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  • MIL-OSI Australia: Interest rate cuts, lower inflation, trade shifts – will Australia’s economy find its stride in 2025?

    Source: University of South Australia

    06 February 2025

    UniSA’s Credit Union SA Chair of Economics Dr Susan Stone.

    Australian households and businesses should benefit from lower interest rates and improved market conditions, in what a University of South Australia economist predicts will be a year of recovery for the country.

    UniSA’s Credit Union SA Chair of Economics Dr Susan Stone says global economic growth is expected to improve in 2025, with G20 economies averaging growth rates of 3.35%. India and Indonesia are stand out markets and will benefit Australia as they are both major export markets.

    Dr Stone says inflation is also expected to further recede, with central banks having reached their monetary policy targets in nearly half of the world’s advanced economies (US, UK, Canada, Japan etc) and close to 60% for emerging market economies (India, Brazil, South Africa etc).

    “Inflation is coming down in Australia and rate cuts are expected in the first half of the year, with many economists predicting one at the February meeting. However, there are still lingering concerns about Commonwealth payments affecting the CPI (consumer price index) numbers, with rents still growing strongly, services inflation running over 4%, a continued tight housing market and low unemployment,” she says,

    “All of this implies that spare capacity is limited in the economy and that any increase in demand accompanied by lowering interest rates could rekindle inflation.”

    Dr Stone, a former OECD and United Nations economist, says the labour market picture is more nuanced, with growth in full-time employment post-COVID-19 slightly ahead of part-time work, but this varies significantly by sector. The strongest employment increases have been in electricity, gas and water (EGW) and construction nationally.

    “EGW has more than doubled its employment growth since COVID (compared to the 10-year average) but it has come mainly through part-time work – 11% growth versus 3% growth in full-time jobs,” Dr Stone says. “The construction and health sectors were the next highest at 1.6% and 1.5% growth respectively. Both experienced stronger growth in full time workers than part-time.

    “Professional, scientific and technical services employment has actually grown at a slower rate in Australia since COVID with the average annual rate of 0.8% versus the average rate of 0.9% since 2014. However, manufacturing, while small, shows much stronger employment gains since COVID then in the 10-year period overall. In this sector, part-time employment has actually fallen while full-time has increased.

    “We see the construction sector really bouncing back from pre-COVID averages, with full-time job growth (at 1.7%) more than twice the rate as prior to COVID (0.7%) while part-time job growth remained the same (1%). Thus, tight conditions in the construction industry job market are likely to continue into 2025.”

    As inflation comes down and real wages rise, some recovery in household finances can be expected which should increase household spending. A key to growth in Australia’s economy for 2025 and beyond is business investment, Dr Stone says.

    “We saw volume measures of retail spending finish the year up, especially for household goods, which means people aren’t just spending more because of price increases. As the price index (CPI) continues to fall faster than the wage index (WPI), along with the expected cut in interest rates, household budgets should recover in 2025,” she says.

    Following Donald Trump’s official inauguration as the United States’ 47th president, like many countries, Australia is adapting to his return and promise of new tariffs on Canada, Mexico and China.

    Dr Stone says Australians may be affected by the additional trade barriers as even though the US accounts for only 5% of Australian exports, it still ranks as Australia’s fifth-largest export market.

    “We export a relatively small number of commodities to the US but it’s still an important customer for our advanced manufacturing sector. The US imports many of our high technology products such as hi-tech engines, aircraft and space parts and machine tools,” she says.

    “The US is also our second largest services export market, making up more than 10% of our total services trade. Service inputs are things like software, engineering or transport services that help produce international goods such as toys, laptops and refrigerators.”

    Dr Stone says overall, 2025 should be a year of recovery with Australian households and business benefitting from lower interest rates and improved market conditions.

    “Overseas markets are likely to remain rocky, but a weak dollar will help exports. Structural challenges in the housing market, innovation and business investment will need to be addressed to ensure sustained growth,” she adds.

    …………………………………………………………………………………………………………………………

     Contact for interview:  Dr Susan Stone, University of South Australia Credit Union SA Chair of Economics E: Susan.Stone@unisa.edu.au

    Media contact: Melissa Keogh, Communications Officer, UniSA M: +61 403 659 154 E: Melissa.Keogh@unisa.edu.au

    MIL OSI News –

  • MIL-OSI: Ambarella Announces Fourth Quarter and Full Fiscal Year 2025 Earnings Conference Call to be Held February 26, 2025

    Source: GlobeNewswire (MIL-OSI)

    SANTA CLARA, Calif., Feb. 05, 2025 (GLOBE NEWSWIRE) — Ambarella, Inc. (NASDAQ: AMBA), an edge AI semiconductor company, today announced it will hold its third quarter fiscal year 2025 earnings conference call on Wednesday, February 26, 2025 at 1:30 p.m. (Pacific Time). The company will issue its earnings release after the market closes that same day.

    Those interested in asking a question on the call are required to register online in advance. Once registered, the dial-in numbers will be provided with a personal identification number (PIN). When dialing in for the live call, the PIN number must be provided to access the call.

    The live webcast of the conference call, and a webcast replay, will be available at: http://investor.ambarella.com/events.cfm

    About Ambarella

    Ambarella’s products are used in a wide variety of human vision and edge AI applications, including video security, advanced driver assistance systems (ADAS), electronic mirror, drive recorder, driver/cabin monitoring, autonomous driving and robotics applications. Ambarella’s low-power systems-on-chip (SoCs) offer high-resolution video compression, advanced image and radar processing, and powerful deep neural network processing to enable intelligent perception, fusion and planning. For more information, please visit www.ambarella.com.

    Contact:
    Louis Gerhardy
    VP Corporate Development
    408-636-2310
    lgerhardy@ambarella.com

    The MIL Network –

  • MIL-OSI USA: Chairman Graham: Senate Budget Committee Will Move Forward On A Budget Resolution

    US Senate News:

    Source: United States Senator for South Carolina Lindsey Graham

    WASHINGTON – U.S. Senator Lindsey Graham (R-South Carolina), Chairman of the Senate Budget Committee, today announced the committee will mark up the Senate’s Fiscal Year 2025 budget resolution next week.

    The FY 2025 budget resolution will be the blueprint that unlocks the pathway forward for a fully paid for reconciliation bill to secure the border, bolster our military and increase American energy independence.

    “To those who believe that Republicans should fulfill their promises on border security, mass deportation of criminal illegal aliens: I agree.

    “That is why the Senate Budget Committee will be moving forward next week to give the Trump Administration’s Border Czar, Tom Homan, the money he needs to finish the wall, hire ICE agents to deport criminal illegal immigrants, and create more detention beds so that we do not release more dangerous people into the country.

    “This will be the most transformational border security bill in the history of our country.

    “It’s time to act.”

     

    MIL OSI USA News –

  • MIL-OSI Security: Distributor of Child Sexual Abuse Material Sentenced to 20 Years in Prison

    Source: Office of United States Attorneys

    MIAMI – A West Palm Beach federal judge has sentenced 38-year-old Texas man James William Latta to 20 years in prison followed by 25 years supervised release for advertising and distributing child sexual abuse material (CSAM) through social media. 

    During the summer of 2024, Latta used a social networking application to communicate with a person he believed was the mother of an eight-year-old child. Latta sent sexually explicit videos of himself during the exchanges and asked about sex between the mother and child. Latta also created and operated chat rooms on the social networking application through which he distributed CSAM. In one chatroom – with dozens of members – Latta distributed CSAM more than 200 times over two months, posting a hyperlink to a website with more than 3,000 images and videos of CSAM. Latta was identified and arrested in Texas. After his arrest, he was transferred to the Southern District of Florida, where he pled guilty.

    In addition to imposing prison and supervised release terms, District Judge Donald M. Middlebrooks ordered Latta to register as a sex offender. A hearing will be scheduled to determine the amount of restitution Latta must pay his victims. 

    U.S. Attorney Hayden O’Byrne for the Southern District of Florida and Acting Special Agent in Charge Jose R. Figueroa of HSI Miami made the announcement.

    HSI West Palm Beach investigated the case. Assistant U.S. Attorney Gregory Schiller is prosecuting it. 

    This case was brought as part of Project Safe Childhood, a nationwide initiative to combat the growing epidemic of child sexual exploitation and abuse, launched in May 2006 by the Department of Justice. Led by U.S. Attorneys’ Offices and the Criminal Division’s Child Exploitation and Obscenity Section (CEOS), Project Safe Childhood marshals federal, state and local resources to better locate, apprehend and prosecute individuals who exploit children via the Internet, as well as to identify and rescue victims. For more information about Project Safe Childhood, please visit www.projectsafechildhood.gov or https://www.justice.gov/usao-sdfl/project-safe-childhood.

    Anyone with information regarding child sexual exploitation and abuse is encouraged to call (877) 4-HSI-TIP [(877) 447-4847].

    Related court documents and information may be found on the website of the District Court for the Southern District of Florida at www.flsd.uscourts.gov or at http://pacer.flsd.uscourts.gov under case number 24-cr-80115.

    ###

    MIL Security OSI –

  • MIL-OSI Security: Jury convicts a man of possessing 80 grams of meth for distribution

    Source: Office of United States Attorneys

    MIAMI – On Jan. 28, a federal jury found a Jensen Beach man guilty of possession with intent to distribute meth.

    On June 14, 2023, law enforcement officers stopped Otis Furman Crabbe, III, 54, of Jensen Beach, Fla., because of the dark window tinting of his white Mercedes Benz sedan, while he was driving in downtown Stuart, Fla. Crabbe told the officers that he was partially blind and that he needed the dark tinting due to light sensitivity. The law enforcement officers conducted a canine inspection of Crabbe’s vehicle and discovered a suitcase in his trunk containing approximately 80 grams of methamphetamine.

    A sentencing hearing is scheduled on April 17 at 11:30 a.m. Crabbe faces a mandatory minimum of 10 years up to life in prison.

    U.S. Attorney Hayden P. O’Byrne for the Southern District of Florida, Acting Special Agent in Charge Jose R. Figueroa of Homeland Security Investigations (HSI), Miami Field Division and Sheriff John Budensiek, of the Martin County Sheriff’s Office (MCSO), made the announcement.

    The HSI Fort Pierce Field Office and MCSO investigated the case. Assistant U.S. Attorney Breezye Telfair prosecuted the case.

    Related court documents and information may be found on the website of the District Court for the Southern District of Florida at www.flsd.uscourts.gov or at http://pacer.flsd.uscourts.gov, under case number 24-cr-14037.

    ###

    MIL Security OSI –

  • MIL-OSI Security: Steele County Man Sentenced to Over 17 Years for International Sexual Exploitation of Children

    Source: Office of United States Attorneys

    ST. PAUL, Minn. – A Blooming Prairie man has been sentenced to 210 months in prison followed by ten years of supervised release, announced Acting U.S. Attorney Lisa D. Kirkpatrick.

    According to court documents, beginning in April 2022, Steven John Sokel, 61, began communicating over the internet with the mother of a pre-pubescent minor victim in Thailand. On September 1, 2022, Sokel traveled to Thailand and stayed with the victim and the mother for almost a full month. During his time abroad, Sokel produced images of the minor victim engaging in sexually explicit activity.

    According to court documents, on September 29, 2022, Sokel left Thailand and had a layover in Abu Dhabi, United Arab Emirates. The Abu Dhabi airport has a U.S. Customs and Border Protection (CBP) preclearance facility for passengers flying to the United States. After finding items like sexual pleasure devices, handcuffs, and condoms in Sokel’s luggage, CBP officers conducted a search and found the child sexual abuse material on Sokel’s password-protected laptop.

    Sokel was sentenced in U.S. District Court by Judge Eric T. Tostrud on one count of sexual exploitation of children.

    This case is the result of an investigation conducted by Homeland Security Investigations and U.S. Customs and Border Protection.

    Assistant U.S. Attorney Campbell Warner prosecuted the case.

    MIL Security OSI –

  • MIL-OSI: AGF REPORTS January 2025 ASSETS UNDER MANAGEMENT and FEE-EARNING ASSETS

    Source: GlobeNewswire (MIL-OSI)

    TORONTO, Feb. 05, 2025 (GLOBE NEWSWIRE) — AGF Management Limited reported total assets under management (AUM) and fee-earning assets1 of $54.4 billion as at January 31, 2025.

    AUM
    ($ billions)    		 January 31,
    2025
    		   December 31,
    2024
    		   % Change
    Month-Over-
    Month    		   January 31,
    2024
    		   % Change
    Year-Over-
    Year    		  
    Total Mutual Fund $31.4   $30.1     $25.1    
    Exchange-traded funds + Separately managed accounts $2.7   $2.8     $1.6    
    Segregated accounts and Sub-advisory $6.8   $6.4     $7.0    
    AGF Private Wealth $8.6   $8.4     $7.7    
    Subtotal
    (before AGF Capital Partners AUM and fee-earning assets1)    		 $49.5   $47.7     $41.4    
    AGF Capital Partners $2.8   $2.8     $0.1    
    Total AUM $52.3   $50.5   3.6 % $41.5   26.0 %
    AGF Capital Partners fee-earning assets1 $2.1   $2.1     $2.0    
    Total AUM and fee-earning assets1 $54.4   $52.6   3.4 % $43.5   25.1 %
               
    Average Daily Mutual Fund AUM $30.8   $30.5     $25.0    

    1 Fee-earning assets represent assets in which AGF has carried interest ownership and earns recurring fees but does not have ownership interest in the managers.

    Mutual Fund AUM by Category
    ($ billions)    		 January 31,
    2025
    		   December 31,
    2024
    		   January 31,
    2024
    		  
    Domestic Equity Funds $4.5   $4.4   $4.1  
    U.S. and International Equity Funds $19.7   $18.6   $14.3  
    Domestic Balanced Funds $0.1   $0.1   $0.1  
    U.S. and International Balanced Funds $1.7   $1.6   $1.6  
    Domestic Fixed Income Funds $1.9   $1.8   $1.7  
    U.S. and International Fixed Income Funds $3.2   $3.3   $3.1  
    Domestic Money Market $0.3   $0.3   $0.2  
    Total Mutual Fund AUM $31.4   $30.1   $25.1  
    AGF Capital Partners AUM and fee-earning assets
    ($ billions)    		 January 31,
    2025    		   December 31,
    2024    		   January 31,
    2024    		  
    AGF Capital Partners AUM $2.8   $2.8   $0.1  
    AGF Capital Partners fee-earning assets $2.1   $2.1   $2.0  
    Total AGF Capital Partners AUM and fee-earning assets $4.9   $4.9   $2.1  


    About AGF Management Limited

    Founded in 1957, AGF Management Limited (AGF) is an independent and globally diverse asset management firm. Our companies deliver excellence in investing in the public and private markets through three business lines: AGF Investments, AGF Capital Partners and AGF Private Wealth.

    AGF brings a disciplined approach, focused on incorporating sound, responsible and sustainable corporate practices. The firm’s collective investment expertise, driven by its fundamental, quantitative and private investing capabilities, extends globally to a wide range of clients, from financial advisors and their clients to high-net worth and institutional investors including pension plans, corporate plans, sovereign wealth funds, endowments and foundations.

    Headquartered in Toronto, Canada, AGF has investment operations and client servicing teams on the ground in North America and Europe. With over $54 billion in total assets under management and fee-earning assets, AGF serves more than 815,000 investors. AGF trades on the Toronto Stock Exchange under the symbol AGF.B.

    AGF Management Limited shareholders, analysts and media, please contact:

    Ken Tsang
    Chief Financial Officer
    416-865-4338, InvestorRelations@agf.com

    The MIL Network –

  • MIL-OSI USA: Hickenlooper, Colleagues Urge Trump to Reinstate Inspectors General After Illegally Firing Them 

    US Senate News:

    Source: United States Senator for Colorado John Hickenlooper

    Senators: “Removing these non-partisan watchdogs without providing a substantive and non-political reason is not lawful…”

    WASHINGTON – Today, U.S. Senators John Hickenlooper and 39 of his Senate colleagues wrote to President Donald Trump strongly condemning his recent decision to remove Inspectors General (IGs) from at least 18 government agencies and called on the President to immediately reinstate the officials.

    “The federal government and the American people count on these officials to operate in a professional and non-partisan way to hold our government accountable – regardless of who is in power,” wrote the senators. “Without strong, qualified and independent officials to lead these critical efforts, the Administration risks wasting taxpayer dollars, and allowing fraud and misconduct to go unchecked.”

    IGs provide independent oversight of federal programs and play a key role in improving government efficiency and effectiveness. President Trump removed IGs from at least 18 departments and agencies, including the Departments of Defense, Veterans Affairs, and Health and Human Services.

    According to the Inspector General Independence and Empowerment Act, which was signed into law in 2022, the President is required to provide a 30-day notice and substantive reasons for removal in writing to Congress before an Inspector General can be removed. President Trump failed to alert Congress or provide substantive reasoning. 

    “These officials, which include those appointed by Presidents of both parties, including many during your first Administration, collectively conduct oversight of trillions of dollars of federal spending and the conduct of millions of federal employees,” continued the senators. “Removing these non-partisan watchdogs without providing a substantive and non-political reason is not lawful, and undermines their independence, jeopardizing their critical mission to identify and root out waste, fraud, and abuse within federal programs.”

    Full text of the letter available HERE.

    MIL OSI USA News –

  • MIL-OSI USA: Sullivan, Colleagues Demand Greater Accountability at VA Following Budget Shortfall Fiasco

    US Senate News:

    Source: United States Senator for Alaska Dan Sullivan

    02.05.25

    WASHINGTON—U.S. Senator Dan Sullivan (R-Alaska), a member of the Senate Veterans Affairs Committee (SVAC), and 10 of his Senate colleagues today introduced the Protecting Regular Order (PRO) for Veterans Act, legislation to establish greater accountability and oversight of the Department of Veterans Affairs (VA) after a stunning multi-billion-dollar budget shortfall in 2024 followed by a multi-billion-dollar surplus two months later. This budget debacle came after the VA mismanaged funds, resulting in $10 million dollars’ worth of bonuses being improperly awarded to senior management at the VA. These bonuses ranged from $40,000 to $100,000 each, significantly more than the average disability benefits a veteran receives in a year.

    The Pro VETS Act will institute a three-year requirement for the VA to provide quarterly, in-person budget reports to Congress to encourage greater oversight and financial accountability, and also withhold bonuses for senior VA and Office of Management and Budget (OMB) personnel if there are future financial shortfalls.

    “Last year, we witnessed a shocking budget debacle, with the VA saying veterans’ hard-earned benefits were in peril if the VA didn’t immediately receive billions of dollars in additional funds—only to find out weeks later that no such shortfall exists,” Sen. Sullivan said. “Congress cannot become numb to these kinds of scandals and gross mismanagement. My colleagues and I are demanding basic accountability at the VA, including quarterly in-person budget reports to Congress and the withholding of bonuses for senior VA and OMB leaders involved in any future budget debacle. I urge my colleagues to join us in this effort to put commonsense guardrails on VA leadership and safeguard the benefits of our courageous veterans who’ve sacrificed so much on our behalf.”

    The legislation is cosponsored by Sens. Marsha Blackburn (R-Tenn.), Ted Budd (R-N.C.), Steve Daines (R-Mont.), Chuck Grassley (R-Iowa), Roger Marshall (R-Kan.), Lisa Murkowski (R-Alaska), Pete Ricketts (R-Neb.),  Rick Scott (R-Fla.), Tommy Tuberville (R-Ala.), and Roger Wicker (R-Miss.).

    Below is a timeline of Sen. Sullivan and his colleagues’ recent work to address the lack of accountability at the VA:

    • In the summer of 2024, the Veterans Benefits Administration (VBA) announced that it was experiencing a historic budget shortfall of $15 billion and would need $3 billion immediately to ensure the delivery of veterans’ benefits.
    • On July 31, 2024, Senators Sullivan and Kevin Cramer (R-N.D.) sent a letter to the SVAC chairman demanding an immediate hearing on the reported budget shortfall.
    • On September 18, 2024, SVAC held a hearing on the funding shortfall and Sen. Sullivan introduced the PRO Vets Act.
    • On September 19, 2024, Sen. Sullivan attempted to pass the PRO Vets Act as an amendment to a VA supplemental funding package, but it was blocked by Senate Democrats.
    • On November 18, 2024, Sen. Sullivan and 15 of his colleagues sent a letter to the SVAC chairman demanding greater accountability and oversight of the VA.

    MIL OSI USA News –

  • MIL-OSI USA: Utah’s Senators Introduce Bills for Navy and Coast Guard Readiness

    US Senate News:

    Source: United States Senator for Utah Mike Lee

    WASHINGTON –Today, Senator Mike Lee (R-UT) and Senator John Curtis (R-UT) introduced two pieces of legislation aimed at enhancing the readiness and capabilities of the United States Navy and Coast Guard. The “Ensuring Naval Readiness Act” and the “Ensuring Coast Guard Readiness Act” are designed to modernize and expedite the construction and procurement processes for U.S. maritime forces by fostering increased collaboration with allied nations.

    “Both bills are about leveraging our diplomatic relationships and the comparative advantages of our allies to ensure America remains at the forefront of maritime security,” said Senator Lee. “By modernizing our approach to shipbuilding and repair, we can enhance our readiness and maintain our military edge, all while ensuring fiscal responsibility.”

    “The Ensuring Naval Readiness Act and the Ensuring Coast Guard Readiness Act take common-sense measures to strengthen America’s Navy and Coast Guard while keeping costs down and reinforcing our alliances with trusted partners.” said Senator Curtis. “I am pleased to support Senator Lee on these bills that ensure we remain ready to meet our national security threats.”

    “The Ensuring Naval Readiness Act” addresses the critical shortfall in our naval forces, echoing the Force Structure Assessment’s recommendation for a fleet of 355 ships to ensure a ready and capable Navy. By allowing the option to construct ships or components in shipyards of NATO member countries or Indo-Pacific nations with which the U.S. has mutual defense agreements, this bill aims to reduce costs and speed up delivery times, helping to close the gap between current capabilities and strategic needs.

    Following closely, “The Ensuring Coast Guard Readiness Act” proposes a strategic shift in the construction of U.S. Coast Guard vessels. This legislation permits the Coast Guard to partner with allied shipyards to procure vessels more quickly and cost-effectively, without compromising national security. It specifically allows for the construction of major vessel components in foreign shipyards not influenced by adversarial powers, particularly China.

    For further details on the bills or to review bill texts and summaries, please click the links below:

    Ensuring Naval Readiness Act: Bill Text | One-Pager
    Ensuring Coast Guard Readiness Act: Bill Text | One-Pager

    MIL OSI USA News –

  • MIL-OSI USA: Barrasso, Colleagues Introduce Enhancing Energy Recovery Act

    US Senate News:

    Source: United States Senator for Wyoming John Barrasso

    WASHINGTON, D.C. – Today, U.S. Senators John Barrasso (R-Wyo.), James Lankford (R-Okla.), Bill Cassidy (R-La.), John Hoeven (R-N.D.), Jim Justice (R-W.Va.), and Tim Sheehy (R-Mont.) introduced legislation to enhance carbon capture incentives and energy production.

    The Enhancing Energy Recovery Act (S. 425) would create parity under the Section 45Q carbon capture tax credit by giving across-the-board, equal treatment for carbon captured for increased energy production, utilization, and sequestration.

    “Wyoming proudly leads the way on carbon capture projects. We have used this technology to take carbon out of the air and find alternate, productive uses for it,” said Senator Barrasso. “Using carbon for enhanced oil and natural gas recovery has proven to significantly increase energy production while reducing carbon emissions. Changes to Section 45Q made it harder for American energy producers and manufacturers to take advantage of this credit. Our bill will fix this policy and ensure equal treatment for energy production, utilization, and sequestration. By bolstering our national energy security, we can support Wyoming’s energy workers and lower costs for Americans across the country.”

    “Investing in the infrastructure to capture carbon means investing in tens of thousands of Louisiana jobs. And with Louisiana’s primacy over permitting, it will also create tens of billions of dollars of other investment,” said Dr. Cassidy. “Let’s help Louisiana continue to lead as an energy and manufacturing state.”

    “North Dakota is leading the way in cracking the code on carbon capture utilization and storage (CCUS) technologies. This legislation will help to advance these technologies by making the tax credit for enhanced oil recovery and utilization the same as the tax credit for storage,” said Senator Hoeven. “Streamlining these benefits will enable more businesses to invest in these advanced technologies, boost economic growth, and help make America not only energy secure but energy dominant.”

    This legislation is supported by the Wyoming Energy Authority, Petroleum Association of Wyoming, Carbon Utilization Research Council (CURC), Domestic Energy Producers Alliance (DEPA), Independent Petroleum Association of America (IPAA), National Rural Electric Cooperatives, CO2 Solutions Coalition, and the Compressed Gas Association.

    “At a time where energy demand is soaring, it is more important than ever to ensure that the United States relies on domestic energy sources for our security. Wyoming has long been a leader in carbon management, whether it be using CO2 as a commodity for enhanced oil recovery or paving the way with CCUS technologies. Capturing CO2 and using it to increase our domestic production, keeping energy reliable and affordable for all Americans, is a win for our nation. This bill is a crucial piece of legislation to ensure a level playing field for the growing markets that use CO2. We applaud Senator Barrasso’s continued leadership and efforts to support Wyoming’s energy industry.” – Rob Creager, Executive Director of the Wyoming Energy Authority

    “Senator Barrasso’s Enhancing Energy Recovery Act is the right approach for Wyoming’s oil and gas producers, and for national energy policy. In Wyoming, CO2 is a useful commodity, not a waste product, and so long as there is equal tax treatment for using CO2 to recover oil and gas, I’m confident Wyoming will benefit. We applaud Senator Barrasso and urge speedy passage of the Enhancing Energy Recovery Act.” – Pete Obermueller, President, Petroleum Association of Wyoming

    “The Carbon Utilization Research Council (CURC) is pleased to support Senator Barrasso’s Enhancing Energy Recovery Act. As a coalition focused on the responsible use of our nation’s fossil resources, CURC commends the Senator’s efforts to create parity under the Section 45Q carbon sequestration tax credit by giving equal treatment for CO? captured for increased energy production, utilization, and sequestration. Expanding the use of CO? for enhanced oil recovery (EOR) not only helps facilitate the development of large-scale CCS deployment across the country, but also promotes a practical, market-driven approach to lowering emissions and producing a lower CO?-intensity barrel of oil. CURC looks forward to working with Senator Barrasso to advance this legislation as well as other policies that accelerate the development and deployment of CCS solutions.” – Shannon Angielski, Executive Director, CURC

    The Independent Petroleum Association of America (IPAA) supports Senator Barrasso’s Enhancing Energy Recovery Act. Providing parity between carbon sequestration and utilization within the tax code ensures that CO2 is captured and stored in the most economically viable manner possible. The bill further incentivizes companies to continue to use direct air capture technology, fostering ongoing development and deployment of these cutting-edge emissions reduction technologies with the promise of working toward the goals of overall emissions reduction in the United States. IPAA thanks Senator Barrasso for taking a pragmatic, forward looking approach to management of carbon dioxide emissions.” – Jeff Eshelman, President & CEO, Independent Petroleum Association of America

    “We are pleased to express our strong support for Senator Barrasso’s Enhancing Energy Recovery Act, which takes a critical step forward in leveling the playing field for carbon dioxide sequestration. This balanced approach provides a powerful incentive for the oil and gas industry to continue its leadership in carbon capture, utilization, and storage (CCUS) while also recognizing the role of EOR in safely managing carbon dioxide and extending the productive life of oil fields. Senator Barrasso’s vision for equitable treatment of carbon management technologies aligns with the industry’s commitment to reducing emissions, enhancing energy security, and delivering economic benefits to rural communities.” – Jerry R. Simmons, President & CEO, Domestic Energy Producers Alliance

    Full text of the legislation can be found here.

    Background:

    The Enhancing Energy Recovery Act will:

    • Increase the effective value of the 45Q tax credit for captured carbon used in enhanced oil recovery and utilization to match that of sequestration.
    • Currently, the full tax credit incentive for carbon used in enhanced oil recovery (EOR) and utilization is $60/metric ton, while the value for sequestration is $85/metric ton. This bill sets all three values at $85/metric ton for EOR, utilization, and sequestration.
    • Additionally, the bill creates equal treatment for carbon captured through Direct Air Capture (DAC). It increases the value of DAC-captured carbon used for EOR and utilization by increasing the incentive from $130/metric ton, up to $180/metric ton, consistent with the current value of captured carbon used in sequestration.

    MIL OSI USA News –

  • MIL-OSI USA: Vermont Congressional Delegation Celebrates UVM Men’s Soccer Team National Championship

    US Senate News:

    Source: United States Senator Peter Welch (D-Vermont)

    WASHINGTON, D.C. – The Vermont Congressional Delegation, Senator Bernie Sanders (I-Vt.), Senator Peter Welch (D-Vt.),and Representative Becca Balint (VT-At-Large), today celebrated Senate passage of a Resolution recognizing the University of Vermont (UVM) Men’s Soccer Team for winning the National Collegiate Athletic Association’s (NCAA) Division I championship.  
    “Congratulations to the UVM Men’s Soccer Team on an incredible season that finished with the program’s first-ever NCAA Division I National Championship title. We are incredibly proud of the dedication, talent, and sportsmanship displayed by the team throughout this historic season. Their championship victory truly showcased the very best of Vermont values and proved that we are, in fact, a soccer state. Our resolution forever encapsulates this special moment for Vermonters and the Cardiac Cats,” said the Vermont Congressional Delegation.  
    Read the full resolution. 

    MIL OSI USA News –

  • MIL-OSI USA: Vermont Delegation Reintroduces Bill to Redraw Boundaries of the Marsh-Billings-Rockefeller National Historic Park in Woodstock

    US Senate News:

    Source: United States Senator Peter Welch (D-Vermont)

    WASHINGTON, D.C. – The Vermont Congressional Delegation, Senator Bernie Sanders (I-Vt.), Senator Peter Welch (D-Vt.), and Representative Becca Balint (VT-At-Large) today reintroduced the Marsh-Billings-Rockefeller National Historical Park Establishment Act Amendments Act, legislation to extend the boundary of the Marsh-Billings-Rockefeller National Historic Park to include the neighboring King Farm, which is currently owned by the Vermont Land Trust.  
    “The Marsh-Billings-Rockefeller National Historical Park is a treasure for Vermont and our nation,” said Senator Sanders. “Vermont’s forests and working farms have always been vital to our economy and critical to our character as a state. I’m pleased this bill will continue Vermont’s conservation legacy by expanding this park and helping to conserve land for agriculture, forestry, and educational purposes for future generations.” 
    “The Marsh-Billings-Rockefeller National Historical Park is a unique example of how decades of conservation and stewardship have shaped our landscape with Vermont Values. As Vermont’s first and only national park, it plays an important role in conservation and educating folks about our state’s rich agricultural heritage,” said Senator Welch. “By expanding the Marsh-Billings-Rockefeller National Historic Park to include the King Farm, our bill will create new enrichment opportunities and ensure that future generations can continue to enjoy and appreciate this historical treasure.” 
    “In Vermont, we care deeply about the preservation, stewardship, and the future of our parks and lands,” said Rep. Balint. “I’m proud to take action to strengthen this partnership and ensure that King Farm has the resources it needs for trail maintenance, conservation, and land management. I’m grateful to work with Senator Welch and Sanders and our shared commitment to our state’s outdoor recreation.” 
    Located in Woodstock, the Marsh-Billings-Rockefeller National Historic Park preserves a significant historical, agricultural, and natural landscape. The Marsh-Billings-Rockefeller National Historic Park became Vermont’s first and only national park when it opened its doors to the public in 1998. The Marsh-Billings-Rockefeller National Historic Park commemorates the historical contributions of its namesakes—George Perkins Marsh, Frederick Billings, and Mary French Rockefeller—preserves Vermont’s proud agricultural heritage, and conserves native forestland ecosystems. It also provides countless educational opportunities for visitors, protects archaeological sites, and showcases historic architecture. 
    The Marsh-Billings-Rockefeller National Historical Park Establishment Act Amendments Act would also codify the National Park Service Stewardship Institute housed at Marsh-Billings-Rockefeller National Historic Park to support educational programing, research, community engagement, and conservation efforts throughout the National Park System. Additionally, the bill would authorize the Marsh-Billings-Rockefeller National Historic Park to acquire the King Farm from willing property owners in the future, without requiring its sale. 
    The Marsh-Billings-Rockefeller National Historical Park Establishment Act Amendments Act is endorsed by the Vermont Land Trust and the National Parks Conservation Association and has the support of the Town of Woodstock: 
    “The Town of Woodstock is happy with this legislation as we have an outstanding and cooperative relationship with the National Park Service and our residents enjoy all the activities and services they currently offer,” said Eric Duffy, Municipal Manager, Town of Woodstock. “The Park is a massive tourist draw and a vital part of our community.” 
    “We welcome the opportunity to partner more closely with NPS in enhancing access to land and programming at King Farm. The timing aligns perfectly with our efforts to raise funds and invest in King Farm as a place-based educational resource for learners of all ages, alongside community partners,” said Tracy Zschau, President and CEO, Vermont Land Trust. 
    “Marsh-Billings-Rockefeller National Historical Park is one of the first places to champion conservation in America,” said Todd Martin, Northeast Senior Program Manager for the National Parks Conservation Association. “You can’t tell the story of Vermont without farming, and expanding the park boundary will help us do that by including the historic King Farm within the park boundary. One of the oldest working farms in Vermont, this expanded landscape will enhance public access and better connect trails to the town of Woodstock. We’re grateful to Senators Welch, Sanders and Congresswoman Balint for their leadership and unwavering support for Vermont’s beloved national park.” 
    Learn more about the Marsh-Billings-Rockefeller National Historical Park Establishment Act Amendments Act. 
    Read the full text of the bill. 

    MIL OSI USA News –

  • MIL-OSI Canada: More than 200 supportive homes, shelter spaces on the way throughout B.C.

    Source: Government of Canada regional news

    Christine Boyle, Minister of Indigenous Relations and Reconciliation –

    “In B.C., we are taking direct action to address the urgent and critical need for culturally supportive housing on reserve and off reserve by working in partnership with First Nations and Indigenous organizations. Together, we are laying a strong foundation so communities can thrive and making positive changes in people’s lives by meeting their fundamental needs.”

    Mark Miller, CEO, Connective –

    “We understand that stable, appropriate housing is a critical step in preventing crises and a foundation for accessing additional supports, overcoming barriers and pursuing personal independence. The transitional housing program at 3rd and London is an exciting opportunity to diversify local responses to homelessness, while leveraging our expertise to help individuals work toward long-term stability.”

    Keith Fielding, president, Peachland Seniors’ Support Society –

    “We’re thrilled to see the second phase of our seniors’ housing project underway. Phase 2 adds 73 new homes to the Residences on Sixth project, bringing the total to 147 units. Our thanks to BC Housing for this second partnership and to the District of Peachland for leasing the land.”

    Chief Michael Wyse, Snuneymuxw First Nation –

    “We celebrate Snuneymuxw families moving into La’lum’utul, new homes that are part of our ongoing work to create more affordable housing options for our people. We are grateful for our continued partnership with BC Housing and the meaningful results we are achieving together.”

    Fran Hunt-Jinnouchi, executive director, Aboriginal Coalition to End Homelessness –

    “Sacred Cradle House will meet a critical need in Victoria to keep First Nations, Métis and Inuit families together through culturally supportive housing, Indigenous approaches and child-rearing practices, including decolonized harm reduction and land-based healing.”

    Bob Hughes, CEO, ASK Wellness Society –

    “As we prepare to open our doors, ASK Wellness Society is proud and humbled to help bring the Access Hub Committe’s vision to life. This collaborative effort highlights the power of partnership in addressing the urgent shelter needs of Kamloops’ North Shore, providing support, hope and wraparound services to some of the most vulnerable members of our community.”

    MIL OSI Canada News –

  • MIL-OSI United Nations: DR Congo: UN mission offers protection to ‘vulnerable populations’, despite huge challenges

    Source: United Nations 4

    Peace and Security

    Rwanda-backed M23 rebels continued to consolidate their hold over North Kivu in the Democratic Republic of the Congo (DRC) on Wednesday, despite declaring a ceasefire two days earlier and pledging not to continue south, according to the UN’s Deputy Special Representative for Protection and Operations in the country.

    Vivian van de Perre, briefed from the ground in Goma, the regional capital, telling journalists that “the situation is still highly volatile, with persistent risks of escalation”, emphasising that military action alone will not resolve the conflict.

    The hostilities are occurring in a mineral-rich region that has been unstable for decades amid a proliferation of armed groups, which has forced hundreds of thousands to flee their homes over the years and seek safety in displacement camps.

    Fighting escalated sharply in late January, as the largely-Tutsi M23 fighters seized control of parts of North Kivu, including areas near Goma, and advanced towards South Kivu and the eastern DRC’s second city of Bukavu.

    She warned that the peacekeeping mission (MONUSCO) – where she serves as deputy head – was operating in an increasingly challenging environment.

    “The mission’s key infrastructures in Goma are overwhelmed, with both UN personnel and Congolese seeking shelter within our premises,” said Ms. Van de Perre. Pressure on space is growing – some 2,000 people are on site – and on “critical resources” like water, food and sanitation.

    Humanitarian crisis deepens  

    MONUSCO has confirmed that Goma airport continues to be under M23 control after their takeover last week and has suffered significant damage, including to the control tower.

    UN personnel have been denied access to the site, which is a crucial entry point for humanitarian aid, limiting their ability to assess the full extent of the destruction.

    She said the mission was “gravely concerned” over Kavumu airport and the potential it could be taken by rebel forces. Losing both airports “in the midst of an ongoing humanitarian and IDP crisis will be untenable” for the population of the region.

    Although some water and electricity services have been partially restored in the city of Goma, much more is needed to ensure that people have access to adequate services.

    The World Health Organization (WHO) now warns of potential disease outbreaks as bodies continue to be recovered across the city. Over 2,000 bodies have already been buried, while 900 remain in morgues fuelling fears of a potential epidemic.

    Political and regional dimensions

    While the UN continues to advocate for dialogue, peace efforts remain stalled.

    The Luanda and Nairobi processes – the two main diplomatic initiatives aimed at resolving the conflict – have yet to yield tangible results.

    Meanwhile, the African Union summit scheduled for later this month is seen as a crucial opportunity to reinvigorate regional engagement.

    Ms. van de Perre also confirmed the presence of Rwandan forces in eastern DR Congo, despite denials from Kigali.

    The UN has restricted movement, limiting verification capabilities, she said, but multiple reports have cited Rwandan military involvement alongside M23.

    Uncertain future for MONUSCO

    Amid mounting insecurity, MONUSCO has ceased joint operations with Congolese armed forces (FARDC) and withdrawn from South Kivu, following Security Council mandates.

    The mission now awaits further instructions, with discussions on the next steps expected in the coming days.

    Ms. van de Perre explained that the mission needs “clear guidance” from the Security Council, as the fluid situation is “changing literally every hour”.

    UN News

    Traffic on the streets of Goma, following recent insecurity.

    Aid operations threatened

    In addition to escalating violence, the US government’s decision to halt USAID funding for certain humanitarian programs is expected to cripple UN relief efforts.

    The International Organization for Migration (IOM) and other key UN agencies are already affected by stop-work orders, compounding the crisis.

    Meanwhile, reports indicate that M23 has instructed NGOs to halt operations in areas under its control, further limiting humanitarian access.

    A plea for peace

    “We reiterate our call for the urgent reopening of Goma airport, as we need to evacuate wounded people and bring in humanitarian supplies and staff in,” said Mr. Dujarric.

    As MONUSCO continues its efforts to protect civilians, de-escalate hostilities, and facilitate humanitarian access, Ms. van de Perre underscored the urgent need for a political solution.

    “The people of the DRC deserve peace, security and stability,” she said, calling on all parties to “put an end to hostilities, prioritise dialogue and work towards a peaceful resolution.”

    MIL OSI United Nations News –

  • MIL-OSI United Nations: Guterres calls for full Gaza ceasefire, rejecting ‘ethnic cleansing’

    Source: United Nations 4

    Peace and Security

    UN Secretary-General António Guterres urged the international community to continue pushing for a full ceasefire and the release of all hostages in Gaza, and “to avoid any form of ethnic cleansing” in the enclave, in a speech in New York on Wednesday. 

    He was addressing the opening of the latest session of the UN Committee on the Exercise of the Inalienable Rights of the Palestinian People, which met to elect a new bureau and adopt a programme of work for the year.

    The UN chief spoke in the wake of comments made by United States President Donald Trump on Tuesday night in the Oval Office, who suggested the US could “take over” the Gaza Strip, calling on Palestinians living there to leave.

    Prior to the Committee meeting, journalists asked UN Spokesperson Stéphane Dujarric at the noon briefing in New York if the Secretary-General believed the President’s plan amounted to ethnic cleansing: “Any forced displacement of people is tantamount to ethnic cleansing,” he responded.

    Rights at risk

    Addressing Committee members, the Secretary-General stated that “at its essence, the exercise of the inalienable rights of the Palestinian people is about the right of Palestinians to simply live as human beings in their own land.”

    He noted, however, that “we have seen the realization of those rights steadily slip farther out of reach” as well as “a chilling, systematic dehumanization and demonization of an entire people.”

    Death, destruction and displacement

    He stressed that “of course, nothing justifies the horrific Hamas attacks of October 7” or “what we have seen unfold in Gaza over these last many months.” 

    He pointed to “the catalogue of destruction and unspeakable horrors”, with nearly 50,000 people reportedly killed, mainly women and children, and most of the civilian infrastructure in Gaza destroyed.

    Furthermore, the overwhelming majority of the population has faced repeated displacement, hunger and disease, while children have been out of school for over a year – “a generation, left homeless and traumatized.”

    Permanent ceasefire now

    The Secretary-General welcomed the ceasefire and hostage release deal between Israel and Hamas, announced last month.  He thanked mediators Egypt, Qatar and the United States for their continued efforts to ensure implementation. 

    “Now it is time to be crystal clear about objectives going forward,” he said.  

    “First, we must keep pushing for a permanent ceasefire and the release of all hostages without delay. We cannot go back to more death and destruction.”

    The UN is working around the clock to reach Palestinians in need and scale up support, he said, which requires humanitarian access that is rapid, safe, unimpeded, expanded, and sustained. 

    He appealed to Member States, donors, and the international community to fully fund humanitarian operations and meet urgent needs, and again urged countries to support the essential work of UNRWA, the UN agency that assists Palestine refugees.

    Avoid ‘ethnic cleansing’

    “In the search for solutions, we must not make the problem worse,” he continued. 

    “It is vital to stay true to the bedrock of international law.  It is essential to avoid any form of ethnic cleansing.” 

    His third and final point called for reaffirming the two-State solution between Israelis and Palestinians. “Any durable peace will require tangible, irreversible and permanent progress toward the two-State solution, an end to the occupation, and the establishment of an independent Palestinian State, with Gaza as an integral part,” he said. 

    He insisted that “a viable, sovereign Palestinian State living side-by-side in peace and security with Israel is the only sustainable solution for Middle East stability.” 

    End West Bank violence

    The Secretary-General turned to the situation in the occupied West Bank, including East Jerusalem, voicing grave concern over rising violence by Israeli settlers and other violations.

    “The violence must stop,” he said.  “As affirmed by the International Court of Justice, Israel’s occupation of the Palestinian Territory must end.” 

    He said the international community must work toward preserving the unity, contiguity, and integrity of the Occupied Palestinian Territory and the recovery and reconstruction of Gaza. 

    He said a strong and unified Palestinian governance is crucial and urged countries to support the Palestinian Authority in this regard.

    Halt ‘enemies of peace’: Committee chair

    The Committee on the Exercise of the Inalienable Rights of the Palestinian People was established some 50 years ago by the UN General Assembly. It comprises 25 Member States, with 24 others serving as observers. 

    Ambassador Coly Seck of Senegal, the newly elected chair of the 2025 session, said the ceasefire was a decisive step forward in terms of providing aid and safety, including for people in Gaza to return home, but the past days have seen “worrisome statements” seeking to undermine this.

    “We need to reinvent strategies to block the way for those enemies of peace on Palestinian ground that is so dear to us,” he said, noting that “these postures indeed exacerbate the already difficult situation on the ground.”

    He added that civilians continue to be affected following attacks by the Israeli army, while the provision of aid is suffering due to the recent entry into force of two Israeli laws banning UNRWA operations in the West Bank and East Jerusalem.

    “Whilst firmly condemning these unilateral legal measures against the Palestinian people, I would call upon the international community to rise up against these measures, to defend this people long oppressed, which has the right, as do all peoples of the world to live in peace on the land of their ancestors,” he said.

    More to follow… 

    MIL OSI United Nations News –

  • MIL-OSI USA News: Fact Sheet: President Donald J. Trump Protects Safety, Fairness, and Dignity in Women’s Sports

    Source: The White House

    ENDING U.S. SUPPORT FOR RADICAL ANTI-AMERICAN UN ORGANIZATIONS: Today, President Donald J. Trump signed an Executive Order withdrawing the United States from the UN Human Rights Council (UNHRC) and prohibiting any future funding for the UN Relief and Works Agency for the Near East (UNRWA).

    • The Executive Order also requires the Secretary of State to review and report to the President on which international organizations, conventions, or treaties promote radical or anti-American sentiment.
      • The UN Educational, Science, and Cultural Organization (UNESCO), in particular, will undergo a review under an expedited timeline due to its history of anti-Israel bias.
    • The Executive Order will prohibit the United States from providing any additional funding to UNRWA, which has consistently shown itself to be anti-Semitic and anti-Israel, as evidenced by the number of its staff members who took part in the horrific October 7th terrorist attacks against Israel.
      • UNRWA facilities have repeatedly been used by Hamas and other terrorist groups to store weapons and build tunnels.

    STANDING UP FOR HUMAN RIGHTS: The UN Human Rights Council (UNHRC) has not fulfilled its purpose and continues to be used as a protective body for countries committing horrific human rights violations.

    • The UNHRC has demonstrated consistent bias against Israel, focusing on it unfairly and disproportionately in council proceedings.
    • In 2018, the year President Trump withdrew from the UNHRC in his first administration, the organization passed more resolutions condemning Israel than Syria, Iran, and North Korea combined.

    BUILDING ON PAST SUCCESS: During his first administration, President Trump stopped funding the UN Relief and Works Agency (UNRWA) and withdrew the United States from the UN Human Rights Council (UNHRC) and the UN Educational, Science and Cultural Organization (UNESCO).

    • President Trump in 2017: “The United Nations must reform if it is to be an effective partner in confronting threats to sovereignty, security, and prosperity.”
    • After the U.S. withdrew from UNESCO, the organization took steps to improve its relationship with Israel.
    • President Trump successfully stopped U.S. funding to UNRWA during his first administration. The Biden Administration initially resumed funding until being forced to confront UNRWA’s corruption after the October 7th attacks, and President Trump is once again taking action to stand up for human rights by withdrawing the United States from this corrupt organization for good.

    MIL OSI USA News –

  • MIL-OSI Security: U.S. Attorney’s Office Announces Guilty Plea in Domestic Assault Case

    Source: Office of United States Attorneys

    ALBUQUERQUE – A Dulce man pleaded guilty to assault after admitting to attacking the victim during a domestic dispute.

    According to court documents, Orlyn Vigil, 48, an enrolled member of the Jicarilla Apache Nation, admitted that on November 16, 2021, he assaulted Jane Doe during an argument. Vigil stated that he became upset and struck Jane Doe, placed his hands around her neck, and threw her into trash cans, causing her to strike her head on the bar of the trash can holder. When Jane Doe attempted to go outside to call the police, Vigil pushed her to the ground from behind. As Jane Doe walked toward her vehicle, Vigil knocked her to the ground at a slow speed using his vehicle.

    Vigil will remain on condition of release pending sentencing, which has not yet been scheduled. At sentencing, Vigil faces up to 10 years in prison.

    U.S. Attorney Alexander M.M. Uballez made the announcement today.

    The Jicarilla Apache Police Department investigated this case. Assistant United States Attorneys Mia Ulibarri-Rubin and Nicholas J. Marshall are prosecuting the case.

    # # #

    MIL Security OSI –

  • MIL-OSI Security: Mehtab Syed Named Special Agent in Charge of the Salt Lake City Field Office

    Source: Federal Bureau of Investigation FBI Crime News (b)

    The Federal Bureau of Investigation has named Mehtab Syed as the special agent in charge of the Salt Lake City Field Office. Ms. Syed most recently served as special agent in charge of Cyber and Counterintelligence Division in the Los Angeles Field Office.

    Ms. Syed entered on duty as an FBI special agent in August 2005. She was assigned to the New York Field Office, where she worked counterterrorism investigations and was a member of the crisis negotiation team and the rapid deployment team. 

    In 2008, Ms. Syed deployed to Islamabad, Pakistan, and served as acting assistant legal attaché. She was responsible for conducting extensive coordination between law enforcement, intelligence, and security services of multiple governments. She then returned to the New York Field Office until 2012.

    Ms. Syed was assigned to an 18-month temporary duty assignment (TDY) at the Counterterrorism Division at FBI Headquarters in 2012. She worked as the program manager for extraterritorial counterterrorism cases in the Pakistan/Afghanistan region. 

    In April 2015, Ms. Syed reported to LEGAT Amman as the assistant legal attaché. Ms. Syed returned to the New York Field Office as a supervisor for the New York Joint Terrorism Task Force (NY JTTF) in 2017. Ms. Syed was promoted to acting assistant special agent in charge of the NY JTTF’s Extraterritorial Branch in 2020.

    In November 2020, Ms. Syed was selected as the assistant special agent in charge of the cyber and counterintelligence branch of the Newark Field Office. In 2022, Ms. Syed was promoted to section chief of China Operations II Branch of the Counterintelligence Division at FBI Headquarters. In April of 2023, Ms. Syed served as special agent in charge of Cyber and Counterintelligence Division in the Los Angeles Field Office

    Prior to her career as a special agent for the FBI, Ms. Syed served at the Bureau as a contract linguist from 2004-2005. She has also worked as a financial analyst at the corporate office of Cosi, a restaurant chain with locations throughout the U.S. Ms. Syed received a bachelor’s degree in finance from Adelphi University in 2001. 

    MIL Security OSI –

  • MIL-OSI: BTQ Technologies Corp. to Present at the Small Cap Growth Virtual Investor Conference February 6th

    Source: GlobeNewswire (MIL-OSI)

    VANCOUVER, British Columbia, Feb. 05, 2025 (GLOBE NEWSWIRE) — BTQ Technologies Corp. (CBOE CA: BTQ) (FSE: NG3) (OTCQX: BTQQF), a global quantum technology company focused on securing mission-critical networks, today announced that Nicolas Roussy Newton, Co-Founder and COO will present live at the Small Cap Growth Virtual Investor Conference hosted by VirtualInvestorConferences.com, on February 6th, 2025

    DATE: Thursday February 6, 2025
    TIME: 11:00am ET
    LINK: CLICK HERE TO REGISTER

    This will be a live, interactive online event where investors are invited to ask the company questions in real-time. If attendees are not able to join the event live on the day of the conference, an archived webcast will also be made available after the event.

    It is recommended that online investors pre-register and run the online system check to expedite participation and receive event updates.  

    Learn more about the event at www.virtualinvestorconferences.com.

    Recent BTQ Highlights:

    About BTQ
    BTQ was founded by a group of post-quantum cryptographers with an interest in addressing the urgent security threat posed by large-scale universal quantum computers. With the support of leading research institutes and universities, BTQ is combining software and hardware to safeguard critical networks using unique post-quantum services and solutions.

    Connect with BTQ: Website | LinkedIn

    About Virtual Investor Conferences®
    Virtual Investor Conferences (VIC) is the leading proprietary investor conference series that provides an interactive forum for publicly traded companies to seamlessly present directly to investors.

    Providing a real-time investor engagement solution, VIC is specifically designed to offer companies more efficient investor access.  Replicating the components of an on-site investor conference, VIC offers companies enhanced capabilities to connect with investors, schedule targeted one-on-one meetings and enhance their presentations with dynamic video content. Accelerating the next level of investor engagement, Virtual Investor Conferences delivers leading investor communications to a global network of retail and institutional investors.

    CONTACTS:
    BTQ Technologies Corp.
    Bill Mitoulas
    Investor Relations
    +1.416.479.9547
    bill@btq.com

    Virtual Investor Conferences
    John M. Viglotti
    SVP Corporate Services, Investor Access
    OTC Markets Group
    (212) 220-2221
    johnv@otcmarkets.com

    Neither CBOE Canada nor its Regulation Services Provider accepts responsibility for the adequacy or accuracy of this release.  

    The MIL Network –

  • MIL-OSI: South Bow Announces Timing of Fourth-quarter and Year-end 2024 Results and Conference Call and Webcast

    Source: GlobeNewswire (MIL-OSI)

    CALGARY, Alberta, Feb. 05, 2025 (GLOBE NEWSWIRE) — South Bow Corp. (TSX & NYSE: SOBO) (South Bow or the Company) will release its fourth-quarter and year-end 2024 financial and operational results after the close of markets on March 5, 2025.

    Conference call and webcast details

    South Bow’s senior leadership will host a conference call and webcast to discuss the Company’s fourth-quarter and year-end 2024 results and 2025 outlook on March 6, 2025 at 8 a.m. MT (10 a.m. ET).

    Register ahead of time to receive a unique PIN to access the conference call via telephone. Once registered, participants can dial into the conference call from their telephone via the unique PIN or click on the “Call Me” option to receive an automated call directly on their telephone.

    Visit www.southbow.com/investors for the replay following the event.

    Forward-looking information and statements

    This news release contains certain forward-looking statements and forward-looking information (collectively, forward-looking statements). In particular, this news release contains forward-looking statements, including timing of the release of financial and operational results, conference call and webcast, and replay of the conference call and webcast. The forward-looking statements are based on certain assumptions that South Bow has made regarding, among other things: market conditions; economic conditions; and prevailing governmental policies or regulatory, tax, and environmental laws and regulations. Although South Bow believes the assumptions and other factors reflected in these forward-looking statements are reasonable as of the date hereof, there can be no assurance that these assumptions and factors will prove to be correct and, as such, forward-looking statements are not guarantees of future performance. Forward-looking statements are subject to a number of known and unknown risks and uncertainties that could cause actual events or results to differ materially, including, but not limited to: the regulatory environment and related decisions and requirements; the impact of competitive entities and pricing; actions taken by governmental or regulatory authorities; adverse general economic and market conditions, and other factors set out in South Bow’s public disclosure documents. The foregoing list of assumptions and risk factors should not be construed as exhaustive. The forward-looking statements contained in this news release speak only as of the date hereof. South Bow does not undertake any obligation to publicly update or revise any forward-looking statements or information contained herein, except as required by applicable laws. All forward-looking statements contained in this news release are expressly qualified by this cautionary statement.

    About South Bow

    South Bow safely operates 4,900 kilometres (3,045 miles) of crude oil pipeline infrastructure, connecting Alberta crude oil supplies to U.S. refining markets in Illinois, Oklahoma, and the U.S. Gulf Coast through our unrivalled market position. We take pride in what we do – providing safe and reliable transportation of crude oil to North America’s highest demand markets. Based in Calgary, Alberta, South Bow is the spinoff company of TC Energy, with Oct. 1, 2024 marking South Bow’s first day as a standalone entity. To learn more, visit www.southbow.com.

    Contact information  
       
    Investor Relations Media Relations
    Martha Wilmot Katie Stavinoha
    investor.relations@southbow.com communications@southbow.com

    The MIL Network –

  • MIL-OSI: ASSOCIATED CAPITAL GROUP, INC. Reports Fourth Quarter and Full Year Results

    Source: GlobeNewswire (MIL-OSI)

    • Year-end AUM: $1.25 billion at December 31, 2024
    • Book Value was $42.14 per share at year-end 2024 which reflects $2.20 per share of dividends paid vs. Book Value of $42.11 per share a year ago
    • Sold 1.15 million shares of GAMCO to GAMCO for proceeds of $30.4 million
    • Ended 2024 with cash and investments of $40.78 per share
    • Returned $58.6 million, or $2.72 per share, to shareholders through dividends and share repurchases in 2024
    • Completed shareholder-designated charitable contributions to 501(c)(3) organizations bringing the total to $42 million since our 2015 spin-off

    GREENWICH, Conn., Feb. 05, 2025 (GLOBE NEWSWIRE) — Associated Capital Group, Inc. (“AC” or the “Company”), a diversified financial services company, today reported its financial results for the fourth quarter and full year-ended December 31, 2024.

    Financial Highlights – GAAP basis            
    ($’s in 000’s except AUM and per share data)            
                 
        Fourth Quarter     Full Year  
    (Unaudited)    2024     2023     2024     2023  
    AUM – end of period (in millions)   $ 1,248     $ 1,591     $ 1,248     $ 1,591  
    AUM – average (in millions)     1,291       1,581       1,410       1,659  
                                     
    Revenues     5,154       5,636       13,175       12,683  
    Operating loss before management fee (Non-GAAP)     (3,059 )     (2,451 )     (12,883 )     (11,501 )
    Investment and other non-operating income, net     4,372       26,672       71,488       63,812  
    Income before income taxes     1,179       21,850       52,735       46,865  
                                     
    Net income     4,280       16,342       44,328       37,451  
    Net income per share – basic and diluted   $ 0.20     $ 0.76     $ 2.08     $ 1.72  
                                     
    Class A shares outstanding (000’s)     2,234       2,587       2,234       2,587  
    Class B “ “     18,951       18,951       18,951       18,951  
    Total “ “     21,185       21,538       21,185       21,538  
    Book Value per share   $ 42.14     $ 42.11     $ 42.14     $ 42.11  
                                     

    Fourth Quarter Financial Data

    • Assets under management ended the quarter at $1.25 billion versus $1.34 billion at September 30, 2024.
    • At December 31, 2024, book value per share was $42.14 per share, reflecting the $2.20 per share of dividends paid versus $42.11 per share at December 31, 2023.

    Fourth Quarter Results

    Fourth quarter revenues were $5.2 million compared to $5.6 million for the fourth quarter of 2023. Revenues generated by the GAMCO International SICAV – GAMCO Merger Arbitrage (the “SICAV”) were $1.0 million versus $0.8 million in the prior year period. All other revenues were $4.2 million compared to $4.8 million in the year ago quarter.

    Starting in December 2023, the Company began recognizing 100% of the merger arbitrage SICAV revenues received by Gabelli Funds, LLC (“Gabelli Funds”). In turn, AC pays the marketing expenses of the SICAV previously paid by Gabelli Funds and remits an administrative fee to Gabelli Funds for administrative services provided. This change better aligns the financial arrangements with the services rendered by each party. The net effect of this change had no material impact on our net operating results.

    Total operating expenses, excluding management fee, were $8.2 million in the fourth quarter 2024 compared to $8.1 million in the comparable 2023 period.

    Net investment and other non-operating income was $4.4 million for the fourth quarter versus $26.7 million in the year ago quarter, reflecting interest income in the current quarter offset partially by shareholder designated contribution expense.

    The fourth quarter of 2024 includes a Management fee of $0.1 million versus $2.4 million in the fourth quarter of 2023. Our provision for income taxes was a benefit of $3.1 million for the quarter, resulting from deferred tax benefits from the sale of GAMCO shares, compared to expense of $5.6 million in the comparable period of 2023.

    Full Year Results

    Revenues for the year ended 2024 were $13.2 million compared to $12.7 million in 2023. Revenues generated by the GAMCO International SICAV – GAMCO Merger Arbitrage were $5.0 million versus $3.7 million in the prior year period. All other revenues were $8.2 million compared to $9.0 million in the year ago quarter.   

    For 2024, the operating loss before Management fee was $12.9 million compared to $11.5 million in 2023.

    The full year 2024 net investment and other non-operating income was $71.5 million versus $63.8 million, primarily due to higher dividend income from GAMCO Investors, Inc. (“GAMCO”) in 2024.

    In 2024, Management fee was $5.9 million compared to $5.4 million in 2023.

    Our income tax rate for the year was 15.8% compared to 19.5% for the prior year primarily driven by deferred tax benefits from the sale of GAMCO shares that reduced the current period’s effective tax rate.

    Assets Under Management (AUM)

    Assets under management ended the year at $1.25 billion, $343 million less than year-end 2023, reflecting net outflows of $363 million and the impact of currency fluctuations in non-US dollar denominated classes of investment funds of $29 million, offset partially by market appreciation of $49 million. In the merger arbitrage strategy, most of the outflows ($198 million) were tied to GAMCO Merger Arbitrage UCITS (a Luxembourg entity organized as an Undertaking for Collective Investment in Transferrable Securities). These outflows were generally driven by our clients including wealth managers, bank platforms and insurance companies reallocating funds to other asset classes.

    AUM since spin-off:

          December 31,  
    ($ in millions)     2024     2023     2022       2021       2020       2019       2018       2017       2016     2015  
    Merger Arbitrage   $ 1,003   $ 1,312   $ 1,588     $ 1,542     $ 1,126     $ 1,525     $ 1,342     $ 1,384     $ 1,076     $ 869  
    Long/Short Value(a)     209     244     222       195       180       132       118       91       133       145  
    Other     36     35     32       44       45       59       60       66       63       66  
    Total AUM   $ 1,248   $ 1,591   $ 1,842     $ 1,781     $ 1,351     $ 1,716     $ 1,520     $ 1,541     $ 1,272     $ 1,080  

    (a) Assets under management represent the assets invested in this strategy that are attributable to AC.

    Alternative Investment Management

    The alternative investment strategy offerings center around our merger arbitrage strategy, which has an absolute return focus of generating returns independent of the broad equity and fixed income markets. We also offer strategies utilizing fundamental, active, event-driven and special situations investments.

    Merger Arbitrage

    For the fourth quarter of 2024, our longest continuously offered fund in the merger arbitrage strategy generated gross returns of 0.95% (0.57% net of fees). For the full year, gross returns were 5.83% (3.82% net of fees), adding to its historical record of positive net returns in 38 of the last 40 years. A summary of the performance is as follows:

                              Full Year                  
    Performance%(a)   4Q ’24     4Q ’23         2024     2023     2022     2021     2020     5 Year(b)     Since 1985(b)(c)  
    Merger Arb                                                                            
    Gross     0.95       3.19           5.83       5.49       4.47       10.81       9.45       7.18       9.98  
    Net     0.57       2.35           3.82       3.56       2.75       7.78       6.70       4.90       7.06  

    (a) Net performance is net of fees and expenses, unless otherwise noted. Performance shown is for an actual fund in this strategy. The performance of other funds in this strategy may vary. Past performance is no guarantee of future results.

    (b) Represents annualized returns through December 31, 2024

    (c) Inception Date: February 1985

    Since its inception in 1985, our longest continuously offered fund in the merger arbitrage strategy has consistently outperformed the return on 90-day T-Bills. The summary historical performance is as follows:

    Merger Arbitrage (1)
    Percent Return (%)
    Year Gross Return Net Return 90 Day
    T-Bills
    2024 5.83 3.82 5.45
    2023 5.49 3.56 5.26
    2022 4.47 2.75 1.50
    2021 10.81 7.78 0.05
    2020 9.45 6.70 0.58
    2019 8.55 5.98 2.25
    2018 4.35 2.65 1.86
    2017 4.69 2.92 0.84
    2016 9.13 6.44 0.27
    2015 5.33 3.43 0.03
    2014 3.89 2.29 0.03
    2013 5.33 3.43 0.05
    2012 4.32 2.63 0.07
    2011 4.89 3.07 0.08
    2010 9.07 6.35 0.13
    2009 12.40 9.15 0.16
    2008 0.06 -0.94 1.80
    2007 6.39 4.26 4.74
    2006 12.39 8.96 4.76
    2005 9.40 6.63 3.00
    2004 5.49 3.69 1.24
    2003 8.90 6.26 1.07
    2002 4.56 2.45 1.70
    2001 7.11 4.56 4.09
    2000 18.10 13.57 5.96
    1999 16.61 12.31 4.74
    1998 10.10 7.21 5.06
    1997 12.69 9.21 5.25
    1996 12.14 8.84 5.25
    1995 14.06 10.27 5.75
    1994 7.90 5.53 4.24
    1993 12.29 8.91 3.09
    1992 7.05 4.78 3.62
    1991 12.00 8.76 5.75
    1990 9.43 6.67 7.92
    1989 23.00 17.55 8.63
    1988 45.84 35.66 6.76
    1987 -13.67 -14.54 5.90
    1986 33.40 26.14 6.24
    1985 30.47 22.64 7.82
           
    Average 10.34 7.31 3.32
           

    (1) The performance above refers to our longest continuously offered fund in the merger arbitrage strategy (net and gross returns). Net returns are net of management and incentive fees. Individual investment returns may differ due to timing of investment and other factors. Past performance is not indicative of future results.

    Worldwide mergers and acquisitions (“M&A”) totaled $3.2 trillion in 2024, an increase of 10% compared to 2023, with strength across all major geographies. The US remained the preferred venue for dealmaking, with volume of approximately $1.4 trillion, an increase of about 5% and accounting for 45% of worldwide M&A. European deal activity increased 22% to $700 billion, and cross-border M&A totaled approximately $1.1 trillion, a 12% increase compared to 2023. Technology returned to the top sector for deals with approximately $500 billion in 2024, an increase of 32% compared to 2023 and accounting for 16% of total deals. Energy & Power accounted for 15% of deal activity ($477 billion), while Financials accounted for 14% of total volume ($453 billion), an increase of 51% compared to 2023. Private Equity firms remained acquisitive with $706 billion of announced deals, accounting for 22% of total M&A and increasing 24% compared to 2023.

    With the change at the White House and Congress we are seeing a “changing of the guard” with respect to several M&A – related regulatory appointments, some of which will have a material impact on M&A investing:  most notably, the Chair of the U.S. Federal Trade Commission (“FTC”) and the U.S. Attorney General who heads The Department of Justice (“DOJ”). These changes are likely to facilitate an increase in deal activity as corporate sentiment shifts to move ahead with transformational transactions for their businesses.

    The Merger Arbitrage strategy is offered by mandate and client type through partnerships and offshore corporations serving accredited as well as institutional investors. The strategy is also offered in separately managed accounts, a Luxembourg UCITS and a London Stock Exchange listed investment company, Gabelli Merger Plus+ Trust Plc (GMP-LN).  

    Acquisitions

    Associated Capital Group’s plan is to accelerate the use of its capital. We intend to leverage our research and investment capabilities by pursuing acquisitions and alliances that will broaden our product offerings and add new sources of distribution. In addition, we may make direct investments in operating businesses using a variety of techniques and structures to accomplish our objectives.

    Giving Back to Society – (Y)our “S” in ESG

    AC seeks to be a good corporate citizen by supporting our community through sponsoring local organizations. On August 7, 2024, the Board of Directors approved a $0.20 per share shareholder designated charitable contribution (“SDCC”) for registered shareholders. Based on the program created by Warren Buffett at Berkshire Hathaway, our corporate charitable giving is unique in that the recipients of AC’s charitable contributions are chosen directly by our shareholders, rather than by our corporate officers. In the first quarter of 2025, we completed the distribution of approximately $4.0 million to various organizations selected by our shareholders for our 2024 program. Since our spin-off as a public company, the shareholders of AC have donated approximately $42 million, including the most recent SDCC, to over 200 501(c)(3) organizations that address a broad range of local, national and international concerns.

    Shareholder Dividends and Buybacks

    At its meeting on November 8, 2024, the Board of Directors declared a semi-annual dividend of $0.10 per share, which was paid on December 19, 2024 to shareholders of record on December 5, 2024. For the full year, the Company paid dividends of $46.8 million, or $2.20 per share.

    During the fourth quarter, AC repurchased 63,075 Class A shares, for $2.3 million, at an average price of $35.87 per share. Furthermore, for the full year AC repurchased 353,116 Class A shares, for $11.8 million, at an average price of $33.53 per share.

    The Company intends to continue to repurchase additional shares, but share repurchases may vary from time to time and will take into account macroeconomic issues, market trends, and other factors that the Company deems appropriate.

    Since our spin-off from GAMCO on November 30, 2015, AC has returned $184.2 million to shareholders through share repurchases and exchange offers, and paid dividends of $83.2 million.

    At December 31, 2024, there were 2.234 million Class A shares and 18.951 million Class B shares outstanding.

    About Associated Capital Group, Inc.

    Associated Capital Group, Inc. (NYSE:AC), based in Greenwich, Connecticut, is a diversified global financial services company that provides alternative investment management through Gabelli & Company Investment Advisers, Inc. (“GCIA”). We have also earmarked proprietary capital for our direct investment business that invests in new and existing businesses. The direct investment business is developing along several core pillars, including Gabelli Private Equity Partners, LLC (“GPEP”), formed in August 2017 with $150 million of authorized capital as a “fund-less” sponsor. We also created Gabelli Principal Strategies Group, LLC (“GPS”) in December 2015 to pursue strategic operating initiatives.

    Operating Loss Before Management Fee

    Operating loss before management fee represents a non-GAAP financial measure used by management to evaluate its business operations. We believe this measure is useful in illustrating the operating results of the Company, as management fee expense is based on pre-tax income before management fee expense, which includes non-operating items including investment gains and losses from the Company’s proprietary investment portfolio and interest expense.

        Three Months Ended     Year Ended  
        December 31,     December 31,  
    ($ in 000’s)   2024     2023     2024     2023  
                                     
    Operating loss – GAAP   $ (3,193 )   $ (4,822 )   $ (18,753 )   $ (16,947 )
                                     
    Add: management fee expense (1)     134       2,371       5,870       5,446  
                                     
    Operating loss before management fee – Non-GAAP   $ (3,059 )   $ (2,451 )   $ (12,883 )   $ (11,501 )

    (1) Management fee expense is incentive-based and is equal to 10% of Income before management fee and income taxes and excludes the impact of consolidating entities. For the three months ended December 31, 2024 and 2023, Income before management fee, income taxes and excluding consolidated entities was income of $1,340 and $23,710, respectively. As a result, $134 and $2,371 was accrued for the 10% management fee expense in 2024 and 2023 periods, respectively. For the year ended December 31, 2024 and 2023, Income before management fee, income taxes and excluding consolidated entities was income of $58,699 and $54,456, respectively. As a result, $5,870 and $5,446 was accrued for the 10% management fee expense in 2024 and 2023, respectively.

    Table I

    ASSOCIATED CAPITAL GROUP, INC.
    UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION
    (Amounts in thousands, except share data)    		  
              December 31,  
              2024     2023  
    ASSETS                        
    Cash, cash equivalents and US Treasury Bills           $ 367,850     $ 406,642  
    Investments in securities and partnerships             487,623       420,706  
    Investment in GAMCO stock             16,920       45,602  
    Receivable from brokers             27,634       30,268  
    Income taxes receivable, including deferred tax assets, net             6,021       8,474  
    Other receivables             4,778       5,587  
    Other assets             24,463       26,518  
    Total assets           $ 935,289     $ 943,797  
                             
    LIABILITIES, REDEEMABLE NONCONTROLLING INTERESTS AND EQUITY  
                             
    Payable to brokers           $ 5,491     $ 4,459  
    Compensation payable             17,747       15,169  
    Securities sold short, not yet purchased             8,436       5,918  
    Accrued expenses and other liabilities             5,317       5,173  
    Total liabilities             36,991       30,719  
                             
    Redeemable noncontrolling interests             5,592       6,103  
                             
    Total Associated Capital Group, Inc. equity             892,706       906,975  
                             
    Total liabilities, redeemable noncontrolling interests and equity           $ 935,289     $ 943,797  
                             

    Notes:
    (1) Certain captions include amounts related to a consolidated variable interest entity (“VIE”) and voting interest entity (“VOE”). Refer to the Consolidated Financial Statements included in the 10-K report to be filed for the year ended December 31, 2024 for more details on the impact of consolidating these entities.

    (2) Investment in GAMCO stock: 699,749 and 2,386,295 shares, respectively.

    Table II

    ASSOCIATED CAPITAL GROUP, INC.
    UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF INCOME
    (Amounts in thousands, except per share data)

    		  
        Three Months Ended
    December 31,    		     Year Ended
    December 31,    		  
        2024     2023     2024     2023  
                             
    Investment advisory and incentive fees   $ 5,049     $ 5,535     $ 12,755     $ 12,324  
    Other     105       101       420       359  
    Total revenues     5,154       5,636       13,175       12,683  
                                     
    Compensation     6,316       5,809       18,293       17,246  
    Other operating expenses     1,897       2,278       7,765       6,938  
    Total expenses     8,213       8,087       26,058       24,184  
                                     
    Operating loss before management fee      (3,059 )     (2,451 )     (12,883 )     (11,501 )
                                     
    Net investment gain/(loss)     (41 )      21,398       42,767       43,033  
    Dividend income from GAMCO     92       96       5,454       384  
    Interest and dividend income, net     7,384       7,591       26,779       24,412  
    Shareholder-designated contribution     (3,063 )     (2,413 )     (3,512 )     (4,017 )
    Investment and other non-operating income, net     4,372       26,672       71,488       63,812  
                                     
    Income before management fee and income taxes     1,313       24,221       58,605       52,311  
    Management fee     134       2,371       5,870       5,446  
    Income before income taxes     1,179       21,850       52,735       46,865  
    Income tax expense/(benefit)     (3,108 )      5,551       8,307       9,137  
    Income before noncontrolling interests     4,287       16,299       44,428       37,728  
    Income/(loss) attributable to noncontrolling interests     7       (43 )     100       277  
    Net income attributable to Associated Capital Group, Inc.’s shareholders   $ 4,280     $ 16,342     $ 44,328     $ 37,451  
                                     
    Net income per share attributable to Associated Capital Group, Inc.’s shareholders:                                
    Basic   $ 0.20     $ 0.76     $ 2.08     $ 1.72  
    Diluted   $ 0.20     $ 0.76     $ 2.08     $ 1.72  
                                     
    Weighted average shares outstanding:                                
    Basic     21,222       21,576       21,347       21,771  
    Diluted     21,222       21,576       21,347       21,771  
                                     
    Actual shares outstanding – end of period     21,185       21,538       21,185       21,538  

    SPECIAL NOTE REGARDING FORWARD-LOOKING INFORMATION

    The financial results set forth in this press release are preliminary. Our disclosure and analysis in this press release, which do not present historical information, contain “forward-looking statements” within the meaning of the U.S. Private Securities Litigation Reform Act of 1995. Forward-looking statements convey our current expectations or forecasts of future events. You can identify these statements because they do not relate strictly to historical or current facts. They use words such as “anticipate,” “estimate,” “expect,” “project,” “intend,” “plan,” “believe,” and other words and terms of similar meaning. They also appear in any discussion of future operating or financial performance. In particular, these include statements relating to future actions, future performance of our products, expenses, the outcome of any legal proceedings, and financial results. Although we believe that we are basing our expectations and beliefs on reasonable assumptions within the bounds of what we currently know about our business and operations, the economy and other conditions, there can be no assurance that our actual results will not differ materially from what we expect or believe. Therefore, you should proceed with caution in relying on any of these forward-looking statements. They are neither statements of historical fact nor guarantees or assurances of future performance.

    Forward-looking statements involve a number of known and unknown risks, uncertainties and other important factors, some of which are listed below, that are difficult to predict and could cause actual results and outcomes to differ materially from any future results or outcomes expressed or implied by such forward-looking statements. Some of the factors that could cause our actual results to differ from our expectations or beliefs include a decline in the securities markets that adversely affect our assets under management, negative performance of our products, the failure to perform as required under our investment management agreements, and a general downturn in the economy that negatively impacts our operations. We also direct your attention to the more specific discussions of these and other risks, uncertainties and other important factors contained in our Form 10 and other public filings. Other factors that could cause our actual results to differ may emerge from time to time, and it is not possible for us to predict all of them. We do not undertake to update publicly any forward-looking statements if we subsequently learn that we are unlikely to achieve our expectations whether as a result of new information, future developments or otherwise, except as may be required by law.

    Ian J. McAdams
    Chief Financial Officer
    (914) 921-5078
    Associated-Capital-Group.com

    A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/d3637934-12dd-409f-93dd-27bbb1388a85

    The MIL Network –

  • MIL-OSI Security: Defense News: Chief of Naval Operations Hosts Thailand’s Head of Navy for Counterpart Visit

    Source: United States Navy

    Chief of Naval Operations Adm. Lisa Franchetti hosted Adm. Jirapol Wongwit, Commander-in-Chief of the Royal Thai Navy (RTN) for an official counterpart visit, Feb. 3-5. 

    Jirapol’s trip to Washington D.C. was part of a five-day trip to the United States, that also included stops in Annapolis, Md., and Norfolk, Va., where the delegation visited Navy commands and spoke with Navy leaders and Sailors.

    “The U.S. and Thailand have enjoyed 191 years of friendly and diplomatic relations,” said Franchetti. “Thailand’s support to our Navy-Marine Corps team builds our interoperability and strengthens peace and security throughout the Indo-Pacific.”

    Jirapol began his trip visiting the U.S. Naval Academy, where he met with Superintendent Vice Adm. Yvette Davids and participated in a wreath laying ceremony.

    Franchetti hosted Jirapol for a full-honors welcoming ceremony and an office call, where she discussed the Navigation Plan for America’s Warfighting Navy, highlighting the value of strong cooperation with Allies and partners.

    During their office call, Franchetti and Jirapol discussed the importance of strengthening the RTN, building interoperability and combined participation in exercises such as Cobra Gold and CARAT Thailand (Cooperation Afloat Readiness and Training).  

    While in Washington D.C., Jirapol also conducted an office call with the Commandant of the Marine Corps Gen. Eric Smith, and Commander, U.S. Fleet Cyber Command / U.S. 10th Fleet, Vice Adm. Craig Clapperton.

    “I greatly thank Adm. Lisa Franchetti, Gen. Eric Smith, and all the senior U.S. Navy officials for their honorable welcome with exceptional hospitality,” said Jirapol. “This is the first time in 13 years since RTN leadership has had an office call with the Chief of Naval Operations. During the visiting, we had in-depth exchange of view to understand each other’s strategic standpoint and to enhance common view on maritime domain awareness for future cooperation, as well as to validate our shared interests and challenges in order to narrow the gap between Bangkok and Washington D.C..”

    He added, “Our invaluable relationship has been mindfully preserved to reach 191 years. Our engagement transmits common intent to prolong and strengthen lasting friendship.”

    Jirapol and the RTN representatives traveled to Norfolk to visit with leadership from U.S. Fleet Forces Command, tour USS New Mexico (SSN 779) and Norfolk’s Submarine Learning Facility. 

    Thailand is a major non-NATO ally, one of five U.S. treaty allies in the Indo-Pacific, and a leader within the Association of Southern Asian Nations (ASEAN).

    MIL Security OSI –

  • MIL-OSI: BerAIs.land: A Million Transactions on Berachain is Facilitated by AI Agents

    Source: GlobeNewswire (MIL-OSI)

    SINGAPORE, Feb. 05, 2025 (GLOBE NEWSWIRE) — BerAIs.land is set to launch in February 2025, backed by Holdstation, a leading name in AI and DeFi, with a proven track record of launching 1,000+ AI Agents on ZKsync.

    The numbers speak for themselves:

    • AIWS went 1000x to $20M, proving the demand for AI Agent adoption.
    • ClipAI scaled to $3.6M, growing 360x, highlighting the appetite for AI-driven content creation.
    • Holdstation’s $2M AI Innovation Program has funded developers, DAOs, and creators, accelerating AI and blockchain adoption—momentum that’s now being brought to BerAIs.land.

    BerAIs.land is pioneering DEFAI (Decentralized Finance AI), a new wave of AI-powered DeFi automation on BeraChain. The platform enables users to create, trade, co-own, and collaborate with Multi-AI Agents—autonomous blockchain-driven entities designed to optimize liquidity, automate trading, and revolutionize financial interactions.

    At BerAIs.land, creating an AI Agent is straightforward. Users can set their preferences, pay a small fee in HOLD, and deploy their AI Agent —no coding required. These agents operate autonomously and interact seamlessly within the ecosystem. Participants also gain access to exclusive rewards and whitelist opportunities, enhancing their engagement within the platform.

    Company of AI – The Autonomous DeFi Revolution

    BerAIs.land introduces the Company of AI, a network of autonomous AI-driven entities designed to function as independent businesses on-chain. These AI-powered companies execute DeFi strategies in real-time, adapting to market conditions and operating without direct human control.

    Unlike traditional protocols, AI Companies collaborate, strategize, and evolve, forming a decentralized system where AI Agents continuously optimize and manage financial structures within the ecosystem.

    “BerAIs.land is not simply putting AI into DeFi, it’s creating an economy where AI agents work together like co-workers, building the future of decentralized finance with intelligence, efficiency, and autonomy,” said a spokesperson for BerAIs.land.

    The All-in-One AI Solution on BeraChain

    BerAIs.land is the biggest unified platform for harnessing AI on Berachain. By combining AI with decentralized infrastructure, it introduces an ecosystem where AI Agents can:

    • Interact Seamlessly: Multi-AI Agents collaborate with each other, improving operational efficiency and creating a highly interconnected AI ecosystem on BeraChain.
    • Deliver Adaptability: AI Agents adapt to specific DeFi challenges like liquidity management with Proof of Liquidity, real-time trading optimizations, and risk mitigation.
    • Scale Dynamically: As more projects and users adopt BerAIs.land, the platform’s modular design allows for rapid scaling and integration, further enhancing its capabilities.

    These elements come together to provide a one-stop solution for AI-driven decentralized finance, giving users a comprehensive toolkit for navigating and optimizing DeFi opportunities.

    Leveraging BeraChain’s Innovation

    BerAIs.land is powered by BeraChain, the rapidly emerging blockchain ecosystem that has captured the market’s attention with over $3 Billion TVL in Boyco pre-market. With BeraChain’s unique Proof of Liquidity (POL) mechanism, BerAIs.land seamlessly integrates AI Agents into a blockchain environment optimized for scalability, efficiency, and user-friendly interactions.

    “BeraChain’s commitment to fostering groundbreaking technologies aligns perfectly with our vision for BerAIs.land. Together, we are redefining what’s possible at the intersection of blockchain and artificial intelligence,” the spokesperson added.

    Unlocking the DEFAI Advantage

    BerAIs.land is designed to empower users by offering:

    • Creation: Design your own AI Agents tailored to specific DeFi tasks.
    • Tokenization: Turn AI Agents into blockchain assets for easy trading.
    • Co-ownership: Share the benefits of AI-powered strategies with others.
    • Automation: Let AI Agents optimize your DeFi activities 24/7.

    With these capabilities, BerAIs.land is set to lower entry barriers and enhance the efficiency of DeFi ecosystems, making advanced financial strategies accessible to users of all experience levels.

    Exclusive Feature for Partners

    BerAIs.land is launching a Liquidity Token Lock for Whitelist Access, a feature designed to empower partners and reward engaged users. By locking liquidity tokens (LP tokens), users can earn exclusive whitelist spots for bonding curve token, fostering deeper collaboration within the ecosystem and driving liquidity for partner projects.

    Example: As part of its integration with BerAIs.land, Holdstation allows users to lock top liquidity tokens paired with BERA, granting them exclusive whitelist access to upcoming Holdstation-affiliated projects.

    This initiative fuels a mutually beneficial cycle—partners gain deeper liquidity, users unlock exclusive rewards, and BerAIs.land strengthens its ecosystem. With 60+ Bera partners already integrated within Holdstation Ecosystem, this partnership paves the way for unprecedented growth and adoption for BerAIs.land on BeraChain.

    Looking Ahead

    While BerAIs.land is currently operational on testnet, the platform is preparing for its full launch on the BeraChain mainnet, anticipated to redefine the DEFAI landscape. Early adopters can already interact with AI Agents, test the platform’s functionality, and position themselves at the forefront of this technological shift.

    About BerAIs.land

    BerAIs.land is an AI-driven platform redefining decentralized finance. By integrating Multi-AI Agents into blockchain ecosystems, BerAIs.land empowers users to seamlessly create, trade, and optimize their DeFi strategies. Built on the innovative infrastructure of BeraChain, BerAIs.land represents the next frontier of Web3 innovation.

    Useful links

    Website | X | Discord | Telegram

    Contact:
    Nam Le
    legal@holdstation.com

    Disclaimer: This content is provided by BerAIs.land. The statements, views and opinions expressed in this column are solely those of the content provider. The information provided in this press release is not a solicitation for investment, nor is it intended as investment advice, financial advice, or trading advice. It is strongly recommended you practice due diligence, including consultation with a professional financial advisor, before investing in or trading cryptocurrency and securities. Please conduct your own research and invest at your own risk.

    A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/6ffdabdc-edba-4700-aa31-89be1d4aaf9c

    The MIL Network –

  • MIL-OSI: Lantronix Announces Departure of Board Member Philip Brace, Who Is Joining Skyworks Solutions Inc. as CEO

    Source: GlobeNewswire (MIL-OSI)

    IRVINE, Calif., Feb. 05, 2025 (GLOBE NEWSWIRE) — Lantronix Inc. (the “Company”) (NASDAQ: LTRX), a global leader of compute and connectivity for IoT solutions enabling AI Edge Intelligence, today announced that Philip Brace will be departing the Lantronix Board of Directors as of Feb. 5, 2025. He is leaving the Lantronix Board to join Skyworks Solutions Inc. as its chief executive officer.

    “We greatly appreciate Phil’s many contributions to Lantronix during his tenure on the Board. We have benefited greatly from his extensive experience in all areas of technology. We wish him all the best in his new role as CEO of Skyworks Solutions Inc.,” said Saleel Awsare, president and CEO of Lantronix.

    Brace served as a member of the Lantronix Board since August 2023. He has 30 years of experience in the semiconductor, server, IoT and storage industries and has served in multiple roles across various disciplines, including software, hardware, engineering, marketing and sales. Prior to joining the Lantronix Board, he served as president and CEO of Sierra Wireless Inc. from July 2021 to January 2023.

    “Phil’s expertise in corporate governance helped the Lantronix Board of Directors successfully navigate complex issues,” stated Hoshi Printer, Chairman of the Board at Lantronix. “We will miss his counsel on the board and wish him all the best in his future endeavors.”

    “I’d like to thank Lantronix’s CEO Saleel Awsare and its Chairman of the Board Hoshi Printer and everyone at Lantronix for their warm reception during my time serving on the Lantronix Board. With Saleel’s guidance and the exceptional leadership team at Lantronix, I am confident that the company will continue to build its global presence in compute and connectivity for IoT solutions,” said Brace.

    About Lantronix

    Lantronix Inc. is a global leader of compute and connectivity IoT solutions that target high-growth markets, including Smart Cities, Enterprise and Transportation. Lantronix’s products and services empower companies to succeed in the growing IoT markets by delivering customizable solutions that enable AI Edge Intelligence. Lantronix’s advanced solutions include Intelligent Substations infrastructure, Infotainment systems and Video Surveillance, supplemented with advanced Out-of-Band Management (OOB) for Cloud and Edge Computing.

    For more information, visit the Lantronix website.

    Lantronix Media Contact:
    Gail Kathryn Miller
    Corporate Marketing &
    Communications Manager
    media@lantronix.com

    Lantronix Analyst and Investor Contact:
    investors@lantronix.com

    © 2025 Lantronix Inc. All rights reserved. Lantronix is a registered trademark, and SLB and SLC are trademarks of Lantronix Inc. Other trademarks and trade names are those of their respective owners.

    The MIL Network –

  • MIL-OSI: EZCORP Reports First Quarter Fiscal 2025 Results Record PLO Drives Strong Increase in Net Income

    Source: GlobeNewswire (MIL-OSI)

    AUSTIN, Texas, Feb. 05, 2025 (GLOBE NEWSWIRE) — EZCORP, Inc. (NASDAQ: EZPW), a leading provider of pawn transactions in the United States and Latin America, today announced results for its first quarter ended December 31, 2024.

    Unless otherwise noted, all amounts in this release are in conformity with U.S. generally accepted accounting principles (“GAAP”) and comparisons shown are to the same period in the prior year.

    FIRST QUARTER HIGHLIGHTS

    • Pawn loans outstanding (PLO) up 13% to $274.8 million.
    • Net income increased 9% to $31.0 million. On an adjusted basis1, net income increased 14% to $32.6 million.
    • Diluted earnings per share increased 11% to $0.40. On an adjusted basis, diluted earnings per share increased 17% to $0.42.
    • Adjusted EBITDA increased 12% to $53.0 million.
    • Total revenues increased 7% to $320.2 million, while gross profit increased 7% to $185.4 million.

    CEO COMMENTARY AND OUTLOOK

    Lachie Given, Chief Executive Officer, stated, “Fiscal 2025 is off to a strong start as we build on our momentum from 2024. Customer demand for immediate cash solutions and high quality, cost-effective secondhand goods remains high, as reflected by another quarter of record revenues and PLO. We also continued to drive meaningful improvements to our bottom line and deliver on the operating leverage inherent in our business, with adjusted EBITDA increasing 12% and adjusted diluted EPS increasing 17%.

    “Our consistent performance across geographies underscores the strength of our operations and customer-focused strategy. In the U.S., PLO grew 15%, driven by strong loan demand and higher average loan size. In Latin America, PLO rose 19% on a constant currency basis, with revenues up 18%, reflecting robust customer demand for loans and secondhand goods, as well as our outstanding customer service. Our EZ+ Rewards program also continues to perform exceptionally well, which accounted for 77% of all transacting customers. These results demonstrate the momentum we are gaining across markets and the success of our strategic initiatives.”

    “We are proud of the solid foundation we have built, which will enable us to continue driving growth both organically and through strategic M&A. Looking ahead, we plan to continue delivering exceptional service to our customers and enhancing value for our shareholders. We remain deeply committed to our core values of People, Pawn and Passion, and believe we are very well-positioned to deliver another record year of performance in fiscal 2025,” concluded Given.

    CONSOLIDATED RESULTS

    Three Months Ended December 31 As Reported   Adjusted1
    in millions, except per share amounts 2024
    		   2023
    		   2024
    		   2023
                   
    Total revenues $ 320.2     $ 300.0     $ 329.7     $ 300.0  
    Gross profit $ 185.4     $ 172.6     $ 190.2     $ 172.6  
    Income before tax $ 41.4     $ 37.7     $ 43.4     $ 37.8  
    Net income $ 31.0     $ 28.5     $ 32.6     $ 28.6  
    Diluted earnings per share $ 0.40     $ 0.36     $ 0.42     $ 0.36  
    EBITDA (non-GAAP measure) $ 50.8     $ 47.1     $ 53.0     $ 47.2  
                                   
    • PLO increased 13% to $274.8 million, up $31.6 million. On a same-store2 basis, PLO increased 12% due to increase in average loan size, continued strong pawn demand and improved operational performance.
    • Total revenues and gross profit increased 7%, reflecting improved pawn service charge (PSC) revenues as a result of higher average PLO in addition to higher merchandise sales and merchandise sales gross profit.
    • PSC increased 10% as a result of higher average PLO.
    • Merchandise sales gross margin remains within our target range at 35%, down from 36%. Aged general merchandise was 2.1% of total general merchandise inventory. 
    • Net inventory increased 21%, due to the increase in PLO and decrease in inventory turnover to 2.7x, from 3.0x.
    • Store expenses increased 5% and 3% on a same-store basis.
    • General and administrative expenses increased 13%, primarily due to labor (including incentive compensation) and, to a lesser extent, ongoing support costs related to Workday.
    • Income before taxes was $41.4 million, up 10% from $37.7 million, and adjusted EBITDA increased 12% to $53.0 million.
    • Diluted earnings per share increased 11% to $0.40. On an adjusted basis, diluted earnings per share increased 17% to $0.42.
    • Cash and cash equivalents at the end of the quarter was $174.5 million, up from $170.5 million as of September 30, 2024. The increase was primarily due to cash from operating activities, partially offset by increase in earning assets, capital expenditures, taxes paid related to net share settlement of equity awards and share repurchases.

    SEGMENT RESULTS

    U.S. Pawn

    • PLO ended the quarter at $220.2 million, up 15% on a total and same-store basis due to increase in average loan size, increased loan demand and improved operational performance.
    • Total revenues increased 7% and gross profit increased 9%, reflecting higher PSC and merchandise sales.
    • PSC increased 11% as a result of higher average PLO.
    • Merchandise sales increased 3%, and gross margin was flat at 37%. Aged general merchandise increased to 2.6%, or $1.2 million of total general merchandise inventory. Excluding our three Max Pawn luxury stores in Las Vegas, aged general merchandise was 1%.
    • Net inventory increased 17%, in line with the growth in PLO. Inventory turnover decreased to 2.5x, from 2.7x.
    • Store expenses increased 8% (5% on a same-store basis), primarily due to labor costs (including higher health benefits) supporting more store activity, offset by a decrease in expenses related to our loyalty program.
    • Segment contribution increased 11% to $52.9 million.
    • During the quarter, segment store count remained at 542.

    Latin America Pawn

    • PLO improved to $54.6 million, up 4% (19% on constant currency basis). On a same-store basis, PLO increased 2% (17% on a constant currency basis) due to improved operational performance and increased loan demand.
    • Total revenues were up 7% (18% on constant currency basis), and gross profit increased 4% (14% on a constant currency basis), mainly due to increased PSC and higher merchandise sales.
    • PSC increased to $29.2 million, up 7% (17% on a constant currency basis) as a result of higher average PLO.
    • Merchandise sales increased 7% (19% on constant currency basis) and merchandise sales gross margin decreased to 30% from 32%. Aged general merchandise decreased to 1.4% from 1.6% of total general merchandise inventory.
    • Net inventory increased 35% (57% on a constant currency basis) due to increase in PLO and decrease in inventory turnover to 3.1x, from 3.8x.
    • Store expenses were flat (11% increase on a constant currency basis) and on a same-store basis decreased 2% (9% increase on a constant currency basis), primarily due to labor and rent.
    • Segment contribution increased 14% to $11.6 million (24% on a constant currency basis). On an adjusted basis, segment contribution was up 22% to $12.5 million.
    • During the quarter, segment store count increased by four de novo stores to 741.

    FORM 10-Q

    EZCORP’s Quarterly Report on Form 10-Q for the quarter ended December 31, 2024 has been filed with the Securities and Exchange Commission. The report is available in the Investor Relations section of the Company’s website at http://investors.ezcorp.com. EZCORP shareholders may obtain a paper copy of the report, free of charge, by sending a request to the investor relations contact below.

    CONFERENCE CALL
    EZCORP will host a conference call on Thursday, February 6, 2025, at 8:00 am Central Time to discuss First Quarter Fiscal 2025 results. Analysts and institutional investors may participate on the conference call by registering online at https://register.vevent.com/register/BI86f9072cf4c447ae86954e0a22daa957. Once registered you will receive the dial-in details with a unique PIN to join the call. The conference call will be webcast simultaneously to the public through this link: http://investors.ezcorp.com. A replay of the conference call will be available online at http://investors.ezcorp.com shortly after the end of the call. 

    ABOUT EZCORP

    Formed in 1989, EZCORP has grown into a leading provider of pawn transactions in the United States and Latin America. We also sell pre-owned and recycled merchandise, primarily collateral forfeited from pawn lending operations and merchandise purchased from customers. We are dedicated to satisfying the short-term cash needs of consumers who are both cash and credit constrained, focusing on an industry-leading customer experience. EZCORP is traded on NASDAQ under the symbol EZPW and is a member of the S&P 1000 Index and Nasdaq Composite Index. 

    Follow us on social media:

    Facebook EZPAWN Official https://www.facebook.com/EZPAWN/

    EZCORP Instagram Official https://www.instagram.com/ezcorp_official/

    EZPAWN Instagram Official https://www.instagram.com/ezpawnofficial/

    EZCORP LinkedIn https://www.linkedin.com/company/ezcorp/

    FORWARD LOOKING STATEMENTS

    This announcement contains certain forward-looking statements regarding the Company’s strategy, initiatives and expected performance. These statements are based on the Company’s current expectations as to the outcome and timing of future events. All statements, other than statements of historical facts, including all statements regarding the Company’s strategy, initiatives and future performance, that address activities or results that the Company plans, expects, believes, projects, estimates or anticipates, will, should or may occur in the future, including future financial or operating results, are forward-looking statements. Actual results for future periods may differ materially from those expressed or implied by these forward-looking statements due to a number of uncertainties and other factors, including operating risks, liquidity risks, legislative or regulatory developments, market factors, current or future litigation and risks associated with the COVID-19 pandemic. For a discussion of these and other factors affecting the Company’s business and prospects, see the Company’s annual, quarterly and other reports filed with the Securities and Exchange Commission. The Company undertakes no obligation to update or revise forward-looking statements to reflect changed assumptions, the occurrence of unanticipated events or changes to future operating results over time.

    Contact:
    Email: Investor_Relations@ezcorp.com
    Phone: (512) 314-2220

    Note: Percentages are calculated from the underlying numbers in thousands and, as a result, may not agree to the percentages calculated from numbers in millions. Numbers may not foot or cross foot due to rounding.
    1“Adjusted” basis, which is a non-GAAP measure, excludes certain items. “Constant currency” basis, which is a non-GAAP measure, excludes the impact of foreign currency exchange rate fluctuations. For additional information about these calculations, as well as a reconciliation to the most comparable GAAP financial measures, see “Non-GAAP Financial Information” at the end of this release.
    2“Same-store” basis, which is a financial measure, includes stores open the entirety of the comparable periods.

       
    EZCORP, Inc.
    CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
    (Unaudited)
       
      Three Months Ended
    December 31,
    (in thousands, except per share amounts) 2024   2023
    Revenues:      
    Merchandise sales $ 186,343     $ 179,403  
    Jewelry scrapping sales   16,732       14,082  
    Pawn service charges   117,052       106,449  
    Other revenues   43       57  
    Total revenues   320,170       299,991  
    Merchandise cost of goods sold   121,824       115,210  
    Jewelry scrapping cost of goods sold   12,942       12,208  
    Gross profit   185,404       172,573  
    Operating expenses:      
    Store expenses   116,451       110,555  
    General and administrative   18,669       16,543  
    Depreciation and amortization   8,335       8,565  
    Loss (gain) on sale or disposal of assets and other   8       (172 )
    Total operating expenses   143,463       135,491  
    Operating income   41,941       37,082  
    Interest expense   3,147       3,440  
    Interest income   (2,093 )     (2,639 )
    Equity in net income of unconsolidated affiliates   (1,475 )     (1,153 )
    Other expense (income)   978       (271 )
    Income before income taxes   41,384       37,705  
    Income tax expense   10,368       9,235  
    Net income $ 31,016     $ 28,470  
           
    Basic earnings per share $ 0.57     $ 0.52  
    Diluted earnings per share $ 0.40     $ 0.36  
           
    Weighted-average basic shares outstanding   54,827       55,076  
    Weighted-average diluted shares outstanding   83,347       86,812  
                   
    EZCORP, Inc.
    CONDENSED CONSOLIDATED BALANCE SHEETS
    (Unaudited)
               
    (in thousands, except share and per share amounts) December 31,
    2024    		   December 31,
    2023    		   September 30,
    2024
               
    Assets:          
    Current assets:          
    Cash and cash equivalents $ 174,506     $ 218,516     $ 170,513  
    Restricted cash   9,386       8,470       9,294  
    Pawn loans   274,824       243,252       274,084  
    Pawn service charges receivable, net   45,198       40,002       44,013  
    Inventory, net   199,481       164,927       191,923  
    Prepaid expenses and other current assets   36,562       44,001       39,171  
    Total current assets   739,957       719,168       728,998  
    Investments in unconsolidated affiliates   13,555       10,125       13,329  
    Other investments   51,903       51,220       51,900  
    Property and equipment, net   63,231       68,998       65,973  
    Right-of-use assets, net   227,810       231,103       226,602  
    Goodwill   304,722       303,799       306,478  
    Intangible assets, net   57,093       56,977       58,451  
    Deferred tax asset, net   24,990       25,984       25,362  
    Other assets, net   15,872       13,819       16,144  
    Total assets $ 1,499,133     $ 1,481,193     $ 1,493,237  
               
    Liabilities and equity:          
    Current liabilities:          
    Current maturities of long-term debt, net $ 103,205     $ 34,307     $ 103,072  
    Accounts payable, accrued expenses and other current liabilities   68,682       69,386       85,737  
    Customer layaway deposits   24,216       18,324       21,570  
    Operating lease liabilities, current   57,900       57,980       58,998  
    Total current liabilities   254,003       179,997       269,377  
    Long-term debt, net   224,505       326,223       224,256  
    Deferred tax liability, net   2,186       372       2,080  
    Operating lease liabilities   182,228       188,475       180,616  
    Other long-term liabilities   12,317       11,243       12,337  
    Total liabilities   675,239       706,310       688,666  
    Commitments and contingencies          
    Stockholders’ equity:          
    Class A Non-voting Common Stock, par value $0.01 per share; shares authorized: 100 million; issued and outstanding: 52,050,550 as of December 31, 2024; 52,272,594 as of December 31, 2023; and 51,582,698 as of September 30, 2024   520       523       516  
    Class B Voting Common Stock, convertible, par value $0.01 per share; shares authorized: 3 million; issued and outstanding: 2,970,171   30       30       30  
    Additional paid-in capital   345,783       343,870       348,366  
    Retained earnings   536,427       457,929       507,206  
    Accumulated other comprehensive loss   (58,866 )     (27,469 )     (51,547 )
    Total equity   823,894       774,883       804,571  
    Total liabilities and equity $ 1,499,133     $ 1,481,193     $ 1,493,237  
                           
    EZCORP, Inc.
    CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
    (Unaudited)
       
      Three Months Ended
    December 31,
    (in thousands) 2024   2023
       
    Operating activities:      
    Net income $ 31,016     $ 28,470  
    Adjustments to reconcile net income to net cash provided by operating activities:      
    Depreciation and amortization   8,335       8,565  
    Amortization of debt discount and deferred financing costs   382       417  
    Non-cash lease expense   14,421       14,744  
    Deferred income taxes   478       345  
    Other adjustments   (617 )     (857 )
    Provision for inventory reserve   59       (156 )
    Stock compensation expense   2,597       2,264  
    Equity in net income from investment in unconsolidated affiliates   (1,475 )     (1,153 )
    Changes in operating assets and liabilities, net of business acquisitions:      
    Pawn service charges receivable   (1,368 )     (1,000 )
    Inventory   (2,384 )     2,066  
    Prepaid expenses, other current assets and other assets   1,375       (5,823 )
    Accounts payable, accrued expenses and other liabilities   (38,737 )     (33,991 )
    Customer layaway deposits   2,909       (719 )
    Income taxes   9,000       8,309  
    Net cash provided by operating activities   25,991       21,481  
    Investing activities:      
    Loans made   (247,225 )     (216,978 )
    Loans repaid   135,190       123,021  
    Recovery of pawn loan principal through sale of forfeited collateral   101,850       98,209  
    Capital expenditures, net   (5,609 )     (7,184 )
    Investment in other investments   —       (15,000 )
    Dividends from unconsolidated affiliates   1,902       1,745  
    Other   (148 )     (677 )
    Net cash used in investing activities   (14,040 )     (16,864 )
    Financing activities:      
    Taxes paid related to net share settlement of equity awards   (3,971 )     (3,253 )
    Purchase and retirement of treasury stock   (3,000 )     (3,007 )
    Payments of finance leases   (131 )     (132 )
    Net cash used in financing activities   (7,102 )     (6,392 )
    Effect of exchange rate changes on cash and cash equivalents and restricted cash   (764 )     (207 )
    Net increase (decrease) in cash, cash equivalents and restricted cash   4,085       (1,982 )
    Cash and cash equivalents and restricted cash at beginning of period   179,807       228,968  
    Cash and cash equivalents and restricted cash at end of period $ 183,892     $ 226,986  
           
    EZCORP, Inc.
    OPERATING SEGMENT RESULTS
       
      Three Months Ended December 31, 2024
    (Unaudited)
    (in thousands) U.S. Pawn   Latin America
    Pawn    		   Other
    Investments    		   Total Segments   Corporate
    Items    		   Consolidated
                           
    Revenues:                      
    Merchandise sales $ 128,800     $ 57,543     $ —     $ 186,343     $ —     $ 186,343  
    Jewelry scrapping sales   15,498       1,234       —       16,732       —       16,732  
    Pawn service charges   87,876       29,176       —       117,052       —       117,052  
    Other revenues   27       16       —       43       —       43  
    Total revenues   232,201       87,969       —       320,170       —       320,170  
    Merchandise cost of goods sold   81,556       40,268       —       121,824       —       121,824  
    Jewelry scrapping cost of goods sold   11,968       974       —       12,942       —       12,942  
    Gross profit   138,677       46,727       —       185,404       —       185,404  
    Segment and corporate expenses (income):                      
    Store expenses   83,089       33,362       —       116,451       —       116,451  
    General and administrative   —       —       —       —       18,669       18,669  
    Depreciation and amortization   2,717       2,046       —       4,763       3,572       8,335  
    Loss on sale or disposal of assets and other   —       8       —       8       —       8  
    Interest expense   —       —       —       —       3,147       3,147  
    Interest income   —       (202 )     (594 )     (796 )     (1,297 )     (2,093 )
    Equity in net (income) loss of unconsolidated affiliates   —       —       (1,623 )     (1,623 )     148       (1,475 )
    Other (income) expense   (11 )     (71 )     —       (82 )     1,060       978  
    Segment contribution $ 52,882     $ 11,584     $ 2,217     $ 66,683          
    Income (loss) before income taxes             $ 66,683     $ (25,299 )   $ 41,384  
                                       

            

      Three Months Ended December 31, 2023
    (Unaudited)
    (in thousands) U.S. Pawn   Latin America
    Pawn    		   Other
    Investments    		   Total Segments   Corporate
    Items    		   Consolidated
                           
    Revenues:                      
    Merchandise sales $ 125,513     $ 53,890     $ —     $ 179,403     $ —     $ 179,403  
    Jewelry scrapping sales   12,815       1,267       —       14,082       —       14,082  
    Pawn service charges   79,073       27,376       —       106,449       —       106,449  
    Other revenues   37       16       4       57       —       57  
    Total revenues   217,438       82,549       4       299,991       —       299,991  
    Merchandise cost of goods sold   78,709       36,501       —       115,210       —       115,210  
    Jewelry scrapping cost of goods sold   11,284       924       —       12,208       —       12,208  
    Gross profit   127,445       45,124       4       172,573       —       172,573  
    Segment and corporate expenses (income):                      
    Store expenses   77,255       33,300       —       110,555       —       110,555  
    General and administrative   —       —       —       —       16,543       16,543  
    Depreciation and amortization   2,624       2,339       —       4,963       3,602       8,565  
    Loss (gain) on sale or disposal of assets and other   26       (196 )     —       (170 )     (2 )     (172 )
    Interest expense   —       —       —       —       3,440       3,440  
    Interest income   —       (420 )     (573 )     (993 )     (1,646 )     (2,639 )
    Equity in net income of unconsolidated affiliates   —       —       (1,153 )     (1,153 )     —       (1,153 )
    Other (income) expense   —       (48 )     1       (47 )     (224 )     (271 )
    Segment contribution $ 47,540     $ 10,149     $ 1,729     $ 59,418          
    Income (loss) before income taxes             $ 59,418     $ (21,713 )   $ 37,705  
                           
    EZCORP, Inc.
    STORE COUNT ACTIVITY
    (Unaudited)
       
      Three Months Ended December 31, 2024
      U.S. Pawn
    		   Latin America
    Pawn
    		   Consolidated
                           
    As of September 30, 2024   542       737       1,279  
    New locations opened   —       4       4  
    As of December 31, 2024   542       741       1,283  
                           
      Three Months Ended December 31, 2023
      U.S. Pawn
    		   Latin America
    Pawn
    		   Consolidated
                           
    As of September 30, 2023   529       702       1,231  
    New locations opened   —       5       5  
    Locations acquired   1       —       1  
    As of December 31, 2023   530       707       1,237  
                           

    Non-GAAP Financial Information (Unaudited)

    In addition to the financial information prepared in conformity with accounting U.S. generally accepted accounting principles (“GAAP”), we provide certain other non-GAAP financial information on a constant currency (“constant currency”) and adjusted basis. We use constant currency results to evaluate our Latin America Pawn operations, which are denominated primarily in Mexican pesos, Guatemalan quetzales and other Latin American currencies. We believe that presentation of constant currency and adjusted results is meaningful and useful in understanding the activities and business metrics of our operations and reflects an additional way of viewing aspects of our business that, when viewed with GAAP results, provides a more complete understanding of factors and trends affecting our business. We provide non-GAAP financial information for informational purposes and to enhance understanding of our GAAP consolidated financial statements. We use this non-GAAP financial information primarily to evaluate and compare operating results across accounting periods.

    Readers should consider the information in addition to, but not instead of or superior to, our financial statements prepared in accordance with GAAP. This non-GAAP financial information may be determined or calculated differently by other companies, limiting the usefulness of those measures for comparative purposes.

    Constant currency results reported herein are calculated by translating consolidated balance sheet and consolidated statement of operations items denominated in local currency to U.S. dollars using the exchange rate from the prior-year comparable period, as opposed to the current period, in order to exclude the effects of foreign currency rate fluctuations. In addition, we have an equity method investment that is denominated in Australian dollars and is translated into U.S. dollars. We used the end-of-period rate for balance sheet items and the average closing daily exchange rate on a monthly basis during the appropriate period for statement of operations items. The end-of-period and approximate average exchange rates for each applicable currency as compared to U.S. dollars as of and for the three months ended December 31, 2024 and 2023 were as follows:

           
      December 31,   Three Months Ended
    December 31,
      2024
    		   2023
    		   2024
    		   2023
                                   
    Mexican peso   20.8       17.0       20.1       17.5  
    Guatemalan quetzal   7.5       7.7       7.5       7.6  
    Honduran lempira   25.0       24.3       24.8       24.4  
    Australian dollar   1.6       1.5       1.5       1.5  
                                   

    Our statement of operations constant currency results reflect the monthly exchange rate fluctuations and so are not directly calculable from the above rates. Constant currency results, where presented, also exclude the foreign currency gain or loss.

    Miscellaneous Non-GAAP Financial Measures

      Three Months Ended
    December 31,
    (in millions) 2024   2023
           
    Net income $ 31.0     $ 28.5  
    Interest expense   3.1       3.4  
    Interest income   (2.1 )     (2.6 )
    Income tax expense   10.4       9.2  
    Depreciation and amortization   8.3       8.6  
    EBITDA $ 50.8     $ 47.1  
                   

            

      Total
    Revenues    		   Gross
    Profit    		   Income
    Before Tax    		   Tax Effect   Net
    Income    		   Diluted
    EPS    		   EBITDA
                               
    2025 Q1 Reported $ 320.2     $ 185.4     $ 41.4     $ 10.4     $ 31.0     $ 0.40     $ 50.8  
    FX Impact   —       —       1.0       0.2       0.8       0.01       1.0  
    Constant Currency   9.5       4.8       1.0       0.2       0.8       0.01       1.2  
    2025 Q1 Adjusted $ 329.7     $ 190.2     $ 43.4     $ 10.8     $ 32.6     $ 0.42     $ 53.0  
                                                           
      Total
    Revenues    		   Gross
    Profit    		   Income
    Before Tax    		   Tax Effect   Net
    Income    		   Diluted
    EPS    		   EBITDA
                               
    2024 Q1 Reported $ 300.0     $ 172.6     $ 37.7     $ 9.2     $ 28.5     $ 0.36     $ 47.1  
    FX Impact   —       —       0.1       —       0.1       —       0.1  
    2024 Q1 Adjusted $ 300.0     $ 172.6     $ 37.8     $ 9.2     $ 28.6     $ 0.36     $ 47.2  
                                                           
      Three Months Ended
    December 31, 2024
    (in millions) U.S. Dollar
    Amount    		   Percentage
    Change YOY
           
    Consolidated revenues $ 320.2       7 %
    Currency exchange rate fluctuations   9.5      
    Constant currency consolidated revenues $ 329.7       10 %
           
    Consolidated gross profit $ 185.4       7 %
    Currency exchange rate fluctuations   4.8      
    Constant currency consolidated gross profit $ 190.2       10 %
           
    Consolidated net inventory $ 199.5       21 %
    Currency exchange rate fluctuations   8.5      
    Constant currency consolidated net inventory $ 208.0       26 %
           
    Latin America Pawn gross profit $ 46.7       4 %
    Currency exchange rate fluctuations   4.8      
    Constant currency Latin America Pawn gross profit $ 51.5       14 %
           
    Latin America Pawn PLO $ 54.6       4 %
    Currency exchange rate fluctuations   8.1      
    Constant currency Latin America Pawn PLO $ 62.7       19 %
           
    Latin America Pawn PSC revenues $ 29.2       7 %
    Currency exchange rate fluctuations   2.8      
    Constant currency Latin America Pawn PSC revenues $ 32.0       17 %
           
    Latin America Pawn merchandise sales $ 57.5       7 %
    Currency exchange rate fluctuations   6.6      
    Constant currency Latin America Pawn merchandise sales $ 64.1       19 %
           
    Latin America Pawn segment profit before tax $ 11.6       14 %
    Currency exchange rate fluctuations   0.9      
    Constant currency Latin America Pawn segment profit before tax $ 12.5       24 %
                   

    The MIL Network –

  • MIL-OSI Video: Trusted Ally and Regional Role Model

    Source: United States of America – Department of State (video statements)

    It was important to me that on my first foreign trip as Secretary I made a stop in San José. Costa Rica is a model for what other countries in the region and around the world can one day become. I am grateful to President Rodrigo Chaves for his warmth and hospitality. — Secretary of State Marco Rubio

    https://www.youtube.com/watch?v=WqJzbvQTCO4

    MIL OSI Video –

  • MIL-OSI USA: Reed & Whitehouse: Trump’s Shutdown of USAID Will Cause Human Suffering Abroad & Weaken U.S. National Security

    US Senate News:

    Source: United States Senator for Rhode Island Jack Reed

    WASHINGTON, DC – Recognizing that diplomacy and development play a key role alongside defense when it comes to U.S. national security, U.S. Senators Jack Reed (D-RI) and Sheldon Whitehouse (D-RI) joined Tim Kaine (D-VA) and 34 of their colleagues in sending a letter to U.S. Secretary of State Marco Rubio expressing their deep concern regarding the growing chaos and dysfunction at the U.S. Department of State and the Trump Administration’s illegal attempt to destroy the U.S. Agency for International Development (USAID).

    USAID is a critical pillar of U.S. national security strategy, providing lifesaving aid and development support around the world to help ensure stability. Yesterday, personnel at USAID were not permitted to enter the agency’s headquarters, and Elon Musk announced that President Donald Trump agreed to close the agency and move it under the State Department – which Trump has no legal authority to do. The Trump Administration, led by Mr. Musk, has also furloughed thousands of senior career civil servants, including two top security officials who denied Musk and the Department of Government Efficiency access to classified documents and systems.

    “…We are deeply concerned by reports of not only growing chaos and dysfunction at the Department of State, but the Administration’s brazen and illegal attempts to destroy the U.S. Agency for International Development (USAID). Mass personnel furloughs of dubious legality and abrupt, blanket stop-work orders without regard to relevant appropriations laws are causing immediate harm to U.S. national security, placing U.S. citizens at risk, disrupting life-saving work and breaking the U.S. government’s contractual obligations to private sector partners,” wrote the 37 U.S. Senators.

    The senators continued, “The Administration’s failure to consult with Congress prior to taking these steps violates the law and impedes Congress’s constitutional duty to conduct oversight of funding, personnel and the nation’s foreign policy. The Administration’s failure to expend funds appropriated on a bipartisan basis by Congress would violate the Impoundment Control Act.”

    “Foreign assistance is critical to supporting U.S. strategic interests around the world. Foreign assistance protects U.S. national security, advances U.S. values, and ensures the U.S. is the partner of choice for everything from defense procurement to cutting edge scientific research. China, Russia and Iran are already moving rapidly to exploit the vacuum and instability left by the U.S.’s sudden global retreat,” wrote the senators.

    They continued, “Every Administration has the right to review and adjust ongoing assistance programming. However, attempting to arbitrarily turn off core functions of a critical U.S. national security agency, without Congressional consideration or any metric-based review and absent legal authority to do so, is unprecedented and deeply disturbing.”

    In addition to Kaine, Reed, and Whitehouse, the letter is signed by U.S. Senators Cory Booker (D-NJ), Dick Durbin (D-IL), Jeff Merkley (D-OR), Ruben Gallego (D-AZ), Lisa Blunt Rochester (D-DE), Michael Bennet (D-CO), Elizabeth Warren (D-MA), Peter Welch (D-VT), Edward J. Markey (D-MA), Kirsten Gillibrand (D-NY), Bernie Sanders (I-VT), Gary Peters (D-MI), Tammy Baldwin (D-WI), Richard Blumenthal (D-CT), Ron Wyden (D-OR), Martin Heinrich (D-NM), Amy Klobuchar (D-MN), Tammy Duckworth (D-IL), Andy Kim (D-NJ), Adam Schiff (D-CA), Angus S. King (I-ME), John Hickenlooper (D-CO), Mazie K. Hirono (D-HI), Alex Padilla (D-CA), Tina Smith (D-MN), Catherine Cortez Masto (D-NV), Chris Murphy (D-CT), Jacky Rosen (D-NV), Mark Kelly (D-AZ), Brian Schatz (D-HI), Mark R. Warner (D-VA), Chris Van Hollen (D-MD), Chris Coons (D-DE), Elissa Slotkin (D-MI), and Reverend Raphael Warnock (D-GA).

    The full text of the letter follows.

    Dear Secretary Rubio:

    The effective administration of U.S. foreign assistance is critical to advancing core U.S. national security priorities, including countering the influence of China, Russia and Iran. As you acknowledged at your confirmation hearing, pushing back on China in particular is a top bipartisan priority. 

    As such, we are deeply concerned by reports of not only growing chaos and dysfunction at the Department of State, but the Administration’s brazen and illegal attempts to destroy the U.S. Agency for International Development (USAID). Mass personnel furloughs of dubious legality and abrupt, blanket stop-work orders without regard to relevant appropriations laws are causing immediate harm to U.S. national security, placing U.S. citizens at risk, disrupting life-saving work and breaking the U.S. government’s contractual obligations to private sector partners.

    The Administration’s failure to consult with Congress prior to taking these steps violates the law and impedes Congress’s constitutional duty to conduct oversight of funding, personnel and the nation’s foreign policy. The Administration’s failure to expend funds appropriated on a bipartisan basis by Congress would violate the Impoundment Control Act.

    Foreign assistance is critical to supporting U.S. strategic interests around the world. Foreign assistance protects U.S. national security, advances U.S. values, and ensures the U.S. is the partner of choice for everything from defense procurement to cutting edge scientific research. China, Russia and Iran are already moving rapidly to exploit the vacuum and instability left by the U.S.’s sudden global retreat.

    Every Administration has the right to review and adjust ongoing assistance programming. However, attempting to arbitrarily turn off core functions of a critical U.S. national security agency, without Congressional consideration or any metric-based review and absent legal authority to do so, is unprecedented and deeply disturbing.

    We request immediate clarification on the following:

    Status of USAID:

    1.         Confirmation of your understanding that any effort to abolish USAID or merge USAID into the Department of State absent Congressional consultation and approval is illegal.

    2.         Confirmation of your understanding that adversaries such as China, Russia and Iran are quickly moving into the vacuum left by suspended USAID programs. 

    3.         The Department of State’s assessment of Mr. Elon Musk’s financial ties to China and the impact of these ties to the decision-making process of Mr. Musk and his employees.

    4.         Confirmation that neither you nor any member of your leadership team are taking direction from Mr. Musk with regards to the work of the Department of State or USAID, personnel or financial decisions for either agency, or any other matters relevant to U.S. national security. 

    5.         Confirmation of the names and employment status of individuals directed by Mr. Musk to engage with USAID staff, the qualifications of these individuals, and the level of their security clearances – if any.

    Personnel:

    1.         Confirmation of your understanding that any unauthorized access by or disclosure of classified information to individuals without appropriate security clearance could be considered a criminal offense.

    2.         The legal authority and rationale under which, on January 28, more than 50 senior career civil and foreign service USAID officials were placed on administrative leave. This move was not only unprecedented, but also inconsistent with the Office of Personnel Management’s own guidelines for the use of administrative leave.

    3.         The legal authority under which, on January 28, approximately 390 USAID Institutional Support Contractors (ISCs) were given stop-work orders, and clarification of which Administration official directed the implementation of this termination.

    4.         Whether any Department of State career civil and foreign service or contractors have been placed on administrative leave or removed from their roles as a result of or relating to the assistance freeze or any directives from the Office of Foreign Assistance.

    5.         Clarification of which Administration official directed the implementation of this mass furlough.

    6.         Clarification of whether these individuals were directed to be terminated without cause.

    7.         Confirmation that personnel will not face retaliation or retribution for performing their duties under the previous Administration’s policy direction.

    8.         Under what authorities and by which official’s directive career civil service, foreign service, and Personal Services Contractors (PSC), and those under other hiring authorities have been removed from their roles or limited in their ability to execute their work.

    9.         Confirmation that further career civil service, foreign service and USAID contractors will not be removed from their roles without cause or receive stop work orders.

    10.       Whether, upon full resumption of legally mandated foreign assistance activities, the Administration intends to re-hire contractors who have been removed from their roles.

    11.       Any additional guidance provided to State and USAID staff regarding the foreign assistance freeze, including confirmation of whether direct hires, contractors, or implementing organizations have been directed not to speak publicly about the foreign assistance freeze.

    12.       Public identification of the individual currently serving as the Director or Acting Director of the State Department’s Office of Foreign Assistance and as Acting Deputy Administrator of USAID, and the dates upon which this individual was appointed to each position.

    13.       Confirmation of your understanding that the State Department’s Director of Foreign Assistance has no authority to issue personnel directives for USAID.

    Resumption of Foreign Assistance:

    1.         The specific process and anticipated timeframe for activities to receive exemptions or waivers, as referenced in your January 28, 2025 directive to State and USAID staff.

    2.         The mechanisms and metrics established for this waiver process.

    3.         The timeline for full resumption of legally mandated foreign assistance activities.

    4.         Clarification of what risk assessment or analysis of potential risk to U.S. national security interests were conducted prior to the decision to freeze foreign assistance activities.

    5.         Confirmation of the Department of State’s obligation to comply with U.S. contract law and your responsibility as Secretary of State ensure the Department honors its commitments to contracting partners.

    We welcome your urgent attention to these questions. We and our staff stand ready to work with you to ensure U.S. foreign assistance funding continues to be deployed effectively to protect American citizens, at home and abroad.

    Respectfully,

    MIL OSI USA News –

  • MIL-OSI USA: Commerce Committee Advances Schatz-Cruz Bipartisan Legislation To Keep Kids Safe, Healthy, Off Social Media

    US Senate News:

    Source: United States Senator for Hawaii Brian Schatz

    Bill Now Moves To Full Senate For Consideration

    WASHINGTON – Today, the U.S. Senate Commerce, Science, and Transportation Committee approved the Kids Off Social Media Act. Authored by U.S. Senators Brian Schatz (D-Hawai‘i), a senior member of the Senate Commerce Committee, Ted Cruz (R-Texas), Chair of the Senate Commerce Committee, Chris Murphy (D-Conn.), and Katie Britt (R-Ala.), the bipartisan legislation will keep kids off social media and help protect them from its harmful impacts. To do that, the bill would set a minimum age of 13 to use social media platforms and prevent social media companies from feeding algorithmically-targeted content to users under the age of 17. In addition to Schatz, Cruz, Murphy, and Britt, the Kids Off Social Media Act is cosponsored by U.S. Senators Peter Welch (D-Vt.), Ted Budd (R-N.C.), John Fetterman (D-Pa.), Angus King (I-Maine), Mark Warner (D-Va.), and John Curtis (R-Utah).

    “There is no good reason for a nine-year-old to be on Instagram or Snapchat. The growing evidence is clear: social media is making kids more depressed, more anxious, and more suicidal. Yet tech companies refuse to anything about it because it would hurt their bottom line. This is an urgent health crisis, and Congress must act with the boldness and urgency it demands,” said Senator Schatz. “Protecting kids online is not a partisan issue, and our bipartisan coalition – which includes several parents of kids and teenagers – represents the millions of parents across the country who’ve long been asking for help.”

    Upon the introduction of the Kids Off Social Media Act, Senator Cruz said, “Every parent I know is concerned about the online threats to kids—from predators to videos promoting self-harm, risky behavior, or low self-esteem. Many families have suffered due to Big Tech’s failure to take responsibility for its products. The Kids Off Social Media Act addresses these issues by supporting families in crisis and empowering teachers to better manage their classrooms. I am proud to work with Senator Schatz on this bipartisan legislation to combat the harms social media poses to children, especially in schools. As Chairman of the Commerce Committee, I am confident we can swiftly move this legislation and similar measures through committee and urge Congress to heed the calls of parents everywhere by delivering this bill to President Trump’s desk to help protect America’s youth.”

    Specifically, the Kids Off Social Media Act would:

    • Prohibit social media platforms from allowing children under the age of 13 to create or maintain social media accounts;
    • Prohibit social media companies from pushing targeted content using algorithms to users under the age of 17;
    • Provide the FTC and state attorneys general authority to enforce the provisions of the bill; and
    • Follow existing CIPA framework, with changes, to require schools to work in good faith to limit social media on their federally-funded networks, which many schools already do.

    Parents overwhelmingly support the mission of the Kids Off Social Media Act. A survey conducted by Count on Mothers shows that over 90 percent of mothers agree that there should be a minimum age of 13 for social media. Additionally, 87 percent of mothers agree that social media companies should not be allowed to use personalized recommendation systems to deliver content to children. Pew finds similar levels of concern from parents, reporting that 70 percent or more of parents worry that their teens are being exposed to explicit content or wasting too much time on social media, with two-thirds of parents saying that parenting is harder today compared to 20 years ago—and many of them cited social media as a contributing factor.

    The Kids Off Social Media Act is supported by Public Citizen, National Organization for Women, National Association of Social Workers, National League for Nursing, National Association of School Nurses, KidsToo, Count on Mothers, American Federation of Teachers, American Counseling Association, National Federation of Families, National Association of Pediatric Nurse Practitioners, National Council for Mental Wellbeing, Parents Television and Media Council, Tyler Clementi Foundation, Parents Who Fight, Conservative Ladies of America, David’s Legacy Foundation, Digital Progress, HAS Coalition, Parents Defending Education Action, Concerned Women for America Legislative Action Committee, and the American Academy of Child and Adolescent Psychiatry.

    A copy of the legislation is available here. For more information on the Kids Off Social Media Act, click here.

    MIL OSI USA News –

  • MIL-OSI USA: Luján, Cohen Reintroduce Bicameral Legislation to Improve Roadway Safety and Uplift Victim Voices at DOT

    US Senate News:

    Source: United States Senator Ben Ray Luján (D-New Mexico)

    Washington, D.C. – Today, U.S. Senator Ben Ray Luján (D-N.M.), a member of the Senate Committee on Commerce, Science, and Transportation, reintroduced the DOT Victim and Survivor Advocate Act to create a new role designated as the “National Roadway Safety Advocate” at the Department of Transportation (DOT) who will be responsible for working directly with roadway safety crash victims, survivors, and their families. Specifically, this new role will be responsible for building relationships with victims and survivors, providing education on DOT activities, and providing the victim perspective to the Secretary of Transportation and other DOT officials throughout the process of Department decision-making. U.S. Representative Steve Cohen (D-Tenn.) introduced companion legislation in the U.S. House of Representatives.

    After suffering from a traffic crash, victim-advocates often don’t know where to go to make their voice heard and prevent crashes like theirs from happening to others. In addition, latest projections from the National Highway and Traffic Administration (NHTSA) estimate that 40,990 people died in motor vehicle traffic crashes in 2023 and millions more each year are involved in non-fatal crashes. Many of these crashes are preventable with the right policies in place to save lives.

    “In New Mexico and across the country, far too many families know the pain of losing a loved one to a traffic crash. More must be done to address traffic safety issues, and that includes having an advocate for victims at the Department of Transportation,” said Senator Luján. “I’m proud to partner Representative Cohen to reintroduce the DOT Victim and Survivor Advocate Act to make this position a reality and ensure victims have a permanent seat at the table. As a victim and survivor of a drunk driving crash myself, I understand the necessity and importance of improving roadway safety and providing victims of roadway safety crashes with the support they deserve. I look forward to working with my colleagues to get this bill signed into law.”

    “Traffic accident victims and their families deserve an advocate in the Department of Transportation to listen to their ideas for improving roadway safety, especially after the experience of suffering from a traffic accident. The DOT Victim and Survivor Advocate Act will help ensure that victim-advocates have a point of contact to work with at DOT and give them a permanent and respected voice in DOT decision-making.  I’m pleased to partner with Senator Luján on this important legislation,” said Congressman Steve Cohen (TN-9).

    This legislation is supported by a number of New Mexican advocates, including Eric Hein, IST Board Member; Barbara Toth, Vulnerable Road Users NM; and Linda Unruh, Bobby’s Law, NM. National supporters of this legislation include Mothers Against Drunk Driving (MADD), Advocates for Highway and Auto Safety, National Safety Council, Truck Safety Coalition, League of American Bicyclists, Institute for Safer Trucking, Families for Safe Streets, AnnaLeah & Mary For Truck Safety, Stop Underrides – In Loving Memory of Roya, StopDistractions.org, The Kiefer Foundation, Safe Kids Worldwide. Quotes from supporters are available here.

    Senator Luján is a longtime advocate of comprehensive safety measures to save lives and keep our roadways safe. In 2021, Luján championed the HALT/RIDE Act, which was included in the Bipartisan Infrastructure Law and implements drunk and impaired driving measures to prevent drunk driving and help save thousands of lives each year. In March 2024, Luján called on the U.S. Department of Transportation to swiftly move forward with its rulemaking process to implement the HALT/RIDE Act, and to do so in a way that protects’ drivers privacy. Since the passage of the Bipartisan Infrastructure Law, Luján has supported a number of efforts encouraging the Department of Transportation to make positive progress to make our roadways safer, including putting an end to underride crashes and distracted driving, and completing vital rulemakings.

    Full text of the legislation is available here.

    MIL OSI USA News –