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  • MIL-OSI Security: U.S. Reaches Settlement for Over $100M in Civil Lawsuit Against Owner and Operator of the Vessel That Destroyed the Francis Scott Key Bridge

    Source: United States Attorneys General

    Settlement Will Cover Federal Costs Incurred to Restore Access to the Port of Baltimore

    The Justice Department announced today that Grace Ocean Private Limited and Synergy Marine Private Limited, the Singaporean corporations that owned and operated the Motor Vessel DALI, have agreed to pay $101,980,000 to resolve a civil claim brought by the United States for costs borne in responding to the catastrophic collapse of the Francis Scott Key Bridge.  

    The settlement resolves the United States’ claims for civil damages for $103,078,056 under the Rivers and Harbors Act, Oil Pollution Act, and general maritime law. The settlement monies will go to the U.S. Treasury and to the budgets of several federal agencies directly affected by the allision or involved in the response.

    “Nearly seven months after one of the worst transportation disasters in recent memory, which claimed six lives and caused untold damage, we have reached an important milestone with today’s settlement,” said Principal Deputy Associate Attorney General Benjamin C. Mizer. “Thanks to the hard work of the Justice Department attorneys since day one of this disaster, we were able to secure this early settlement of our claim, just over one month into litigation. This resolution ensures that the costs of the federal government’s cleanup efforts in the Fort McHenry Channel are borne by Grace Ocean and Synergy and not the American taxpayer.”

    “This is a tremendous outcome that fully compensates the United States for the costs it incurred in responding to this disaster and holds the owner and operator of the DALI accountable,” said Principal Deputy Assistant Attorney General Brian M. Boynton, head of the Justice Department’s Civil Division. “The prompt resolution of this matter also avoids the expense associated with litigating this complex case for potentially years.”

    In the early morning hours of March 26, the Motor Vessel DALI left the Port of Baltimore bound for Sri Lanka. While navigating through the Fort McHenry Channel, the vessel lost power, regained power, and then lost power again before striking the bridge. The bridge collapsed and plunged into the water below, tragically killing six people. In addition to this heartbreaking loss of life, the wreck of the DALI and the remains of the bridge were left to obstruct the navigable channel, bringing all shipping into and out of the Port of Baltimore to a standstill. The loss of the bridge also severed a critical highway in the transportation infrastructure and blocked a key artery for local commuters.

    The United States led the response efforts of dozens of federal, state, and local agencies to remove about 50,000 tons of steel, concrete, and asphalt from the channel and from the DALI itself. While removal operations were underway, the United States set up temporary channels to start relieving the bottleneck at the port and mitigate some of the economic devastation caused by the DALI. The Fort McHenry Channel was cleared by June 10, and the Port of Baltimore was once again open for commercial navigation.

    On Sept. 18, the Justice Department filed a civil lawsuit in the U.S. District Court for the District of Maryland, seeking over $100 million in damages from Grace Ocean and Synergy. The Department’s claim was part of a legal action that the vessel companies filed shortly after the tragedy, in which they seek exoneration or limitation of their liability to approximately $43.7 million. Today’s settlement is in addition to $97,294 recently paid by Grace Ocean  to the Coast Guard National Pollution Fund Center for costs incurred to abate the threat of oil pollution arising from the incident.  

    The settlement does not include any damages for the reconstruction of the Francis Scott Key Bridge. The State of Maryland built, owned, maintained, and operated the bridge, and attorneys on the state’s behalf filed their own claim for those damages. Pursuant to the governing regulation, funds recovered by the State of Maryland for reconstruction of the bridge will be used to reduce the project costs paid for in the first instance by federal tax dollars.

    The resolution of the civil matter was handled by attorneys from the Civil Division’s Aviation, Space & Admiralty Litigation Section and the U.S. Attorney’s Office for the District of Maryland, Baltimore Division.

    MIL Security OSI –

  • MIL-OSI Security: Man Who Murdered Fellow Soldier on Military Base in Germany Sentenced to Prison

    Source: United States Attorneys General

    A former U.S. soldier was sentenced today to 30 years in prison for the murder of a pregnant, 19-year-old fellow soldier on a U.S. Army base in Germany over 22 years ago.

    On May 7, a jury in Pensacola, Florida, found Shannon L. Wilkerson, 44, guilty of second-degree murder in the death of Amanda Gonzales.

    According to court documents, Wilkerson beat and strangled Amanda Gonzales to death on Nov. 3, 2001, in her barracks room at Fliegerhorst Kaserne, then a U.S. Army base in Hanau, Germany. Evidence introduced at trial indicated that Wilkerson feared he was the father of Gonzales’ unborn child and that her pregnancy would interfere with his military career and his marriage to another soldier on the base. Wilkerson was a member of the U.S. Armed Forces at the time of the offense but was later discharged.

    “Shannon Wilkerson brutally murdered Amanda Gonzales, a fellow soldier who Wilkerson knew was pregnant at the time,” said Principal Deputy Assistant Attorney General Nicole M. Argentieri, head of the Justice Department’s Criminal Division. “While nothing we can do will reunite Amanda with her family, we hope today’s sentencing brings some measure of closure and comfort to Amanda’s loved ones. I am proud of the dedicated and hardworking members of the Criminal Division and our law enforcement partners, who are committed to pursuing justice for victims of violent crime, no matter how challenging that pursuit may be.”

    “The murder of Amanda Gonzales and her unborn child was a horrific act of violence,” said U.S. Attorney Jason R. Coody for the Northern District of Florida. “This decades-long investigation and resulting prosecution demonstrate the unwavering resolve of our law enforcement partners and their commitment to obtain justice for the victims and their family. The defendant took the life of a 19-year-old woman serving her country far from home — knowing that he was killing her unborn child. The sentence acknowledges the brutal, selfish nature of his crime and imposes just punishment.”

    “Justice for victims is not just a promise, it’s a commitment, no matter how long it takes,” said Assistant Director Chad Yarbrough of the FBI Criminal Investigative Division. “This sentencing comes just as Amanda Gonzales’ family will mark 23 years since she and her unborn child were brutally murdered by Shannon Wilkerson on Nov. 3, 2001. While no amount of prison time will bring the young Army solider back, we hope this will close another chapter in the Gonzales family’s grieving process.”

    The FBI New York and Jacksonville Field Offices investigated this case, with assistance from the Army Criminal Investigative Division, which originally investigated the case.

    Trial Attorney Patrick Jasperse of the Criminal Division’s Human Rights and Special Prosecutions Section and Assistant U.S. Attorney David L. Goldberg for the Northern District of Florida prosecuted the case.

    MIL Security OSI –

  • MIL-OSI Security: Justice Department and Department of Transportation Launch Broad Public Inquiry into the State of Competition in Air Travel

    Source: United States Attorneys General 7

    Agencies Seek Information on Consolidation, Anticompetitive Conduct and a Wide Range of Issues Impacting the Availability and Affordability of Air Travel Options

    The Justice Department’s Antitrust Division and Department of Transportation (DOT) today jointly announced a broad public inquiry into the state of competition in air travel. The agencies are seeking public information on consolidation, anticompetitive conduct and a wide range of issues affecting the availability and affordability of air travel options. The topics covered in the agencies’ joint Request for Information (RFI) include previous airline mergers, exclusionary conduct, airport access, aircraft manufacturing, airline ticket sales, pricing and rewards practices and the experiences of aviation workers.

    “Competition in air travel is a vehicle for better quality, better fares and better choices for Americans,” said Assistant Attorney General Jonathan Kanter of the Justice Department’s Antitrust Division. “With this inquiry, we hope to learn more from the businesses and travelers at the center of this essential industry. Their feedback will ensure the Justice Department can continue to build on its historic efforts to protect competition in air travel.”

    “Americans count on air travel to visit loved ones, explore their country and get business done,” said Transportation Secretary Pete Buttigieg. “Good service and fair prices depend on ensuring that there is real competition, which is especially challenging for the many American communities that have lost service amid airline consolidation. Our goal with this inquiry is to identify and remove barriers to competition so that more Americans can access the opportunities that come with good, affordable air service.”

    The agencies jointly issued the RFI requesting public comments explaining how the air travel industry has been impacted by consolidation and anticompetitive practices and identifying ways to address any harms to competition. Key topics in the RFI include:

    • General state of competition in the aviation sector and its effects on passengers, workers and jobs, regions and local communities and economic growth.
    • Airline consolidation and the effects of previous mergers, common ownership, joint ventures, international alliances, structural advantages, exclusionary conduct and other anticompetitive practices.
    • Airport access and its impact on airlines and their ability to enter and fairly compete in different areas of the country and the world.
    • Aircraft manufacturing and the impact of consolidation and anticompetitive practices on new aircraft manufacture and sale, aircraft leases or secondary markets for used aircraft.
    • Air transportation sales channels, pricing and airline rewards programs and the impact on the availability, access and affordability of air travel.
    • Labor market issues and the effects of consolidation and anticompetitive practices in other parts of the aviation industry on pilots, in-flight crews, ground crews, airport services, union contracts and/or travel agents or other vendors of travel services.

    The public will have 60 days to submit comments at Regulations.gov, no later than Dec. 23. Once submitted, comments will be posted to Regulations.gov. All market participants are invited to provide comments in response to this RFI, including passengers, consumer advocates, pilots, in-flight and ground crews, airport authorities, employers, airlines, private and charter aircraft operators, travel agents, trade groups, industry analysts, purchasers of corporate travel services and other entities that provide or rely upon air travel services.

    The Antitrust Division has previously taken action to protect competition in the passenger air travel industry, including its successful lawsuits to block the proposed merger of JetBlue and Spirit Airlines and to unwind the anticompetitive Northeast Alliance between JetBlue and American Airlines.

    DOT has taken historic action to improve airline passenger rights and oversight of the airline industry. Most recently, prior to the close of the Alaska-Hawaiian Airlines merger, DOT secured binding, enforceable public-interest protections aimed at preventing harms to the traveling public, rural communities and smaller airline competitors. DOT has issued new rules requiring airlines to provide automatic cash refunds when owed and protecting against costly surprise airline junk fees. DOT has also secured enforceable guarantees from airlines to provide food, lodging and other support when they strand passengers. Finally, since 2021, DOT has gotten nearly $4 billion in refunds and reimbursements owed to passengers and issued nearly $225 million in penalties against airlines for consumer protection and civil rights violations.

    MIL Security OSI –

  • MIL-OSI Security: China-Based Chemical Manufacturing Companies and Employees Indicted for Alleged Fentanyl Manufacturing and Distribution

    Source: United States Attorneys General 7

    Today, the Justice Department announced the unsealing of indictments against eight China-based chemical companies and eight employees charging federal crimes, including attempted distribution of synthetic opioids and precursor chemicals used in the production of fentanyl, and money laundering. The indictments were filed under seal in the Middle District of Florida over the past year.

    “Today, the Justice Department announced charges against eight China-based companies and eight individuals we allege are responsible for trafficking precursor chemicals that cartels use to manufacture lethal fentanyl,” said Attorney General Merrick B. Garland. “The global fentanyl supply chain, which ends with the deaths of Americans, often starts with chemical companies based in China. In order to break this critical link in the fentanyl supply chain, the Justice Department has aggressively investigated and prosecuted these companies. We will continue to target every organization and individual that fuels the deadly drug trade.”

    As described in the unsealed indictments, the defendants openly advertised their ability to thwart border officials and deliver the synthetic opioids or the chemicals used to make fentanyl to the Middle District of Florida and elsewhere in the United States. The defendants deliberately engaged in evasive activities, such as mislabeling the contents of shipments to ensure the illicit chemicals and controlled substances went undetected. As a result, these companies were able to sell a stable supply of precursor chemicals to clients in Mexico and the United States for years. One of the companies even represented that every month it sends “more than 20 kilograms to the United States, Africa, Canada, and other countries.” 

    “Today’s indictments against eight China-based chemical companies and eight Chinese nationals are further evidence of DEA’s unwavering commitment to disrupt every aspect of the global fentanyl supply chain,” said Administrator Anne Milgram of the Drug Enforcement Administration (DEA). “For the third time in over a year, DEA investigations have resulted in charges against chemical companies and individuals in China who we allege are supplying chemicals to the cartels to make deadly fentanyl. While they may go to great lengths to try to evade our detection, DEA will use every tool and authority we have to save American lives.”

    The indictments target the evolving tactics of drug traffickers, who often adapt to tightening restrictions on the production and sale of fentanyl. For example, when China banned the production of fentanyl in 2019, China-based companies began producing and selling fentanyl precursors, the ingredients needed to manufacture the drug. These China-based companies distribute fentanyl precursors throughout the world, including to the United States and to Mexico, where drug cartels such as the Sinaloa Cartel and Cartel Jalisco Nueva Generación combine the chemicals into fentanyl and other synthetic opioids that they then distribute throughout the United States and the rest of the world.

    “These indictments are part of our continuing commitment to the protection of our country from the deadly scourge of fentanyl,” said U.S. Attorney Roger B. Handberg for the Middle District of Florida. “Along with our partners at the Drug Enforcement Administration, we will be relentless in our pursuit of China-based chemical companies and their employees who are knowingly manufacturing and exporting fentanyl precursors that cause thousands of deaths every year in the United States.”

    The Justice Department acknowledges the efforts of the People’s Republic of China, Ministry of Public Security. The following indicted companies are now out of operation: Jiangsu Jiyi Chemical, Tianjin Furuntongda Tech Co. Ltd, Wuhan Jinshang Import & Export Trading Co. Ltd., Hubei Shanglin Trading Co., and Wuhan Mingyue Information Technology.

    In addition, the People’s Republic of China has recently scheduled three key chemicals, which in turn provides additional tools for the People’s Republic of China to regulate the chemicals’ production and distribution. DEA Administrator Milgram said, “I would also like to recognize the work done by the People’s Republic of China’s Ministry of Public Security in taking action to schedule protonitazene, piperidone, and 1-BOC-4-AP, which were not scheduled at the time of these investigations, but have now been scheduled.”

    The DEA investigated the cases.

    Assistant U.S. Attorneys David Chee, David Pardo, Lauren Stoia, and Adam McCall and Special Assistant U.S. Attorney Ashley Haynes for the Middle District of Florida are prosecuting the cases.

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

    Case Summaries

    In January, Guangzhou Tengyue Chemical Co. Ltd., based in Guangzhou, Guangdong Province, China, was charged with attempted importation of protonitazene, along with Chinese national Xiaojun Huang, who allegedly maintained a Bitcoin wallet for the remittance of payments for illicit synthetic opioids on the company’s behalf.

    In January, Hubei Shanglin Trading Co., based in Wuhan, Hubei Province, China, was charged with attempted international money laundering, along with Chinese national Zhihan Wang, who was the alleged registered owner of a Bitcoin wallet associated with the company utilized to complete the sale of fentanyl precursors.

    In November 2023, Jiangsu Jiyi Chemical, based in Beijing, Hebei Province, China, was charged with attempted importation of protonitazene, along with Ji Zhaohui, a Chinese national, who was the alleged holder of the Bitcoin wallet associated with the company.

    In January, Tianjin Furuntongda Tech Co. Ltd, based in Tianjin, Hebei Province, China, was charged with attempted importation of fentanyl precursors, along with Wenxing Gao, a Chinese national, who was the alleged registered agent of Tianjin Furuntongda and the owner of a cryptocurrency wallet associated with the company.

    In November 2023, Wuhan Jinshang Import & Export Trading Co. Ltd., based in Wuhan, Hubei Province, China, was charged with attempted importation of protonitazene, attempted importation of a fentanyl precursor, and attempted international money laundering, along with Wenying Nie, a Chinese national, who was the alleged holder of a Bitcoin wallet associated with the company.

    In January, Wuhan Mingyue Information Technology, based in Wuhan, Hubei Province, China, was charged with attempted importation of fentanyl precursors and attempted international money laundering, along with Chinese national Huanhuan Song, who was the alleged recipient of funds via Western Union on the company’s behalf and the alleged holder of a cryptocurrency wallet associated with the company.

    In June, Henan Oumeng Trade Co. Ltd., based in Zhengzhou, Henan Province, China, was charged with attempted importation of protonitazene and attempted international money laundering, along with Yinxia Zhao, a Chinese national, who was the alleged holder of the Bitcoin wallet associated with the company.

    In June, Shanghai Senria New Materials Co. Ltd., doing business as Shanghai Senria Biotechnology Co. Ltd., based in the Fengxian District of Shanghai, China, was charged with attempted importation of protonitazene and attempted international money laundering, along with Zhenbo Han, a Chinese national, who was the alleged holder of the Bitcoin wallet associated with the company.

    An indictment is merely an allegation. All defendants are presumed innocent until proven guilty beyond a reasonable doubt in a court of law.

    MIL Security OSI –

  • MIL-OSI Security: Justice Department Secures Agreement to Resolve Claims of Retaliation at State Farm Corporate Office in Texas

    Source: United States Attorneys General 7

    The Justice Department announced today that it secured a settlement agreement with State Farm Mutual Automobile Insurance Company (State Farm) resolving the department’s determination that one of State Farm’s corporate offices in Richardson, Texas, violated the Immigration and Nationality Act (INA) when it terminated a worker in retaliation for raising concerns about citizenship status discrimination.

    “Workers have the right to oppose perceived discrimination, without retaliation,” said Assistant Attorney General Kristen Clarke of the Justice Department’s Civil Rights Division. “The Justice Department is committed to ensuring workers are able to speak up about discrimination without fear of unlawful retaliation.”

    The Civil Rights Division’s Immigrant and Employee Rights Section (IER) determined that State Farm terminated a worker and placed her on a “do not hire” list because the worker opposed State Farm’s rejection of her valid documentation showing her permission to work. State Farm rejected the worker’s valid documentation, which included a Permanent Resident Card together with a notice from the Department of Homeland Security that extended the validity of the card past the expiration date listed on the card. The worker complained of discrimination and opposed the rejection of the documents. The department determined that State Farm retaliated against the worker when it terminated her employment and labeled her as “do not hire” for complaining about the discrimination.

    Under the terms of the settlement, the company will pay civil penalties to the United States and pay more than $30,000 in backpay to the affected worker who filed a complaint with IER. The agreement also requires State Farm to train its personnel on the INA’s anti-discrimination requirements, revise its employment policies and be subject to departmental monitoring and reporting requirements.

    IER is responsible for enforcing the antidiscrimination provision of the INA. Among other things, the statute prohibits discrimination based on citizenship status and national origin in hiring, firing or recruitment or referral for a fee; unfair documentary practices; or retaliation and intimidation.

    Find more information on how employers can avoid unlawful discrimination and retaliation on IER’s website. Learn more about IER’s work and how to get assistance through this brief video. Applicants or employees who believe they were discriminated against based on their citizenship, immigration status or national origin in hiring, firing, recruitment or during the employment eligibility verification process (Form I-9 and E-Verify); or subjected to retaliation, may file a charge. The public can also call IER’s free hotline at 1-800-255-7688 for workers or at 1-800-255-8155 for employers (1-800-237-2515, TTY for hearing impaired); sign up for a live webinar or watch an on-demand presentation; email IER@usdoj.gov or visit IER’s English and Spanish websites. Sign up for email updates from IER.

    MIL Security OSI –

  • MIL-OSI: Brown & Brown, Inc. Certified™ by Great Place To Work® for the sixth consecutive year; included on the 2024 Fortune Best Workplaces for Women™ list for the fourth year in a row

    Source: GlobeNewswire (MIL-OSI)

    DAYTONA BEACH, Fla., Oct. 24, 2024 (GLOBE NEWSWIRE) — J. Powell Brown, president and chief executive officer, and Julie Turpin, chief people officer, are proud to announce that Brown & Brown, Inc. (“Brown & Brown”) and our team of companies have been Certified™ by Great Place To Work® for the sixth consecutive year, in addition to being included on the 2024 Fortune Best Workplaces for Women™ List for the fourth year in a row.

    “Our teammates are our most valuable resource and at the center of everything we do. Their hard work and commitment to doing what is best for our customers is the driving force behind our shared success, and we couldn’t be prouder of what we’ve accomplished together. Our teammates make Brown & Brown a Great Place To Work,” says Brown. He adds, “Being recognized as a Best Workplace for Women continues to demonstrate our dedication to a culture of inclusivity and belonging, providing the opportunity for growth and development for all teammates.”

    Turpin shares, “Being recognized as a Great Place To Work for the sixth consecutive year is a true reflection of our teammates’ extraordinary talent, dedication and passion—this achievement belongs to every one of them. We’re thrilled to also be recognized as a Best Workplace for Women. This distinction is a powerful affirmation of our commitment to building an environment where diversity is celebrated. It demonstrates our ongoing efforts to ensure that all team members are supported in reaching their full potential across every aspect of their lives.”

    Great Place To Work is the global authority on workplace culture, employee experience, and leadership behaviors proven to deliver market-leading revenue, employee retention and increased innovation. The prestigious award is based entirely on what current teammates say about their experience working for Brown & Brown. This year, 94% of our teammates said it’s a Great Place To Work, and 96% said that you are made to feel welcome when joining the organization.

    “Great Place To Work Certification is the sole official recognition earned by the real-time feedback of employees regarding their company culture. This is a highly coveted achievement that requires consistent and intentional dedication to the overall employee experience,” says Sarah Lewis-Kulin, vice president of global recognition at Great Place To Work. “By successfully earning this recognition, it is evident that Brown & Brown stands out as one of the top companies to work for, providing a great workplace environment for its teammates.”

    To determine the Best Workplaces for Women, Great Place To Work analyzed the survey responses of nearly 600,000 women who work for Great Place To Work Certified™ companies like Brown & Brown. Honorees were selected based on their efforts to close the experience gap and provide access and opportunity to all, regardless of gender or background.

    “Fortune congratulates the companies that made the cut for the Best Workplaces for Women,” says Fortune editor-in-chief Alyson Shontell. “Based on survey responses of so many women nationwide, these companies clearly demonstrate they have created workplaces where many feel valued, supported and encouraged to do their best work.”

    Earlier this year, Brown & Brown was named to Fortune’s 2024 Best Workplaces for Millennials and Best Workplaces in Financial Services & Insurance lists. In addition, Brown & Brown was awarded the 2023-2024 Platinum Level Bell Seal for Workplace Mental Health by Mental Health America (MHA) for the second year.

    We’re Hiring! Experience The Power of WE

    Are you looking to grow your career at a company that puts its people first? Visit our careers page at https://bbinsurance.wd1.myworkdayjobs.com/en-US/Careers.

    About Brown & Brown, Inc.

    Brown & Brown, Inc. (NYSE: BRO) is a leading insurance brokerage firm, delivering risk management solutions to individuals and businesses since 1939. With over 16,000 teammates and 500+ locations worldwide, we are committed to providing innovative strategies to help protect what our customers value most. For more information or to find an office near you, please visit bbinsurance.com.

    About Great Place to Work Certification™

    Great Place To Work® Certification™ is the most definitive “employer-of-choice” recognition that companies aspire to achieve. It is the only recognition based entirely on what employees report about their workplace experience – specifically, how consistently they experience a high-trust workplace. Great Place to Work Certification is recognized worldwide by employees and employers alike and is the global benchmark for identifying and recognizing outstanding employee experience. Every year, more than 10,000 companies across 60 countries apply to get Great Place To Work-Certified.

    About the Fortune Best Workplaces for Women

    Great Place To Work selected the 2024 Fortune Best Workplaces for Women List by analyzing the survey responses of nearly 600,000 employees who work for Great Place To Work Certified™ companies that also meet the criteria for this list. To be eligible, a company must employ at least 50 women, have at least 20% of non-executive managers who are women, and have at least one female C-suite executive. Company rankings are derived from 60 employee experience questions within the Great Place To Work Trust Index™ Survey. Read the full methodology.

    For more information:

    Jenny Goco
    Director of Communications
    (386) 333-6066

    The MIL Network –

  • MIL-OSI: The First of Long Island Corporation Reports Earnings for the Third Quarter of 2024

    Source: GlobeNewswire (MIL-OSI)

    MELVILLE, N.Y., Oct. 24, 2024 (GLOBE NEWSWIRE) — The First of Long Island Corporation (Nasdaq: FLIC, the “Company” or the “Corporation”), the parent of The First National Bank of Long Island (the “Bank”), reported earnings for the three and nine months ended September 30, 2024.

    President and Chief Executive Officer Chris Becker commented on the Company’s results: “We are encouraged by a second consecutive linked quarter showing improvements in key financial metrics. After an increase in the net interest margin of one basis point in the second quarter of 2024 from the first quarter of 2024, the margin increased nine basis points in the third quarter of 2024 when compared to second quarter of 2024. We are optimistic the trend will continue during the fourth quarter of this year. Excluding merger and branch consolidation expenses, our noninterest expense remains well controlled and in line with expectations. Finally, our credit quality results remained strong.”

    Analysis of Earnings – Nine Months Ended September 30, 2024

    Net income and earnings per share (“EPS”) for the nine months ended September 30, 2024, were $13.8 million and $0.61, respectively, as compared to $20.2 million and $0.89, respectively, in the same period of 2023.  Adjusted net income and EPS for the current nine-month period, which exclude merger and branch consolidation expenses, were $14.8 million and $0.66, respectively (see “Non-GAAP Reconciliation” table at the end of this release). The principal drivers of the change in adjusted net income were a decline in net interest income of $11.7 million, or 17.5%, and a provision for credit losses of $740,000 as compared to a provision reversal of $1.2 million in the prior period, partially offset by a loss on sales of securities of $3.5 million in the first quarter of 2023, an increase in remaining noninterest income of $1.4 million, and decreases in noninterest expense of $1.2 million and income tax expense of $2.2 million. The nine months ended 2024 produced a return on average assets (“ROA”) of 0.44%, a return on average equity (“ROE”) of 4.88%, an efficiency ratio of 76.39%, and a net interest margin of 1.83%.  Excluding merger and branch consolidation expenses, adjusted ROA and ROE were 0.47% and 5.23%, respectively, and the adjusted efficiency ratio was 74.21% (see “Non-GAAP Reconciliation” table at the end of this release).

    Net interest income declined when comparing the first nine months of 2024 and 2023 due to an increase in interest expense of $23.4 million that was only partially offset by a $11.7 million increase in interest income. The cost of interest-bearing liabilities increased 109 basis points while the yield on interest-earning assets increased 38 basis points when comparing the nine-month periods.  The Bank’s balance sheet remains liability sensitive, however the pace of repricing of average interest-earning assets began outpacing the repricing of average interest-bearing liabilities in the third quarter.

    The Bank recorded a provision for credit losses of $740,000 for the nine months ended 2024, compared to a provision reversal of $1.2 million in the same period of 2023. The allowance for credit losses declined when compared to year-end 2023 largely due to declines in historical loss rates and reserves on individually evaluated loans, partially offset by a deterioration in current and forecasted economic conditions, including adjustments for rent stabilization status of multifamily properties. The reserve coverage ratio remained stable at 0.88% of total loans at September 30, 2024 as compared to 0.88% at June 30, 2024 and 0.89% at December 31, 2023. Past due loans and nonaccrual loans were at $346,000 and $2.9 million, respectively, on September 30, 2024. Overall credit quality of the loan and investment portfolios remains strong.

    Noninterest income, excluding the loss on sales of securities of $3.5 million in the 2023 period, increased $1.4 million, or 19.1%, when comparing the first nine months of 2024 and 2023. Recurring components of noninterest income including bank-owned life insurance (“BOLI”) and service charges on deposit accounts had increases of 8.0% and 13.4%, respectively. Other noninterest income increased 33.2% and included increases of $469,000 in merchant card services, $232,000 in back-to-back swap fees, and $181,000 in pension income, which were partially offset by a gain on disposition of premises and fixed assets of $240,000 in 2023.

    Noninterest expense increased $254,000, or 0.5%, for the nine months of 2024, as compared to the same period in 2023. Excluding merger and branch consolidation expenses, adjusted noninterest expense decreased by $1.2 million (See “Non-GAAP Reconciliation” table at the end of this release). Reductions in occupancy and equipment expense of $685,000 and telecommunication expense of $383,000 drove the decline in adjusted noninterest expense. The decrease in occupancy and equipment expense was largely due to the ongoing branch optimization strategy, which resulted in the closing of various locations. Telecom expense decreased mainly due to efficiencies associated with system upgrades.

    Income tax expense decreased $2.7 million, and the effective tax rate declined to (0.3)% for the nine months ended 2024 as compared to 11.6% for the same period in prior year. The decline in the effective tax rate is mainly due to an increase in the percentage of pre-tax income derived from the Bank’s real estate investment trust reducing the state and local income tax due. The decrease in income tax expense reflects the lower effective tax rate and a decline in pre-tax income.

    Analysis of Earnings – Third Quarter 2024 Versus Third Quarter 2023

    Net income for the third quarter of 2024 decreased $2.2 million as compared to the third quarter of last year. Adjusted net income for the third quarter decreased by $1.2 million (see “Non-GAAP Reconciliation” table at the end of this release). The change in adjusted net income is mainly attributable to a $2.8 million decline in net interest income for substantially the same reasons discussed above with respect to the nine-month periods along with a $341,000 increase in the provision for credit losses.  Partially offsetting the decreases, was an increase in noninterest income of $966,000 for substantially the same reasons discussed above with respect to the nine-month periods. The quarter produced a ROA of 0.44%, a ROE of 4.77%, an efficiency ratio of 79.09%, and a net interest margin of 1.89%.  On an adjusted basis, ROA and ROE were 0.53% and 5.79%, respectively, and the efficiency ratio was 72.69% (see “Non-GAAP Reconciliation” table at the end of this release).

    Analysis of Earnings –Third Quarter 2024 Versus Second Quarter 2024

    Net income for the third quarter of 2024 decreased $199,000 compared to the second quarter of 2024. Adjusted net income for the third quarter increased by $782,000 (see “Non-GAAP Reconciliation” table at the end of this release). The increase in adjusted net income was partially due to an increase in net interest income of $169,000, a decrease in the provision for credit losses of $400,000, and an increase in back-to-back swap fees of $232,000.  

    Net interest income increased due to an increase in net interest margin. The increase in the net interest margin to 1.89% in the third quarter of 2024 from 1.80% in the second quarter of 2024 was largely due to the repricing of wholesale funding at lower costs largely offsetting the increase in cost of other interest-bearing liabilities while the yield on interest-earning assets continued to rise. Additionally, average interest-bearing deposits decreased $35.8 million and average higher cost borrowings decreased $65.6 million.

    The decrease in income tax expense was substantially due to the same reasons discussed above with respect to the nine-month periods.

    Liquidity

    Total average deposits declined by $89.6 million, or 2.6%, when comparing the nine-month periods of 2024 and 2023. On September 30, 2024, overnight advances and other borrowings were down by $70.0 million and $27.5 million, respectively, from year-end 2023. The Bank had $582.8 million in collateralized borrowing lines with the Federal Home Loan Bank of New York and the Federal Reserve Bank, as well as a $20 million unsecured line of credit with a correspondent bank. We also had $312.9 million in unencumbered cash and securities. In total, we had approximately $915.7 million of available liquidity on September 30, 2024.  At September 30, 2024, uninsured deposits were 45.9% of total deposits. 

    Capital

    The Corporation’s capital position remains strong with a leverage ratio of approximately 10.13% on September 30, 2024.  Book value per share was $17.25 on September 30, 2024, versus $16.83 on December 31, 2023. The accumulated other comprehensive loss component of stockholders’ equity is mainly comprised of a net unrealized loss in the available-for-sale securities portfolio due to higher market interest rates. The Company declared its quarterly cash dividend of $0.21 per share during the quarter. There were no share repurchases during the quarter. The Board and management continue to evaluate the quarterly dividend to provide the best opportunity to maximize shareholder value.

    Forward Looking Information

    This earnings release contains various “forward-looking statements” within the meaning of that term as set forth in Rule 175 of the Securities Act of 1933 and Rule 3b-6 of the Securities Exchange Act of 1934. Such statements are generally contained in sentences including the words “may” or “expect” or “could” or “should” or “would” or “believe” or “anticipate”. The Corporation cautions that these forward-looking statements are subject to numerous assumptions, risks and uncertainties that could cause actual results to differ materially from those contemplated by the forward-looking statements. Factors that could cause future results to vary from current management expectations include, but are not limited to, changing economic conditions; legislative and regulatory changes; monetary and fiscal policies of the federal government; changes in interest rates; deposit flows and the cost of funds; demand for loan products; competition; changes in management’s business strategies; changes in accounting principles, policies or guidelines; changes in real estate values; and other factors discussed in the “risk factors” section of the Corporation’s filings with the Securities and Exchange Commission (“SEC”). The forward-looking statements are made as of the date of this press release, and the Corporation assumes no obligation to update the forward-looking statements or to update the reasons why actual results could differ from those projected in the forward-looking statements.

    For more detailed financial information please see the Corporation’s quarterly report on Form 10-Q for the quarter ended September 30, 2024. The Form 10-Q will be available through the Bank’s website at www.fnbli.com on or about October 28, 2024, when it is anticipated to be electronically filed with the SEC. Our SEC filings are also available on the SEC’s website at www.sec.gov.

               
    CONSOLIDATED BALANCE SHEETS
    (Unaudited)
               
      9/30/2024     12/31/2023  
      (dollars in thousands)  
    Assets:              
    Cash and cash equivalents $ 78,568     $ 60,887  
    Investment securities available-for-sale, at fair value   659,696       695,877  
                   
    Loans:              
    Commercial and industrial   146,440       116,163  
    Secured by real estate:              
    Commercial mortgages   1,950,008       1,919,714  
    Residential mortgages   1,103,937       1,166,887  
    Home equity lines   36,962       44,070  
    Consumer and other   1,150       1,230  
        3,238,497       3,248,064  
    Allowance for credit losses   (28,647 )     (28,992 )
        3,209,850       3,219,072  
                   
    Restricted stock, at cost   28,191       32,659  
    Bank premises and equipment, net   30,180       31,414  
    Right-of-use asset – operating leases   20,359       22,588  
    Bank-owned life insurance   116,192       114,045  
    Pension plan assets, net   10,421       10,740  
    Deferred income tax benefit   27,779       28,996  
    Other assets   20,243       19,622  
      $ 4,201,479     $ 4,235,900  
    Liabilities:              
    Deposits:              
    Checking $ 1,121,871     $ 1,133,184  
    Savings, NOW and money market   1,594,317       1,546,369  
    Time   610,876       591,433  
        3,327,064       3,270,986  
                   
    Overnight advances   —       70,000  
    Other borrowings   445,000       472,500  
    Operating lease liability   22,876       24,940  
    Accrued expenses and other liabilities   17,958       17,328  
        3,812,898       3,855,754  
    Stockholders’ Equity:              
    Common stock, par value $0.10 per share:              
    Authorized, 80,000,000 shares;              
    Issued and outstanding, 22,532,080 and 22,590,942 shares   2,253       2,259  
    Surplus   79,157       79,728  
    Retained earnings   355,541       355,887  
        436,951       437,874  
    Accumulated other comprehensive loss, net of tax   (48,370 )     (57,728 )
        388,581       380,146  
      $ 4,201,479     $ 4,235,900  
                   
                   
    CONSOLIDATED STATEMENTS OF INCOME
    (Unaudited)
               
      Nine Months Ended     Three Months Ended  
      9/30/2024     9/30/2023     9/30/2024     9/30/2023  
      (dollars in thousands)  
    Interest and dividend income:                              
    Loans $ 102,679     $ 94,706     $ 35,026     $ 32,818  
    Investment securities:                              
    Taxable   20,701       15,877       6,229       6,594  
    Nontaxable   2,872       3,976       955       1,004  
        126,252       114,559       42,210       40,416  
    Interest expense:                              
    Savings, NOW and money market deposits   33,637       22,188       12,117       8,802  
    Time deposits   20,748       13,086       6,712       5,785  
    Overnight advances   392       596       125       50  
    Other borrowings   16,283       11,782       4,656       4,347  
        71,060       47,652       23,610       18,984  
    Net interest income   55,192       66,907       18,600       21,432  
    Provision (credit) for credit losses   740       (1,227 )     170       (171 )
    Net interest income after provision (credit) for credit losses   54,452       68,134       18,430       21,603  
                                   
    Noninterest income:                              
    Bank-owned life insurance   2,573       2,383       876       809  
    Service charges on deposit accounts   2,543       2,243       842       703  
    Net loss on sales of securities   —       (3,489 )     —       —  
    Other   3,732       2,802       1,492       732  
        8,848       3,939       3,210       2,244  
    Noninterest expense:                              
    Salaries and employee benefits   29,169       29,268       9,695       9,649  
    Occupancy and equipment   9,289       9,974       2,965       3,253  
    Merger expenses   866       —       866       —  
    Branch consolidation expenses   547       —       547       —  
    Other   9,635       10,010       3,378       3,262  
        49,506       49,252       17,451       16,164  
    Income before income taxes   13,794       22,821       4,189       7,683  
    Income tax (credit) expense   (38 )     2,641       (410 )     883  
    Net income $ 13,832     $ 20,180     $ 4,599     $ 6,800  
                                   
    Share and Per Share Data:                              
    Weighted Average Common Shares   22,520,026       22,538,520       22,529,051       22,569,716  
    Dilutive restricted stock units   87,716       69,010       138,272       86,914  
    Dilutive weighted average common shares   22,607,742       22,607,530       22,667,323       22,656,630  
                                   
    Basic EPS $ 0.61     $ 0.90     $ 0.20     $ 0.30  
    Diluted EPS   0.61       0.89       0.20       0.30  
    Cash Dividends Declared per share   0.63       0.63       0.21       0.21  
                                   
    FINANCIAL RATIOS  
    (Unaudited)  
    ROA   0.44 %     0.64 %     0.44 %     0.63 %
    ROE   4.88       7.29       4.77       7.34  
    Net Interest Margin   1.83       2.21       1.89       2.13  
    Dividend Payout Ratio   103.28       70.79       105.00       70.00  
    Efficiency Ratio   76.39       65.33       79.09       67.51  
                                   
                                   
    PROBLEM AND POTENTIAL PROBLEM LOANS AND ASSETS
    (Unaudited)
               
      9/30/2024     12/31/2023  
      (dollars in thousands)  
    Loans including modifications to borrowers experiencing financial difficulty:              
    Modified and performing according to their modified terms $ 424     $ 431  
    Past due 30 through 89 days   346       3,086  
    Past due 90 days or more and still accruing   —       —  
    Nonaccrual   2,899       1,053  
        3,669       4,570  
    Other real estate owned   —       —  
      $ 3,669     $ 4,570  
                   
    Allowance for credit losses $ 28,647     $ 28,992  
    Allowance for credit losses as a percentage of total loans   0.88 %     0.89 %
    Allowance for credit losses as a multiple of nonaccrual loans   9.9 x     27.5 x
                   
                   
    AVERAGE BALANCE SHEET, INTEREST RATES AND INTEREST DIFFERENTIAL
    (Unaudited)
           
        Nine Months Ended September 30,  
        2024     2023  
        Average     Interest/     Average     Average     Interest/     Average  
    (dollars in thousands)   Balance     Dividends     Rate     Balance     Dividends     Rate  
    Assets:                                                
    Interest-earning bank balances   $ 66,593     $ 2,724       5.46 %   $ 52,163     $ 1,969       5.05 %
    Investment securities:                                                
    Taxable (1)     620,721       17,977       3.86       564,857       13,908       3.28  
    Nontaxable (1) (2)     152,758       3,636       3.17       209,566       5,033       3.20  
    Loans (1) (2)     3,236,794       102,679       4.23       3,266,184       94,708       3.87  
    Total interest-earning assets     4,076,866       127,016       4.15       4,092,770       115,618       3.77  
    Allowance for credit losses     (28,590 )                     (30,531 )                
    Net interest-earning assets     4,048,276                       4,062,239                  
    Cash and due from banks     32,844                       31,410                  
    Premises and equipment, net     30,979                       32,107                  
    Other assets     122,671                       115,167                  
        $ 4,234,770                     $ 4,240,923                  
    Liabilities and Stockholders’ Equity:                                                
    Savings, NOW & money market deposits   $ 1,589,154       33,637       2.83     $ 1,668,506       22,188       1.78  
    Time deposits     625,553       20,748       4.43       536,529       13,086       3.26  
    Total interest-bearing deposits     2,214,707       54,385       3.28       2,205,035       35,274       2.14  
    Overnight advances     9,303       392       5.63       14,993       596       5.31  
    Other borrowings     457,053       16,283       4.76       377,053       11,782       4.18  
    Total interest-bearing liabilities     2,681,063       71,060       3.54       2,597,081       47,652       2.45  
    Checking deposits     1,136,738                       1,236,001                  
    Other liabilities     38,354                       37,736                  
          3,856,155                       3,870,818                  
    Stockholders’ equity     378,615                       370,105                  
        $ 4,234,770                     $ 4,240,923                  
                                                     
    Net interest income (2)           $ 55,956                     $ 67,966          
    Net interest spread (2)                     0.61 %                     1.32 %
    Net interest margin (2)                     1.83 %                     2.21 %
                                                     
    (1) The average balances of loans include nonaccrual loans. The average balances of investment securities exclude unrealized gains and losses on available-for-sale securities.
    (2) Tax-equivalent basis. Interest income on a tax-equivalent basis includes the additional amount of interest income that would have been earned if the Corporation’s investment in tax-exempt loans and investment securities had been made in loans and investment securities subject to federal income taxes yielding the same after-tax income. The tax-equivalent amount of $1.00 of nontaxable income was $1.27 for each period presented using the statutory federal income tax rate of 21%.
       
    AVERAGE BALANCE SHEET, INTEREST RATES AND INTEREST DIFFERENTIAL
    (Unaudited)
           
        Three Months Ended September 30,  
        2024     2023  
        Average     Interest/     Average     Average     Interest/     Average  
    (dollars in thousands)   Balance     Dividends     Rate     Balance     Dividends     Rate  
    Assets:                                                
    Interest-earning bank balances   $ 33,463     $ 453       5.39 %   $ 66,474     $ 902       5.38 %
    Investment securities:                                                
    Taxable (1)     602,446       5,776       3.84       625,827       5,692       3.64  
    Nontaxable (1) (2)     152,278       1,209       3.18       161,423       1,271       3.15  
    Loans (1)     3,237,138       35,026       4.33       3,257,256       32,818       4.03  
    Total interest-earning assets     4,025,325       42,464       4.22       4,110,980       40,683       3.96  
    Allowance for credit losses     (28,495 )                     (29,981 )                
    Net interest-earning assets     3,996,830                       4,080,999                  
    Cash and due from banks     33,028                       33,420                  
    Premises and equipment, net     30,754                       32,268                  
    Other assets     126,428                       113,084                  
        $ 4,187,040                     $ 4,259,771                  
    Liabilities and Stockholders’ Equity:                                                
    Savings, NOW & money market deposits   $ 1,614,294       12,117       2.99     $ 1,655,032       8,802       2.11  
    Time deposits     600,873       6,712       4.44       587,814       5,785       3.90  
    Total interest-bearing deposits     2,215,167       18,829       3.38       2,242,846       14,587       2.58  
    Overnight advances     8,793       125       5.66       3,478       50       5.70  
    Other borrowings     396,739       4,656       4.67       382,500       4,347       4.51  
    Total interest-bearing liabilities     2,620,699       23,610       3.58       2,628,824       18,984       2.87  
    Checking deposits     1,146,274                       1,225,052                  
    Other liabilities     36,805                       38,123                  
          3,803,778                       3,891,999                  
    Stockholders’ equity     383,262                       367,772                  
        $ 4,187,040                     $ 4,259,771                  
                                                     
    Net interest income (2)           $ 18,854                     $ 21,699          
    Net interest spread (2)                     0.64 %                     1.09 %
    Net interest margin (2)                     1.89 %                     2.13 %
                                                     
    (1) The average balances of loans include nonaccrual loans. The average balances of investment securities exclude unrealized gains and losses on available-for-sale securities.
    (2) Tax-equivalent basis. Interest income on a tax-equivalent basis includes the additional amount of interest income that would have been earned if the Corporation’s investment in tax-exempt investment securities had been made in investment securities subject to federal income taxes yielding the same after-tax income. The tax-equivalent amount of $1.00 of nontaxable income was $1.27 for each period presented using the statutory federal income tax rate of 21%.
       

    NON-GAAP RECONCILIATION
    (Unaudited)

    The following tables provide supplemental non-GAAP financial measures which management uses internally to help understand, manage, and evaluate our business performance and to help make operating decisions. These supplemental financial measures are not measurements of financial performance under generally accepted accounting principles in the United States (“GAAP”) and, as a result may not be comparable to similarly titled measures of other companies. The Corporation believes that these non-GAAP financial measures are useful to investors and analysts in comparing our performance across reporting periods on a consistent basis. The Corporation also believes the use of these non-GAAP financial measures can facilitate comparison of our operating results to those of our competitors. The following non-GAAP financial measures exclude merger related and branch consolidation expenses:  

               
      Nine Months Ended     Three Months Ended  
      9/30/2024     9/30/2023     9/30/2024     9/30/2023  
      (dollars in thousands, except per share data)  
    Reconciliation of adjusted net income:                              
    Net income $ 13,832     $ 20,180     $ 4,599     $ 6,800  
    Adjustments to net income:                              
    Merger expenses   866       —       866       —  
    Branch consolidation expenses   547       —       547       —  
    Income tax effect of adjustments (1)   (432 )     —       (432 )     —  
    Adjusted net income $ 14,813     $ 20,180     $ 5,580     $ 6,800  
                                   
    Diluted EPS                              
    Net income $ 13,832     $ 20,180     $ 4,599     $ 6,800  
    Adjusted net income   14,813       20,180       5,580       6,800  
                                   
    Dilutive weighted average common shares   22,607,742       22,607,530       22,667,323       22,656,630  
                                   
    Diluted EPS $ 0.61     $ 0.89     $ 0.20     $ 0.30  
    Adjusted Diluted EPS   0.66       0.89       0.25       0.30  
                                   
    ROA and ROE                              
    Net income $ 13,832     $ 20,180     $ 4,599     $ 6,800  
    Adjusted net income   14,813       20,180       5,580       6,800  
                                   
    Average Total Assets $ 4,234,770     $ 4,240,923     $ 4,187,040     $ 4,259,771  
    Average Total Equity   378,615       370,105       383,262       367,772  
                                   
    ROA   0.44 %     0.64 %     0.44 %     0.63 %
    Adjusted ROA   0.47       0.64       0.53       0.63  
                                   
    ROE   4.88 %     7.29 %     4.77 %     7.34 %
    Adjusted ROE   5.23       7.29       5.79       7.34  
                                   
    Efficiency Ratio                              
    Noninterest expense $ 49,506     $ 49,252     $ 17,451     $ 16,164  
    Adjustments to noninterest expense:                              
    Merger expenses   (866 )     —       (866 )     —  
    Branch consolidation expenses   (547 )     —       (547 )     —  
    Adjusted noninterest expense $ 48,093     $ 49,252     $ 16,038     $ 16,164  
                                   
    Net interest income $ 55,956       67,966       18,854       21,699  
    Noninterest income   8,848       3,939       3,210       2,244  
    Total revenue $ 64,804     $ 71,905     $ 22,064     $ 23,943  
                                   
    Efficiency Ratio   76.39 %     65.33 %     79.09 %     67.51 %
    Adjusted Efficiency Ratio   74.21       65.33       72.69       67.51  
                                   

    (1) Adjustments to net income are taxed at the Corporation’s approximate statutory rate. 

    For More Information Contact:
    Janet Verneuille, SEVP and CFO
    (516) 671-4900, Ext. 7462

    The MIL Network –

  • MIL-OSI: Blue Ribbon Income Fund Announces Monthly Distributions

    Source: GlobeNewswire (MIL-OSI)

    TORONTO, Oct. 24, 2024 (GLOBE NEWSWIRE) — (TSX: RBN.UN) Blue Ribbon Income Fund (the “Fund”) announces distributions in the amount of $0.04 per unit per month for record dates from October to December 2024.

    Record Date   Payment Date
    October 31, 2024   November 14, 2024
    November 29, 2024   December 13, 2024
    December 31, 2024   January 15, 2025

    Since the Fund’s inception in September 1997, the Fund has paid cash distributions of $21.69 per unit.  

    Unitholders are reminded that the Fund offers a distribution reinvestment plan (“DRIP”) which provides unitholders with the ability to automatically reinvest distributions, commission free, and realize the benefits of compound growth. Unitholders can enroll in the DRIP program by contacting their investment advisor.

    For further information, please contact your investment advisor, call Brompton’s investor relations line at 416-642-6000 (toll-free at 1-866-642-6001), email info@bromptongroup.com or visit our website at www.blueribbonincomefund.com.

    You will usually pay brokerage fees to your dealer if you purchase or sell units of the investment fund on the Toronto Stock Exchange or other alternative Canadian trading system (an “exchange”). If the units are purchased or sold on an exchange, investors may pay more than the current net asset value when buying units of the investment fund and may receive less than the current net asset value when selling them.

    There are ongoing fees and expenses associated with owning units of an investment fund. An investment fund must prepare disclosure documents that contain key information about the fund. You can find more detailed information about the Fund in the public filings available at www.sedarplus.ca. Investment funds are not guaranteed, their values change frequently and past performance may not be repeated.

    Certain statements contained in this news release constitute forward-looking information within the meaning of Canadian securities laws. Forward-looking information may relate to matters disclosed in this press release and to other matters identified in public filings relating to the Fund, to the future outlook of the Fund and anticipated events or results and may include statements regarding the future financial performance of the Fund. In some cases, forward-looking information can be identified by terms such as “may”, “will”, “should”, “expect”, “plan”, “anticipate”, “believe”, “intend”, “estimate”, “predict”, “potential”, “continue” or other similar expressions concerning matters that are not historical facts. Actual results may vary from such forward-looking information. Investors should not place undue reliance on forward-looking statements. These forward-looking statements are made as of the date hereof and we assume no obligation to update or revise them to reflect new events or circumstances.

    The MIL Network –

  • MIL-OSI: Mattr Announces Conference Call/Webcast to Discuss Third Quarter 2024 Results Thursday, November 14th, 2024 at 9:00AM ET

    Source: GlobeNewswire (MIL-OSI)

    TORONTO, Oct. 24, 2024 (GLOBE NEWSWIRE) — Mattr Corp. (“Mattr” or the “Company”) (TSX: MATR) announced today that it expects to report its financial results for the period ended September 30th, 2024 on Wednesday, November 13th, 2024 after the market closes for trading on the TSX.

    A conference call/webcast to discuss these results will be held on Thursday, November 14th, 2024 at 9:00am ET. Mattr will use a presentation to accompany its conference call. The presentation can be found on the Company’s website in advance of the earnings call and can also be accessed via the conference call/webcast.

    Please visit the Mattr Investor Centre website at mattr.com or use the following link https://investors.mattr.com/news-events/events-and-presentations for further details.

    About Mattr

    Mattr is a growth-oriented, global materials technology company broadly serving critical infrastructure markets, including transportation, communication, water management, energy and electrification. The Company operates through a network of fixed manufacturing facilities. Its two business segments, Composite Technologies and Connection Technologies, enable responsible renewal and enhancement of critical infrastructure while lowering risk.

    For further information, please contact

    Meghan MacEachern
    VP, External Communications & ESG
    Telephone: 437.341.1848
    Email: meghan.maceachern@mattr.com
    Website: www.mattr.com

    Source: Mattr Corp.

    The MIL Network –

  • MIL-OSI USA: Sorensen Returns Over $3.2 Million to Illinois Neighbors

    Source: United States House of Representatives – Congressman Eric Sorensen (IL-17)

    ROCK ISLAND, IL – Congressman Eric Sorensen (IL-17) is announcing that his office has returned more than $3.2 million to his neighbors through federal casework services since he was sworn into Congress. 

    “My number one job as the representative for Central and Northwestern Illinois in Congress is to make sure the federal government is working on behalf of my neighbors,” said Sorensen. “I know how stressful it can be when you need help from the government and all you get is the runaround. That is where I can step in to get you the help you need. I am proud of the work we have done to put more than $3.2 million of my neighbor’s hard-earned cash back in their pockets. If you need any help dealing with a federal agency, know that I have your back.” 

    The more than $3,263,230 secured for his neighbors across Central and Northwestern Illinois comes as a result of Sorensen and his staff’s work to help constituents get the refunds and benefits they are owed from federal agencies, which include overdue tax returns and delayed Social Security, veterans, and worker’s compensation benefits.  

    Residents of Illinois’ 17th Congressional District who need help with a federal agency are encouraged to contact Sorensen’s office at (309) 786-3406 or fill out a casework request form on Sorensen’s official website. All submissions are reviewed by a member of Sorensen’s staff. 

    The following stories are from constituents that Sorensen’s office has helped: 

    Daniel from Peoria Heights reached out to get help with VA benefits: “I was having trouble having my VA benefits reinstated after they were mistakenly revoked after contacting Representative Sorensen’s office Hillary handle my case and my benefits were reinstated, and I had a check within 30 days.” 

    Holly from Morrison needed help getting issues resolved between her and the IRS: “I reached out in hopes to get help with repeated problems I have been having with the IRS. They were able to reach out on my behalf and figure the issue out. Within a very short timeframe my issues were all resolved.” 

    Deb from Freeport needed to get her families passports renewed quickly and called Sorensen’s office for help: “Staff helped us with the issue we were having trying to renew our passports. If she would not have kept pushing for a resolution, we would not have received them, as the only response we could get was the passport processing center lost them. We are so thankful for their continued excellent fast assistance to our needs.” 

    Katie from Monmouth lost her job and needed help getting her past wages: “Ever since I lost my job at WCCS Head Start, I have had help with gaining information on how to get my past wages that are due. Eric Sorensen’s office has helped me gain information about my situation and ways to improve the outcome.” 

    Bob from Peoria needed help getting Medicare Part B coverage: “I was having difficulty trying to get my Medicare Part B to begin on September 1st, 2023, with our local office of the Social Security Administration. After many failed attempts to get a certain individual to return my calls, as well as several conversations with the Chicago and Maryland offices with no results, I contacted your office. I spoke with staff in your office about my difficulties with this matter on August 31st, 2023, and within three days, our local office received a letter or document from your office, and they got me signed up for Part B on September 15th, 2023, to be effective on September 1st, 2023. Staff were caring and showed extraordinary expedience in helping me get this issue resolved.” 

    Melissa from Rock Island reached out to get help with a refugee family: “Staff assisted me in the process of rescheduling USCIS appointments for a refugee family in Moline. Her assistance has allowed a constituent and her family the opportunity to continue the immigration process more easily. Staff has been friendly, supportive, and knowledgeable every step of the process. We are so grateful for her help.” 

    Congressman Eric Sorensen serves on the House Committee on Agriculture and the House Committee on Science, Space, and Technology. Prior to serving in Congress, Sorensen was a local meteorologist in Rockford and the Quad Cities for nearly 20 years. His district includes Illinois’ Quad Cities, Rockford, Peoria, and Bloomington-Normal.

    ###

    MIL OSI USA News –

  • MIL-OSI USA: Capito Announces $49.7 Million to Upgrade WV’s Drinking Water, Wastewater Infrastructure

    US Senate News:

    Source: United States Senator for West Virginia Shelley Moore Capito

    CHARLESTON, W.Va. — Today, U.S. Senator Shelley Moore Capito (R-W.Va.), Ranking Member of the Senate Environment and Public Works (EPW) Committee, and member of the Senate Appropriations Committee, announced $49.7 million for drinking water and wastewater infrastructure upgrades in West Virginia. This funding was made available through this year’s Clean Water and Drinking Water State Revolving Funds, made possible by the Infrastructure Investment and Jobs Act.

    “A central aspect of the Infrastructure Investment and Jobs Act is delivering the resources our states need to improve and expand their drinking water and wastewater systems, which was commissioned through diligent efforts at the Environment and Public Works Committee. Through that process, we made certain our states maintained the flexibility they need to address the issues most important to their residents, providing a significant boost to our communities and the services they rely on. I’m pleased to see these resources heading our way to further upgrade our local infrastructure and provide safe, clean water for West Virginians,” Ranking Member Capito said.

    BACKGROUND:

    From April 2021: EPW Committee Ranking Member Capito applauded passage of the Drinking Water and Wastewater Infrastructure Act of 2021 (DWWIA 2021), legislation she introduced and co-wrote along with Senator Tom Carper (D-Del.), Chairman of the EPW Committee.

    The Drinking Water and Wastewater Infrastructure Act of 2021 (DWWIA) makes significant investments in the U.S. Environmental Protection Agency’s (EPA) grant and loan programs, including the Clean Water and Drinking Water State Revolving Funds, or SRFs, and the Water Infrastructure Finance and Innovation Act (WIFIA) that are vital to support our nation’s water infrastructure. The legislation was enacted as part of the Infrastructure Investment and Jobs Act.

    MIL OSI USA News –

  • MIL-OSI USA: Capito, Colleagues Announce Intent to Introduce Stand with Israel Act

    US Senate News:

    Source: United States Senator for West Virginia Shelley Moore Capito

    CHARLESTON, W.Va. – U.S. Senator Shelley Moore Capito (R-W.Va.) and more than half of the Senate Republican Conference announced their intent to introduce the Stand with Israel Act when the Senate and House reconvene in November.

    The legislation, which is led by Senate Foreign Relations Committee Ranking Member Jim Risch (R-Idaho), would cut off U.S. funding to United Nations (UN) agencies that expel, downgrade, suspend, or otherwise restrict the participation of the State of Israel. This is companion legislation to bipartisan House bill HR 9394 led by Congressman Mike Lawler (R-N.Y.).

    “The UN and its agencies have increasingly become a platform for anti-Israel forces to target the world’s only Jewish state. At the same time, countries like Iran and Russia have been free to maintain their status while launching ballistic missiles at their neighbors. If this ridiculous project to downgrade the membership of Israel—a free, democratic country and rightful member state—moves forward in the UN, the U.S. has no choice but to finally withdraw all support from a failed institution,” Senator Capito said.

    “Any attempt to alter Israel’s status at the UN is clearly anti-Semitic,” Ranking Member Risch said. “That said, if the UN member states allow the Palestinian Authority and the Palestine Liberation Organization to downgrade Israel’s status at the UN, the U.S. must stop supporting the UN system, as it would clearly be beyond repair. I am disgusted that this outrageous idea has even been discussed, and will do all we can to ensure any changes to Israel’s status will come with consequences.”

    BACKGROUND:

    • Reports indicate that the Palestinian Authority (PA) will attempt to downgrade Israel’s status at the UN.
    • The PA is able to do this after the UN General Assembly passed a biased resolution, which enhanced the PA’s status at the United Nations on May 10, 2024.
    • The Stand with Israel Act would cut off U.S. funding to UN agencies that expel, downgrade, suspend, or otherwise restrict the participation of the State of Israel. The bill is modeled after the current prohibition of funding to any UN entities that elevate the status of the PA to a member state.
    • Senator Capito has supported other efforts to hold the UN accountable for targeting the State of Israel, including a joint statement in response to anti-Israel efforts at the recent UN General Assembly.
    • Senator Capito also joined a December 2023 letter to UN Secretary-General António Guterres after the UN’s failure to condemn and investigate Hamas’s acts of sexual violence on Oct. 7.

    Text of the Stand with Israel Act can be found here.

    MIL OSI USA News –

  • MIL-OSI Canada: Ministry statement on lives lost to poisoned drugs in August and September

    Source: Government of Canada regional news

    Media Contacts

    Ministry of Mental Health and Addictions

    Media Relations
    778 587-3237

    https://news.gov.bc.ca/31759

    MIL OSI Canada News –

  • MIL-OSI USA: Sedalia’s iconic Bothwell Lodge gets a makeover

    Source: US State of Missouri

    JEFFERSON CITY, MO, OCT. 24, 2024 – Visitors travelling through Pettis County along Highway 65 may notice a change to an imposing structure that has become an architectural landmark in Sedalia – the historic Bothwell Lodge.

    Bothwell Lodge State Historic Site will soon undergo some major changes, according to Missouri State Parks Director David Kelly. The changes, although visually noticeable, will bring the lodge’s roof back to what it originally looked like almost 100 years ago.

    “The lodge’s current roof needs replacement due to its age. While the change will seem dramatic, it will be bringing it back to what it looked like when it was originally built,” Kelly said.

    The new roof of the historic Bothwell Lodge will feature a red and gray diamond checkerboard pattern, which will likely draw a lot of attention from the public, Kelly said, as the roof’s current color has faded to a dull gray.

    The project, awarded to Missouri Builders Services of Jefferson City, includes removing the current asbestos shingles and replacing them in accordance with Missouri Department of Natural Resources Air Pollution Control Program requirements. The replacement shingles are a 50-year polymer-based shingle used to match the lodge’s historical look. In addition to the shingles, roof decking, fascia, copper flashing and ornamentation items that have exceeded their useful life also may need to be replaced or repaired.

    “Most people only remember the roof as it is now,” Kelly said. “We have done extensive research and used photos to match what will be the new color and pattern. While the change will be striking, it will actually look more like the original roof.”

    Work is scheduled to begin Nov. 4, and during the removal of the roofing, the part of the park north of the day-use area that includes the historic Bothwell Lodge, as well as the site office/visitor center, will be closed to the public. Lodge tours will not be offered and the site office/visitor center, along with the surrounding grounds, will remain closed to the public. Once the work is completed and the area is safe for visitors to return, that portion of the historic site will reopen to the public.

    Bothwell Lodge State Historic Site is located 19349 Bothwell State Park Road in Sedalia.

    For more information on Missouri State Parks and Historic Sites, visit the web at mostateparks.com. Missouri State Parks is a division of the Missouri Department of Natural Resources.

    MIL OSI USA News –

  • MIL-OSI: Sustainable Power & Infrastructure Split Corp. Increases Class A Share Distribution

    Source: GlobeNewswire (MIL-OSI)

    TORONTO, Oct. 24, 2024 (GLOBE NEWSWIRE) — Sustainable Power & Infrastructure Split Corp. class A shares (the “Class A Shares”) have delivered a 66.6% year-to-date return and a 13.5% per annum return since inception in May 2021(1). As a result of this strong performance, a positive outlook for the sectors Sustainable Power & Infrastructure Split Corp. (the “Fund”) invests in and dividend growth from the Fund’s portfolio holdings, Brompton Funds is pleased to announce an increase to the monthly distribution rate from $0.06667 to $0.085 per Class A Share. The new distribution rate for the Class A Shares of $1.02 per annum, or 10.5%(2) based on the TSX closing price of $9.70 on October 23, 2024, represents a 27.5% increase from the previous level of $0.80 per annum.

    Brompton Funds announces a distribution payable November 14, 2024 to the Fund’s Class A shareholders of record at the close of business on October 31, 2024:

      Ticker Amount per Share
    Sustainable Power & Infrastructure Split Corp. PWI $0.085

    The Fund invests in a globally diversified and actively managed portfolio (the “Portfolio”) consisting primarily of dividend-paying securities of power and infrastructure companies whose assets, products and services Brompton Funds Limited, the manager, believes are facilitating the multi-decade transition toward decarbonization and environmental sustainability. The Portfolio may include investments in companies operating in the areas of renewable power (wind, solar, hydroelectric), green transportation (electric vehicles, energy transportation and storage, railroads, carbon capture), energy efficiency (smart grids, smart meters, building efficiency), and communications (communication networks, 5G wireless technology), among others.

    The Fund’s Class A Shares have significantly outperformed the S&P Global Infrastructure Total Return Index and the MSCI World Total Return Index year-to-date, over 1-year, 3-years, and since inception(1).

    Annual Compound Returns(1) YTD 1-Year 3-Year Inception
    		  
    Sustainable Power & Infrastructure Split Corp. (TSX: PWI) 66.6 % 101.5 % 16.1 % 13.5 %  
    S&P Global Infrastructure Total Return Index 18.0 % 30.8 % 9.6 % 8.2 %  
    MSCI World Total Return Index 19.3 % 32.9 % 9.6 % 9.4 %  


    About Brompton Funds

    Founded in 2000, Brompton is an experienced investment fund manager with income and growth focused investment solutions including exchange-traded funds (ETFs) and other Toronto Stock Exchange (“TSX”) traded investment funds. For further information, please contact your investment advisor, call Brompton’s investor relations line at 416-642-6000 (toll-free at 1-866-642-6001), email info@bromptongroup.com or visit our website at www.bromptongroup.com.

    (1)Returns are for the periods ended September 30, 2024 and are unaudited. Inception date May 21, 2021. The table shows the Fund’s compound returns on a Class A Share for each period indicated, compared with the S&P Global Infrastructure Total Return Index (“Infrastructure Index”), and the MSCI World Index (“MSCI Index”) (together the “Indices”). The Infrastructure Index tracks 75 companies from around the world, chosen to represent the listed infrastructure industry and related operations. The index includes three distinct infrastructure clusters: energy, transportation, and utilities. The MSCI Index captures large‑ and mid‑cap representation across 23 developed markets countries and covers approximately 85% of the free float‑adjusted market capitalization in each country. The Fund is actively managed; therefore, its performance is not expected to mirror that of the Indices, which have more diversified portfolios and include a substantially larger number of companies. Furthermore, the Indices performance is calculated without the deduction of management fees, fund expenses and trading commissions whereas the performance of the Class A Shares is calculated after deducting such fees and expenses. Additionally, the performance of the Class A Shares is impacted by the leverage provided by the Fund’s preferred shares. The performance information shown is based on the net asset value per Class A Share and assumes that cash distributions made by the Fund during the periods shown were reinvested at net asset value per Class A Share in additional Class A Shares of the Fund. Past performance does not necessarily indicate how the Fund will perform in the future.

    (2)No distributions will be paid on the Class A Shares if (i) the distributions payable on the Preferred Shares are in arrears, or (ii) in respect of a cash distribution, after the payment of a cash distribution by the Fund the NAV per unit would be less than $15.00.

    You will usually pay brokerage fees to your dealer if you purchase or sell shares of the investment funds on the TSX or other alternative Canadian trading system (an “exchange”). If the shares are purchased or sold on an exchange, investors may pay more than the current net asset value when buying shares of the investment fund and may receive less than the current net asset value when selling them.

    There are ongoing fees and expenses associated with owning shares of an investment fund. An investment fund must prepare disclosure documents that contain key information about the fund. You can find more detailed information about the Fund in the public filings available at www.sedarplus.ca. The indicated rates of return are the historical annual compounded total returns including changes in share value and reinvestment of all distributions and do not take into account certain fees such as redemption costs or income taxes payable by any securityholder that would have reduced returns. Investment funds are not guaranteed, their values change frequently, and past performance may not be repeated.

    Certain statements contained in this document constitute forward-looking information within the meaning of Canadian securities laws. Forward-looking information may relate to matters disclosed in this document and to other matters identified in public filings relating to the Fund, to the future outlook of the Fund and anticipated events or results and may include statements regarding the future financial performance of the Fund. In some cases, forward-looking information can be identified by terms such as “may”, “will”, “should”, “expect”, “plan”, “anticipate”, “believe”, “intend”, “estimate”, “predict”, “potential”, “continue” or other similar expressions concerning matters that are not historical facts. Actual results may vary from such forward-looking information. Investors should not place undue reliance on forward-looking statements. These forward-looking statements are made as of the date hereof and we assume no obligation to update or revise them to reflect new events or circumstances.

    Certain information contained herein (the “Information”) is sourced from/copyright of MSCI Inc., MSCI ESG Research LLC, or their affiliates (“MSCI”), or information providers (together the “MSCI Parties”) and may have been used to calculate scores, signals, or other indicators. The Information is for internal use only and may not be reproduced or disseminated in whole or part without prior written permission. The Information may not be used for, nor does it constitute, an offer to buy or sell, or a promotion or recommendation of, any security, financial instrument or product, trading strategy, or index, nor should it be taken as an indication or guarantee of any future performance. Some funds may be based on or linked to MSCI indexes, and MSCI may be compensated based on the fund’s assets under management or other measures. MSCI has established an information barrier between index research and certain Information. None of the Information in and of itself can be used to determine which securities to buy or sell or when to buy or sell them. The Information is provided “as is” and the user assumes the entire risk of any use it may make or permit to be made of the Information. No MSCI Party warrants or guarantees the originality, accuracy and/or completeness of the Information and each expressly disclaims all express or implied warranties. No MSCI Party shall have any liability for any errors or omissions in connection with any Information herein, or any liability for any direct, indirect, special, punitive, consequential or any other damages (including lost profits) even if notified of the possibility of such damages.

    The MIL Network –

  • MIL-OSI: Xtract One Announces Annual Fiscal 2024 Results

    Source: GlobeNewswire (MIL-OSI)

    TORONTO, Oct. 24, 2024 (GLOBE NEWSWIRE) — Xtract One Technologies Inc. (TSX: XTRA) (OTCQX: XTRAF) (FRA: 0PL) (“Xtract One” or the “Company”) a leading technology-driven threat detection and security solution that prioritizes the patron access experience by leveraging artificial intelligence (AI), today announced its annual results for the year ended July 31, 2024. All information is in Canadian dollars unless otherwise indicated.

    “What a year it’s been! With record results across the board, we continue to make progress towards profitability through operational execution and higher top line growth,” stated Peter Evans, Chief Executive Officer of Xtract One. “Revenue for the year was $16.4 million – quadruple that of last year – while our combined backlog rose to $26.8 million, reflecting strong demand across all vertical markets. We’re positioning the Company for continued expansion going forward as we are seeing growing interest from all types of customers – stadiums and arenas to schools, business centers, and factories – putting us on track for even greater performance in fiscal 2025.”

    “To add further momentum to this success, the recent introduction of Xtract One Gateway will significantly expand our addressable market, and win rate in those markets, by improving the Company’s competitive positioning. Xtract One Gateway will allow high-traffic facilities like schools, convention centers, and commercial properties to quickly screen patrons who may have laptops, tablets or other large metallic objects while still accurately detecting weapons. As the only product on the market with these capabilities, it’s clearly transformational for us and the industry.”

    Fiscal 2024 Annual Highlights

    • Record revenue of $16.4 million for the year ended July 31, 2024 versus $4.1 million in the prior fiscal year
    • Gross profit margin of 63% for the year ended July 31, 2024 versus 60% in the prior fiscal year
    • Total contract value of new bookings1 was $29.8 million for the year ended July 31, 2024 as compared to $15.0 million during the prior fiscal year
    • Platform contractual backlog was $13.8 million at the end of fiscal 2024 as compared to $4.1 million at the end of fiscal 2023. This excludes an additional $13.0 million of agreements pending installation1 at the end of fiscal 2024 versus $10.4 million at the end of fiscal 2023
    • Loss and comprehensive loss was $11.1 million for the year ended July 31, 2024 as compared to $16.3 million for the prior year
    • Subsequent to July 31, 2024, the Company launched Xtract One Gateway, with advanced bi-directional configurable screening and proprietary sensors, for precise weapons detection at locations where users carry a medium volume of personal items such as laptops

    Fourth Quarter Highlights

    • Record quarterly revenue of $5.6 million for the three months ended July 31, 2024 versus $1.8 million in the prior year period
    • Gross profit margin of 65% for the fourth quarter versus 70% in the prior year period
    • Total contract value of new bookings1 was $5.6 million for the three months ended July 31, 2024 as compared to $5.2 million for the prior year period
    • Loss and comprehensive loss was $2.4 million for the three months ended July 31, 2024 as compared to $3.3 million for the same period in fiscal 2023

    This press release should be read in conjunction with the Company’s Annual Consolidated Financial Statements, prepared in accordance with International Financial Reporting Standards (“IFRS”) and the Company’s Management’s Discussion and Analysis for the years ended July 31, 2024 and 2023, which can be found under the Company’s profile on SEDAR+ at www.sedarplus.ca.

    Conference Call Details

    Xtract One will host a conference call to discuss its results on October 25, 2024 at 10:00 am ET. Peter Evans, CEO and Director, and Karen Hersh, CFO and Corporate Secretary, will provide an overview of the financial results along with management’s outlook for the business, followed by a question-and-answer period.

    The webcast and presentation will be accessible on the Company’s website. The webcast can be accessed here and the telephone number for the conference call is 844-481-3016 (412-317-1881 for international callers).

    About Xtract One Technologies

    Xtract One Technologies is a leading technology-driven provider of threat detection and security solutions leveraging AI to deliver seamless and secure experiences. The Company makes unobtrusive weapons and threat detection systems that enable facility operators to prioritize and deliver improved “Walk-right-In” experiences while providing unprecedented safety. Xtract One’s innovative portfolio of AI-powered Gateway solutions excels at allowing facilities to discreetly screen and identify weapons and other threats at points of entry and exit without disrupting the flow of traffic. With solutions built to serve the unique market needs for schools, hospitals, arenas, stadiums, manufacturing, distribution, and other customers, Xtract One is recognized as a market leader delivering the highest security in combination with the best individual experience. For more information, visit www.xtractone.com or connect on Facebook, X, and LinkedIn.

    For further information, please contact:

    Xtract One Inquiries: info@xtractone.com, http://www.xtractone.com    
    Media Contact: Kristen Aikey, JMG Public Relations, 212-206-1645, kristen@jmgpr.com
    Investor Relations: Chris Witty, Darrow Associates, 646-438-9385, cwitty@darrowir.com

    1Supplementary Financial Measures
    The Company utilizes specific supplementary financial measures in this earnings release to allow for a better evaluation of the operating performance of the Company’s business and facilitates meaningful comparison of results in the current period with those in prior periods and future periods. Supplementary financial measures do not have any standardized meaning prescribed under IFRS and therefore may not be comparable to measures presented by other companies. Supplementary financial measures presented in this earnings release include ‘Agreements pending installation’ and ‘Total contract value of new bookings.’ Agreements pending installation reflects total value of signed contracts awarded to the Company that has not been installed at the customer site. ‘Total contract value of new bookings’ is comprised of all new contracts signed and awarded to the Company, regardless of the performance obligations outstanding as of the end of the reporting period. Total contract value is the aggregate value of sales commitments from customers as at the end of the reporting period without consideration of the Company’s completion of the associated performance obligations outlined in each contract.

    Forward Looking Statements

    This news release contains forward-looking statements within the meaning of applicable securities laws that are not historical facts. Forward-looking statements are often identified by terms such as “will”, “may”, “should”, “anticipates”, “expects”, “believes”, and similar expressions or the negative of these words or other comparable terminology. All statements other than statements of historical fact, included in this release are forward-looking statements that involve risks and uncertainties. There can be no assurance that such statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements. Important factors that could cause actual results to differ materially from the Company’s expectations include but are not limited to the risks detailed from time to time in the continuous disclosure filings made by the Company with securities regulations. The reader is cautioned that assumptions used in the preparation of any forward-looking information may prove to be incorrect. Events or circumstances may cause actual results to differ materially from those predicted, as a result of numerous known and unknown risks, uncertainties, and other factors, many of which are beyond the control of the Company. The reader is cautioned not to place undue reliance on any forward-looking information. Such information, although considered reasonable by management at the time of preparation, may prove to be incorrect and actual results may differ materially from those anticipated. Forward-looking statements contained in this news release are expressly qualified by this cautionary statement. The forward-looking statements contained in this news release are made as of the date of this news release and the Company will update or revise publicly any of the included forward-looking statements only as expressly required by applicable law.

    No securities exchange or commission has reviewed or accepts responsibility for the adequacy or accuracy of this release.

    Consolidated Statements of Loss and Comprehensive Loss for the Years Ended July 31, 2024 and 2023

    The following table is extracted from the Company’s consolidated financial statements and presented in Canadian dollars to demonstrate the Statements of Loss and Comprehensive loss for the years ended July 31, 2024 and 2023:

            2024       2023    
                 
    Revenue          
    Platform revenue   $ 15,969,996     $ 3,596,999    
    Xtract revenue     388,011       514,245    
    Total revenue   $ 16,358,007     $ 4,111,244    
                 
    Cost of revenue          
    Platform cost of revenue   $ 5,858,611     $ 1,383,623    
    Xtract cost of revenue     241,377       242,724    
    Total cost of revenue   $ 6,099,988     $ 1,626,347    
                 
    Gross profit   $ 10,258,019     $ 2,484,897    
                 
    Operating expenses          
    Selling and marketing   $ 5,593,432     $ 4,566,130    
    General and administration     7,479,609       6,813,847    
    Research and development     8,265,043       7,078,280    
    Loss on inventory write-down     175,042       346,374    
    Loss on retirement of assets     95,066       181,107    
    Total operating expenses   $ 21,608,192     $ 18,985,738    
                 
    Loss from operations     (11,350,173 )     (16,500,841 )  
                 
    Other income (loss)          
    Unrealized gain on investments     –       58,333    
    Realized loss on investment     –       (55,082 )  
    Interest and other income     285,318       161,117    
                 
    Loss and comprehensive loss for the year     $ (11,064,855 )   $ (16,336,473 )  
                 
    Weighted average number of shares     203,820,258       176,664,492    
                 
    Basic and diluted loss per share   $ (0.05 )   $ (0.09 )  
                 

    Consolidated Statements of Financial Position as at July 31, 2024 and 2023

    The following table is extracted from the Company’s consolidated financial statements and presented in Canadian dollars to demonstrate the Company’s financial position as at July 31, 2024 and July 31, 2023:

        July 31, 2024   July 31, 2023
    Assets      
    Current assets      
      Cash and cash equivalents $ 8,628,521     $ 8,327,449  
      Receivables   3,862,199       847,429  
      Prepaid expenses and deposits   949,012       1,026,668  
      Current portion of deferred cost of revenue   371,309       –  
      Inventory   3,688,246       1,602,971  
             
          17,499,287       11,804,517  
             
    Property and equipment   2,135,956       2,063,817  
    Intangible assets   4,465,755       4,843,700  
    Non-current portion of deferred cost of revenue   496,868       –  
    Right of use assets   344,304       286,796  
             
    Total assets $ 24,942,170     $ 18,998,830  
             
    Liabilities      
    Current liabilities      
      Accounts payable and accrued liabilities $ 3,991,292     $ 2,519,350  
      Current portion of deferred revenue   3,443,524       968,509  
      Current portion of lease liability   190,400       232,483  
             
          7,625,216       3,720,342  
             
    Non-Current liabilities      
      Non-current portion of deferred revenue   3,155,579       411,232  
      Non-current portion of lease liability   190,526       124,358  
             
        $ 10,971,321     $ 4,255,932  
             
    Shareholders’ equity      
      Share capital $ 144,372,452     $ 135,823,337  
      Contributed surplus   16,163,950       14,420,259  
      Accumulated deficit   (146,565,553 )     (135,500,698 )
             
        $ 13,970,849     $ 14,742,898  
             
    Total liabilities and shareholders’ equity $ 24,942,170     $ 18,998,830  
             


    Consolidated Statements of Cash Flows for the Years Ended July 31, 2024 and 2023

    The following table is extracted from the Company’s consolidated financial statements and presented in Canadian dollars to demonstrate the Company’s cash flows for the years ended July 31, 2024 and 2023:

              2024       2023    
    Cash flow used in operating activities          
      Loss and comprehensive loss for the year   $ (11,064,855 )   $ (16,336,473 )  
      Adjustment for:          
        Share-based compensation     1,036,744       950,536    
        Depreciation     1,303,571       923,764    
        Amortization     805,900       805,900    
        Finance cost     22,420       42,237    
        Loss on inventory     175,042       346,374    
        Loss on retirement of assets     95,066       181,107    
        Other income     –       (20,000 )  
        Realized loss on investments     –       55,082    
        Unrealized gain on investments     –       (58,333 )  
                   
              (7,626,112 )     (13,109,806 )  
      Changes in non-cash working capital          
        Receivables     (3,014,770 )     1,047,727    
        Prepaid expenses and deposits     77,656       (358,018 )  
        Inventory     (4,522,739 )     (2,198,583 )  
        Deferred cost of revenue     250,853       –    
        Accounts payable and accrued liabilities     1,471,942       (99,732 )  
        Deferred revenue     5,219,362       1,183,090    
                   
      Cash used in operating activities     (8,143,808 )     (13,535,322 )  
                   
    Cash flow used in investing activities          
      Acquisition of intangible assets     (427,955 )     –    
      Acquisition of right of use asset     (1,800 )     –    
      Purchase of property and equipment     –       (32,539 )  
      Disposal of investment – Gemina Labs     –       397,001    
                   
      Cash (used in) received from investing activities     (429,755 )     364,462    
                   
    Cash flow from financing activities          
      Proceeds on issue of share capital, net of share issue costs   9,256,062       15,583,660    
      Lease payments     (381,427 )     (362,672 )  
                   
      Cash received from financing activities     8,874,635       15,220,988    
                   
    Net increase in cash for the year   $ 301,072     $ 2,050,128    
                   
    Cash beginning of the year     8,327,449       6,277,321    
                   
    Cash end of the year   $ 8,628,521     $ 8,327,449    
                   

    The MIL Network –

  • MIL-Evening Report: Stoneflies change colour in response to deforestation, suggesting humans can alter evolution – new research

    Source: The Conversation (Au and NZ) – By Jonathan Waters, Professor of Zoology, University of Otago

    Author provided, CC BY-SA

    As we continue to change the planet, scientists are worried we might also be altering the evolutionary trajectories of the species that live alongside us, perhaps even including some irreversible shifts.

    Certainly, the evidence for change is everywhere. As the planet warms, species’ ranges are shifting and their life cycles are changing. As we harvest the largest fish in the ocean, the species affected are now maturing at smaller sizes.

    But are these shifts we observe in wild populations underpinned by genetic changes (mutations in the DNA) or are they simply flexible responses to environmental change? If the changes are genetic, how are they happening?

    So far, researchers have observed fewer clear-cut examples of human-induced evolution in the wild than one might imagine. But our new study may provide a new “textbook” case of human-driven evolution in wild insects.

    Our findings are centred on an intriguing case of “mimicry” from New Zealand, in which a harmless insect has evolved to mimic the warning colours of a highly toxic species.

    Forest removal drives colour shift

    Convincingly demonstrating “evolution in action” involves finding the agents of natural selection (environmental factors driving the change) and discovering the genetic mechanism.

    Until now, the peppered moth was the “classic” example of human-driven evolution. Dark-coloured specimens of the moth suddenly appeared during the 19th century. It was a likely response to industrial pollution which meant light-coloured individuals were no longer blending in to the increasingly sooty British environment. Despite its broad appeal, some aspects of even this famous case have been criticised as unclear and anecdotal.

    We worked on stoneflies and the impact of deforestation.

    The black stonefly Austroperla lives in forests. It produces cyanide to deter potential predators, and to advertise its toxicity this species has high-contrast black, white and yellow markings, reminiscent of wasp colouration.

    The non-toxic Zelandoperla stonefly has evolved astonishingly similar warning colouration, apparently to trick predators (forest birds) into assuming that it, too, is toxic. The intricate and unique ecological interactions between these insects and their predators have apparently evolved together over millions of years.

    Dark coloured Zelandoperla stoneflies (middle) mimic the poisonous Austroperla (top), which are abundant in forests. Recent forest clearance has eliminated Austroperla from many regions of New Zealand. In response, Zelandoperla populations have quickly evolved lighter colouration (bottom).
    Graham McCulloch, Jon Waters, CC BY-SA

    Where do humans come into this story? Aotearoa New Zealand was the last major landmass to be colonised by people. In many places the human impacts on its ecosystems have been devastating.

    In addition to species extinctions, New Zealand has lost much of its original native forest cover in just a few centuries. This deforestation has wiped out countless populations of forest birds, along with the poisonous, forest-dependent Austroperla.

    Our study reveals this widespread deforestation has also proven a game changer for the stonefly “mimic”. As its predators and the poisonous species it mimics have vanished from many regions, there is no longer much point in displaying warning colouration.

    In an astonishing about-turn, Zelandoperla populations from deforested habitats have quickly lost their spectacular “mimic” colouration. It turns out that the production of this intricate colouration was costly, and when no longer essential, evolution rapidly removed it – in a case of “use it or lose it”.

    Human-driven deforestation in New Zealand has altered species interactions in a mimicry system, leading to rapid evolution of insect colour.
    Graham McCulloch, Jon Waters, CC BY-SA

    Genetic change

    In our study, we compared insect populations across several parts of the South Island. We found a remarkably consistent picture. The removal of forest has driven similar colour shifts across different deforested regions.

    The finding that evolutionary change can be “predictable” offers hope that scientists can use evolutionary theory to predict future biodiversity shifts.

    Stonefly models helped to reveal the role of birds.
    Author provided, CC BY-SA

    How do we know birds have played a key role in this rapid colour change? By placing stonefly models of different colours in a variety of habitats, we were able to demonstrate that birds only avoid attacking stoneflies with the “warning” colouration when they are in forests.

    Another challenge was to show that this colour change represents evolution at the DNA level rather than a flexible response to environmental change. We looked at genetic variation across the Zelandoperla genome and found that just a single gene – ebony – is almost completely responsible for this colour evolution.

    Our study also reveals the pace of evolutionary change. By comparing regions deforested soon after human arrival (for example Central Otago, which was deforested around 600 to 700 years ago) with those cleared much more recently (Otago Peninsula, 150 years ago), we show that evolution has proceeded steadily yet inexorably over this human timeframe.

    On the positive side, the finding that at least some of our native species can adapt in the face of rapid environmental change suggests ongoing resilience of our native biodiversity. However, our results also highlight how quickly the intricate interactions that have evolved among native species over millennia can be lost from disturbed ecosystems.

    These new findings raise tantalising questions about the potential to reverse the negative impacts of deforestation on our native biodiversity. In particular, our increasing focus on reforestation and ecological restoration provides hope for restoring the complex ecosystems we have inherited.

    Jonathan Waters receives funding from the RSNZ Marsden Fund.

    Graham McCulloch receives funding from the RSNZ Marsden Fund

    – ref. Stoneflies change colour in response to deforestation, suggesting humans can alter evolution – new research – https://theconversation.com/stoneflies-change-colour-in-response-to-deforestation-suggesting-humans-can-alter-evolution-new-research-242008

    MIL OSI Analysis – EveningReport.nz –

  • MIL-OSI Canada: Speaking notes for the Honourable Marc Miller, Minister of Immigration, Refugees and Citizenship: Government of Canada reduces immigration

    Source: Government of Canada News

    Speech

    Check against delivery. This speech has been translated in accordance with the Government of Canada’s official languages policy and edited for posting and distribution in accordance with its communications policy.

    Speech was delivered on October 24, 2024 in Ottawa, Ontario.

    Bonjour tout le monde. Good morning. Thank you for being here today.

    I’ll begin by acknowledging that we are gathering on the traditional and unceded territory of the Algonquin Anishinaabeg People.

    I’d like to acknowledge the Prime Minister, and my colleagues for being here today.

    Immigration is essential for our country’s economy and accounts for almost 100% of Canada’s labour force growth. In response to the global pandemic and labour shortages, we brought in temporary measures to attract some of the world’s best and brightest to study and work in Canada, which supported the urgent needs of businesses.

    The plan worked by helping our economy navigate a challenging period and recover more quickly.

    Since then, our economy and the world have changed. While we see signs of improvement, families and communities across the country continue to face challenges.

    The pressures on housing and social services require a more sustainable approach to welcoming newcomers. It is also clear that Canadians want the federal government to better manage the immigration system.

    For the first time, the Immigration Levels Plan includes targets for temporary residents, such as international students and temporary foreign workers, as well as for permanent residents. This more comprehensive approach to welcoming newcomers will help preserve the integrity of our immigration system, respond to the needs and challenges of communities, and set up newcomers for success by having adequate resources to support them.

    Temporary Resident Programs

    Over the last two years, 60% of all newcomers were temporary residents, including international students, temporary workers, and some arriving through humanitarian programs.

    This fast growth resulted in Canadians and newcomers facing challenges and integrity issues that we have already begun to address.

    Today’s plan fulfills the commitment I made earlier this year: to reduce volumes of temporary residents coming and staying in Canada.

    This brings temporary resident planning in line with permanent resident programs, providing greater predictability and transparency to our immigration system.

    For international students, we worked with partners to

    • implement a cap on international students
    • tighten controls on study permits, including the requirement for provincial attestation letters
    • limit access to work permits for graduates – including private-public partnerships that were driving up program admissions

    The changes have worked: in the first nine months of the year, we had fewer international students coming to Canada – down 43% compared to 2023. The result is that local communities face lower rental prices in parts of the country that saw large numbers of students in recent years, and international students are receiving better services and support. For example, in Vancouver, one- and two-bedroom apartment rental prices are down more than 10%, and Toronto over 8%.

    With my colleague, Minister Boissonnault, the government ended temporary pandemic measures regarding the Temporary Foreign Worker Program by bringing in restrictions and controls to limit access for companies employing low-wage workers.

    These changes will help our partners, including provinces, territories and municipalities, align their capacities and allow populations to grow at a more sustainable pace as we encourage institutions to do their part in better welcoming newcomers.

    Our plan reaffirms the government’s commitment to reduce non‑permanent resident volumes to 5% of Canada’s population by the end of 2026.

    With these reduction measures, Canada’s temporary population will decrease over the next few years as significantly more temporary residents will transition to permanent residents or leave Canada compared to new ones arriving. Specifically, compared to each previous year, we will see Canada’s temporary population decline by

    • 445,901 in 2025
    • 445,662 in 2026
    • a modest increase of 17,439 in 2027

    Our actions to-date and levels plan for 2025 will mean that the number of newcomers will decrease over the next few years because significantly more temporary residents will leave Canada compared to those new arrivals.

    Permanent Resident Programs

    It’s clear that our country still needs newcomers to help grow our economy, fill skills and labour gaps, and address challenges like building new homes and providing quality health care.

    With our aging population and people living longer, we need more workers to support important social programs like health care, public pensions and infrastructure.

    But we see the pressures facing our country and are adapting our policies so that Canadians and newcomers alike have access to the quality jobs, homes, and support they need to thrive.

    We have listened to Canadians. That is why we are adjusting the plan and reducing our permanent resident targets. The plan focuses on attracting skilled workers, helping reunite families, and resettling refugees.

    Canada will reduce its permanent immigration targets to align with our economic needs

    • from 500,000 down to 395,000 in 2025;
    • from 500,000 to 380,000 in 2026; and
    • setting a target of 365,000 in 2027.

    These lower permanent resident targets are expected to reduce the housing supply gap by about 670,000 units by the end of 2027.

    We will prioritize permanent resident spots for temporary residents like international students or temporary workers who are already in Canada, by facilitating their transition.

    This means over 40% of permanent residents will come from temporary residents that are already in Canada. These skilled, educated newcomers can continue to support the workforce and economy, without placing additional demands on our social services. Newcomers with experience in Canada show greater long-term success.

    Adjustments will be made to our economic immigration streams to prioritize the transition of workers already here to permanent residence and to be responsive to labour market needs – our In‑Canada Focus. We will put emphasis on our federal economic priorities in programs including provincial nominee programs, the Canadian Experience Class, and regional immigration programs to attract the workers we need such as those in health care and trades occupations.

    Canadians are proud of our country’s reputation as a leader in refugee resettlement. While our refugee resettlement targets are reduced as a result of overall reductions, our commitment to some of the world’s most vulnerable people remains.

    We also understand the importance of reuniting families and loved ones, including spouses, children, parents, and grandparents. That’s why we are continuing to allocate almost 24% of our overall permanent resident admissions to family immigration in 2025.

    And we continue to strengthen Francophone communities outside Quebec. We will target nearly 30,000 French-speaking newcomers in 2025, representing over 8.5% of total admissions, rising to 9.5% in 2026, and 10% of newcomers in 2027.

    This means that despite the decrease in overall PR targets, the number of Francophone newcomers that we hope to settle outside Quebec will continue to increase year over year. This will help support our plan to restore the demographic weight of Francophone communities outside of Quebec.

    Regularization

    Regarding undocumented individuals in Canada, we have been clear that a broad program would not be pursued. However, we will set a small number of admissions for individuals that would be regularized through an initiative focused on those that worked in essential service industries.

    Conclusion

    I want Canadians to know we are listening. We’re aware of our country’s current challenges and are stepping up to address Canada’s evolving needs.

    Our immigration plan will support our economy while responding to the pressures that families and communities are facing today.

    Canada’s immigration plan for the next three years will pause our population growth in the short term to maintain well‑managed and sustainable growth for the long term.

    Our changes over the last year are working. Today’s plan will build on our support for communities and employers while upholding our humanitarian commitments and Canadian values.

    We will pause growth from immigration for two years. It will allow us to get back on pre-pandemic population growth trajectory by 2027 so that over the long term we can continue to grow our economic and social prosperity through immigration.

    We are making immigration work and leveraging our existing programs so that everyone has access to the quality jobs, homes, and supports they need. We are supporting newcomers’ integration and giving them a fair shot in Canada.

    Thank you.

    MIL OSI Canada News –

  • MIL-OSI Australia: 1206 2CC Breakfast with Stephen Cenatiempo

    Source: Australia Government Ministerial Statements

    STEPHEN CENATIEMPO: All right. I want to talk federal politics a little bit further. We’re joined by Kristy McBain, the Minister for Regional Development, Territories and Local Government and the Member for Eden-Monaro. Kristy, good morning. 

    KRISTY MCBAIN: Good morning Stephen. 

    CENATIEMPO: Now I’m going to leave you out of the energy debate for the moment because it’s not your portfolio, but something in the time that you and I have been talking, you’ve been very critical of the previous government and what the current government likes to call rorts, whether it’s sports rorts, car park rorts, all of this. Well, it now turns out you guys are just as bad because the Housing Support Program is pouring money into Labor electorates and marginal electorates that you’re trying to pick up. Pot calling the kettle black, much? 

    MCBAIN: Our Housing Support Program Stream One has been announced, which is for a range of assistance to councils to help them with planning. Stream Two is not yet announced, which is the enabling infrastructure that will help build the water and sewer connections, the roads, kerbs and guttering to get more housing underway. It’s really important that enabling infrastructure is taken off councils that may have to do it themselves if they own the land. Developers are saying, if we did all of that, the blocks become too expensive and nothing will get built. We’re contributing in a number of ways to make sure that housing is more affordable for Australians out there, whether it’s through enabling infrastructure, whether it’s through the Housing Australia Future Fund.

    CENATIEMPO: Kristy, that’s not the argument here. The argument is that it’s going into like key Labor electorates, and Coalition seats that you’re targeting, exactly like car park and sports rorts. 

    MCBAIN: I haven’t seen any of those reports. The decisions have been made by the department, not by Ministers. It is important that we deal with what’s in front of us, and that’s transparency. If it’s been made by the department, it’s been made by the department. We’ve gone through round one of the Growing Regions Fund, which was audited in real time. Those projects were found to stack up to the guidelines. They were across a range of electorates. We’ve been walking the talk and saying, this is what we’re going to be, as transparent as possible as the decisions are made by the department. That’s what they are.

    CENATIEMPO: Except for the Housing Support Fund. All right, let’s talk housing while we’re at it. You’ve hit out a Bridget McKenzie for saying the Commonwealth shouldn’t fund housing. Well, the reality is, the Commonwealth’s not going to fund housing. You’re funding around the edges, which is exactly what the Opposition is saying we should do with their $5 billion package. 

    MCBAIN: What I found quite extraordinary about Bridget McKenzie’s comments was that she said we shouldn’t fund housing in regional areas. That we need to get out of the way and let developers get on with the job. If Bridget paid any attention to the debate that was happening in the Senate, she would know that’s exactly what we’re doing. The Commonwealth Government doesn’t have a construction arm. What we’re doing is making sure we make it easier for people to get on with developments. They say imitation is the best form of flattery. It’s nice to see the Coalition get on now and say we’re actually going to contribute to the housing debate and copy our Housing Support Program.

    CENATIEMPO: Well, it’s not copying. Let’s be fair dinkum about it, it’s not copying.

    MCBAIN: It is. It’s funding enabling infrastructure, which is exactly what we’re doing. I think that’s fantastic. It’s really important that we’ve got major parties interested in housing, and that’s a big change from the ten years that they were in government. What we would like them to do is not only talk with us about enabling infrastructure, but also talk with us about the Help to Buy program, or the Build to Rent program. We know we need to start helping in all different facets of home ownership, whether that’s renting, whether that’s buying, whether that’s trying to enable more blocks to get out on the market. It’s really important that we’re making a difference. The three levels of government need to be working together on this. That’s been the change over the last couple of years. There is a real focus now on housing from three levels of government. 

    CENATIEMPO: Now, I don’t think we’ve seen any results of that yet. Let’s talk about things closer to home in Bungendore. A flood mitigation program. Tell us about this?

    MCBAIN: Right across the country we saw some catastrophic flooding in 2022. We provided $40 million towards the New South Wales Flood Recovery and Resilience Grant program. Under round two of this, more than $4.6 million is being invested across New South Wales, to deal with flood mitigation projects. $2.2 million is going to Queanbeyan-Palerang Regional Council to construct an overflow channel over Turallo Creek in Bungendore. It will allow the flood waters to bypass Tarago Road bridge instead of crossing that and flooding it, during times of heavy rain. I’m really proud to be able to deliver this, because the community has long called for this. We know we need to do more in making our communities more resilient come those heavy weather events. This is just another way that we’re helping New South Wales deliver those resilient programs. It builds on last year’s allocation of over $20 million, which went to 19 projects across New South Wales. Really proud that the community is finally getting a long called for a piece of infrastructure, that will allow them to still cross the road during heavy weather. 

    CENATIEMPO: Now local communities are going to be asked to help identify potential locations for the next round of the Mobile Black Spots Program. Why do we need to do this? Why aren’t local Members already aware of where their black spots are? 

    MCBAIN: We do this all the time with communities. Councils call for community input for black spots all the time, and are constantly updating the telcos with these. I ran a survey last time, which identified a range of different black spots, and we contribute to it as well as community members. It’s really important, particularly as we see the development of more housing blocks, that we make sure that connectivity is still front of mind, particularly when we’re developing more rural areas. It is really important that we continue to update that as we head towards round eight of the Mobile Black Spot Program, which will close later this year. It’s just another way you integrate with your community and understand what’s happening. 

    CENATIEMPO: All right. Again, I think if a local Member is doing their job well enough, they should know where the black spots are in their electorates. But Kristy, always good to talk to you. We’ll catch up in a couple of weeks’ time. 

    MCBAIN: Sounds great. Thanks.

    MIL OSI News –

  • MIL-OSI Security: Mexican National Admits Role in Smuggling and Labor Trafficking Scheme

    Source: United States Department of Justice (Human Trafficking)

    Vanessa Roberts Avery, United States Attorney for the District of Connecticut, announced that MARIA DEL CARMEN SANCHEZ POTRERO, also known as Maria Carmela Sanchez, 73, a citizen of Mexico last residing in Hartford, pleaded guilty today before U.S. District Judge Kari A. Dooley in Bridgeport to a charge stemming from her involvement in a scheme to smuggle aliens into the U.S., harbor them at Hartford area residences, force them to work, and threaten to harm them in various ways if they failed to pay exorbitant fees, interest, and other living expenses.

    According to court documents and statements made in court, beginning in September 2022, the FBI and Hartford Police interviewed several Mexican nationals who disclosed that they were smuggled from Mexico into the U.S. and transported to Hartford.  The investigation revealed that victims typically arranged with Sanchez, her co-conspirators in Connecticut, and associates in Mexico to cross the border into the U.S. in exchange for a fee of between $15,000 and $20,000 that each would need to pay once they were in the U.S.  In most cases, the victims were required to turn over a property deed as collateral before leaving Mexico.  They were then smuggled across the border and transported to Hartford area residences, including Sanchez’s residence on Madison Street in Hartford, often at a substantial risk of bodily injury or death.

    After the victims arrived in Connecticut, they were told that they would have to pay $30,000, with interest, and that they would have to pay Sanchez and her co-coconspirators for rent, food, gas and utilities.  Sanchez and her co-conspirators created false documents for the victims, including Permanent Residence cards and Social Security cards, and helped the victims find employment in the Hartford area.  In addition to their own jobs, some victims were required to perform housework and yardwork without compensation and without having their debt reduced.

    Victims were rarely provided with an accounting of their debt.  If victims failed to make regular payments, or in amounts that Sanchez and her co-conspirators expected, they were sometimes threatened, including with threats to harm family members in Mexico, to take property in Mexico that had been secured as collateral, to reveal victims’ immigration status to U.S. authorities, and to raise their interest payments.

    To date, investigators have identified 18 victims of this scheme.

    Sanchez pleaded guilty to conspiracy to encourage and induce, bring in, transport, and harbor aliens, an offense that carries a maximum term of imprisonment of 10 years.  Judge Dooley scheduled sentencing for January 16, 2025.

    As part of her plea agreement, Sanchez has agreed to a restitution order of $494,608.

    Sanchez has been detained since her arrest on March 1, 2023.

    This investigation is being conducted by the Federal Bureau of Investigation, Hartford Police Department, U.S. Department of Labor – Office of Inspector General, U.S. Customs and Border Protection, U.S. Citizenship and Immigration Services, and U.S. Immigration and Customs Enforcement.  The case is being prosecuted by Assistant U.S. Attorneys Angel Krull and Shan Patel.

    MIL Security OSI –

  • MIL-OSI Security: City Man Sentenced to 12½ Years in Prison for 2022 Armed Robbery of Northeast Philadelphia Store

    Source: United States Bureau of Alcohol Tobacco Firearms and Explosives (ATF)

    PHILADELPHIA – United States Attorney Jacqueline C. Romero announced that Nafec Pressley, 28, of Philadelphia, Pennsylvania, was sentenced by United States District Court Judge Kai N. Scott to 150 months in prison and five years of supervised release for the armed robbery of a store in the city’s Northeast in late 2022.

    Pressley was indicted in March 2023 on one count of Hobbs Act robbery and one count of using and carrying a firearm during and in relation to a crime of violence. He pleaded guilty to those charges this July.

    On November 20, 2022, at approximately 4:15 p.m., a male employee was waiting on several customers inside a dollar store on the 6900 block of Bustleton Avenue. After the last customer left, Pressley approached the counter and engaged in small talk with the employee. The defendant suddenly walked around the counter, brandished a black semiautomatic pistol, and demanded money from him. The victim opened the cash register and invited Pressley to take the money inside, which amounted to over $300. Pressley pocketed the cash, then demanded that the victim take him upstairs to get more money.

    The victim pleaded with Pressley to leave, finding some more cash by the counter, which he gave to Pressley. When the victim’s wife began to come down the steps from the second floor, Pressley aimed his gun at her, and then back at the male victim. Pressley told the man that he had five seconds to go upstairs and get more money and began to count backwards from five.

    The victim then grabbed his own firearm from behind the counter and he and Pressley exchanged gunfire. Pressley was shot numerous times throughout his body, knocking him backwards and onto the floor. The defendant discharged his pistol multiple times as he fell but did not strike the victim. Pressley ran to the back of the store, then made a dash for the front door. As he fled, he turned and fired at the victim, again missing him.

    A short time later, Pressley was dropped off at an area hospital where he was treated for gunshot wounds. Philadelphia police officers who responded to the hospital seized Pressley’s clothing, finding approximately $371 in cash in his pants pocket.

    “Nafec Pressley nearly got himself killed because he’d rather steal money than work for it,” said U.S. Attorney Romero. “He’s extremely fortunate he didn’t kill anyone else when he opened fire in that store. My office and our partners at ATF and the Philadelphia Police Department are committed to protecting the public from these violent criminals who prey on others. With Mr. Pressley behind bars for the next decade-plus, our stores, streets, and city are safer.”

    “We will not let violent criminals like Nafec Pressley terrorize Philadelphia’s businesses and communities,” said Eric DeGree, Special Agent in Charge of the ATF Philadelphia Field Division. “In this robbery turned shootout it was only by good fortune no one was killed. ATF Philadelphia Field Division has a long history of partnership with the Philadelphia Police Department and U.S. Attorney’s Office, and we will continue to work tirelessly together to ensure justice for the victims and to make our communities safer.”

    The case was investigated by the Philadelphia Police Department and the ATF and is being prosecuted by Assistant United States Attorney Thomas M. Zaleski.

    MIL Security OSI –

  • MIL-OSI Security: Spartanburg Man Sentenced to Federal Prison for Second Federal Cocaine Trafficking Conviction

    Source: United States Bureau of Alcohol Tobacco Firearms and Explosives (ATF)

    SPARTANBURG, S.C. —Maurice Suber, 39, of Spartanburg was sentenced to more than 11 years in federal prison after pleading guilty to conspiring to distribute cocaine.

    Evidence presented to the court showed that since at least 2022, Suber was distributing drugs in the Highlands area of Spartanburg. On Nov. 15, 2023, a search warrant was executed on Suber’s home and multiple firearms and cash were located. Suber had previously been sentenced for conspiracy to distribute cocaine in the same federal courthouse.

    United States District Judge Donald C. Coggins sentenced Suber to 141 months in federal prison, followed by a court ordered term of supervision. The court also entered an order of forfeiture for $3.8 million dollars. 

    This prosecution is part of an Organized Crime Drug Enforcement Task Forces (OCDETF) investigation. OCDETF identifies, disrupts, and dismantles the highest-level drug traffickers, money launderers, gangs, and transnational criminal organizations that threaten the United States by using a prosecutor-led, intelligence-driven, multi-agency approach that leverages the strengths of federal, state, and local law enforcement agencies against criminal networks. Additional information about the OCDETF Program can be found at https://www.justice.gov/OCDETF.

    This case was investigated by Homeland Security Investigations, the Bureau of Alcohol, Tobacco, Firearms and Explosives, Border Enforcement Security Task Force – Upstate South Carolina, Spartanburg County Sheriff’s Office, Cherokee County Sheriff’s Office, Oconee County Sheriff’s Office, South Carolina Law Enforcement Division, and Greenville County Multi-Jurisdictional Drug Enforcement Unit. Assistant U.S. Attorney Jamie Schoen is prosecuting the case.

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    MIL Security OSI –

  • MIL-OSI Security: Detroit Man Pleads Guilty to Federal Gun Crime

    Source: United States Bureau of Alcohol Tobacco Firearms and Explosives (ATF)

    CHARLESTON, W.Va. – Tristian Gerrell-Robert Murphy, 35, of Detroit, Michigan, pleaded guilty today to being a felon in possession of a firearm.

    According to court documents and statements made in court, on June 10, 2024, Murphy possessed a Smith & Wesson M&P Bodyguard .380-caliber pistol, found under the driver seat of a vehicle he operated, and a Taurus 9mm pistol found in the trunk in St. Albans. Both firearms were loaded.

    Federal law prohibits a person with a prior felony conviction from possessing a firearm or ammunition. Murphy knew he was prohibited from possessing a firearm because of his prior felony conviction for conspiracy to commit Hobbs Act robbery in United States District Court for the Eastern District of Michigan on October 21, 2021.

    Murphy is scheduled to be sentenced on February 13, 2025, and faces a maximum penalty of 15 years in prison, up to three years of supervised release, and a $250,000 fine.

    United States Attorney Will Thompson made the announcement and commended the investigative work of the St. Albans Police Department and the assistance provided by the Bureau of Alcohol, Tobacco, Firearms and Explosives (ATF).

    United States District Judge Irene C. Berger presided over the hearing. Assistant United States Attorney JC MacCallum is prosecuting the case.

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

    A copy of this press release is located on the website of the U.S. Attorney’s Office for the Southern District of West Virginia. Related court documents and information can be found on PACER by searching for Case No. 2:24-cr-101.

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    MIL Security OSI –

  • MIL-OSI Security: Update 256 – IAEA Director General Statement on Situation in Ukraine

    Source: International Atomic Energy Agency – IAEA

    Ukraine’s Zaporizhzhya Nuclear Power Plant (ZNPP) lost the connection to its only remaining 330 kilovolt (kV) back-up power line for a second time this month, once again leaving the facility dependent on one single source of the external electricity it needs for reactor cooling and other key nuclear safety and security functions, Director General Rafael Mariano Grossi said today.

    The IAEA team stationed at the plant was informed that the power line was disconnected for more than 26 hours between Monday and Tuesday this week due to unspecified damage on the other side of the Dnipro River. It took place three weeks after another disconnection of the same line. In both instances, the ZNPP continued to receive electricity from its sole 750 kV line. Before the military conflict, Europe’s largest nuclear power plant (NPP) had four 750 kV and six 330 kV lines available.

    “What once would have been unthinkable – a major nuclear power plant suffering repeated off-site power cuts – has become a frequent occurrence during this devastating war. The situation is clearly not getting any better in this regard. The nuclear safety and security situation at the Zaporizhzhya Nuclear Power Plant remains highly precarious,” Director General Grossi said.

    Underlining the persistent risks, the IAEA team has continued to hear explosions every day over the past week, although no damage to the ZNPP was reported.

    The IAEA team members conducted walkdowns across the site as part of their activities to assess nuclear safety and security at the plant, including observing the testing of an emergency diesel generator (EDG) of reactor unit 4. In meetings with plant staff, they discussed other important topics, such as the modernization of control systems for the site’s EDGs as well as updated procedures related to the ZNPP’s radiation protection programme.

    As a follow up to their visit last week to the cooling tower damaged by a major fire in August, the team members also discussed with the ZNPP how it will assess the extent of the damage, including the selection of an external contractor to carry out this work.

    The IAEA teams present at the Khmelnytskyy, Rivne and South Ukraine NPPs and the Chornobyl site reported that nuclear safety and security is being maintained despite the effects of the ongoing conflict, including air raid alarms for several days over the past week.

    At the South Ukraine NPP, the IAEA team was informed that reactor unit 1 was disconnected from the grid for about four hours on Tuesday evening due to a spurious signal to the unit’s protection systems without the reactor safety systems being activated. The root cause of the event is being investigated. The reactor – one of three at the plant – is again generating power for the grid.

    At the request of Ukraine, an IAEA team is visiting six electrical substations in Ukraine this week, as part of the Agency’s work to assess the status of the electrical grid infrastructure essential to nuclear safety that began in September. During the visits, the team reviews the operational consequences of actual and potential damage to substations which supply off-site power to the country’s NPPs.  

    Reliable access to off-site power is one of the Seven Indispensable Pillars for ensuring nuclear safety and security during an armed conflict outlined by Director General Grossi two and a half years ago. The safety of operating NPPs is dependent on a stable grid connection, but the situation in this regard has become increasingly precarious in recent months.

    The IAEA already has teams of staff stationed at all of Ukraine’s NPPs who contribute to maintaining nuclear safety and security during the military conflict.

    The IAEA is continuing to implement its comprehensive programme of assistance in support of nuclear safety and security in Ukraine, including by delivering requested equipment. This week, two spectrometry systems enhancing the analytical capabilities of the hydrometeorological organizations of the Ukraine’s State Emergency Service were procured and delivered, funded by Switzerland. It was the 71st equipment delivery to Ukraine, totaling over 12.1 million euro since the start of the armed conflict.

    In addition, the Agency has coordinated the delivery of the two static test benches from the Rivne NPP to the supplier for repair during an outage of reactor unit 2. The repair was funded by Norway. The repair should be completed by the end of April next year, when the repaired test benches will be returned to the plant to enable the unit’s restart. The equipment is used in the nuclear and other industries to stress test components, including hydraulic shock absorbers.

    MIL Security OSI –

  • MIL-OSI: PEL 83 Second Exploration Campaign Commencement of Operations – Spud of Mopane 1-A Well

    Source: GlobeNewswire (MIL-OSI)

    TORONTO, Oct. 24, 2024 (GLOBE NEWSWIRE) — Sintana Energy Inc. (TSX-V: SEI, OTCQB: SEUSF) (“Sintana” or the “Company”) is pleased to provide the following update regarding a second exploration and appraisal campaign on blocks 2813A and 2814B located in the heart of Namibia’s Orange Basin, emerging as one of the world’s most prospective oil and gas regions. The blocks are governed by Petroleum Exploration License 83 (“PEL 83”) which is operated by a subsidiary of Galp Energia (“Galp”) of Portugal. Sintana maintains an indirect 49% interest in Custos Energy (Pty) Ltd. (“Custos”), which in turn owns a 10% working interest owner in PEL 83. NAMCOR, the National Petroleum Company of Namibia, also maintains a 10% working interest.

    The drill ship Santorini has arrived on location and operations associated with the Mopane 1-A well have commenced. Specifically, the Mopane 1-A was spud 23:30 local time on October 23rd.

    This appraisal well is the first of an up to four well program potentially consisting of two exploration wells and two appraisal wells. This second campaign on PEL 83 is predicated on providing additional insights into the scope and quality of the Mopane complex.

    We refer to press releases from Galp (available at galp.com) and Custos (available at newsdirect.com) throughout Q1 and Q2 of 2024, noting that an inaugural two well exploration campaign that commenced in Q4 2023 resulted in multiple discoveries of significant columns of light oil in high-quality reservoir sands providing for an initial estimate of original oil in place (“OOIP”) of 10 billion barrels of oil equivalent. A drill stem test was also conducted resulting in an infrastructure constrained flow of 14,000 boe/d.

    Initial analysis suggests the reservoirs have good porosities, high pressures and high permeabilities in large hydrocarbon columns with very low oil viscosity, and no CO2 nor H2S. The flows achieved during the well test have reached the maximum allowed limits, positioning Mopane as, potentially, an important commercial discovery. 

    “We look forward to the continuing progress on PEL 83, further unveiling of the potential and quality of the Mopane complex. These efforts should provide additional insights into this world class opportunity and into our broader Orange Basin portfolio located at the heart of this emerging hydrocarbon province.” said Robert Bose, Chief Executive Officer of Sintana.

    ABOUT SINTANA ENERGY:

    The Company is engaged in petroleum and natural gas exploration and development activities on five large, highly prospective, onshore and offshore petroleum exploration licenses in Namibia, and in Colombia’s Magdalena Basin.

    On behalf of Sintana Energy Inc.,
    “A. Robert Bose”
    Chief Executive Officer

    For additional information or to sign-up to receive periodic updates about Sintana’s projects, and corporate activities, please visit the Company’s website at www.sintanaenergy.com

    Corporate Contacts:   Investor Relations Advisor:
    Robert Bose Sean J. Austin Jonathan Paterson
    Chief Executive Officer Vice-President Founder & Managing Partner
    212-201-4125 713-825-9591 Harbor Access
        475-477-9401
         

    Forward-Looking Statements

    Certain information in this release are forward-looking statements. Forward-looking statements consist of statements that are not purely historical, including statements regarding beliefs, plans, expectations or intensions for the future, and include, but not limited to, statements with respect to potential future farmout agreements on PEL 83 and/or PEL 87, and proposed future exploration and development activities on PEL 83 and/or PEL 90 and neighbouring properties, as well as the prospective nature of the Company’s property interests. Such statements are subject to risks and uncertainties that may cause actual results, performance or developments to differ materially from those contained in the statements, including, but not limited to risks relating to the receipt of all applicable regulatory approvals, results of exploration and development activities, the ability to source joint venture partners and fund exploration, permitting and government approvals, and other risks identified in the Company’s public disclosure documents from time to time. Readers are cautioned that the assumptions used in the preparation of such information, although considered reasonable at the time of preparation, may prove to be imprecise and, as such, undue reliance should not be placed on forward-looking statements. The Company assumes no obligation to update such information, except as may be required by law.

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

    A photo accompanying this announcement is available at: 
    https://www.globenewswire.com/NewsRoom/AttachmentNg/ca79be82-d8c9-4894-be4d-1acfbcc48be3

    The MIL Network –

  • MIL-OSI USA: S. 4667, Risky Research Review Act

    Source: US Congressional Budget Office

    S. 4667 would establish the Life Sciences Research Security Board as an independent executive branch agency to review and approve federal funding requests for what is termed high-risk life sciences research, which involves pathogens that are particularly dangerous to humans. The board’s members would be appointed by the President and subject to Senate confirmation.

    S. 4667 would require the board to receive funding proposals from federal agencies for projects or grant programs at least 30 days before a project or program is funded. Within 120 days, board members would be required to determine whether a proposal involves high‑risk life sciences research and, if so, whether the project requires biosafety controls to proceed. The board also could review and audit research projects using federal funds awarded before the bill’s enactment and could direct such funding to be suspended. 

    MIL OSI USA News –

  • MIL-OSI USA: The Intersection of Legislative Drafting and Federal Budgeting

    Source: US Congressional Budget Office

    This presentation provides an overview of major legislative developments that have affected the federal budget process. Also discussed are scorekeeping (the process for developing and recording measures of the budgetary effects of proposed and enacted legislation) and some of the principles that guide the scorekeeping process.

    MIL OSI USA News –

  • MIL-OSI USA: S. 4656, a bill to amend title 5, United State Code, concerning restrictions on the participation of certain Federal employees in partisan political activity, and for other purposes

    Source: US Congressional Budget Office

    S. 4656 would amend the Hatch Act, which limits certain political activities of federal employees. Under current law, most employees of the executive branch (referred to as “less restricted employees”) are allowed to participate in political management and campaign activities while off duty, as long as they are outside of federal facilities and do not use federal property. The bill would add employees of any Office of Inspector General or Office of Special Inspector General to the list of federal employees prohibited from participating in political management or campaigns (referred to as “further restricted employees”). Such prohibited activities include running for office, volunteering in any campaign, fundraising, or registering voters for a political party.

    MIL OSI USA News –

  • MIL-OSI USA: H.R. 6826, a bill to designate the visitor and education center at Fort McHenry National Monument and Historic Shrine as the Paul S. Sarbanes Visitor and Education Center

    Source: US Congressional Budget Office

    H. R. 6826 would designate the visitor and education center at the Fort McHenry National Monument and Historic Shrine in Baltimore, Maryland, as the “Paul S. Sarbanes Visitor and Education Center.” Based on the cost of similar activities, CBO estimates that updating maps, informational material, and signage would cost less than $500,000 over the 2025-2029 period. Any related spending would be subject to the availability of appropriated funds.

    MIL OSI USA News –

  • MIL-OSI USA: S. 4651, SAFE Supply Chains Act

    Source: US Congressional Budget Office

    S. 4651 would stipulate that federal agencies can only procure and use information and communication technology from original manufacturers or authorized resellers. Under the bill, agencies would need to develop guidance to help entities that would otherwise be ineligible become authorized resellers. The bill would allow the Office of Management and Budget to waive that procurement requirement but would require it to report annually to the Congress on any waivers granted.

    MIL OSI USA News –