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MIL-OSI: Triller Steals Social Media Spotlight with $50 Million Fundraise

Source: GlobeNewswire (MIL-OSI)

Triller Group Inc. (Nasdaq: ILLR) secures its place as a fierce competitor to TikTok, YouTube Shorts, and Instagram Reels with bold innovations, star power, and continued momentum

Los Angeles, CA, Jan. 29, 2025 (GLOBE NEWSWIRE) — Triller Group Inc. (“Triller” or “the Company”) is making waves in the technology and investor sectors, announcing a $50 million equity funding round secured through a private placement with institutional investors. This investment fuels Triller’s rapid ascent as the next powerhouse in short-form video platforms, further challenging TikTok’s dominance to become the superior platform for creators, users, and collaborators.

Backed by global icons like Conor McGregor, The Weeknd, Marshmello, Lil Wayne, and many more, Triller surged into the top five in the “Photo and Video” category of app stores, solidifying its status as a rising star in digital entertainment.

Supercharging the Creator Revolution

In addition to enhancing the platform for users, the fundraise enables Triller to accelerate its mission of empowering creators. Triller will unveil cutting-edge AI-driven tools, enhanced live-streaming capabilities, and a revamped video editing suite, providing creators with unmatched opportunities to engage audiences and monetize their content.

“At Triller, we’re not just building a platform—we’re leading a movement,” said Wing Fai Ng, CEO of Triller Group Inc. “Whether TikTok is banned or not has no bearing on our trajectory. With powerhouses like Conor McGregor and other global icons who champion our vision, we’ve created a platform that is designed to outlast TikTok and any other competitor. We’re not building our business around the failure of others; this seismic shift in social media is only the beginning of what’s to come.”

Triller: The New Home for Viral Content

As TikTok faces ongoing challenges and uncertainty, Triller has emerged as the ultimate refuge and frontrunner for displaced influencers and content creators. Triller’s savemytiktoks.com campaign has ushered in waves of creators seeking a U.S.-owned platform free from political and regulatory roadblocks.

Under the new leadership of former TikTok Executive Sean Kim, Triller is redefining the user experience and what it means to create, distribute and monetize content.

BKFC & TrillerTV: Entertainment Frontiers Redefined

Triller isn’t stopping at short-form videos; the Bare-Knuckle Fighting Championship (BKFC) brand reaches over 250 million fans across 60 countries, while TrillerTV is celebrating a decade of streaming success. Upcoming events like Wrestle Kingdom 19 from Tokyo Dome draw millions of viewers and further positions Triller as a multimedia powerhouse.

Triller’s Future: Poised for Dominance in 2025

With the fund raise and these developments underway, Triller is poised to become the premier social media hub in 2025, attracting top talent and ensuring long-term growth and success through its transparent and innovative environment.

Following President Donald Trump’s reelection, Triller Group made a sizeable contribution to the Trump Inaugural Fund, underscoring its dedication to supporting initiatives that resonate with its business values and long-term vision.

Navigating the Ship: Investment and Changes to Triller’s Leadership

Triller Group has also appointed Dr. Roger Kennedy as an non-executive director following a designation by KCP Holdings Limited, the lead investor in this funding round. He will join the board’s audit, remuneration, and nomination committees.

The private placement consisted of common stock and warrants, with the Company’s shares priced at $2.20 each. This funding round is the first new capital infusion following the AGBA-Triller merger, with an additional fundraise expected later this year.

This fundraise is a powerful catalyst for Triller Group’s commitment to innovation and growth. With strong backing from our investors and the star power of icons like Conor McGregor, Triller is gearing up to disrupt the digital content landscape like never before. Together with its team, partners, and creators, Triller is creating a platform where ownership, growth, and meaningful monetization are finally within reach.

For more details, please refer to the Company’s report on Form 8-K filed with the Securities and Exchange Commission on January 29, 2025.

About Triller Group Inc.

Nasdaq: ILLR. Triller Group is a US-based company that operates two main businesses: the newly merged US-based social media operations (Triller Corp.), and the legacy operations of the Company in Hong Kong (“AGBA”).

Triller Corp. is a next generation, AI-powered, social media and live-streaming event platform for creators. Pairing music culture with sports, fashion, entertainment, and influencers through a 360-degree view of content and technology, Triller Corp. uses proprietary AI technology to push and track content virally to affiliated and non-affiliated sites and networks, enabling them to reach millions of additional users. Triller Corp. additionally owns Triller Sports, Bare-Knuckle Fighting Championship (BKFC); Amplify.ai, a leading machine-learning, AI platform; and TrillerTV, a premier global PPV, AVOD, and SVOD streaming service. For more information, visit www.trillercorp.com

Established in 1993, AGBA is a leading, multi-channel business platform that incorporates cutting edge machine-learning and offers a broad set of financial services and healthcare products to consumers through a tech-led ecosystem, enabling clients to unlock the choices that best suit their needs. Trusted by over 400,000 individual and corporate customers, the Group is organized into four market-leading businesses: Platform Business, Distribution Business, Healthcare Business, and Fintech Business. For more information, please visit www.agba.com.

Safe Harbor Statement

This press release contains forward-looking statements as defined by the Private Securities Litigation Reform Act of 1995. Forward-looking statements include statements concerning plans, objectives, goals, strategies, future events or performance, and underlying assumptions and other statements that are other than statements of historical facts. When the Company uses words such as “may,” “will,” “intend,” “should,” “believe,” “expect,” “anticipate,” “project,” “estimate” or similar expressions that do not relate solely to historical matters, it is making forward-looking statements. Forward-looking statements are not guarantees of future performance and involve risks and uncertainties that may cause the actual results to differ materially from the Company’s expectations discussed in the forward-looking statements. These statements are subject to uncertainties and risks including, but not limited to, the following: the Company’s goals and strategies; the Company’s future business development; product and service demand and acceptance; changes in technology; economic conditions; the outcome of any legal proceedings that may be instituted against us following the consummation of the business combination; expectations regarding our strategies and future financial performance, including its future business plans or objectives, prospective performance and opportunities and competitors, revenues, products, pricing, operating expenses, market trends, liquidity, cash flows and uses of cash, capital expenditures, and our ability to invest in growth initiatives and pursue acquisition opportunities; reputation and brand; the impact of competition and pricing; government regulations; fluctuations in general economic and business conditions in Hong Kong and the international markets the Company plans to serve and assumptions underlying or related to any of the foregoing and other risks contained in reports filed by the Company with the SEC, the length and severity of the recent coronavirus outbreak, including its impacts across our business and operations. For these reasons, among others, investors are cautioned not to place undue reliance upon any forward-looking statements in this press release. Additional factors are discussed in the Company’s filings with the SEC, which are available for review at www.sec.gov. The Company undertakes no obligation to publicly revise these forward–looking statements to reflect events or circumstances that arise after the date hereof.

Investor & Media Relations:

Bethany Lai
ir@triller.co

Breanne Fritcher
triller@wachsman.com

# # #

The MIL Network –

January 30, 2025
MIL-OSI: VelocityEHS Launches the Industry’s First Fully Integrated EHS Platform to Revolutionize Workplace Safety and Risk Management
Source: GlobeNewswire (MIL-OSI)

Velocity’s new enhancements of the Accelerate Platform transform the way companies identify and mitigate the threats that put people and businesses in danger.

CHICAGO, Jan. 29, 2025 (GLOBE NEWSWIRE) — VelocityEHS, the global leader in EHS & ESG software solutions, is thrilled to announce significant enhancements to its cutting-edge Accelerate Platform, bringing together four industry-leading solutions into one unified experience. Developed by the industry’s largest team of certified EHS professionals, the Platform combines decades of expertise and innovation to help companies proactively manage risk, protect lives, cut administrative tasks, drive collaboration and accountability, and deliver actionable insights for peak performance.

The Accelerate launch is a landmark moment for both VelocityEHS and the industry. More importantly, it’s a game-changer for EHS professionals dedicated to protecting frontline workers and ensuring their safe return home each day, and for senior leaders focused on business continuity and effective risk management across all operations.

“EHS software can be a matter of life and death. With Accelerate, Velocity provides capabilities that no other single provider can match,” says VelocityEHS CEO Matt Airhart. “Accelerate empowers our customers to streamline safety, chemical management, industrial ergonomics, and operational risk processes into one unified platform.”

The Platform was built to address the VelocityEHS customers’ need for seamless integration and greater efficiency. It lets organizations protect their workforce, reduce risks, and achieve operational performance like never before.

“These new enhancements elevate the user experience from great to exceptional. The ability to create reports and integrate data from multiple solutions is revolutionary, putting actionable insights at our customers’ fingertips so they can focus on protecting lives rather than administrative tasks,” concluded Airhart.

Key Enhancements of the Accelerate Platform
- Unified Platform: Access a collection of best-in-class EHS solutions with one secure login, featuring a centralized platform for seamless management of hierarchies, locations, and roles.
- Customizable Dashboards: Tailor dashboards to the individual or organization’s needs, delivering critical, real-time data when and where it is needed.
- Advanced Reporting: Generate actionable insights through Business Intelligence (BI)-based, pre-built and custom reports that integrate data from all solutions on the platform.
- User-Friendly Design: Intuitive features accelerate adoption, reduce learning time, and simplify complex tasks for teams at all levels.
- Scalability: Seamlessly expands initiatives across multiple locations and regions, ensuring consistent performance and compliance globally while maintaining optimal efficiency.
These enhancements redefine what is possible in EHS management by delivering scalable and highly adaptable solutions and tools to meet the needs of organizations across all sizes and industries.

“At VelocityEHS, our commitment to innovation in EHS is unwavering,” says Jason Weiss, Chief Technology Officer, VelocityEHS. “Through extensive focus groups with our customers, combined with the rigorous research of our certified experts and machine learning scientists, we ensure the solutions within Accelerate deliver insights you can trust.”

First launched in 2022, the Accelerate Platform leverages advanced machine learning and AI to drive continuous improvement through prediction, intervention, and measurable outcomes. As one of the first complete EHS platforms on the market, it remains one of the industry’s most comprehensive.

For more information about the VelocityEHS Accelerate Platform and to learn how it can drive your EHS and operational excellence, visit www.EHS.com.

About VelocityEHS

Relied on by more than 10 million users worldwide to drive operational excellence and achieve outstanding outcomes, VelocityEHS is the global leader in true SaaS enterprise EHS & ESG technology. The VelocityEHS Accelerate® Platform is the definitive gold standard, delivering best-in-class software solutions for managing Safety, Ergonomics, Chemical Management, and Operational Risk. In addition, Velocity offers world-class applications for Contractor Safety & Permit to Work, Environmental Compliance, and ESG.

The VelocityEHS team includes unparalleled industry expertise, with more certified experts in health, safety, industrial hygiene, ergonomics, sustainability, the environment, AI, and machine learning than any other EHS software provider. Recognized by the EHS industry’s top independent analysts as a Leader in the Verdantix 2025 Green Quadrant Analysis, VelocityEHS is committed to industry thought leadership and to accelerating the pace of innovation through its software solutions and vision. Its privacy and security protocols, which include SOC2 Type II attestation, are among the most stringent in the industry.

VelocityEHS is headquartered in Chicago, Illinois, with locations in Ann Arbor, Michigan; Tampa, Florida; Oakville, Ontario; London, England; Perth, Western Australia; and Cork, Ireland. For more information, visit www.EHS.com. 

Media Contact
Jennifer Sinkwitts
734.277.9366
jsinkwitts@ehs.com

The MIL Network –
January 30, 2025
MIL-OSI United Kingdom: Huddersfield Golf Tech Firm Tees Up for International Success
Source: United Kingdom – Executive Government & Departments

MIA Sports wins Dubai contract with support from HSBC UK and UK Export Finance.
An MIA Sports studio bay at the Emirates Golf Club, Dubai

A Huddersfield-based company which specialises in indoor golf technology has entered the UAE market after it secured a finance package worth £75,000.

Financing was provided by HSBC UK, with government backing from UK Export Finance.

MIA Sports specialises in the design, supply and installation of golf simulators and teaching studios. Though founded only 10 years ago, their products have been adopted as an integral training tool at golf facilities in the UK, Europe, and East Asia.

MIA Sports has now begun exporting to the United Arab Emirates with the support of UK Export Finance (UKEF), the government export credit agency.

Faced with the opportunity of supplying its technology to Dubai, MIA Sports had to provide financial guarantees which would have restricted its cashflow – a catch-22 situation. They approached UKEF, who worked with HSBC UK to arrange a finance package for the amount of £75k. This was supported by a government guarantee provided through UKEF’s General Export Facility (GEF), a product specifically tailored to enable SMEs to scale up their exports by giving banks the confidence to lend.

The finance package, provided by HSBC UK and guaranteed by UKEF, gave MIA Sports the confidence to secure the Dubai contract. This comprised the supply and installation of 5 teaching studio bays for a new academy at the Emirates Golf Club, home to the iconic Dubai Desert Classic tournament.

Andrew Keast, Managing Director at MIA Sports, said:

Breaking into the UAE market was a major opportunity for us. Thanks to UKEF and HSBC UK’s support, we were able to access the finance required to bring our technology to a fast-rising capital in the world of golf.

Alissia Deane, Export Finance Manager for West Yorkshire, said:

This deal demonstrates how we’re helping Yorkshire businesses reach their export potential. By working closely with HSBC UK, we’ve enabled MIA Sports to bring their innovative golf technology to Dubai’s growing sports market.

Andy Booth, International Business Manager at HSBC UK, said:

Working alongside UKEF, we’re committed to helping innovative British businesses like MIA Sports expand internationally. This showcases how effective partnership between banking and government support can boost UK exports.

The story of MIA Sports shows how UKEF is working towards one of the key objectives in its Business Plan for 2024-2029: to support 1,000 SMEs a year by the end of the decade.

Contact

Media enquiries:

Email newsdesk@ukexportfinance.gov.uk

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Published 29 January 2025
MIL OSI United Kingdom –
January 30, 2025
MIL-OSI Canada: Governments of Canada and Saskatchewan Invest in Livestock and Forage Research
Source: Government of Canada regional news

Released on January 29, 2025

Today, Canada’s Minister of Agriculture and Agri-Food Lawrence MacAulay and Saskatchewan’s Minister of Agriculture Daryl Harrison announced $6.9 million to jointly support livestock and forage-related scientific research in Saskatchewan in 2025, combined with co-funding from industry partners for a total of $7.2 million.

The investment is part of Saskatchewan’s 2024-25 Budget of $37 million for agriculture research and is delivered through the province’s Agriculture Development Fund (ADF) under the Sustainable Canadian Agricultural Partnership (Sustainable CAP). The ADF is supporting 30 livestock and forage-related research projects this year which focus on a variety of topics.

“We are working with the provinces and territories to deliver vitally important programming through Sustainable CAP,” MacAulay said. “Our shared investment with the Government of Saskatchewan in these Agriculture Development Fund research projects will help create growth and make sure our great sector remains on the cutting edge.”

“Innovation is the key to staying competitive and allowing Saskatchewan to remain a global leader when it comes to new and best practices in agriculture,” Harrison said. “We continue to support this and help Saskatchewan’s livestock producers to keep doing what they do best through investments of this nature, which enables the kind of world-class scientific work that constantly moves the industry forward.”

The selection and approval of projects supported by the ADF is based on an annual competitive process to identify research with the potential to help Saskatchewan’s livestock producers and agriculture industry remain innovative, profitable and competitive. This year’s livestock and forage-related projects include a range of topics such as enhancing the capacity to research pathogens and manufacture vaccines and therapeutics to help control infectious diseases, including those that cause pandemics; evaluating the combined impact of prescribed fire and post-fire herbicide applications to control woody plants (snowberry) in rangelands; and investigating how trace-mineral supplementation could help feeder calves respond better to vaccines.

The Governments of Canada and Saskatchewan work closely with industry partners to leverage funding to support research that aligns with industry priorities. This year’s ADF projects were supported by an additional $216,000 contributed to 10 projects by the following industry partners:
- Saskatchewan Cattlemen’s Association
- Saskatchewan Forage Seed Development Commission
- SaskPork
- Western Dairy Research Collaboration (BC Dairy, Alberta Milk, SaskMilk, and Dairy Farmers of Manitoba)
“Investment in research is critical for our industry,” Saskatchewan Cattlemen’s Association Chair Keith Day said. “We appreciate both levels of government recognizing its value and investing in our research priorities, which focused on animal health and forage production this year.”

The ADF is supported through Sustainable CAP, a five-year, $3.5 billion investment by Canada’s federal, provincial and territorial governments that supports Canada’s agri-food and agri-product sectors. This includes $1 billion in federal programs and activities and a $2.5 billion commitment that is cost-shared 60 per cent federally and 40 per cent provincially/territorially for programs that are designed and delivered by provinces and territories.

For more information, including a full list of the above projects, please visit:
https://www.saskatchewan.ca/business/agriculture-natural-resources-and-industry/agribusiness-farmers-and-ranchers/sustainable-canadian-agricultural-partnership/programs-for-research/agriculture-development-fund.

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For more information, contact:

MIL OSI Canada News –
January 30, 2025
MIL-OSI Canada: Statement by the Prime Minister on Chinese New Year

Source: Government of Canada – Prime Minister

The Prime Minister, Justin Trudeau, today issued the following statement on Chinese New Year:

“Starting today and for the next two weeks, Chinese communities in Canada and around the world will celebrate Chinese New Year and the arrival of the Year of the Snake – a symbol of wisdom, introspection, and renewal.

“Chinese New Year – also known as the Spring Festival – offers families and friends an occasion to gather, share traditional meals, and exchange good wishes for the year ahead. Red lanterns and fireworks will light up the sky in communities across the country, representing good fortune and showcasing the rich cultural heritage and enduring spirit of Chinese Canadians from coast to coast to coast.

“As we celebrate together, let’s take this opportunity to reflect on the incredible contributions of the more than 1.7 million Chinese Canadians. They make Canada a more inclusive, diverse, and prosperous country.

“On behalf of the Government of Canada, I wish everyone celebrating a joyful, healthy, and auspicious Chinese New Year. May the Year of the Snake bring health, happiness, and prosperity to all.

“新年快乐! “新年快樂! Xīn Nián Kuài Lè! Sun Nin Fai Lok!”

MIL OSI Canada News –

January 30, 2025
MIL-OSI Australia: Child bitten by dingo on K’gari
Source: Government of Queensland

Issued: 25 Jan 2025

Rangers are reminding parents to keep their children close this long weekend, after a child was bitten by a tagged female dingo on K’gari.

The dingo reportedly charged two children, aged four and 12 years old, who were swimming in shallow water in Lake McKenzie (Boorangoora) on Thursday 23 January 2025.

Sadly, the dingo bit the four-year-old child on the left shoulder, resulting in superficial lacerations.

The child’s mother picked them up and the father yelled and chased the dingo. It reportedly continued to loiter near the family.

Senior Ranger Dr Linda Behrendorff reminds people that dingoes are opportunistic animals and will strike if given the chance.

“Dingoes are apex predators, and they will have a go and hunt if they feel someone has strayed from the pack,” Dr Behrendorff said.

“This unfortunate incident highlights the importance of carrying a dingo stick which works as a deterrent.

“Always keep your children within arm’s reach, and consider staying in the fenced camping areas of K’gari.

“We urge people to Be dingo-safe! and remain vigilant when visiting K’gari.”

Queensland Parks and Wildlife Service (QPWS) rangers have increased patrols and signage in the area and are attempting to identify the dingo involved.

Report any concerning dingo encounters by calling 07 4127 9150 or emailing dingo.ranger@des.qld.gov.au

Simple ways to Be dingo-safe! these holidays:
- Always stay within arm’s reach of children and young teenagers
- Always walk in groups and carry a stick
- Never feed dingoes
- K’gari’s environment provides plenty of food for dingoes, and they do not need to be fed
- Camp in fenced areas where possible
- Do not run. Running or jogging can trigger a negative dingo interaction
- Lock up food stores and iceboxes (even on a boat)
- Never store food or food containers in tents, and
- Secure all rubbish, fish and bait.
View more information on K’gari dingoes.

MIL OSI News –
January 30, 2025
MIL-OSI Australia: Second long weekend dingo incident at Lake McKenzie
Source: Government of Queensland

Issued: 26 Jan 2025

Visitors to K’gari are strongly urged to heed Be dingo-safe! messaging following two bite incidents reported this long weekend.

On Sunday 26 January 2025, a dingo bit a two-year-old on the leg at Lake McKenzie (Boorangaroo) resulting in a superficial injury.

The dingo encountered the child in the carpark. Rangers were onsite to provide basic first-aid care and advice.

Yesterday the department was also notified of an incident that occurred on Saturday 18 January 2025, also at Lake McKenzie.

A woman was bitten on the leg by a dingo after trying to stop the animal from taking her bag, resulting in a superficial injury.

Senior Ranger Dr Linda Behrendorff is reminding people of the importance of carrying a dingo stick and keeping children close.

“Some dingoes will target children because they are seen as the weaker links of the pack. This is why it is so important to keep children within arm’s reach,” Dr Behrendorff said.

“We have increased our ranger patrols during this busy long weekend period, but urge people to remain vigilant, particularly parents with young children.

“Visitors must not be complacent. People need to understand their risk when travelling to K’gari. Our message is simple: Be dingo-safe!”

Queensland Parks and Wildlife Service (QPWS) is investigating these incidents to determine next steps.

Report any concerning dingo encounters by calling 07 4127 9150 or emailing dingo.ranger@des.qld.gov.au

Simple ways to Be dingo-safe! these holidays:
- Always stay within arm’s reach of children and young teenagers
- Always walk in groups and carry a stick
- Never feed dingoes
- K’gari’s environment provides plenty of food for dingoes, and they do not need to be fed
- Camp in fenced areas where possible
- Do not run. Running or jogging can trigger a negative dingo interaction
- Lock up food stores and iceboxes (even on a boat)
- Never store food or food containers in tents, and
- Secure all rubbish, fish and bait.
View more information on K’gari dingoes.

MIL OSI News –
January 30, 2025
MIL-OSI Australia: Wide Bay crocodile sighting – Update

Source: Government of Queensland

Issued: 29 Jan 2025

Wildlife officers investigating multiple sighting reports of a crocodile south of Bundaberg last week did not observe the animal and believe it may have headed north.

The comprehensive investigation involved day and nighttime beach and river patrols, vessel-based spotlighting surveys and a helicopter survey along the coastline and local rivers.

Approximately 450 kilometres of coastline, creeks and rivers were searched during the investigation, which was sparked by social media posts, including a video appearing to show a crocodile entering the ocean at Coonarr Beach.

Senior Wildlife Officer Tony Frisby said the investigation was conducted by experienced wildlife officers throughout the long weekend.

“It has now been five days since the Department of the Environment, Tourism, Science and Innovation received the last sighting report for the crocodile on 23 January 2025,” Mr Frisby said.

“We thank those members of the public for submitting crocodile sighting reports and providing video footage of the animal.

“The Wide Bay is considered atypical crocodile habitat, and it is possible that the animal was flushed out of a river system in its normal range by high rainfall or due to a conflict with another crocodile.

“Crocodiles can swim up to forty kilometres a day, and the animal may be heading north, back into its normal habitat.

“We are monitoring for further reports, and I’d like to encourage everyone in the Wide Bay community to report whenever they believe they have seen a crocodile to the department.”

Crocodile sightings can be reported by using the QWildlife app, completing a crocodile sighting report on the DETSI website, or by calling 1300 130 372 . The department investigates every crocodile sighting report received.

Under the Queensland Crocodile Management Plan, the Wide Bay region is zoned as a typical habitat for crocodiles, in which any crocodile found is targeted for removal.

MIL OSI News –

January 30, 2025
MIL-OSI USA: Attorney General James Warns Businesses Against Price Gouging of Eggs and Poultry Amid Bird Flu Outbreak
Source: US State of New York

NEW YORK – New York Attorney General Letitia James today issued an alert warning businesses against price gouging of eggs and poultry amid a national bird flu outbreak. The bird flu has affected poultry and dairy farms across the country, causing shortages and driving up prices. New York’s price gouging statute prevents businesses from taking advantage of consumers by selling essential goods or services at an excessively higher price during market disruptions resulting from emergencies like the bird flu outbreak. Attorney General James urges New Yorkers who see significantly increased prices on eggs or poultry to report the issue to her office.

“Eggs are an essential grocery staple in households across the state, and New Yorkers should not pay ludicrous amounts just to feed their families,” said Attorney General James. “The bird flu is affecting poultry farms and causing a national shortage, but this should not be an excuse for businesses to dramatically raise prices. My office is monitoring the situation, and I am urging New Yorkers to report excessive prices to my office.”

In 2021, Attorney General James secured a settlement with one of the country’s largest producers and wholesalers of eggs, Hillandale Farms Corporation, for illegally price gouging eggs during the COVID-19 pandemic. As a result of the settlement, Attorney General James delivered 1.2 million eggs to New Yorkers.

New York law prohibits businesses from taking unfair advantage of consumers by selling goods or services that are vital to health, safety, or welfare for an unconscionably excessive price during emergencies. The price gouging statute covers New York vendors, retailers, and suppliers, and includes essential goods and services that are necessary for the health, safety, and welfare of consumers or the general public. These goods and services include food, water, medicine, gasoline, generators, batteries, flashlights, hotel lodging, and transportation options.

When reporting price gouging to the Office of the Attorney General (OAG), consumers should:
- Report the specific increased prices, dates, and places that they saw the increased prices; and,
- Provide copies of their sales receipts and photos of the advertised prices, if available.
Price gouging violations can carry penalties of up to $25,000 per violation. New Yorkers should report potential concerns about price gouging to OAG by filing a complaint online or calling 800-771-7755.

MIL OSI USA News –
January 30, 2025
MIL-OSI USA: $96M Investment in Niskayuna Advanced Research Center

Source: US State of New York

Governor Kathy Hochul today announced that GE Vernova has committed to investing at least $96 million into the company’s Advanced Research Center in Niskayuna, Schenectady County. The company plans to create 75 new jobs on-site, strengthening the Center’s electrification and decarbonization efforts, while advancing transformative technologies including carbon dioxide removal, alternative fuels for power generation and developing the grid of the future. Today’s announcement will support technological advancements that reduce emissions and drive New York State toward a future where clean energy not only boosts the state’s economy, but also reflects the State’s shared commitment to sustainability and opportunity.

“The clean energy future is bringing new investments, good-paying jobs and a cleaner environment to our state, and we’re proud to work alongside GE Vernova as we further our shared vision in Niskayuna and beyond,” Governor Hochul said. “New York is becoming a leading manufacturing and R&D hub for clean energy; bringing us closer to achieving our climate agenda and building a better, cleaner future for generations to come.”

The company has committed to investing at least $96 million and plans to build two new state-of-the-art laboratories focused on electrification and decarbonization, expand existing facilities, and rehabilitate two other buildings at the on-site Renewable Learning Center in support of its clean energy research and development efforts. The company has committed to creating at least 75 new full-time jobs at the Advanced Research Center. Empire State Development has agreed to provide up to $9.635 million in performance-based Excelsior Jobs Program tax credits to support GE Vernova’s job creation effort. Additionally, Schenectady County Metroplex Development Authority has been invited to pursue FAST NY grant funding to support future on-site infrastructure projects.

GE Vernova Advanced Research Vice President David Vernooysaid, “GE Vernova is committed to strengthening its world class research and development center designed to advance the world’s progress in the energy transition, continuing our long history of innovation here in the Capital Region. This investment aims to enable game changing technologies through state-of-the-art labs, a new customer experience center, and collaboration space to advance partnerships with governments, customers, thought leaders and innovators alike. We are ready to lead, and excited about the breakthroughs this investment will bring forward.”

Empire State Development President, CEO and Commissioner Hope Knight said, “Under Governor Hochul’s leadership, New York State continues to invest in the companies, technologies and jobs of the future to promote sustainable economic growth. GE Vernova’s Advanced Research Center has a rich history of next-generation developments, and the investments announced today will create new jobs and support new solutions to complex challenges that further the Capital Region’s legacy of innovation.”

GE Vernova’s Advanced Research Center in Niskayuna has a legacy of developing game-changing technologies, from gas turbines designed to be the world’s most efficient, to advanced algorithms for efficient and resilient grid planning, operations and maintenance, to small modular nuclear reactors and 100 percent hydrogen combustion for carbon-free power generation.

This project will support research and development efforts that advance new innovations and technologies in clean, sustainable and alternative fuels. GE Vernova will build a cutting-edge, premier laboratory space designed to drive down the energy use and capital expenditure of carbon capture, while developing and delivering fuels that will allow combustion without carbon. The company’s investment will also prioritize research into multi-terminal high-voltage direct current, a key to expanding the capabilities and functionality of the United States power grid of the future. It will also strengthen the ability to connect multiple sources of power generation to the grid. By driving advancements in clean energy technology, this investment will help reduce the cost of renewable power, making sustainable energy more affordable and accessible for both consumers and businesses.

Through the New York Power Authority’s RechargeNY low-cost power program, GE Vernova has been awarded 9,440 kW in return for its commitments to the State.

New York Power Authority President and CEO Justin E. Driscoll said, “General Electric’s legacy of innovation is closely tied to Schenectady County, and this $96 million investment will help ensure that clean energy jobs of the future remain here in New York State. With support from NYPA low-cost hydropower, GE Vernova’s expansion will help develop and explore new, transformative technologies that will help decarbonize our state and others, and strengthen our electric grid.”

New York State Energy Research and Development Authority President and CEO Doreen M. Harris said, “Innovation, research and technology are the cornerstones of New York State’s transition to a sustainable and affordable clean energy transition. The GE Vernova Advanced Research Center innovation investments will help further the State’s climate and energy priorities while spurring additional economic development as part of our growing green economy.”

Schenectady County Legislature Chair Gary Hughes said, “We are grateful to Governor Hochul and Empire State Development for their dedicated efforts that have resulted in this historic investment in GE Vernova’s Advanced Research Center. These transformative investments will create high-tech jobs, fuel economic growth, and strengthen our position as a hub for innovation. We thank our Metroplexteam for collaborating with ESD and we are proud that GE continues to make substantial investments in Schenectady County.”

Niskayuna Supervisor Erin Cassady-Dorion said, “We thank GE Vernova for making this investment and commitment to Niskayuna’s Advanced Research Center. The Town will continue to work with State and County partners to move this project forward, and we thank Governor Hochul and Empire State Development for their efforts that were key in making this happen.”

New York State’s Climate Agenda

New York State’s climate agenda calls for an affordable and just transition to a clean energy economy that creates family-sustaining jobs, promotes economic growth through green investments, and directs a minimum of 35 percent of the benefits to disadvantaged communities. New York is advancing a suite of efforts to achieve an emissions-free economy by 2050, including in the energy, buildings, transportation and waste sectors.

MIL OSI USA News –

January 30, 2025
MIL-OSI Security: Former Deputy Sheriff Heads to Prison for Drug Trafficking

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

McALLEN, Texas – A former deputy with the Hidalgo County Sheriff’s Office has been ordered to prison following his conviction of conspiracy to possess with the intent to distribute more than 500 grams of cocaine, announced acting U.S. Attorney Jennifer B. Lowery.

Baldemar Cardenas, 39, McAllen, pleaded guilty April 1, 2022.

Chief U.S. District Judge Randy Crane has now ordered Cardenas to serve 46 months in federal prison to be immediately followed by three years of supervised release. In handing down the sentence, the court noted the his position as a deputy at the time of the offense and the serious issues with law enforcement authorities assisting drug traffickers.

At the time of his plea, Cardenas admitted that in January 2020, he conspired with a drug trafficking organization.

Members of the group would receive kilogram quantities of highly pure cocaine. They would then utilize small portions of the drugs to create sham cocaine with very low purity.

Cardenas ensured authorities seized the fake bundles by providing information to local law enforcement agencies. The information would enable authorities to conduct the seizure of the low purity cocaine, allow co-conspirators to avoid responsibility for stealing the cocaine from their source of supply and the distribution of the stolen cocaine for profit.

In order to further the scheme and in exchange for compensation, Cardenas provided information to local law enforcement in January 2020 in order to effectuate the seizure of approximately 33 kilograms of sham cocaine bundles. Cardenas falsely claimed a confidential source provided the information. Based on the information he gave, law enforcement seized the multi-kilogram sham bundles of cocaine in Mission.

Laboratory testing on the bundles revealed a cocaine purity level of only 1.5%.

Cardenas was permitted to remain on bond and voluntarily surrender to a U.S. Bureau of Prisons facility to be determined in the near future.

The FBI and Homeland Security Investigations conducted the Organized Crime Drug Enforcement Task Forces (OCDETF) operation with the assistance of the Drug Enforcement Administration, Hidalgo County Sheriff’s Office and Mission Police Department. OCDETF identifies, disrupts and dismantles the highest-level drug traffickers, money launderers, gangs and transnational criminal organizations that threaten the United States by using a prosecutor-led, intelligence-driven, multi-agency approach that leverages the strengths of federal, state and local law enforcement agencies against criminal networks. Additional information about the OCDETF Program can be found on the Department of Justice’s OCDETF webpage.

Assistant U.S. Attorney Roberto Lopez Jr. prosecuted the case.

MIL Security OSI –

January 30, 2025
MIL-OSI Global: South African poetry has a new digital archive – what’s behind the project

Source: The Conversation – Africa – By Tinashe Mushakavanhu, Research Associate, University of Oxford

South African poetry, rich with history, has long been an underappreciated cornerstone of the country’s cultural landscape. But a new free-to-access digital archive is helping change that.

Focused on the poets published by a small but important press in a town called Makhanda in the Eastern Cape province, the Deep South Books and Archive initiative seeks to elevate their voices by offering an archive of background information about their work and lives as well as extensive excerpts from their books. It’s a rare window into a vital but overlooked tradition of South African literature.

Read more:
Podcasts bring southern Africa’s liberation struggle to life – thanks to an innovative new audio archive

Robert Berold, after spending a decade as editor for New Coin journal, set up Deep South in 1995. For decades he has had a quiet influence on the South African poetry scene. His impulse to publish emerged from a place of need and outrage that some of the talented young black poets he was publishing in New Coin couldn’t get their books published in the new, democratic South Africa.

Many of these poets had been using their words to fight for freedom, while a new generation of young poets was emerging with democracy. Ever since, Deep South has been an important arena where South African poets and their poems could speak to one another.

My work on African literary production shows the importance of small presses in creating local literary ecologies.

For Berold, the mission was always:

To publish what was considered to be innovative and risk-taking South African poetry, regardless of market limitations.

His many endeavours as a publisher, editor and teacher have been linked by the effort to rescue from oblivion, to supply context, to indicate points of continuity while insisting on the diversity of the South African experience.

After 30 years of publishing, Berold is now sharing a vast catalogue and archive that would otherwise remain unknown. Even though the African Poetry Digital Portal, hosted by the University of Nebraska in the US, was created as a resource for the study of the history of African poetry from antiquity to the present, it does not give direct reference to particular communities.

In bringing this archive to the internet, Berold is revealing the process and method of how contemporary South African poetry has been shaped into being.

Behind the poems

Much of the archive material is what Berold accumulated in dealing with the poets – correspondence, manuscripts, reviews. This is also physically deposited at the Amazwi South African Museum of Literature. He explains:

I got into correspondence with everyone who sent in poems, trying to give helpful criticism, recommending poets for them to read. There was a certain inappropriateness about this at times, and some arrogance too on my part, but mostly people appreciated the feedback.

The “difficult miracle of Black poetry”, as US poet June Jordan once remarked, is that it persists, published or not, loved or unloved. In racially segregated South Africa during apartheid, publishing spaces were few and far between.

Black poets were often censored, banned or exiled as their work confronted the injustices of a racist system. This digital archive recasts the story of South African poetry as insurgent, independent and driven to define a distinct aesthetic.

Deep South has, furthermore, made a particular impression by fostering a unique aesthetic in South African poetry through its investments in typography and design. As a small, independent press situated away from culture capitals – Cape Town, Durban and Johannesburg – it has had the freedom to experiment.

Deep South Books and Archive is therefore a significant tribute to the persistence of South African poetry, despite many historical and structural inequalities. It is a catalogue and a digital archive that provides a unique entry point into modern South African poetry.

Inside the archive

The digital archive’s architecture is simple. The poets are indexed in alphabetical order. Some of the featured names are Vonani Bila, Mangaliso Buzani, Angifi Dladla, Mzwandile Matiwana, Isabella Motadinyane, Seitlhamo Motsapi, Khulile Nxumalo, Mxolisi Nyezwa, Lesego Rampolokeng, Mxolisi Dolla Sapeta, Dimakatso Sedite and Phillip Zhuwao.

Clicking through the carousel of finely designed book covers leads one to excerpts, book reviews, interviews available as PDF files, as well as links to other multimedia resources.

Rampolokeng’s work may be iconoclastic, experimental, unclassifiable but he found a home with this press. He has published several of his groundbreaking collections with them. Defying category, they bend and shift, and culminate into a remarkable linguistic virtuoso. His interviews are an extension of his art, reflexive, autobiographical, and works in themselves.

Unrecognised poets

Then there are poets like Motadinyane and Zhuwao who died far too early, leaving behind only single collections. Luckily, even if their portraits and writings are fragmentary, we’re at least witness to the poetic geniuses that might have been. This is the superpower of this archive, to serve as a memorial for a canon (or collection of literary texts) that wasn’t even close to being fully blossomed.

Historically, canon construction is the work of the few, foremost among them academics who edit anthologies and design syllabuses. Most of these poets do not feature in scholarly journals. As a result they almost exist in the underground, unremarked. Berold, now in his 70s and approaching retirement, has decided to do something about that with a digital archive that surfaces the voices of lesser-known poets.

The lack of recognition for these poets is bothersome for him:

Why nobody in academe has registered the importance of these poets is beyond me. It really makes me wonder whether these professional literary people are able to read.

This is mostly an indictment of systems that undervalue black expression.

Read more:
How women’s untold histories shaped South Africa’s national poet

This project may be for preservation, but there is another lesson: African literature demands constant acts of recovery. In this case, the internet serves as a kind of rear view mirror, which allows us a backward glance at poets and their works that have been overlooked or underappreciated, forgotten or misunderstood.

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

– ref. South African poetry has a new digital archive – what’s behind the project – https://theconversation.com/south-african-poetry-has-a-new-digital-archive-whats-behind-the-project-247599

MIL OSI – Global Reports –

January 30, 2025
MIL-OSI Global: Femicide in Kenya: William Ruto has set up a task force – feminist scholar explains its flaws
Source: The Conversation – Africa – By Awino Okech, Professor of Feminist and Security Studies, SOAS, University of London

Gender-based violence is a major challenge in Kenya, which has recorded a significant rise in deaths of women and girls in recent years.

In January 2024, a coalition of organisations across the east African nation organised multi-city public marches to call for government action against these deaths. A year later, President William Ruto established a 42-member taskforce to address gender-based violence. What is its potential to lead to real change for women and girls? Feminist and security studies professor Awino Okech explores the issue.

What do you make of the Kenyan government’s response to gender-based violence?

Language matters, in my view, so it is important to focus the attention on femicide, which is what triggered recent public conversation in Kenya and is the primary issue at hand.

Femicide is the specific act of men killing women because they are women. Gender-based violence focuses on the gender power relations that create conditions for violence. This does not always result in loss of life. Gender-based violence includes men killed by other men because of their sexuality, widows disenfranchised by property laws, female genital mutilation and forced marriage.

Unlike in the past, Kenya has seen increasing reports of women being murdered. The country doesn’t have a proper data management system for such incidences. Nevertheless, the numbers recorded by organisations such as Femicide Count show the scale of the problem. In 2023 it recorded 152 femicides based on cases reported in the media. Africa Uncensored, an investigative journalism media house, estimates that 500 women were killed between 2017 and 2024. Kenya’s law enforcement agencies recorded 97 cases of femicide between September and November 2024. Globally, UN Women reported that in 2023 alone, one woman was killed every 10 minutes in intimate partner and family-related murders.

What is the likelihood of the presidential working group’s success?

First, at face value, any public action taken by a government to illustrate that it is listening to its citizens is an important first step.

Second, the fact that it is called a “technical working group on gender-based violence” illustrates the potential it has to lose focus on the issue that catalysed its creation – femicide.

Third, there is a history in Kenya of setting up task forces with financial resources largely directed at remunerating members and conducting “consultations”, only to tell the country what was already known. Consultations are critical for legitimacy and a base for action. But there are more expedient ways to do this work.

This includes analysing existing reports, statements and recommendations offered by women’s rights organisation over the decades, including a 2024 statement on ending femicide. An insistence on a large task force in the light of the government’s austerity drive only raises questions about where limited resources should be directed.

Finally, I am concerned that some of the leading voices on femicide in the last 10 years are missing from this task force. It is the activism of the coalition of actors organising under EndFemicideKE that recentred the conversation on femicide with some of the organisations leading urgent response work in their communities. The task force must not ignore this expertise.

What steps should Kenya be taking to address femicide?
1. Invest in programmes that emphasise positive masculinities. This means raising a generation of men whose idea of manhood is not based on hatred of or violence against women. This work is an important counter measure to the growing “manosphere” in Kenya. The manosphere refers to websites, blogs and online forums focused on promoting misogyny and opposition to feminism. These online spaces have grown globally and are viewed as central to grooming men to commit femicide.
2. Increase resources to programmes aimed at women who are at risk of violence. The signs of violence predate the act of violence and murder. Providing resources to create safe physical and online spaces – such as hotlines for women to get the support they need to secure their lives, or effective investigative services – is key. Central to this action is the role of the police service in taking seriously and investigating any claims of potential threats of violence. People need to feel safe going to the police to report threats of harm and have trust in their capacity to deliver justice. This action requires trust building between communities and the police service.
3. Deal with the structural causes of femicide. At the heart of this targeted violence against women are the underlying patriarchal assumptions about how women should act relative to men in society. We cannot ignore the importance of building people’s consciousness about the deep biases they have been socialised to believe in. This work must be led by community champions who value the sanctity of human life.
What needs to be done to hold institutions accountable?

First, the relevant state institutions, such as public hospitals and clinics, the police and judiciary, need money and people with the right skills, so they can intervene in the root causes and symptoms of gender-based violence.

Second, Kenya needs to create a national database on femicide. This would indicate where and how to deploy resources.

Third, there needs to be an annual and public report on the state of gender-based violence that tracks where money has gone, and shows the relationship between actions and outcomes. An initial increase in cases might not indicate failure but rather heightened awareness. With the right interventions, numbers should drop over time.

Fourth, build trust between citizens and state institutions. In December 2024, a peaceful march in Nairobi held during the global 16 days of activism against gender-based violence campaign was teargassed by police. This happened two weeks after the Kenyan president publicly committed to addressing femicide.

The right to peaceful protest is enshrined in Kenya’s constitution. When the police respond with violence to peaceful women protesters talking about the murder of women, how can citizens trust officers’ ability to take dead women seriously?

Awino Okech receives funding from Open Society Foundations

– ref. Femicide in Kenya: William Ruto has set up a task force – feminist scholar explains its flaws – https://theconversation.com/femicide-in-kenya-william-ruto-has-set-up-a-task-force-feminist-scholar-explains-its-flaws-248313
MIL OSI – Global Reports –
January 30, 2025
MIL-OSI Global: Chad’s parliamentary election hands Mahamat Déby absolute control. Here’s why it’s dangerous

Source: The Conversation – Africa – By Helga Dickow, Senior Researcher at the Arnold Bergstraesser Institut, Freiburg Germany, University of Freiburg

Chad held parliamentary elections in late December 2024. The final results released on 21 January 2025 gave the well-established former ruling party, the Movement Patriotique du Salut (MPS), 124 seats out of 188.

The election marked the end of a four-year transition in Chad following the death of former president Idriss Déby Itno in March 2021. Déby had ruled Chad since 1991. Mahamat Déby Itno assumed power on the death of his father.

The result has meant that Mahamat Déby has given himself a degree of legitimacy as president through elections. He can comfortably remain in power for at least another five or even ten years.

Read more:
Chad’s election outcome already seems set: 4 things Mahamat Déby has done to stay in power

I have been following Chad’s politics from inside and outside the country for more than 15 years. In my view, Mahamat Déby’s actions during the transition, with the help of the transitional authorities and his late father’s old teams, were aimed at keeping him in power. The December 2024 parliamentary elections were a formality. The poll was not won on polling day. It was clear from the run-up that, as was the case with the May 2024 presidential elections, every effort was being made to minimise the success of the opposition.

Four factors stand out. They are the composition of the electoral authorities, lack of an up-to-date electoral register, violence against dissenting voices, and high costs of participation in the election.

In my view Chadians’ trust in the democratic process has ceased completely. This bodes ill for a country that ranks as one of the poorest. It is also one of the most corrupt. The consolidation of Mahamat Déby’s power could widen the social divide and lead to violent conflict between different groups in Chad, which is highly stratified along ethnic and religious lines.

Dissatisfaction with his decades of autocratic rule characterised Idriss Déby’s reign. Political-military movements challenged him regularly, and the last attack led to his death.

This dissatisfaction will continue and could once again lead to violent conflicts.

Read more:
Chad: promises of a new chapter fade as junta strengthens its hold ahead of elections

Corruption of the process

Mahamat Déby and the Movement Patriotique du Salut took a number of steps to secure victory in the election.

Firstly, the presidents of the electoral authority ANGE (Agence Nationale de Gestion des Élections) and of the constitutional court nominated by Mahamat Déby were responsible for organising and for validating elections (and will continue to be responsible until 2031). Having been loyal to Idriss Déby and now to his son, they cannot be trusted to be objective and independent in their pronouncements and final decisions.

Secondly, the electoral register was last updated in August 2024. Therefore, young people who had just turned 18 could not vote. In Chad, the majority of the population is under 25. Young people in particular in the south support the opposition.

Thirdly, the transitional regime’s violent crackdown on opposing voices played a role in the final outcome of the election.

The transition was initially characterised by peace talks with the political-military movements and by expanding the security sector to secure its rule. In October 2022, several hundred mainly young people were killed by security forces while demonstrating against the extension of the transition and Mahamat Déby’s candidacy for presidency.

In the intervening period the state took various steps against opposition figures.

In February 2024 Yaya Dillo, a cousin of Mahamat Deby and a potential rival in the presidential elections, was shot dead by security forces.

In May 2024, Mahamat Déby was elected president. In December 2024 he took on the title of marshal – previously held only by his father.

The opposition was also hampered in participating in the poll for financial reasons. Taking part in the elections is expensive. Each candidate in the parliamentary election had to pay 500,000 CFA (US$785) to the treasury. Candidates for the provincial election paid 200,000 CFA (US$314). In poverty-stricken Chad, without regular funding for political parties, it was particularly difficult for smaller parties to meet these criteria.

The situation was different for the ruling party, founded by Idriss Déby. For decades it has benefited from state resources. It is the only party with a nationwide presence. Other parties are mainly active in the regions of their founders.

Read more:
Chad’s Mahamat Deby doubles down on authoritarian rule in wake of election victory

Resistance

Opposition parties called for a boycott. The Groupe de Concertation des Acteurs Politiques, a coalition of nine parties, criticised the new electoral law and the lack of transparency of the count at the polling stations.

Succès Masra, leader of Les Transformateurs, a former prime minister who came second in the 2024 presidential elections, also called for a boycott. He accused the government of falsifying the results of the parliamentary election beforehand and of having the final lists saved in a computer. His party did not participate in the poll.

The results of the parliamentary elections presented on 11 January 2025 by Ahmed Barticheret, president of the electoral commission, and confirmed by the constitutional court on 21 January, therefore revealed no surprises.

Alongside the huge victory of the Movement Patriotique du Salut, two other parties not really in opposition won 12 and 7 seats respectively. The other successful parties won just one seat each. Chad has over 300 political parties, of which 38 are represented in the new parliament.

Read more:
Chad presidential election: assassination of main opposition figure casts doubt on country’s return to democracy

Consequences

Movement Patriotique du Salut has an overwhelming majority in parliament. This means that there are no checks and balances. Like his father, Mahamat Déby can continue to rule without any parliamentary control.

He is already used to that. Since 2021, he has appointed members of the transitional parliament by presidential decree. The few voices of individual members of parliament belonging to the “real” opposition have no influence.

As the low turnout – put at 40% on election day – shows, the majority of voters did not expect the election result to change the political situation. On the other hand, supporters of the ruling party continue to benefit from proximity to power and state resources.

As dissatisfaction continues, the possibility of renewed attacks by dissidents cannot be ruled out. If it is not a military attack, frustrated individuals might try to target the presidency or other symbols of the regime.

In early January 2025 a group of unidentified young people reportedly attacked the presidency. The incident was played down by the government spokesman, leaving plenty of room for speculation.

But it was a reminder that a peaceful future is not assured.

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

– ref. Chad’s parliamentary election hands Mahamat Déby absolute control. Here’s why it’s dangerous – https://theconversation.com/chads-parliamentary-election-hands-mahamat-deby-absolute-control-heres-why-its-dangerous-248342

MIL OSI – Global Reports –

January 30, 2025
MIL-OSI Global: Why building big AIs costs billions – and how Chinese startup DeepSeek dramatically changed the calculus

Source: The Conversation – USA – By Ambuj Tewari, Professor of Statistics, University of Michigan

DeepSeek burst on the scene – and may be bursting some bubbles. AP Photo/Andy Wong

State-of-the-art artificial intelligence systems like OpenAI’s ChatGPT, Google’s Gemini and Anthropic’s Claude have captured the public imagination by producing fluent text in multiple languages in response to user prompts. Those companies have also captured headlines with the huge sums they’ve invested to build ever more powerful models.

An AI startup from China, DeepSeek, has upset expectations about how much money is needed to build the latest and greatest AIs. In the process, they’ve cast doubt on the billions of dollars of investment by the big AI players.

I study machine learning. DeepSeek’s disruptive debut comes down not to any stunning technological breakthrough but to a time-honored practice: finding efficiencies. In a field that consumes vast computing resources, that has proved to be significant.

Where the costs are

Developing such powerful AI systems begins with building a large language model. A large language model predicts the next word given previous words. For example, if the beginning of a sentence is “The theory of relativity was discovered by Albert,” a large language model might predict that the next word is “Einstein.” Large language models are trained to become good at such predictions in a process called pretraining.

Pretraining requires a lot of data and computing power. The companies collect data by crawling the web and scanning books. Computing is usually powered by graphics processing units, or GPUs. Why graphics? It turns out that both computer graphics and the artificial neural networks that underlie large language models rely on the same area of mathematics known as linear algebra. Large language models internally store hundreds of billions of numbers called parameters or weights. It is these weights that are modified during pretraining.

Large language models consume huge amounts of computing resources, which in turn means lots of energy.

Pretraining is, however, not enough to yield a consumer product like ChatGPT. A pretrained large language model is usually not good at following human instructions. It might also not be aligned with human preferences. For example, it might output harmful or abusive language, both of which are present in text on the web.

The pretrained model therefore usually goes through additional stages of training. One such stage is instruction tuning where the model is shown examples of human instructions and expected responses. After instruction tuning comes a stage called reinforcement learning from human feedback. In this stage, human annotators are shown multiple large language model responses to the same prompt. The annotators are then asked to point out which response they prefer.

It is easy to see how costs add up when building an AI model: hiring top-quality AI talent, building a data center with thousands of GPUs, collecting data for pretraining, and running pretraining on GPUs. Additionally, there are costs involved in data collection and computation in the instruction tuning and reinforcement learning from human feedback stages.

All included, costs for building a cutting edge AI model can soar up to US$100 million. GPU training is a significant component of the total cost.

The expenditure does not stop when the model is ready. When the model is deployed and responds to user prompts, it uses more computation known as test time or inference time compute. Test time compute also needs GPUs. In December 2024, OpenAI announced a new phenomenon they saw with their latest model o1: as test time compute increased, the model got better at logical reasoning tasks such as math olympiad and competitive coding problems.

Slimming down resource consumption

Thus it seemed that the path to building the best AI models in the world was to invest in more computation during both training and inference. But then DeepSeek entered the fray and bucked this trend.

DeepSeek sent shockwaves through the tech financial ecosystem.

Their V-series models, culminating in the V3 model, used a series of optimizations to make training cutting edge AI models significantly more economical. Their technical report states that it took them less than $6 million dollars to train V3. They admit that this cost does not include costs of hiring the team, doing the research, trying out various ideas and data collection. But $6 million is still an impressively small figure for training a model that rivals leading AI models developed with much higher costs.

The reduction in costs was not due to a single magic bullet. It was a combination of many smart engineering choices including using fewer bits to represent model weights, innovation in the neural network architecture, and reducing communication overhead as data is passed around between GPUs.

It is interesting to note that due to U.S. export restrictions on China, the DeepSeek team did not have access to high performance GPUs like the Nvidia H100. Instead they used Nvidia H800 GPUs, which Nvidia designed to be lower performance so that they comply with U.S. export restrictions. Working with this limitation seems to have unleashed even more ingenuity from the DeepSeek team.

DeepSeek also innovated to make inference cheaper, reducing the cost of running the model. Moreover, they released a model called R1 that is comparable to OpenAI’s o1 model on reasoning tasks.

They released all the model weights for V3 and R1 publicly. Anyone can download and further improve or customize their models. Furthermore, DeepSeek released their models under the permissive MIT license, which allows others to use the models for personal, academic or commercial purposes with minimal restrictions.

Resetting expectations

DeepSeek has fundamentally altered the landscape of large AI models. An open weights model trained economically is now on par with more expensive and closed models that require paid subscription plans.

The research community and the stock market will need some time to adjust to this new reality.

Ambuj Tewari receives funding from NSF and NIH.

– ref. Why building big AIs costs billions – and how Chinese startup DeepSeek dramatically changed the calculus – https://theconversation.com/why-building-big-ais-costs-billions-and-how-chinese-startup-deepseek-dramatically-changed-the-calculus-248431

MIL OSI – Global Reports –

January 30, 2025
MIL-OSI Russia: Partnership of GUU and KubSAU: new prospects for the Russian agro-industry

Translartion. Region: Russians Fedetion –

Source: State University of Management – Official website of the State –

On January 29, 2024, a ceremonial signing of a cooperation agreement between the State University of Management and the Kuban State Agrarian University named after I.T. Trubilin took place.

On behalf of our university, the signature was put by Rector Vladimir Stroyev, on behalf of KubSAU – by Rector Alexander Trubilin. In addition to them, the meeting was attended by Advisor to the Rector’s Office of the State University of Management Nikolay Mikhailov and Head of the Department for Coordination of Scientific Research of the State University of Management Maxim Pletnev, as well as Dean of the Faculty of Finance and Credit of KubSAU Alexander Adamenko.

The first step in implementing the agreement will be the opening of a network educational program for bachelor’s degrees in Finance and Business Management. The new educational program provides the opportunity to obtain a bachelor’s degree in economics and management within the framework of one diploma. It provides for alternating study locations: Krasnodar (first and second years) – Moscow (third year) – Krasnodar (fourth year).

Welcoming the guests, Vladimir Stroyev noted that the meeting had been planned for quite a long time and had finally taken place. The rector briefly spoke about the history of the State University of Management, which is noticeably longer than the official 105 years. During this time, the university has participated and continues to participate in many global state transformations.

Vladimir Vitalievich spoke in more detail about the main historical areas of the university’s work. He spoke about the first department of personnel management in the country. He shared the successes of the department of state and municipal management. And he placed special emphasis on the approach to management that has changed over time. Fortunately, the State University of Management managed to preserve some areas of industry management, which is again in great demand in the labor market today.

The rector also particularly noted that GUU has taken the path of developing network programs. In this regard, our university is a leader in Russia. At the moment, eight such programs are being implemented and three more are in development.

Rector of KubSAU Alexander Trubilin admitted that they also have a task to develop network programs, but so far only one is being implemented, with MGIMO. And since the State University of Management has gone so far ahead, it makes even more sense to cooperate in this direction and adopt experience.

Aleksandr Ivanovich also spoke about the specifics of working in the Krasnodar Region, a region with the highest population growth in the country and a 50/50 urban-rural ratio. The region’s universities are faced with the task of maintaining this ratio, that is, helping to retain young specialists in the field. For the comprehensive development of rural areas, KubSAU is expanding the range of educational programs and seeking cooperation with other universities.

In response to this, Vladimir Stroyev spoke about the activities of the Eurasian Network University, which has already gone beyond not only the Eurasian Economic Union, but also the geographical boundaries of Eurasia. The rector invited his colleague to join the consortium if he wished.

Maxim Pletnev, Head of the Scientific Research Coordination Department of the State University of Management, told the guests about the university’s scientific work, in particular about the digital estate project, which is a core project for KubSAU and is being implemented jointly with the Omsk Agricultural Research Center and the Udmurt State University. He reported on the trip of young scientists from the State University of Management to an internship at the largest agricultural holding company, STEPPE, as a result of which the university received an order to develop import-substituted parts for agricultural machinery. He also mentioned joint projects within the framework of the RosGeoTech Advanced Engineering School.

The final part of the visit was the excursion program, within the framework of which the guests visited the Pre-University of the State University of Management, asking with interest about the number of students, the conditions for admission, the academic performance of schoolchildren and the number of those entering our university after that. Representatives of KubSAU looked into the Sports Complex and the Information Technology Center. They also visited the Media Center, which they were completely delighted with. They lingered for a long time in the laboratory of the Director of the Engineering Project Management Center Vladimir Filatov, who spoke about the work of the inter-university design bureau, clarified the details of the digital village project and gave examples of joint developments with TMH Engineering. Also, the head of engineering projects of the State University of Management showed on the screen of the work computer a project of an unmanned aerial vehicle, which is currently at the exhibition, and said that flight tests will take place this year. The guests were interested in the development and offered to use their test site for the first flights of the drone from the State University of Management.

Subscribe to the TG channel “Our GUU” Date of publication: 01/29/2025

Please note: This information is raw content directly from the source of the information. It is exactly what the source states and does not reflect the position of MIL-OSI or its clients.

MIL OSI Russia News –

January 30, 2025
MIL-OSI United Nations: DR Congo crisis: A public health ‘nightmare’ is unfolding, warns WHO

Source: United Nations 4

29 January 2025 Peace and Security

As UN agencies reported “relative calm” on Wednesday in the city of Goma in eastern Democratic Republic of the Congo (DRC), humanitarians warned that the chaos caused by advancing M23 rebel forces could fuel a region-wide health emergency.

The internet also remains down in the provincial capital and only mobile phone networks are functioning, with M23 fighters apparently in control of “a significant portion of the city” after intense clashes with the Congolese army, UN agencies reported on Wednesday.

Aid teams from the UN World Health Organization (WHO) “cannot move freely to support the hospitals, even ambulances cannot run. It’s a situation that in public health is a nightmare,” said Dr Boureima Hama Sambo, WHO Representive in DRC.

‘Vulnerable people need us’

Speaking to UN News, Dr Sambo added: “We just hope that the situation will return to normal for the Government … vulnerable people really need us.”

Conditions in provincial capital Goma remain “dire”, he added, with no running water, electricity cut and civilians trapped – including health professionals.

Echoing those concerns, a senior UN peacekeeping official warned that the level of suffering among those caught up in the violence was “unimaginable”.

Vivian van de Perre, Deputy Special Representative for Protection and Operations in the UN Stabilization Mission in the Democratic Republic of the Congo (MONUSCO) told the Security Council late Tuesday that there was a need for “urgent and coordinated international action” to stop the fighting between Rwanda-backed M23 rebels and Congolese forces as they battled for control of Goma.

Massive displacement and fear

Before M23 fighters closed in on Goma, more than 700,000 internally displaced people lived around the provincial capital. But hundreds of thousands fled in anticipation of clashes between the Rwanda-backed rebels and DRC troops, prompting renewed alarm about the further spread of deadly disease.

“When you have as many as 700,000 people living in camps, you can imagine the human suffering,” the WHO official told UN News, pointing to “a lot of ongoing [disease] outbreaks” in North and South Kivu – two mineral-rich regions close to the Rwanda border, where dozens of armed groups have held sway for decades.

Disease ever-present

Repeated mass displacement in DRC has created ideal conditions for the spread of many endemic diseases in camps and surrounding communities in the Kivus, including cholera (more than 22,000 cases and 60 deaths in 2024), measles (close to 12,000 cases and 115 deaths) and malaria, as well as chronic child malnutrition.

In August last year, WHO Director General Tedros Adhanom Ghebreyesus also declared the mpox outbreak a public health emergency of international concern.

Despite a “robust” initial response to the mpox threat by WHO and national partners that has been coordinated from Kinshasa and field offices in Goma and South Kivu, Dr Sambo warned that mpox patients had fled at least one camp’s treatment centre and were now living now in host communities and with families.

“So, we are there’s a fear for the disease to be spreading widely in communities, but at this point we cannot say because we have not been able to get there and assess what’s happening right now.”

MIL OSI United Nations News –

January 30, 2025
MIL-OSI Canada: Statement by the Prime Minister on Vietnamese New Year

Source: Government of Canada – Prime Minister

The Prime Minister, Justin Trudeau, today issued the following statement on Vietnamese New Year:

“This week, Vietnamese communities in Canada and around the world will celebrate the beginning of the Lunar New Year and usher in the Year of the Snake.

“On Tết Nguyên Đán, or Tết, families and friends gather to share meals, exchange wishes for good health, happiness, and prosperity, and celebrate their rich traditions passed down through generations. Bright coloured flowers and fruits will adorn homes in communities across the country. As people look to the future with determination and hope for the year to come, they will find inspiration in the values of wisdom and strength the snake symbolizes.

“Canada is home to over 275,000 Vietnamese Canadians who have made – and continue to make – extraordinary contributions to our country. On Tết, we are reminded of the important role of diversity in shaping a stronger and more vibrant world for everyone.

“On behalf of the Government of Canada, I extend my warmest wishes to everyone celebrating. May the Year of the Snake bring peace, success, and joy to all.

“Chúc mừng năm mới.”

MIL OSI Canada News –

January 30, 2025
MIL-OSI Canada: Statement by the Prime Minister on the National Day of Remembrance of the Quebec City Mosque Attack and Action against Islamophobia

Source: Government of Canada – Prime Minister

The Prime Minister, Justin Trudeau, today issued the following statement on the National Day of Remembrance of the Quebec City Mosque Attack and Action against Islamophobia:

“On January 29, 2017, a gunman opened fire at the Centre culturel islamique de Québec in Sainte-Foy. Six Canadians died and 19 others were wounded. Today, we remember the victims of this senseless act of hate.

“Ibrahima Barry, Mamadou Tanou Barry, Khaled Belkacemi, Abdelkrim Hassane, Azzeddine Soufiane, and Aboubaker Thabti were proud Muslims, Quebeckers, and Canadians. They were murdered because of their faith. Our thoughts are with the communities of Quebec City, as well as the brave first responders who risked their lives to help others in the wake of this tragedy. We stand in solidarity with Muslim communities in Canada and around the world to fight the hate that led to this attack. We are also not immune to its resurgence, especially as we see the rise in Islamophobia and hate across our communities.

“We’re taking action. We appointed Canada’s first Special Representative on Combatting Islamophobia, Amira Elghawaby, to support our efforts to combat Islamophobia. We have renewed Canada’s Anti-Racism Strategy to ensure diverse voices shape federal policies, programs, and services. We invested in the Canada Community Security Program to increase security at places of worship and community centres.

“To protect communities, we passed the toughest gun control measures in over 40 years. With the measures announced last month, we’ve now banned more than 2,400 makes and models of assault-style firearms and their variants. We expanded background checks and prohibited the sale, purchase, and transfer of handguns in Canada. We also introduced ‘red flag’ laws, which are already in force, allowing anyone to apply to the court to remove firearms from individuals who may pose a risk to themselves or others.

“Today, we remember those whose lives were tragically taken at the Centre culturel islamique de Québec and we reaffirm our commitment to standing with Muslim communities in Canada in the face of racism, hate, and discrimination. Together, we will continue to build a safe, welcoming, and prosperous country for everyone.”

MIL OSI Canada News –

January 30, 2025

MIL-OSI: Main Street Financial Services Corp. Announces Earnings for Fourth Quarter of 2024

Source: GlobeNewswire (MIL-OSI)

Business Highlights

Financial results reflect the second full quarter following the completed merger of Main Street Financial Services Corp. (Main Street) and Wayne Savings Bancshares, Inc. (Wayne) on May 31, 2024.
Net income for the fourth quarter of 2024 totaled $3.2 million, or $0.41 per common share
Annualized deposit growth of 19.7% for the quarter ended December 31, 2024
Reduced reliance on wholesale funding by $40 million during the fourth quarter of 2024
Declared cash dividend of $0.14 per share on January 10, 2025

WOOSTER, Ohio, Jan. 29, 2025 (GLOBE NEWSWIRE) — Main Street Financial Services Corp. (OTCQX: MSWV), (the “Company”), the holding company parent of Main Street Bank Corp. reported a net income of $3.2 million, or $0.41 per common share, for the three months ended December 31, 2024. The return on average equity and return on average assets for the fourth quarter of 2024 was 11.69% and 0.90%, compared to 16.90% and 1.02%, for the fourth quarter of 2023.

The Company announced a merger of equals transaction with Wayne Savings Bancshares, Inc. (“Legacy Wayne”) on February 23, 2023. On May 31, 2024 (the “Merger Date”), the Company completed the transaction, forming a financial holding company with assets of $1.4 billion. On the Merger Date, Legacy Wayne merged with and into Main Street, with Main Street surviving the merger (the “Merger”). Immediately following the Merger, Main Street’s wholly owned bank subsidiary, Main Street Bank Corp., merged with and into Wayne Savings Community Bank, with Wayne Savings Community Bank surviving the merger. Upon completion of the Merger, Wayne Savings Community Bank was renamed Main Street Bank Corp.

The Merger was accounted for as a reverse merger using the acquisition method of accounting, therefore, Legacy Wayne was deemed the acquirer for financial reporting purposes, even though Main Street was the legal acquirer. Accordingly, Legacy Wayne’s historical financial statements are the historical financial statements of the combined company for all periods before the Merger Date. Our consolidated statements of income for the quarters ended June 30, 2024, September 30, 2024 and December 31, 2024, include the results from Main Street on and after May 31, 2024. Results for periods before May 31, 2024, reflect only those of Legacy Wayne and do not include the consolidated statements of income of Main Street. Accordingly, comparisons of our results for the quarter ended December 31, 2024, with those of prior periods may not be meaningful. The number of shares issued and outstanding, earnings per share, dividends paid and all references to share quantities of Main Street have been retrospectively adjusted to reflect the equivalent number of shares issued in the Merger.

President and CEO James R. VanSickle commented, “I am proud of the dedication and hard work displayed by Main Street Bank’s team of community bankers throughout 2024. They have been instrumental in the improvement of our operational efficiencies, enhancement of our customer experience and delivering long-term value for our shareholders. I would like to thank our customers, shareholders and our communities for their confidence in Main Street Bank.”

Fourth Quarter 2024 Financial Results

Net interest income was $10.6 million for the quarter ended December 31, 2024, an increase of 103.4% from $5.2 million for the quarter ended December 31, 2023. The net interest margin of 3.19% for the fourth quarter of 2024 increased 46 basis points from 2.73% for the fourth quarter of 2023. Loan yields were 6.12% for the quarter ended December 31, 2024, an increase of 82 basis points when compared to 5.30% for the quarter ended December 31, 2023. The loan yield increase is the result of variable rate loan repricing, new loan originations at current markets rates and purchase accounting accretion on acquired loans. Investment yields increased 122 basis points to 3.59% as of December 31, 2024 when compared to the quarter ended December 31, 2023. The cost of funds for the fourth quarter of 2024, was 2.66%, an increase of 33 basis points when compared to the fourth quarter of 2023. The cost of funds increase is largely due to shifting deposit composition to higher-yielding product offerings and utilizing higher-cost wholesale funding, such FHLB advances. The cost of total deposits was 2.25% for the quarter ended December 31, 2024, a 21 basis point increase when compared to 2.04% for the quarter ended December 31, 2023. The cost of borrowings for the quarter ended December 31, 2024 totaled 5.64%, an increase of 94 basis points when compared to the quarter ended December 31, 2023.

A provision for credit losses and unfunded commitments of $79,000 was recorded for the quarter ended December 30, 2024. During the quarter, the Company recognized $20,000 in charge-offs and $5,000 in recoveries, reflecting relatively stable asset quality.

Noninterest income totaled $1.2 million for the quarter ended December 31, 2024, an increase of $148,000, or 14.6%, when compared to the quarter ended December 31, 2023. Noninterest income declined by $435,000 when compared to the quarter ended September 30, 2024. During the quarter ended September 30, 2024, the Company recognized a gain on the sale of investments totaling $702,000.

Noninterest expense totaled $8.0 million for the quarter ended December 31, 2024, an increase of $4.2 million when compared to the quarter ended December 31, 2023. Noninterest expense increased by $87,000 when compared to the quarter ended September 30, 2024 due to increased incentive compensation and a charge related to the disposition of an REO property. The increase reflects a full quarter of combined expenses after completion of the merger.

The provision for income taxes for the quarter ended December 31, 2024, decreased by $246,000 compared to the quarter ended September 30, 2024. This reduction was primarily driven by the Company’s reassessment of the West Virginia state income tax impact.

December 31, 2024 Financial Condition

At December 31, 2024, the Company had total assets of $1.41 billion with net loan balances totaling $1.11 billion. Loan balances remained relatively unchanged for the quarter ended December 31, 2024. As part of the merger, the Company acquired $430.8 million in loans.

The allowance for credit losses was $11.8 million at December 31, 2024, compared to $7.3 million at December 31, 2023. The increase is a result of establishing an allowance for credit losses on the acquired non-PCD loan portfolio during the second quarter of 2024. The allowance for credit losses as a percent of total loans was 1.05%, compared to 1.09% as of December 31, 2023. The allowance for credit losses and the related provision for credit losses is based on management’s judgment and evaluation of the loan portfolio. Management believes the current allowance for credit losses is adequate, however, changing economic and other conditions may require future adjustments to the allowance for credit losses.

Total nonperforming loans (NPLs) was $6.1 million at December 31, 2024, an increase from $0.6 million at December 31, 2023. The NPL to net loan receivable ratio was 0.55% as of December 31, 2024. Past due loan balances of 30 days and more increased from $2.8 million at December 31, 2023, to $13.8 million, or 1.24% of net loans outstanding, at December 31, 2024. The increase in nonperforming and past due loans is due to the impact of the acquired loan portfolio.

Improvement in Asset Quality Since Merger Announcement: The combined level of classified loans and loans past due 30 or more days for Legacy Wayne and Main Street was $24.4 million and $19.1 as of December 31, 2022. Since the merger announcement on February 23, 2023, the management teams of both Main Street and Wayne invested a great deal of time ensuring our combined organization utilizes strong underwriting standards and proactively monitors credit quality. Main Street sold approximately $15.2 million of loans in August 2023 and April 2024, of which approximately $12.7 million were classified loans. As of December 31, 2024, the resultant Company has $14.8 of classified loans and $13.8 of loans past due 30 or more days.

Total liabilities increased to $1.30 billion at December 31, 2024 with deposits totaling $1.16 billion and FHLB advances totaling $100.0 million. Deposits grew by $54.3 million, or 19.7% annualized, during the fourth quarter of 2024. As part of the merger, the Company acquired $487.4 million in deposits. As of December 31, 2024, the Company held no brokered deposits compared to $116.7 million at December 31, 2023. The Company leverages FHLB advances for short-term funding needs due to their accessibility and alignment with prevailing market rates. During the fourth quarter of 2024, the Company reduced the reliance on FHLB advances by $40 million.

Total stockholders’ equity was $110.6 million at December 31, 2024, an increase of $57.7 million when compared to the December 31, 2023 balance. The increase was primarily driven by the merger between Main Street and Wayne. Total stockholders’ equity decreased during the fourth quarter of 2024 primarily from a decrease in accumulated other comprehensive income of $4.7 million and dividends of $1.1 million, partially offset by net income of $3.2 million.

Main Street Financial Services Corp. is a holding company headquartered in Wooster, Ohio. Its primary subsidiary, Main Street Bank Corp. was founded in 1899 and provides full-service banking, commercial lending, and mortgage services across its branch infrastructure. Today, Main Street Bank Corp. operates 19 branch locations in Wooster, Ohio, Wheeling, West Virginia and other surrounding communities in Ohio and West Virginia. Additional information about Main Street Bank Corp. is available at www.mymainstreetbank.bank.

Non-GAAP Disclosure
This press release includes disclosures of the Company’s return on average equity, return on average assets, net income, and efficiency ratios which are excluding costs related to merger activities which are financial measures not prepared in accordance with generally accepted accounting principles in the United States (GAAP). A non-GAAP financial measure is a numerical measure of historical or future financial performance, financial position or cash flow that excludes or includes amounts that are required to be disclosed by GAAP. The Company believes that these non-GAAP financial measures provide both management and investors a more complete understanding of the underlying operational results and trends and the Company’s marketplace performance. The presentation of this additional information is not meant to be considered in isolation or as a substitute for the numbers prepared in accordance with GAAP.

Forward-Looking–Statements
This release contains forward-looking statements that are not historical facts and that are intended to be “forward-looking statements” as that term is defined by the Private Securities Litigation Reform Act of 1995. These forward-looking statements may include, but are not limited to, statements about the Company’s plans, objectives, expectations and intentions and other statements contained in this release that are not historical facts and pertain to the Company’s future operating results. When used in this release, the words “expects,” “anticipates,” “intends,” “plans,” “believes,” “seeks,” “estimates” and similar expressions are generally intended to identify forward-looking statements. Actual results may differ materially from the results discussed in these forward-looking statements, because such statements are inherently subject to significant assumptions, risks and uncertainties, many of which are difficult to predict and are generally beyond the Company’s control. These include but are not limited to: the possibility of adverse economic developments that may, among other things, increase default and delinquency risks in the Company’s loan portfolios; shifts in interest rates; shifts in the rate of inflation; shifts in the demand for the Company’s loan and other products; unforeseen increases in costs and expenses; lower-than-expected revenue or cost savings in connection with acquisitions; changes in accounting policies; changes in the monetary and fiscal policies of the federal government; and changes in laws, regulations and the competitive environment. Unless legally required, the Company disclaims any obligation to update any forward-looking statements, whether as a result of new information, future events or otherwise.

Contact Information:
Matthew Hartzler
Senior Vice President, Chief Financial Officer
(330) 264-5767


MAIN STREET FINANCIAL SERVICES CORP.
Condensed Consolidated Balance Sheets
(Dollars in thousands, except share data – unaudited)

	December 31, 2024			December 31, 2023
ASSETS

Cash and cash equivalents	$	54,422		$	20,884
Securities, net (1)	163,819			86,405
Loans receivable, net	1,113,900			669,603
Federal Home Loan Bank stock	6,445			3,959
Premises & equipment, net	10,880			4,904
Bank-owned life insurance	22,155			11,706
Other assets	37,608			12,486
TOTAL ASSETS	$	1,409,229		$	809,947

LIABILITIES AND STOCKHOLDERS’ EQUITY

Deposit accounts	$	1,156,328		$	693,126
Other short-term borrowings	28,308			8,743
Federal Home Loan Bank advances	100,000			47,000
Accrued interest payable and other liabilities	13,957			8,111
TOTAL LIABILITIES	1,298,593			756,980


Common stock (7,801,011 shares of $1.00 par value issued)	7,801			398
Additional paid-in capital	56,387			36,715
Retained earnings	57,356			55,342
Treasury Stock, at cost – 0 shares and 1,777,824 shares at December 31, 2024 and December 31, 2023, respectively.	–			(30,330		)
Accumulated other comprehensive loss	(10,908		)	(9,158		)
TOTAL STOCKHOLDERS’ EQUITY	110,636			52,967

TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY	$	1,409,229		$	809,947

^{(1) Includes available-for-sale and held-to-maturity classifications.}
^{Note: The December 31, 2023 Condensed Consolidated Balance Sheet has been derived from the audited Consolidated Balance Sheet as of that date.}

MAIN STREET FINANCIAL SERVICES CORP.
Condensed Consolidated Statements of Income
(Dollars in thousands, except share data – unaudited)

	Three Months Ended				Twelve Months Ended
	December 31,				December 31,
		2024		2023		2024		2023

Interest income	$	19,138	$	9,545	$	60,334	$	35,095
Interest expense		8,531		4,330		27,665		12,920
Net interest income		10,607		5,215		32,669		22,175
Provision for credit losses		79		4		4,782		530
Net interest income after provision for credit losses		10,528		5,211		27,887		21,645
Non-interest income		1,165		1,017		4,158		3,017
Non-interest expense
Salaries and employee benefits		3,823		1,782		12,511		7,731
Net occupancy and equipment expense		1,430		625		4,399		2,431
Federal deposit insurance premiums		197		157		637		531
Franchise taxes		107		81		464		380
Advertising and marketing		237		44		645		223
Legal		143		15		651		45
Professional fees		260		74		1,924		239
ATM network		84		123		557		443
Auditing and accounting		130		60		516		240
Other		1,539		787		4,165		2,561
Total non-interest expense		7,950		3,748		26,469		14,824
Income before federal income taxes		3,743		2,480		5,576		9,838
Provision for federal income taxes		558		443		873		2,005
Net income	$	3,185	$	2,037	$	4,703	$	7,833

Earnings per share
Basic	$	0.41	$	0.46	$	0.76	$	3.56
Diluted	$	0.41	$	0.46	$	0.76	$	3.54

MAIN STREET FINANCIAL SERVICES CORP.
Selected Condensed Consolidated Financial Data
(Dollars in thousands, except share data – unaudited)

	December			September			June			March
		2024			2024			2024			2024

Interest and dividend income	$	19,138		$	18,930		$	12,572		$	9,694
Interest expense		8,531			8,308			6,185			4,641
Net interest income		10,607			10,622			6,387			5,053
Provision for credit losses		79			109			4,720			(126	)
Net interest income after provision for credit losses		10,528			10,513			1,666			5,179
Non-interest income		1,165			1,600			716			678
Non-interest expense		7,950			7,863			6,723			3,934
Income before federal income taxes		3,743			4,251			(4,341	)		1,923
Provision for federal income taxes		558			804			(873	)		384
Net income	$	3,185		$	3,446		$	(3,468	)	$	1,539

Earnings per share – basic	$	0.41		$	0.44		$	(0.68	)	$	0.40
Earnings per share – diluted	$	0.41		$	0.44		$	(0.67	)	$	0.40
Dividends per share	$	0.14		$	0.14		$	0.14		$	0.14
Return on average assets		0.90	%		1.00	%		-1.38	%		0.76	%
Return on average equity		11.69	%		12.58	%		-17.16	%		11.63	%
Shares outstanding at quarter end		7,801,011			7,801,011			7,787,055			3,840,575
Book value per share	$	14.18		$	14.27		$	13.60		$	13.81
Tangible equity per share	$	12.13		$	12.15		$	11.49		$	13.36


	December			September			June			March
		2023			2023			2023			2023

Interest and dividend income	$	9,545		$	9,078		$	8,571		$	7,901
Interest expense		4,330			3,673			2,867			2,050
Net interest income		5,215			5,405			5,704			5,851
Provision for credit losses		4			138			170			218
Net interest income after provision for credit losses		5,211			5,267			5,534			5,633
Non-interest income		1,017			691			706			603
Non-interest expense		3,748			3,733			3,949			3,394
Income before federal income taxes		2,480			2,225			2,291			2,842
Provision for federal income taxes		443			452			547			563
Net income	$	2,037		$	1,773		$	1,744		$	2,279

Earnings per share – basic	$	0.53		$	0.46		$	0.46		$	0.60
Earnings per share – diluted	$	0.53		$	0.46		$	0.45		$	0.59
Dividends per share	$	0.14		$	0.14		$	0.14		$	0.14
Return on average assets		1.02	%		0.91	%		0.92	%		1.23	%
Return on average equity		16.90	%		14.41	%		14.36	%		19.58	%
Shares outstanding at quarter end		3,839,702			3,837,609			3,837,085			3,831,939
Book value per share	$	13.80		$	12.40		$	12.64		$	12.51
Tangible equity per share	$	13.35		$	11.95		$	12.20		$	12.06

MAIN STREET FINANCIAL SERVICES CORP.
Non-GAAP reconciliation
(Dollars in thousands, except per share data – unaudited)

	For three months ended						For the twelve months ended
	December,						December,
		2024			2023			2024			2023

Net Income as reported – GAAP	$	3,185		$	2,037		$	4,703		$	7,833
Effect of merger related expenses (net of tax benefit)		26			353			5,769			950
Net Income non-GAAP	$	3,211		$	2,390		$	10,472		$	8,783

Earnings per share – GAAP	$	0.41		$	0.93		$	0.76		$	3.56
Effect of merger related expenses		0.00			0.16			0.94			0.43
Earnings per share non-GAAP	$	0.41		$	1.09		$	1.70		$	3.99

Return on average assets – GAAP		0.90	%		1.02	%		0.41	%		1.02	%
Effect of merger related expenses		0.01	%		0.18	%		0.50	%		0.12	%
Return on average assets non-GAAP		0.91	%		1.20	%		0.91	%		1.14	%

Return on average equity – GAAP		11.69	%		16.90	%		5.58	%		16.27	%
Effect of merger related expenses		0.09	%		2.93	%		6.84	%		1.97	%
Return on average equity non-GAAP		11.78	%		19.83	%		12.42	%		18.24	%

Efficiency Ratio – GAAP		67.54	%		60.14	%		71.87	%		58.42	%
Effect of merger related expenses		-0.22	%		-5.66	%		-6.73	%		-3.77	%
Efficiency Ratio non-GAAP		67.32	%		54.48	%		65.14	%		55.07	%

The MIL Network –

January 30, 2025

MIL-OSI: Tenable Plans to Acquire Vulcan Cyber, Accelerate Leadership in Exposure Management
Source: GlobeNewswire (MIL-OSI)

COLUMBIA, Md., Jan. 29, 2025 (GLOBE NEWSWIRE) — Tenable Holdings, Inc., (“Tenable”) (Nasdaq: TENB) the exposure management company, today announced that it has signed a definitive agreement to acquire Vulcan Cyber Ltd. (“Vulcan Cyber”), a leading innovator in exposure management. Vulcan Cyber’s capabilities will augment Tenable’s industry-leading Exposure Management platform, enhancing customers’ ability to consolidate exposures across their security stack, prioritize risks and streamline remediation efforts across the entire attack surface.

Under the terms of the agreement, Tenable will acquire Vulcan Cyber for approximately $147 million in cash and $3 million of restricted stock units (RSUs) that vest over a future period. The acquisition is expected to close in the first quarter of 2025, subject to customary closing conditions.

“CISOs are overwhelmed with scattered security products, siloed tools and disjointed teams which makes protecting their organizations from exposure a massive undertaking. As the pioneer behind Exposure Management, we are driven to solve this central challenge of modern security — a fragmented approach to identifying and combating cyber risk,” said Steve Vintz, Co-CEO and CFO, Tenable. “That is what this acquisition is all about. With Vulcan, we’re accelerating our Tenable One vision to radically unify security visibility, insight and action across the attack surface – from the data center to the cloud – to rapidly expose and close the gaps that put businesses at risk.”

Tenable plans to expand the Tenable One Exposure Management Platform with Vulcan Cyber’s robust capabilities, including enhanced visibility, extended third-party data flows, superior risk prioritization, and optimized remediation. By consolidating and aggregating vast amounts of data into the most comprehensive Exposure Management platform, Tenable is empowering organizations to confidently reduce risk across their entire environment.

“These capabilities aren’t just technical enhancements – they represent a fundamental shift in how organizations will manage cyber risks holistically into the future. For example, while having a cloud security platform is critical on its own, its power is exponentially amplified when treated as part of a comprehensive exposure management approach,” said Mark Thurmond, Co-CEO and COO, Tenable. “By uniting disparate tools and data under one roof, we’re providing security teams with a full-spectrum view of their attack surface, enabling them to prioritize what matters most and act decisively to address vulnerabilities.”

A Unified Vision for Exposure Management

With the addition of Vulcan Cyber, Tenable One customers will gain:
- Expanded Third-Party Ecosystem Data: By integrating with more than 100 security products across vulnerability assessment, endpoint security, cloud security, application security, and threat intelligence, Tenable will ingest, normalize, and unify data across the security stack. This streamlined approach centralizes critical data and empowers security teams to operate more efficiently and proactively across the entire attack surface.
- AI-Powered Risk Prioritization: Siloed security products create blind spots where attackers thrive, leaving critical gaps across the attack surface. Enhanced risk prioritization closes these gaps by integrating enriched threat intelligence and context, helping organizations focus on the most critical vulnerabilities while optimizing the use of their security tools and technology.
- Automated Remediation Workflows: Optimized remediation with automated campaigns, advanced tagging and ticketing ensure that security issues, along with corrective guidance, get into the hands of the right security team members to automatically fix exposures quickly, wherever they might exist in their environment.
- Advanced AI capabilities: Leveraging a single unified risk data set, Tenable is laying the foundation for advanced exposure AI capabilities that will revolutionize how customers manage and mitigate risk across the security stack.
“We’re thrilled to join forces with Tenable. Integrating Vulcan Cyber’s capabilities into the Tenable One platform will uniquely address all exposure management use cases across the entire attack surface,” said Yaniv Bar-Dayan, Co-Founder and CEO, Vulcan Cyber. “For the first time at scale, security teams will be able to consolidate exposure findings from multiple sources into a single, actionable interface. We are excited to start working with Tenable and their customers to remediate exposure risk.”

About Vulcan Cyber
Vulcan Cyber is a pioneer in cyber risk management. Its flagship ExposureOS platform helps businesses reduce vulnerabilities and asset risk through measurable and efficient attack surface security. Investors include YL Ventures, TenEleven Ventures, Dawn Capital, Maor Investments and Wipro Ventures. Learn more at https://vulcan.io.

About Tenable
Tenable® is the exposure management company, exposing and closing the cybersecurity gaps that erode business value, reputation and trust. The company’s AI-powered exposure management platform radically unifies security visibility, insight and action across the attack surface, equipping modern organizations to protect against attacks from IT infrastructure to cloud environments to critical infrastructure and everywhere in between. By protecting enterprises from security exposure, Tenable reduces business risk for approximately 44,000 customers around the globe. Learn more at tenable.com.

Forward Looking Statements
This press release contains forward-looking information related to Tenable, and its potential acquisition of Vulcan Cyber Ltd. that involves substantial risks, uncertainties and assumptions that could cause actual results to differ materially from those expressed or implied by such statements. You can generally identify forward-looking statements by the use of forward-looking terminology such as the words: “anticipate,” “believe,” “continue,” “could,” “estimate,” “expect,” “explore,” “evaluate,” “intend,” “may,” “might,” “plan,” “potential,” “predict,” “project,” “seek,” “should,” or “will,” or the negative thereof or other variations thereon or comparable terminology. The forward-looking statements in this press release are based on Tenable’s current plans, objectives, estimates, expectations and intentions and inherently involve significant risks and uncertainties, many of which are beyond Tenable’s control. Forward-looking statements in this communication include, among other things, statements about the potential benefits of the acquisition and product developments and other possible or assumed business strategies, potential growth opportunities, new products, potential market opportunities, and the anticipated timing of the closing of the acquisition. Risks and uncertainties include, among other things, our ability to successfully integrate Vulcan Cyber’s operations; our ability to implement our plans, expectations with respect to Vulcan Cyber’s business; our ability to realize the anticipated benefits of the acquisition, including the possibility that the expected benefits from the acquisition will not be realized or will not be realized within the expected time period; disruption from the acquisition making it more difficult to maintain business and operational relationships; the inability to retain key employees; the negative effects of the consummation of the acquisition on the market price of our common stock or on our operating results; unknown liabilities; attracting new customers and maintaining and expanding our existing customer base; our ability to scale and update our platform to respond to customers’ needs and rapid technological change, increased competition on our market and our ability to compete effectively, and expansion of our operations and increased adoption of our platform internationally.

Additional risks and uncertainties that could affect our financial results are included in the section titled “Risk Factors” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations” in our Annual Report on Form 10-K for the year ended December 31, 2023, our Quarterly Report on Form 10-Q for the quarter ended September 30, 2024 and other filings that we make from time to time with the Securities and Exchange Commission (SEC) which are available on the SEC’s website at www.sec.gov. In addition, any forward-looking statements contained in this communication are based on assumptions that we believe to be reasonable as of this date. Except as required by law, we assume no obligation to update these forward-looking statements, or to update the reasons if actual results differ materially from those anticipated in the forward-looking statements.

Contact information

Investor Relations
investors@tenable.com

Media Relations
tenablepr@tenable.com

The MIL Network –
January 30, 2025
MIL-OSI: LPL Financial Welcomes Salient Wealth Planning Group

Source: GlobeNewswire (MIL-OSI)

SAN DIEGO, Jan. 29, 2025 (GLOBE NEWSWIRE) — LPL Financial LLC announced today that financial advisors John P. Schlatter, CFP®, Robert Rojano, Alec Hoag, CFP®, and Michael Madden, CFA®, have joined LPL Financial’s broker-dealer, RIA and custodial platforms. They reported serving approximately $1 billion in advisory, brokerage and retirement plan assets* and join LPL from Osaic.

Based in Manhattan Beach, Calif., Schlatter founded Salient Wealth Planning Group to provide clients with customized investment strategies, financial planning and wealth preservation services emphasizing tax efficiency and wealth transfer through multiple generations. The advisors take an interdisciplinary approach to help ensure all aspects of each client’s financial situation are coordinated and reviewed.

“We take a holistic process to build on the foundations that clients have already laid, and we believe good planning helps the right choices reveal themselves,” Schlatter said, noting they primarily work with high-net-worth clients. “Our services are rooted in developing deep personal relationships to help families navigate the challenges and opportunities of managing generational wealth.”

The Salient team selected LPL for its advanced capabilities and commitment to providing exceptional customer service experiences.

“The foundation of our business is built on value-added consulting and meticulous planning,” Schlatter said. “To perpetuate this legacy, we require a stable partner to meet this standard through superior customer service and technology. With LPL, we have a dedicated service team and access to a wide range of innovative capabilities, strategic business solutions and research.”

Schlatter said he appreciates LPL’s significant technology investment, including approximately $500 million in 2024 for innovation and infrastructure enhancements. He said, “As a Fortune 500 company, LPL is a leading wealth management firm that puts our business and clients in a better position for a more successful future. Most of our clients have been with us for more than 20 years, and we are excited to continue enhancing their experiences over the next 20 years.”

Scott Posner, LPL Executive Vice President, Business Development, said, “We welcome John, Robert, Alec and Michael to the LPL community. We look forward to supporting their vision by providing elevated services and integrated technology to help them remain competitive in the evolving wealth management landscape. LPL’s sophisticated wealth management platform and robust business tools are designed with advisors in mind, to help them run thriving practices and be successful in serving the needs of their clients.”

Related

Advisors, learn how LPL Financial can help take your business to the next level.

About LPL Financial

LPL Financial Holdings Inc. (Nasdaq: LPLA) is among the fastest growing wealth management firms in the U.S. As a leader in the financial advisor-mediated marketplace, LPL supports more than 28,000 financial advisors and the wealth management practices of approximately 1,200 financial institutions, servicing and custodying approximately $1.8 trillion in brokerage and advisory assets on behalf of 6 million Americans. The firm provides a wide range of advisor affiliation models, investment solutions, fintech tools and practice management services, ensuring that advisors and institutions have the flexibility to choose the business model, services, and technology resources they need to run thriving businesses. For further information about LPL, please visit www.lpl.com.

Securities and advisory services offered through LPL Financial (LPL), a registered investment advisor and broker dealer, member FINRA/SIPC. LPL Financial and its affiliated companies provide financial services only from the United States. Salient Wealth Planning Group and LPL are separate entities.

Throughout this communication, the terms “financial advisors” and “advisors” are used to refer to registered representatives and/or investment advisor representatives affiliated with LPL Financial.

We routinely disclose information that may be important to shareholders in the “Investor Relations” or “Press Releases” section of our website.

*Value approximated based on asset and holding details provided to LPL from end of year, 2024.

Media Contact:
Media.relations@LPLFinancial.com
(704) 996-1840

Tracking #685921

The MIL Network –

January 30, 2025
MIL-OSI: CBE Customer Solutions Welcomes Rachel Rybicki as Chief Client Success Officer, Bringing Fresh Expertise to Client Success Strategy

Source: GlobeNewswire (MIL-OSI)

CEDAR FALLS, Iowa, Jan. 29, 2025 (GLOBE NEWSWIRE) — CBE Customer Solutions is excited to announce Rachel Rybicki as the new Chief Client Success Officer. Bringing 25 years of BPO experience and a reputation for innovation, Rachel joins CBE ready to take client success to a new level with expanded outsourcing services and go-to-market strategies.

Rybicki’s career spans industries from healthcare and insurance to fintech and high-tech. She has managed a $250 million portfolio, designed game-changing client growth strategies, and led high-touch service delivery for global brands. Her expertise combines digital CX, right-shoring and cost efficiency with AI-driven solutions and transformative tech. Rybicki knows how to optimize processes from global labor models to interaction analytics, and she’s always looking for opportunities to drive growth and value for clients.

“Rachel brings a wealth of experience in client success management and a deep understanding of the BPO landscape,” said Erica Parks, CBE’s President and CEO. “Her strategic mindset and proven track record in building strong client relationships make her an excellent fit for this pivotal role within our organization!”

As CBE’s Chief Client Success Officer, Rybicki will lead our efforts to ensure the success and satisfaction of our valued clients in the BPO sector and drive strategic growth for our organization. She will work closely with our teams to develop and implement innovative strategies that deliver exceptional service and tangible results for our strategic global partners.

Rybicki shared her thoughts on CBE’s mission and future: “CBE is a special place, starting 90+ years ago as a family-owned company, doing very good work with very good people to run large, complex collections contracts. Our mission now is to accelerate growth in the BPO / Customer Solutions space. Everything we do is centered around integrity and trust, and the best client and customer experiences. I’m surrounded by an entrepreneurial executive team, and an energized sales & marketing team. We have such a solid foundation of people and capabilities, more than ready to make 2025 a year of continued growth and expansion. I’m really proud and excited.”

When she is not creating impactful client and customer solutions, you can find Rachel cheering for the Buffalo Bills, hosting friends and family, or supporting her kids from the bleachers at their football, basketball, baseball/softball, and volleyball games. Based in Buffalo, NY, Rachel balances her fast-paced career with family and community connections. Join us in welcoming Rachel Rybicki to the CBE family!

About CBE Customer Solutions

CBE Customer Solutions is a leading provider of business process outsourcing and customer experience solutions. With a focus on delivering exceptional service, CBE is committed to helping clients across industries optimize their operations, reduce costs, and improve customer satisfaction. For more information about how we’re shaking up the BPO industry, visit https://cbecustomersolutions.com or connect with us on our Facebook and LinkedIn pages.

For media inquiries or to learn more about CBE’s innovative BPO solutions, please contact CBE Marketing Director at casey.cipoletti@cbecompanies.com.

A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/a7d2b600-92fe-43fb-a2ab-2fe80f287ef1

The MIL Network –

January 30, 2025
MIL-OSI: Wix to Announce Fourth Quarter and Full Year 2024 Results on February 19, 2025

Source: GlobeNewswire (MIL-OSI)

NEW YORK — Wix.com Ltd. (Nasdaq: WIX), today announced that it will report its results for the fourth quarter ended December 31, 2024 before the market opens on Wednesday, February 19, 2025. Management will host a conference call and webcast that morning at 8:30 a.m. ET to answer questions about the Company’s financial results. Prior to the conference call and webcast, Wix will issue a press release reporting these results along with a shareholder update and additional materials at https://investors.wix.com/.

About Wix.com Ltd.

Wix is the leading SaaS website builder platform globally to create, manage and grow a digital presence¹. What began as a website builder in 2006 is now a complete platform providing users with enterprise-grade performance, security and a reliable infrastructure. Offering a wide range of commerce and business solutions, advanced SEO and marketing tools, Wix enables users to take full ownership of their brand, their data and their relationships with their customers. With a focus on continuous innovation and delivery of new features and products, anyone can build a powerful digital presence to fulfill their dreams on Wix.

For more about Wix, please visit our Press Room

Investor Relations:
ir@wix.com

Media Relations:
pr@wix.com

¹Based on number of active live sites as reported by competitors’ figures, independent third-party data and internal data as of H1 2024.

The MIL Network –

January 30, 2025
MIL-OSI: PLUMAS BANCORP TO ACQUIRE CORNERSTONE COMMUNITY BANCORP

Source: GlobeNewswire (MIL-OSI)

RENO, Nev., Jan. 29, 2025 (GLOBE NEWSWIRE) — Plumas Bancorp (“Plumas”) (Nasdaq: PLBC) and Cornerstone Community Bancorp (“Cornerstone”) (OTCPK: CRSB) jointly announce the signing of a definitive merger agreement (the “Agreement”) whereby Plumas will acquire Cornerstone in a stock and cash transaction valued at approximately $64.6 million (the “Transaction”) based on the closing price of $47.76 for Plumas shares on January 28, 2025. On a pro forma consolidated basis, the combined company would have approximately $2.3 billion in assets, $2.0 billion in deposits, $1.5 billion in loans, and operate 19 branches throughout Northern California and Western Nevada.

Cornerstone, headquartered in Red Bluff, California, is the parent company of Cornerstone Community Bank, a 19-year-old bank with approximately $658 million in assets as of December 31, 2024. Cornerstone Community Bank operates through four branches throughout the Northern California counties of Shasta and Tehama.

“We are thrilled to announce our merger agreement with Cornerstone,” said Andrew J. Ryback, President and Chief Executive Officer, Plumas Bancorp. “Our companies share a connection to the people and businesses who have built their livelihoods throughout Northern California. Bringing together the team of local experts at Cornerstone Community Bank with Plumas Bank’s technology and small business expertise offers even greater services for the markets we serve. We look forward to providing long-term value to our combined shareholders, clients, team members, and the communities we serve.”

“We are excited about the opportunity to join forces with Plumas, bringing our banks together to carry on our focus of providing our customers, employees and all of our stakeholders with superior products, services and support,” said Matthew B. Moseley, President and Chief Executive Officer of Cornerstone, who will continue with Plumas following the acquisition. “Gaining access to Plumas’ network of offices and extensive product lines allows us to expand our footprint and offerings beyond the Shasta and Tehama communities we have served for the past 19 years. There are many similarities in our institutions and the small communities we serve. This combination will afford the two organizations the opportunity to utilize our combined years of experience to continue to deliver the outstanding experience our customers have come to expect.”

Under the terms of the Agreement, each issued and outstanding share of common stock of Cornerstone will be converted into the right to receive 0.6608 shares of common stock of Plumas and $9.75 in cash (subject to adjustment under certain circumstances). Based on the closing price of $47.76 for Plumas shares on January 28, 2025, the Transaction would result in an aggregate consideration of $64.6 million (inclusive of the value to Cornerstone stock option holders) and value of $41.31 per Cornerstone share.

Giving effect to the merger, Cornerstone shareholders will hold, in the aggregate, approximately 14% of Plumas’ outstanding common stock based on December 31, 2024 data. One current member of the Cornerstone board of directors will join the Plumas board of directors upon the merger.

Plumas expects the acquisition to be approximately 9% accretive to earnings per share in 2025 and 23% accretive in 2026. Plumas expects dilution to tangible book value per share of approximately 13% at close with a tangible book value earn-back period of less than three years. The boards of directors of Plumas and Cornerstone have approved the proposed merger, which is expected to occur in the second half of 2025 and remains subject to customary closing conditions, including obtaining approval by Cornerstone’s shareholders and bank regulatory authorities.

Plumas was advised in the Transaction by Raymond James & Associates, Inc. as financial advisor and Sheppard, Mullin, Richter & Hampton LLP as legal counsel. Cornerstone was advised by Performance Trust Capital Partners as financial advisor and Gary Steven Findley & Associates as legal counsel.

About Plumas Bancorp

Plumas Bancorp is headquartered in Reno, Nevada. Plumas Bancorp’s principal subsidiary is Plumas Bank, which was founded in 1980. Plumas Bank is a full-service community bank headquartered in Quincy, California. The bank operates fifteen branches: thirteen located in the California counties of Butte, Lassen, Modoc, Nevada, Placer, Plumas, Shasta and Sutter and two branches located in Nevada in the counties of Carson City and Washoe. The bank also operates two loan production offices located in Auburn, California and Klamath Falls, Oregon. Plumas Bank offers a wide range of financial and investment services to consumers and businesses and has received nationwide Preferred Lender status with the United States Small Business Administration. For more information on Plumas Bancorp and Plumas Bank, please visit our website at www.plumasbank.com.

About Cornerstone Community Bancorp

Cornerstone Community Bancorp is a bank holding company headquartered in Red Bluff, California and is the parent company for Cornerstone Community Bank, a California state-chartered bank with four locations across the Northern California counties of Shasta and Tehama. Founded in 2006, Cornerstone Community Bank has a proven track record of contributing to the success of the local economies they serve, contributing to the success of the people who live, work, and play in Shasta and Tehama.

Additional Information About the Proposed Transaction and Where to Find It

This press release does not constitute an offer to sell or the solicitation of an offer to buy any securities or a solicitation of any vote or approval.

Investors and security holders are urged to carefully review and consider each of Plumas’s public filings with the SEC, including but not limited to its Annual Reports on Form 10-K, its Proxy Statements, Current Reports on Form 8-K and Quarterly Reports on Form 10-Q. The documents filed by Plumas with the SEC may be obtained free of charge at Plumas’s website at www.plumasbank.com or at the SEC’s website at www.sec.gov. These documents may also be obtained free of charge from Plumas by requesting them in writing to Plumas Bancorp, 5050 Meadowood Mall Circle, Reno, Nevada 89502; Attention: Shareholder Relations, or by telephone at (775) 786-0907.

Plumas intends to file a registration statement on Form S-4 with the SEC which will include a proxy statement /prospectus which will be distributed to the shareholders of Cornerstone in connection with their vote on the Transaction. Before making any voting or investment decision, investors and security holders of Cornerstone are urged to carefully read the entire proxy statement/prospectus, when it becomes available, as well as any amendments or supplements, because it will contain important information about the proposed Transaction. Investors and security holders will be able to obtain the proxy statement/prospectus free of charge from the SEC’s website or from Plumas by writing to the address provided in the preceding paragraph.

The directors, executive officers and certain other members of management and employees at Cornerstone and Plumas may be deemed participants in the solicitation of proxies in favor of the Transaction. Information about the directors and executive officers of Cornerstone will be included in the proxy statement/prospectus regarding the proposed Transaction. Information regarding Plumas’s directors and executive officers is available in Plumas’s definitive proxy statement for its 2024 annual meeting of shareholders filed with the SEC on April 4, 2024, which is available free of charge from Plumas upon request as described above.

Cautionary Note Regarding Forward-Looking Statements

This release contains forward-looking statements regarding Plumas Bancorp (“Plumas”), Cornerstone Community Bancorp (“Cornerstone”) and the combined company and the proposed merger that are forward-looking statements subject to the safe harbor provided by the Private Securities Litigation Reform Act of 1995. Forward-looking statements include but are not limited to plans, expectations, projections and statements about the benefits of the proposed merger, the timing of completion of the merger, and other statements that are not historical facts. Forward-looking statements involve risks and uncertainties that are difficult to predict. Factors that could cause or contribute to results differing from those in or implied in the forward-looking statements include but are not limited to the occurrence of any event, change or other circumstances that could give rise to the right of Plumas or Cornerstone to terminate the merger agreement; the outcome of any legal proceedings that may be instituted against Plumas or Cornerstone; delays in completing the merger; the failure to obtain necessary regulatory approvals (and the risk that such approvals impose conditions that could adversely affect the combined company or the expected benefits of the merger); the failure of Cornerstone to obtain shareholder approval or Plumas or Cornerstone to satisfy any of the other conditions to the merger on a timely basis or at all; the ability to complete the merger and integration of Plumas and Cornerstone successfully; costs being greater than anticipated; cost savings being less than anticipated; changes in economic conditions; the risk that the merger disrupts the business of the Plumas, Cornerstone or both; difficulties in retaining senior management, employees or customers; and other factors that may affect the future results of Plumas or Cornerstone. Further information regarding Plumas’s risk factors is contained in Plumas’s filings with the Securities and Exchange Commission, including its Form 10-K for the year ended December 31, 2023. Forward-looking statement made in this release speak only as of the date of this release. Neither Plumas nor Cornerstone undertake any obligation to revise or publicly release any revision or update to these forward-looking statements to reflect events or circumstances that occur after the date on which such statements were made.

Investor Relations Contact:

Jamie Huynh
AVP, Assistant Corporate Secretary and Investor Relations Coordinator
Plumas Bank
Phone: 530.283.7305 ext. 8908
Email: jamie.huynh@plumasbank.com

The MIL Network –

January 30, 2025
MIL-OSI: Fusion Fuel Announces Leadership Transition

Source: GlobeNewswire (MIL-OSI)

DUBLIN, Jan. 29, 2025 (GLOBE NEWSWIRE) — via IBN — Fusion Fuel Green PLC (Nasdaq: HTOO) (“Fusion Fuel” or the “Company”), a leading provider of comprehensive energy engineering, advisory and supply solutions, today announced the resignation of Gavin Jones as Chief Financial Officer and the appointment of Frederico Figueira de Chaves as Interim Chief Financial Officer, effective January 24, 2025. Mr. Jones has opted to pursue a new opportunity; however, he will continue to serve as Company Secretary and has pledged his support to ensure a seamless transition.

The Company’s Board of Directors is pleased to announce the appointment of Frederico Figueira de Chaves as interim Chief Financial Officer. Mr. Figueira de Chaves previously held the position of Chief Financial Officer at Fusion Fuel from 2020 to 2023, where he was instrumental in shaping the Company’s financial strategy and operational framework. Mr. Figueira de Chaves is currently serving as the Company’s Chief Strategy Officer and Head of Hydrogen Solutions and will assume this additional role while maintaining his existing responsibilities, leveraging his extensive financial and strategic expertise, while supported by an experienced in-house finance team.

“On behalf of the Board of Directors, I would like to extend our heartfelt appreciation to Gavin for his outstanding service to Fusion Fuel since joining the Company in 2021,” stated Jeffrey Schwarz, Chairman of the Board of Fusion Fuel. “His steady leadership has been pivotal in establishing a strong foundation for the Company’s growth. We are grateful for his commitment to excellence and professionalism, and we wish him every success as he embarks on this exciting new chapter in his career.”

Reflecting on his tenure, Mr. Jones commented: “This is a bittersweet moment for me. Over the past four years, I have had the privilege of collaborating with an exceptional team to navigate the various challenges and opportunities that have shaped Fusion Fuel’s journey. These years have been immensely rewarding, and I will carry these experiences with me throughout my career. I extend my gratitude to the Board of Directors, my colleagues, and the entire finance team for their trust and support. I firmly believe that Fusion Fuel is well-positioned for continued success, and I look forward to its continued progress.”

The appointment of Mr. Figueira de Chaves as Interim CFO comes at a crucial juncture for Fusion Fuel as the Company advances its strategic priorities. His profound understanding of the hydrogen ecosystem, coupled with a proven track record in financial stewardship and strategic planning, positions him uniquely to guide the Company through its next phase of growth. With a sharpened focus on expanding its hydrogen solutions and gas services businesses, Fusion Fuel is strategically poised to reinforce its status as a leader in integrated energy solutions.

About Fusion Fuel Green plc

Fusion Fuel Green PLC (NASDAQ: HTOO) is an emerging leader in the energy services sector, offering a comprehensive suite of energy engineering and advisory solutions through its Al Shola Gas and BrightHy subsidiaries. Al Shola Gas provides full-service industrial gas solutions, including the design, supply, and maintenance of liquefied petroleum gas (LPG) systems, as well as the transport and distribution of LPG to a broad range of customers across commercial, industrial, and residential sectors. BrightHy, the Company’s newly launched hydrogen solutions platform, focuses on delivering innovative engineering and advisory services that enable decarbonization across hard-to-abate industries.

Learn more about Fusion Fuel by visiting our website at https://www.fusion-fuel.eu and following us on LinkedIn.

Forward-Looking Statements

This press release includes “forward-looking statements.” Forward-looking statements may be identified by the use of words such as “estimate,” “plan,” “project,” “forecast,” “intend,” “will,” “expect,” “anticipate,” “believe,” “seek,” “target”, “may”, “intend”, “predict”, “should”, “would”, “predict”, “potential”, “seem”, “future”, “outlook” or other similar expressions (or negative versions of such words or expressions) that predict or indicate future events or trends or that are not statements of historical matters. These forward-looking statements are not guarantees of future performance, conditions or results, and involve a number of known and unknown risks, uncertainties, assumptions and other important factors, many of which are outside the Company’s control, that could cause actual results or outcomes to differ materially from those discussed in the forward-looking statements. Fusion Fuel has based these forward-looking statements largely on its current expectations, including but not limited the ability of the investment reported on to be consummated as anticipated. Such forward-looking statements are subject to risks and uncertainties (including those set forth in Fusion Fuel’s Annual Report on Form 20-F for the year ended December 31, 2023, filed with the Securities and Exchange Commission) which could cause actual results to differ from the forward-looking statements.

Investor Relations Contact

ir@fusion-fuel.eu

Wire Service Contact:
IBN
Austin, Texas
www.InvestorBrandNetwork.com
512.354.7000 Office
Editor@InvestorBrandNetwork.com

The MIL Network –

January 30, 2025
MIL-OSI: RightNOW 2025 to help accounting firms thrive with keynotes and deep-dive sessions on cybersecurity, AI integration and overcoming staffing challenges
Source: GlobeNewswire (MIL-OSI)

NASHUA, N.H., Jan. 29, 2025 (GLOBE NEWSWIRE) — Accounting firm leaders, staff and SMB finance professionals will gather en masse in Nashville, TN for RightNOW 2025. The annual event, hosted by Rightworks, the only intelligent cloud services provider purpose-built for accounting firms and professionals, will bring together some of the brightest minds in accounting on May 19, 2025. The two-day conference will feature top-tier influencer keynotes, engaging breakout sessions on security, generative AI integration and building a modern firm, and offer a networking forum for attendees to tackle the profession’s persisting challenges head-on.

“The accounting profession is at a critical turning point where modernization is not optional. Firms need to uplevel their businesses with the technical innovations and strategies that enhance client service and drive greater efficiency in their everyday business,” said Joel Hughes, CEO of Rightworks. “We are excited to gather professionals at all stages of growth so they can walk away with a strategic action plan that will make an immediate impact on their business in the second half of the year and beyond.”

Renowned entrepreneurs and CEOs Gary Vaynerchuk and Josh Linkner to deliver opening keynotes

RightNOW 2025 will kick off each day with keynotes from major industry trailblazers exploring harnessing the power of generative AI, creating powerful brands and strengthening the workplace. Day one features a fireside chat with Gary Vaynerchuk, CEO, author, serial entrepreneur and chairman of VaynerX. Day two begins with Josh Linkner, serial entrepreneur, New York Times bestselling author and venture capital investor.

Following the keynotes is an exceptional lineup of breakout sessions, including:
- The future of the accounting profession: Navigating emerging challenges and opportunities for firms
- Buying & selling accounting firms: Insider tips from a broker, banker and lawyer
- The nuts and bolts of AI: A workshop for practical application
- Think like a hacker: How to protect yourself, your family and your firm from being breached
- Late night lounge: Evening on AI
- Cultivating credibility: The path to becoming a trusted advisor
- Key tactics for successfully leading through change
- Roundtable: Top trends and tactics you need to know about
- Unpacking NPAG’s accounting talent strategy report: A plan to overcome the talent shortage
- Why culture matters and how to build one that empowers
- Great job! Building a great place to work
- Purposely invest in yourself through lifelong learning
- Getting strategic with AI
- Staying compliant and secure in the cloud
- Innovation station
Early Bird registration ends soon

RightNOW 2025 will take place May 19-21, 2025, at Gaylord Opryland Resort & Convention Center in Nashville, Tennessee. Early access pricing is available through January 31. Attendees are eligible to receive up to 14 Continuing Professional Education (CPE) credits. Visit the RightNOW page for more information.

Connect with Rightworks
Visit our newsroom; read our blog; and follow us on LinkedIn, Facebook and Instagram.

About Rightworks
Rightworks enables accounting firms and businesses to significantly simplify operations and expand their value to clients via our award-winning intelligent cloud and learning resources. This is possible with Rightworks OneSpace, the only secure cloud environment purpose-built for the accounting and tax profession, and Rightworks Academy, the premier community for firm optimization, growth and professional development. The Academy offers access to thought leadership, events, peer communities and extensive learning resources. Founded in 2002, we’ve grown to serve over 10,000 accounting firms in the US—from single practitioners to Top 10 firms. For more information, please visit rightworks.com or follow us on LinkedIn, Facebook and Instagram.

Image asset:

A photo accompanying this announcement is available at

https://www.globenewswire.com/NewsRoom/AttachmentNg/1a071f7e-aef9-4b27-857a-ba2ecfcbf3a6

The MIL Network –
January 30, 2025
MIL-OSI: Royalty Pharma Announces Sale of MorphoSys Development Funding Bonds
Source: GlobeNewswire (MIL-OSI)
- Total proceeds of $530 million on $300 million original 2022 investment
- Proceeds strengthen balance sheet and provide added flexibility to pursue disciplined capital allocation strategy, including significant share repurchases and royalty acquisitions
NEW YORK, Jan. 29, 2025 (GLOBE NEWSWIRE) — Royalty Pharma plc (Nasdaq: RPRX) today announced the closing of a transaction to monetize the remaining fixed payments on the MorphoSys Development Funding Bonds for $511 million in upfront cash. This payment, combined with payments previously received, results in total cash proceeds of $530 million on the $300 million investment that was made in September 2022. The company generated an attractive return by monetizing these future fixed payments at a low discount rate of 5.35% and will redeploy these proceeds into higher returning investment opportunities, including repurchasing its shares and acquiring attractive new royalties.

“While Royalty Pharma does not generally sell royalty investments, Novartis’ acquisition of MorphoSys created a unique opportunity to convert a fixed stream of long-term payments with no potential for outperformance into a large cash inflow today at an attractive return for shareholders,” said Pablo Legorreta, Royalty Pharma founder and Chief Executive Officer. “Earlier this year, we updated our capital allocation framework, seeking to generate attractive returns through a blend of royalty investments and share repurchases. Royalty Pharma will benefit from enhanced flexibility to pursue our disciplined capital allocation strategy.”

Transaction Details

Royalty Pharma entered into a long-term strategic funding partnership with MorphoSys in 2021 to provide up to $2.025 billion as part of MorphoSys’ acquisition of Constellation Pharmaceuticals. Through that transaction, Royalty Pharma acquired royalties on Tremfya and other development stage assets including trontinemab. In connection with that transaction, Royalty Pharma purchased $300 million of Development Funding Bonds from MorphoSys in September 2022. In 2024, Novartis acquired MorphoSys.

Prior to the monetization transaction announced today, Royalty Pharma received the first two quarterly repayments on the Development Funding Bonds, amounting to $9.7 million in the fourth quarter of 2024 and $9.7 million in January 2025. These payments will be recorded in Portfolio Receipts. The $511 million monetization proceeds will be treated as an asset sale and will not be recorded as Portfolio Receipts. Following this sale to a syndicate of investors, Royalty Pharma will no longer receive Development Funding Bond payments over the remainder of 2025 and beyond.

BofA Securities, Inc. acted as placement agent on behalf of Royalty Pharma plc.

About Royalty Pharma

Founded in 1996, Royalty Pharma is the largest buyer of biopharmaceutical royalties and a leading funder of innovation across the biopharmaceutical industry, collaborating with innovators from academic institutions, research hospitals and non-profits through small and mid-cap biotechnology companies to leading global pharmaceutical companies. Royalty Pharma has assembled a portfolio of royalties which entitles it to payments based directly on the top-line sales of many of the industry’s leading therapies. Royalty Pharma funds innovation in the biopharmaceutical industry both directly and indirectly – directly when it partners with companies to co-fund late-stage clinical trials and new product launches in exchange for future royalties, and indirectly when it acquires existing royalties from the original innovators. Royalty Pharma’s current portfolio includes royalties on more than 35 commercial products, including Vertex’s Trikafta, GSK’s Trelegy, Roche’s Evrysdi, Johnson & Johnson’s Tremfya, Biogen’s Tysabri and Spinraza, AbbVie and Johnson & Johnson’s Imbruvica, Astellas and Pfizer’s Xtandi, Novartis’ Promacta, Pfizer’s Nurtec ODT and Gilead’s Trodelvy, and 14 development-stage product candidates. For more information, visit www.royaltypharma.com.

Forward-Looking Statements

The information set forth herein does not purport to be complete or to contain all of the information you may desire. Statements contained herein are made as of the date of this document unless stated otherwise, and neither the delivery of this document at any time, nor any sale of securities, shall under any circumstances create an implication that the information contained herein is correct as of any time after such date or that information will be updated or revised to reflect information that subsequently becomes available or changes occurring after the date hereof. This document contains statements that constitute “forward-looking statements” as that term is defined in the United States Private Securities Litigation Reform Act of 1995, including statements that express the company’s opinions, expectations, beliefs, plans, objectives, assumptions or projections regarding future events or future results, in contrast with statements that reflect historical facts. Examples include discussion of Royalty Pharma’s strategies, financing plans, growth opportunities, market growth, and plans for capital deployment. In some cases, you can identify such forward-looking statements by terminology such as “may,” “might,” “will,” “should,” “expects,” “plans,” “anticipates,” “believes,” “estimates,” “target,” “forecast,” “guidance,” “goal,” “predicts,” “project,” “potential” or “continue,” the negative of these terms or similar expressions. Forward-looking statements are based on management’s current beliefs and assumptions and on information currently available to the company. However, these forward-looking statements are not a guarantee of Royalty Pharma’s performance, and you should not place undue reliance on such statements. Forward-looking statements are subject to many risks, uncertainties and other variable circumstances, and other factors. Such risks and uncertainties may cause the statements to be inaccurate and readers are cautioned not to place undue reliance on such statements. Many of these risks are outside of Royalty Pharma’s control and could cause its actual results to differ materially from those it thought would occur. The forward-looking statements included in this document are made only as of the date hereof. Royalty Pharma does not undertake, and specifically declines, any obligation to update any such statements or to publicly announce the results of any revisions to any such statements to reflect future events or developments, except as required by law. For further information, please reference Royalty Pharma’s reports and documents filed with the U.S. Securities and Exchange Commission (“SEC”) by visiting EDGAR on the SEC’s website at www.sec.gov.

Royalty Pharma Investor Relations and Communications

+1 (212) 883-6637
ir@royaltypharma.com

The MIL Network –
January 30, 2025
MIL-OSI: Signing Day Sports Executes Stock Purchase Agreement to Acquire Majority of Capital Stock of Dear Cashmere Group Holding Company d/b/a Swifty Global
Source: GlobeNewswire (MIL-OSI)

SCOTTSDALE, Arizona, Jan. 29, 2025 (GLOBE NEWSWIRE) — Signing Day Sports, Inc. (“Signing Day Sports” or the “Company”) (NYSE American: SGN), the developer of the Signing Day Sports app and platform to aid high school athletes in the recruitment process, today announced the signing of a Stock Purchase Agreement (SPA) to acquire 99.13% of the issued and outstanding capital stock of Dear Cashmere Group Holding Company (OTC: DRCR), doing business as Swifty Global.

Swifty Global is a global online sports and casino technologies company with a track record of revenue growth and profitability.

Swifty Global’s strengths and growth strategies are expected to contribute significantly to the Company’s growth potential, including:
- Strong Financial Performance: Swifty Global achieved revenues of over $128 million and a net profit of approximately $2.44 million for the fiscal year ended December 31, 2023, despite significant investments of nearly $3.1 million in software development and licensing.
- Global Expansion Targeting High Growth Markets: Swifty Global continues to expand its international gambling operations with significant growth opportunities on the horizon. This strategy aligns with the shared vision of both companies to target high-growth markets as a core component of our long-term strategy.
- Rapid Development of New Revenue Generating Technologies: Swifty Global plans to offer data feed services for the online sports gambling industry in the near future. These services are currently expensive and limited in choice, as many sports, such as boxing, have until recently had limited or no live data feed available to allow real-time betting. The Signing Day Sports team has significant experience working with critical sports datapoints and creating sports measurement technologies, which could assist Swifty Global in developing this revenue stream.
Daniel Nelson, CEO of Signing Day Sports, commented, “We are thrilled to announce the signing of the SPA with Swifty Global, which reflects the shared vision and collaboration between our organizations. I extend my sincere appreciation to James Gibbons and Nick Link for their exceptional efforts throughout this process. We see the SPA as a significant step toward accelerated expansion, enabling us to leverage Swifty Global’s cutting-edge SaaS technology to enhance operational efficiency, reduce costs by over 50%, and accelerate product development. Together, we expect to increase user growth, retention, and new revenue opportunities while expanding into emerging markets across Europe, Africa, and the Middle East. Together, we are confident in our ability to build a stronger company, committed to innovation, positioned for global expansion, and powered by cutting-edge technology—delivering exceptional value to our shareholders and clients.”

“Following the closing of the SPA, Swifty Global will operate as a subsidiary of Signing Day Sports, with its financial results fully integrated into our operations. Signing Day Sports’ pre-closing business will likewise operate within a subsidiary of Signing Day Sports.”

James Gibbons, CEO of Swifty Global commented, “The Swifty Global team has worked extremely hard, demonstrating exceptional diligence and discipline in building an outstanding business with a solid foundation. We are excited about the future and look forward to working together to achieve great things.”

Terms of the Transaction

At the closing of the acquisition under the SPA, Signing Day Sports will acquire from James Gibbons and Nicolas Link (the “Sellers”) the common stock and preferred stock of Swifty Global held by them constituting 99.13% of the issued and outstanding capital stock of Swifty Global. Additional sellers holding Swifty Global common stock or preferred stock may enter into substantially identical agreements with Signing Day Sports and also sell their Swifty Global capital stock to Signing Day Sports, which would increase the aggregate percentage of Swifty Global acquired by Signing Day Sports.

At the closing, the Sellers will receive a number of shares of Signing Day Sports common stock that is equal to 19.99% of the issued and outstanding common stock of Signing Day Sports as of the date of the SPA. The balance of the shares that Signing Day Sports must issue to the sellers will be in the form of convertible preferred stock that will have no voting or dividend rights until shareholder approval of conversion and the clearance of an initial listing application with The Nasdaq Stock Market LLC (“Nasdaq”). Signing Day Sports legacy shareholders are expected to retain approximately 8.24% of the post-transaction company’s shares, with the remaining approximately 91.76% being issued to the sellers and the other stockholders of DRCR, based on the number of shares of Signing Day Sports common stock outstanding as of the date of the SPA, subject to adjustment as described below.

At the closing, James Gibbons will become the Chief Executive Officer of Signing Day Sports and remain the Chief Executive Officer of Swifty Global. Signing Day Sports management will remain the management of the Signing Day Sports subsidiary that will be established in connection with the acquisition. One Signing Day Sports executive director will resign, and Mr. Gibbons will be elected to the Signing Day Sports board.

After the closing, Signing Day Sports will consolidate Swifty Global’s financial statements and operate Swifty Global as a subsidiary. Signing Day Sports’ existing assets will be contributed into a newly formed subsidiary.

After the closing, Signing Day Sports will hold a shareholder meeting to, among other things, approve the conversion of the preferred stock issued to the Sellers into common stock, and elect a new board of directors of Signing Day Sports. If the stockholders approve the proposals, the Sellers’ Signing Day Sports preferred stock will convert into 19,782,720 shares of Signing Day Sports common stock. In addition, the board will continue to consist of five members, consisting of one board member nominated by Signing Day Sports, two independent directors and one executive director nominated by Swifty Global’s pre-closing board, and one independent director jointly nominated by both Signing Day Sports and Swifty Global jointly.

Signing Day Sports and Swifty Global will also seek all necessary stockholder, regulatory, and stock exchange consents or approvals, in order for Signing Day Sports to acquire the remaining outstanding equity ownership of Swifty Global not acquired from the Sellers under the SPA or additional stock purchase agreements through a merger of Swifty Global into Signing Day Sports or a wholly-owned subsidiary of Signing Day Sports (the “Merger”). Signing Day Sports will file a registration statement on Form S-4 relating to, among other things, the registration of the offer and sale of the shares of Signing Day Sports common stock to be issued to the stockholders of Swifty Global in the Merger.

Both Signing Day Sports and Swifty Global will collectively seek to raise at least $2.0 million in financing as soon as possible, with the proceeds split equally. These funds will be used for the operations of each of Signing Day Sports and Swifty Global, and the payment of outstanding liabilities of Signing Day Sports, such that there will be no material liabilities of Signing Day Sports remaining at the time of the conversion of the preferred stock. If, at the effective time of the Merger, Signing Day Sports has any indebtedness for borrowed money or liabilities in excess of $150,000 relating to the period prior to the closing, then Signing Day Sports will issue to the legacy stockholders of Swifty Global, including the Sellers, as soon as practicable following the closing of the Merger, a number of shares of Signing Day Sports common stock equal to the aggregate Signing Day Sports liabilities divided by the Applicable Price Per Share (as defined in the SPA).

Both Signing Day Sports and Swifty Global will complete due diligence before the closing under the SPA. The closing is subject to the satisfaction or waiver of closing conditions, including, without limitation, conditional approval from Nasdaq of an initial listing application that has been filed with such exchange, and no assurance can be given that the closing will occur, or that post-closing requirements for the acquisition will be met. From and after the closing, Signing Day Sports is expected to commence trading on the Nasdaq.

The sellers and the officers and directors of Signing Day Sports will be subject to a three-month lock-up period following the closing.

The SPA contains provisions for termination, representations, warranties, covenants, and mutual indemnification provisions.

Advisors to the transaction include Maxim Group LLC, which is serving as exclusive financial advisor to Swifty Global. Lucosky Brookman LLP is serving as counsel to Swifty Global. Bevilacqua PLLC is serving as counsel to Signing Day Sports.

A copy of the SPA will be filed as an exhibit to a current report on Form 8-K to be filed by Signing Day Sports with the U.S. Securities and Exchange Commission (“SEC”) on or about the date of this press release. All parties desiring details regarding the terms and conditions of the proposed acquisition are urged to review that Form 8-K and the exhibits attached thereto, which will be available at the SEC’s website at www.sec.gov.

Signing Day Sports

Signing Day Sports’ mission is to help student-athletes achieve their goal of playing college sports. Signing Day Sports’ app allows student-athletes to build their Signing Day Sports’ recruitment profile, which includes information college coaches need to evaluate and verify them through video technology. The Signing Day Sports app includes a platform to upload a comprehensive data set including video-verified measurables (such as height, weight, 40-yard dash, wingspan, and hand size), academic information (such as official transcripts and SAT/ACT scores), and technical skill videos (such as drills and mechanics that exemplify player mechanics, coordination, and development). For more information about Signing Day Sports, go to https://bit.ly/SigningDaySports.

Swifty Global

Swifty Global is a technology company operating out of London, New York and Dubai developing ground-breaking technology solutions in the gambling and betting sector. Swifty Global aims to drive shareholder value through accelerated innovation and enhanced usability of the products it develops. With licenses spanning several jurisdictions, Swifty Global has successfully brought to market a suite of offerings. This includes the company’s proprietary swipe betting sports prediction application, as well as its traditional sportsbook and casino gaming platform. For more information about Swifty Global, go to https://www.otcmarkets.com/stock/DRCR/profile.

Forward-Looking Statements

This press release contains “forward-looking statements” that are subject to substantial risks and uncertainties. All statements, other than statements of historical fact, contained in this press release are forward-looking statements. Forward-looking statements contained in this press release may be identified by the use of words such as “may,” “could,” “will,” “should,” “would,” “expect,” “plan,” “intend,” “anticipate,” “believe,” “estimate,” “predict,” “potential,” “project” or “continue” or the negative of these terms or other comparable terminology. These statements are only predictions. You should not place undue reliance on forward-looking statements because they involve known and unknown risks, uncertainties and other factors, including without limitation, the Company’s ability to complete the acquisition of Swifty Global and integrate its business, the ability of the Company, the Sellers, and Swifty Global to obtain all necessary consents and approvals in connection with the acquisition, including Nasdaq clearance of an initial listing application in connection with the acquisition, obtain stockholder approval of the matters to be voted on at a stockholders’ meeting to approve matters required to be approved in connection with the SPA, the Company’s ability to obtain sufficient funding to maintain operations and develop additional services and offerings, market acceptance of the Company’s current products and services and planned offerings, competition from existing online and retail offerings or new offerings that may emerge, impacts from strategic changes to the Company’s business on its net sales, revenues, income from continuing operations, or other results of operations, the Company’s ability to attract new users and customers, increase the rate of subscription renewals, and slow the rate of user attrition, the Company’s ability to retain or obtain intellectual property rights, the Company’s ability to adequately support future growth, the Company’s ability to comply with user data privacy laws and other current or anticipated legal requirements, and the Company’s ability to attract and retain key personnel to manage its business effectively. These risks, uncertainties and other factors are described more fully in the section titled “Risk Factors” in the Company’s periodic reports which are filed with the SEC. These risks, uncertainties and other factors are, in some cases, beyond our control and could materially affect results. If one or more of these risks, uncertainties or other factors become applicable, or if our underlying assumptions prove to be incorrect, actual events or results may vary significantly from those implied or projected by the forward-looking statements. No forward-looking statement is a guarantee of future performance. Forward-looking statements contained in this announcement are made as of this date, and the Company undertakes no duty to update such information except as required under applicable law.

Investor Contact:
Crescendo Communications, LLC
212-671-1020
SGN@crescendo-ir.com

The MIL Network –
January 30, 2025

MIL-OSI: ES Bancshares, Inc. Announces Fourth Quarter 2024 Results; Continues Trend of Net Interest Margin Expansion and Asset Quality

Source: GlobeNewswire (MIL-OSI)

STATEN ISLAND, N.Y., Jan. 29, 2025 (GLOBE NEWSWIRE) — ES Bancshares, Inc. (OTCQX: ESBS) (the “Company”) the holding company for Empire State Bank, (the “Bank”) today reported net income of $466 thousand, or $0.03 per diluted common share, for the quarter ended December 31, 2024, compared to a net income of $582 thousand or $0.08 per diluted common share for the quarter ended September 30, 2024.


Key Quarterly Financial Data							2024 Highlights
Performance Metrics		4Q24		3Q24		4Q23	•The Cost of Funds for the three months ended December 31, 2024, improved to 3.02% from 3.02% in the prior linked quarter. •For 3 months ended December 31, 2024, the Company’s net interest margin increased to 2.50% compared to 2.30% for the 3 months ended September 30, 2024. •The Company sold $3 million in SBA 7a loan during the quarter, resulting in a gain on loan sale. •The Company has replaced $56 million of higher-costing wholesale funding with lower cost organic deposits over the nine-months in 2024. •Total Revenues for the quarter ended December 31, 2024, totaled $8.4 million increasing for a second consecutive quarter.
Return on average assets (%)		0.29		0.36		0.05
Return on average equity (%)		3.94		4.98		0.73
Return on average tangible equity (%)		3.99		5.04		0.74
Net interest margin (%)		2.50		2.30		2.28

Income Statement (a)		4Q24		3Q24		4Q23
Net interest income	$	3,876	$	3,567	$	3,454
Non-interest income	$	372	$	609	$	322
Net income	$	466	$	582	$	84
Earnings per diluted common share	$	0.03	$	0.08	$	0.01

Balance Sheet (a)		4Q24		3Q24		4Q23
Average total loans	$	566,031	$	566,031	$	569,515
Average total deposits	$	512,120	$	512,120	$	470,394
Book value per share	$	6.89	$	6.85	$	6.83
Tangible book value per share	$	6.81	$	6.77	$	6.74
(a) In thousands except for per share amounts

Phil Guarnieri, Director, and Chief Executive Officer of ES Bancshares said, “We ended 2024 with positive trends over the last two quarters. The downward turn in interest rates has bolstered our net interest income. The Company’s net interest margin increased by twenty basis points, demonstrating growth for the past three quarters. This coupled with our cost containment program has bolstered our core earnings. The Company’s balance sheet and capital position remain a strength for our Company.”

Selected Balance Sheet Information:

December 31, 2024 vs. December 31, 2023

As of December 31, 2024, total assets were $636.6 million, a decrease of $2.1 million, or 0.3%, as compared to total assets of $638.7 million on December 31, 2023. The decrease can be attributed to a slightly smaller loan portfolio.

Loans receivable, net of Allowance for Credit Losses on Loans totaled $559.3 million, a decrease of 0.8% from December 31, 2023. As of December 31, 2024, the Allowance for Credit Losses on Loans as a percentage of gross loans was 0.91%.

Nonperforming assets, which includes nonaccrual loans and foreclosed real estate were $5.3 million or 0.84% of total assets, as of December 31, 2024, increasing from $1.4 million or 0.22% of total assets at December 31, 2023. The ratio of nonaccrual loans to loans receivable was 0.94%, as of December 31, 2024, and 0.22% for December 31, 2023. The increase from December 31, 2023, was primarily due to one Commercial Real Estate and one 1-4 family investor loan being placed on non-accrual status. Both loans are deemed to be well collateralized and in total amount to $4.0 million.

Total liabilities decreased $3.8 million to $589.1 million at December 31, 2024 from $592.9 million at December 31, 2023. The decrease can be attributed to repayments of brokered deposits and Federal Home Loan (FHLB) borrowings partially offset by growth in core deposits. The growth in deposits was driven by an increase in interest-bearing, non-maturity deposit accounts, as well as interest-bearing deposits.

As of December 31, 2024, the Bank’s Tier 1 capital leverage ratio, common equity tier 1 capital ratio, Tier 1 capital ratio and total capital ratios were 9.31%, 13.68%, 13.68% and 14.93%, respectively, all in excess of the ratios required to be deemed “well-capitalized.” During the Fourth quarter 2024 the Company did not repurchase shares under its stock repurchase program. Book value per common share was $6.89 at December 31, 2024 compared to $6.83 at December 31, 2023. Tangible common book value per share (which represents common equity less goodwill, divided by the number of shares outstanding) was $6.81 at December 31, 2024 compared to $6.74 at December 31, 2023.

Financial Performance Overview:

Three Months Ended December 31, 2024, vs. September 30, 2024

For the three months ended December 31, 2024, the Company net income totaled $466 thousand compared to a net income of $582 thousand for the three months ended September 30, 2024. The decrease can be attributed to lower non-interest income and non-interest expense, partially offset by higher net interest income quarter over quarter.

Net interest income for the three months ended December 31, 2024, increased $309 thousand, to $3.9 million from $3.6 million at three months ended September 30, 2024. The Company’s net interest margin widened by nine basis points to 2.50% for the three months ended December 31, 2024, as compared to 2.30% for the three months ended September 30, 2024. The increase in margin can be attributed to a reduction in the Company’s average cost for its interest-bearing liabilities.

There was a $2 thousand provision for credit losses taken for the three months ended December 31, 2024, compared to a reversal for credit losses of $38 thousand for the three months ended September 30, 2024.

Non-interest income decreased $237 thousand, to $372 thousand for the three months ended December 31, 2024, compared with non-interest income of $609 thousand for the three months ended September 30, 2024. The majority of the decrease can be attributed to lower service charges and fees and no gain on extinguishment of the Company’s subordinated debt, partially offset by the gain on loan sales.

Non-interest expenses totaled $3.6 million for the three months ended December 31, 2024, compared to $3.4 million for the three months ended September 30, 2024. The largest fluctuations quarter over quarter were due to a $154 thousand increase in other expenses, due to a lack of a recovery of collection expenses that we realized in the September 2024 quarter, an increase in employment search fees, and other expenses. The $92 thousand increase in professional fees, due to higher legal and consulting fees as compared to the quarter ended September 30, 2024.

Twelve months ended December 31, 2024 vs. December 31, 2023

For the twelve months ended December 31, 2024, net income totaled $1.1 million in comparison to $1.5 million for the twelve months ended December 31, 2023. The decrease can mainly be attributed to higher costs paid on deposits which increased $5.1 million year over year.

Net interest income for the twelve months ended December 31, 2024, decreased 11% or $1.8 million, to $14.1 million from $15.9 million at December 31, 2023. The decrease can be attributed to increased interest expense for deposits, partially offset by increased interest income earned on the loan portfolio.

Provision for credit losses totaled $12 thousand for the twelve months ended December 31, 2024, compared to a $20 thousand provision for the twelve months ended December 31, 2023.

Non-interest income totaled $1.2 million for the twelve months ended December 31, 2024, compared with noninterest income of $758 thousand for the twelve months ended December 31, 2023. The increase can be attributed to the gain recorded on extinguishment of sub-debt which is partially offset by decreased in gain on sale of loans period over period.

Operating expenses totaled $14.0 million for the twelve months ended December 31, 2024, compared to $15.0 million for the twelve months ended December 31, 2023, or a decrease of 7.1%. The decrease in non-interest expense can be attributed to initiatives taking effect from the cost-cutting program launched in 2024.

About ES Bancshares Inc.
ES Bancshares, Inc. (the “Company”) is incorporated under Maryland law and serves as the holding company for Empire State Bank (the “Bank”). The Company is subject to regulation by the Board of Governors of the Federal Reserve System while the Bank is primarily subject to regulation and supervision by the New York State Department of Financial Services. Currently, the Company does not transact any material business other than through the Bank, its subsidiary.

The Bank was organized under federal law in 2004 as a national bank regulated by the Office of the Comptroller of the Currency. The Bank’s deposits are insured up to legal limits by the FDIC. In March 2009, the Bank converted its charter to a New York State commercial bank charter. The Bank’s principal business is attracting commercial and retail deposits in New York and investing those deposits primarily in loans, consisting of commercial real estate loans, and other commercial loans including SBA and mortgage loans secured by one-to-four-family residences. In addition, the Bank invests in mortgage-backed securities, securities issued by the U.S. Government and agencies thereof, corporate securities and other investments permitted by applicable law and regulations.

We operate from our five Banking Center locations, a Loan Production Office and our Corporate Headquarters located in Staten Island, New York. The Company’s website address is www.esbna.com. The Company’s annual report, quarterly earnings releases and all press releases are available free of charge through its website, as soon as reasonably practicable.

Forward-Looking Statements

This release may contain certain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. For this purpose, any statements contained in this release that are not statements of historical fact may be deemed to be forward-looking statements. Without limiting the foregoing, words such as “may”, “will”, “expect”, “believe”, “anticipate”, “estimate” or “continue” or comparable terminology, are intended to identify forward-looking statements. These statements by their nature involve substantial risks and uncertainties, and actual results may differ materially depending on a variety of factors, many of which are not within ES Bancshares, Inc’s. control. The forward-looking statements included in this release are made only as of the date of this release. We have no intention, and do not assume any obligation, to update these forward-looking statements.

Investor Contact:
Peggy Edwards, Corporate Secretary
(845) 451-7825


ES Bancshares, Inc.
Consolidated Statements of Financial Condition
(in thousands)
		December 31,		December 31,
		2024		2023
		\|—-(unaudited)—-\|
Assets
Cash and cash equivalents	$	26,713		32,728
Securities, net		22,336		15,220
Loans receivable, net:
Real estate mortgage loans		545,569		551,124
Commercial and Lines of Credit		14,418		13,301
Home Equity and Consumer Loans		398		349
Deferred costs		4,084		4,233
Allowance for Loan Credit Losses		(5,137	)	(5,086	)
Total loans receivable, net		559,330		563,920
Accrued interest receivable		2,628		2,625
Investment in restricted stock, at cost		4,335		5,191
Goodwill		581		581
Bank premises and equipment, net		4,845		5,600
Repossessed assets		–		–
Right of use lease assets		5,894		6,415
Bank Owned Life Insurance		5,489		5,341
Other Assets		4,471		1,129
Total Assets	$	636,622		638,750

Liabilities & Stockholders’ Equity
Non-Interest-Bearing Deposits		133,268		109,065
Interest-Bearing Deposits		359,816		328,479
Brokered Deposits		20,750		56,581
Total Deposits		513,834		494,125
Bond Issue, net of costs		11,787		13,708
Borrowed Money		50,084		70,805
Lease Liability		6,172		6,672
Other Liabilities		7,195		7,578
Total Liabilities		589,071		592,888
Stockholders’ equity		47,551		45,862
Total liabilities and stockholders’ equity	$	636,622		638,750


	ES Bancshares, Inc.
	Consolidated Statements of Income
	(in thousands)

	Three Months Ended								Twelve Months Ended
	December 31, 2024		September 30, 2024			December 31, 2023			December 31, 2024		December 31, 2023
	\|————–(unaudited)————–\|								\|—-(unaudited)—-\|
Interest income
Loans	$	7,405	$	7,315		$	7,059		$	29,273	$	26,343
Securities		224		218			110			678		446
Other interest-earning assets		373		428			278			1,624		1,418
Total Interest Income		8,002		7,961			7,447			31,576		28,207
Interest expense
Deposits		3,436		3,674			2,945			14,531		9,052
Borrowings		690		720			1,048			2,950		3,268
Total Interest Expense		4,126		4,394			3,993			17,482		12,320
Net Interest Income		3,876		3,567			3,454			14,094		15,887
(Rev)Prov for Credit Losses		2		(38	)		(83	)		12		20
Net Interest Income after (Rev)Prov for Credit Losses		3,874		3,605			3,537			14,082		15,867
Non-interest income
Service charges and fees		192		264			254			828		762
Gain on loan sales		139		–			30			140		168
Gain on extinguishment of Sub-debt		–		245			–			245		–
Other		42		100			38			314		149
Total non-interest income		372		609			322			1,527		1,080
Non-interest expenses
Compensation and benefits		1,662		1,719			1,745			6,830		7,408
Occupancy and equipment		618		618			646			2,509		2,656
Data processing service fees		295		315			357			1,253		1,396
Professional fees		247		155			357			808		1,104
FDIC & NYS Banking Assessments		132		100			88			428		272
Advertising		64		84			101			308		406
Insurance		56		55			51			208		190
Other		518		365			405			1,622		1,603
Total non-interest expense		3,592		3,411			3,750			13,966		15,035
Income prior to tax expense		654		803			109			1,643		1,912
Income taxes		188		221			25			539		440
Net Income	$	466	$	582		$	84		$	1,104	$	1,472


	ES Bancshares, Inc.
	Average Balance Sheet Data
	For the Three Months Ended (dollars in thousands)
	December 31, 2024						September 30, 2024						June 30, 2024
	Avg Bal		Interest		Average		Avg Bal		Interest		Average		Avg Bal		Interest		Average
	Rolling		Rolling				Rolling		Rolling				Rolling		Rolling
Assets	3 Mos.		3 Mos.		Yield/Cost		3 Mos.		3 Mos.		Yield/Cost		3 Mos.		3 Mos.		Yield/Cost
Interest-earning assets:
Loans receivable	$	564,745	$	7,405	5.24	%	$	566,031	$	7,315	5.17	%	$	569,515	$	7,059	4.96	%
Investment securities		22,898		224	3.91	%		22,480		218	3.87	%		15,957		110	2.75	%
Other interest-earning assets		31,135		373	4.69	%		31,656		428	5.29	%		20,128		278	5.40	%
Total interest-earning assets		618,778		8,002	5.17	%		620,167		7,961	5.13	%		605,600		7,447	4.92	%
Non-interest earning assets		18,048						17,919						16,840
Total assets	$	636,826					$	638,086					$	622,440
Liabilities and Stockholders’ Equity
Interest-bearing liabilities:
Interest-bearing checking	$	32,800	$	27	0.33	%	$	33,512	$	55	0.65	%	$	25,368	$	23	0.36	%
Savings accounts		217,746		1,695	3.09	%		200,248		1,728	3.42	%		123,641		884	2.84	%
Certificates of deposit		166,368		1,714	4.09	%		173,577		1,891	4.32	%		207,091		2,037	3.90	%
Total interest-bearing deposits		416,914		3,436	3.27	%		407,337		3,674	3.58	%		356,101		2,945	3.28	%
Borrowings		50,189		499	3.94	%		52,984		519	3.89	%		76,844		827	4.27	%
Subordinated debenture		11,784		191	6.43	%		13,726		201	5.81	%		13,705		221	6.41	%
Total interest-bearing liabilities		478,887		4,126	3.42	%		474,047		4,394	3.68	%		446,649		3,993	3.55	%
Non-interest-bearing demand deposits		96,011						104,782						114,293
Other liabilities		14,580						13,045						15,803
Total non-interest-bearing liabilities		110,591						117,827						130,096
Stockholders’ equity		47,347						46,211						45,695
Total liabilities and stockholders’ equity	$	636,826					$	638,086					$	622,440
Net interest income			$	3,874					$	3,567					$	3,454
Average interest rate spread					1.75	%					1.46	%					1.37	%
Net interest margin					2.50	%					2.30	%					2.28	%


Five Quarter Performance Ratio Highlights	Three Months Ended
Five Quarter Performance Ratio Highlights	December 31, 2024		September 30, 2024		June 30, 2024		March 31, 2024			December 31, 2023
Performance Ratios (%) – annualized
Return(loss) on Average Assets		0.29		0.36		0.10		(0.07	)		0.05
Return(loss) on Average Equity		3.94		4.98		1.37		(0.90	)		0.73
Return(loss) on Average Tangible Equity		3.99		5.04		1.38		(0.91	)		0.74
Efficiency Ratio		84.58		81.70		92.86		101.08			99.31
Yields / Costs (%)
Average Yield – Interest Earning Assets		5.17		5.13		5.16		5.03			4.92
Average Cost – Interest-bearing Liabilities		3.42		3.69		3.86		3.82			3.55
Net Interest Margin		2.50		2.30		2.21		2.12			2.28
Capital Ratios (%)
Equity / Assets		7.47		7.44		7.12		7.34			7.18
Tangible Equity / Assets		7.38		7.36		7.03		7.26			7.09
Tier I leverage ratio (a)		9.31		9.18		9.30		9.52			9.45
Common equity Tier I capital ratio (a)		13.68		13.67		13.81		13.63			13.60
Tier 1 Risk-based capital ratio (a)		13.68		13.67		13.81		13.63			13.60
Total Risk-based capital ratio (a)		14.93		14.92		15.06		14.88			14.85
Stock Valuation
Book Value	$	6.89	$	6.85	$	6.74	$	6.75		$	6.83
Tangible Book Value	$	6.81	$	6.77	$	6.65	$	6.67		$	6.74
Shares Outstanding (b)		6,900		6,878		6,884		6,834			6,714
Asset Quality (%)
ACL / Total Loans		0.91		0.90		0.90		0.89			0.89
Non Performing Loans / Total Loans		0.94		0.91		0.22		0.24			0.22
Non Performing Assets / Total Assets		0.84		0.81		0.19		0.21			0.22

(a) Ratios at Bank level (b) Shares information presented in thousands

The MIL Network –

January 30, 2025

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