.4 million from March 31, 2025 and an increase of $66.5 million over June 30, 2024. Our liquidity position remains strong, as evidenced by $198.9 million in cash and cash equivalents balances at June 30, 2025.

    “We are pleased with the continued expansion of our loan portfolio and the overall strength of our balance sheet. While deposits declined marginally from the previous quarter, our year-over-year deposit trajectory remains on an upward trend,” stated Chris Courtney, CEO. “Our growth is a testament to the unwavering dedication and collaboration of our team members. Their commitment to providing outstanding service to our clients has been instrumental in driving our steady growth and ability to exceed client expectations.”        

    Non-performing assets (“NPA”) remained at zero as of June 30, 2025, as they were for all of 2025 and 2024. The allowance for credit losses (“ACL”) as a percentage of gross loans decreased slightly to 1.03% at June 30, 2025, compared to 1.05% at March 31, 2025 and 1.04% at June 30, 2024. The decrease in the ACL as a percentage of gross loans from the prior periods is mainly due to the growth in the loan portfolio. Management has performed a thorough analysis of credit risk as part of the CECL model’s ACL computation, concluding that the credit loss reserves relative to gross loans remains at acceptable levels, and credit quality remains stable. As a result, the Company did not record a provision for credit losses during the second quarter.

    The Board of Directors of Oak Valley Bancorp at their July 15, 2025, meeting declared the payment of a cash dividend of $0.30 per share of common stock to its shareholders of record at the close of business on July 28, 2025. The payment date will be August 8, 2025 and will amount to approximately $2,515,000. This is the second dividend payment made by the Company in 2025.

    Oak Valley Bancorp operates Oak Valley Community Bank & their Eastern Sierra Community Bank division, through which it offers a variety of loan and deposit products to individuals and small businesses. They currently operate through 18 conveniently located branches: Oakdale, Turlock, Stockton, Patterson, Ripon, Escalon, Manteca, Tracy, Sacramento, Roseville, two branches in Sonora, three branches in Modesto, and three branches in their Eastern Sierra division, which includes Bridgeport, Mammoth Lakes, and Bishop. The company will open its 19th branch location later this year in Lodi.

    For more information, call 1-866-844-7500 or visit www.ovcb.com.

    This press release includes forward-looking statements about the corporation for which the corporation claims the protection of safe harbor provisions contained in the Private Securities Litigation Reform Act of 1995.

    Forward-looking statements are based on management’s knowledge and belief as of today and include information concerning the corporation’s possible or assumed future financial condition, and its results of operations and business. Forward-looking statements are subject to risks and uncertainties. A number of important factors could cause actual results to differ materially from those in the forward-looking statements. Those factors include fluctuations in interest rates, government policies and regulations (including monetary and fiscal policies), legislation, economic conditions, including increased energy costs in California, credit quality of borrowers, operational factors and competition in the geographic and business areas in which the company conducts its operations. All forward-looking statements included in this press release are based on information available at the time of the release, and the Company assumes no obligation to update any forward-looking statement.

    Oak Valley Bancorp
    Financial Highlights (unaudited)
                 
    Selected Quarterly Operating Data: 2nd Quarter 1st Quarter 4th Quarter 3rd Quarter 2nd Quarter
    ($ in thousands, except per share) 2025 2025 2024 2024 2024
                 
      Net interest income $ 18,154   $ 17,807   $ 17,846   $ 17,655   $ 17,292  
      (Reversal of) provision for credit losses   –     –     –     (1,620 )   –  
      Non-interest income   1,703     1,613     1,430     1,846     1,760  
      Non-interest expense   12,688     12,624     11,548     11,324     11,616  
      Net income before income taxes   7,169     6,796     7,728     9,797     7,436  
      Provision for income taxes   1,581     1,499     1,720     2,473     1,547  
      Net income $ 5,588   $ 5,297   $ 6,008   $ 7,324   $ 5,889  
                 
      Earnings per common share – basic $ 0.68   $ 0.64   $ 0.73   $ 0.89   $ 0.72  
      Earnings per common share – diluted $ 0.67   $ 0.64   $ 0.73   $ 0.89   $ 0.71  
      Dividends paid per common share $ –   $ 0.300   $ –   $ 0.225   $ –  
      Return on average common equity   12.21 %   11.58 %   12.86 %   16.54 %   14.19 %
      Return on average assets   1.18 %   1.13 %   1.25 %   1.56 %   1.30 %
      Net interest margin (1)   4.11 %   4.09 %   4.00 %   4.04 %   4.11 %
      Efficiency ratio (2)   63.90 %   65.01 %   59.91 %   58.07 %   60.97 %
                 
    Capital – Period End          
      Book value per common share $ 22.17   $ 21.89   $ 21.95   $ 22.18   $ 20.55  
                 
    Credit Quality – Period End          
      Nonperforming assets / total assets   0.00 %   0.00 %   0.00 %   0.00 %   0.00 %
      Credit loss reserve / gross loans   1.03 %   1.05 %   1.04 %   1.07 %   1.04 %
                 
    Balance Sheet – Period End (in thousands)          
      Total assets $ 1,920,909   $ 1,924,365   $ 1,900,604   $ 1,900,455   $ 1,840,521  
      Gross loans   1,109,856     1,090,953     1,106,535     1,075,138     1,070,036  
      Nonperforming assets   –     –     –     –     –  
      Allowance for credit losses   11,430     11,448     11,460     11,479     11,121  
      Deposits   1,711,241     1,713,592     1,695,690     1,690,301     1,644,748  
      Common equity   185,805     183,520     183,436     185,393     171,799  
                 
    Balance Sheet – Average (in thousands)          
      Average assets $ 1,903,741   $ 1,903,585   $ 1,909,691   $ 1,863,983   $ 1,814,643  
      Average earning assets   1,818,430     1,814,338     1,819,649     1,780,056     1,737,270  
      Average equity   183,612     185,592     185,345     175,693     166,429  
                 
    Non-Financial Data          
      Full-time equivalent staff   231     225     223     222     223  
      Number of banking offices   18     18     18     18     18  
                 
    Common Shares outstanding          
      Period end   8,382,062     8,382,062     8,357,211     8,358,711     8,359,556  
      Period average – basic   8,245,147     8,231,844     8,224,504     8,221,475     8,219,699  
      Period average – diluted   8,285,299     8,278,301     8,278,427     8,263,790     8,248,295  
                 
    Market Ratios          
      Stock Price $ 27.24   $ 24.96   $ 29.25   $ 26.57   $ 24.97  
      Price/Earnings   10.02     9.56     10.09     7.52     8.69  
      Price/Book   1.23     1.14     1.33     1.20     1.22  
                 
    (1) This is a non-GAAP measure because its computed on a fully tax equivalent basis using a marginal federal tax rate of 21%.  
    (2) This ratio was changed to GAAP basis as of the quarter ended December 31, 2024, and all prior periods have been restated accordingly.
                 
                 
                 
    Profitability SIX MONTHS ENDED JUNE 30,      
    ($ in thousands, except per share) 2025 2024      
                 
      Net interest income $ 35,961   $ 34,533        
      (Reversal of) provision for credit losses   –     –        
      Non-interest income   3,316     3,279        
      Non-interest expense   25,312     23,145        
      Net income before income taxes   13,965     14,667        
      Provision for income taxes   3,080     3,051        
      Net income $ 10,885   $ 11,616        
                 
      Earnings per share – basic $ 1.32   $ 1.41        
      Earnings per share – diluted $ 1.31   $ 1.41        
      Dividends paid per share $ 0.30   $ 0.225        
      Return on average equity   11.89 %   14.03 %      
      Return on average assets   1.15 %   1.28 %      
      Net interest margin (1)   4.10 %   4.10 %      
      Efficiency ratio (2)   64.44 %   59.36 %      
                 
    Capital – Period End          
      Book value per share $ 22.17   $ 20.55        
                 
    Credit Quality – Period End          
      Nonperforming assets/ total assets   0.00 %   0.00 %      
      Credit loss reserve/ gross loans   1.03 %   1.04 %      
                 
    Balance Sheet – Period End (in thousands)          
      Total assets $ 1,920,909   $ 1,840,521        
      Gross loans   1,109,856     1,070,036        
      Nonperforming assets   –     –        
      Allowance for credit losses   11,430     11,121        
      Deposits   1,711,241     1,644,748        
      Stockholders’ equity   185,805     171,799        
                 
    Balance Sheet – Average (in thousands)          
      Average assets $ 1,903,663   $ 1,819,426        
      Average earning assets   1,816,395     1,740,898        
      Average equity   184,596     166,071        
                 
    Non-Financial Data          
      Full-time equivalent staff   231     223        
      Number of banking offices   18     18        
                 
    Common Shares outstanding          
      Period end   8,382,062     8,359,556        
      Period average – basic   8,238,532     8,214,658        
      Period average – diluted   8,281,819     8,246,472        
                 
    Market Ratios          
      Stock Price $ 27.24   $ 24.97        
      Price/Earnings   10.22     8.81        
      Price/Book   1.23     1.22        
                 
      (1) This is a non-GAAP measure because its computed on a fully tax equivalent basis using a marginal federal tax rate of 21%.
      (2) This ratio was changed to GAAP basis as of the year ended December 31, 2024, and the prior period has been restated accordingly.
    Contact: Chris Courtney/Rick McCarty
    Phone:  (209) 848-2265
      www.ovcb.com

    The MIL Network –

  • MIL-OSI: Lake Shore Bancorp Announces Closing of Conversion Transaction

    Source: GlobeNewswire (MIL-OSI)

    DUNKIRK, N.Y., July 18, 2025 (GLOBE NEWSWIRE) — Lake Shore Bancorp, Inc. (“Lake Shore Bancorp”) (NASDAQ: LSBK), the new holding company for Lake Shore Bank (the “Bank”), announced that the conversion of Lake Shore, MHC from mutual to stock form, the related stock offering by Lake Shore Bancorp and the Bank’s conversion from a federal savings bank to a New York chartered commercial bank closed following the close of business today. Lake Shore Bancorp’s common stock is expected to begin trading on the Nasdaq Global Market under the trading symbol “LSBK” on July 21, 2025.

    As a result of the subscription offering, Lake Shore Bancorp sold a total of 4,950,460 shares of its common stock (approximately the midpoint of the offering range) at a price of $10.00 per share for total gross proceeds of $49.5 million.

    Lake Shore Bancorp’s transfer agent, Computershare Trust Company, N.A. (“Computershare”), expects to mail Direct Registration System (“DRS”) Book-Entry statements for shares purchased in the subscription offering and interest checks, on or about July 21, 2025.

    As part of the conversion transaction, each outstanding share of Lake Shore Bancorp, Inc., a federal corporation (“Lake Shore Federal Bancorp”) common stock owned by the public stockholders of Lake Shore Federal Bancorp (stockholders other than Lake Shore, MHC) as of the closing date was converted into shares of Lake Shore Bancorp common stock based on an exchange ratio of 1.3549 shares of Lake Shore Bancorp common stock for each share of Lake Shore Federal Bancorp common stock so that Lake Shore Federal Bancorp’s existing public stockholders will own approximately the same percentage of Lake Shore Bancorp’s common stock as they owned of Lake Shore Federal Bancorp’s common stock immediately prior to the conversion, subject to adjustment as disclosed in the prospectus. Cash was issued in lieu of a fractional share of Lake Shore Bancorp common stock based on the offering price of $10.00 per share. Upon the completion of the conversion and stock offering, approximately 7,825,877 shares of Lake Shore Bancorp common stock are outstanding before adjustment for fractional shares.

    Stockholders of Lake Shore Federal Bancorp holding shares in street name will receive shares of Lake Shore Bancorp common stock and cash in lieu of fractional shares within their accounts. Stockholders of Lake Shore Federal Bancorp holding shares in certificated form will be mailed a letter of transmittal on or about July 21, 2025. After submitting their stock certificates and a properly completed letter of transmittal to Computershare, stockholders will receive DRS Book-Entry statements reflecting their shares of Lake Shore Bancorp common stock and checks for cash in lieu of fractional shares.

    Luse Gorman, PC acted as legal counsel to Lake Shore Bancorp and Lake Shore Federal Bancorp. Raymond James & Associates, Inc. acted as marketing agent for Lake Shore Bancorp in the subscription offering. Kilpatrick Townsend & Stockton LLP acted as legal counsel to Raymond James & Associates, Inc.

    About Lake Shore

    Lake Shore Bancorp is the holding company of Lake Shore Bank, a New York chartered, community-oriented financial institution headquartered in Dunkirk, New York. The Bank has ten full-service branch locations in Western New York, including four in Chautauqua County and six in Erie County. The Bank offers a broad range of retail and commercial lending and deposit services. Lake Shore Bancorp’s common stock is traded on the NASDAQ Global Market as “LSBK”. Additional information about Lake Shore Bancorp is available at www.lakeshoresavings.com.

    Safe-Harbor

    This release contains certain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, that are based on current expectations, estimates and projections about Lake Shore Federal Bancorp’s, Lake Shore Bancorp, Inc.’s (collectively, the “Company”) and the Bank’s industry, and management’s beliefs and assumptions. Words such as anticipates, expects, intends, plans, believes, estimates and variations of such words and expressions are intended to identify forward-looking statements. Such statements reflect management’s current views of future events and operations. These forward-looking statements are based on information currently available to the Company as of the date of this release. It is important to note that these forward-looking statements are not guarantees of future performance and involve and are subject to significant risks, contingencies, and uncertainties, many of which are difficult to predict and are generally beyond our control including, but not limited to, possible unforeseen delays in delivering DRS Book-Entry statements or interest checks; delays in the start of trading due to market disruptions or otherwise, data loss or other security breaches, including a breach of our operational or security systems, policies or procedures, including cyber-attacks on us or on our third party vendors or service providers, economic conditions, the effect of changes in monetary and fiscal policy, inflation, tariffs, unanticipated changes in our liquidity position, climate change, geopolitical conflicts, public health issues, increased unemployment, deterioration in the credit quality of the loan portfolio and/or the value of the collateral securing repayment of loans, reduction in the value of investment securities, the cost and ability to attract and retain key employees, regulatory or legal developments, tax policy changes, dividend policy changes and our ability to implement and execute our business plan and strategy and expand our operations. These factors should be considered in evaluating forward looking statements and undue reliance should not be placed on such statements, as our financial performance could differ materially due to various risks or uncertainties. We do not undertake to publicly update or revise our forward-looking statements if future changes make it clear that any projected results expressed or implied therein will not be realized.

    Legal Disclosures

    The shares of common stock of Lake Shore Bancorp, Inc. are not savings accounts or deposit accounts and are not insured by the Federal Deposit Insurance Corporation or by any other governmental agency.

    Source: Lake Shore Bancorp, Inc.
    Category: Financial

    Investor Relations/Media Contact
    Kim C. Liddell
    President, CEO, and Director
    Lake Shore Bancorp, Inc.
    31 East Fourth Street
    Dunkirk, New York 14048
    (716) 366-4070 ext. 1012

    The MIL Network –

  • MIL-OSI: Topnotch Crypto Launches Revolutionary AI-Powered Cloud Mining Platform Ahead of 2025 Cryptocurrency Surge

    Source: GlobeNewswire (MIL-OSI)

    Houston, Texas, July 18, 2025 (GLOBE NEWSWIRE) — Topnotch Crypto, a visionary leader in blockchain innovation, today proudly announces the launch of its revolutionary AI-powered cloud mining platform. This cutting-edge platform promises to redefine cryptocurrency mining by leveraging artificial intelligence and cloud computing to deliver unparalleled efficiency, accessibility, and sustainability.

    As cryptocurrency ushers in a wave of growth in 2025, Topnotch Crypto helps miners and investors seize the opportunity and mine Bitcoin efficiently.

    Artificial Intelligence: The Catalyst for Mining Evolution

    Historically, cryptocurrency mining was done with expensive hardware, a considerable amount of technical knowledge, and a huge amount of energy usage, among other things. Topnotch Crypto, gives users the ability to mine crypto without hardware expenses or technical hurdles, and still allows users to mine both profitably and efficiently, all thanks to a marketplace disruption that combines advanced AI algorithms that verify and optimize all aspects of mining from start-to-finish. 

    The AI can watch the network difficulty, energy costs, and profitability of mining in real-time and use all these variables to change mining parameters, reallocate standing computational power, determine when preventative maintenance will be needed, and maximize machine uptime and outputs, all in real-time. This all takes the potential for human error out of the process and decreases operational cost. 

    Overall, our AI based platform allows you the ability to mine cryptocurrencies at anytime, or anywhere, with almost no knowledge requirements or upfront capital. This degree of autonomy allows mining to expand to everyone. 

    User-Friendly and Scalable for All

    We built Topnotch Crypto’s cloud mining platform to be inclusive and flexible. Its user-friendly interface allows rookie users to mine in just a few minutes. More advanced and institutional users can take advantage of customizable and scalable contracts.

    Whether you’re an individual investor interested in generating passive income, or a large corporation looking to diversify your crypto portfolio, Topnotch allows for all sizes. Users can also easily scale mining power up and down depending on the market shifts and investment strategy.

    Topnotch’s mobile and desktop interfaces allow for easy on-the-go management so users can have control of their mining operations anywhere, at any time.

    Positioning for the 2025 Cryptocurrency Boom

    Market analysis suggests that 2025 will be a pivotal year for cryptocurrency. Adoption on an institutional level will be skyrocketing, and regulations across the globe will be relatively mature. Additionally, prices for Bitcoin and other large coins will have skyrocketed.

    At this time, Topnotch Crypto gives its users a unique advantage with its new AI powered mining platform. Users can mine before the boom and accumulate ownership of cryptocurrencies at a lower price, thus exponentially multiplying their profits when demand does catch up to prices.

    Unwavering Commitment to Security and Transparency

    As an industry suffering from security risks, Topnotch Crypto’s dedication to user assets and data has never been more essential. By utilizing end-to-end encryption, mufti-factor authentication and smart contracts on the blockchain, Topnotch Crypto is able to build a stronghold focused on protecting user assets and data against hacks and unauthorized access.

    Transparency is equally important. Users have access to detailed real time dashboards showing hash rates, user earnings, AI optimizations and transaction history. Every payout is verified on-chain as verifiable proof of the mining activity.

    Together, security and transparency can ensure user confidence and foster long-term trust.

    Leading the Charge Toward Sustainable Mining

    With concerns about the environment growing ever since the industry has become known for its high energy consumption, it is taking a toll on the image of cryptocurrency mining. Topnotch Crypto is setting a standard for the industry to follow, and they are tackling the issue in an environmentally friendly manner.

    Topnotch Crypto operates from energy-efficient data centres that utilize renewable sources of energy, such as solar and wind. Also, through Artificial Intelligence, the energy usage is continually optimized to eliminate waste and further reduce the carbon footprint without sacrificing performance.

    With this level of commitment to sustainability, Topnotch Crypto is positioning itself along with the global ESG (Environmental, Social, Governance) initiatives, appealing to investors who care about the environment. 

    Platform Features That Set Topnotch Crypto Apart

    • AI Mining Optimization: Ensured productivity and performance maximized with real-time and automated changes to mining parameters. 

    • Zero threshold to participate: Register with your email address and receive a $15 newbie gift, and enjoy the free mining experience.

    • Security: Military grade encryption methods and blockchain smart contracts. 

    • Flexible and scalable packages: Built for independent miner users, although methodologies developed will also be able to scale for institutional clients. 

    • Withdrawals and reporting: You can access all your earnings or gains immediately,  along with blockchain verifiable proof of payment. 

    • Any Time, Anywhere: You can access either your desktop or favorite mobile device from anywhere in the world. 

    • Eco-Friendly Infrastructure: Committed to sustainable mining and utilizing electricity from renewable sources, with AI monitoring.

    About Topnotch Crypto

    Topnotch Crypto leads the blockchain industry in the area of democratizing access to cryptocurrency mining and investment. We use a combination of AI and cloud computing, with security and sustainability, to provide unique, innovative, solutions that empower every person around the world to participate in the digital economy, confidently.

    For more information, visit https://topnotchcrypto.com

    Media Contact: info@topnotchcrypto.com

    Embrace the future of cryptocurrency mining today. Join the AI-powered revolution and prepare for the 2025 crypto boom with Topnotch Crypto. 

    Disclaimer: The information provided in this press release does not constitute an investment solicitation, nor does it constitute investment advice, financial advice, or a trading recommendation. Cryptocurrency mining and staking involve risks and may result in the loss of funds. It is strongly recommended that you perform due diligence before investing or trading in cryptocurrencies and securities, including consulting a professional financial advisor.

    The MIL Network –

  • MIL-OSI USA: Following Capito-led Efforts, Education Department Releases Critical Funds

    US Senate News:

    Source: United States Senator for West Virginia Shelley Moore Capito
    WASHINGTON, D.C. — Today, U.S. Senator Shelley Moore Capito (R-W.Va.), chairman of the Senate Appropriations Subcommittee on Labor, Health and Human Services, Education, and Related Agencies (Labor-HHS), announced that the U.S. Department of Education will officially release critical funding to support 21st Century Community Learning Centers.
    This announcement comes after Senator Capito led a group of her Republican colleagues in a letter this week to Russell Vought, Director of the White House Office of Management and Budget (OMB), advocating to release anticipated education formula funding—an issue she has heard about directly from impacted individuals. Click here to read the full letter.
    “21st Century Community Learning Centers offer important services that many West Virginians rely on. This program supports states in providing quality after-school and summer learning programs for students while enabling their parents to work and contribute to local economies. We should be supporting education opportunities like these. I made this clear to OMB Director Vought and was glad he followed through on my request to release these critical funds. Doing so will help our students in West Virginia and across country thrive,” Senator Capito said.

    MIL OSI USA News –

  • MIL-OSI USA: Following Boozman-Capito Efforts, Education Department Releases Critical Funds for Arkansas Students

    US Senate News:

    Source: United States Senator for Arkansas – John Boozman
    WASHINGTON–U.S. Senator John Boozman (R-AR) welcomed the U.S. Department of Education’s decision to release critical education funding. This comes days after Boozman joined a letter led by Senator Shelley Moore Capito (R-WV) and signed by eight additional Senate Republican colleagues supporting the 21st Century Community Learning Centers.  
    The letter urged White House Office of Management and Budget (OMB) Director Russell Vought to release education funding secured in the Fiscal Year 2025 Full-Year Continuing Resolution Act, signed into law by President Trump earlier this year. These funds support longstanding, bipartisan initiatives like after-school and summer programs in The Natural State and across the country.
    “Arkansas families, students and teachers benefit from programs that provide safe and enriching environments,” said Boozman. “I am pleased to continue working alongside my colleagues and the administration to champion access to the educational opportunities that can help Americans thrive.”
    Text of the letter can be found here.

    MIL OSI USA News –

  • MIL-OSI USA: Brownley, California Democrats Demand Immediate Release of $928 Million in Education Funding Owed to California

    Source: United States House of Representatives – Julia Brownley (D-CA)

    Washington, DC – Today, Congresswoman Julia Brownley (D-CA) joined Congresswoman Norma Torres (D-CA), Congresswoman Zoe Lofgren (D-CA), Congresswoman Sara Jacobs (D-CA), Congressmen Derek Tran (D-CA), Senator Alex Padilla (D-CA), Senator Adam Schiff (D-CA), and the entire California Democratic Congressional Delegation in demanding the U.S. Department of Education (ED) and Office of Management and Budget (OMB) immediately release nearly $7 billion in Congressionally-appropriated funding for K-12 schools and adult education — including $928 million owed to California.

    With the start of the new school year approaching in California, the Trump administration gave states only one day’s notice that these critical funds would be indefinitely frozen past their typical release on July 1, 2025. As a result, California schools are already being forced to roll back programs, lay off staff, and cut student services.

    “These programs support some of the most vulnerable and underserved students and communities in California and have been demonstrated to have lifelong benefits to students’ educational attainment, income, and other measures of well-being. Each passing day that these funds are unlawfully withheld hurts our schools and students and strains already limited budgets,” said the Members. “In California alone, the Trump administration’s funding freeze is affecting hundreds of thousands of students and educators. For many of California’s school districts, this funding had already been accounted for in school budgets for the upcoming school year. Now, our schools are being forced to delay hiring and reduce resources to help students.”

    The withheld funding includes vital investments in:

    • Reducing class sizes and teacher recruitment and retention, especially in underserved areas.
    • After-school, before-school, and summer learning programs in low-income communities.
    • School-based mental health services, accelerated learning courses, STEM education, and college and career counseling.
    • Academic Support for English learners and children of migrant workers.
    • Adult education and workforce readiness programs.

    With nearly 5.8 million K-12 students in California, the illegal freezing of these funds is already hurting our schools and students. Many school districts had already budgeted for these federal dollars, leaving them scrambling to fill massive funding gaps just weeks before the school year begins.

    “We demand that the Department of Education and the Trump Administration stop holding K-12 student funding hostage and release the nearly $7 billion in funding meant to help our students, teachers, and families, including the $928 million being unlawfully withheld from California,” the members continued. “This illegal freeze in funding is setting our students and schools up for failure. Our teachers, families, and children deserve better than the Trump Administration’s reckless upheaval and chaos.”

    The letter was also signed by Pete Aguilar (D-CA), Nanette Barragán (D-CA), Ami Bera (D-CA), Salud Carbajal (D-CA), Judy Chu (D-CA), Gilbert Cisneros (D-CA), Lou Correa (D-CA), Jim Costa (D-CA), Mark DeSaulnier (D-CA), Laura Friedman (D-CA), John Garamendi (D-CA), Robert Garcia (D-CA), Jimmy Gomez (D-CA), Adam Gray (D-CA), Josh Harder (D-CA), Jared Huffman (D-CA), Sydney Kamlager-Dove (D-CA), Ro Khanna (D-CA), Mike Levin (D-CA), Sam Liccardo (D-CA), Ted Lieu (D-CA), Doris Matsui (D-CA), Dave Min (D-CA), Kefvin Mullin (D-CA), Jimmy Panetta (D-CA), Nancy Pelosi (D-CA), Scott Peters (D-CA), Luz Rivas (D-CA), Raul Ruiz (D-CA), Linda Sánchez (D-CA), Brad Sherman (D-CA), Lateefah Simon (D-CA), Eric Swalwell (D-CA), Mark Takano (D-CA), Mike Thompson (D-CA), Juan Vargas (D-CA), Maxine Waters (D-CA), and George Whitesides (D-CA).

    The full letter can be found here and below: 

    The Honorable Linda E. McMahon
    Secretary
    U.S. Department of Education
    400 Maryland Ave., SW
    Washington, D.C. 20202

    The Honorable Russell Vought
    Director
    Office of Management and Budget
    Executive Office of the President
    725 17th Street NW
    Washington, DC 20503

    Dear Secretary McMahon and Director Vought:

    As Members of the California Congressional Delegation, we write to express deep concerns regarding the Department of Education’s illegal and reckless decision to withhold nearly $7 billion in funding for K-12 schools and adult education, including $928 million for California. With the start of the new school year approaching, on June 30, 2025, States were just given one day’s notice that the funds would be indefinitely frozen past their typical release on July 1. This freeze leaves our communities scrambling and is already forcing schools in California and across America to roll back programs, lay off staff, and cut services for our students. Releasing these funds, which support critical education programs and services for millions of students, is required by law. We call on you to immediately reverse your illegal decision and distribute the funding to States.

    These funds make up more than 10% of federal investments in K-12 schools in most states. With nearly 5.8 million K-12 students in California, the illegal freezing of these Congressionally appropriated funds is already hurting our schools and students, impacting the planning, operation, and funding for programs that support:

    • Reducing class sizes; recruiting and retaining teachers, including in underserved areas; and improving the effectiveness of teachers, principals, and other school leaders through the Supporting Effective Instruction State Grants program (Title II, Part A);
    • Quality, local after-school, before-school, and summer learning for students, particularly those in underserved communities, through the Nita M. Lowey 21st Century Community Learning Centers program (Title IV, Part B);
    • Local community efforts to improve students’ academic performance, such as accelerated learning courses, school-based mental health services, STEM education, and college and career counseling, through the Student Support and Academic Enrichment Program (Title IV, Part A);
    • English language learners in learning and gaining proficiency in English through the English Language Acquisition program (Title III, Part A);
    • Education for children of migrant and seasonal farmworkers who do the hard work to ensure Americans have food on their tables, through the Migrant Education program (Title I, Part C); and
    • Providing adults and out-of-school youth with the basic skills, like reading, math, and problem-solving, needed to be productive workers, family members, and citizens, through the Adult Basic and Literacy Education State Grants.

    These programs support some of the most vulnerable and underserved students and communities in California and have been demonstrated to have lifelong benefits to students’ educational attainment, income, and other measures of well-being. Each passing day that these funds are unlawfully withheld hurts our schools and students and strains already limited budgets. In California alone, the Trump Administration’s funding freeze is affecting hundreds of thousands of students and educators. For many of California’s school districts, this funding had already been accounted for in school budgets for the upcoming school year. Now, our schools are being forced to delay hiring and reduce resources to help students. Rather than being able to work towards and plan for a successful learning environment for our students, each day that goes by means schools are forced to consider rolling back the programs mentioned above, lay off teachers, and cut back essential services.

    We demand that the Department of Education and the Trump Administration stop holding K-12 student funding hostage and release the nearly $7 billion in funding meant to help our students, teachers, and families, including the $928 million being unlawfully withheld from California. This illegal freeze in funding is setting our students and schools up for failure. Our teachers, families, and children deserve better than the Trump Administration’s reckless upheaval and chaos.

    Thank you for your urgent attention to this matter. Given the imminent start of the next school year, we request a prompt response no later than July 21, 2025.

    ###

    Issues: 119th Congress, Education, Local Issues

    MIL OSI USA News –

  • MIL-OSI Security: Billings man sentenced to 12 years in prison for distributing meth and fentanyl

    Source: Office of United States Attorneys

    BILLINGS – A man who distributed drugs in the Billings area was sentenced today to 144 months in prison to be followed by 5 years of supervised release, U.S. Attorney Kurt Alme said.

    Shannon Ray Emeline, 45, pleaded guilty in January 2025 to one count of distribution of methamphetamine and one count of possession with intent to distribute methamphetamine and fentanyl.

    U.S. District Judge Susan P. Watters presided.

    The government alleged in court documents that on February 22, 2024, DEA agents arranged for a confidential source to purchase methamphetamine from Emeline. The deal took place in Emeline’s vehicle and the source paid him $2,000 for a quantity of meth.

    In April 2024, agents with the Montana Division of Criminal Investigation searched a residence in Billings, where they located a significant quantity of methamphetamine. They subsequently learned Emeline had purchased the meth and was actively distributing the drugs in Billings.

    On May 1, another confidential source told investigators Emeline was staying at a Billings hotel to meet with a source of supply. Agents surveilled the hotel and located Emeline’s vehicle in the parking lot. They performed a traffic stop, searched the vehicle, and seized a plastic bag containing meth and another bag containing fentanyl.

    Investigators interviewed Emeline, who admitted renting the hotel room to facilitate the purchase of two pounds of meth. Agents subsequently searched the room and found a bag of meth, a bag of fentanyl, and $6,855.

    Assistant U.S. Attorney Jacob Yerger prosecuted the case. The investigation was conducted by the DEA, Montana Division of Criminal Investigation, and Montana Highway Patrol.

    This case is part of Project Safe Neighborhoods (PSN), a program bringing together all levels of law enforcement and the communities they serve to reduce violent crime and gun violence, and to make our neighborhoods safer for everyone. On May 26, 2021, the Department launched a violent crime reduction strategy strengthening PSN based on these core principles: fostering trust and legitimacy in our communities, supporting community-based organizations that help prevent violence from occurring in the first place, setting focused and strategic enforcement priorities, and measuring the results. For more information about Project Safe Neighborhoods, please visit https://www.justice.gov/psn.

    XXX

    MIL Security OSI –

  • MIL-OSI Security: Seagoville Man who Possessed Firearm while Consuming Hallucinogenic Mushrooms Sent to Federal Prison

    Source: Office of United States Attorneys

    A man who shot his roommate while under the influence of hallucinogenic mushrooms has been sent to federal prison, announced Acting United States Attorney for the Northern District of Texas Nancy E. Larson.

    Russell Alan Ragsdale, 25, has been in federal custody since his arrest on November 22, 2024.  On April 29, 2025, Ragsdale pled guilty to possession of a firearm by an unlawful user of a controlled substance.  On July 17, 2025, Senior United States District Judge Barbara M. G. Lynn sentenced Ragsdale to 66 months in federal prison followed by 3 years of supervised release.

    According to court documents, Ragsdale was arrested on Feb. 3, 2022, in Seagoville for the felony murder of his roommate.  At the time, Ragsdale told Seagoville law enforcement that his roommate attacked him, and he claimed he “shot him many times” in self-defense.  Officers recovered three firearms, including a 10mm Glock and an AR-15 rifle, and almost two grams of hallucinogenic mushrooms from the residence.  An analysis of Mr. Ragsdale’s phone showed a history of drug use dating back to November 2021, as well as evidence of purchasing and using hallucinogenic mushrooms on Feb. 2, 2022.  As part of his guilty plea, Ragsdale admitted that he was legally intoxicated from consuming hallucinogenic mushrooms when he possessed the 10mm Glock.

    During sentencing, Judge Lynn found that the defendant did not present sufficient evidence to support his self-defense claim. The Court also noted that the unfortunate death of the victim was the defendant’s own making.  Ragsdale remains in custody pending transfer to the Bureau of Prisons to serve his sentence.

    The Federal Bureau of Investigation’s Dallas Field Office and the Dallas Police Department conducted the investigation with the assistance of the Bureau of Alcohol, Tobacco, Firearms & Explosives’ Dallas Field Division, the Seagoville Police Department, and the Texas Department of Public Safety, which participated in the murder investigation.  Assistant U.S. Attorney Jongwoo Chung prosecuted the case.
     

    MIL Security OSI –

  • MIL-OSI: Purpose Investments Announces Special Meeting of Purpose Select Equity Fund to Transition to New Manager and Trustee and Certain Other Proposals

    Source: GlobeNewswire (MIL-OSI)

    TORONTO, July 18, 2025 (GLOBE NEWSWIRE) — Purpose Investments Inc. (“Purpose Investments” or “Purpose”) today announced that it has entered into a binding agreement with PenderFund Capital Management Ltd. (“Pender”) pursuant to which Purpose has agreed to assign to Pender its rights to act as trustee and manager of Purpose Select Equity Fund (the “Fund”), subject to unitholder approval.

    In addition to customary closing conditions, unitholders of the Fund will be asked to approve the change of manager and trustee to Pender (the “Change of Manager”), as well as (i) the change to the investment objectives of the Fund, (ii) a change to the calculation of the Fund’s incentive fee, (iii) the change to the method in which operating expenses are charged to the Fund, and (iv) the change of the Fund’s auditor from Ernst & Young LLP to KPMG LLP (collectively, the “Proposal”), all as more particularly described in the management information circular (the “Circular”), at a special meeting of the Fund’s unitholders (the “Unitholders”) to be held on or about August 13, 2025 (the “Meeting”).

    If approved, the Proposals will become effective, and Pender will become the manager and trustee of the Fund effective on August 28, 2025. The record date for the special meeting is July 11, 2025 (the “Record Date”). Unitholders of record as of the close of business on the Record Date are entitled to receive notice of and vote at the Meeting.

    Pender is an independent, employee-owned investment firm with approximately $4.4 billion in assets under management as of June 30, 2025. The transition will ensure consistency in the management and administration of the Fund, as Pender has been serving as sub-adviser to the Fund and the Fund’s existing portfolio manager will continue in this role following the transition.

    In connection with this proposed transaction, Purpose referred the matter to the Independent Review Committee (the “IRC”) of the Fund, which acts in an advisory capacity representing the interest of the Fund and its unitholders with respect to conflict of interest matters. The IRC has reviewed the Change of Manager and determined that, if implemented, the Change of Manager would achieve a fair and reasonable result for the Fund.

    The Circular is being mailed to Unitholders in compliance with applicable laws, and will be available under the Fund’s profile on SEDAR+ at www.sedarplus.ca. The Circular provides important information on the Proposals and related matters, including the voting procedures and how to attend the Meeting. Unitholders are urged to read the Circular and its schedules carefully and in their entirety.

    About Purpose Investments Inc.
    Purpose Investments is an asset management company with approximately $25 billion in assets under management. Purpose is committed to client-centric innovation and offers a range of managed and quantitative investment solutions. Led by entrepreneur Som Seif, Purpose is part of Purpose Unlimited, a technology-driven financial services platform.

    About PenderFund Capital Management Ltd.
    Pender was founded in 2003 and is an independent, employee-owned investment firm located in Vancouver, British Columbia. Our goal is to protect and grow wealth for our investors over time. We have a talented investment team of expert analysts, security selectors and independent thinkers who actively manage a suite of differentiated investment funds, exploiting inefficient parts of the investing universe to achieve our goal.

    For more information, please email us at info@purposeinvest.com

    Media Inquiries:
    Keera Hart
    Keera.Hart@kaiserpartners.com
    905-580-1257

    Commissions, trailing commissions, management fees and expenses all may be associated with investment fund investments. Please read the prospectus and other disclosure documents before investing. Investment funds are not guaranteed, their values change frequently and past performance may not be repeated. There can be no assurance that the full amount of your investment in the fund will be returned to you. If the securities are purchased or sold on a stock exchange, you may pay more or receive less than the current net asset value.

    The MIL Network –

  • MIL-OSI: Bowen Acquisition Corp Receives NASDAQ Delisting Notification for Failure to Comply with Listing Requirements

    Source: GlobeNewswire (MIL-OSI)

    New York, NY, July 18, 2025 (GLOBE NEWSWIRE) — Bowen Acquisition Corp (NASDAQ: BOWN) (“BOWN”), a special purpose acquisition company, announced that on July 15, 2025, it received a delisting determination letter (the “Delisting Determination Letter”) notifying BOWN that its securities are subject to delisting from the Nasdaq Global Market.

    The Delisting Determination Letter stated that BOWN was not in compliance with (A) Nasdaq Listing Rules 5450(b)(2)(A), which requires companies listed on the Nasdaq Global Market to have Market Value of Listed Securities of at least $50,000,000 for a period of 30 consecutive trading days, (B) Nasdaq Listing Rules 5450(b)(2)(B), which requires that companies listed on the Nasdaq Global Market maintain a minimum 1,100,000 Publicly Held Shares, (C) Nasdaq Listing Rules 5450(b)(2)(C), which requires that companies listed on the Nasdaq Global Market to have Market Value of Publicly Held Shares to be at least $15,000,000 for a period of 30 consecutive trading days and (4) Nasdaq Listing Rules 5450(a)(2), which requires companies listed on the Nasdaq Global Market to have at least 400 total shareholders.

    BOWN may appeal the Staff’s determination to a Nasdaq Hearings Panel pursuant to the procedures set forth in the Nasdaq Listing Rule 5800 Series. Unless BOWN requests an appeal of Nasdaq’s determination by 4:00 p.m. Eastern Time on July 22, 2025, trading of BOWN’s securities will be suspended at the opening of business on July 24, 2025, and Nasdaq will file a Form 25-NSE with the Securities and Exchange Commission to remove BOWN’s securities from listing and registration on the Nasdaq Stock Market. 

    The Delisting Determination Letter also noted that a request for a hearing will stay the suspension of BOWN’s securities only for a period of 15 days from the date of the request. When BOWN requests a hearing, it may also request a stay of the suspension, pending the hearing. The hearing panel will review the request for an extended stay and notify BOWN of its conclusion as soon as is practicable, but in any event no later than 15 calendar days following the deadline to request the hearing.

    BOWN intends to request a hearing before the panel to appeal the delisting determinations and to request a stay of the suspension of BOWN’s securities from trading. There can be no assurance that the panel will grant BOWN’s request for continued listing or a stay of the suspension of BOWN’s securities.

    BOWN has been diligently attempting to consummate its previously announced business combination with Shenzhen Qianzhi BioTechnology Co. Ltd. BOWN believes that it will be in compliance with the listing requirements upon consummation of such transaction. However, there can be no assurance that BOWN will be able to regain compliance with the listing requirements discussed above or otherwise satisfy the other NASDAQ listing criteria.

    About Bowen Acquisition Corp

    Bowen Acquisition Corp is a blank check company whose business purpose is to effect a merger, capital stock exchange, asset acquisition, stock purchase, reorganization or similar business combination with one or more businesses. As previously disclosed, Bowen has entered into a definitive agreement for a business combination with Shenzhen Qianzhi BioTechnology Co., Ltd.

    Forward Looking Statements

    This press release includes certain “forward-looking” statements, as that term is defined under the federal securities laws. Actual results may differ from expectations, estimates and projections and consequently, you should not rely on these forward-looking statements as predictions of future events. These forward-looking statements generally are identified by the words or phrases such as “aspire,” “expect,” “estimate,” “project,” “budget,” “forecast,” “anticipate,” “intend,” “plan,” “may,” “will,” “will be,” “will continue,” “will likely result,” “could,” “should,” “believe(s),” “predicts,” “potential,” “continue,” “future,” “opportunity,” seek,” “intend,” “strategy,” or the negative version of those words or phrases or similar expressions are intended to identify such forward-looking statements. You should not place undue reliance on any forward-looking statements. Any forward-looking statement speaks only as of the date hereof, and, except as required by law, the Company assumes no obligation and does not intend to update any forward-looking statement to reflect events or circumstances after the date hereof.

    For investor and media inquiries, please contact:

    Jiangang Luo
    Chief Executive Officer
    jiangangluo@bowenspac.com

    The MIL Network –

  • MIL-OSI: XRP to $3.5, PFMCrypto Announces XRP Mining Contract with Daily Returns for All Holders

    Source: GlobeNewswire (MIL-OSI)

    New York, NY, July 18, 2025 (GLOBE NEWSWIRE) — PFMCrypto, a global platform specializing in AI-driven crypto mining, announces the official launch of its XRP cloud mining contracts—designed to offer stable daily returns with zero technical setup. The announcement follows Ripple’s resolution of its multi-year legal battle with the U.S. Securities and Exchange Commission (SEC), resulting in a $125 million settlement. With legal clarity restored, investor optimism around XRP has surged, positioning PFMCrypto as a timely entry point for users seeking to benefit from the token’s renewed momentum and its potential climb toward the $5 mark.

    This renewed momentum has drawn investor attention to PFMCrypto, an AI-powered XRP cloud mining platform that is rapidly becoming the preferred gateway for those looking to capitalize on the token’s next potential bull run.

    XRP’s Journey Toward $5: What It Means for Investors?
    According to PFMCrypto’s Chief Analyst, the resolution of regulatory ambiguity has increased the probability of a U.S.-approved XRP ETF to 95%—a move that could trigger significant institutional capital inflows.
    For current XRP holders and new investors, PFMCrypto offers a low-barrier, high-efficiency way to gain exposure to this growth potential. Its AI-optimized XRP mining contracts enable users to earn stable daily income—without the need for mining hardware or technical expertise.

    Why PFMCrypto’s XRP Mining Model Is Poised to Lead in 2025?
    Unlike traditional Proof-of-Work (PoW) mining systems, XRP uses a consensus protocol, making direct mining infeasible. PFMCrypto addresses this challenge by offering next-generation cloud mining solutions, combining smart contract flexibility, high-yield algorithms, and accessibility for all users.
    Its AI-driven earnings engine intelligently reallocates computing resources in real-time, optimizing daily returns from XRP cloud mining. Within just one week of launch, PFMCrypto recorded a 378% increase in XRP mining contract sales as users rushed to access its flexible and high-liquidity earning solutions.

    Key Features of PFMCrypto XRP Cloud Mining Contracts:
    –  No Hardware Required: Accessible to all users; no equipment or setup needed.
    –  Daily Returns: Earn consistent profits based on your selected contract.
    –  Secure Asset Custody: Enterprise-grade protection for all user funds.
    –  Flexible Terms: Contract values range from $10 to $100,000 with durations from 1 to 50 days.

    Flexible XRP Mining Plans Now Available:
    Following the success of its BTC mining offerings, PFMCrypto now provides over 10 XRP-focused cloud mining plans. With a 378% weekly growth rate in sales, users can select plans tailored to their budget and strategy. All plans guarantee full principal return at maturity, making them a low-risk entry point for both newcomers and experienced crypto investors.
    Sample Plans Include:
    $100 Plan – 2-Day Term – Earn $3.00 daily (+$2 bonus)
    $1,000 Plan – 9-Day Term – Earn $13.10 daily
    $5,000 Plan – 30-Day Term – Earn $78.50 daily
    $10,000 Plan – 40-Day Term – Earn $180.00 daily
    These returns are based on real-time performance data from over 9.2 million users globally, backed by PFMCrypto’s high-efficiency infrastructure and AI-optimized engine.
    [Click here to explore more cloud mining plans.]

    Why PFMCrypto XRP Mining Is Ideal for Both Beginners and Experts?
    –  No Hardware Needed: Mine XRP instantly via PFMCrypto’s enterprise-grade infrastructure
    –  Zero Maintenance Costs: No electricity, no technical fees—pure profit potential
    –  Instant Withdrawals: Withdraw daily earnings anytime with ease
    –  $10 Welcome Bonus: New users receive $10 in XRP upon signing up
    With entry points as low as $100, users gain access to XRP mining and enjoy predictable, short-term returns—without direct exposure to volatile market swings.

    How to Start XRP Mining in Just Minutes?
    1.  Register – Create an account and claim your $10 bonus, plus daily login rewards
    2.  Choose a Plan – Select a contract that aligns with your investment strategy (1 to 50 days)
    3.  Start Mining – Let PFMCrypto’s AI engine do the work while you earn passive daily income

    About PFMCrypto:
    Founded in 2018, PFMCrypto is a global leader in AI-driven cloud mining, serving over 9.2 million users across 192 countries. The platform supports secure, fully remote mining for XRP, BTC, ETH, LTC, DOGE, and SOL—offering one of the most accessible and profitable ways to earn crypto passively.
    As XRP edges closer to the $5 mark, PFMCrypto’s XRP mining ecosystem provides one of the most practical and rewarding ways to engage with the token’s next growth phase.

    Explore more and start XRP mining today: https://pfmcrypto.net

    The MIL Network –

  • MIL-OSI: Pyrophyte Acquisition Corp. II Announces Closing of $175 Million Initial Public Offering

    Source: GlobeNewswire (MIL-OSI)

    HOUSTON, TX, July 18, 2025 (GLOBE NEWSWIRE) — Pyrophyte Acquisition Corp. II (NYSE: PAII) (the “Company”) today announced the closing of its initial public offering of 17,500,000 units at a public offering price of $10.00 per unit. Each unit consists of one Class A ordinary share and one-half of one redeemable warrant, with each whole warrant exercisable to purchase one Class A ordinary share at a price of $11.50 per share.

    The units are listed on the New York Stock Exchange (the “NYSE”) and commenced trading under the ticker symbol “PAII.U” on July 17, 2025. Once the securities comprising the units begin separate trading, the Class A ordinary shares and the warrants are expected to be listed on NYSE under the symbols “PAII” and “PAII WS,” respectively.

    Concurrently with the closing of the initial public offering, the Company closed on a private placement of 5,050,000 warrants to Pyrophyte Acquisition II LLC, the Company’s sponsor, at a price of $1.00 per warrant, resulting in gross proceeds of $5,050,000. Each private placement warrant is exercisable to purchase one Class A ordinary share at $11.50 per share. Of the proceeds received from the consummation of the initial public offering and the simultaneous private placement of warrants, $175,000,000 (or $10.00 per unit sold in the public offering) was placed in trust.

    Pyrophyte Acquisition Corp. II is a blank check company formed for the purpose of effecting a merger, amalgamation, share exchange, asset acquisition, share purchase, reorganization or similar business combination with one or more businesses. While the Company may pursue an initial business combination in any industry, sector or geographic region, it expects to target opportunities and companies in the energy sector.

    UBS Investment Bank acted as the lead book-running manager of the offering and Brookline Capital Markets, a division of Arcadia Securities, LLC acted as the co-manager of the offering. The Company has granted the underwriters a 45-day option to purchase up to an additional 2,625,000 units at the initial public offering price to cover over-allotments, if any.

    A registration statement relating to these securities was declared effective by the U.S. Securities and Exchange Commission (the “SEC”) on July 16, 2025. This press release shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.

    The offering was made only by means of a prospectus. Copies of the prospectus relating to this offering may be obtained from UBS Securities LLC, 1285 Avenue of the Americas, New York, New York 10019, Attention: Prospectus Department, or by email at: prospectusrequest@ubs.com.

    Cautionary Note Concerning Forward-Looking Statements

    This press release contains statements that constitute “forward-looking statements,” including with respect to the Company’s search for an initial business combination and the anticipated use of the net proceeds of the initial public offering and simultaneous private placement. No assurance can be given that the net proceeds of the offering will be used as indicated. Forward-looking statements are subject to numerous conditions, many of which are beyond the control of the Company, including those set forth in the Risk Factors section of the Company’s registration statement for the initial public offering, available on the SEC’s website, www.sec.gov, and the Company’s preliminary prospectus. The Company undertakes no obligation to update these statements for revisions or changes after the issuance of this release, except as required by law.

    Contact

    Sten Gustafson
    President and Chief Financial Officer
    Pyrophyte Acquisition Corp. II
    sten.gustafson@pyrophytespac.com

    The MIL Network –

  • MIL-OSI: Matador Technologies Provides Contract Details for CTO Engagement

    Source: GlobeNewswire (MIL-OSI)

    TORONTO, July 18, 2025 (GLOBE NEWSWIRE) — Further to its March 31, 2025 announcement welcoming Antoine De Vuyst as Chief Technology Officer (“CTO”) and lead designer of the forthcoming Digital Gold Platform on Bitcoin, Matador Technologies Inc. (TSXV: MATA, OTCQB: MATAF, FSE: IU3) (“Matador” or the “Company”) is providing the following summary of Mr. De Vuyst’s consulting agreement (the “Agreement“), as requested by the TSX Venture Exchange (the “TSXV”).

    Under the Agreement, which took effect March 1, 2025, Mr. De Vuyst serves as CTO on a month-to-month basis and devotes the time required to meet Matador’s product-development milestones. As consideration for his services as CTO, Mr. De Vuyst will receive:

    • C$5,000 per month in common shares of the Company, calculated quarterly, using the 30-day volume-weighted average price of Matador shares on the TSXV and subject to a four (4) month hold; and
    • C$15,000 of restricted share units (“RSUs”) granted quarterly. The RSUs will vest one (1) year from the date of issuance. The RSUs are being issued pursuant to the Company’s Long-Term Incentive Plan.

    All securities issued to Mr. De Vuyst will remain subject to customary hold periods and final TSXV acceptance.

    Either party may terminate this Agreement by providing thirty (30) days’ written notice. Additionally, the Company reserves the right to terminate the Agreement immediately for cause. The Agreement further stipulates that any intellectual property developed during Mr. De Vuyst’s engagement shall be assigned to Matador.

    The Agreement is considered a non arm’s-length transaction under applicable securities laws. No finder’s fees were paid, and no new insiders were created pursuant to the Agreement. The Company is relying on the employee-executive exemption under Sections 5.5 and 5.7 of Multilateral Instrument 61-101 – Protection of Minority Security Holders in Special Transactions, and therefore no formal valuation or minority-shareholder approval is required.

    For additional information, please contact:

    Media Contact:
    Sunny Ray
    President
    Email: sunny@matador.network

    Phone: 647-496-6282

    About Matador Technologies Inc.

    Matador Technologies Inc. (TSXV:MATA, OTCQB:MATAF, FSE:IU3) is a publicly traded Bitcoin ecosystem company focused on holding Bitcoin as its primary treasury asset and building products to enhance the Bitcoin network. Matador’s strategy combines strategic Bitcoin accumulation, Bitcoin-native product development, and participation in digital asset infrastructure, with a focus on driving long-term shareholder value while maintaining capital efficiency.

    Matador has recently proposed to expand its global footprint by entering into an agreement to invest in HODL Systems, one of India’s first digital asset treasury companies, securing up to a 24% ownership stake. This investment strengthens Matador’s position as a leading Bitcoin treasury company and underscores its commitment to the worldwide adoption of Bitcoin as a reserve asset.

    With a Bitcoin-first strategy, and a clear focus on innovation, Matador is shaping the future of financial infrastructure on Bitcoin.

    Visit us online at https://www.matador.network/.

    Cautionary Statement Regarding Forward-Looking Information

    NEITHER THE TSX VENTURE EXCHANGE NOR ITS REGULATION SERVICES PROVIDER (AS THAT TERM IS DEFINED IN THE POLICIES OF THE TSX VENTURE EXCHANGE) ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.

    This news release does not constitute an offer to sell or the solicitation of an offer to buy any securities in any jurisdiction.

    Forward Looking Statements – Certain information set forth in this news release may contain forward-looking statements that involve substantial known and unknown risks and uncertainties, including risks associated with the implementation of the Company’s treasury management strategy and the launch of its mobile application as currently proposed or at all. These forward-looking statements are subject to numerous risks and uncertainties, certain of which are beyond the control of the Company, including with respect to the potential acquisition of Bitcoin and/or US dollars, the pricing of such acquisitions and the timing of future operations. Readers are cautioned that the assumptions used in the preparation of such information, although considered reasonable at the time of preparation, may prove to be imprecise and, as such, undue reliance should not be placed on forward-looking statements.

    The MIL Network –

  • MIL-OSI USA: Cassidy to Dine with President Trump at White House Tonight

    US Senate News:

    Source: United States Senator for Louisiana Bill Cassidy
    WASHINGTON – U.S. Senator Bill Cassidy, M.D. (R-LA) today announced he will join President Donald Trump tonight at the White House for a dinner celebrating the passage of the One, Big, Beautiful Bill.
    “Looking forward to dinner with President Trump tonight,” said Dr. Cassidy. “We will talk about how we can continue to work together to push a pro-worker, pro-family, pro-patient agenda.”
    On Wednesday, Cassidy joined President Trump at the White House for the signing of Cassidy’s HALT Fentanyl Act.

    MIL OSI USA News –

  • MIL-OSI Canada: Step into Alberta’s natural beauty on Parks Day

    Two people canoe on a lake during a summer day in Kananaskis Country.

    From mountains to vast prairies, Alberta is home to captivating wild spaces offering countless opportunities to explore, enjoy and reconnect with nature. Whether it’s hiking, fishing, camping or hanging out by the beach, Alberta’s provincial parks and protected areas have an activity for everyone.

    Alberta’s parks offer more than beautiful landscapes – they play a key role in boosting physical health and mental well-being and are community spaces that encourage connection to each other and nature. Alberta Parks hosts special Parks Day events across the province, including family friendly activities, as well as educational programs that celebrate Alberta’s wildlife, environment and history.

    “I want to wish all Albertans a happy Parks Day! Parks Day gives us the opportunity to celebrate the incredible outdoor spaces that define our province – from the badlands to rugged backcountry trails, to the peaceful lakeside campgrounds. Parks are for people, and whether you are headed out to camp, fish or hike this weekend, Alberta Parks offers something for everyone to celebrate, recreate and enjoy nature.”

    Todd Loewen, Minister of Forestry and Parks

    Since 1990, Parks Day has been celebrated on the third Saturday in July to highlight the benefits of parks and natural spaces across Canada. In 2025, Alberta’s provincial parks system celebrates 95 years of protecting the province’s natural heritage, preserving critical habitats and providing a home to a diverse range of wildlife. Alberta Parks offers many activities for the whole family throughout the year, including guided tours, hikes and educational programs designed to provide fun for all ages.

    “Alberta’s provincial parks are where memories are made, families connect, and visitors from near and far come to experience the beauty and spirit of our province. As we celebrate Parks Day and 95 years of Alberta’s parks system, we recognize the vital role these natural spaces play in our well-being, our tourism economy and our connection to the land. TIAA is proud to join Albertans in honouring the places that inspire adventure, reflection, and community.”

    Darren Reeder, president and CEO, Tourism Industry Association of Alberta (TIAA)

    This year, Alberta’s government is engaging the public on the draft Plan for Parks. Albertans can participate in the online survey until July 26 to have their say in the future of our parks. Alberta’s government also launched a seniors’ discount on camping fees for Albertans at select campgrounds, opening the door to more low-cost outdoor adventures and opportunities to foster a deeper connection with nature. 

    Quick facts

    • Alberta’s provincial parks system contains 464 provincial parks and protected areas. 
    • Alberta recently established Gipsy Gordon Wildland Provincial Park, adding 150,000 hectares to the parks system.
    • Last year, 591,000 camper nights were booked at Alberta parks.
    • The Provincial Parks and Protected Areas Act was passed in 1930 and Alberta’s first park – Aspen Beach Provincial Park – was established in 1932. 

    Related information

    • Parks Day events
    • Plan for Parks engagement page

    MIL OSI Canada News –

  • MIL-OSI USA: Congressional Delegation Demands USPS Refocus on Drug Interdiction, Protection of Children, Theft Prevention, and Other Core Duties

    Source: United States House of Representatives – Representative Don Beyer (D-VA)

    U.S. Representative Don Beyer (D-VA) today led 26 U.S. Representatives in pressing the U.S. Postal Service (USPS) to immediately withdraw Postal Inspectors from the Department of Homeland Security’s (DHS) immigration task force. They warned that diverting USPS resources to DHS priorities jeopardizes USPS’ abilities to fulfill its essential responsibilities, including interdicting dangerous drugs, stopping theft, and investigating and preventing crimes against children.

    They wrote to Acting Postmaster General Doug Tulino:

    “We write with grave concern over the reported diversion of essential Postal Service law enforcement resources away from critical tasks like drug interdiction, anti-theft measures, and the prevention and investigation of crimes against children.

    “As supporters of drug interdiction, anti-theft measures, and the protection of children, we are deeply concerned over reports that USPIS is being diverted away from those core missions to work on Department of Homeland Security (DHS) priorities. According to those reports, inspectors are spending time assisting DHS with painstaking review of individual letters and packages to locate individual immigrants targeted by DHS. That new task comes only a year after the Government Accountability Office (GAO) specifically recommended that USPIS continue its “increasingly important” efforts to align its resources with current mail security needs—not external priorities.

    “At a time when the Postal Service is seeing year-over-year increases in serious crimes, both to employees and to mailboxes themselves, as well as mail theft, USPIS needs to focus on its core mission and not be subsumed into playing support staff for another agency’s priorities. If DHS needs additional staff and resources for their investigations, they can request additional appropriations from Congress as well as end reduction-in-force plans and hiring freezes that limit their ability to allocate and maintain appropriate staffing.

    “On behalf of the countless Americans who are concerned about illegal narcotics, mail theft, child protection, we ask that you immediately end USPIS’ participation in DHS’ immigration task force and allow the service to renew its focus on its essential law enforcement efforts. Please provide an update as to the status of this request by Friday, August 1, 2025.”

    The letter to Acting Postmaster General Tulino was sent by  U.S. Representatives Don Beyer (VA), Suzanne Bonamici (OR), André Carson (IN), Troy Carter (LA), Greg Casar (TX), Sheila Cherfilus-McCormick (FL), Judy Chu (CA), Yvette Clarke (NY), Steve Cohen (TN), Lou Correa (CA), Danny Davis (NC), Dwight Evans (PA), Dan Goldman (NY), Al Green (TX), Jonathan Jackson (IL), Pramila Jayapal (WA), Henry Johnson (GA), Zoe Lofgren (CA), Sarah McBride (DE), LaMonica McIver (NJ), Jimmy Panetta (CA), Bobby Scott (VA), Mark Takano (CA), Paul Tonko (NY), Marc Veasey (TX), Nydia Velázquez (NY), and Congresswoman Eleanor Holmes Norton (DC).

    Full text of the letter follows below, and a signed copy is available here.

    ***

    Dear Acting Postmaster General Tulino:

    We write with grave concern over the reported diversion of essential Postal Service law enforcement resources away from critical tasks like drug interdiction, anti-theft measures, and the prevention and investigation of crimes against children.

    The U.S. Postal Inspection Service (USPIS) is the oldest law enforcement agency in the country and has more than 200 years of experience protecting USPS workers from serious crime while enforcing laws that prohibit the use of our nation’s mail system for illegal activities. Among other responsibilities, postal inspectors prevent the flow of illegal and dangerous drugs through the mail and aggressively investigate mail theft. They are also invaluable partners to broader federal programs like the Department of Justice’s (DOJ’s) Project Safe Childhood (PSC), which is the federal government’s nationwide initiative to prevent the sexual exploitation of children.

    Thanks to its long history and narrow focus on mail-related crimes, USPIS is tremendously effective at its core missions. In FY25 alone, USPIS has seized 1,301 pounds of fentanyl— enough for more than 295 million lethal doses of the drug. Over the course of another recent year, the Inspection Service initiated 1,559 arrests for mail theft, 482 for assault or robbery, and 3 for child exploitation. Historically, thanks to investigators’ dedicated work the consistent resources dedicated to USPIS, the service has more than a 98% conviction rate when it takes a case to trial.

    As supporters of drug interdiction, anti-theft measures, and the protection of children, we are deeply concerned over reports that USPIS is being diverted away from those core missions to work on Department of Homeland Security (DHS) priorities. According to those reports, inspectors are spending time assisting DHS with painstaking review of individual letters and packages to locate individual immigrants targeted by DHS. That new task comes only a year after the Government Accountability Office (GAO) specifically recommended that USPIS continue its “increasingly important” efforts to align its resources with current mail security needs—not external priorities.

    At a time when the Postal Service is seeing year-over-year increases in serious crimes, both to employees and to mailboxes themselves, as well as mail theft, USPIS needs to focus on its core mission and not be subsumed into playing support staff for another agency’s priorities. If DHS needs additional staff and resources for their investigations, they can request additional appropriations from Congress as well as end reduction-in-force plans and hiring freezes that limit their ability to allocate and maintain appropriate staffing.

    On behalf of the countless Americans who are concerned about illegal narcotics, mail theft, child protection, we ask that you immediately end USPIS’ participation in DHS’ immigration task force and allow the service to renew its focus on its essential law enforcement efforts. Please provide an update as to the status of this request by Friday, August 1, 2025.

    Sincerely,

    MIL OSI USA News –

  • MIL-OSI USA: Donations After Disaster: Why Monetary Donations Are Best

    Source: US State of Oregon

    n the aftermath of a disaster, Oregonians often ask, “How can I help?” While offers of donated goods like clothing, food, and household items are heartfelt, they can create serious logistical challenges for emergency responders and community organizations already stretched thin. Unless specifically requested, these types of donations can actually slow down relief efforts.

    The best way to support disaster survivors is by donating cash to trusted relief organizations.
    Cash donations:

    -Allow relief organizations to purchase exactly what is needed, when it is needed
    – Help local businesses recover by sourcing supplies locally
    – Require no transportation, storage, or sorting
    – Can be deployed immediately to where they’re most needed

    Before giving, always confirm that your donation is going to a verified, local fund or nonprofit that is active in the response and recovery effort.

    Supporting Rowena Fire Recovery

    We continue to receive generous offers of support for those impacted by the Rowena Fire in Wasco County. While we deeply appreciate this compassion, we kindly ask that the public donate cash instead of goods to help the community recover effectively and efficiently.

    Here’s how you can help:

    Make a donation to the official Rowena Fire Relief & Recovery Fund, managed by United Way of the Columbia Gorge:
    https://uwcg.ejoinme.org/RowenaFireReliefRecoveryFund
    100% of donations will stay local and directly support individuals and families impacted by the fire.

    For Wasco County-specific updates and long-term recovery efforts, visit:
    https://www.co.wasco.or.us/departments/emergency_management/rowena_fire_long_term_recovery_group/index.php

    Join a Community Fundraiser This Sunday

    Come out and cheer on our first responders as they take the field for a great cause!

    Charity Baseball Game: Mid-Columbia Fire District vs. The Hustlers
     Sunday, July 20 5:30 PM
     Quinton Street Ballfield

    This fun, family-friendly event will raise funds for Rowena Fire survivors. All donations collected at the game will be directed to the official United Way fund.

    We appreciate your support and generosity. In times of crisis, compassion paired with coordination helps our communities recover stronger and faster.

    ###

    MIL OSI USA News –

  • MIL-OSI USA: Donations After Disaster: Why Monetary Donations Are Best

    Source: US State of Oregon

    n the aftermath of a disaster, Oregonians often ask, “How can I help?” While offers of donated goods like clothing, food, and household items are heartfelt, they can create serious logistical challenges for emergency responders and community organizations already stretched thin. Unless specifically requested, these types of donations can actually slow down relief efforts.

    The best way to support disaster survivors is by donating cash to trusted relief organizations.
    Cash donations:

    -Allow relief organizations to purchase exactly what is needed, when it is needed
    – Help local businesses recover by sourcing supplies locally
    – Require no transportation, storage, or sorting
    – Can be deployed immediately to where they’re most needed

    Before giving, always confirm that your donation is going to a verified, local fund or nonprofit that is active in the response and recovery effort.

    Supporting Rowena Fire Recovery

    We continue to receive generous offers of support for those impacted by the Rowena Fire in Wasco County. While we deeply appreciate this compassion, we kindly ask that the public donate cash instead of goods to help the community recover effectively and efficiently.

    Here’s how you can help:

    Make a donation to the official Rowena Fire Relief & Recovery Fund, managed by United Way of the Columbia Gorge:
    https://uwcg.ejoinme.org/RowenaFireReliefRecoveryFund
    100% of donations will stay local and directly support individuals and families impacted by the fire.

    For Wasco County-specific updates and long-term recovery efforts, visit:
    https://www.co.wasco.or.us/departments/emergency_management/rowena_fire_long_term_recovery_group/index.php

    Join a Community Fundraiser This Sunday

    Come out and cheer on our first responders as they take the field for a great cause!

    Charity Baseball Game: Mid-Columbia Fire District vs. The Hustlers
     Sunday, July 20 5:30 PM
     Quinton Street Ballfield

    This fun, family-friendly event will raise funds for Rowena Fire survivors. All donations collected at the game will be directed to the official United Way fund.

    We appreciate your support and generosity. In times of crisis, compassion paired with coordination helps our communities recover stronger and faster.

    ###

    MIL OSI USA News –

  • MIL-OSI Security: FBI Captures Alleged Prairieland Shooter Benjamin Hanil Song in Dallas, Texas

    Source: US FBI

    An intense, weeklong manhunt for Benjamin Hanil Song—an alleged shooter at the Prairieland Detention Center on July 4th—has ended with his arrest by FBI agents in Dallas, Texas, announced Acting United States Attorney for the Northern District of Texas Nancy E. Larson.

    Song’s capture marks the fourteenth arrest in the case.  Court documents reflect that Song, a former United States Marine Corps reservist, joined ten others in an organized attack against officers at the Prairieland Detention Center just after 10:30 p.m., Friday, July 4.  Song has been charged by federal complaint with three counts of attempted murder of federal agents and three counts of discharging a firearm in relation to a crime of violence.

    Ten others charged with these offenses in a July 7th complaint include Cameron Arnold, Savanna Batten, Nathan Baumann, Zachary Evetts, Joy Gibson, Bradford Morris, Maricela Rueda, Seth Sikes, Elizabeth Soto, and Ines Soto.  Also on July 7, Daniel Rolando Sanchez Estrada was charged with obstruction of justice for concealing evidence related to the ambush after talking with Rueda, who was in custody at the time.  Two others, John Thomas and Lynette Sharp, were charged on July 14 with accessory after the fact when law enforcement agents determined that they helped Song abscond from the Prairieland area and evade arrest.  

    The complaints allege that group was dressed in black military style clothing.  The group began shooting fireworks towards the detention center, and some sprayed graffiti on vehicles and a guard structure in the parking lot at the facility.  These destructive acts were designed to lure correctional officers outside the facility.  After correctional officers called 911 to report suspicious activity, an Alvarado police officer responded to the scene.  Upon exiting his vehicle, the officer was shot in the neck by a defendant positioned in nearby woods.  Another alleged assailant across the street fired 20 to 30 rounds at unarmed correctional officers who had stepped outside the facility.  

    As alleged in the complaints, Song purchased four of the guns associated with the ambush.  Additionally, defendants communicated using Signal Chat groups to plan the attack and share reconnaissance, including an image of the Prairieland Detention Center that identified the locations of six local police departments.
     

    Ten assailants charged in the July 7th complaint fled from the detention center but were apprehended by additional responding law enforcement officers.  Song, however, was not located by law enforcement officers that night.  As alleged, the location data associated with Song’s cellular telephone indicates that his phone was located within several hundred meters of the Prairieland Detention Center from late in the evening of July 4, 2025, until after dark on July 5, the day after the shooting.

    “After the immediate apprehension of Song’s coconspirators at the scene, the FBI and our federal prosecutors—together with our other law enforcement partners—worked tirelessly around the clock pursuing Song.  Their tremendous efforts culminated in the arrest of this alleged violent criminal today,” said Acting U.S. Attorney Nancy E. Larson. “Though Song escaped by hiding overnight after the attack, we were confident he would not remain hidden for long.  The fourteen individuals who planned and participated in these heinous acts will be prosecuted, and we expect justice will be swift.”

    “The FBI has worked tirelessly to arrest everyone associated with the shooting at the Prairieland Detention Center. We would like to thank all the entities that publicized this case and assisted in our efforts to successfully locate Benjamin Song,” said FBI Dallas Special Agent in Charge R. Joseph Rothrock. “His arrest is the result of our determination to protect not only the community, but also our law enforcement partners that were the targets of a coordinated attack. We have said it before, the FBI will not tolerate acts of violence toward law enforcement and will thoroughly investigate anyone that commits these types of offenses.”

    A criminal complaint is merely an allegation of criminal conduct, not evidence.  All defendants are presumed innocent until proven guilty in a court of law.  If convicted, most of the charged defendants face a minimum penalty of ten years in federal prison and a maximum penalty of life imprisonment.  Those defendants charged with obstruction of justice and accessory after the fact face a maximum of ten years and fifteen years in federal prison, respectively.

    The investigation was conducted by the FBI—Dallas, Immigration and Customs Enforcement’s Enforcement and Removal Office (ICE ERO), ATF, the Texas Department of Public Safety, the Alvarado Police Department, and the Johnson County Sheriff’s Office. 
     

    MIL Security OSI –

  • MIL-OSI Security: Billings man sentenced to 6 years in prison for possessing a firearm following a felony conviction

    Source: Office of United States Attorneys

    BILLINGS – A Billings man who illegally possessed a firearm was sentenced today to 72 months in prison to be followed by 3 years of supervised release, U.S. Attorney Kurt Alme said.

    In March 2025, a federal jury found Joshua David Heafner, 40, guilty of possession of a firearm by a prohibited person.

    U.S. District Judge Susan P. Watters presided.

    The government alleged in court documents that on March 14, 2023, around 8:00 p.m., the Billings Police Department received a report of a hit and run at the intersection of North 31st Street and 6th Avenue North. Officers observed an unoccupied Volkswagen Passat in the middle of the intersection and witnesses described a man who resembled Heafner fleeing the scene on foot after the accident. Inside the car, officers saw a black pistol, some rounds of ammunition, and a methadone bottle with Heafner’s name on it. Heafner, who had outstanding arrest warrants at the time, was located near his residence, where he ran from the police before eventually being detained. Further investigation of the Passat revealed Heafner’s fingerprints in multiple locations on the driver’s side and on a cell phone found on the front driver’s side floorboard. Heafner was convicted of assault on a peace officer, robbery, and assault with a weapon, all felonies, in Billings in September 2013.

    Assistant U.S. Attorneys Jacob Yerger and Julie Patten prosecuted the case. The investigation was conducted by the ATF and the Billings Police Department.

    This case is part of Project Safe Neighborhoods (PSN), a program bringing together all levels of law enforcement and the communities they serve to reduce violent crime and gun violence, and to make our neighborhoods safer for everyone. On May 26, 2021, the Department launched a violent crime reduction strategy strengthening PSN based on these core principles: fostering trust and legitimacy in our communities, supporting community-based organizations that help prevent violence from occurring in the first place, setting focused and strategic enforcement priorities, and measuring the results. For more information about Project Safe Neighborhoods, please visit https://www.justice.gov/psn.

    XXX

    MIL Security OSI –

  • MIL-OSI Security: New Orleans Man Guilty of Carjacking and Federal Firearm Charge

    Source: Office of United States Attorneys

    NEW ORLEANS, LOUISIANA – Acting U.S. Attorney Michael M. Simpson announced that on July 8, 2025, MERVIN AMACKER, JR. (AMACKER), age 43, pled guilty to Count 1 and Count 2 of a Superseding Bill of Information that charged him with carjacking, in violation of 18 U.S.C. §2119(1) and felon in possession of a firearm, in violation of 18 U.S.C. §§ 922(g)(1) and 924(a)(8). As to each of Counts 1 and 2, AMACKER faces up to 15 years of imprisonment, up to a $250,000 fine, up to 3 years of supervised release, and a mandatory special assessment fee of $100. AMACKER’s sentencing is set for October 14, 2025.

    On March 8, 2023, AMACKER boarded an New Orleans Regional Transit Authority bus at Hayne Boulevard and Lacombe Street in New Orleans East. The bus proceeded on its normal route until near the intersection of Curran Boulevard and Vincent Road, at which time AMACKER produced a firearm and demanded to be driven to the hospital. At various points, he threatened to shoot or kill the driver. The driver began to drive at a high rate of speed, disregarding traffic signals.

    When the bus arrived at the hospital, AMACKER demanded that the driver proceed up the ramp to the emergency room entrance. AMACKER then exited the bus, walked into the emergency room, and was admitted. He reported that he was suffering from a gunshot wound. He was found to be in possession of a loaded Ruger Model 9E, nine-millimeter pistol. The firearm was secured by hospital security and surrendered to NOPD.

    This case is part of Project Safe Neighborhoods (PSN), a program bringing together all levels of law enforcement and the communities they serve to reduce violent crime and gun violence, and to make our neighborhoods safer for everyone. On May 26, 2021, the Department launched a violent crime reduction strategy strengthening PSN based on these core principles: fostering trust and legitimacy in our communities, supporting community-based organizations that help prevent violence from occurring in the first place, setting focused and strategic enforcement priorities, and measuring the results.

    The case was investigated by the Bureau of Alcohol, Tobacco, Firearms, and Explosives and the New Orleans Police Department. Assistant United States Attorney Sarah Dawkins of the Violent Crime Unit is in charge of the prosecution.

    MIL Security OSI –

  • MIL-OSI USA: Bill to Fund Key Military Construction Projects in Maine Clears Appropriations Committee

    US Senate News:

    Source: United States Senator for Maine Susan Collins
    Published: July 18, 2025

    Washington, D.C. – U.S. Senator Susan Collins, Chair of the Appropriations Committee, announced that she secured significant funding and provisions for Maine in the Fiscal Year 2026 Military Construction, Veterans Affairs, and Related Agencies Appropriations Act.
    The measure, which was advanced by a vote of 26-3, provides $153.5 billion in discretionary funding, including $19.8 billion in defense funding and $133.6 billion in nondefense funding.
    “The dedicated men and women that make up the Maine National Guard and Portsmouth Naval Shipyard workforce play an important role in strengthening our national security. This significant investment would help to ensure our military’s readiness and safety while reducing maintenance costs,” said Senator Collins. “As the Chair of the Appropriations Committee, I will continue to champion this funding as the appropriations process moves forward.”
    Bill Highlights:
    Local Projects: $9 million for Congressionally Directed Spending projects that support the Maine National Guard and Portsmouth Naval Shipyard.
    Power Reliability & Water Resiliency Upgrades: Nearly $228 million for the first increment of Power Reliability & Water Resilience Upgrades at Portsmouth Naval Shipyard. The project would increase reliability, resiliency, and capacity of electric and water utility systems that support nuclear-powered submarines and nuclear support facilities.
    Multi-Mission Drydock #1: Nearly $221 million for the sixth increment of the Multi-Mission Drydock #1 at Portsmouth Naval Shipyard.
    Shipyard Infrastructure Optimization Program (SIOP): Report language on the SIOP emphasizing its importance and urging the Navy to prioritize the timely funding of public shipyard infrastructure.
    GI Bill Apprenticeship Program: Report language driving attention on the underutilization of apprenticeship and on-the-job training under the GI Bill.

    MIL OSI USA News –